consolidation and integration
TRANSCRIPT
PT TOBA BARA SEJAHTRA Tbk
Consolidation and Integration
2013
AnnualReport
PT TOBA BARA SEJAHTRA Tbk
Contents
Industry Overview56Operational Review58Financial Review68
Management Discussion and Analysis
Community Development104Environment106Product Responsibility106
12
14
16
Corporate Governance
Corporate Social Responsibility
Financial Report109
Annual Report Contents Reference to the Bapepam-LK Regulation
221
Company Profile
30 Brief History of the Company
32 Business Line
34 Business Strategy
35 Vision and Mission
36 Organisation Structure
38 Profiles of the Board of Commissioners
40 Profiles of the Board of Directors
42 Human Resources
48 Shareholders Information
50 Brief Description of Subsidiaries
52 Capital Market Supporting Professionals
53 Address of Company and Operating Subsidiaries
Financial Highlights
Stock Highlights
2013 Event Highlights
17 Awards and Certifications
18 Report of the Chairman
22 Report of the President Directors
27 Perspectives of the Founding Shareholder
80 General Meeting of Shareholders
82 Board of Commissioners
84 Audit Committee
86 Board of Directors
88 Internal Audit
90 Corporate Secretary
94 Investor Relations
96 Legal Unit
98 Safety, Health and the Environment
2013 Annual Report 1
Consolidation and Integration
“ “Coal continues to feel the pressure of a weak market price. Far from experiencing a recovery from a prolonged price depression, the monthly average benchmark price of Newcastle Index declined from US$96.9 per ton in 2012 to US$85.3 per ton in 2013.
Without doubt, coal producers are forced to work in the most effective and efficient manner to cope with the challenging conditions that still prevailed throughout 2013. Only those who are strong – strong in the sense of being efficient and cost-effective in terms of operations – and can still enjoy a healthy operating margin. Not exceptional, but healthy.
Keenly aware of this, Toba Bara exerted all efforts to make its coal mining operations one of the most cost-effective in the sector. To that end, the Company consolidated its strengths – human resources, work process, marketing strategy and social responsibility – and integrated the infrastructures of its three subsidiary coalmine entities.
With its consolidation and integration steps, Toba Bara came through the year 2013 with flying colours.
2013 Annual Report2
Full-scale Integration
1Toba Bara benefits from the locations of its three
subsidiary coalmine entities that are adjacent to one
another. This enables the Company to plan, build and
operate mining infrastructures in an integrated and
synergistic manner. Imagine the immense benefits that
can be derived from a coal-hauling road, which is not
only shared but can be used to transport coal; shorten
the distance to store away overburden; and enabling
the three mining entities to also share the use of other
coal producing facilities – coal crusher, stockpile yard,
conveyor belt – simply because they are connected to
one another through the haul road.
2013 Annual Report 3
2013 Annual Report4
Cost Efficiency
2With the integrated mining infrastructures, Toba Bara
benefits from the economies of scale of its mining
operations that are reflected in the decreasing operating
costs of the three mining companies.
The outcome of this has been a significant amount of
savings in both production and operating costs, which is
even more significant in light of the depressed coal market
in recent years.
In the eyes of Toba Bara, nothing is more important than
cost efficiency in the current state of the coal industry.
Toba Bara was able to achieve this through the strategy
of consolidation and integration that it has pursued since
2013.
2013 Annual Report 5
2013 Annual Report6
Increasing Productivity
3With increasing integration of the mining infrastructures
and facilities among its three mining entities, Toba Bara
has been able to increase coal production volume, achieve
better and more efficient working processes in the fields,
and meet higher productivity.
In 2011, the Toba Bara Group produced a total of 5.2 million
tons of coal. In 2012, this was increased to 5.6 million tons.
And in 2013, production volume increased even further to
6.5 million tons.
The Company has not harnessed all of its resources
to date, and therefore still has room for improvement,
enhancement and perfection to increase its productivity
even more in the years to come.
2013 Annual Report 7
2013 Annual Report8
Quality Human Resources
4Despite the Company’s efficiency drive, the number of
employees increased. This shows the importance that
Toba Bara has always placed in the roles that human
resources play behind the business efforts of the
Company, which has to sustained its growth, amid the
challenges and uncertainties of the commodities market
in recent years.
An in-depth expertise on the natural resources industry
itself – whether it be in the mining or plantation
industries – is key to the successful pursuit of achieving
that sustainable development.
With a growing number of employees totalling 795
people as of year-end 2013, the personnel of the Toba
Bara Group have a median age of below 35 years.
Whereas the largest group of employees are within the
age range of 26 to 45 years old, generally the most
productive years of any working person.
As a result of which, the Company is set to face up to
the challenges of the commodities markets in the future,
forging ahead to become one of the leading players in
the natural resources industry in Indonesia for decades
to come.
2013 Annual Report 9
2013 Annual Report10
Sustainable Social Responsibility
5Corporate Social Responsibility constitutes one of the
success factors of any mining or plantation operations,
in view of the fact that these two business activities are
intensely intertwined with the people or communities in
the surrounding areas where the business operates.
In recognition of this, Toba Bara through its three
subsidiary entities places a strong emphasis on
corporate social responsibility as a key initiative to foster
harmonious relations with the surrounding communities.
A number of corporate social responsibility programs
have been undertaken by taking into consideration
the primary needs of the surrounding communities,
in addition to emphasizing activities that enhance
community welfare such as through social and economic
empowerment programs in education, health and decent
livelihoods.
2013 Annual Report 11
2013 Annual Report12
Financial Highlights
2011 2012 2013
Sales 498,190,177 396,685,875 421,849,737
Gross Profit 190,202,268 48,150,372 79,552,405
Operating Profit 156,532,532 21,083,331 50,015,314
Profit for the Year Attributable to:
Equity Holders of the Parent Entity 57,716,891 3,198,832 18,543,538
Non-Controlling Interest 57,572,552 8,733,850 16,060,255
Total Profit for the Year 115,289,443 11,932,682 34,603,793
Total Comprehensive Income Attributable to:
Equity Holders of the Parent Entity 57,639,973 3,269,250 19,919,574
Non-Controlling Interest 57,504,921 8,733,850 16,213,148
Total Comprehensive Income 115,144,894 12,003,100 36,132,722
Basic Earnings per Share 427.5325 0.0032 0.0092
Current Assets 110,747,014 106,512,473 130,198,784
Non-Current Assets 114,499,071 155,014,027 181,449,155
Total Assets 225,246,085 261,526,500 311,647,939
Current Liabilities 122,782,483 140,537,280 145,451,672
Non-Current Liabilities 43,340,683 10,044,913 35,715,023
Total Liabilities 166,123,166 150,582,193 181,166,695
Total Equity 59,122,919 110,944,307 130,481,244
Total Liabilities and Equity 225,246,085 261,526,500 311,647,939
Gross Profit Margin 38% 12% 19%
Operating Profit Margin 31% 5% 12%
Comprehensive Income for the Year Margin 23% 3% 9%
Return on Assets 0.5 0.0 0.1
Return on Equity 1.9 0.1 0.3
Current Ratio 0.9 0.8 0.9
Total Liabilities to Total Equity 2.8 1.4 1.4
Total Liabilities to Total Assets 0.7 0.6 0.6
Production Volume (in millions of tons) 5.2 5.6 6.5
Overburden (x) 12.7 14.9 13.4
Sales Volume (in millions of tons) 5.5 5.5 6.3
5.2
2011 2012
5.6
2013
6.5
Production Volume (in million tons)
(in US$)
2013 Annual Report 13
Total Assets (in million US$)
19.2%
225.2 261.5 311.6
2011 2012 2013
Total Liabilities (in million US$)
166.1 150.6 181.2
2011 2012 2013
Total Equity (in million US$)
59.1 110.9 130.5
2011 2012 2013
Sales (in million US$)
498.2 396.7 421.8
2011 2012 2013
Operating Profit (in million US$)
156.5 21.1 50.0
2011 2012 2013
Total Comprehensive Income (in million US$)
115.1 12.0 36.1
2011 2012 2013
20.3% 137.0%
200.8%17.7%
6.3%
2012-2013
2012-2013
2012-2013
2012-2013
2012-2013
2012-2013
2013 Annual Report14
Stock Highlights
Share Performance 2013
5,000,000 200
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0 0
10,000,000 400
15,000,000 600
20,000,000 800
25,000,000 1,000
Share PriceVolume
2013 Annual Report 15
Quarter 3 Quarter 4
Highest Price (in Rp) 2,200 1,480
Lowest Price (in Rp) 1,350 1,060
Closing Price (in Rp) 1,460 1,270
Transaction Volume* (Unit) 59,628,000 2,382,000
Transaction Value* (in Rp) 118,443,462,320 3,123,300,000
Share Performance 2012
Quarter 1 Quarter 2 Quarter 3 Quarter 4
Highest Price (in Rp) 1,330 920 860 810
Lowest Price (in Rp) 770 720 680 630
Closing Price (in Rp) 880 860 710 740
Transaction Volume* (Unit) 148,771,500 17,548,000 7,246,000 9,487,500
Transaction Value* (in Rp) 149,293,019,320 20,770,194,968 5,073,634,976 6,436,890,000
Share Performance 2013
Dividend Policy
Based on Indonesian law, decision on dividend is made by
shareholders through the General Meeting of Shareholders
on the recommendation of the Board of Directors. The
Company can announce the distribution of dividend annually
if it has positive results. Prior to the closing of a financial year,
interim dividend can be distributed, provided it is based on
the Company’s Articles of Association, and if the distribution
of such interim dividend does not result in the Company’s
net assets to fall below the amount of fully subscribed and
paid-in capital, and furthermore, the Company still meets the
requirement for statutory reserves pursuant to the Limited
Liability Company Law on compulsory reserve. The distribution
of interim dividend is determined by the Board of Directors post
securing approval from the Board of Commissioners.
The Company plans to pay cash dividend at least once a year.
The amount of dividend is related to the profit of the Company
for the financial year, mindful of the financial condition of the
Company, and without exempting the rights of the General
Meeting of Shareholders of the Company to decide otherwise
in accordance with the Company’s Articles of Association and
prevailing laws and regulations.
The Company aims to pay dividends in the amount of at
least 30% of its consolidated profit for the year (less minority
interests and other comprehensive income) since financial year
2012, while observing the compulsory reserve requirements
pursuant to the Limited Liability Company Law. The amount
of dividends to be distributed by the Company will depend on
available cash flow, investment plans, liquidity condition, future
business prospects and other factors that are deemed relevant
by the Board of Directors and restrictions on the payment of
dividends based on certain agreements.
The shareholders on the prevailing listing date have rights
to certain full dividend that has been approved, subject to
prevailing income tax law in Indonesia. Dividend payable to
a shareholder of foreign national is subject to income tax of
maximum 20% in Indonesia.
Dividends Payment
Information on dividends payment is presented in the
Corporate Governance section on page 80 of this Annual
Report.
* Cummulative Value
Market capitalisation as of 28 December 2012 amounted to Rp2,556 billion.
Market capitalisation as of 31 December 2013 amounted to Rp1,489 billion.
* Cummulative Value
2013 Annual Report16
2013 Event Highlights
The Company presented its results of operations as of September 2013 in the Public Expose event at the Indonesia Stock Exchange Building, covering both financial and operating results. Pandu Syahrir (Director of Finance) and Sudharmono Saragih (Director of Operations) gave the presentation, accompanied by Iwan Sanyoto (Head of Investor Relations) and Bima Sinung Widagdo (Head of Legal Division).
Public Expose / 18 December 201310 millions No Loss Time Injury Award -
Petrosea / 11 November 2013
Presentation of the certificate and award from the Company to PT Petrosea Tbk as the mining contractor in ABN on the achievement of safety at work of 10 million man-hours without an accident.
The Company (represented by Pandu Syahrir) was a speaker at the Indonesia Commodities Conference organised by Macquarie Securities, in Jakarta. Pandu Syahrir had the opportunity to speak in the session of “Outlook and Challenges for Indonesia’s Coal Industry.”
Indonesia Commodities Conference /
25 September 2013
The Company convened the Annual General Meeting of Shareholders for the first time as a publicly listed company.
General Meeting of Shareholders /
28 June 2013
To increase awareness for the Company, Toba Bara participated in Coal Trans 2013 by opening a booth and becoming a sponsor of the event that was held in Nusa Dua, Bali.
Coal Trans Asia /
2 – 5 June 2013
Forbes Indonesia magazine designates PT Toba Bara Sejahtra Tbk as one of “Indonesia’s Top 50 Companies.”
Award from Forbes Magazine /
25 November 2013
2013 Annual Report 17
Awards and Certifications
PT Adimitra Baratama Nusantara received an award for achieving Zero Accident between the period of 1 January 2009 and 20 October 2013 from the Governor of East Kalimantan on 17 February 2014.
PT Adimitra Baratama Nusantara received a Gold Award Certificate as a token of Partnership and Appreciation from the Regency Government of Kutai Kartanegara in 2013.
PT Adimitra Baratama Nusantara received a Green Rating Certificate in the rating evaluation program on the performances of companies in environmental management, from the Governor of East Kalimantan in June 2011.
PT Adimitra Baratama Nusantara received a Green Rating Certificate in the rating evaluation program on the performances of companies in environmental management, from the Governor of East Kalimantan in June 2012.
PT Indomining received a Blue Rating Certificate in the rating evaluation program on the performances of companies in environmental management, from the Government of the East Kalimantan Province in 2012-2013.
PT Adimitra Baratama Nusantara received a Green Rating Certificate in the rating evaluation program on the performances of companies in environmental management, from the Governor of East Kalimantan on 5 June 2013.
PT Toba Bara Sejahtra Tbk received the Certificate of Participation in the Indonesia Environmental Week 2013, presented by the Ministry of Environment of the Republic of Indonesia on 2 June 2013.
PT Adimitra Baratama Nusantara received an award for achieving Zero Accident from the period of 1 January 2009 through to 20 November 2012 from the Governor of East Kalimantan on 12 February 2013.
2013 Annual Report18
Report of the Chairman
Jusman S. DjamalPresident Commissioner
It gives me great pleasure to present
the highlights of the achievements of
PT Toba Bara Sejahtra Tbk for fiscal
year 2013. This report also presents
the assessment of the Board of
Commissioners on the performance of
the Company under the management
of the Board of Directors, along with the
supervisory measures of the Board of
Commissioners on the management of
the Company.
In 2013, conditions affecting the coal
industry sector in Indonesia were not
encouraging. In fact, we can say that the
mining industry in general – including
that of coal – faced even greater
challenges in 2013 than they did in the
previous year.
A number of factors such as the global
price of coal that had not fully recovered,
operating expenses that tended to rise,
a global economy that is still weak, and
the prolonged monetary crisis in some
of the Eurozone countries, all of these
factors influenced one way or another the
coal industry in general, as well as the
Company’s performance in particular.
Dear Distinguished Shareholders,
““As a result of these efficiency measures, the Company was able to increase its profitability returns
encouragingly.
2013 Annual Report 19
Under those rather unfavourable
conditions, the development of the
Indonesian economy was also not very
encouraging. Indonesia’s GDP growth
declined from 6.2% in 2012 to 5.8%
in 2013. Several other key indicators
also reflected similar discouraging
developments, among which were
the weakening of the Rupiah that
depreciated by 26% throughout the year,
the benchmark interest rate of Bank
Indonesia that rose from 5.75% to 7.5%
by year-end 2013, and inflation rate that
increased from 4.3% in 2012 to 8.4% in
2013.
Although still within the safe corridor,
Indonesia has begun to feel the external
effects that are potentially harmful
to the delicate balance of its macro-
economy. For example, the suspension
of the quantitative easing policy of the
US Federal Reserve Bank resulted in
capital flight from Indonesia that instantly
brought down the exchange rate value of
the Rupiah. Indonesia’s external balance
of payment suffered due to a weakening
of exports relative to imports that had
prevailed throughout 2013. At the same
time, Indonesia also experienced current
account deficits that continued to rise
over the years, among other things due
to the cost of subsidies on fuel, electricity
and other utilities that are still borne by
the government.
Obviously we hope that those
unfavourable conditions will soon change
for the better in 2014 and beyond.
Assessing the Performance of the
BOD
Against the backdrop of numerous
challenges in 2013, PT Toba Bara
Sejahtra Tbk posted quite an
encouraging performance.
In our opinion, the Board of Directors
was able to execute the budget and
work plan of the Company for the
financial year 2013, as mandated by the
shareholders and guided by the Board of
Commissioners.
By implementing the right production
strategy, the Company was able to
increase its production volume by 16.1%
to 6.5 million tons of coal in 2013. At
the same time, the Company was also
able to undertake tight cost efficiency
measures without compromising the
safety and security of its operations. As
a result of these efficiency measures,
the Company was able to increase its
profitability returns encouragingly.
The Company posted a total
comprehensive income for the year of
US$36.1 million on total net revenues of
US$421.8 million in 2013, an increase of
200.8% and 6.3%, respectively, of those
of 2012.
Integration of Infrastructure Enhances
Competitiveness
There is no denying that the nature of the
coal commodity market, that has suffered
from the depressed coal prices in recent
years, has somewhat shifted the focus on
what constitute a successful coal mining
operations. It used to be that production
volume was the primary measure of
success for any coal mine operations.
This is no longer true. Today, to be a coal
mining company that is able to produce
coal at a lower or more efficient operating
cost compared to that of any other coal
mining company is a must, especially
when seen in the context of achieving
sustainable growth and profitability.
Coal Production Volume(in million tons)
16.1%
5.6 6.5
2012 2013
Report of the Chairman
2013 Annual Report20
Report of the Chairman
To that end, Toba Bara enjoys a unique advantage compared
to its peers. Through its three operating subsidiaries, the
Company owns three coal mine concession areas that
are adjacent to one another. This allows for the sharing of
mining infrastructure in an integrated manner. In 2013, the
Company’s Management focused their attention and exerted
all efforts to enhance that integration even further. This
enables the Company to suppress the operating costs of its
mines efficiently and effectively. In turn, the cost efficiency has
increased Toba Bara’s competitiveness, while also maintaining
sound profitability.
That is why the theme of our 2013 Annual Report,
“Consolidation and Integration,” aptly describes the efforts of
the Company not only to prevail over the competition in the
market, but also to ensure the Company’s sustainable long-
term growth.
Implementing Corporate Governance that Continues to be
Enhanced
The Board of Commissioners continues to carry out its
supervisory roles with the help of the committee under its
control, namely the Audit Committee. The establishment
of this committee is part of implementing Good Corporate
Governance (GCG) that continues to be enhanced by the
Company.
The Board of Commissioners welcomes the initiatives that
have been and will continue to be taken by the Company with
respect to developing or implementing the policies of GCG
within the Company in line with international best practices
such as the Recommendation of the OECD (Organisation
for Economic Co-operation and Development), the ASEAN
Scorecard, the Guidelines of the National Committee on GCG,
prevailing laws and regulations, and the Articles of Association
of the Company.
One of the Company’s strengths in corporate governance is
that all of the members of the Board of Commissioners of PT
Toba Bara Sejahtra Tbk are not affiliated with the majority
shareholder of the Company.
This means that the level of independence of the Board of
Commissioners of the Company is 100%, well above the
mandatory requirement of the Capital Market Authority of more
than 30% of the board membership.
In 2013, with the help of the Audit Committee, the Board of
Commissioners continued to monitor the execution of risk
management policies, implementation of internal audit, and
compliance to prevailing laws and regulations, including the
Company’s standard operating procedures. I am pleased that,
based on audit findings and other internal controls, there were
no indications of frauds or other activities that fall outside of
prevailing rules and regulations.
The Board of Commissioners has reviewed the audited
consolidated financial statements of the Company for the
year ending 31 December 2013 and is of the opinion that
the Company has achieved most of its targets for the year.
The Board of Commissioners duly submits said financial
statements for the approval of shareholders at the Annual
General Meeting of Shareholders of the Company in 2014.
Human Resources and Social Responsibility
The Board of Commissioners also monitors as a matter
of course the company’s activities in the areas of Human
Resources (HR) and Corporate Social Responsibility (CSR).
In 2013, Toba Bara continued to place an emphasis on
employee welfare, training and HR development, as well as
meeting the collective aspiration of the communities in which
the Company and its subsidiary entities operate. As in previous
years, Toba Bara directed its CSR activities in a planned
and systematic manner towards long-term objectives that
comprised of among other things empowering the economies
of local villages, improving the quality of education, providing
community health care services, including supporting healthy
nutrition for babies, and alleviating poverty in general.
2013 Annual Report 21
Report of the Chairman
Following up on past successes in environmental management prior to 2013, two of the Company’s subsidiary entities, namely
ABN and IM, received a Green rating and Blue rating, respectively, in managing environmental conservation through PROPER, a
government sanctioned environmental management program. In 2013, TMU also entered the PROPER program for the first time.
In the discussion on CSR in its own section of this Annual Report, the Company has also begun to report activities related to
three aspects of corporate sustainability – namely (i) environmental management, (ii) community development and (iii) product
responsibility.
Board of Commissioners Composition
I am pleased to report that there has not been any change to the composition of the Board of Commissioners of PT Toba Bara
Sejahtra Tbk since the last Annual GMS of the Company.
As such, I continue to share my duties and responsibilities with my distinguished colleagues, Messrs. Bacelius Ruru and Farid
Harianto, two highly accomplished professionals in government, business, the capital market and academia.
Future Expectations
The Board of Commissioners views that the steps taken by Toba Bara to consolidate and integrate its resources in these
extremely challenging times for the coal industry, constitute the right approach with strategic implications for the continuity and
sustainable growth of the Company going forward.
With their numerous infrastructures and resources, the three subsidiary entities of Toba Bara were able to harness the synergy
needed to enhance their competitiveness as well as the growing value that their businesses create.
In the long run, the synergy will have a significant impact on the Company’s resilience and growth capacities. This was already
evident in 2013, when amid the challenging conditions that had driven most coal mining companies in Indonesia to post lower
results of operations than they did a year ago, the Company had in fact posted higher operating results.
We are therefore highly confident of the Company’s ability to sustain its growth in 2014 and beyond.
Closing Remarks
It goes without saying that the success of Toba Bara could not have been achieved without the support and trust of a great many
stakeholders.
We are eternally grateful and appreciative of the Company’s shareholders, customers, employees, business partners, the central
and regional governments, the people’s representatives and the communities in which the Company operates.
May God bless all of our endeavours in the future.
Jusman S. DjamallPresident Commissioner
2013 Annual Report22
Report of the President Director
Justarina S. M. NaiborhuPresident Director
““
The year 2013 went by so quickly. The
price of coal that had been depressed
throughout 2012, had not fully recovered
in 2013.
This condition forced Toba Bara, through
its three subsidiary entities that are
engaged in the business of coal mining,
namely Adimitra Baratama Nusantara
(ABN), Indomining (IM) and Trisensa
Mineral Utama (TMU), to work hard in
response to the difficult and challenging
market conditions.
The Company undertook a number of
initiatives to counter the challenging
conditions, among the key initiatives
of which were efforts to Consolidate
and Integrate. Our consolidation efforts
centred on human resources as well as
on work processes and cost efficiencies;
whereas our integration efforts were
aimed at the mining infrastructures and
other mining resources among the three
subsidiary entities of the Company.
Our consolidation and integration
initiatives will be elaborated further
herein, and constitute the theme of this
Annual Report.
Our consolidation efforts centered on human resources as well as on work processes and cost efficiencies; whereas
our integration efforts were aimed at the mining infrastructures and other
mining resources among the three subsidiary entities of the
Company.
Dear Distinguished Shareholders,
2013 Annual Report 23
However, allow me to present some
of the results of our Consolidation and
Integration initiatives that are quite
encouraging.
Amid a coal market background that
has not been conducive, I am pleased
to report the Company’s results of
operations that are promising. Toba Bara
posted total sales revenue that increased
by 6.3% to US$421.8 million in 2013. The
increase was derived primarily from the
increase in sales volume by 14.5% to
6.3 million tons of coal compared to that
of the previous year. The Company also
posted an encouraging growth in terms
of comprehensive net income, amounting
to US$36.1 million in 2013 compared
to US$12.0 million a year before. The
Company successfully achieved all of
its key business targets as set forth in
the Company’s budget and work plan of
2013.
The encouraging growth delta between
the operating results of 2013 and those
of 2012, however, was not as high as
the growth delta between the years 2012
and 2011. This prompted the Company
to continue to consolidate and manage
cost more efficiently, in addition to the
aforementioned integration efforts.
Cost efficiencies were achieved in almost
every aspect of production, starting from
mining operating cost, barging and fuel
consumption to employing infrastructures
on integrated basis.
In the meantime, a reduction of the
stripping ratio, shortening the distance
to stow away overburden, and border
mining activities – all contributed to
further cost savings.
These cost-efficiency initiatives
succeeded in maintaining the Company’s
operating margin at a healthy level, thus
contributing positively to the Company’s
operating income as well as net income
for the year under review.
Work Transformation Process
One of the key factors behind the
Company’s achievements in 2013
was the efforts to transform the way
the Company works that include
reorganising, appointing the right
people in key operating positions, and
instilling the same understanding among
all personnel of the three subsidiary
entities towards the business goals
and objectives of the Company. These
transformation efforts had a significant
impact on better operating efficiencies,
cost and time efficiencies, and more
importantly, on the formation of a
stronger camaraderie and teamwork
spirit between the personnel of Toba
Bara and the three subsidiary entities.
Several concrete results that have been
gained from this work transformation
process, among which are the 2013
record-breaking fourth-quarter production
volume that reached a total of 1.9
million tons of coal, the highest ever
quarterly production by the Company, the
construction of the new hauling road from
TMU to IM via ABN that was completed
ahead of schedule, in addition to the
aforementioned cost efficiencies.
Sales(in million US$)
6.3%
396.7 421.8
2012 2013
Report of the President Director
2013 Annual Report24
Report of the President Director
Initiatives Carried Out by the Company
The Company made a total of US$23.3 million in capital
expenditure in 2013 to support its operating activities
and improve work efficiencies. One of the realised capital
expenditure was for the construction of a Coal Processing
Plant (CPP) at IM that can increase the coal crushing capacity
of Toba Bara from 13 Mmt to 16 Mmt.
The increase in infrastructure capacities in 2013, as referred
to above, is complemented by a number of initiatives
undertaken in the area of marketing with the aim of securing
the Company’s market share. Those initiatives include closing
the deal on long-term coal sales contract at a locked price,
expanding the marketing coverage area in response to the
uncertain coal market conditions, and efforts to increase the
number of end-user customers to balance the number of
trading companies that the Company could rely upon.
At the same time, the Company also enhanced its corporate
communications and investor relations as a way to build a
positive image around the brand Toba Bara. A number of
initiatives taken by the Company’s Investor Relations Division
have yielded positive results, including greater recognitions in
the market from the various exposures of Toba Bara in leading
media such as Forbes magazine, or the coverage of Toba Bara
by market analysts from leading firms such as Macquarie, and
the participation of Toba Bara in the Coal Trans Asia 2013 as
one of the main sponsors as well as exhibitor in the trade fair.
In addition, Toba Bara was also invited to speak in various
prominent industry events such as Kalimantan Coal, Indonesia
Power & Energy Summit, Macquarie Indonesia Commodities
Conference, Seminar organised by the Directorate General of
Taxation and others.
In this context, Toba Bara also participated actively as the
Team Chair and Speaker in the dialogue forum between the
Government and the Indonesian Coal Mine Association to find
the middle ground in the Indonesian Government’s plan to
raise the royalty rate of coal production.
Corporate Governance
The Board of Directors continued to implement good corporate
governance (GCG) policies as mandated by the General
Meeting of Shareholders and capital market regulations with
respect to publicly listed companies.
In 2013, the Audit Committee of the Company had fully served
its functions pursuant to the duties and responsibilities as set
forth in the Audit Committee Charter. The Report of the Audit
Committee for the year ending 31 December 2013 is presented
in this Annual Report starting from page 84.
Meanwhile, the Board of Commissioners has begun to discuss
the establishment of the Nomination and Remuneration
Committee and the Risk Management Oversight Committee to
assist the oversight duties of the Board of Commissioners in
overseeing the management of the Company by the Board of
Directors.
The Board of Directors continue to ensure that the principles
of GCG comprising transparency, accountability, responsibility,
independence, and fairness are constantly upheld by each and
every person in the Company and the three subsidiary entities.
2013 Annual Report 25
Report of the President Director
In addition, the Corporate Secretary Division and Legal
Division are seeing to it that the Company with all of its rank-
and-file comply fully with all prevailing laws and regulations
that are relevant to the Company’s business.
The Company also continues to enhance corporate social
responsibility activities, especially those that relate to the
Company’s sustainable business development and growth.
Slowly but surely, Toba Bara has begun to implement the
principles of sustainable development that are grounded upon
the 3Ps of Profit, People and Planet. Discussions on these
three “P” that are presented in the context of (i) environmental
management, (ii) community development, and (iii) product
responsibility are presented in the Sustainability Program
section in the discussion on Corporate Governance in this
Annual Report starting from page 78.
Human Resources
The management of human resources (HR) has become an
increasingly important part of the Company’s activities due
to the business process transformation undertaken since
2013 in response to the currently bearish coal market. We
then made a workforce mapping exercise, along with the
gap analysis between the job requirement at hand and the
Company’s available HR capabilities. The outcome of this
mapping and analysis is then used as the basis to develop the
HR development policies and the recruitment of employees to
strengthen the rank-and-file of the Company and its subsidiary
entities.
The Principles of Sustainable Development that are Grounded Upon the 3Ps
Profit People Planet
2013 Annual Report26
Report of the President Director
Justarina S. M. NaiborhuPresident Director
Prospects in 2014
The Company believes that conditions in the coal market will
generally not change much in 2014 compared to those of the
previous year, although there has been an upward trend in the
price of coal since the fourth quarter of 2013. We will still have
to see whether this upward trend reflects market fundamentals
over the long term or simply a temporary spike in demand
related to the winter season in the northern hemisphere of
the globe. But whatever the trending price will be in 2014, the
Company is ready to face up to any challenge that the market
may pose.
Toba Bara has a long-term business plan that centres around
(i) efforts to increase the exploitation of coal from current coal
reserves of 147 million tons, (ii) efforts to increase production
and operating cost efficiencies through various initiatives that
have proven to work, (iii) efforts to expand markets and the
number of end-user customers in order to increase market
share, and (iv) efforts to explore for more coal reserves
throughout the Company’s vast concession areas that are
still not prospected, as well as through acquisitions when the
opportunity arises.
Based on those efforts, the Company believes that it can
maintain sustainable growth in 2014 and in the years to come.
Board of Directors Composition
In 2013, there was no change in the composition of the Board
of Directors.
Closing Statements
In closing, allow me on behalf of the Board of Directors to
convey our heartfelt appreciation to shareholders, members
of the Board of Commissioners and its committee, customers,
employees, business partners, the central and regional
governments as well as the people’s representatives, and the
communities surrounding the Company’s operations. We value
their support and trust towards Toba Bara. May God bless our
efforts in the future.
2013 Annual Report 27
Gen. (Ret.) Luhut B. PandjaitanFounding Shareholder
Gen. (Ret.) Luhut B. Pandjaitan is the founder of PT Toba
Sejahtra that holds 71.8% shares of PT Toba Bara Sejahtra
Tbk.
A retired general of the Indonesian National Army (TNI),
statesman, former ambassador extraordinary and
plenipotentiary of the Republic of Indonesia, businessman and
philanthropist, Luhut B. Pandjaitan devotes all his thoughts and
efforts to the progress and prosperity of the Indonesian nation
that he loves.
As a businessman, his vision is to increase the
competitiveness of Indonesian businesses in order to compete
regionally and globally.
Regionally, the demand for increased competitiveness by
Indonesia is already upon us with the inauguration of the
ASEAN Free Trade Market in 2015. Whereas globally,
Indonesia must improve its industrial strength among the
leading industrialised countries in the world – the G-20 Group,
in which as of year-end 2013, Indonesia ranked 13th among
the world’s largest economies (the World Bank).
Luhut B. Pandjaitan believes that education is key to increasing
the competitiveness of a nation. Therefore, he founded the DEL
Foundation, a non-profit foundation that is actively engaged
in community development in North Sumatra with a focus on
education through PI DEL. A leading national university in the
field of information technology that is accredited by the Ministry
of Education of the Republic of Indonesia.
He believes that Indonesia needs to add the value that can be
derived from the nation’s natural resource riches. Therefore, he
founded Toba Bara to create added value from the coal-mining
sector – a leading sector of Indonesia’s.
“The Social Entrepreneur of the Year” of Ernst & Young Global
Entrepreneurship Award 2012, Luhut B. Pandjaitan, is keenly
aware of the significance of the sustainable development
that is built upon the three pillars of economic performance
(profit), environmental conservation (planet) and social welfare
(people). Therefore, he expects Toba Bara to begin harnessing
the principles of sustainable development in every aspect of its
business activities.
Perspectives of the Founding Shareholder
““I am pleased that the Toba Bara Group has
begun to show the strength and features
of a sustainable business.
2013 Annual Report28
2013 Annual Report 29
Company Profile
Brief History of the Company30 Shareholders Information48
Capital Market Supporting Professionals 52
Address of Company and Operating Subsidiaries53
Brief Description of Operating Subsidiaries50Business Line32
Business Strategy34
Vision and Mission35
Organisation Structure36
Profiles of the Board of Commissioners38
Profiles of the Board of Directors40
Human Resources42
2013 Annual Report30
Brief History of the Company
PT Toba Bara Sejahtra Tbk (Toba Bara) was incorporated in 2007 and acquired its legal entity status based on the approval of
the Minister of Justice and Human Rights of the Republic of Indonesia number AHU-04084.AH.01.01 dated 28 January 2008.
Toba Bara is structured as a holding company and, through its subsidiary entities, operates three coal mines.
The Company is the holding company of PT Adimitra Baratama Nusantara (ABN), PT Indomining (IM) through PT Toba Bumi
Energi (TBE) and PT Trisensa Mineral Utama (TMU), as well as PT Perkebunan Kaltim Utama I (PKU) that was acquired in
June 2013. The following timeline describes the major events that have transpired in the Company’s corporate history:
ABN and TMU were incorporated in
2004.
2004
IM was incorporated in 2005.
2005
ABN and IM were granted mining
authorization for exploration.
2006
ABN and IM were granted KP for
exploitation.
2007
IM began production.
ABN began production.
2008
TMU was granted KP for exploration.
2013 Annual Report 31
ABN converted its KP to IUPOP.
2009
TMU began production. Consolidated
production of Toba Bara surpassed 5
million tons.
2011
The haul road TMU – IM is operated ahead of
schedule. Construction of the second underpass in ABN was completed.
2013
IM and TMU converted their KP
to IUPOP.
2010
TBS acquired 51.0% of ABN, 52.5% of TBE
(that controlled IM) and 51.0% of TMU.
Toba Bara acquired additional shares
of TBE and TMU to 99.99% each.
2012
TBS listed its shares on the Indonesia Stock Exchange
(July).
TBS settled the land overlapping issue
with PKU.
TMU is poised to increase coal
production to 80,000 tons – 100,000 tons/
month. A new CPP has been constructed in IM.
Company Profile • Brief History of the Company
Consolidated production of Toba Bara reached more
than 3.9 million tons.
2013 Annual Report32
Business Line
TMU
ABN
ABN Jetty
IM Jetty
~5 km
~65 km
IM
Samarinda
Mahakam River
Major city is less than 50 km
Adjacent locations for three mines
Close proximity transhipment point & jetty
Major City Jetty Transhipment Point
Furthest pit to jetty 25 km with closest 1 - 5 km
Kutai Energy
The Company is currently engaged in coal production and sales through three subsidiary entities. These three subsidiary entities have
adjacent concession areas located in Sanga-Sanga, Loa Janan and Muara Jawa, Kutai Kartanegara Regency, in the province of East
Kalimantan. The ABN and Indomining concession areas are situated within 5 kilometers of their respective self-owned jetties on the
Mahakam River delta, which provide access to transhipment points in Muara Jawa and Muara Berau. The Company’s concession areas
total approximately 7,087 hectares.
Hauling Road TMU - IM
2013 Annual Report 33
~55 km(Total ~120 km)
Makasar Strait
Muara Berau
Muara Jawa
Coal Production (in million ton)
0.8
2.0
3.9
5.25.6
6.5
2008 2009 2010 2011 2012 2013
ABN TMUIM
Concession Area
TM Ash TS Calorific Value (kcl/kg)
(% GAR) (% GAD) (% GAD) GAR GAD
PT ADIMITRA BARATAMA NUSANTARA
ABN 52 25 7 0.8 5,200 5,800
ABN 55 - HS 20 6 1.8 5,500 6,000
ABN 55 - RS 20 6 0.8 5,500 6,000
ABN 58 19 6 0.9 5,800 6,250
PT INDOMINING
Indomining 19 8 0.9 5,700 6,200
PT TRISENSA MINERAL UTAMA
Trisensa - 47 28 5 0.4 4,700 5,400
Coal Products
Coal Resevers
147 million ton
Coal Resources
236 million ton
Based on the JORC Reports, the Company’s coal reserves are estimated to be 147 million tons and the Company’s coal resources are
estimated to be 236 million tons. The reserves and resources in the Company’s concession areas include various grades of thermal coal.
The calorific values of the coal produced by the operating subsidiaries range from 4,700 GAR to 5,800 GAR. Currently, the majority of the
Company’s coal is sold to coal trading companies, which primarily supply the coal to power generating companies in South Korea, Taiwan,
China and India.
Company Profile • Business Line
2013 Annual Report34
Business Strategy
SustainableLong Term
Growth
The Company’s business strategy in maintaining sustainable growth rests upon the coal mining concession locations of the three
operating subsidiaries that are adjacent to one another. This allows the Company to undertake a collective mine planning on a group-
wide basis that integrates the mining operations of ABN, IM and TMU. Through this integration strategy, there are many benefits that
accrue to the Company and the Group, such as joint infrastructure development, the construction of hauling road that cuts through one
of the subsidiary entity concessions, in addition to cost efficiency that can be derived from an integrated operation.
To that end, the Company has formulated five strategic steps to support sustainable long term growth, as follows:
Integration of three
mines.
Continue to focus on
health and safety,
environmental track
record and commitment
to Corporate Social
Responsibility.
Organically increase
coal production levels.
Increase coal reserve
and resource.
Stregthen existing and
develop new customer
relationships.
2013 Annual Report 35
Vision
• Creating sustainable shareholder value from
Indonesian mining
• Developing a best-in-class pool of talent
• Investing in our subsidiaries and other related
businesses that will enhance value to shareholders
• Managing competitiveness of mining operations
effectively
• Enhancing integration of coal supply chain to
ensure reliability and efficiency
• Building strong relationship with our business
partners and the financial community
• Being a responsible corporate citizen in promoting
community development and implementing good
corporate governance practices.
Mission
Vision and Mission
To be one of the best-managed
world class mining companies in
Indonesia with a focus on high
growth by building competence
through development of our
employees, robust financial
performance, and solid returns
for our shareholders.
2013 Annual Report36
Organisation Structure
Board of Commissioners
Board of Directors
Bima Sinung Widagdo
Legal UnitCorporate Secretary
Pandu P. Syahrir
Investor Relations
Iwan Sanyoto
2013 Annual Report 37
ABN BOD IM BOD TMU BOD
Audit Committee
Internal Audit
Finance & Accounting
Tries Nainggolan
Government Relations
Vacant
Company Profile • Organisation Structure
2013 Annual Report38
Profiles of the Board of Commissioners
1
2
3
2013 Annual Report 39
Company Profile • Profiles of the Board of Commissioners
Mr. Jusman Syafii Djamal has been
President Commissioner of the company
since October 1, 2010. Currently he also
serves as the President Commissioner of
PT Cardig Aero Services Tbk (July 2011 –
present), President Commissioner of PT
Telkom Indonesia Tbk (January 2011 –
present), Member of National Innovation
Committee (May 2010 – present),
Chairman of the Advisory Council of
Entrepreneur of Land Transportation
Organization (January 2010 – present),
and Chairman of Matsushita Gobel
Foundation January 2005 – present).
Previously, he served, among others, as
the Minister of Transportation of the First
United Indonesia Cabinet (May 2007 –
October 2009), Member of the National
Evaluation Team of Transportation Safety
and Security (January - May 2007),
Member of Incubator Technology of
BPPT (2003), and Chief Project Engineer
of 50 seaters Advanced Turboprop N250
Fly by Wire Airplane, IPTN Indonesia
(1990 – 1995). He graduated with a
Bachelors Degree in Technical Aviation
from Institut Teknologi Bandung.
Jusman S. DjamalPresident Commissioner1
Mr. Bacelius Ruru has been a
Commissioner of the Company since
March 30, 2012. Currently he also
serves as Independent Commissioner
of PT Manulife Aset Manajemen
Indonesia (2011 – present), Independent
Commissioner of PT Agung Podomoro
Land Tbk (2010 – present), President
Commissioner of PT Axle Asia (insurance
broker) (2008 – present), President
Commissioner of PT Jababeka Tbk (2007
– present), President Commissioner of
PT Tuban Petrochemical Industries (2003
– present) and President Commissioner
of PT Polychem Indonesia (2003 –
present). Previously, he served, among
others, as President Commissioner of PT
Perusahaan Pengelola Aset (Persero)
(2004 – 2008), President Commissioner
of PT Telekomunikasi Indonesia Tbk
(2001 – 2004), President Commissioner
of PT Bursa Efek Indonesia (2001 –
2008), Secretary of the Ministry of
State-Owned Enterprises (2001 – 2004),
Deputy of State Minister/Deputy of
Head of Investment and State-Owned
Enterprises Development, Division of
Supervision and Control, Ministry of
State-Owned Enterprise (2000 – 2001),
Assistant of Minister/Deputy of Mining
Business and Agro Industry, State
Ministry of Utilization (1999 – 2000),
Deputy of Competitive Business Sector,
Management Board of State-Owned
Enterprises (1998 – 1999), Director
General of State-Owned Enterprises
Development, Ministry of Finance (1995
– 1998), and Head of the Indonesian
Capital Markets Supervisory Agency,
Ministry of Finance (1993 – 1995).
He holds a law degree from the
University of Indonesia, Indonesia and
a Masters of Law Degree from Harvard
Law School, United States.
Mr. Farid Harianto has been a
Commissioner of the Company since
2011. Currently he also serves as a
Member of the President’s Advancement
Advisory Council in the National
University of Singapore (2011 – present),
Independent Commissioner of PT BATA
Indonesia Tbk (2011 – present),
He is Special Staff of the Vice President
of the Republic of Indonesia (2009 –
present), Risk Oversight Committee of PT
Bank International Indonesia Tbk (2007
– present), Independent Commissioner
of PT Unggul Indah Cahaya Tbk (2005 –
present), Independent Commissioner of
PT Lippo Karawaci Tbk (2004 – present),
and Member of Asian Executive Advisory
Board, the Wharton School, University of
Pennsylvania (2000 – present).
Previously, he served, among others, as
Deputy Chairman of the Indonesian Bank
Restructuring Agency (1998 – 2000),
President Director of PT Pemeringkat
Efek Indonesia (1995 – 1998), Visiting
Professor and Chairman, ASEAN
Studies, University of Toronto, Canada
(1993 – 1995), and Director, Graduate
Programs, Institute PPM (1990 – 1993).
He graduated with a Bachelors Degree
in Electrical Engineering from Institut
Teknologi Bandung, Indonesia.
He also holds a Masters in Applied
Economics and Managerial Science
and a Ph.D in Applied Economics and
Managerial Science from The Wharton
School at the University of Pennsylvania,
United States.
Bacelius RuruIndependent Commissioner2 Farid Harianto
Independent Commissioner3
40
Profiles of the Board of Directors
1 2
34
2013 Annual Report
41
Ms. Justarina Sinta Marisi Naiborhu has been the President
Director of the Company since May 5, 2011. Prior to this
she was the President Director of PT CIMB-Principal
Asset Management (2008 – 2011), Director of PT CIMB-
GK Securities Indonesia (2003 – 2008), Vice President of
Institutional Business & Advisory PT Kuo Capital Raharja
(2001 – 2003), Portfolio Manager of Institutional Asset
Management of PT Danareksa Investment Management (1999
– 2001), and Research & Development Analyst and Assistant
to the President Director of PT Bursa Efek Jakarta (1992 –
1997).
She graduated with a Bachelors Degree from the Bogor
Institute of Agriculture, Indonesia. She also holds a Masters
Degree in International Securities, Investment and Banking
from Reading University, United Kingdom and a Masters
Degree in Management from the University of Indonesia,
Indonesia.
Mr. Arthur Mangaratua Ebenhaezer Simatupang has been a
Director of the Company since May 5, 2011. Prior to this, he
was a Director and Chief Financial Officer of ABN since 2007.
Additionally, he previously served as Advertising and Promotion
Supervisor at PT Indofood Sukses Makmur Tbk (1998 -2004).
He graduated with a Bachelors Degree in International
Business from Seattle University, United States and a Masters
of Commerce Degree in Finance and Accounting from The
University of Sydney, Australia.
Mr. Pandu Patria Syahrir has been a Director of the Company
since October 1, 2010. Prior to this, he was a Senior Analyst
focusing on the energy and mining sectors at Matlin Patterson
from 2007. Additionally, he previously served as Principal at
Byun & Co., an Asian alternative energy fund (2002 – 2005)
and as an Analyst at Lehman Brothers (2001 – 2002). He
graduated with a Bachelors Degree from the University of
Chicago, United States and holds a Masters of Business
Administration Degree from the Stanford Graduate School of
Business, United States.
Justarina S. M. NaiborhuPresident Director/ Unaffiliated Director1 Arthur M. E. Simatupang
Director3
Mr. Sudharmono Saragih has been a Director of the Company
since June 20, 2012. Prior to this, he was the Company’s
General Manager of Operations since April 2012.
He previously served as a Project Manager at PT Toba
Sejahtra (2011 – 2012). Prior to that, he was the Site Manager
of PT Raja Kutai Baru Makmur, Ancora Group (2010 – 2011),
Operations Manager of PT Karya Wijaya Aneka Mineral,
Harita Group (2009 – 2010), Site General Manager of PT
Agrabudi Jasa Bersama, Titan Mining Indonesia Group
(2009), Operations General Manager of PT Riau Bara Harum,
Andaru Resources Group (2008 – 2009), and Production
Superintendent at PT Kaltim Prima Coal (2004 – 2005).
He graduated with a Bachelors Degree from Bandung Institute
of Technology in Mining Engineering – General Mining,
Indonesia.
Sudharmono SaragihDirector4Pandu P. Syahrir
Director2
Company Profile • Profiles of the Board of Directors
2013 Annual Report
2013 Annual Report42
In 2013, the Company added a total of 27 personnel, an
increase of 1.1%, bringing the total number of employees in the
Company and the three subsidiary entities to 795 people.
As a growing organisation the Company sees human capital
as a critical factor to achieving sustainable long-term growth.
As such, the Company places a great emphasis on recruiting,
training and retaining professionals and top talents in the coal
mining industry.
In 2013 the Company sharpenned the Key Performance
Indicator (KPI) in the three subsidiary entities. This is aimed at
enhancing the performance of each subsidiary entity in a more
measured and sustained manner.
In addition, the Company continues to develop its strategic
human capital policy, including identifying skills and
capabilities, setting remuneration standards, establishing
career path programs, and devising new method of
performance evaluation for the Company and its three
subsidiary entities.
Human Resources
As of 31 December 2013 the Company and its subsidiary entities employ a total of 795 people, 702 of which are
permanent employees. A total of 28 employees worked at Head Office in Jakarta with the remaining employees assigned
in field offices and sites working in various capacities that include administration, technical services, supervision of coal
processing and barging, logistics, safety and health, the environment and community development.
Total Employees
2011
731
2013
795
7862012
43 2013 Annual Report
The Company has a relatively young human resources composition, in which the largest group of employees are between the
ages 26 years to 35 years. This youthful composition provides dynamism to the Company and its three operating subsidiaries.
One of the enduring features of the Group’s human capital is their ‘can do’ spirit that underlines the work ethics of the Toba Bara
business group. This fact plays a key role in the ability of the Company to increase its coal production consistently over the past
four years.
The Company also places a strong emphasis on the value of training and education in human resources development.
As a relatively young coal mining company, in 2012 the Company carried out intensive training program, attended by employees
of various seniority levels. The list of training program is presented below:
No Training Organiser Date Location
1 First Aid Injury HSE ABN 18 January Sangasanga
2 Environmental Awareness HSE ABN 26 January Sangasanga
3 In-house Training Fatigue Management Indomining (Team HSE) 6 February Sangasanga
4 First Operational Supervisor Distamben Propinsi Kalimantan Timur 6-10 February Balikpapan
5 First Operational Supervisor Distamben Provinsi Kalimantan Timur 13 - 17 February Sangasanga
6 In-house Training Fatigue Management Indomining (Team HSE) 14 February Sangasanga
7 Leadership Course for New Managers QB Leadership Center 15 - 16 February Jakarta
8 In-house Training Fatigue Management Indomining (Team HSE) 16 February Sangasanga
9 In-house Training Fatigue Management Indomining (Team HSE) 18 February Sangasanga
10 Environmental Protection Expert on Safety, Health at Work Indotrain
18 February - 2 March
Balikpapan
Training Programs in 2013
As a growing organisation the Company sees human capital as a critical factor to achieving sustainable long term growth.
“ “
Company Profile • Human Resources
44 2013 Annual Report
Company Profile • Human Resources
No Training Organiser Date Location
11 In-house Training Fatigue Management Indomining (Team HSE) 25 February Sangasanga
12 Root Cause Analysis Indotrain 9 - 10 March Sangasanga
13 Workshop National Security Indonesian Management Centre (IMAC) 15 - 16 March Balikpapan
14Seminar Geotechnical Engineering in The Mining Industry Workshop
Balinga Utama 19 - 21 March Yogyakarta
15 Incident Investigation & Reporting Indomining (Team HSE) 20 March Sangasanga
16Designing Salary Structure & Remuneration to Enhance Company’s Productivity with Ergonomy and Psychology Approach
Expertindo 25 - 27 March Yogyakarta
17 Environment Management Mairodi Mandiri Sejahtera 8 - 11 April Bandung
18 Awareness Oil Spillage HSE ABN 14 April Sangasanga
19 Coal Washing Plant & Stockpile Management Course PT Geoservices 15 - 16 April Bandung
20 Oil Spillage dan Penggunaan APAR HSE ABN 20 April Sangasanga
21 Certifate Industrial Relations Profesional Unika Atmajaya 24 - 27 April Balikpapan
22 Safety Leadership Team Safety Indomining 1 May Sangasanga
23 Safety Officer Technos Prima 6 - 8 May Sangasanga
24 Middle Operational Supervisor Pusdiklat Mineral & Batubara 13 - 19 May Bandung
25 Environmental Protection Expert on Safety, Health at Work PT Phitagoras Global Duta 13 - 25 May Jakarta
26 How to Develop and Implement ISO 14001 Cipta Energi Utama Mandiri 15 - 19 May Sangasanga
27 How to Develop and Implement ISO 14001 PT Cipta Energi Utama Mandiri 16 - 19 May Bandung
28 P3K/First Aid Indonesian Red Cross 17 - 18 May Sangasanga
29Education and Training on Mining Environmental Management
Pusdiklat Minerba 20 - 25 May Bandung
30 Professional Filing & Record Management Cipta Energi Utama Mandiri 27 - 31 May Sangasanga
31Mine Indonesia 2013 11th Annual Review of trend in the Indonesia Mining Industry
Pricewaterhouse Coopers Indonesia (PwC Indonesia)
29 - 30 May Jakarta
32 Welder Indotrain 29 May - 30 June Sangasanga
33 Train of Trainer Indotrain 30 May - 1 June Sangasanga
34 Safety Officer Technos Prima 9 - 11 June Sangasanga
35 Intergrating QHSE Management System PT PGD 10 - 14 June Sangasanga
Training Programs in 2013
45 2013 Annual Report
No Training Organiser Date Location
36 Training for Main Supervisor in Mining Pusdiklat Minerba 17 - 20 June Jakarta
37Training and Competence Testing for Building/Construction
Asosiasi Tenaga Ahli Kontruksi Indonesia (ATAKI) 17 - 18 June Samarinda
38Training and Competence Testing for Main Supervisor in Mining
Pusdiklat-Minerba Bandung 17 - 21 June Jakarta
39 In-house Training for Training XPAC PT Admitra Baratama Nusantara 24 - 28 June Sangasanga
40 LOTO HSE ABN 27 June Sangasanga
41 Domestic Waste Management HSE ABN 29 June Sangasanga
42 Candidate for Health and Safety at Work Expert in 2013 Distamben Provinsi Kalimantan Timur 1 - 4 July Sangasanga
43 Training for Candidate for Health and Safety at Work Expert in 2013 Disnaker Provinsi Kalimantan Timur 2 - 5 July Samarinda
44 In-house Training Clean and Healthy Lifestyle Bio Medika 27 July Sangasanga
45 Health & Safety Management System Gilbert Markus Nisah Pih 14 September Sangasanga
46 Lead Auditor OHSAS 18001 & ISO 14001 Indotrain 21 - 20 September Sangasanga
47 Electricity Use at the Office and Mess HSE ABN 9 October Sangasanga
48 Awareness ASMK3L HSE ABN 11 - 12 October Sangasanga
49 Lead Auditor OHSAS 18001 & ISO 14001 Indotrain 17 - 18 October Sangasanga
50 Minescape Advance Stratmodel Mitrais 16 - 19 October Jakarta
51 Awareness ASMK3L HSE ABN 19 - 20 October Sangasanga
52 Evaluation & Certification of General Safety and Health Expert Start Safety 25 - 26 October Sangasanga
53 Mining Acid PT BENEFITA 26 - 30 October Sangasanga
54Environmental Brainstorming “Basic Knowledge on Post-Mining Revegetation and Safety Management System"
Sri Soegiharto 31 October Sangasanga
55 Awareness Training ASMK3L HSE ABN 3 November Sangasanga
56 HIRADC & Identifikasi Aspek HSE ABN 9 November Sangasanga
57 Minescape Open Cut Public Mitrais 10 - 14 November Jakarta
58 Intensive Course on Mining Law EMLI Training 12 - 14 November Jakarta
59 Lead Auditor ISO 14001 Cerification Indotrain 12 - 16 November Sangasanga
60Workshop on Implementation of Inventory Data Application
Pusat Pengelolaan Ecoregion (PPE Kalimantan) 20 November Balikpapan
61 Training on Analysis Need and Impact Evaluation PT ISDM 5 - 6 Desember Jakarta
62 Accident Investigation Expertindo 25 - 28 December Sangasanga
Company Profile • Human Resources
46 2013 Annual Report
Company Profile • Human Resources
Employees Composition 2012-2013
2012 2013
Employeesby Status
STATUS Permanent613 (77.9%)Temporary173 (22.1%)
Permanent702 (88.3%)Temporary93 (11.7%)
Employeesby Education
Senior High School555 (70.6%)
Junior High School12 (1.5%)
Elementary School12 (1.5%)
Diploma46 (5.8%)Bachelor’s and Master’s Degree161 (20.6%)
Senior High School553 (69.5%)
Junior High School14 (1.8%)
Elementary School13 (1.6%)
Diploma51 (6.4%)Bachelor’s and Master’s Degree164 (20.7%)
Male712 (90.6%)Female74 (9.4%)
Male703 (88.4%)Female92 (11.6%)
Employeesby Gender
Age 18-2586 (10.9%)Age 26-35342 (43.5%)Age 36-45241 (30.7%)Age 46-5492 (11.7%)Age >5525 (3.2%)
Age 18-25 76 (9.5%)Age 26-35355 (44.7%)Age 36-45261 (32.8%)Age 46-5487 (10.9%)Age >5516 (2.1%)
Employeesby Age
47 2013 Annual Report
Employeesby TItle
2012 2013
Non-Staff427 (54.3%)Staff165 (20.9%)Supervisor114 (14.5%)Super Intendent33 (4.2%)Manager25 (3.3%)Senior Manager4 (0.5%)General Manager6 (0.8%)Director12 (1.5%)
Non-Staff465 (58.5%)Staff108 (13.7%)Supervisor132 (16.6%)Super Intendent44 (5.5%)Manager29 (3.6%)Senior Manager1 (0.1%)General Manager6 (0.7%)Director10 (1.3%)
“ “
One of the enduring features of the Group’s human capital is their ‘can do’ spirit that underlines the work ethics of the Toba Bara business group.
Company Profile • Human Resources
2013 Annual Report48
Shareholders Information
Name Position Number of Shares Percentage
Jusman D. Djamal President Commissioner 0 0.0000000
Bacelius Ruru Independent Commissioner 0 0.0000000
Farid Harianto Independent Commissioner 0 0.0000000
Justarina S. M. Naiborhu President Director 0 0.0000000
Pandu P. Syahrir Director 0 0.0000000
Arthur M. E. Simatupang Director 0 0.0000000
Sudharmono Saragih Director 45,000 0.0022360
Total 45,000 0.0022360
Composition of Shareholders
Shareholders Owning More Than 5%
Report of Share Ownership - Directors & Commissioners per 31 December 2013
Luhut Pandjaitan
99.98%
PT Bara Makmur Abadi (6.2%)
PT Sinergi Sukses Utama (5.1%)
Public (12.5%)
Davit T. Pandjaitan (0.8%)
PT Toba Sejahtra (71.8%)
Roby Budi Prakoso (3.6%)
Name of Shareholders Numbers of Shares Share Ownership
PT Bara Makmur Abadi 125,755,000 6.25%
Bintang Bara B.V 201,250,000 10.00%
PT Sinergi Sukses Utama 102,700,000 5.10%
PT Toba Sejahtra 1,444,750,000 71.79%
PT Adimitra Baratama Nusantara
51.00%
PT TobaBumi Energi
99.99%
PT Indomining99.99%
PT Trisensa Mineral Utama
99.99%
PT Perkebunan Kaltim Utama I
90.00%
2013 Annual Report 49
Company Profile • Shareholders Information
Information on the Majority Controlling ShareholderThe Company is majority held by PT Toba Sejahtra (TS), which holds 71.8% shares of the Company. Mr. Luhut Pandjaitan holds 99.98% shares of Toba Sejahtra.
PT Toba Sejahtra is a limited liability company incorporated under Indonesian law on 6 August 2004, and is currently engaged in the business of mining, energy and plantation. The businesses of Toba Sejahtra comprise of among other things natural resources (thermal coal and oil and gas), power generating plants (as Independent Power Producer of coal- fired, gas-fired and geothermal power plants), as well as agricultural and plantation resources (oil palm, rubber, sugar cane, and forestry). In addition to Toba Sejahtra itself, the TS Group currently comprises of 16 other affiliated companies that are engaged in broad ranging industry sectors.
Toba Sejahtra works with several leading companies from Indonesia and overseas in developing various assets and natural resources in Indonesia, with the aim of harnessing the natural resources of Indonesia to their full capacity for the benefit of the Indonesian people.
Chronology of Share ListingThe Company successfully listed its shares on the Indonesia Stock Exchange on 6 July 2012, under challenging conditions for the coal market in general. A total of 210,681,000 common shares at a nominal value of Rp200 per share, was listed on the Exchange, representing 10.47% of the Company’s fully paid and subscribed capital. The number of shares that was offered to the public at a price of Rp1,900 per share generated an IPO proceed of Rp400,293,900,000 for the Company. It is listed on IDX with the ticker code of TOBA.
No.Type of Public
Offering
Effective Date
Realization of Public Offering Plan of Use of Proceeds as Disclosed in Prospectus Realization of Use of Proceeds as Disclosed in Prospectus
Total Proceeds
from Public
Offering
Expenses of Public Offering
Net Proceeds
Payment of Loan to BNP Paribas
CapitalExpenditures
Acquisition of Coal Mining Concession,
Working Capital and Operational,
and Exploration Activities
Total
Payment of Loan to BNP Paribas
CapitalExpenditures
Acquisition of Coal Mining Concession,
Working Capital and Operational, and Exploration
Activities
TotalRemaining Proceeds of
IPO
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
1Penawaran
Umum ( IPO )
6-Jul-12 400,294 38,871 361,423 94,476 189,711 77,236 361,423 94,116 112,532 77,236 283,884 77,539
Total 400,294 38,871 361,423 94,476 189,711 77,236 361,423 94,116 112,532 77,236 283,884 77,539
Report of Use of Proceeds Per December 2013
Notesa. (i) Plan of use of proceeds as disclosed in Prospectus. 7 More or less 26.14% from the net proceeds to be used to repay loan facilities from BNP Paribas. 8 More or less 52.49% from the net proceeds to be used for capital expenditure to support mining activities, infrastructure and
facilities development in the concession areas of the subsidiary entities. 9 More or less 21.37% from the net proceeds to be used as working capital for the Company and subsidiary entities and to
finance exploration activities in the subsidiary entitities’ concession areas and to acquire coal mining concessions. (ii) Realisation of use of proceeds as disclosed in Prospectus. 11 Repayment of the loan principal to BNP Paribas amounting to US$9,946,782.69 equivalent to Rp94,116 million. 12 Capital expenditures related to the procurement of fixed assets for the Company and the development of supporting facilities in
the concession areas of subsidiary entities. 13 Financing of working capital and exploration activities in the three subsidiary entities’ concession through loans extended to the
subsidiary entities amounting to Rp18,485 million. Financing of operations and working capital of the Company
b. Fund from the proceeds of the IPO as of 31 December 2013 was deposited in PT Bank CIMB Niaga Tbk (non afiliated) with a tenor of one month, earning a Rupiah interest rate of 9.75%.
2013 Annual Report50
PT ADIMITRA BARATAMA NUSANTARA
Percentage Ownership of the Company
51.00%
PT INDOMINING
99.99%PT Adimitra Baratama Nusantara (ABN) is a fast-growing thermal coal producer located in Sanga- Sanga, Kutai Kartanegara, East Kalimantan, Indonesia and covers 2,990 hectares. First set up in 2004, ABN has been a majority-owned subsidiary entity of the Company since 2010.
ABN has a total estimated resources of 156 million tons of coal. Currently, ABN produces two varieties of blended thermal coal, ABN 52 and ABN 58. In 2013 it produced 4.2 million tons of coal, with main infrastructures that comprise of coal stockpile, crusher, overland conveyor and jetty. In 2013, more than 80% of ABN production is estimated to be higher than 5,600 GAR. ABN transports its coal from the ROM stockpile through the overland conveyor of less than five kilometers, which directly loads the coal to 300-feet barges at the jetty.
PT Indomining is a subsidiary company of PT Toba Bumi Energi, which is wholly controlled by the Company. The Indomining coal concession is located in Sanga-Sanga, Kutai Kartanegara, East Kalimantan, and covers 683 hectares, adjacent to the concession of ABN.
IM has a total estimated coal resources amounting to 37 million tons, and has its own coal mining infrastructures that include a crusher, land conveyor and jetty. IM can transport crushed coal from the ROM stockpile through the overland conveyor directly onto docked barges in the jetty. IM began production in 2007 and in 2013 produced a total of 1.4 million tons of coal.
Brief Description of Operating Subsidiaries
Percentage Ownership of the Company
Board of Commissioners
Directors Directors
Paulina Maria Dame Uli Pandjaitan President Commissioner
Imelda The Commissioner
Aurelia Marsaulina Simatupang Commissioner
Soenggoel Pardamean Sitorus Commissioner
Sintong Pandjaitan Commissioner
Johny Lumintang* President Director
Sudirdjo Widjaja Director
Michael Soerijadji Director
Pandu P. Syahrir Director
Sudharmono Saragih Director
Board of Commissioners
Godlief Manangkak Timbul Silaen President Commissioner
Hamid Awaluddin Commissioner
Roby Budi Prakoso Commissioner
Saswinadi Sasmojo Commissioner
HM Yunus Yosfiah Commissioner
Arthur Simatupang President Director
Alvin Sunanda Director
* As of the date of this Annual Report, Mr. Johny Lumintang no longer serves as the President Director of ABN.
2013 Annual Report 51
PT TRISENSA MINERAL UTAMA
PT PERKEBUNAN KALTIM UTAMA I
99.99% 90%PT Trisensa Mineral Utama (TMU) is a wholly owned (99.99%) subsidiary of the Company. The TMU concession is located in Kutai Kartanegara, East Kalimantan, and covers 3,414 hectares. Trisensa has completed the construction of a coal-hauling road to IM through ABN in order to use IM’s infrastructures.
TMU has an estimated total resources of 43 million tons. TMU commenced production in October 2011, and in 2013 produced approximately 925 thousands tons of coal.
PT Perkebunan Kaltim Utama I (PKU) is a subsidiary entity of the Company with a majority share (90%) of PKU, which is engaged in the oil palm plantation business. PKU holds the Rights to Cultivate Oil Palm Plantation (HGU) of a site totalling 8,633 hectares in the Teluk Dalam Bario, Pula Seribu Village, Muara Jasa District, Jawa County, Sanga-Sanga Regency, and in Tani Bhakti Village, Batuah, Loa Janan District, Kutai Kartanegara Regency, East Kalimantan for a period of 30 years.
Percentage Ownership of the Company
Percentage Ownership of the Company
Company Profile • Brief Description of Operating Subsidiaries
Directors Directors
Board of Commissioners
Tjokro Saputrajaya President Commissioner
Bok Maria Laurensia Commissioner
Utomo Santoso Commissioner
Suadi Atma Commissioner
Salikin Moenits Commissioner
Eddy Kustiwa Koesma Commissioner
Suaidi Marasabessy President Director
Elim Khiat Director
Hartanto Saputrajaya Nyoto Director
Board of Commissioners
Lutfi Ibrahim Nasution President Commissioner
Lutfi Ismail Commissioner
Suaidi Marasabessy President Director
2013 Annual Report52
No.Supporting Institutions
Name of Institutions Address Period
1 Public AccountantKAP Purwantono, Suherman & Surja
Gedung Bursa Efek Indonesia, Tower 2, 7th floorJl. Jend. Sudiman Kav. 52-53, Jakarta 12190
T: (021) 5289 5000F: (021) 5289 4100
2012 - 2013
2 Notary Aryanti Artisari, SH. M. Kn
Menara Sudirman, 18th floorJl. Jend. Sudirman Kav. 60
Jakarta 12190T: (021) 520 4778F: (021) 520 4780
-
2 Share Registrar PT Datindo Entrycom
Wisma Diners Club AmexJl. Jend. Sudirman Kav. 34-35
Jakarta 10220T: (021) 570 8870F: (021) 570 9026
-
3 Public Appraisal Firm Jennywati, Kusnanto & Rekan
Plaza Bapindo Citibank Tower, 27th floorJl. Jend. Sudirman Kav. 54-55,
Jakarta 12190T: (021) 526 0808F: (021) 526 6006
-
Capital Market Supporting Professionals
2013 Annual Report 53
OPERATING SUBSIDIARIES
PT ADIMITRA BARATAMA NUSANTARA
Jakarta OfficeWisma Bakrie 2, 11th floorJl. H.R. Rasuna Said Kav. B-2Jakarta 12920, IndonesiaT: (021) 579 42103F: (021) 579 [email protected]
SiteJl. Habiba RT 04Kelurahan Jawa, Sanga-Sanga 75254Kab. Kutai Kartanegara - SamarindaKalimantan TimurIndonesiaT/F: (0541) 671 259
PT INDOMINING
Jakarta OfficeWisma Bakrie 2, 11th floorJl. H.R. Rasuna Said Kav. B-2Jakarta 12920, IndonesiaT: (021) 579 30579F: (021) 579 30580
SiteDistrict 5, Jl. Gajah MadaKel. Sanga-Sanga Dalam, Kec. Sanga-SangaKab. Kutai Kartanegara - SamarindaKalimantan TimurIndonesiaT: (0541) 671 387F: (0541) 671 310
PT TRISENSA MINERAL UTAMA
Jakarta OfficeWisma Bakrie 2, 16th floorJl. H.R. Rasuna Said Kav B-2Jakarta 12920, IndonesiaT: (021) 5793 0568/9F: (021) 5793 0570
SiteKM 23 Desa Tani HarapanKecamatan Loa JananKab. Kutai Kartanegara - SamarindaKalimantan TimurIndonesiaT/F: (0541) 726 8231
PT PERKEBUNAN KALTIM UTAMA 1
Jakarta OfficeWisma Bakrie 2, 16th floorJl. H.R. Rasuna Said Kav B-2Jakarta 12920, IndonesiaT: (021) 5794 5779
SiteDesa Tani HarapanKecamatan Loa JananKab. Kutai Kartanegara - SamarindaKalimantan TimurIndonesiaT/F: (0541) 796 4704
Address of Company and Operating Subsidiaries
PT TOBA BARA SEJAHTRA Tbk
Wisma Bakrie 2, 16th floorJl. H.R. Rasuna Said Kav. B-2Jakarta 12920, IndonesiaT: (021) 5794 5779 F: (021) 5794 [email protected]
2013 Annual Report54
2013 Annual Report 55
Management Discussion and Analysis
Industry Overview
Operational Review
Financial Review
56
58
68
2013 Annual Report56
The Coal Industry Sector Facing Declining Pace of Growth
The pace of growth in the demand for thermal coal continues
to indicate a slowing trend. A number of energy policies that
are directed towards lessening the dependency on coal energy
resources - especially in the largest consuming country, China -
have contributed to the changing landscape of the coal market
over the past several years. Ten or even five years ago, it would
seem that the demand for cheap and readily available coal
energy resources would never subside. New technology in power
plants was developed specifically to be able to use thermal
coal of low-range to medium-range calorific value, enabling the
consumption of much more coal. The process by which coal is
produced and made available – from pit to port – was designed
in the most effective and efficient manner for coal to be shipped
to its destination quickly and reliably. Environmentally friendly
technology was invented to reduce the amount of carbon
emission from the burning of thermal coal.
But none of these initiatives were enough, it seems, to alleviate
the pressure that continues to bear down on the coal industry.
In the past several years, a number of initatives was pursued to
reduce dependency on coal as an energy source – especially
from the point of view of health and environmental considerations
– and to rely more on other energy resources that are deemed
more environmentally friendly or renewable.
China has a big opportunity to capitalise more on the technology
to convert coal into synthetic gas or liquefied fuel. It is estimated
that the gasification of coal will be the basis for new energy
sources for China in the next five years.
Whereas for other markets in Asia aside from China, India
is expected to still rely on low-calorific to medium-calorific
grade coal in growing volumes for the foreseeable future – but
the problem for India is the steep devaluation of the Rupee
against the US Dollar that has made the cost of coal imports
prohibitively expensive for India.
These two developments in China and India have led to
a decline in the market demand for coal that ultimately
contributed to the market oversupply and depressed coal
price. Throughout 2013, the average selling price of coal in
accordance with the Newcastle Index Price was US$85.3 per
ton, compared to US$96.9 per ton in 2012 and US$121.2 per
ton in 2011.
The year 2013 was full of challenges for the coal-mining sector in Indonesia, as well as for the global coal industry in
general. The lingering low global coal price index and an oversupply of the coal market in 2013 had forced most of the coal
players in the world including Indonesia to cut operating costs, reduce workforce, and postpone major capital expenditures
for large-scale developments. According to the International Energy Agency (IEA) in its Medium-Term Coal Market Report
towards the end of 2013, “the global demand for coal will grow at an average rate of 2.3% per annum until 2018.” This
estimate is lower than that of the previous year that predicted the average annual growth rate to be 2.6%, and far below the
actual average annual growth rate between 2007 and 2012, which was 3.4%.
However, the IEA report also stated that despite the declining trend in the growth of global coal demand, coal will remain to
be the primary source for the world’s growing energy consumption, more than the use of any other fossil fuel.
Industry Overview
Indonesia’s Coal Export
Volume (in million tons)
353 384 421
2011 2012 2013
* Source, Indonesian Central Bureau of Statististics
2013 Annual Report 57
The downward price trend above exerts pressure on coal
companies to reduce their operating costs in order to maintain
profitability. Declining coal price also put under pressure on
coal companies that have invested heavily on the basis of coal
prices of several years back – when the price of coal was still
in the range of US$100 per ton.
Needless to say, the current global coal markets tend to be
oversupplied, highly competitive, and are also faced with the
challenges of environmental conservation, forcing every coal
producer to operate efficiently, effectively and be responsive to
market expectations.
Challenges for the Indonesian Coal Industry
Indonesia has been the largest exporter of thermal coal in
the world since 2007 when it took over that distinction from
Australia. In the past five years, Indonesia’s coal production
has had a Compounded Annual Growth Rate of around 9%.
Although this rate is lower than the CAGR of 11% the previous
year, Indonesia’s growth rate is still higher than China’s CAGR
of 7%, India’s 6%, Australia’s 2%, Asia Pacific’s aggregate rate
of 6% and the World’s 4%. On the one hand, the role of coal as
one the nation’s leading export commodities is much needed
for the continuing economic development of Indonesia.
But viewed from the other side of the coin, excessive exports
could also threaten the long-term supply of coal in Indonesia’s
national interest.
According to figures from the Indonesian Central Bureau of
Statistics, in 2013 Indonesia exported approximately 421
million tons of coal, or based on the Company’s estimates,
accounted for over 80% of Indonesia’s total coal production
during the year. The small proportion of domestic coal use
(20%) poses questions on the issue of national energy
security for Indonesia over the long run. This has prompted
the government to move towards the policy of limiting coal
production and banning the export of low calorific value coal
altogether.
From the perspectives of the coal industry itself, whatever
policy the government decides to take at the end of the day,
it would be for the better if such a decision is taken from a
dialogue process between the government and the proponents
of the national coal industry in order to arrive at a ‘win-win’
solution for all.
Management Discussion and Analysis • Industry Overview
2013 Annual Report58
Operational Review
The Company is the controlling majority
shareholder of three subsidiary mining
companies, namely ABN, IM and TMU.
The Company’s results of operations
are totally dependent on the volume
and quality of coal produced. Through
its subsidiary entities, the Company
produces a broad range of coal products
with varying calorific values. These
products are the results of the blending
of coal from different seams within their
respective concession areas of varying
calorific value in order to produce an end
product with specific characteristics that
meet with customer specifications.
The Company had set a target to
increase coal production in 2013 ranging
from 5.8 million tons to 6.4 million tons,
from a production of 5.6 million tons of
coal in 2012. In 2013, coal production
from the three subsidiary mining entities
totaled 6.5 million tons, up by 16.1%
from 5.6 million tons in 2012. These were
derived from ABN (4.2 million tons), IM
(1.4 million tons) and TMU (0.9 million
tons). The increase in production volume
was primarily fuelled by the significant
production increase of TMU due to the
construction of the coal-hauling road that
was completed ahead of schedule. The
haul road linked TMU with IM through
ABN.
““In 2013, coal production from the three subsidiary mining entities totaled 6.5 million tons, up by 16.1% from 5.6 million tons in
2012.
2013 Annual Report 59
Management Discussion and Analysis • Operational Review
The ABN concession area covers
approximately 2,990 hectares located
approximately 30 kilometers Southeast
of Samarinda, the capital city of East
Kalimantan. The ABN concession area
comprises of two distinct areas, ABN
East and ABN West, both of which are
currently being mined.
Based on its latest JORC report, ABN
has estimated coal resources of 156
million tons and coal reserves of 117
million tons. ABN transports its coal
from the ROM stockpile to the barge
loading facility via a 4.7 km conveyor that
unloads the coal directly onto barges at
the jetty.
ABN’s infrastructure capabilities include
a crusher, overland conveyor and jetty,
with current capacity of approximately
10 million tons per annum. In conducting
its mining operations, ABN engages PT
Petrosea Tbk and PT Arkananta Apta
Pratisa as the mining contractors.
During the first semester of 2013, ABN
succeeded in raising its production
volume although a prolonged rainfall
at the time had hindered production
activities. Coal production increased by
7.4% from the first quarter to the second
quarter of 2013.
Meanwhile, ABN’s coal sales volume
increased by 14.6% in 2013 to 4.7 million
tons compared to 4.1 million tons the
previous year.
Completed on schedule, the second
underpass in ABN was commissioned at
the end of 2013. This underpass shortens
the distance to stow away overburden
soil such that it reduces the amount of
fuel used to transport the overburden as
well as the time needed to handle the
overburden. In 2013, the stripping ratio
at ABN was 14.0 times, lower than 15.3
times in 2012.
In the relatively short period of time
since commencing operations in 2008,
ABN has for the third consecutive years
in 2011, 2012 and 2013 succeeded in
earning a Green rating in PROPER, a
government environmental compliance
rating program for major industries
whose operations could impact on the
environment. A Green rating signifies
environmental management that exceeds
mere compliance requirements, which
ABN has been able to achieve among
other things by optimizing resources
management through 4R (Reduce,
Reuse, Recycle and Recovery), as well
as its implementation of effective CSR
programs.
PT ADIMITRA BARATAMA NUSANTARA (ABN)
Production Volume (Million ton)
Stripping Ratio (x)
ABN Production Volume and Stripping Ratio
6.0
5.0
4.0
3.0
2.04.4
15.3x14.0x
2012
4.2
201310.0x
16.0x
14.0x
12.0x
2013 Annual Report60
The IM concession area covers approximately 683 hectares
located approximately 38 kilometers Southeast of Samarinda.
According to its latest JORC report, IM has total estimated
coal resources of 37 million tons and coal reserves of 22
million tons. IM also transports its coals from ROM through its
overland conveyor that stretches 4.4 km to the jetty for barge
loading. Its infrastructure capabilities include crusher, overland
conveyor, and jetty.
In 2013, IM’s coal production reached a total of 1.4 million
tons, an increase of 40% from that of 2012. Stripping ratio was
stable at 12.8 times in 2013 and 2012. IM has the opportunity
to raise its coal production significantly from the operation of a
new CPP. The new CPP can add the coal production capacity
of IM by six million tons per annum, in addition to processing
coal from the TMU mine.
To finance the construction of the new CPP, IM received a
bank loan facility of US$15 million from Standard Chartered
Bank (SCB) – Singapore with a tenor of three years. The
loan was also used to finance infrastructure needs, heavy
equipment and other capital expenditure.
On 28 January 2013, IM signed a contract with PT RPP
Contractors Indonesia (RCI) to undertake the mining
operations in the IM concession. The new contract with RCI
extends for up to five years with an estimated contract value
of US$115 million. The mining scope of work of RCI covers
land clearing, overburden removal, ripping, loading, waste
management, construction and maintenance of hauling road
for overburden as well as water management.
In terms of environmental compliance, IM has earned a Blue
rating in Proper from the East Kalimantan Governor in 2012
and 2013. A Blue rating indicates compliance to requirements
for sound environmental management based on prevailing
laws and regulations.
IM had renewed its IUP-OP that will extend its license until
2023. The extension of an IUP-OP reflects the trust that the
Regional Government places on the Company, enabling
Indomining to focus on the sustainability of its mining
operations.
PT INDOMINING (IM)
Management Discussion and Analysis • Operational Review
Production Volume (Million ton)
Stripping Ratio (x)
IM Production Volume and Stripping Ratio
-
3.0
2.0
1.0
1.0
12.8x 12.8x
2012
1.4
2013
14.0x
12.0x
10.0x
2013 Annual Report 61
The TMU concession area covers
approximately 3,414 hectares located
approximately 40 kilometers Southeast
of Samarinda. Based on its latest
JORC report that only covers an area
of 680 hectares of its concession, it has
estimated coal resources of 43 million
tons and coal reserves of 8 million tons.
Commencing operations in October
2011, TMU currently produces coal with
a calorific value of around 4,700 GAR.
TMU engages PT Surya Teknik Anugerah
(STA) and PT Bina Sarana Sukses (BSS)
as its mining contractor.
Coal production in 2013 reached a
total of 925 thousand tons, an increase
of 260% from 257 thousand tons in
2012. In addition to the significant
rise in production, TMU succeeded
in lowering its stripping ratio equally
significantly from 14.8 times in 2012 to
11.1 times in 2013. This was in line with
the consolidation and cost efficiency
programs of the Company throughout
2013.
TMU carried out exploration activities
in the Northwest area of its concession,
where it has not been included in the
JORC calculation reserves.
In 2013, TMU completed the construction
of a coal-haul road into the IM
concession via ABN, ahead of schedule.
This contributed to the increase of
production volume at TMU as well as the
shipment of coal due to the new access
to the jetty of IM through the newly built
haul road. Going forward, TMU expects
to increase its production capacity
significantly, by sharing infrastructures
and facilities with the Company’s two
other subsidiary entities, while also
reducing the costs of coal production and
shipment.
PT TRISENSA MINERAL UTAMA (TMU)
Management Discussion and Analysis • Operational Review
Production Volume (Million ton)
Stripping Ratio (x)
TMU Production Volume and Stripping Ratio
10.0x
8.0x
6.0x
16.0x
14.0x
12.0x
0.3
14.8x
11.1x
2012
0.9
2013-
3.0
2.0
1.0
2013 Annual Report62
PT IndominingIM carried out geotechnical drilling that was aimed at
understanding the technical features of the stability of the
mining ledge and hydrology. The drilling was carried out
using the open-hole drilling and core-hole drilling methods.
Geophysical logging was undertaken in both open-hole and
core-hole drillings. The geotechnical drillings were carried
out through core-hole drilling followed by the Standard
Penetration Test (SPT) every 1.5 meter. IM also carried out
a depressurising drilling on ground water in order to relieve
ground water pressure.
As of year-end 2013, the combined total depth of the
completed drilling had reached 1,247.50 meters for open-hole
drilling and 1,207.50 meters for core-hole drilling.
Exploration
Throughout 2013, the Company’s subsidiary entities undertook several exploration activities, as follows:
PT Adimitra Baratama NusantaraABN undertook an infill drilling and ground water depressure.
The infill drilling is aimed at increasing the amount of
exploration drilling data of previous drilling in order to shape
a more accurate geological model. Whereas the ground water
depressure is to reduce the amount of ground water pressure
to stabilize the mine. Drilling are carried out by using the open
hole drilling method, and taking samples of cutting and data on
geophysical logging.
As of year-end 2013, the exploration works had drilled a total of
25 holes to a combined total depth of 3,022.62 meters.
Management Discussion and Analysis • Operational Review
2013 Annual Report 63
PT Trisensa Mineral UtamaTMU undertook a geotechnical exploration drilling and
production exploration drilling activities. The geotechnical
drilling was carried out to test the stability of the mine’s ledge
as well as hydrogeological conditions. Whereas the production
drilling aimed at increasing the amount of data for the purpose
of reserves calculation.
Since the slope of rocks/coals in the West area of TMU ranges
between 70 degrees and 85 degrees, the exploration drilling
modes in the West Block used the sloping drilling method of up
to 45-degree slope. Two systems of drilling were used, namely
the open-hole system and the touch coring system. The open-
hole system sought to determine the sequence or stratigraphy
and the continuity of the coal seams. Whereas the touch coring
system takes coal samples for analysis on the quality of the
coals.
As of year-end 2013, the exploration works had reached a total
depth of 10,699.48 meters comprising of open holes extending
to 10,449.08 meters and coring to 239.40 meters numbering
134 holes. In addition, the activities of cropline drilling reached
a total depth of 6,392.19 meters in 301 holes. With respect to
logging works, there were a total of 72 holes, for a combined
total depth of 5,659 meters.
Management Discussion and Analysis • Operational Review
2013 Annual Report64
MarketingThe Company produces coal of varying characteristics for power plants and other coal users in major overseas markets,
particularly in the Asia-Pacific region. To date, the Company does not experience significant difficulties in marketing its products,
as the existence of a number of major customers have historically provided a stable base for the marketing of the Company’s
coal products.
In 2013, the Company sold its coal to a number of major coal-consuming countries in Asia including China, Taiwan, India and
South Korea. Whereas several leading global traders remained as loyal customers of the Company. They include such names as
Vitol, Flame, Glencore, Noble Group, Peabody, Dragon Energy Group, Mercuria and Trafigura. The Company also sells directly to
power plants as end users of the coal. From a marketing standpoint, the Company succeeded in broadening its customer base,
obtaining new export destinations, and strengthening its coal pricing policy through a variety of hedging measures.
In addition, the internal marketing team of the Company succeeded in penetrating the Japanese market by selling Toba Bara’s
coal directly to an end-user in that country. Several breakthroughs were made in marketing due to the Company’s astute
marketing strategies, as follow:
• A customer base that is developed internally by the Company in order to reduce the marketing cost.
• A balanced mixture of long-term contract sales, short-term contract sales, and spot market sales employed by the
Company to date.
• Active participation in international trade expos to promote Toba Bara coal products.
The Company also continues to expand its customer base by marketing and selling its coal directly to end-users, in order to
prevent over-reliance on certain groups of major customers.
Toba Bara Marketing Destinations - 2013
China
Japan
India Thailand
Hong Kong
South Korea
Vietnam
Taiwan
43%
10%
19%14%
Management Discussion and Analysis • Operational Review
2013 Annual Report 65
Initiatives and Developments
In line with the theme of this Annual Report, the main focus of
the Company in 2013 was to maintain the operating margins
of the subsidiary entities of the Company amid the challenging
conditions of the coal market. To that end, in accordance with
the revised mining plan, the Company sought to reduce the
stripping ratio of its coal mining operations in order to minimize
the cost of overburden stripping. This was successfully
achieved, in which the stripping ratio of ABN declined from
15.3 times to 14.0 times, the stripping ratio of TMU declined
from 14.8 times to 11.1 times, while that of IM was maintained
at 12.8 times.
In addition to lowering the stripping ratios, The Company
continued with its strategic cost-effective initiatives by
capitalizing on the competitive advantages of having three
adjacent mine sites, while also optimizing the coal sales and
prices.
The strategic initiatives programs include joint mine plan
(integrated mining operations) of the three subsidiary entities
and infrastructure sharing of ABN, IM and TMU such as in
the use of conveyors, crusher, coal hauling and jetties. In the
joint mine plan program, the Company has begun to initiate
mining at the border of ABN and IM with the aim of maximizing
reserves and increasing the capacity of overburden removal.
Furthermore, the adjacent location of ABN and IM allows
room to shorten the OB disposal distance, thus enabling
lower production cost. These joint mine plan activities had
commenced since the fourth quarter of 2012, and continued
throughout 2013 with optimum results.
Management Discussion and Analysis • Operational Review
2013 Annual Report66
The Company completed the construction of a coal-hauling road from TMU to IM through ABN primarily to maximize
infrastructure sharing such as Coal Processing Plant (CPP), jetty owned by ABN or IM.
The optimum sharing of mining infrastructures also helped reduce capital expenditures to build CPP at TMU. And through shared
hauling roads, the Company believes it will also lower future operating costs among the three subsidiary entities.
In managing its coal facilities, the Company has also built a new CPP at IM. The new CPP is expected to enhance IM’s coal
processing capacity, accommodate TMU’s coal, increase OB disposal capacity, lower cost and add stockpile capacity for raw
coal and coal products. The Company plans to construct an underpass within the ABN’s site. The main objective of constructing
such an underpass is to shorten OB removal distance.
Management Discussion and Analysis • Operational Review
67 2013 Annual Report
Currently, the Company is preparing several mine plan options
to manage SR effectively in anticipation of fluctuating coal
prices. In addition, land compensation and drilling activities are
undertaken to sharpen the Company’s mine plan further.
In 2013, the Company posted capital expenditure amounting
to US$23.3 million, up from US$17.6 million in 2012. The
capital expenditures were used among other things for the
purchase of fixed assets, development of infrastructures
including the construction of the TMU-IM haul road and the
new coal processing plant at IM, enhancement of the function
of the conveyor belt, and the construction of the underpass at
ABN. In addition, capital expenditures were also allocated for
payment of exploration activities and land purchase.
Management Discussion and Analysis • Operational Review
68 2013 Annual Report
Financial Performance Highlights
Discussion on the Company’s financial review for the year
ending 31 December 2013 compared to 31 December 2012
should be read in conjunction with the Company’s consolidated
financial statements for said periods that have been audited
by the Public Accounting Firm of Purwantono, Suherman &
Surja (a member of Ernst & Young Global), as an integral part
of this Annual Report. All of the figures quoted in this Financial
Review are the figures stated in consolidated financial
statements of the Company and Subsidiary Entities.
The continuing weak global economy in 2013 had caused a
correction of the global coal index price. The average selling
benchmark coal price of the Newcastle Index declined by 12%
from US$96.9/ton in 2012 to US$85.3/ton in 2013.
Amidst the not so conducive coal market conditions, PT Toba
Bara Sejahtra Tbk continued to grow its production by 16.1%
from 5.6 million tons in 2012 to 6.5 million tons in 2013. At
the same time, the Company implemented a series of cost
reduction initiatives throughout 2013 by lowering Stripping
Ratio (SR) and shortening overburden (OB) dump distance.
As a result of the above, the Company was able to post
increased revenue, decreased cost of goods sold, improved
EBITDA, and increased consolidated comprehensive net
income for the year ending 31 December 2013, as presented
below.
Financial Review
““The Company was able to
post increased revenues,
decreased cost of goods
sold, increased EBITDA,
and increased consolidated
comprehensive net income.
Sales(in million US$)
6.3%396.7 421.8
2012 2013
Operating Profit(in million US$)
137.0%
21.1 50.0
2012 2013
EBITDA(in million US$)
160.7%
22.5 58.6
2012 2013
Total Comprehensive Income(in million US$)
200.8%
12.0 36.1
2012 2013
Equity(in million US$)
17.7%
110.9 130.5
2012 2013
69 2013 Annual Report
Management Discussion and Analysis • Financial Review
Comprehensive Profit and Loss Statements
Sales Volume and Revenue
Although the weak global coal price had impacted on the
decline of the Company’s average selling price (ASP) by
7.8% from US$72.2/ton in 2012 to US$66.6/ton in 2013,
the Company showed resilience by posting an increase in
revenues by 6.3% from US$396.7 million in 2012 to US$421.8
million in 2013 on the back of an increase in the volume of
sales by 14.5% over the same period.
Cost of Goods Sold
Cost of Goods Sold (COGS) decreased by 1.8% from
US$348.5 million in 2012 to US$342.3 million in 2013. The
decrease was mainly due to the lower stripping ratio and
the shortened distance for overburden disposal as well as
several other cost efficiencies that were derived from the newly
operated coal-hauling road between TMU and IM. This was
reflected in the decline of the FOB Vessel Cash Cost* from
US$62.5/ton in 2012 to US$52.8/ton in 2013. A major portion
of the COGS was derived from costs related to the mining
contractor services, fuel and other coal production services.
Gross Profit
The Company posted a Gross Profit of US$79.6 million in
2013, an increase of 65.1% from US$48.2 million in 2012.
The increase was primarily driven by higher sales volume
accompanied by cost efficiencies undertaken by the Company.
Despite a decline of 12% in the Newcastle Index price, the
Company showed resilient strength by posting an increase in
production volume as well as sales volume that contributed to
an increase in gross profit.
Sales(in million US$)
6.3%396.7 421.8
2012 2013
Tries NainggolanGM Finance
Tries Nainggolan joined the Company on November 2012 as GM-Finance. Previously he served as Business Analyst and Financial Planning in health sector (Siloam Hospitals Group) and retail sector (Limited Brands, Inc. and Foot Locker, Inc.). Tries earned his Bachelor’s degree in Finance from Pennsylvania State University and Master’s degree in Public Policy and Management from Ohio State University, United States of America.
* FOB Vessel cash cost = Cost of goods sold that includes royalty and marketing expenses less depreciation and amortisation expenses.
70 2013 Annual Report
Management Discussion and Analysis • Financial Review
EBITDA*
Despite the weak condition of the global market and relatively
low coal price, the Company posted EBITDA of US$58.6
million, an increase of 160.7% from US$22.5 million in 2012.
A combination of increased sales volume and a series of
cost-efficiency drive by the Company in addition to greater
marketing efforts contributed positively to improving EBITDA
margin from 5.7% in 2012 to 13.9% in 2013.
Other Income/Expense
Other Income/Expense comprised of loss/gain from foreign
currency translation, gain from the settlement of pre-existing
accounts between entities, cost of transfer of liabilities on
domestic purchases, net gain on derivatives instrument, and
net other income.
Total loss/gain on foreign currency translation increased by
1,467% from a gain of US$0.6 million in 2012 to a loss of
US$8.2 million in 2013. This was due to the depreciation of
the Rupiah against the US Dollar by 26.0% throughout 2013,
from Rp9,685 in early 2013 to Rp12,189 as of December
2013, which primarily resulted from unrealised exchange rate
loss on the amounts of cash and cash-equivalent that were
denominated in Rupiah and other Rupiah receivables.
Gains made on the settlement of pre-existing accounts
between entities amounted to US$7.5 million in 2013 related to
the effective settlement of the transaction between PKU and
the Company prior to acquisition.
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses in 2013
amounted to US$528.1 thousand, an increase of 47.1% from
US$358.9 thousand in 2012. The increase was in line with the
increase in sales volume that primarily resulted in the increase
of commission expense by 1,195.4% to US$365.3 thousand.
General and Administrative Expenses in 2013 amounted
to US$28.7 million, a decrease of 8.9% from US$31.5
million in 2012, mainly due to cost efficiencies that were
applied to official transportation expense, representation
and entertainment expense, corporate social responsibility
expense, and a reduction of tax on land and building as well as
other tax expenses.
Operating Profit
As a result of the above, the Company posted an Operating
Profit of US$50.0 million in 2013, an increase of 137.0% from
US$21.1 million in 2012. The increase was due to the increase
in gross profit by 65.1%.
Operating Profit(in million US$)
137.0%
21.1 50.0
2012 2013
* EBITDA = Gross profit less cost of goods sold and marketing expenses, less general and administrative expenses, plus depreciation and amortisation expenses.
71 2013 Annual Report
Management Discussion and Analysis • Financial Review
Profit for the Year(in million US$)
190.8%
11.9 34.6
2012 2013
Comprehensive Income for the Year(in million US$)
200.8%
12.0 36.1
2012 2013
Profit for the Year
After accounting for net tax expense of US$15.8 million for the current year, the Company posted a Net Comprehensive Income
in 2012 of US$34.6 million in 2013, an increase of 190.8% from US$11.9 million in 2012. The increase was due to factors referred
to above.
Other Comprehensive Income
In 2013 the Company posted Other Comprehensive Income of US$1.5 million, which was primarily derived from foreign currency
translation on the financial statements of the subsidiary entity, PKU. Other Comprehensive Income in 2012 was US$70.4
thousand.
Comprehensive Income for the Year
The total Net Income for the Year amounted to US$36.1 million in 2013, an increase of 200.8% from US$12.0 million in 2012.
Consolidated Cash Flows Report
Cash received from operating activities increased by 100% from US$31.9 million in 2012 to US$63.9 million in 2013. This was
mainly due to increased cash receipts from customers by 14% from US$379.8 million in 2012 to US$434.5 million in 2013 as well
as the decline in corporate income tax payment from US$52.2 million in 2012 to US$8.9 million in 2013.
Meanwhile, cash used in investment activities declined from US$127.3 million in 2012 to US$2.9 million in 2013.
Cash derived/used in financing activities declined from a positive US$138.0 million in 2012 to a negative US$28.0 million in 2013.
This was mainly due to the initial public offering of shares that the Company undertook in 2012.
All told, the Company was able to increase the amount of Cash and Cash Equivalent by US$32.9 million in 2013. After
accounting for loss of foreign currency translation of US$5.9 million on the portion of Rupiah denominated Cash and Cash
Equivalent, the Company’s Cash and Cash Equivalent balance as of year-end 2013 increased from US$36.3 million on 31
December 2012 to US$63.3 million on 31 December 2013.
72 2013 Annual Report
Financial Condition and Capital Resources
Total Assets
The total Assets of the Company increased by 19.2% to
US$311.6 million as of year-end 2013. The increase resulted
primarily from an increase in Current Assets by 22.3% from
US$106.5 million to US$130.2 million, and an increase in Fixed
Assets by 17.0% from US$155.0 million to US$181.4 million.
Cash and Cash Equivalent
The increase of Current Assets was mainly attributed to the
increase in Cash and Cash Equivalent by 74.4% from US$36.3
million in 2012 to US$63.3 million in 2013. This was driven
primarily by Net Cash receipt from operations amounting to
US$63.9 million in 2013.
Account Receivables
In 2013 the Company posted Trade Receivables of US$16.6
million, an increase of 21.2% from US$13.7 million in 2012.
This amount pertains to Trade Receivables from third parties.
Inventories
The Company’s Inventories increased to US$32.4 million as
of year-end 2013, primarily stemming from the increase in coal
inventories from rising production.
Prepaid Taxes
The Company posted Prepaid Taxes amounting to US$6.8
million in 2013, being the accumulated installments of the
Company’s 2012 Corporate Income Tax.
Total Fixed Assets
Total Fixed Assets as of year-end 2013 reached a total of
US$181.4 million, an increase of 17.0% from US$155.0 million
in 2012. The increase was primarily due to the rise in Fixed
Assets, less accumulated depreciation, by 43.7% from US$
34.1 million in 2012 to US$49.0 million as of year-end 2013.
These fixed assets are mainly comprised of heavy equipment,
conveyor, workshop and related equipment, buildings as well
as roads and bridges in the Company’s concession areas.
The increase in total Fixed Assets was also due to the addition
of plantation assets amounting to US$16.8 million from the
acquisition of PKU by the Company.
Mine Properties
Mine Properties, less accumulated amortisation, reached a
total of US$71.9 million as of year-end 2013, an increase of
24.8% from US$57.6 million in 2012.
Liabilities
The Company’s total liabilities as at year-end 2013 amounted
to US$181.2 million, an increase of 20.3% from US$150.6
million in 2012. The increase was primarily due to the increase
in short-term liabilities by 3.6% to US$145.5 million, and that of
long-term liabilities by 257.0% to US$35.7 million.
Account Payables
As year-end 2013, the Company had total Accounts Payable
to third parties of US$69.3 million, an increase of 19.9% from
US$57.8 million in 2012. The increase was mainly due to the
rise in the production volume of coal in 2013.
Bank Borrowing
The Company posted total short-term Bank Borrowing of
US$33.6 million and long-term Bank Borrowing of US$20.2
million as of 31 December 2013. Altogether, total Bank
Borrowing increased by 11.4%, mainly due to borrowings by IM
from Standard Chartered Bank and that of PKU from PT Bank
Rakyat Indonesia (Persero) Tbk.
Sales Advances
In selling its products, the Company received Sales Advances
from customers as either intent of purchase or as part of the
agreed clauses in the Sale and Purchase Agreement. This
amount constitutes a liability of the Company before actual
delivery of the sales is realised, and recognized as sales
revenue only upon the delivery of coal. As of year-end 2013,
the Company posted total Sales Advances (for short-term
and a portion of long-term deliveries) of US$27.9 million,
an increase of 140.5% from US$11.6 million in 2012. The
increase was part of the Company’s strategy to secure sales
commitments in 2014 at a certain volume and price.
Management Discussion and Analysis • Financial Review
73 2013 Annual Report
Equity
As a result of the above, the Company’s equity reached a
total of US$130.5 million as of year-end 2013, an increase
of 17.7% from US$110.9 million in 2012. The increase was
derived mainly from the increase of retained earnings from the
Company’s Net Income for the year under review.
Ability to Pay Debts Ability to Pay Debts
The Company’s solvency ratio did not change much, from
1.74 times in 2012 to 1.72 times in 2013, due to the increase
in total Assets by 19.2%, while total Liabilities rose by 20.3%.
This indicates a similar capability of the Company to meet its
financial obligations in 2013 as in 2012.
Liquidity
The Company’s liquidity strength increased in 2013 compared
to that of 2012, as indicated by the improvement of its current
ratio from 0.76 times in 2012 to 0.89 times in 2013.
Capital Structure
The Company strives to maintain a strong capital structure at
all times, by maintaining financial ratios that are sound and
healthy to support the sustainable growth of the Company, as
well as to meet the Company’s financial obligations as they
become due from time to time.
Equity(in million US$)
17.7%
110.9 130.5
2012 2013
Material Increase or Decrease in Sales or Net Income
The Company did not post a significant increase or decrease
in the amount of coal sales in 2013 that would have a material
effect on the business continuity of the Company. Although
there was a decline in the Newcastle coal price index by 12%
in 2013, this did not have a material impact on the Company’s
revenues due to increased sales volume in 2013, to the effect
that the Company was able to increase its sales revenue in
2013.
Impact of Price Changes to Revenues and Net Income
As described above, although changes in the Newcastle coal
price index have a direct impact on the Company’s coal sales
revenue, this impact was mitigated by the increase in coal
sales volume throughout 2013.
Realization of Use of IPO Proceeds
This information is presented on page 49 of this Annual
Report.
Information Disclosure on Material Transactions
The Company did not undertake any material transactions in
2013.
Changes in Laws and Regulations that May Affect the
Company’s Performance
In 2013 there were no changes to prevailing laws and
regulations that could significantly affect the operations of
the Company or the consolidated financial statements of the
Company.
Management Discussion and Analysis • Financial Review
74 2013 Annual Report
Factors that May Affect the Company’s Performance
The performance of the Company is measured by the
achievement of coal production volume and sales revenue that
are obtainable on the basis of business targets set under the
Company’s annual budget.
Meanwhile, the level of coal production volume is dependent
upon the management of mine planning and logistics
management to increase coal production and transport coal to
the barge–loading jetties and onward to transhipment points in
open seas.
Activities of coal mining can be affected by bad weathers
throughout the rainy seasons that can occur from time to
time. Production and sales volume can also be affected by
market demand, availability of shipment, and the capacity and
performance of the coal-mining contractors.
In addition, fluctuation of global coal price has a major impact
on the Company’s sales revenue. The global price of coal is
affected by the dynamics of supply and demand of the export
markets for global coal as well as by demand from domestic
market especially in the power generating sectors.
Development Plan in 2014
The Company plans to undertake capital expenditures of
approximately US$25 million to support the Company’s
business growth in coal mining and other business
developments in 2014. A portion of the capital expenditures
will be used to pay for land compensation in the PKU oil palm
plantation, in addition to constructing a palm-oil mill in the
Company’s newest subsidiary entity, PKU. The remaining
capital expenditure will go to the construction of a coal
conveyor belt in ABN, and for the purchase of additional heavy
equipment in ABN and IM.
The Company has also drawn up plans to carry out exploration
in its three coal mine concessions, continuing with the
exploration works that had been undertaken in 2014 to
increase the coal reserves of the Company.
In general, the Company plans to increase coal production
somewhere in the range between 7.2 million tons and 7.8
million tons of coal in 2014, supported by the Company’s
increasingly integrated mining infrastructures.
Management Discussion and Analysis • Financial Review
75 2013 Annual Report
Risk Management
The business of coal mining is fraught with business risks that
are related to several factors including laws and regulations
factor that can change from time to time, the coal price factor
in both international and domestic markets that are beyond the
control of the Company, production factor with respect to the
availability of production facilities and mining infrastructures
of the Company, natural factor related to weather and natural
disasters, distribution factor in connection with the availability
of mother vessels and transportation facilities from the mines
to transhipment points, and social factor in regards to the
Company’s relations with its surrounding communities.
The initiatives on risk management by the Company
essentially rest upon the dissemination of information as early
and as comprehensive as possible to the Board of Directors
and its management team to anticipate the possibility of risks
in their earliest stage and carry out appropriate mitigation
efforts. In that regards, the function of risk management at
the Company and operating subsidiaries levels are carried
out within each division and covers both operational and non
operational activities.
On the operational side, for instance those that involve work
procedures with strict operational standard on safety and
health at work both in the fields and offices, working relations
with mining contractors and other suppliers, as well as the
development and maintenance of mining infrastructures to
ensure continuity of production.
From the non-operational side, the Company faces risks that
may result from fraudulent activities, non-compliance behaviors
and financial risks. From the financial perspective alone, the
Company is constantly exposed to fluctuations of coal price,
currency exchange rates, risks associated with credits provided
to customers, and financial liquidity risk. The Company
mitigates these financial risks among other things through
(i) obtaining long term sales contract with locked price, (ii)
carrying out its financial statements denominated in US Dollars
to minimize currency exchange risk, (iii) maintaining close ties
with major coal buyers who are credible, and (iv) ensuring
adequate working capital and financial liquidity through equity
financing and bank borrowing.
In terms of environmental conservation and community
welfare, the Company reduces its risk impact on natural
environment and maintains good relations with local
communities by undertaking corporate social responsibility
programs as a company that cares for the environment and
community development in the area where the Company
operates.
Essentially, the Company continues to map out all of the risk
potential that it faces, and formulates risk mitigation techniques
that it considers appropriate. In 2013, one of the risk factors
that was successfully mitigated was the settlement of the
overlapping land issues with PT Perkebunan Kaltim Utama I
comprehensively, providing the Company the opportunity to
develop its business in its concession areas that previously
had been hindered by the land overlapping issues.
Management Discussion and Analysis • Financial Review
76 2013 Annual Report
77 2013 Annual Report
Corporate Governance
General Meeting of Shareholders Legal Unit
Safety, Health and the EnvironmentBoard of Commissioners
Audit Committee
Board of Directors
Internal Audit
Corporate Secretary
Investor Relations
80 96
9882
84
86
88
90
94
78 2013 Annual Report
• The Principle of Fairness is implemented by carrying out
business practices that are fair and honest, mindful of the
rights of stakeholders that arise from contractual agreements
and/or prevailing laws. Accordingly, the Company has in
place standard operating procedures (SOPs) for accounting,
production and civil construction processes as well as for the
procurement of goods and services.
The Company adheres to the principles
of GCG as follow:
PT Toba Bara Sejahtra Tbk (the Company) is committed to implementing Good Corporate Governance (GCG) pursuant
to best international practices. The GCG implementation by the Company is based on prevailing laws and regulations in
Indonesia, the guidelines of National Committee on Corporate Governance, the recommendations of OECD and various
references on GCG practices such as the ASEAN Balanced Scorecard and others.
Transparency
Fairness
Accountability
Corporate Governance
• The Principle of Accountability is implemented by clearly
designating the rights and obligations of the Commissioners and
Directors of the Company, and providing clear job descriptions
to every rank-and-file and positions of responsibility in the
Company. All members of the Board of Commissioners and
Board of Directors understand clearly their respective roles and
responsibilities. The Company appoints Public Accountant Firm
Purwantono, Suherman & Surja (Ernst & Young) of international
repute (big four accounting firms) to ensure the quality and
integrity of its audited financial statements.
• The Principle of Transparency is implemented by
ensuring that the steps and processes leading to
the formulation of policies and decisions by the
Commissioners, Directors and Senior Managers of
the Company are transparent and open to reviews
by interested parties at all times. Throughout 2013,
information disclosures by the Company (routine as
well as incidental disclosures) have been performed in
time in accordance with the prevailing regulations. While
not mandatory to do so, the Company regularly issued
Reports on Operational Progress as a means to improve
transparency.
79 2013 Annual Report
CORPORATE GOVERNANCE STRUCTURE
The Corporate Governance Structure of the Company is made up of organs that
comprise the General Meeting of Shareholders (GMS), the Board of Commissioners
(BOC), the Board of Directors (BOD), the Internal Audit Unit (IAU) and the Corporate
Secretary. The following describes the authorities, duties and responsibilities of the
respective organs.
• The Principle of Responsibility is implemented by
aligning the Company’s goals and objectives as
well as managing its operations in accordance with
prevailing laws and regulations and the expectations
of stakeholders. Each year, the Company and its
operating subsidiaries hold an Annual Budget Meeting
to determine the business objectives and strategies,
which are then defined into the Company’s Work Plan &
Budget (RKAP).
Responsibility
Independence
GoodCorporate
Governance
Corporate Governance
• The Principle of Independence is implemented by
ensuring that the Company and its Management
operate independently without conflicting
interests or at the behest of special interest
groups. All members of the Company’s Board of
Commissioners are Independent Commissioners.
2013 Annual Report80
General Meeting of Shareholders (GMS)The General Meeting of Shareholders constitutes the highest
and most authoritative body of the Company. All major
transactions that require the approval of shareholders are
carried out pursuant to prevailing terms and conditions set
forth by the General Meeting of Shareholders.
The GMS appoints and dismisses members of the BOC
and BOD, determines the amount of remuneration for the
Commissioners and Directors, approves the Annual Report
and Performance of the Company as presented by the BOD,
decides on the appropriation of net profits including the
distribution of dividends to shareholders, and approves major
corporate actions in conjunction with the management of the
Company.
The Company convenes the Annual GMS once a year, and
the Extraordinary GMS at any time as needed without any
limitation to the number of EGMS that can be convened within
a year. In 2013, the Company carried out its Annual GMS on
28 June 2013 and did not convene an Extraordinary GMS.
The followings are the resolutions of the Company’s first
Annual GMS as a publicly listed company that was held in
Jakarta on 28 June 2013.
First Agenda of the Meeting
Accepted in good faith the Annual Report that among other
things included the Consolidated Financial Statements of the
Company for the year ending 31 December 2012 and ratified
the Company’s Balance Sheet and Income Statements for the
year ending 31 December 2012 that had been audited by the
Public Accounting Firm of “Purwantono, Suherman dan Surja”
(a member firm of Ernst & Young Global) with an Unqualified
Opinion as stated in the Independent Auditors Report Number :
RCP-3525/PSS/2013, dated 26 March 2013.
With the ratification of both the Company’s Annual Report and
the Balance Sheet and Income Statements of the Company
for the year ending 31 December 2012, the Company grants
full release and discharge (Acquit et de Charge) to the
members of the BOC and BOD for their actions in supervising
and managing the Company throughout 2012 in so far as
those actions are reflected in the Balance Sheet and Income
Statements of the Company.
Second Agenda of the Meeting
1. Appropriation of the net profit that is attributed to
the parent entity for the year 2012 in the amount of
US$3,198,832 to be used as follows:
a. A total of US$31,988 to be used as statutory
reserves pursuant to Article 70 of the Limited
Liability Law No. 40 of 2007;
b. A total of US$3,166,844 or 99% of the Company’s
profit to be distributed as final cash dividends on net
profit of 2012, wherein the dividends to be paid out to
the single majority shareholder (PT Toba Sejahtra)
already include interim dividends of US$1,000,000
that had been paid on 10 April 2012 before the
Company became a public company. The decision
to distribute the interim dividends was stated in the
Company’s prospectus for the Initial Public Offering
of shares.
2. Appropriation of dividends from a portion of the
Company’s retained earnings in early 2012 amounting to
US$2,499,135 or 99% of the retained earnings balance at
the beginning of 2012 to be used for the payment of the
final cash dividends.
3. The full amount of the final cash dividends pertaining to
items 1.b and 2 above was US$5,665,979 or US$0.0028
per share.
4. Extend power of attorney to the Company’s BOD to
determine the date for payment of the cash dividends,
to be advertised in two national dailies by taking into
account all prevailing regulations on the matter.
Third Agenda of the Meeting
Extend power of attorney to the Company’s BOC to appoint
a Public Accounting Firm that is registered with the Financial
Services Authority that will audit the Company’s financial
statements for the current year ending 31 December 2013,
and subsequently approve and extend power of attorney to the
Company’s BOC to determine the fee for the Public Accounting
Firm and other terms.
Corporate Governance • General Meeting of Shareholders
2013 Annual Report 81
Fourth Agenda of the Meeting
Accept the resignation of Catherine Warouw as Director of
the company effective since October 2012 and grant her full
release and discharge from her actions taken on behalf of the
Company throughout her tenure until the effective date of her
resignation from the Company.
As such, the composition of the Company’s BOD is as follows:
• President Director : Justarina S.M. Naiborhu
• Director : Pandu P. Syahrir
• Director : Arthur M.E. Simatupang
• Director : Sudharmono Saragih
Extend power of attorney to the Company’s BOD with
substitution rights to reannounce the change in the
composition of the Company’s BOD in the Notarial Deed
and to inform the Minister of Justice and Human Rights of
the Republic of Indonesia, and to register the change in the
Company Registry and to undertake all necessary steps
pursuant to prevailing laws and regulations.
Fifth Agenda of the Meeting
Extend power of attorney to the Board of Commissioners to
determine the honorarium and/or other benefits to members of
the BOC for the year 2013, including details of the breakdowns
among individual Commissioners with due consideration for
the recommendations of the Remuneration Committee once
the Committee is formed.
Sixth Agenda of the Meeting
Extend power of attorney to the Board of Commissioners to
dertermine the salary and/or other benefits to members of the
BOD for the year 2013, including details of the breakdowns
among individual Directors with due consideration for the
recommendations of the Remuneration Committee once the
Committee is formed.
Seventh Agenda of the Meeting
a. Accept the accountability of the use of the proceeds
of the Initial Public Offering (IPO) of Shares as of 31
December 2012 amounting to Rp144,071 million and
the remaining IPO proceeds of Rp217,352 million in
accordance with the report on the realisation of the use
of the IPO proceeds from July to 31 December 2012
that had been filed by the Company with the Financial
Services Authority and the Indonesia Stock Exchange
through the Letter No. 008/TBS/I/13 dated 15 January
2013.
b. The Meeting accepts the report on:
The composition of the Company’s Audit Committee is as
follows:
• Chairman : Bacelius Ruru
• Member : Prof. Dr. Ir. Irwandy Arif, MSc
• Member : Aria Kanaka
Pursuant to Article 68 Items (4) and (5) of the Laws of the
Republic of Indonesia No. 40 of 2007 on the Limited Liability
Company, the Meeting hereby states that the Company’s
consolidated balance sheet and comprehensive income
statements for the year ending 31 December 2012 as
presented in the Company’s financial statements that have
been ratified in the First Agenda of the Meeting above are in all
material respect the same as those that have been published
in the Suara Pembaruan Daily on 28 March 2013.
Corporate Governance • General Meeting of Shareholders
The Company convened the Annual General Meeting of Shareholders for the first time as a publicly listed company.
2013 Annual Report82
Board of Commissioners
The members of the Board of Commissioners (BOC) are
appointed and dismissed by the resolution of the GMS. As
of year-end 2013, the Board of Commissioners (BOC) of
the Company comprises of three members, including the
President Commissioner who is concurrently an Independent
Commissioner and two other Independent Commissioners.
The appointment of members of the BOC, and its composition,
comply with Capital Market laws and regulations, namely
Bapepam Regulation No.IX.I.6 juncto Bapepam Chairman
Decision Letter No. KEP-45/PM/2004 of 29 November 2004
on the Board of Commissioners and Board of Directors of a
Security Issuer and Publicly Listed Company.
The composition of the Board of Commissioners is as follows:
• Independent/President Commissioner : Jusman Syafii
Djamal
• Independent Commissioner : Bacelius Ruru
• Independent Commissioner : Farid Harianto
Based on the size and scope of the Company’s business,
the number and qualification of the members of the Board of
Commissioners are deemed sufficient to perform the duties
and responsibilities of supervising the management of the
Company.
Independency of the BOC
The composition of the Board of Commissioners of the
Company has exceeded the requirement of Capital Market
laws and regulations that require at least a third of the
membership of the BOC are Independent Commissioners.
Presently set at three members, all members of the Company’s
BOC are independent members who are not affiliated to
the Shareholders of the Company. This ensures the Board’s
independency in supervising the management of the Company.
Implementation of the Duties and Responsibilities of the
BOC
Pursuant to the Company’s Articles of Association, the Board
of Commissioners is charged with the supervision and advice
given to the Board of Directors (BOD) on the management
of the Company by the BOD. In addition to undertaking its
routine supervisory and advisory capacity, in 2013 the Board of
Commissioners gave its approval on the following items:
• Formulation and Adoption of the Company’s Long-Term
Business Plan.
• Determining Key Performance Indicators for subsidiary
entities.
• Approval of the Semi Annual Financial Statements.
• Approval of the Audited 2013 Financial Statements and
2013 Annual Report.
The Board of Commissioners has the opportunity to broaden
the perspectives of the Company on the implementation
of GCG. For instance, the BOC gave its advice and
recommendations in the formulation of the Company’s
business plan including the formulation of the annual budget.
In 2013, the Commissioners were active in supervising the
implementation of GCG within the Company, which included
the following activities:
• Establishment of the Audit Committee in January 2013.
• The Commissioners have given direction and input as
well as discussed a variety of issues with the Directors in
order to act on all pertinent matters that need the attention
of the Commissioners in a timely, relevant and accurate
manner.
• The Commissioners have made a more effective
communication with the Directors and management in
the implementation of its duties through the use of letters,
telephone, sms and e-mail.
• The Commissioners have authorised certain transactions
and corporate actions that require the approval of the
Commissioners pursuant to the Articles of Association
and prevailing regulations.
In discharging its supervisory duties, the Board of
Commissioners does not merely rely on official forum such as
board meetings or report reviews, but also undertakes active
on-the-spot engagements if necessary, including activities at
the mining sites.
Corporate Governance • Board of Commissioners
2013 Annual Report 83
Corporate Governance • Board of Commissioners
Meetings of the BOC
The Board of Commissioners convened 10 meetings in 2013.
These meetings have been properly documented in the
Minutes of Meeting.
The attendance level of each Commissioner is presented in the
following table:
These meetings were held to undertake internal consolidation
especially with regards to discussing reports submitted by the
Directors. The agenda discussed among other things include
discussion on monthly performances, annual performance,
budget formulation, funding, discussion on the progress of
projects, and discussion on the business of subsidiaries.
Meetings of the Board of Commissioners were held to evaluate
Company performance against business plans and targets, as
well as other pertinent issues.
Remuneration of Board of Commissioners
As of year-end 2013, the Company’s BOC has begun to
discuss the formation of the Nomination and Remuneration
Committee. In the absence of this Committee in 2013, the
remuneration for members of the BOC was proposed by
the President Commissioner and approved by the General
Meeting of Shareholders. The amount of remuneration and
tantiem afforded to the Commissioners were based on the
consideration of business target achievements, the Company’s
financial condition, and other relevant factors.
Name Position Meeting Attendance
Jusman Syafii DjamalIndependent/President
Commissioner9
Bacelius Ruru Independent Commissioner 7
Farid Harianto Independent Commissioner 8
2013 Annual Report84
Corporate Governance • Audit Committee
Audit Committee
To assist in its supervisory duties, the Board of Commissioners has formed the Audit Committee, with the duties and
responsibilities as set forth in the Audit Committee Charter, as follows:
• Oversees both the internal and external audit undertakings of the Company from planning to execution, audit findings and
follow-up actions.
• Advises the Board of Commissioners on the integrity of the Company’s financial statements.
• Provides professional and independent opinions to the Board of Commissioners on reports and other information presented
by the BOD to the BOC as well as other assignments that are related to the duties of the BOC.
Those duties were discharged through routine meetings as well as visits to sites in the mine fields.
As of year-end 2013, the Company’s Audit Committee comprised of three members including the Chairman, as follows:
Bacelius Ruru, SH, LLMChairman of the Audit Committe and Independent Commissioner
Bacelius Ruru’s profile is presented on page 39 of this Annual Report.
Prof. Dr. Ir. Irwandy Arif, M.Sc.Member of the Audit Committee
Holder of a PhD degree from Ecole des Mines de Nancy, France, as well as a Master degree in Industrial Technology and a Bachelor degree in Mining Technology, both from Institut Teknologi Bandung, he is a recognized expert in mining in Indonesia. He was appointed as member of the Audit Committee in January 2013. His concurrent and prior positions include as member of the Audit Committee of PT Adaro Energy Tbk (since 2008), Chairman of the Audit Committee of PT Aneka Tambang (Persero) Tbk (2004-2009), as well as Independent Commissioner, Advisor and Expert Staff in various companies. In addition to positions in various scientific organisations, he is also active in research and publication of journals in mining and geo-engineering.
Aria Kanaka, CPAMember of the Audit Committee
A graduate of Universitas Indonesia with Master and Bachelor degrees in Accountancy. He obtained the State Register of Accountant in 2000. He was appointed as member of the Audit Committee in January 2013. He also concurrently serves as member of the Audit Committee of PT Tower Bersama Infrastructure Tbk (since 2010) and member of the Audit Committee of PT Metrodata Electronics Tbk (since 2010).
2013 Annual Report 85
Corporate Governance • Audit Committee
Appointment of the Public Accounting Firm
Based on the power of attorney extended to the Board of
Commissioners through the Company’s Annual GMS on 28
June 2013, the Board of Commissioners has appointed the
Public Accounting Firm of Purwantoro, Suherman & Surja,
member firm of Ernst & Young Global Limited, to perform the
audit of the consolidated financial statements of the Company
and its three subsidiary entities for the financial year ending
31 December 2013. This appointment was also based on the
recommendations of the Audit Committee that had reviewed
the qualification of the PAF, and had ascertained that said
PAF does not provide any other consultancy services to the
Company. This represented the second such audit assignment
for PAF Purwantoro, Suherman & Surja by the Company in the
past two years, at audit fees of US$160 thousand in 2012 and
US$135 thousand in 2013.
Audit Committee Meetings
In 2013, the Audit Committee convened a total of 12 meetings
with member’s attendance records as follows:
The work program of the Audit Committee in 2013 covered the
following activities:
• Formulate the Audit Committee Work Plan for 2013
• Review and assess the Company’s business plan
and budget for 2013 and update the Company on new
accounting standards and treatments for the presentation
of financial statements, and identify risks related finance
and internal control
• Review of the Internal Audit Report
• Discuss the draft for the audited financial statements of
2012 and issues related to the audit findings of the PAF
• Discuss the performances of PT Adimitra Baratama
Nusantara, PT Indomining, PT Trisensa Mineral Utama
and PT Perkebunan Kaltim Utama I
• Discuss the drafts on the quarterly financial statements
in 2013 and discuss special strategy/program by the
Company in 2013 to maintain financial performance
• Evaluate selected audit findings by Internal Audit
• Present the implementation of adherence to law within
the Company
• Discuss the quarterly report of the Audit Committee
• Discuss the Audit Committee Report for 2013 and the
Audit Committee Work Plan for 2014
• Discuss the appointment of the External Auditors
• Discuss important AdHoc issues.
In carrying out the work plan throughout 2013, the focus
of the Audit Committee was to increase the added value of
the Company in order to mitigate risks through operational
productivity.
Several programs that had been carried out were as follow:
• Completed the Audit Committee Program of 2013
• Discussed the Company’s work plan and budget for 2013
and the work plan for the construction of CPP
• Formulated the Audit Committee Charter and discussed
the Audit Committee work program for 2013
• Discussed the challenges of preparing monthly financial
statements
• Discussed significant audit findings
• Visited the sites of subsidiary entities including PKU
• Discussed audit findings report of Q1, 2, 3 and 4 in 2013
selected by Internal Audit
• Discussed report on coal reserves, production target for
2013, organisational structure and human resources,
proforma financial statements/financial projections in 2013
and other pertinent issues with the Board of Directors and
subsidiary entities
• Reviewed the Company’s legal compliance
• Reviewed the appointment of auditors for 2013
• Discussed the quarterly Audit Committee Report
• Discussed the Audit Committee Report for 2013 and the
Audit Committee Work Plan for 2014.
Name Position Meeting Attendance
Bacelius Ruru Chairman of the Audit Committee 11
Irwandy Arif Member of the Audit Committee 12
Aria Kanaka Member of the Audit Committee 12
2013 Annual Report86
Corporate Governance • Board of Directors
Board of Directors
Members of the Board of Directors (BOD) are appointed and
dismissed by the resolution of the GMS. As of year-end 2013,
the BOD comprised of four members, including the President
Director and three Directors. The appointment of said Directors
complies with the Bapepam-LK Regulation No.IX.I.6 juncto
the Decision of Bapepam-LK Chairman N0. Kep-45/PM/2004
on the Directors and Commissioners of Securities Issuers and
Public Companies.
Pursuant to the mandate given by the Company’s
shareholders, the BOD has formulated the Company’s
business strategy and continued to strive to achieve the goals
set in the strategy. The strategy covers key measures that
were taken by the Company throughout 2013, especially with
regards to facing up to the challenging conditions of the coal
industry in general.
Board Members
As of year-end 2013, the Board of Directors comprises of four
members, including the President Director who is also an
Unaffiliated Director, as follows:
• Justarina S.M. Naiborhu
• Pandu P. Syahrir
• Arthur M.E. Simatupang
• Sudharmono Saragih
All members of the Board of Directors are granted with power-
of-attorney and authority to carry out their duties as Directors
of the Company whose term will end at the closing of the
Company’s GMS in 2017, while taking into account the rights
of the General Meeting of Shareholders to terminate their
appointments prior to the said.
Based on the size and scope of the Company’s business,
the number and qualification of the members of the Board
of Directors are deemed sufficient to perform the duties and
responsibilities of managing the Company.
Independency of the BOD
The composition of the Board of Directors of the Company has
met the requirements of the laws and regulations of the Capital
Markets, with the number of Directors presently set at four
members, one of which is an independent member who is not
affiliated to the Shareholders of the Company.
Implementation of the Duties and Responsibilities of the
BOD
Pursuant to the Company’s Articles of Association, the Board
of Directors shall undertake all activities that relate to the
management of the Company for the benefit of the Company
and in line with the goals and objectives of the Company; while
also representing the Company in or out of the court of law in
all matters and events with certain exceptions as stipulated in
the prevailing laws and regulations, the Company’s Articles of
Association and/or the resolutions of the Company’s GMS.
The duties of the Board of Directors are, among other things:
• To ensure that Company activities are conducted in line
with its business objectives.
• To formulate the Company’s Long Term Business Plan
and prepare Annual Budget Plans for presentation to the
BOC.
• To execute the Company’s business plans with best
efforts in order to achieve stated goals and objectives.
• To produce the Company’s annual report as a form
of accountability of the BOD’s performance, and the
financial statements of the Company as stipulated in the
Company Act.
• To prepare the Company’s financial statements in
accordance with generally accepted accounting standards
and subject these statements to the Public Accountants
for a financial audit.
• To establish the organisational structure of the Company,
and fill the respective positions with qualified personnel
for the corresponding job descriptions.
• To provide reports and briefings upon requests of the
BOC.
• To undertake other responsibilities in line with rules
stated in the Company’s Articles of Association and GMS
resolutions based on prevailing laws and regulations.
In performing its duties and responsibilities, the Board of
Directors must uphold the principles of GCG, including CSR
engagements.
2013 Annual Report 87
Corporate Governance • Board of Directors
Remuneration
In the absence of the Nomination and Remuneration
Committee in 2013, the remuneration for members of the
BOD was proposed by the BOC and approved by the General
Meeting of Shareholders. The amount of remuneration, tandem
and other benefits afforded to the Directors were based on the
consideration of business target achievements, the Company’s
financial condition, and other relevant factors.
Name Position Meeting Attendance
Justarina S.M. Naiborhu President Director 9
Pandu P. Syahrir Director 10
Arthur M.E. Simatupang Director 9
Sudharmono Saragih Director 8
BOD Meetings
The BOD holds meetings among the Directors to discuss
business matters and to ensure that the Company is on track in
the execution of its business strategy. In 2013, the BOD held a
total of 10 meetings with the following attendance records:
Event Date Location Organiser
10th Annual Citi Asia Pacific Investor Conference 2013 30 Jan - 1 FebRitz-Carlton Millenia
SingaporeCiti Group
Nomura’s ASEAN All Access 28 Feb - 1 Mar Singapore Nomura
NDR (Non Deal Roadshow) Maybank 17 -18 Mar Singapore Maybank
NDR (Non Deal Roadshow) Maybank 19 - 20 Mar Kuala Lumpur Maybank
Deutsche Bank Indonesia Conference (One on One) 26 April Singapore Deutsche Bank
Coal Trans Asia 2013 2 - 5 Jun Nusa Dua, Bali Euromoney Plc
ASEAN Investor Conference 2013 4 - 5 JunMandarin Oriental
JakartaCiti Group
Macquarie Emerging Leaders Corporate Date 18 - 19 JunSingapore -
Macquarie OfficeMacquarie
CIMB 7th Annual Indonesia Conference 4 - 5 Jul Bali CIMB Securities
Indonesia Power & Energy Summit 2013 4 -5 Sep Grand Hyatt Jakarta Euromoney
Annual Global Commodities Conference - Asia Pacific 2013 12 - 13 Sep Ritz-Carlton Millenia
SingaporeGoldman Sachs
CLSA Investor Forum 26 - 27 Sep Hong Kong CLSA
Deutsche Bank VIP Client Conference 15 - 16 Nov Bali Deutsche Bank
Nomura Annual Asian High Yield Corporate Day 27 - 28 Nov Hong Kong Nomura
Training for Commissioners, Directors and Senior
Managers
Members of the BOC and BOD of the Company as well as
its Senior Managers kept abreast of developments in the
industry, and general developments in various areas such as
management, technology, human resources, finance and HSE.
As such, they attended a variety of workshops and seminars in
2013, as follows:
2013 Annual Report88
Corporate Governance • Internal Audit Unit
Internal Audit Unit
The Company formed the Internal Audit Committee and
appointed Pria Fardio Syaiful Dinar as Head of the Internal
Audit Unit in May 2012, which has carried out its function well.
The IAU works under the guidance and supervision of the
Audit Committee. The IAU reports directly to the President
Director of the Company, but also submits its report on
the audit findings to the Board of Commissioners with the
professional opinion of the Audit Committee.
Execution of the audit is based on the Annual Audit Plan that
is comprehensively structured by considering the risks of the
respective aspects for audits. The Audit Plan is discussed with
Management and presented to the BOD to be approved by the
Audit Committee.
The implementation of the Company’s internal audit works
is risk-based in order to provide independent assurances
to the Management on the compliance to prevailing rules
and operating standards, and that internal control systems
have functioned properly in line with expected references.
In addition, the Internal Audit has also provided consultative
services to other internal audit units within the Toba Bara
Group with the intent of improving the standards of internal
control at each subsidiary entity.
The IAU works with the internal audit units of the subsidiary
entities. IAU periodically reviews the activities of the Company
and subsidiary entities as contained in the Annual Audit Work
Plan. Those activities relate to finance and operation as well as
compliance to prevailing laws and regulations by the Company
and subsidiary entities. Periodically, summaries of audit
findings and follow up actions are reported directly to the Board
of Directors and the Audit Committee to be forwarded to the
Board of Commissioners. Internal Audit also performs periodic
internal assessments to review all aspects of internal audit
activities and continuously monitors their effectiveness.
In 2013, IAU together with audit partners in the subsidiary
entities succeeded in enhancing the scope of audit works as
well as the quality of audit findings. The following is a list of
several audit works that were performed during the year under
review:
In Finance and Accountancy
• Reviewed the rates and performances of the contractors
of the TBS Group
• Reviewed and identified inventory loss.
In Procurement and Logistics
• Audited the procurement process, from the request for
quotation, price comparison, issuance of the purchase
order to payment
• Discussed the implementation of SOP on the
procurement of goods and services
• Reviewed the payment document authorisation process
at subsidiary entities
• Carried stock audit on spare parts and fuel, including
stock audits on actual balance of spare parts and fuel
against actual use and consumption
• Reviewed the cost for heavy equipment maintenance.
Audit was done periodically on the maintenance of heavy
equipment and the availability of related spare parts
• Reviewed and analysed cost related to the procurement
of fixed assets.
2013 Annual Report 89
Corporate Governance • Internal Audit Unit
In Human Resources
• Reviewed the HR master data
• Reviewed Key Performance Indicator (KPI).
In Sales and Marketing
• Reviewed sales cut-off
• Reviewed sales return, namely identifying the amount of coal that is either lost or decreased at FOB Vessel sale
• Reviewed on sales contract and price.
In Operations
• Reviewed several civil engineering project
• Reviewed mud swelling
• Reviewed selection process of contractor
• Reviewed the efficiency on the use of fuel for electricity generator and heavy equipment.
Pria Fardio Syaiful DinarHead of Internal Audit Unit
Pria was appointed Head of Internal Audit Unit in May 2012. He obtained a Bachelor’s Degree in Economics from Universitas Indonesia (2008) and a Bachelor’s Degree in Law from Universitas Krisnadwipayana (2006). Currently he is pursuing a Master’s Degree in Business and Administration at Universitas Gadjah Mada.
Prior to being appointed Head of Internal Audit Unit, Pria served as an internal auditor at PT Adimitra Baratama Nusantara, the largest coal mining subsidiary of PT Toba Bara Sejahtra Tbk, and an auditor with Public Accountant Firm of Tanudiredja Wibisana & Partners (PricewaterhouseCoopers) in which he was last a Senior Associate specializing in Energy & Mining audit. From 2007 to 2008, Pria was also a lecturer in the Faculty of Law, Universitas Islam Assyafiiyah.
2013 Annual Report90
Corporate Governance • Corporate Secretary
Corporate Secretary
Pursuant to Bapepam-LK regulation No.IX.1.4 on appointment
of Corporate Secretary in order to enhance communications
between Public Company and its investors and stakeholders,
the Company has established Corporate Secretary function,
and appointed Perry B. Slangor as the Corporate Secretary in
2011. However, with his resignation from the Company effective
27 September 2013, the Company appointed Pandu P. Syahrir
as his replacement.
The Corporate Secretary is responsible to facilitate
communications between the Company and its stakeholders,
among other things by ensuring the availability of equitable,
accurate and timely information on the performance of the
Company. The Corporate Secretary also serves as the
liaison officer between the Company and the capital market
authorities, shareholders, investors and the general public, as
well as the mass media.
The Corporate Secretary also helps to ensure compliance with
applicable capital market regulations. As an implementation
of public information disclosure, Toba Bara routinely discloses
information to the Financial Services Authority (formerly
Bapepam-LK) and the Indonesia Stock Exchange, as well
as disseminates corporate information to the general public
through its website and the print media.
In 2013, the Corporate Secretary, among other things,
coordinated the following activities: organising business
gatherings; production of Company Profile and Annual Report
in print and video format; preparing press releases; organising
analysts and investor meetings; organising and conducting
interviews with the media; preparing the Company’s
information disclosures; preparing the Company’s publication
materials; preparing the Company’s corporate advertisements;
preparing the contents and managing the Company’s website;
and preparing the Company’s operational performance reports.
Pandu P. SyahrirCorporate Secretary
Pandu P. Syahrir’s profile is presented on page 41 of this Annual Report.
2013 Annual Report 91
Corporate Governance • Corporate Secretary
Date Subject Regulation No.
10 JanuaryMonthly Report on Exploration Activities Period December
2013
Regulation No. I.E on the Requirement for Information Filing and Attachment Rule of Board of Directors of PT Bursa Efek
Jakarta No. Kep-306/BEJ/07-2004
8 January Information related to Volatility in Shares Transaction Regulation No. I-E: Requirement for Information Filing
15 JanuaryReport on the Use of Funds Received from IPO as of
31 Desember 2012Regulation No. X.K.4, Attachment Rule Chairman of
Bapepam No. KEP-27/PM/2003
28 January Disclosure of InformationRegulation No. X.K.1 on Information Disclosure to the
General Public, Attachment the Decision of Chairman of Bapepam No. KEP-86/PM/1996
29 JanuaryInformation of Establishment and Appointment of Audit
CommitteeDecision of the Chairman of Bapepam-LK No. KEP-643/
BL/2012 dated 7 December 2012 and BEI Regulation No.I-A
11 FebruaryReport on the Use of Funds Received from IPO as of
January 2013Regulation No. X.K.4, Attachment Rule Chairman of
Bapepam No. KEP-27/PM/2003
13 FebruaryMonthly Report on Exploration Activities Period January
2013
Regulation No. I.E on the Requirement for Information Filing and Attachment Rule of Board of Directors of PT Bursa Efek
Jakarta No. Kep-306/BEJ/07-2004
13 February Recent Operational Report Non Regulated
11 MarchMonthly Report on Exploration Activities Period February
2013
Regulation No. I.E on the Requirement for Information Filing and Attachment Rule of Board of Directors of PT Bursa Efek
Jakarta No. Kep-306/BEJ/07-2004
28 March Audited Financial Statements 31 December 2012
Regulation No. X.K.2 Rule of Chairman of Bapepam-LK No. Kep-346/BL/2011 dated Juli 5, 2011 on the Filing of the Pe-riodical Financial Statements of Emitent or Public Company and Rule III.1.6.1.4. Regulation Number I-E Attachment Rule of Board of Directors of PT Bursa Efek Jakarta No. Kep-306/
BEJ/07-2004
1 AprilSummary of Management’s Discussion and Analysis of
Financial ConditionNon Regulated
11 April Monthly Report on Exploration Activities Period March 2013Regulation No. I.E on the Requirement for Information Filing and Attachment Rule of Board of Directors of PT Bursa Efek
Jakarta No. Kep-306/BEJ/07-2004
15 AprilReport on the Use of Funds Received from IPO as of 31
March 2013Regulation No. X.K.4, Attachment Rule Chairman of
Bapepam No. KEP-27/PM/2003
25 April Consolidated Interim Financial StatementsRegulation No. I.E on the Requirement for Information Filing and Attachment Rule of Board of Directors of PT Bursa Efek
Jakarta No. Kep-306/BEJ/07-2004
The following is a list of the information that was issued by the Company through the Corporate Secretary as part of
transparency on information disclosure:
2013 Annual Report92
Corporate Governance • Corporate Secretary
Date Subject Regulation No.
30 April Annual Report 2012
Regulation No. X.K.VI on the requirement for Annual Report filing by an Issuer or Public Company, Attachment the Deci-
sion of the Chairman of the Capital Market and Financial Institution Supervisory Agency No. KEP-134/BL/2006
6 MaySummary of Financial Analysis and Management’s
DiscussionNon Regulated
14 May Monthly Report on Exploration ActivitiesRegulation No. I.E on the Requirement for Information Filing and Attachment the Decision of the Board of Directors of PT
Bursa Efek Jakarta No. Kep-306/BEJ/07-2004
22 May Notice of Annual GMSRegulation No. IX.X.I Decision of the Chairman of Bapepam
No. Kep-60/PM/1996
30 May Proof of Advertisment for Notice of Annual GMS
Regulation No. IX.J.I on the Main Clauses of the Articles of Associations of the Company that Undertakes a Public
Offering of Shares and other Public Companies. Attachment the Decision of the Chairman of the Capital Market and Financial Institution Supervisory Agency No. Kep-179/
BL/2008
12 June Monthly Report on Exploration ActivitiesRegulation No. I.E on the Requirement for Information Filing and Attachment Rule of Board of Directors of PT Bursa Efek
Jakarta No. Kep-306/BEJ/07-2004
14 June Proof of Advertisment for Notice of Annual GMS
Regulation No. IX.J.I on the Main Clauses of the Articles of Associations of the Company that Undertakes a Public
Offering of Shares and other Public Companies. Attachment the Decision of the Chairman of the Capital Market and Financial Institution Supervisory Agency No. Kep-179/
BL/2008
20 June Disclosure of InformationRegulation No. X.K.1 on Information Disclosure to the
General Public, Attachment the Decision of the Chairman of Bapepam No. KEP-86/PM/1996
21 June Disclosure of InformationRegulation No. X.K.1 on Information Disclosure to the
General Public, Attachment the Decision of the Chairman of Bapepam No. KEP-86/PM/1996
2 July Notice of the Results of the AGMSRegulation No. IX.X.I on Information Disclosure to the
General Public, Attachment the Decision of the Chairman of Bapepam No. KEP-60/PM/1996
12 July Monthly Report on Exploration ActivitiesRegulation No. I.E on the Requirement for Information Filing and Attachment Rule of Board of Directors of PT Bursa Efek
Jakarta No. Kep-306/BEJ/07-2004
15 JulyReport on the Use of Funds Received from IPO as of 30
June 2013Regulation No. X.K.4, Attachment Rule Chairman of
Bapepam No. KEP-27/PM/2003
18 JulyNotice of Schedule and Adminstering of Cash Dividends
PaymentDecision of the Board of Directors of PT Bursa Efek Jakarta
Nomor: Kep-565/BEJ/11-2003
31 July Consolidated Interim Financial StatementsRegulation No. I.E on the Requirement for Information Filing
and Attachment Decision of the Board of Directors of PT Bursa Efek Jakarta No. Kep-306/BEJ/07-2004
2 AugustSummary of Management’s Discussion and Analysis of the
Company’s Financial Condition as of 30 June 2013Non Regulated
2013 Annual Report 93
Corporate Governance • Corporate Secretary
Date Subject Regulation No.
12 August Monthly Report on Exploration ActivitiesRegulation No. I.E on the Requirement for Information Filing and Attachment Rule of Board of Directors of PT Bursa Efek
Jakarta No. Kep-306/BEJ/07-2004
16 August Exchange Rate for Final Cash DividendsDecision of the Board of Directors of PT Bursa Efek Jakarta
Nomor: Kep-565/BEJ/11-2003
12 September Monthly Report on Exploration ActivitiesRegulation No. I.E on the Requirement for Information Filing and Attachment Rule of Board of Directors of PT Bursa Efek
Jakarta No. Kep-306/BEJ/07-2004
30 SeptemberInformation on a Change of the Corporate Secretary of
PT Toba Bara Sejahtra Tbk
Bapepam Regulation No. IX.I.4 Attachment Decision Letter of the Chairman of Bapepam No. Kp-63/PM/1996 on 17
January 1996
11 OctoberReport on the Use of Funds Received from IPO as of 30
September 2013Regulation No. X.K.4, Attachment Rule Chairman of
Bapepam No. KEP-27/PM/2003
11 October Monthly Report on Exploration ActivitiesRegulation No. I.E on the Requirement for Information Filing and Attachment Rule of Board of Directors of PT Bursa Efek
Jakarta No. Kep-306/BEJ/07-2004
28 October Consolidated Interim Financial StatementsRegulation No. I.E on the Requirement for Information Filing and Attachment Rule of Board of Directors of PT Bursa Efek
Jakarta No. Kep-306/BEJ/07-2004
1 NovemberSummary of Financial Analysis and Management’s
DiscussionNon Regulated
12 November Monthly Report on Exploration ActivitiesRegulation No. I.E on the Requirement for Information Filing and Attachment Rule of Board of Directors of PT Bursa Efek
Jakarta No. Kep-306/BEJ/07-2004
27 NovemberNotice of the Annual Public Expose of PT Toba Bara
Sejahtra Tbk
Regulation No. I.E on the Requirement for Information Disclosure and Attachment Decision of the Board of
Directors of PT Bursa Efek Jakarta No. Kep-306/BEJ/07-2004
12 December Monthly Report on Exploration Activities
Regulation No. I.E on the Requirement for Information Disclosure and Attachment Decision of the Board of
Directors of PT Bursa Efek Jakarta No. Kep-306/BEJ/07-2004
13 DecemberPresentation Materials for the Annual Public Expose of PT
Toba Bara Sejahtra Tbk
Regulation No. I.E on the Requirement for Information Disclosure and Attachment Decision of the Board of
Directors of PT Bursa Efek Jakarta No. Kep-306/BEJ/07-2004
2013 Annual Report94
Corporate Governance • Investor Relations
Investor Relations
The Company formed an Investor Relations Unit and
appointed Iwan Sanyoto as Head of Investor Relations in
February 2013. The Company develops investor relations
activities as part of its obligations to shareholders and the
investing community. Throughout 2013, the Company was
active in organising business gatherings and road shows for
the investing community, including institutional investors such
as fund managers, insurance companies, pension funds, and
others.
From time to time, the Company also met with capital market
analysts, and especially those analysts that have begun to
include the Company in their coverage.
Still in the context of building the Company’s corporate image,
the Investors Relations Unit actively sought and coordinated
speaking engagements for the Directors of the Company
in various economic, industrial and investment forums that
are relevant to the Company’s line of business. In 2013, the
Directors of Toba Bara gave keynote addresses in the following
national and international forums:
Event Date Location Organiser
10th Annual Citi Asia Pacific Investor Conference 2013 30 Jan - 1 FebRitz-Carlton Millenia
SingaporeCiti Group
Nomura’s ASEAN All Access 28 Feb - 1 Mar Singapore Nomura
NDR (Non Deal Roadshow) Maybank 17 - 18 Mar Singapore Maybank
NDR (Non Deal Roadshow) Maybank 19 - 20 Mar Kuala Lumpur Maybank
Deutsche Bank Indonesia Conference (One on One) 26 April Singapore Deutsche Bank
Mandiri Sekuritas Investor Forum 2013 15 May Ritz-Carlton PP Jakarta Bank Mandiri
Coal Trans Asia 2013 2 - 5 Jun Nusa Dua, Bali Euromoney Plc
ASEAN Investor Conference 2013 4 - 5 JunMandarin Oriental
JakartaCiti Group
Macquarie Emerging Leaders Corporate Date 18 - 19 JunSingapore -
Macquarie OfficeMacquarie
Iwan SanyotoHead of Investor Relations
Since February 2013, the position of Head of Investor Relations is held by Iwan Sanyoto. Since 1993, he has had experiences in international trade, capital market and investment, working with J.M Didier Asia s.c. Belgium, PT Vickers Ballas Tamara Indonesia, Cargill Financial Services Asia Pte Ltd Singapore, PT DBS Vickers Indonesia, PT Kuo Capital Raharja and PT CIMB-Principal Asset Management. Iwan holds a Bachelor degree in Management from University of Maryland (European Division), Belgium, and an MBA degree from Vrije Universiteit Brussel (VUB), Belgium.
2013 Annual Report 95
Corporate Governance • Investor Relations
Event Date Location Organiser
CIMB 7th Annual Indonesia Conference 4 - 5 Jul Bali CIMB Securities
2nd Kalimantan Coal Conference 3 - 4 Sep Novotel Balikpapan IBC Asia
Indonesia Power & Energy Summit 2013 4 - 5 Sep Grand Hyatt Jakarta Euromoney Asia
Annual Global Commodities Conference - Asia Pacific 2013 12 - 13 Sep Ritz-Carlton Millenia
SingaporeGoldman Sachs
CLSA Investor Forum 26 - 27 Sep Hong Kong CLSA
KNPI Economy Dialogue 15 Nov Jakarta KNPI
Deutsche Bank VIP Client Conference 15 - 16 Nov Bali Deutsche Bank
Nomura Annual Asian High Yield Corporate Day 27 - 28 Nov Hong Kong Nomura
Indonesia’s Directorate General of Taxation Seminar 7 - Nov - 2014 Jakarta Ditjen Pajak
2013 Annual Report96
Corporate Governance • Legal Unit
Legal Unit
To ensure the Company’s compliance to all prevailing laws
and regulations, the Company also formed the Corporate
Legal Unit and appointed Bima Sinung Widagdo as Head of
the Corporate Legal Unit in 2011. The Corporate Legal Unit
undertakes the duties and responsibilities as follows:
• Protecting the Company from legal risks that may arise
from transactions conducted by the Company;
• Ensuring that in the due course of transactions and
operational activities, the Company is always in
observance of any applicable laws and regulations in the
capital markets, the mining industry and other relevant
laws and regulations;
• Resolving disputes or potential disputes between the
Company and third party.
Throughout 2013, the corporate legal team assisted and was
involved in various transactions conducted by the Company
and its subsidiary entities, such as significant contracts with
third parties including contractors, suppliers and customers,
the loan agreements with a number of financial institutions,
and the follow-up process of the settlement related to the land
overlapping issue with PKU that was carried out in 2012.
Through the involvement of the corporate legal team in various
transactions conducted by the Company, the Company expects
to minimize the risk of legal disputes in the future.
Bima Sinung WidagdoHead of Corporate Legal
Bima Sinung Widagdo has been appointed as Head of Corporate Legal since March 2011. Previously, Bima has had a career in the energy sector with PT Adaro Energy Tbk and the banking sector with PT CIMB Niaga Tbk. Bima holds a degree in Law from the Faculty of Law, Universitas Indonesia.
2013 Annual Report 97
Corporate Governance • Implementation Of The Principles Of Corporate Governance
IMPLEMENTATION OF THE PRINCIPLES OF CORPORATE GOVERNANCE
The Board of Commissioners works closely with the Board
of Directors to map out the policies of corporate governance,
and to ensure that implementation of Good Corporate
Governance within the Company’s working environment is
carried out in accordance with best practices as expected by
the stakeholders of the Company.
In implementing the GCG principles, the Company has defined
a work culture based on the following values:
• The Company and its personnel uphold integrity in all of
their conduct and business dealings
• The Company complies with all prevailing laws and
regulations
• The Company is committed to promoting employee’s
growth and welfare
• The Company avoids and resolves conflicts of interests
• The Company is committed to Safety, Health and the
Environment
• The Company is accountable for all of its actions
• The Company espouses fair and transparent business
competition
• The Company respects individual rights and dignity
• The Company maintains reciprocal good relations with all
stakeholders
• The Company carries out Corporate Social Responsibility
• The Company disseminates information and
communicates with stakeholders accurately, responsibly
and in a timely manner.
Enforcement of the Code of Ethics
The Company is still reviewing the establishment of a whistle
blowing system suited to internal conditions. In practice,
however, the Company has always implemented an open
door policy to receive complaints and discuss reported issues.
In essence, the Company cultivates a pleasant working
atmosphere that among other things upholds good work ethics
in line with the working culture enumerated above.
2013 Annual Report98
Safety, Health and the Environment
The Directors also devote a substantial portion of their time and attention to the issue of HSE (Health, Safety and
Environment) at the workplace. The Company believes that it has implemented industry standards in occupational
health and safety in accordance with prevailing regulations. Nevertheless, mining activities are fraught with the risk
of accidents that can occur at any time, despite of anticipatory measures taken for the maximum prevention of work
accidents.
The Company has implemented work health and safety procedures and systems that have been proven capable of
reducing the frequency of accidents. This is evident from the performance of one of the Company’s subsidiaries (IM)
and its contractors in successfully recording some six million work-hours without time lost in accidents (Loss Time
Injury-LTI). TMU, which started operations in October 2011, and its contractors, so far have managed around one
million hours of No LTI. The Company continued to strive to enhance its safety and health standards at the work place
by reviewing all of health and safety standards across the Company and subsidiary entities.
Following up on the Company’s success in environmental management in the past several years, two of the
Company’s subsidiary entities, ABN and IM, succeeded in achieving a Green and Blue rating, respectively, in the
environmental management program of PROPER under the auspices of the Ministry of Environment of the Republic of
Indonesia. In 2013, TMU began to participate in the PROPER program.
Since 2012, the Company and its subsidiary entities have implemented a 12-step Work Health and Safety Control
program, involving (i) Leadership and Commitment, (ii) Policies and Strategic Intent, (iii) Organisation, Responsibility,
Resources and Documentation, (iv) Management of Hazardous Process and its Impact, (v) Planning and Procedures,
(vi) Implementation and Monitoring, (vii) Inspection and Audit, (viii) Reviews, (ix) Safety Signage, (x) Hazard Reports,
(xi) Safety and Environment Audit, and (xii) Environmental Activities.
Through these SHE initiatives, the Company continues to strive to improve and enhance the awareness for work health
and safety at the workplace and among surrounding communities. Since 2013, the Company has also intensified its
commitments to safety at work by including No LTI as a key Performance Indicator for work evaluation.
Corporate Governance • Safety, Health and the Environment
2013 Annual Report 99
Corporate Governance • Safety, Health and the Environment
2013 Annual Report100
2013 Annual Report 101
104
106
106
Community Development
Environment
Product Responsibility
Corporate Social Responsibility
2013 Annual Report102
Toba Bara undertakes its Corporate Social Responsibility through the three subsidiary entities that are directly in touch with the
communities in and around the Company’s mining concessions. The policies and goals of the CSR activities are aimed at meeting
the most urgent needs of the communities and in line with the capabilities of the Company’s subsidiary entities.
One of the earliest policies adopted by Toba Bara has been the effort to provide job opportunities for the local population. To that
end, the Company sets forth a policy to prioritise local workforce when recruiting human resources for the subsidiary entities. In
this way the Company ensures that the presence of its mining concessions in Kutai Kartanegara, East Kalimantan, can provide
direct benefits to the people of Kutai Kartanegara. It is not coincidental that more than 60% of the workforce in the four subsidiary
entities are people from the local communities, and not migrant workers coming from outside of Kalimantan.
Toba Bara is aware of the importance of corporate social responsibility as a pillar and prerequisite for sustainable
development. The mining industry plays a key role in empowering local economies. Due to the huge areas of mining
concession areas in general, there will always be interaction between the Company and members of the communities
within and around the mining concessions in considerable numbers. Thus, mining companies have the social responsibility
to take notice of the social welfare of surrounding communities. No less important is the responsibility of the mining
industry to protect and preserve the environment and as much as possible restore and re- vegetate mined over areas into
productive cultivation land for the welfare of the communities.
Corporate Social Responsibility
2013 Annual Report 103
In its CSR activities, Toba Bara also places a strong emphasis on education and health-care services and social welfare for the
local population. A number of community development programs are designed according to community needs and developed by
evaluating the results from time to time. The community development programs undertaken by the subsidiary entities also cover
the empowerment of local economies such as the establishment of a Training Centre that provides training in job-proficiency
skills for free to community members. Since 2012, these training programs have included vocational skills in digital printing,
automotive workshop and welding.
Meanwhile, the environmental protection program has remained focused on the rehabilitation of mined over areas by replanting
trees and vegetation in a re-greening process of the Company’s mine sites. In 2013, the Company and its subsidiaries allocated
a total of US$5.50 million in CSR funds, compared to US$6.68 million in 2012.
Corporate Social Responsibility
2013 Annual Report104
Community Development
The community development programs
of Toba Bara, carried out through the
CSR activities of subsidiary entities,
comprise of support for education,
community health-care services;
empowerment of small-scale businesses,
local agriculture and fishery initiatives;
and the construction or renovation of
public infrastructures and facilities.
Since 2012, the Company and subsidiary
entities have provided scholarships
to more than 280 school children
from surrounding communities. In
2013, the CSR programs in education
were developed further by providing
scholarships to four university students,
honorarium for teachers to improve
teacher’s welfare,
and financial aids for two kindergartens
and two elementary schools, one each in
the Sangasanga District and Pendingin
District of the Kutai Kartanegara
Regency. In addition, Toba Bara also
donated a school bus for the elementary
school children in the Pendingin District.
In community health-care services, the
Company’s subsidiary entities regularly
provide health-care services that are
free-of-charge for local communities, in
which most of the beneficiaries of this
health-care service are folks in their
productive ages between 18 and 55
years old.
Corporate Social Responsibility
2013 Annual Report 105
In 2013, Toba Bara donated an ambulance car to the Health Service Office of the
Pendingin District. In addition to that, the Company continued to support good
nutrition for children in 2013, by providing food supplements to more than 436
school children in the districts of Pendingin and Sangasanga.
In the empowerment of village economies the Company also continued with the
development programs for agriculture and fisheries that have begun since 2012.
Through the subsidiary entities, the Company undertook several model projects in
cultivating the sereh wangi bamboo plant and other vegetables such as cassava,
watercress and eggplant. Several other model projects include the construction
of cow barns and the development of grass fields for grazing. Help and support
were also provided to the youth group of Sanga-Sanga District for the breeding of
fresh water fish, and the women farmers group in Pendingin who applies fertilisers
and cultivates vegetable and fruit plots (papaya). Training was also given to a local
cooperatives group that designs packaging for home-made snack foods.
Meanwhile, in the program of construction and renovation of public infrastructures
and facilities, in 2013, the Company’s subsidiary entities constructed several
village roads, provided water pumps to provide and distribute clean water to the
communities, and donated funds for the celebration of national holidays.
Corporate Social Responsibility
2013 Annual Report106
Environment
The Company carries out an environmental management program that essentially aims to safeguard the natural environment
in which the Company operates. The main activities still centered upon the replanting of mine sites and out-of-mine sites. In the
mine sites, the areas to restore include mine-out areas, out-pit-dump areas, in-pit dump areas and top-soil-stock areas. Replanting
comprises of planting trees as well as cover crops depending on the respective areas that are being restored. In 2013, the
Company and its subsidiary entities planted trees in several concession areas, continuing with the program of planting a total of
118,000 trees in 2012. In addition to re-vegetation, the operational activities of the Company and subsidiary entities also include
managing wastes carefully, ensuring that no contaminants will pollute the water systems and reservoirs in its operating areas.
Monitoring of the environment is carried out routinely to assure the effectiveness of waste management systems at all times.
Product Responsibility
The Company is not engaged in the production of consumer goods
that are widely consumed by the public. Hence, the Company is
not liable for product safety features that are commonly applied
to consumer goods with respect to the safety and well being of
consumers. However, the Company is committed to providing its
customers with high quality thermal coal under the specifications
contracted with buyers.
Corporate Social Responsibility
2013 Annual Report 107
Jusman S. DjamalPresident Commissioner (Independent)
Bacelius RuruCommissioner (Independent)
Farid HariantoCommissioner (Independent)
Board of Commissioners Board of Directors
Justarina S.M. NaiborhuPresident Director (Unaffiliated Director)
Sudharmono SaragihDirector
Arthur M.E. SimatupangDirector
Pandu P. SyahrirDirector
Responsibility for Annual Report
We, the undersigned, hereby declare that all information in this Annual Report of
PT TOBA BARA SEJAHTRA Tbk. for the year 2013 is presented in full and we attest to the integrity of
the contents of the Annual Report of the Company.
In witness thereof, this statement is made truthfully.
Jakarta, April 21, 2014
STATEMENT LETTEROF THE BOARD OF COMMISSIONERS’ AND THE BOARD OF DIRECTORS’
RESPONSIBILITIES ON THE ANNUAL REPORT 2013 OF
PT TOBA BARA SEJAHTRA Tbk.
2013 Annual Report108
This page is left intentionally blank
2013 Annual Report 109
Financial Report
2013 Annual Report110
This page is left intentionally blank
PT Toba Bara Sejahtra Tbkdan entitas anaknya/and its subsidiaries
Laporan keuangan konsolidasian tanggal 31 Desember 2013 danuntuk tahun yang berakhir pada tanggal tersebutbeserta laporan auditor independen/Consolidated financial statements as of December 31, 2013 andfor the year then ended with independent auditors’ report
Laporan Tahunan 2013 111 2013 Annual Report
112
113
Laporan Tahunan 2013110
Halaman ini sengaja dikosongkan
Laporan Tahunan 2013114 2013 Annual Report
Laporan Tahunan 2013110
Halaman ini sengaja dikosongkan
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBKDAN ENTITAS ANAKNYA
LAPORAN KEUANGAN KONSOLIDASIANTANGGAL 31 DESEMBER 2013 DAN
UNTUK TAHUN YANG BERAKHIR PADATANGGAL TERSEBUT
BESERTA LAPORAN AUDITOR INDEPENDEN
PT TOBA BARA SEJAHTRA TBKAND ITS SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTSAS OF
DECEMBER 31, 2013 ANDFOR THE YEAR THEN ENDED
WITH INDEPENDENT AUDITORS’REPORT
Daftar Isi Table of Contents
Halaman/Pages
Laporan Auditor Independen Independent Auditors’ Report
Laporan Posisi Keuangan Konsolidasian …………….. 1-3 …… Consolidated Statement of Financial Position
Laporan Laba Rugi Consolidated Statement ofKomprehensif Konsolidasian ……………………… 4 …..……..………………Comprehensive Income
Laporan Perubahan Consolidated StatementEkuitas Konsolidasian ……………………………… 5-6 ….…………………………of Changes in Equity
Laporan Consolidated StatementArus Kas Konsolidasian ……………………………. 7-8 ………………..….….……………..of Cash Flows
Catatan atas Laporan Notes to the Consolidated FinancialKeuangan Konsolidasian…………………………… 9-103 …..……………………..……………..Statements
**************************
Laporan Tahunan 2013 115 2013 Annual Report
Laporan Tahunan 2013116 2013 Annual Report
Laporan Tahunan 2013 117 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yangtidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.
1
PT TOBA BARA SEJAHTRA TBKDAN ENTITAS ANAKNYA
LAPORAN POSISI KEUANGANKONSOLIDASIAN
Tanggal 31 Desember 2013(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBKAND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OFFINANCIAL POSITION
As of December 31, 2013(Expressed in United States Dollar, unless otherwise stated)
Catatan/2013 Notes 2012
ASET ASSETS
ASET LANCAR CURRENT ASSETSKas dan setara kas 63.301.639 2d,2f,5 36.307.011 Cash and cash equivalentsPiutang usaha Trade receivables
Pihak ketiga 16.598.657 6 13.684.470 Third partiesPihak berelasi, setelah dikurangi Related parties, net of
penyisihan kerugian penurunan allowance for impairmentnilai sebesar AS$1.157.419 losses of US$1,157,419pada tanggal 31 Desember 2013 as of December 31, 2013(2012: AS$Nihil) 1.157.419 2e,6,34c 2.521.124 (2012: US$Nil)
Piutang lain-lain Other receivablesPihak ketiga 6.398.865 7 6.729.446 Third parties
Persediaan 32.389.968 2h,8 28.424.654 InventoriesPajak dibayar dimuka 6.791.548 2t,17a 14.608.360 Prepaid taxesBiaya dibayar dimuka dan Prepayments and
uang muka - jangka pendek 3.560.688 2g,9 4.159.129 advances - current portionAset lancar lain-lain - 78.279 Other current assets
Total Aset Lancar 130.198.784 106.512.473 Total Current Assets
ASET TIDAK LANCAR NON-CURRENT ASSETSPiutang lain-lain Other receivables
Pihak ketiga - 7 14.491.130 Third partiesPihak berelasi, setelah dikurangi Related parties, net of
penyisihan kerugian penurunan allowance for impairmentnilai sebesar AS$596.027 pada losses of US$596,027 as oftanggal 31 Desember 2013 December 31, 2013(2012: AS$Nihil) 30.789.323 2e,7,34c 32.710.686 (2012: US$Nil)
Uang muka - bagian jangka panjang 807.083 9 2.861.955 Advances - long-term portionTaksiran tagihan pajak 748.305 2t,17a - Estimated claims for tax refundTanaman perkebunan Plantations
Tanaman menghasilkan, setelah Mature plantations, net ofdikurangi akumulasi amortisasi accumulated amortizationsebesar AS$690.661 pada of US$690,661tanggal 31 Desember 2013 13.105.673 2m,10 - as of December 31, 2013
Tanaman belum menghasilkan 3.710.240 2m,10 - Immature plantationsAset tetap, setelah dikurangi Fixed assets, net of
akumulasi penyusutan sebesar accumulated depreciation ofAS$14.883.534 pada US$14,883,534tanggal 31 Desember 2013 as of December 31, 2013(2012: AS$9.140.475) 49.032.780 2i,11 34.053.483 (2012: US$9,140,475)
Aset eksplorasi dan Exploration andevaluasi 4.842.009 2l,12 8.897.455 evaluation assets
Properti pertambangan, setelah Mining properties, net ofdikurangi akumulasi amortisasi accumulated amortizationsebesar AS$9.155.967 pada of US$9,155,967tanggal 31 Desember 2013 as of December 31, 2013(2012: AS$5.579.733) 71.904.619 2l,13 57.564.050 (2012: US$5,579,733)
Goodwill 3.523.795 2b,2k,4 25.017 GoodwillAset pajak tangguhan - neto 1.495.963 2t,17d 3.267.022 Deferred tax assets - netAset tidak lancar lainnya 1.489.365 1.143.229 Other non-current assets
Total Aset Tidak Lancar 181.449.155 155.014.027 Total Non-Current Assets
TOTAL ASET 311.647.939 261.526.500 TOTAL ASSETS
Laporan Tahunan 2013118 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yangtidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.
2
PT TOBA BARA SEJAHTRA TBKDAN ENTITAS ANAKNYA
LAPORAN POSISI KEUANGANKONSOLIDASIAN (lanjutan)Tanggal 31 Desember 2013
(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBKAND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OFFINANCIAL POSITION (continued)
As of December 31, 2013(Expressed in United States Dollar, unless otherwise stated)
Catatan/2013 Notes 2012
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
LIABILITAS LIABILITIESLIABILITAS JANGKA PENDEK CURRENT LIABILITIESUtang usaha Trade payables
Pihak ketiga 69.265.229 14 57.809.869 Third partiesPihak berelasi - 2e,14,34c 551.961 Related parties
Utang lain-lain - pihak ketiga 1.907 15 365.493 Other payables - third partiesUtang dividen 290.856 2e,34c 3.651.964 Dividends payableBeban akrual 6.057.579 16 8.034.468 Accrued expensesLiabilitas imbalan Short-term employee
kerja jangka pendek 3.340.583 2r,22a 6.323.602 benefits liabilitiesUtang pajak 7.227.871 2t,17b 3.384.226 Taxes payableBagian liabilitas jangka Current maturities
panjang yang jatuh tempo of long-termdalam waktu satu tahun: liabilities:Utang bank 33.553.129 19 48.291.684 Bank loansUang muka pelanggan 24.941.839 18 11.625.625 Advances from customersSewa pembiayaan 772.679 2j,20 498.388 Finance leases
Total Liabilitas Jangka Pendek 145.451.672 140.537.280 Total Current Liabilities
LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIESLiabilitas jangka panjang
- setelah dikurangi bagianyang jatuh tempo Long-term liabilities -dalam satu tahun: net of current maturities:Utang bank 20.183.289 19 - Bank loansUang muka pelanggan 2.964.000 18 - Advances from customersSewa pembiayaan 1.348.417 2j,20 244.902 Finance leases
Utang lain-lain Other payablesPihak berelasi 2.288.701 2e,15,34c 2.880.575 Related parties
Liabilitas untuk pengelolaan Provision fordan reklamasi lingkungan 2o, 2p environmentalhidup dan penutupan 3 and reclamationtambang 3.951.817 21 4.410.627 costs and mines closure
Liabilitas imbalan kerja Long-term employeejangka panjang 1.943.059 2r,3,22b 1.729.660 benefits liabilities
Liabilitas pajak tangguhan - neto 3.035.740 2t,3,17d 779.149 Deferred tax liabilities - net
Total Liabilitas Jangka Panjang 35.715.023 10.044.913 Total Non-Current Liabilities
TOTAL LIABILITAS 181.166.695 150.582.193 TOTAL LIABILITIES
Laporan Tahunan 2013 119 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yangtidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.
3
PT TOBA BARA SEJAHTRA TBKDAN ENTITAS ANAKNYA
LAPORAN POSISI KEUANGANKONSOLIDASIAN (lanjutan)Tanggal 31 Desember 2013
(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBKAND ITS SUBSIDIARIES
CONSOLIDATED STATEMENT OFFINANCIAL POSITION (continued)
As of December 31, 2013(Expressed in United States Dollar, unless otherwise stated)
Catatan/2013 Notes 2012
EKUITAS EQUITY
Ekuitas yang dapat diatribusikan Equity attributable to owners ofkepada pemilik entitas induk the parent entityModal saham - nilai nominal Share capital - par value of Rp200
Rp200 per saham per shareModal dasar - 6.000.000.000 saham Authorized - 6,000,000,000 sharesModal ditempatkan dan disetor penuh Issued and fully paid -
- 2.012.491.000 saham 44.077.885 23 44.077.885 2,012,491,000 sharesTambahan modal disetor - neto 129.869.269 24 129.869.269 Additional paid-in capital - netSelisih kurs akibat translasi Exchange difference due to
laporan translationkeuangan 1.376.036 2b - of financial statements
Selisih nilai pembelian Difference fromsaham tambahan di entitas the acquisition of additionalanak dari pemegang saham shares in subsidiaries fromnon-pengendali (89.625.730) 26 (89.625.730) non-controlling shareholders
Saldo laba Retained earningsDicadangkan 31.988 - AppropriatedBelum dicadangkan 18.639.199 1.271.946 Unappropriated
104.368.647 85.593.370Kepentingan non-pengendali 26.112.597 2b,27 25.350.937 Non-controlling interest
TOTAL EKUITAS 130.481.244 110.944.307 TOTAL EQUITY
TOTAL LIABILITAS TOTAL LIABILITIESDAN EKUITAS 311.647.939 261.526.500 AND EQUITY
Laporan Tahunan 2013120 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yangtidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.
4
PT TOBA BARA SEJAHTRA TBKDAN ENTITAS ANAKNYA
LAPORAN LABA RUGIKOMPREHENSIF KONSOLIDASIAN
Tahun yang Berakhir padaTanggal 31 Desember 2013
(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBKAND ITS SUBSIDIARIES
CONSOLIDATEDSTATEMENT OF COMPREHENSIVE INCOME
Year EndedDecember 31, 2013
(Expressed in United States Dollar, unless otherwise stated)
Catatan/2013 Notes 2012
PENJUALAN 421.849.737 2s,28,34b 396.685.875 SALES
BEBAN POKOK PENJUALAN 342.297.332 2l,2n,2s,29 348.535.503 COST OF GOODS SOLD
LABA BRUTO 79.552.405 48.150.372 GROSS PROFIT
Beban umum dan administrasi 28.679.546 2s,30 31.529.493 General and administrative expensesBeban penjualan dan pemasaran 528.132 2s,31 358.920 Selling and marketing expensesBeban pengalihan kewajiban Domestic market
pemenuhan kebutuhan obligationdalam negeri 745.907 41b 777.918 transfer expenses
Rugi (laba) selisih kurs - neto 8.205.950 (612.323) Foreign exchange loss (gain) - netLaba instrumen Gain on
derivatif - neto (693.712) 2v,33 (4.518.448) derivative instruments - netKeuntungan atas penyelesaian Gain on settlement of pre-existing
akun pre-existing antar entitas (7.535.475) 2b, 7 - intercompany accountPendapatan Other income
lain-lain - neto (393.257) 32 (468.519) - net
LABA OPERASI 50.015.314 21.083.331 OPERATING PROFIT
Pendapatan keuangan 4.067.768 2.851.249 Finance incomeBeban keuangan (3.680.063) (3.657.997) Finance charges
LABA SEBELUM (BEBAN) PROFIT BEFOREMANFAAT PAJAK 50.403.019 20.276.583 TAX (EXPENSE) BENEFIT
(BEBAN) MANFAAT PAJAK 2t,17c TAX (EXPENSE) BENEFITKini (13.424.716) (8.722.756) CurrentTangguhan (2.374.510) 378.855 Deferred
Beban pajak - neto (15.799.226) (8.343.901) Tax expense - net
LABA TAHUN BERJALAN 34.603.793 11.932.682 PROFIT FOR THE YEAR
PENDAPATAN OTHER COMPREHENSIVEKOMPREHENSIF LAIN 1.528.929 2b 70.418 INCOME
TOTAL LABA KOMPREHENSIF TOTAL COMPREHENSIVETAHUN BERJALAN 36.132.722 12.003.100 INCOME FOR THE YEAR
Laba tahun berjalan yang dapat Profit for the yeardiatribusikan kepada: attributable to:Pemilik entitas induk 18.543.538 3.198.832 Equity holders of the parent entityKepentingan non-pengendali 16.060.255 2b,27 8.733.850 Non-controlling interest
34.603.793 11.932.682
Total laba komprehensif yang dapat Total comprehensive incomediatribusikan kepada: attributable to:Pemilik entitas induk 19.919.574 3.269.250 Equity holders of the parent entityKepentingan non-pengendali 16.213.148 2b,27 8.733.850 Non-controlling interest
36.132.722 12.003.100
Laba per saham dasar Basic earningsyang dapat diatribusikan per sharekepada: attributable to:Pemilik entitas induk 0,0092 2w,35 0,0032 Equity holders of the parent entity
Laporan Tahunan 2013 121 2013 Annual Report
The
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Laporan Tahunan 2013122 2013 Annual Report
The
orig
inal
con
solid
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fina
ncia
l sta
tem
ents
incl
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are
in th
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2
Laporan Tahunan 2013 123 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yangtidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.
7
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKNYALAPORAN ARUS KAS KONSOLIDASIAN
Tahun yang Berakhir padaTanggal 31 Desember 2013
(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND ITS SUBSIDIARIESCONSOLIDATED STATEMENT OF CASH FLOWS
Year EndedDecember 31, 2013
(Expressed in United States Dollar, unless otherwise stated)
Catatan/2013 Notes 2012
ARUS KAS DARI AKTIVITAS CASH FLOWS FROMOPERASI OPERATING ACTIVITIESPenerimaan kas dari pelanggan 434.545.061 379.835.592 Cash received from customersPembayaran kepada pemasok (324.210.355) (319.394.450) Payments to suppliersPembayaran kepada karyawan (21.685.644) (16.321.631) Payments to employeesPembayaran royalti (22.492.790) (21.783.016) Payments of royaltyPembayaran pajak penghasilan badan (8.877.623) (52.239.078) Payment for corporate income taxesPenerimaan kelebihan pembayaran Receipt on corporate income tax
pajak penghasilan badan 7.170.260 17e - overpaymentPenerimaan pengembalian Receipt of repayment of
piutang pihak ketiga 560.575 - receivable third partiesPembayaran bunga (2.572.076) (2.745.812) PaymentS of interestPenerimaan bunga 1.430.593 730.226 Receipt of interest income
Kas Neto yang Diperoleh dari Net Cash Provided by(Digunakan untuk) Aktivitas (Used in) OperatingOperasi 63.868.001 (31.918.169) Activities
ARUS KAS DARI AKTIVITAS CASH FLOWS FROMINVESTASI INVESTING ACTIVITIESPengeluaran biaya eksplorasi Disbursements for exploration
dan pengembangan (6.124.874) 12,13 (7.957.861) and development expendituresPerolehan aset tetap (12.168.145) 11 (7.456.569) Acquisitions of fixed assetsHasil penjualan aset tetap 177.837 16.278 Proceed from sale of fixed assetsUang muka investasi - 4 (1.146.670) Advance for investmentPinjaman kepada pihak ketiga - (14.209.210) Loan to third partyPenambahan tanaman Addition to immature
belum menghasilkan (434) - plantationPembelian saham tambahan Acquisition of additional shares
di entitas anak - (96.503.706) in subsidiariesPenerimaan pembayaran pinjaman Receipts of payments
dari pihak berelasi 1.725.384 - on intercompany receivablesArus kas masuk neto Net cash inflow
dari akuisisi entitas anak 13.485.456 4 - from acquisition of a subsidiary
Kas Neto yang Digunakan Net Cash Used inuntuk Aktivitas Investasi (2.904.776) (127.257.738) Investing Activities
ARUS KAS DARI AKTIVITAS CASH FLOWS FROMPENDANAAN FINANCING ACTIVITIESPembayaran utang dividen (4.665.979) 25 (9.500.000) Payment of dividends payablesPenerimaan pinjaman bank, neto 14.654.612 24.616.339 Proceeds from bank loans, netPembayaran pokok sewa Payments
pembiayaan (1.608.435) (965.849) of finance leasesPembayaran pinjaman bank (21.269.536) (10.346.783) Repayment of banks loanPembayaran kepada Payment to
pemegang saham non-controllingnon-pengendali entitas anak (15.190.145) (8.735.698) shareholders of subsidiaries
Setoran modal - 24 104.690.000 Paid-in capitalPenerimaan dari Penawaran Umum Proceeds from
Saham Perdana, neto - 38.197.764 Initial Public Offering, net
Kas Neto yang (Digunakan untuk) Net Cash (Used in)Diperoleh dari Aktivitas Provided by FinancingPendanaan (28.079.483) 137.955.773 Activities
Laporan Tahunan 2013124 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yangtidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.
8
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKNYALAPORAN ARUS KAS KONSOLIDASIAN (lanjutan)
Tahun yang Berakhir padaTanggal 31 Desember 2013
(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND ITS SUBSIDIARIESCONSOLIDATED STATEMENT OF CASH FLOWS (continued)
Year EndedDecember 31, 2013
(Expressed in United States Dollar, unless otherwise stated)
Catatan/2013 Notes 2012
KENAIKAN(PENURUNAN) NET INCREASE(DECREASE) INNETO KAS DAN SETARA KAS 32.883.742 (21.220.134) CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTSAWAL TAHUN 36.307.011 58.573.270 AT BEGINNING OF YEAR
Dampak Effect of foreign exchangeperubahan selisih kurs (5.889.114) (1.046.125) rate changes
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTSAKHIR TAHUN 63.301.639 5 36.307.011 AT END OF YEAR
Laporan Tahunan 2013 125 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
9
1. UMUM 1. GENERAL
a. Perusahaan a. The Company
PT Toba Bara Sejahtra Tbk (“Perusahaan”)didirikan di Indonesia dengan nama PT BuanaPersada Gemilang berdasarkan Akta No. 1tanggal 3 Agustus 2007 yang dibuat dihadapanTintin Surtini, S.H., M.Kn, sebagai penggantidari Surjadi S.H., Notaris di Jakarta,sebagaimana yang telah diubah dengan AktaNo.11 tanggal 14 Januari 2008 yang dibuatdihadapan Surjadi, S.H., Notaris di Jakarta.Akta Pendirian ini telah disahkan oleh MenteriHukum dan Hak Asasi ManusiaRepublik Indonesia melalui Surat KeputusanNo. AHU-04084.AH.01.01.Tahun 2008 tanggal28 Januari 2008.
PT Toba Bara Sejahtra Tbk (the “Company”)was established in Indonesia as PT BuanaPersada Gemilang based on the Deed No. 1dated August 3, 2007 made before Tintin Surtini,S.H., M.Kn, as a substitute notary of Surjadi,S.H., Jakarta, which was amended based onnotarial deed No. 11 dated January 14, 2008prepared by notary Surjadi, S.H., Jakarta. TheDeed of Establishment was approved by theMinister of Laws and Human Rights of theRepublic of Indonesia through letterNo. AHU-04084.AH.01.01.Tahun 2008 datedJanuary 28, 2008.
Berdasarkan Akta No.173 tanggal 22 Juli 2010yang dibuat dihadapan Notaris Jimmy Tanal,S.H., sebagai pengganti dari Hasbullah AbdulRasyid S.H., M.Kn, Notaris di Jakarta, parapemegang saham menyetujui perubahan namaPerusahaan dari sebelumnya PT BuanaPersada Gemilang menjadi PT Toba BaraSejahtra dan peningkatan modal dasar darisebelumnya Rp20.000.000.000 menjadiRp135.000.000.000 yang seluruhnya telahditempatkan dan disetorkan. Perubahan initelah disetujui oleh Menteri Hukum danHak Asasi Manusia RepublikIndonesia melalui Surat KeputusanNo. AHU-40246.AH.01.02.Tahun 2010 tanggal13 Agustus 2010.
Based on Deed No. 173 dated July 22, 2010made before Jimmy Tanal, S.H., as a substitutenotary of Hasbullah Abdul Rasyid, S.H., M.Kn,Jakarta, the Company’s shareholders agreed tochange the Company’s name from PT BuanaPersada Gemilang to PT Toba Bara Sejahtraand increase the Company’s authorized capitalfrom Rp20,000,000,000 to Rp135,000,000,000which has been fully subscribed and paid.These changes have been approved by theMinister of Laws and Human Rights of theRepublic of Indonesia through letterNo. AHU-40246.AH.01.02.Tahun 2010 datedAugust 13, 2010.
Berdasarkan Akta No. 154 tanggal23 Desember 2011 yang dibuat dihadapanNotaris Jimmy Tanal, S.H., sebagai penggantidari Hasbullah Abdul Rasyid S.H., M.Kn,Notaris di Jakarta, para pemegang sahammenyetujui peningkatan modal dasarPerusahaan dari sebelumnyaRp135.000.000.000 menjadiRp1.200.000.000.000 serta peningkatan modaldisetor dari sebelumnya Rp135.000.000.000menjadi Rp300.000.000.000. Peningkatantersebut telah mendapat persetujuan dariMenteri Hukum dan Hak Asasi ManusiaRepublik Indonesia, melalui suratkeputusannya No. AHU-64523.AH.01.02.Tahun2011 tertanggal 29 Desember 2011.
Based on the Deed No. 154 datedDecember 23, 2011 made before Jimmy Tanal,S.H., a notary, as a substitute notary ofHasbullah Abdul Rasyid, S.H., M.Kn, Jakarta,the Company’s shareholders agreed to increasethe Company’s authorized capital fromRp135,000,000,000 to Rp1,200,000,000,000and increase the paid in capital fromRp135,000,000,000 to Rp300,000,000,000. Theincrease has been approved by the Ministerof Laws and Human Rights of theRepublic of Indonesia through letterNo. AHU-64523.AH.01.02.Tahun 2011 datedDecember 29, 2011.
Berdasarkan Akta No. 65 tanggal 30 Maret 2012tentang Pernyataan Persetujuan BersamaSeluruh Pemegang Saham PT Toba BaraSejahtra, yang dibuat di hadapan Dina Chozie,S.H., kandidat Notaris, pengganti dari FathiahHelmi, S.H., Notaris di Jakarta, seluruhpemegang saham Perusahaan menyetujui antaralain, perubahan status Perusahaan menjadiPerusahaan Terbuka, dan perubahan nilainominal saham Perusahaan dari Rp1.000.000per lembar menjadi Rp200 per lembar.
Based on the Deed No. 65 dated March 30, 2012on the Statements of PT Toba Bara Sejahtra’sShareholders’ Approval which were made beforeDina Chozie, S.H., candidate Notary, areplacement of Fathiah Helmi, S.H., a Notary inJakarta, all of the Company’s shareholdersapproved, among others, the change in thestatus of the Company to a Public Company, andchange in the nominal value of the Company’sshares from Rp1,000,000 per share to Rp200 pershare.
Laporan Tahunan 2013126 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
10
1. UMUM (lanjutan) 1. GENERAL (continued)
a. Perusahaan (lanjutan) a. The Company (continued)
Perubahan tersebut telah disetujui oleh MenteriHukum dan Hak Asasi Manusia RepublikIndonesia melalui Surat KeputusanNo. AHU-17595.AH.01.02.Tahun 2012tertanggal 5 April 2012 dan telah didaftarkanpada Daftar Perseroan denganNo. AHU-0029340.AH.01.09.Tahun 2012tanggal 5 April 2012.
Such changes have been approved by theMinister of Laws and Human Rights of theRepublic of Indonesia through Decision LetterNo. AHU-17595.AH.01.02.Tahun 2012 datedApril 5, 2012 and has been registered in the Listof Companies No. AHU-0029340.AH.01.09.Tahun 2012 dated April 5, 2012.
Berdasarkan Akta No. 44 tanggal 17 Oktober2012 tentang Pernyataan PersetujuanBersama Seluruh Pemegang Saham PT TobaBara Sejahtra Tbk yang dibuat di hadapanFathiah Helmi, S.H., Notaris di Jakarta, seluruhpemegang saham Perusahaan menyetujui danmenegaskan kembali jumlah modalditempatkan dan disetor Perusahaan dankomposisi pemegang saham Perusahaansetelah Penawaran Umum Saham Perdanayang telah dilakukan oleh Perusahaan.Pemberitahuan perubahan tersebut telahditerima oleh Menteri Hukum dan Hak AsasiManusia Republik Indonesia berdasarkanSurat Penerimaan Pemberitahuan PerubahanAnggaran Dasar PT Toba Bara Sejahtra TbkNo. AHU-AH.01.10-40345 tertanggal14 November 2012 dan telah didaftarkan padaDaftar Perseroan dengan No. AHU-0098418.AH.01.09.Tahun 2012 tanggal14 November 2012.
Based on the Deed No. 44 dated October 17,2012 on the Statements of PT Toba BaraSejahtra Tbk’s Shareholders’ Approval whichwere made before Fathiah Helmi, S.H., aNotary in Jakarta, all of the Company’sshareholders approved and confirmed theCompany’s issued and fully paid shares andthe shareholders’ composition after InitialPublic Offering was executed. Notification ofsuch changes have been received by theMinistry of Laws and Human Rights of theRepublic of Indonesia through the Letter ofAcknowledgement of PT Toba Bara SejahraTbk‘s Amendment of Articles of AssociationAHU-AH.01.10-40345 dated November 14,2012 and has been registered in the List ofCompanies No. AHU-0098418.AH.01.09.Tahun2012 dated November 14, 2012.
Pada tanggal 27 Juni 2012, Perusahaanmemperoleh pernyataan efektif dari BadanPengawas Pasar Modal dan LembagaKeuangan untuk melakukan penawaran umumkepada masyarakat sebanyak 210.681.000saham. Saham yang ditawarkan merupakan10,47% dari 2.012.491.000 lembar sahamyang ditempatkan dan disetor penuh. Sejaktanggal 6 Juli 2012, saham Perusahaan yangtelah ditawarkan kepada masyarakat telahdicatatkan di Bursa Efek Indonesia.
On June 27, 2012, the Company obtainedapproval from the Capital Market and FinancialInstitution Supervisory Agency to conductpublic offering of 210,681,000 shares. Theoffered shares represent 10.47% of the2,012,491,000 shares issued and fully paid.Since July 6, 2012, the Company’s sharesoffered to the public have been listed on theIndonesia Stock Exchange.
Berdasarkan Pasal 3 Anggaran DasarPerusahaan, ruang lingkup kegiatanPerusahaan adalah di bidang pembangunan,perdagangan, perindustrian, pertambangan,pertanian dan jasa.
Under the Article 3 of the Company’s Articles ofAssociation, the scope of its activities isconstruction, trading, industrial, mining,agriculture and services.
Kegiatan utama Perusahaan saat ini adalahinvestasi di bidang pertambangan batubaradan perkebunan kelapa sawit melalui entitasanak.
Currently, the Company’s main activity isinvestment in coal mining and palm oilplantation through its subsidiaries.
Laporan Tahunan 2013 127 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
11
1. UMUM (lanjutan) 1. GENERAL (continued)
a. Perusahaan (lanjutan) a. The Company (continued)
Perusahaan memulai kegiatan komersialnya ditahun 2010, yaitu setelah akuisisi entitas anakdari PT Toba Sejahtra.
The Company commenced its commercialoperation in 2010, following the acquisition ofthe subsidiaries from PT Toba Sejahtra.
Kantor pusat Perusahaan berlokasi di WismaBakrie 2 Lantai 16, Jl. H.R. Rasuna Said Kav.B-2, Jakarta Selatan.
The Company’s head office is located at 16th
Floor of Wisma Bakrie 2, Jl. H.R. Rasuna SaidKav. B-2, South Jakarta.
Perusahaan memiliki beberapa entitas anak(secara kolektif disebut sebagai “Grup”) dantergabung dalam kelompok usaha milikPT Toba Sejahtra (“TS”) sebagai entitas indukterakhir.
The Company owns several subsidiaries(collectively referred to as the “Group”) and is amember of the group of companies owned byPT Toba Sejahtra (“TS”) as the ultimate parentcompany of the group.
b. Dewan Komisaris, Direksi, Manajemenkunci dan Karyawan
b. Boards of Commissioners, Directors, Keymanagement personnel and Employees
Komisaris dan Direksi Perusahaan padatanggal 31 Desember 2013 dan 2012 adalahsebagai berikut:
The Company’s Commissioners and Directorsas of December 31, 2013 and 2012 are asfollows:
Presiden KomisarisKomisaris IndependenKomisaris Independen
Presiden DirekturDirekturDirekturDirektur
Jusman Syafii DjamalFarid HariantoBacelius Ruru
Justarina Sinta Marisi NaiborhuPandu Patria SyahrirSudharmono Saragih
Arthur M. E. Simatupang
President CommissionerIndependent CommissionerIndependent Commissioner
President DirectorDirectorDirectorDirector
Dewan komisaris dan direksi Perusahaanmerupakan personil manajemen kunciPerusahaan.
The Company’s Boards of commissioners anddirectors are the key management personnelof the Company.
Susunan Komite Audit Perusahaan padatanggal 31 Desember 2013 dan 2012 adalahsebagai berikut:
The composition of the Company’s AuditCommittee as of December 31, 2013 and2012 is as follows:
KetuaAnggota
Bacelius RuruIrwandy ArifAria Kanaka
ChairmanMembers
Grup mempunyai jumlah karyawan tetapmasing-masing 821 dan 743 (tidak diaudit)pada tanggal-tanggal 31 Desember 2013 dan2012.
The Group had a total of 821 and 743permanent employees (unaudited) as ofDecember 31, 2013 and 2012, respectively.
c. Entitas anak c. Subsidiaries
Perusahaan mengkonsolidasikan entitas anakdi bawah ini karena mempunyai kepemilikanmayoritas atau hak untuk mengendalikanoperasi entitas anak tersebut.
The Company consolidates the followingsubsidiaries due to its majority ownership orright to control the operations ofthe subsidiaries.
Laporan Tahunan 2013128 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
12
1. UMUM (lanjutan) 1. GENERAL (continued)
c. Entitas anak (lanjutan) c. Subsidiaries (continued)
Entitas anak/Subsidiaries
Domisili dan Tahunoperasi komersial
dimulai/ Domicile andYear of
commercialoperations started
Jenis Usaha/Nature of Business
Total Aset sebelum Eliminasi/Total Assets before Elimination
31 Desember/December 312013 2012
Kepemilikan langsung/Direct ownership:
1. PT Adimitra BaratamaNusantara (“ABN”)
Kalimantan Timur/East Kalimantan/2008
Pertambangan batu bara/Coal mining
126.356.682 116.146.745
2. PT Trisensa MineralUtama (“TMU”)
Kalimantan Timur/East Kalimantan/2011
Pertambangan batu bara/Coal mining
45.992.009 23.330.570
3. PT Toba Bumi Energi(“TBE”)
Kalimantan TimurEast Kalimantan/2007
Investasi di bidang pertambangan/Investment in coal mining
72.391.501 55.541.389
4. PT Perkebunan KaltimUtama I (“PKU”)
Kalimantan Timur/East Kalimantan/2011
Perkebunan kelapa sawit/Palm oil plantation
13.231.385 * -
Kepemilikan tidak langsung melalui TBE/Indirect ownership through TBE
5. PT Indomining (“IM”) Kalimantan Timur/East Kalimantan/2007
Pertambangan batu bara/Coal mining
76.348.489 55.416.115
* sebelum penyesuaian nilai wajar. *Prior to fair value adjustment.
Kepemilikan Perusahaan terhadap ABN, TMUdan TBE diperoleh di tahun 2010 melaluitransaksi kombinasi bisnis entitas sepengendali(Catatan 24b).
The Company’s ownership over ABN, TMUand TBE is acquired in 2010 through abusiness combination among entities undercommon control (Note 24b).
Persentase kepemilikan Perusahaan di ABN,TMU, TBE dan PKU pada tanggal31 Desember 2013 masing-masing sebesar51%, 99%, 99%, dan 90%.
The Company’s ownership over ABN, TMU,TBE, and PKU as of December 31, 2013 is51%, 99%, 99%, and 90%, respectively.
Izin pertambangan Mining licenses
ABN memiliki izin Usaha PertambanganOperasi Produksi (“IUP-OP”) sesuai dengankeputusan Bupati Kutai KartanegaraNo. 540/1691/IUP-OP/MB-PBAT/XII/2009tertanggal 1 Desember 2009. IUP-OP tersebutberlaku untuk jangka waktu 20 tahun sampaitanggal 1 Desember 2029 dan dapatdiperpanjang 2 kali.
ABN has a Production Operation Mining Permit(“IUP-OP”) as stipulated in Bupati KutaiKartanegara’s decree No. 540/1691/IUP-OP/MB-PBAT/XII/2009 dated December 1,2009. Such IUP-OP is valid for 20 yearsthrough December 1, 2029 and can beextended 2 times.
ABN memiliki wilayah tambang seluas 2.990hektar berlokasi di Kecamatan Sanga-sanga -Kalimantan Timur.
ABN has mining area of 2,990 hectareslocated in Sanga-sanga Sub-district - EastKalimantan.
TMU memiliki IUP-OP atas wilayah seluas3.414 hektar di wilayah Kecamatan Loa Janan,Muara Jawa dan Sanga-sanga, KabupatenKutai Kartanegara, Provinsi Kalimantan Timursesuai dengan keputusan Bupati KutaiKartanegara No. 540/3133/IUP-OP/MB-PBAT/XII/2010 tanggal 14 Desember 2010.IUP-OP tersebut berlaku untuk jangka waktu13 tahun sampai tanggal 14 Desember 2023dan dapat diperpanjang 2 kali.
TMU has an IUP-OP over an area of 3,414hectares located in Loa Janan, Muara Jawaand Sanga-sanga Sub-districts, KutaiKartanegara Regency, East KalimantanProvince as stipulated in Bupati KutaiKartanegara’s decree No. 540/3133/IUP-OP/MB-PBAT/XII/2010 dated December 14,2010. Such IUP-OP is valid for 13 yearsthrough December 14, 2023 and can beextended 2 times.
Laporan Tahunan 2013 129 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
13
1. UMUM (lanjutan) 1. GENERAL (continued)
c. Entitas anak (lanjutan) c. Subsidiaries (continued)
Izin pertambangan (lanjutan) Mining licenses (continued)
IM memiliki IUP-OP sesuai dengan keputusanBupati Kutai Kartanegara No. 540/1410/IUP-OP/MB-PBAT/VI/2010 tertanggal 22 Juni 2010.IUP-OP tersebut berlaku untuk jangka waktu 3tahun sampai tanggal 22 Juni 2013 dan dapatdiperpanjang 2 kali. Berdasarkan keputusanBupati Kutai Kartanegara Nomor 540/004/IUP-OP/MB-PBAT/III/2013. IUP-OP IM telahdiperpanjang sampai dengan tanggal 15 Maret2023 dan dapat diperpanjang 1 kali.
IM has an IUP-OP as stipulated in Bupati KutaiKartanegara’s decree No. 540/1410/IUP-OP/MB-PBAT/VI/2010 dated June 22, 2010.Such IUP-OP is valid for 3 years through June22, 2013 and can be extended 2 times. Basedon Bupati Kutai Kartanegara’s decree No.540/004/IUP-OP/MB-PBAT/III/2013. IM’s IUP-OPhas been extended until March 15, 2023 and canbe extended 1 time.
IM memiliki wilayah pertambangan seluas 683hektar yang berlokasi di Kecamatan Sanga-Sanga - Kalimantan Timur.
IM has a mining area of 683 hectares located inSanga-Sanga Sub-district - East Kalimantan.
d. Cadangan batu bara d. Coal reserves
Berikut ini adalah estimasi cadangan batu baraentitas anak (dalam jutaan metrik ton, tidakdiaudit) sesuai dengan laporan yang dibuat olehpihak ketiga:
Presented below are the subsidiaries’ coalreserves (in million metric tons, unaudited)based on reports prepared by third parties:
Cadangan batubara* (Tidak diaudit)/Coal Reserves* (Unaudited)
Terbukti/ Terduga/ Total/Proven Probable Total
Entitas anak Subsidiaries
ABN 70 47 117 ABNIM 11 10 21 IMTMU 5 4 9 TMU
Total 86 61 147 Total
*) Pembulatan *) Rounding
Estimasi cadangan batubara ABN sesuaidengan laporan dari PT Runge Indonesia untukcadangan batubara per tanggal 31 Desember2011.
The estimated coal reserve of ABN is based onthe report of PT Runge Indonesia on coalreserve as of December 31, 2011.
Estimasi cadangan batubara IM sesuai denganlaporan dari PT SMG Consulting tanggal20 Februari 2012 untuk cadangan batubara pertanggal 31 Desember 2011.
The estimated coal reserve of IM is based onthe report of PT SMG Consulting dated as ofFebruary 20, 2012 on coal reserve as ofDecember 31, 2011.
Estimasi cadangan batu bara TMU sesuaidengan laporan dari Marston & Marston untukcadangan batubara per tanggal 31 Oktober2011.
The estimated coal reserve of TMU is based onthe report of Marston & Marston on coal reserveas of October 31, 2011.
e. Persetujuan penerbitan laporan keuangankonsolidasian
e. Authorization to issue the consolidatedfinancial statements
Laporan keuangan konsolidasian inidiselesaikan dan mendapat persetujuan untukditerbitkan dari Direksi Perusahaan padatanggal 21 Maret 2014.
This consolidated financial statements werecompleted and authorized for issuance by theCompany’s Directors on March 21, 2014.
Laporan Tahunan 2013130 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
14
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN 2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES
Berikut ini adalah kebijakan akuntansi signifikanyang diterapkan dalam penyusunan laporankeuangan konsolidasian Perusahaan dan entitasanaknya (“Grup”).
Presented below are the significant accountingpolicies adopted in preparing the consolidatedfinancial statements of the Company and itssubsidiaries (the “Group”).
a. Dasar Penyajian Laporan KeuanganKonsolidasian
a. Basis of Preparation of the ConsolidatedFinancial Statements
Laporan keuangan konsolidasian telah disusundan disajikan sesuai dengan Standar AkuntansiKeuangan di Indonesia (“SAK”), yangmencakup Pernyataan Standar AkuntansiKeuangan (“PSAK”) dan Interpretasi StandarAkuntansi Keuangan (“ISAK”) yang dikeluarkanoleh Dewan Standar Akuntansi KeuanganIkatan Akuntan Indonesia dan peraturan-peraturan serta pedoman penyajian danpengungkapan laporan keuangan yangditerbitkan oleh Otoritas Jasa Keuangan(“OJK”) (dahulu Badan Pengawas Pasar Modaldan Lembaga Keuangan).
The consolidated financial statements have beenprepared and presented in accordance withIndonesian Financial Accounting Standards(“SAK”), which comprise the Statements ofFinancial Accounting Standards (“PSAK”) andInterpretations to Financial AccountingStandards (“ISAK”) issued by the FinancialAccounting Standards Board of the IndonesianInstitute of Accountants and the regulations andthe guidelines on financial statementspresentation and disclosures issued by FinancialServices Authorities (“OJK”) (formerly CapitalMarket and Financial Institution SupervisoryAgency).
Sebagaimana dijelaskan dalam Catatan 2c,manajemen telah menerapkan PSAK No. 38revisian yang berlaku untuk tahun pelaporanyang dimulai pada tanggal 1 Januari 2013.
As disclosed further in Note 2c, management hasimplemented the revised PSAK No. 38, which iseffective for the financial reporting year beginningon January 1, 2013.
Laporan keuangan konsolidasian disusunberdasarkan konsep akrual kecuali untuklaporan arus kas konsolidasian, danmenggunakan konsep biaya perolehan,kecuali untuk beberapa akun yang dinyatakanmenggunakan dasar pengukuran lain,sebagaimana dijelaskan pada kebijakanakuntansi dari akun tersebut.
The consolidated financial statements have beenprepared on the accrual basis except for theconsolidated statements of cash flows, and usingthe historical cost concept of accounting, exceptfor certain accounts which have been stated onanother measurement basis as explained in theaccounting policies for such accounts.
Laporan arus kas menyajikan penerimaan danpengeluaran kas dan setara kas yangdiklasifikasikan menurut aktivitas operasi,investasi dan pendanaan. Arus kas dariaktivitas operasi disajikan denganmenggunakan metode langsung.
The consolidated statements of cash flowspresent the receipts and payments of cash andcash equivalents classified into operating,investing and financing activities. The cash flowsfrom operating activities are presented using thedirect method.
Laporan keuangan konsolidasian disajikandalam Dolar Amerika Serikat (“AS$”), yangmerupakan mata uang fungsional Perusahaan.
The consolidated financial statements arepresented in the United States Dollar (“US$”),which is the Company’s functional currency.
Mata uang fungsional ABN, TBE, IM dan TMUadalah Dolar Amerika Serikat, sedangkan PKUadalah Rupiah.
The functional currency of ABN, TBE, IM andTMU is the United States Dollar while PKU is theRupiah.
Seluruh angka dalam laporan keuangankonsolidasian disajikan dalam Dolar AmerikaSerikat, kecuali dinyatakan lain.
All figures in the consolidated financialstatements are expressed in United StatesDollar, unless otherwise stated.
Laporan Tahunan 2013 131 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
15
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
b. Prinsip-prinsip Konsolidasian b. Principles of Consolidation
Laporan keuangan konsolidasian meliputilaporan keuangan Perusahaan dan entitasanak. Semua transaksi dan saldo yang materialantara Perusahaan dengan setiap entitas anakdan antar entitas anak telah dieliminasi untukmenyajikan posisi keuangan dan hasil usahaPerusahaan dan entitas anak sebagai suatuentitas ekonomi tunggal.
The consolidated financial statements include thefinancial statements of the Company and thesubsidiaries. All material transactions andbalances between the Company and each of thesubsidiaries and between the subsidiaries areeliminated to reflect the financial position and theresults of operations of the Company and thesubsidiaries as one business entity.
Untuk tujuan konsolidasi, laporan keuanganentitas anak dengan mata uang fungsionalRupiah dijabarkan ke dalam Dolar AS denganmenggunakan:
For consolidation purposes, the financialstatements of Subsidiaries with Rupiah functionalcurrency are translated into US Dollar using thefollowing:
Akun/Accounts Kurs/Exchange Rates
Aset dan liabilitas/ Kurs penutup tanggal laporan posisi keuangan konsolidasian tersebut/Assets and liabilities The closing rate at the date of that consolidated statement of financial position
Pendapatan dan beban/ Rata-rata tertimbang dari kurs tengah Bank Indonesia perbulan untuklaporan laba rugi komprehensif/
Revenues and expenses Monthly weighted-average middle exchange rate of Bank Indonesia during the year in thestatements of comprehensive income
Seluruh selisih kurs yang timbul diakui dalampendapatan komprehensif lainnya.
All of the resulting exchange differences arerecognised in other comprehensive income.
Entitas anak dikonsolidasi sejak tanggalakusisi, yaitu tanggal dimana Grup memperolehpengendalian, dan tetap dikonsolidasi sampaipengendalian tersebut berhenti. Pengendaliandianggap ada apabila Grup memiliki, baiksecara langsung atau tidak langsung melaluientitas anak, lebih dari 50% hak suara darisuatu entitas.
Subsidiaries are fully consolidated from the datesof acquisition, being the date on which the Groupobtained control, and continue to be consolidateduntil the date such control ceases. Control ispresumed to exist if the Group owns, directly orindirectly through its subsidiaries, more than 50%of the voting power of an entity.
Kerugian entitas anak diatribusikan kepadakepentingan non-pengendali bahkan jika hal inimengakibatkan kepentingan non-pengendalimempunyai saldo defisit.
Losses of a non-wholly owned subsidiary areattributed to the non-controlling interest even ifsuch losses resulted in a deficit balance for thenon-controlling interest.
Kepentingan non-pengendali merupakanbagian atas laba atau rugi entitas anak yangdiatribusikan kepada pemilik ekuitas entitasanak yang tidak dimiliki secara langsung atautidak langsung oleh Grup yang disajikan didalam laporan laba rugi komprehensifkonsolidasian dan sebagai bagian dari ekuitasdi dalam laporan posisi keuangan konsolidasianyang terpisah dari ekuitas pemilik entitas induk.
Non-controlling interest represents the portion ofthe profit or loss of the subsidiaries attributable toequity interests that are not owned directly orindirectly by the Group, which are presented inthe consolidated statements of comprehensiveincome and under the equity section of theconsolidated statements of financial position,respectively, separately from the correspondingportion attributable to the equity holders of theparent entity.
Perubahan dalam bagian kepemilikan entitasinduk pada entitas anak yang tidakmengakibatkan hilangnya pengendalian dicatatsebagai transaksi ekuitas. Dalam keadaandemikian, nilai tercatat kepentingan pengendalidan non-pengendali disesuaikan untukmencerminkan perubahan bagian kepemilikanterkait atas entitas anak. Selisih antara jumlahkepentingan non-pengendali disesuaikan dannilai wajar imbalan yang diberikan atauditerima, diakui sebagai bagian dari ekuitas dandiatribusikan kepada pemilik entitas induk.
Changes in a parent’s ownership interest in asubsidiary that do not result in a loss of control areaccounted for as equity transactions. In suchcircumstances, the carrying amounts of thecontrolling and non-controlling interests areadjusted to reflect the changes in their relativeinterests in the subsidiary. Any difference betweenthe amount by which the non-controlling interestsare adjusted and the fair value of the considerationpaid or received is recognised directly in equity andattributed to the owners of the parent entity.
Laporan Tahunan 2013132 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
16
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
b. Prinsip-prinsip Konsolidasian (lanjutan) b. Principles of Consolidation (continued)
Manajemen menerapkan metode akuisisi untukmencatat setiap kombinasi bisnis. Imbalan yangdialihkan untuk mengakuisisi entitas anakadalah nilai wajar seluruh aset yang dialihkan,liabilitas yang diakui oleh Grup kepada pemiliksebelumnya dari entitas yang diakuisisi dankepentingan ekuitas yang diterbitkan oleh Grup.Imbalan yang dialihkan termasuk nilai wajarsetiap aset dan liabilitas yang dihasilkan darisuatu kesepakatan imbalan kontinjensi. Asetteridentifikasi dan liabilitas dan liabilitaskontinjensi yang diambil alih, yang diperolehdalam kombinasi bisnis diukur pada awalnyasebesar nilai wajar tanggal akuisisi. Biayaterkait akuisisi diakui dan dicatat sebagai bebanpada saat terjadinya.
Management applies the acquisition method toaccount for business combinations. Theconsideration transferred for the acquisition of asubsidiary is the fair values of the assetstransferred, the liabilities incurred to the formerowners of the acquiree and the equity interestsissued by the Group. The consideration transferredincludes the fair value of any asset or liabilityresulting from a contingent considerationarrangement. Identifiable assets acquired andliabilities and contingent liabilities assumed in abusiness combination are measured initially at theirfair values at the acquisition date. The acquisitioncosts are recognized and recorded as expenses asincurred.
Jika kombinasi bisnis mengakibatkanpenyelesaian hubungan yang ada sebelumnya,maka manajemen mengakui keuntungan ataukerugian atas penyelesaian hubungan tersebut.
If the business combination in effect settles a pre-existing relationship, the Group recognizes a gainor loss arising from such settements.
Manajemen mengakui kepentingan non-pengendali pada pihak yang diakuisisi baiksebesar nilai wajar atau sebesar bagianproporsional kepentingan non-pengendali atasaset neto teridentifikasi pihak yang diakuisisi.Kepentingan non-pengendali disajikan diekuitas dalam laporan posisi keuangankonsolidasian, terpisah dari ekuitas pemilikentitas induk.
Management recognises any non-controllinginterest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at thenoncontrolling interest’s proportionate share of theacquiree’s identifiable net assets. Non-controllinginterest is reported as equity in the consolidatedstatement of financial position, separate from theowner of the parent’s equity.
Selisih lebih antara imbalan yang dialihkan,jumlah setiap kepentingan non-pengendalidalam pihak yang diakuisisi, dan nilai wajarpada tanggal akuisisi dari kepemilikan ekuitasyang sebelumnya dimiliki oleh Grup pada pihakyang diakuisisi, dibandingkan dengan nilaiwajar bagian Grup atas aset bersihteridentifikasi yang diakuisisi, dicatat sebagaigoodwill. Jika jumlah tersebut lebih kecil darinilai wajar atas aset bersih teridentifikasientitas anak yang diakuisisi dan pengukuranatas seluruh jumlah tersebut telah ditelaah,dalam hal pembelian dengan diskon, selisihtersebut diakui secara langsung dalam labarugi.
The excess of the consideration transferred, theamount of any non-controlling interests in theacquiree and the acquisition-date fair value ofany previous equity interest in the acquiree overthe fair value of the Group’s share of theidentifiable net assets acquired is recorded asgoodwill. If those amounts are less than the fairvalue of the net identifiable assets of thesubsidiary acquired and the measurement of allamounts has been reviewed, in the case of abargain purchase, the difference is recogniseddirectly in the profit or loss.
Setelah pengakuan awal, goodwill diukursebesar biaya perolehan dikurangi denganakumulasi penurunan nilai.
After initial recognition, goodwill is measured atcost less any accumulated impairment losses.
c. Transaksi Kombinasi Bisnis entitassepengendali
c. Business Combination transaction amongentities under common control
Sejak tanggal 1 Januari 2013, manajemenmenerapkan secara prospektif PSAK No. 38(Revisi 2012), “Kombinasi Bisnis EntitasSepengendali” yang berlaku efektif untukperiode pelaporan keuangan yang dimulaipada tanggal 1 Januari 2013.
Effective on January 1, 2013, managementimplemented prospectively PSAK No. 38(Revised 2012), “Business Combination BetweenEntities Under Common Control” which iseffective for the financial reporting periodbeginning on January 1, 2013.
Laporan Tahunan 2013 133 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
17
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
c. Transaksi Kombinasi Bisnis entitassepengendali (lanjutan)
c. Business Combination transaction amongentities under common control (continued)
Penerapan PSAK No. 38 (Revisi 2012) tidakmenimbulkan dampak siginifikan terhadaplaporan keuangan konsolidasian Grup.
The adoption of PSAK No. 38 (Revised 2012) hasno significant impact to the Group’s consolidatedfinancial statements.
PSAK ini menggantikan PSAK No. 38. PSAK inimengatur akuntansi kombinasi bisnis entitassepengendali yang memenuhi persyaratankombinasi bisnis dalam PSAK No. 22 tentangKombinasi Bisnis.
This PSAK replaces PSAK No. 38. This PSAKregulates accounting for business combinationbetween entities under common control whichfulfill the requirement for business combinationunder PSAK No. 22 on Business Combination.
Transaksi kombinasi bisnis entitassepengendali bukan merupakan perubahankepemilikan dalam arti substansi ekonomi,sehingga transaksi tersebut tidak dapatmenimbulkan laba atau rugi bagi Grup secarakeseluruhan ataupun bagi entitas individualdalam Grup. Oleh karena itu, transaksi tersebutdiakui pada jumlah tercatat berdasarkanmetode penyatuan kepemilikan.
Business combination transactions among entitiesunder common control are not changes ineconomic substance of the ownership, thereforesuch transactions would not result in a gain or lossto the Group or to the individual entity within thesame group. Therefore, such transactions arerecognized at carrying value as a businesscombination using the pooling-of-interestsmethod.
Dalam kombinasi bisnis entitas sepengendali,manajemen mengakui selisih antara jumlahimbalan yang dialihkan dan jumlah tercatat dariaset neto yang diterima (liabilitas yang diambilalih), yang disajikan dalam pos tambahanmodal disetor dalam laporan posisi keuangankonsolidasian.
In business combination among entities undercommon control, management recognized thedifference between the amount of considerationgiven and the carrying values of the net assetsreceived (liabilities assumed) which is presentedas additional paid-in capital in the consolidatedstatements of financial position.
d. Transaksi dan Saldo dalam Mata Uang Asing d. Foreign Currency Transactions and Balances
Manajemen menentukan mata uang fungsionalPerusahaan adalah Dolar Amerika Serikat.
Management determined that the Company’sfunctional currency is the United States Dollar.
Transaksi dalam mata uang asing dicatat dalammata uang fungsional berdasarkan kurs yangberlaku pada saat transaksi dilakukan. Padaakhir tahun pelaporan, aset dan liabilitasmoneter dalam mata uang asing dijabarkan kedalam mata uang fungsional berdasarkan kurstengah yang diterbitkan oleh Bank Indonesiapada tanggal terakhir transaksi perbankan padatahun tersebut. Laba atau rugi kurs yang terjadidikreditkan atau dibebankan pada laba rugitahun berjalan.
Transactions involving foreign currencies arerecorded in functional currency at the rates ofexchange prevailing at the time the transactionsare made. At the end of reporting year, monetaryassets and liabilities denominated in foreigncurrencies are translated to the functionalcurrency based on the middle rates published byBank Indonesia at the last banking transactiondate in the reporting year. The resulting gains orlosses are credited or charged to the currentyear’s profit or loss.
Nilai kurs yang digunakan pada akhir tahunlaporan adalah sebagai berikut:
The rates of exchange used at the end ofreporting year were as follows:
AS$1/US$1
2013 2012
1.000 Rupiah 0,0821 0,1034 1,000 Rupiah1 Dolar Australia 0,8923 1,0367 1 Australian Dollar1 Euro 1,3801 1,3247 1 Euro
Laporan Tahunan 2013134 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
18
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
e. Transaksi dengan pihak berelasi e. Transactions with related parties
Dalam menjalankan aktivitasnya, Grupmelakukan transaksi dengan pihak berelasi.
During its activities, the Group entered intotransactions with its related parties.
Kriteria pihak berelasi sesuai dengan PSAKNo. 7 (Revisi 2010) adalah sebagai berikut:
The criteria of a related party in accordancewith PSAK No. 7 (Revised 2010) are asfollows:
a. Orang atau anggota keluarga terdekatmempunyai relasi dengan Grup jikaorang tersebut:
a. A person or a close member of that person'sfamily is related to the Group if that person:
i. Memiliki pengendalian ataupengendalian bersama atas Grup;
i. Has control or joint control over theGroup;
ii. Memiliki pengaruh signifikan atasentitas pelapor; atau
ii. Has significant influence over thereporting entity; or
iii. Personel manajemen kunci Grup atauentitas induk Grup.
iii. Is a member of the key managementpersonnel of the Group or of a parent ofthe Group.
b. Suatu entitas berelasi dengan Grup jikamemenuhi salah satu hal berikut:
b. An entity is related to the Group if any of thefollowing conditions applies:
i. Entitas dan Grup adalah anggota darikelompok usaha yang sama (artinyaentitas induk, entitas anak, dan entitasanak berikutnya terkait dengan entitaslain);
i. The entity and the Group are members ofthe same group (which means that eachparent, subsidiary and fellow subsidiary isrelated to the others);
ii. Satu entitas adalah entitas asosiasiatau ventura bersama dari entitas lain(atau entitas asosiasi atau venturabersama yang merupakan anggotasuatu kelompok usaha, yang manaentitas lain tersebut adalahanggotanya);
ii. One entity is an associate or joint ventureof the other entity (or an associate or jointventure of a member of a group of whichthe other entity is a member);
iii. Kedua entitas tersebut adalah venturabersama dari pihak ketiga yang sama;
iii. Both entities are joint ventures of thesame third party;
iv. Satu entitas adalah ventura bersamadari entitas ketiga dan entitas yang lainadalah entitas asosiasi dari entitasketiga;
iv. One entity is a joint venture of a thirdentity and the other entity is an associateof the third entity;
v. Entitas tersebut adalah suatu programimbalan pascakerja untuk imbalan kerjadari Grup atau entitas terkait denganGrup. Jika Grup adalah entitas yangmenyelenggarakan program tersebut,maka entitas sponsor juga berelasidengan Grup;
v. The entity is a post-employment benefitplan for the benefit of employees of eitherthe Group or an entity related to theGroup. If the Group is itself such a plan,the sponsoring employers are alsorelated to the Group;
Laporan Tahunan 2013 135 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
19
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
e. Transaksi dengan pihak berelasi (lanjutan) e. Transactions with related parties (continued)
b. Suatu entitas berelasi dengan Grup jikamemenuhi salah satu hal berikut (lanjutan):
b. An entity is related to the Group if any ofthe following conditions applies (continued):
vi. Entitas yang dikendalikan ataudikendalikan bersama oleh orang yangdiidentifikasi dalam huruf (a);
vi. The entity is controlled or jointly controlledby a person identified in (a);
vii. Orang yang diidentifikasi dalam huruf(a) (i) memiliki pengaruh signifikan atasentitas atau personil manajemen kuncientitas (atau entitas induk dari entitas).
vii. A person identified in (a)(i) has significantinfluence over the entity or is a member ofthe key management personnel of theentity (or of a parent of the entity).
Transaksi dengan pihak berelasi dilakukanberdasarkan persyaratan yang disetujui olehkedua belah pihak, dimana persyaratantersebut mungkin tidak sama dengan transaksilain yang dilakukan dengan pihak ketiga.
The transactions with related parties are madebased on terms agreed by the parties, wherebysuch terms may not be the same as thosetransactions with third parties.
Sesuai dengan Peraturan Bapepam-LK NomorVIII.G.7 tentang Pedoman Penyajian LaporanKeuangan, saldo dengan pihak berelasi yangberasal dari transaksi non-usaha dilaporkansebagai aset atau liabilitas tidak lancar di dalamlaporan posisi keuangan konsolidasian.
In accordance with the Bapepam-LK RegulationNo. VIII.G.7 on the Financial StatementsPresentation Guidance, balances with relatedparties resulting from non-trade transactions arereported as non-current assets or liabilities in theconsolidated statements of financial position.
Seluruh transaksi dan saldo yang materialdengan pihak-pihak berelasi diungkapkandalam catatan atas laporan keuangankonsolidasian yang relevan.
All significant transactions and balances withrelated parties are disclosed in the relevantnotes to the consolidated financialstatements.
f. Kas dan setara kas f. Cash and cash equivalents
Kas dan setara kas terdiri dari saldo kas kecildan kas di bank serta deposito berjangka yangakan jatuh tempo dalam waktu tiga bulan dantidak dibatasi penggunaannya.
Cash and cash equivalents consist of cash onhand and in banks and time deposits withmaturities of less than three months and whichare not restricted in use.
g. Biaya dibayar dimuka g. Prepayments
Biaya dibayar dimuka diamortisasi selamaperiode masa manfaatnya denganmenggunakan metode garis lurus.
Prepayments are amortized over the periodsbenefited using the straight-line method.
h. Persediaan h. Inventories
Persediaan dinilai berdasarkan nilai terendahantara harga perolehan atau nilai realisasineto. Harga perolehan ditentukan denganmetode biaya rata-rata tertimbang (weightedaverage) yang terjadi selama periode berjalandan mencakup alokasi komponen tenagakerja, penyusutan dan bagian biaya tidaklangsung yang berhubungan dengan aktivitaspertambangan/perkebunan.
Inventory is valued at the lower of cost or netrealizable value. Cost is determined based onthe weighted average cost incurred during theperiod and includes an appropriate portion oflabor, depreciation and overheads related tomining/plantation activities.
Nilai realisasi neto merupakan estimasi hargajual dalam kegiatan usaha normal dikurangiestimasi biaya penyelesaian dan estimasibiaya yang diperlukan untuk membuatpenjualan.
Net realizable value represents the estimatedselling price in the ordinary course of businessless the estimated cost of completion and theestimated costs necessary to make the sale.
Laporan Tahunan 2013136 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
20
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
h. Persediaan (lanjutan) h. Inventories (continued)
Persediaan bahan bakar dinilai pada hargaperolehan, ditentukan berdasarkan metoderata-rata tertimbang (weighted average),dikurangi dengan penyisihan untuk persediaanusang. Penyisihan untuk persediaan usangditentukan berdasarkan estimasi penggunaanatau penjualan masing-masing jenispersediaan pada masa mendatang. Bahanpendukung pemeliharaan dicatat sebagaibeban produksi pada periode digunakan.
Fuel is valued at cost, determined on aweighted average method, less provision forobsolete items. Provision for obsoleteinventory is determined on the basis ofestimated future usage or sale of individualinventory items. Supplies of maintenancematerials are charged to production costs inthe period in which they are used.
i. Aset tetap i. Fixed assets
Aset tetap kecuali tanah, dinyatakan sebesarbiaya perolehan dikurangi akumulasipenyusutan dan cadangan penurunan nilai.Biaya perolehan termasuk biaya penggantianbagian aset tetap saat biaya tersebut terjadi,jika memenuhi kriteria pengakuan; danestimasi awal biaya pembongkaran danpemindahan aset.
Fixed assets except land, are stated at cost lessaccumulated depreciation and allowance forimpairment losses. Such cost includes the cost ofreplacing part of the fixed assets when that costis incurred, if the recognition criteria are met; andthe initial estimate of the costs of dismantling andremoving the assets.
Penyusutan aset dimulai pada saat asettersebut siap untuk digunakan, yaitu pada saataset tersebut berada pada lokasi dan kondisiyang diinginkan agar aset siap digunakansesuai dengan keinginan dan maksudmanajemen.
Depreciation of an asset begins when it isavailable for use i.e. when it is in the location andcondition necessary for it to be capable ofoperating in the manner intended bymanagement.
Penyusutan dihitung dengan menggunakanmetode garis lurus selama masa yang lebihpendek antara taksiran masa manfaatekonomis aset tetap yang bersangkutan ataujika relevan, masa IUP-OP, sebagai berikut:
Depreciation is computed using the straight-linemethod over the shorter of the estimated usefullives of the assets or if applicable, the IUP-OP, asfollows:
Tahun/Years
Bangunan 4-20 BuildingMesin dan peralatan berat 4-8 Machinery and heavy equipmentKendaraan 8 VehiclesPeralatan kantor 4 Office equipmentJalan dan jembatan 10-19 Roads and bridgesTempat timbunan batubara 19 Stockpile baseFasilitas pelabuhan 19 Port facilitiesConveyor 4-19 Conveyor
Biaya pengurusan legal hak atas tanah yangdikeluarkan ketika tanah diperoleh pertamakali diakui sebagai bagian dari biaya perolehantanah pada akun “Aset Tetap” dan tidakdiamortisasi. Biaya pengurusan perpanjanganatau pembaruan legal hak atas tanah diakuisebagai aset tak berwujud dan diamortisasisepanjang umur hukum hak atau umurekonomis tanah, mana yang lebih pendek.
The legal cost of land rights incurred when theland was acquired initially are recognized as partof the cost of the land under “Fixed Assets”account and not amortized. The legal costincurred to extend or renew the land rights arerecorded as intangible assets and amortized overthe shorter of the rights’ legal life or land’seconomic life.
Laporan Tahunan 2013 137 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
21
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
i. Aset tetap (lanjutan) i. Fixed assets (continued)
Beban pemeliharaan dan perbaikan dibebankanpada laporan laba rugi komprehensifkonsolidasian pada saat terjadinya. Pengeluaranyang memperpanjang masa manfaat ataumemberi tambahan manfaat ekonomis di masayang akan datang, dalam bentuk peningkatankapasitas, mutu produksi atau peningkatanstandar kinerja dikapitalisasi. Aset tetap yangdijual dikeluarkan dari kelompok aset tetapberikut akumulasi penyusutannya. Keuntunganatau kerugian dari penjualan aset tetap tersebutdibukukan dalam laporan laba rugi komprehensifkonsolidasian.
Maintenance and repairs expense is charged tothe consolidated statements of comprehensiveincome as incurred. Expenditures which extendthe useful life of the asset or result in theincrease of the future economic benefits, suchas an increase in capacity and improvement inthe quality of output or standard ofperformance, are capitalized. When assets aredisposed of, their carrying values and therelated accumulated depreciation are removedfrom the accounts. Any resulting gain or loss isreflected in the consolidated statements ofcomprehensive income.
Jumlah tercatat aset tetap dihentikanpengakuannya pada saat dilepaskan atau saattidak ada manfaat ekonomis masa depan yangdiharapkan dari penggunaan atau pelepasannya.Laba atau rugi yang timbul dari penghentianpengakuan aset dilaporkan dalam laporan labarugi komprehensif konsolidasian pada tahun asettersebut dihentikan pengakuannya.
An item of fixed asset is derecognized upondisposal or when no future economic benefits areexpected from its use or disposal. Any gain orloss arising on derecognition of the asset isreported in the consolidated statements ofcomprehensive income in the year the asset isderecognized.
Biaya konstruksi aset dikapitalisasi sebagai asetdalam penyelesaian. Biaya konstruksi inidireklasifikasi ke akun aset tetap pada saat proseskonstruksi atau pemasangan selesai.
The costs of the construction of assets arecapitalized as construction in progress. Thesecosts are reclassified into fixed asset accountswhen the construction or installation iscompleted.
Nilai residu, umur manfaat dan metodepenyusutan dievaluasi setiap akhir tahun dandisesuaikan secara prospektif jika diperlukan.
The asset residual values, useful lives anddepreciation method are reviewed at each yearsend and adjusted prospectively if necessary.
j. Sewa j. Leases
Penentuan apakah dalam suatu perjanjianmengandung sewa pembiayaan adalahberdasarkan isi dari perjanjian awal dan apakahisi dari perjanjian tersebut bergantung darikegunaan dari aset yang spesifik dan memilikihak penuh atas aset tersebut. Sewa yang tidakmengalihkan secara substansial seluruh risikodan manfaat yang terkait dengan kepemilikanaset kepada pihak penyewa diklasifikasikansebagai sewa operasi.
The determination of whether an arrangementis, or contains a finance lease is based on thesubstance of the arrangement at inceptiondate and whether the fulfillment of thearrangement is dependent on the use of aspecific assets and the arrangement conveysfull rights over the asset. Leases which do nottransfer substantially all of the risks andrewards incidental to ownership of the leaseditem to the lessee are classified as operatingleases.
Dalam sewa pembiayaan, Grup sebagai pihakpenyewa disyaratkan untuk mengakui aset danliabilitas dalam laporan posisi keuangankonsolidasian sebesar nilai wajar aset sewaan atausebesar nilai kini dari pembayaran sewa minimum,jika nilai kini lebih rendah dari nilai wajar, penilaianditentukan pada awal kontrak. Pembayaran sewaminimum dibagi rata antara beban keuangan yangtimbul dan penurunan liabilitas sewa. Bebankeuangan dialokasikan pada setiap periode selamamasa sewa sehingga menghasilkan tingkat bungaperiodik yang konstan selama sisa saldo liabilitassewa.
Under a finance lease, the Group as lessee arerequired to recognize assets and liabilities inthe consolidated statements of financialposition at amounts equal to the fair value ofthe leased property or, if lower, the presentvalue of the minimum lease payments, eachdetermined at the inception of the lease.Minimum lease payments are apportionedbetween finance charges and the reduction ofthe outstanding lease liability. Finance chargesare allocated to each period during the leaseterm so as to produce a constant periodic rateof interest over the remaining balance of thelease liability.
Laporan Tahunan 2013138 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
22
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
j. Sewa (lanjutan) j. Leases (continued)
Sewa kontinjensi dibiayakan pada periode dimanasewa tersebut muncul. Beban keuangandirefleksikan di dalam laporan laba rugikomprehensif konsolidasian.
Contingent lease are charged as expenses inthe period in which they are incurred. Financecharges are reflected in the consolidatedstatements of comprehensive income.
Aset sewa yang dikapitalisasi dimasukkan kedalamaset tetap dan disusutkan selama estimasi dariumur manfaat aset tersebut atau masa sewa, manayang lebih pendek, jika tidak terdapat tingkatkeyakinan yang memadai bagi Grup untukmendapatkan kepemilikan atas aset tersebut padaakhir masa sewa.
Capitalized leased assets are accounted for asfixed assets and are depreciated over theshorter of the estimated useful lives of theassets or the lease terms, in the event thatthere is no reasonable certainty that the Groupwill obtain ownership of the assets by the endof the lease term.
Dalam sewa operasi, Grup mengakui pembayaransewa sebagai beban yang dibagi secara rata-rata(straight-line) sepanjang masa sewa.
Under an operating lease, the Grouprecognizes lease payments as an expense ona straight-line method over the lease terms.
k. Penurunan nilai aset non-keuangan k. Impairment of non-financial assets
Pada setiap akhir tahun pelaporan, manajemenmenilai apakah terdapat indikasi suatu asetmengalami penurunan nilai. Jika terdapat indikasitersebut, atau pada saat pengujian penurunannilai aset diperlukan, maka manajemen membuatestimasi jumlah terpulihkan aset tersebut.
At the end of reporting years, managementassesses whether there is an indication that anasset may be impaired. If any such indicationexists, or when annual impairment testing foran asset is required, management makes anestimate of the asset’s recoverable amount.
Jumlah terpulihkan suatu aset adalah jumlahyang lebih tinggi antara nilai wajar dari aset atauUnit Penghasil Kas (UPK) tersebut dikurangibiaya untuk menjual, dan nilai pakainya, nilaitersebut ditentukan untuk aset individual, kecualiaset tersebut tidak menghasilkan arus kas masukyang sebagian besar independen dari asetlainnya atau kelompok aset lain. Jika nilai tercatataset lebih besar dari nilai terpulihkannya, makaaset tersebut dianggap mengalami penurunannilai dan nilai tercatat aset tersebut diturunkanmenjadi sebesar nilai terpulihkan. Rugipenurunan diakui dalam laporan laba rugikomprehensif konsolidasian sebagai “rugipenurunan nilai”.
An asset’s recoverable amount is the higher ofthe asset’s fair value or Cash Generating Unit(CGU)’s less costs to sell and its value in use,and is determined for an individual asset,unless the asset does not generate cashinflows that are largely independent of thosefrom other assets or groups of assets. Wherethe carrying amount of an asset exceeds itsrecoverable amount, the asset is consideredimpaired and is written down to its recoverableamount. Impairment losses are recognized inthe consolidated statements of comprehensiveincome as “impairment losses”.
Dalam menghitung nilai pakai, estimasi arus kasneto masa depan didiskontokan menggunakantingkat diskonto sebelum pajak yangmenggambarkan penilaian pasar kini dari nilaiwaktu uang dan risiko spesifik atas aset. Jika haltersebut tidak dapat ditentukan, manajemenmenggunakan model valuasi untuk menentukannilai wajar aset. Perhitungan tersebut digabungkandengan penilaian atau indikator nilai wajar lainnya.
In assessing the value in use, the estimated netfuture cash flows are discounted to their presentvalue using a pre-tax discount rate that reflectscurrent market assessments of the time value ofmoney and the risks specific to the asset. If suchtransactions cannot be identified, managementused an appropriate valuation model todetermine the fair value of the assets. Thesecalculations are corroborated by valuationmultiples or other available fair value indicators.
Manajemen melakukan penilaian pada setiap akhirtahun pelaporan apakah terdapat indikasi bahwarugi penurunan nilai yang telah diakui dalamperiode sebelumnya untuk aset selain goodwillmungkin tidak ada lagi atau mungkin telahmenurun.
Management made an assessment at the end ofeach reporting years as to whether there is anyindication that previously recognized impairmentlosses for an asset other than goodwill may nolonger exist or may have decreased.
Laporan Tahunan 2013 139 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
23
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
k. Penurunan nilai aset non-keuangan (lanjutan) k. Impairment of non-financial assets(continued)
Jika indikasi yang dimaksud ditemukan, makamanajemen mengestimasi jumlah terpulihkanaset tersebut. Rugi penurunan nilai yang telahdiakui dalam periode-periode sebelumnya untukaset selain goodwill dibalik jika, dan hanya jika,terdapat perubahan estimasi yang digunakanuntuk menentukan jumlah terpulihkan asettersebut sejak rugi penurunan nilai terakhir diakui.Jika demikian, jumlah tercatat aset dinaikkan kejumlah terpulihkannya. Jumlah tercatat aset yangmeningkat yang disebabkan pembalikan rugipenurunan nilai, tidak boleh melebihi jumlah nilaiterpulihkannya maupun nilai tercatat seandainyaaset tidak mengalami rugi penurunan nilai ditahun-tahun sebelumnya. Pembalikan rugipenurunan nilai untuk aset diakui segera dalamlaporan laba rugi komprehensif konsolidasian.Setelah pembalikan rugi penurunan nilai diakui,penyusutan yang dibebankan ke aset tersebutharus disesuaikan di tahun mendatang untukmengalokasikan jumlah tercatat aset yangdirevisi, dikurangi nilai sisanya (jika ada), dengandasar yang sistematik selama sisa umurmanfaatnya.
If such indication exists, management estimatesthe recoverable amount of the related asset.Previously recognized impairment loss for anasset other than goodwill is reversed only, andif only there has been a change in theassumptions used to determine the asset’srecoverable amount since the last impairmentloss was recognized. If that is the case, thecarrying amount of the asset is increased to itsrecoverable amount. The reversal is limited sothat the carrying amount of the asset does notexceed its recoverable amount, nor exceed thecarrying amount that would have beendetermined had no impairment loss beenrecognized for the asset in prior years. Reversalof an impairment loss is recognized in theconsolidated statement of comprehensiveincome. After such a reversal, the depreciationcharge on the said asset is adjusted in futureyear to allocate the asset’s revised carryingamount, less any residual value, on asystematic basis over its remaining useful life.
Untuk tujuan uji penurunan nilai, goodwill yangdiperoleh dalam kombinasi bisnis sejak tanggalakuisisi dialokasikan pada setiap unit penghasilkas Grup yang diekspektasikan memberimanfaat dari kombinasi bisnis tersebut, terlepasapakah aset atau liabilitas dari pihak yangdiakuisisi ditempatkan dalam unit atau kelompokunit tersebut. Namun jika alokasi awal goodwilltersebut tidak dapat diselesaikan sebelumberakhirnya periode tahunan ketika kombinasibisnis berdampak, maka alokasi awal tersebutdiselesaikan sebelum akhir periode tahunanpertama setelah tanggal akuisisi.
For the purpose of impairment testing, goodwillacquired in a business combination is, from theacquisition date, allocated to each of theGroup’s CGUs that are expected to benefit fromthe combination, irrespective of whether otherassets or liabilities of the acquiree are assignedto those units. If the initial allocation of suchgoodwill cannot be completed before the end ofthe annual period in which the businesscombination is effected, that initial allocationshall be completed before the end of the firstannual period beginning after the acquisitiondate.
l. Pengeluaran eksplorasi, evaluasi danpengembangan
l. Exploration, evaluation and developmentexpenditure
Beban sebelum diperolehnya izin Pre-licence costs
Pengeluaran yang terjadi sebelum diperolehnyaizin dibebankan pada tahun terjadi.
Pre-license costs are expensed in the year inwhich they are incurred.
Laporan Tahunan 2013140 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
24
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
l. Pengeluaran eksplorasi, evaluasi danpengembangan (lanjutan)
l. Exploration, evaluation and developmentexpenditure (continued)
Aset eksplorasi dan evaluasi Exploration and evaluation assets
Setelah hak legal untuk eksplorasi diperoleh,pengeluaran untuk eksplorasi dan evaluasi untuksuatu area of interest dibebankan didalamlaporan laba rugi komprehensif konsolidasianpada saat terjadinya, kecuali jika manajemenmenyimpulkan bahwa kemungkinan besarmanfaat ekonomis masa datang dari pengeluarantersebut dapat terealisasi. Pengeluaran tersebutmencakup biaya perolehan hak eksplorasi, kajiantopografi, geologi, biaya pengeboran ekplorasidan lain-lain.
Once the legal right to explore has beenacquired, exploration and evaluationexpenditure for an area of interest is charged tothe consolidated statement of comprehensiveincome as incurred, unless the managementconcludes that a future economic benefit ismore likely than not to be realised. Theseexpenditures include acquisition of explorationlicense cost, topographic and geology study,drilling exploration costs and others.
Dalam melakukan evaluasi apakah suatupengeluaran memenuhi kriteria untukdikapitalisasi, beberapa sumber informasi yangberbeda digunakan. Informasi yang digunakanuntuk menentukan kemungkinan manfaat masadepan tergantung kepada sifat dari kegiataneksplorasi dan evaluasi yang sudah dilakukan.
In evaluating if expenditures meet the criteria tobe capitalised, several different sources ofinformation are utilised. The information that isused to determine the probability of futurebenefits depends on the extent of explorationand evaluation that has been performed.
Pengeluaran eksplorasi dan evaluasidikapitalisasi dan ditangguhkan, berdasarkanarea of interest, apabila memenuhi salah satudari ketentuan berikut ini:
Exploration expenditures and evaluationincurred are capitalized and carried forward, onan area of interest basis, provided one of thefollowing conditions is met:
(i) biaya tersebut diharapkan dapat diperolehkembali melalui keberhasilan pengembangandan eksploitasi area of interest tersebut ataumelalui penjualan area of interest tersebut;atau
(i) such costs are expected to be recoupedthrough successful development andexploitation of the area of interest or,alternatively, by its sale; or
(ii) kegiatan eksplorasi dalam area of interestbelum mencapai tahap yang memungkinkanpenentuan adanya cadangan terbukti yangsecara ekonomis dapat diperoleh, sertakegiatan yang aktif dan signifikan dalam atauberhubungan dengan area of interest tersebutmasih berlanjut.
(ii) exploration activities in the area of interesthave not yet reached the stage whichpermits a reasonable assessment of theexistence or otherwise of economicallyrecoverable reserves, and active andsignificant operations in or in relation to thearea of interest are continuing.
Pengeluaran untuk eksplorasi dan evaluasi yangterjadi atas suatu izin dimana penetapancadangan yang memenuhi ketentuan JORCbelum ditetapkan, diakui sebagai biaya pada saatterjadinya hingga suatu evaluasi yang memadaitelah terjadi dalam rangka menetapkan suatucadangan yang memenuhi JORC dilakukan.Pengeluaran yang dibebankan selama tahap inidilaporkan dalam akun “Pengeluaran eksplorasi”didalam laporan laba rugi komprehensifkonsolidasian.
Exploration and evaluation expenditure incurredon licences where a JORC compliant resourcehas not yet been established is expensed asincurred until sufficient evaluation has occurredin order to establish a JORC compliant resource.Costs expensed during this phase are includedin “Exploration expenditures” in the consolidatedstatement of comprehensive income.
Laporan Tahunan 2013 141 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
25
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
l. Pengeluaran eksplorasi, evaluasi danpengembangan (lanjutan)
l. Exploration, evaluation and developmentexpenditure (continued)
Aset eksplorasi dan evaluasi (lanjutan) Exploration and evaluation assets(continued)
Hingga saat penetapan suatu cadangan yangmemenuhi ketentuan JORC (saat dimanamanajemen mempertimbangkan bahwakemungkingan besar manfaat ekonomis akandapat direalisasikan), manajemenmengkapitalisasi pengeluaran evaluasi lanjutanyang terjadi sebagai aset eksplorasi dan evaluasiuntuk suatu izin hingga saat dimana cadanganyang memenuhi ketentuan JORC ditetapkan.
Upon the establishment of a JORC compliantresource (at which point, the managementconsiders it probable that economic benefits willbe realised), management capitalises any furtherevaluation costs incurred for the particular licenceto exploration and evaluation assets up to thepoint when a JORC compliant reserve isestablished.
Setelah penetapan suatu cadangan telahmemenuhi ketentuan JORC dan pengembangandilakukan, aset ekplorasi dan evaluasi dilakukanpengujian penurunan nilai dan ditransfer ke akun“Tambang dalam konstruksi”. Tidak adaamortisasi dibebankan selama tahap ekplorasidan evaluasi.
Once JORC compliant reserves are establishedand development is sanctioned, exploration andevaluation assets are tested for impairment andtransferred to ‘Mines under construction’. Noamortisation is charged during the explorationand evaluation phase.
Aset eksplorasi dan evaluasi untuk setiap area ofinterest ditelaah pada setiap akhir tahunpelaporan. Aset eksplorasi dan evaluasi yangterkait dengan suatu area of interest yang telahditinggalkan, atau yang telah diputuskan tidaklayak secara ekonomis oleh manajemen,dihapuskan pada tahun dimana keputusantersebut dibuat.
Exploration and evaluation assets on each areaof interest is reviewed at the end of reportingyears. Exploration and evaluation assets inrespect of an area of interest which has beenabandoned, or for which a decision has beenmade by the management against itscommercial viability are written-off in the year inwhich the decision is made.
Tambang dalam konstruksi Mines under construction
Pada saat transfer akun “Aset ekplorasi danevaluasi” ke akun “Tambang dalam konstruksi”,semua pengeluaran untuk konstruksi, instalasiatau penyelesaian fasilitas infrastrukturdikapitalisasi dalam akun “Tambang dalamkonstruksi”. Pengeluaran untuk pengembangandilaporkan setelah dikurangi hasil penjualaninsidentil batu bara yang dihasilkan selama tahappengembangan. Setelah produksi dimulai, semuaaset dalam akun “Tambang dalam konstruksi”ditransfer ke akun “Tambang produksi”.
Upon transfer of ‘Exploration and evaluationassets’ into ‘Mines under construction’, allsubsequent expenditure on the construction,installation or completion of infrastructurefacilities is capitalised within “Mines underconstruction”. Development expenditure is netof proceeds from all but the incidental sale ofcoal extracted during the development phase.After production starts, all assets included in‘Mines under construction’ are transferred to‘Producing mines’.
Pada saat penyelesaian konstruksi tambang, aset-aset ditransfer ke akun “Aset tetap” atau “Propertitambang”.
Upon completion of mine construction, the assetsare transferred into “Fixed assets” or “Miningproperties”.
Properti tambang Mine properties
Pada saat proyek konstruksi tambangdipindahkan ke tahap produksi, kapitalisasipengeluaran tertentu untuk konstruksi tambangdihentikan dan pengeluaran tersebut dicatatsebagai persediaan atau dibebankan, kecuali jikabiaya tersebut memenuhi syarat dikapitalisasisehubungan dengan penambahan ataupeningkatan aset tambang, atau pengembangancadangan yang dapat ditambang.
When a mine construction project moves intothe production stage, the capitalisation ofcertain mine construction costs ceases andcosts are either regarded as inventory orexpensed, except for costs which qualify forcapitalisation relating to mining asset additionsor improvements, or mineable reservedevelopment.
Laporan Tahunan 2013142 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
26
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
l. Pengeluaran eksplorasi, evaluasi danpengembangan (lanjutan)
l. Exploration, evaluation and developmentexpenditure (continued)
Properti tambang (lanjutan) Mine properties (continued)
Akumulasi biaya pengembangan tambangdiamortisasi dengan menggunakan metode unitproduksi terhadap estimasi cadangan yangsecara ekonomis dapat ditambang sampaidengan akhir masa berlaku izin atas area ofinterest yang bersangkutan. Tarif amortisasi perunit produksi untuk amortisasi biayapengembangan tambang termasuk pengeluaranyang terjadi sampai saat ini.
Accumulated mine development costs areamortised on a unit-of-production basis over theeconomically recoverable reserves until the endof license over the area of interest concern. Theunit-of-production rate for the amortisation ofmine development costs takes into accountexpenditures incurred to date.
m. Tanaman perkebunan m. Plantations
Tanaman belum menghasilkan dinyatakansebesar harga perolehan yang meliputi biayapersiapan lahan, penanaman, pemupukan danpemeliharaan termasuk kapitalisasi biayapinjaman yang digunakan untuk membiayaipengembangan tanaman belum menghasilkandan biaya tidak langsung lainnya yangdialokasikan berdasarkan luas hektar tertanam.
Immature plantations are stated at acquisitioncosts which include costs incurred for fieldpreparation, planting, fertilising andmaintenance, including the capitalisation ofborrowing costs incurred on loans used tofinance the development of immatureplantations and allocation of other indirectcosts based on planted hectares.
Pada saat tanaman sudah menghasilkan,akumulasi harga perolehan tersebut akandireklasifikasi ke akun Tanaman menghasilkan.
When the plantations are mature, theaccumulated costs are reclassified to Matureplantations account.
Amortisasi tanaman menghasilkan dimulai padatahun dimana tanaman tersebut menghasilkandengan menggunakan metode garis lurus selamataksiran masa manfaat ekonomis yaitu 20 tahun.Secara umum, tanaman kelapa sawit dinyatakanmenghasilkan bila telah berumur tiga sampaidengan empat tahun.
Amorization of mature plantations commencesin the year when the plantations are matureusing the straight-line method over theestimated useful life of 20 years. Generally, oilpalm plantations are considered mature withinthree to four years after planting.
n. Beban tangguhan n. Deferred charges
Beban yang timbul untuk perpanjangan hak atastanah ditangguhkan dan diamortisasi denganmetode garis lurus selama periode hak atastanah.
Costs incurred in association with theextension of land rights are deferred andamortised using the straight-line method overthe period of the land rights.
o. Provisi o. Provisions
Provisi diakui jika Grup memiliki kewajiban kini(baik bersifat hukum maupun bersifat konstruktif),yang diakibatkan peristiwa di masa lalu, besarkemungkinannya yang mana penyelesaiankewajiban tersebut mengakibatkan arus keluarsumber daya yang mengandung manfaatekonomi dan estimasi yang andal mengenaijumlah kewajiban tersebut dapat dibuat.
Provisions are recognized when the Grouphas a current obligation (legal or constructive)where, as a result of a past event, it isprobable that an outflow of resourcesembodying economic benefits will be requiredto settle the obligation and a reliable estimatecan be made of the amount of the obligation.
Provisi ditelaah pada setiap akhir tahun pelaporandan disesuaikan untuk mencerminkan estimasi kiniterbaik. Jika tidak terdapat lagi kemungkinan aruskeluar sumber daya yang mengandung manfaatekonomi untuk menyelesaikan kewajiban tersebut,maka provisi tersebut akan dibalik.
Provisions are reviewed at the end of reportingyears and adjusted to reflect the current bestestimate. If it is no longer probable that anoutflow of resources embodying economicbenefits will be required to settle the obligation,the provision will be reversed.
Laporan Tahunan 2013 143 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
27
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
p. Biaya pengelolaan lingkungan hidup p. Environmental expenses
Pengeluaran yang terkait dengan pemulihan,rehabilitasi, dan lingkungan yang timbul selamatahap pengembangan diakui sebagai aset.
Restoration, rehabilitation and environmentalexpenditures incurred during the developmentphase are recognized as asset.
Pengeluaran yang terkait dengan pemulihan,rehabilitasi, dan lingkungan yang timbul selamatahap produksi dibebankan sebagai beban pokokpenjualan pada saat terjadinya.
Restoration, rehabilitation and environmentalexpenditures incurred during the productionphase are charged to cost of goods sold asincurred.
Untuk hal-hal yang berkaitan dengan lingkunganyang mungkin tidak berkaitan dengan penarikanaset, dimana Grup merupakan pihak yangbertanggung jawab atas liabilitas tersebut danliabilitas tersebut ada dan jumlahnya bisa diukur,manajemen mencatat estimasi liabilitas tersebut.Dalam menentukan keberadaan liabilitas yangberkaitan dengan lingkungan tersebut,manajemen mengacu pada kriteria pengakuankewajiban sesuai dengan standar akuntansi yangberlaku.
For environmental issues that may not involvethe retirement of an asset, where the Group isresponsible parties and it is determined that aliability exists, and amounts can be quantified,management accrues the estimated liability. Indetermining whether a liability exists in respectof such environmental issues, managementapplies the criteria for liability recognition underthe applicable accounting standards.
q. Biaya pengupasan tanah penutup q. Stripping costs
Biaya pengupasan tanah sebelum masa produksidiakui sebagai aset eksplorasi dan evaluasi.
Stripping costs incurred prior to production arerecognized as exploration and evaluationassets.
Biaya pengupasan tanah selama masa produksidibebankan sebagai biaya produksi berdasarkanestimasi rata-rata rasio tanah penutup selamaumur tambang. Jika rasio pengupasan aktualmelebihi estimasi rata-rata rasio tanah penutupselama umur tambang, kelebihan biayapengupasan tanah tersebut ditangguhkanpembebanannya dan sajikan dalam pos Propertitambang di laporan posisi keuangankonsolidasian. Selanjutnya biaya yangditangguhkan ini dibebankan sebagai biayaproduksi pada periode dimana rasio aktual jauhlebih kecil dari estimasi rata-rata rasio tanahpenutup. Perubahan atas estimasi rasio rata-ratapengupasan tanah penutup diperhitungkansecara prospektif selama sisa umur tambang.
Stripping costs during the production arerecognized as production costs based on theaverage of the estimated stripping ratio overthe life of mine. When the actual stripping ratioexceeds the average of the estimated strippingratio over the life of mine, the excess strippingcosts are deferred and presented as Miningproperties in the consolidated statements offinancial position. In addition, these deferredstripping costs are expensed as productioncosts in periods where the actual ratio issignificantly lower than the average of theestimated stripping ratio over the life of mine.Changes in the average of the estimatedstripping ratio are accounted for on aprospective basis over the remaining mine life.
r. Liabilitas imbalan kerja r. Employment benefits liabilities
Imbalan kerja jangka pendek Short - term employee benefits
Imbalan kerja jangka pendek adalah imbalankerja yang jatuh tempo dalam jangka waktu duabelas bulan setelah akhir tahun pelaporan dandiakui pada saat pekerja telah memberikan jasakerjanya.
Short - term employee benefits are employeebenefits which are due for payment withintwelve months after the reporting year andrecognized when the employees haverendered this related service.
Imbalan kerja jangka panjang Long - term employee benefits liabilities
Perhitungan estimasi liabilitas untuk imbalankerja yang memenuhi kriteria sebagai imbalanmanfaat pasti ditentukan dengan menggunakanmetode aktuarial Projected Unit Credit.
The calculation of estimated liability foremployment benefits which meet the criteriaas defined benefit is determined using theProjected Unit Credit Actuarial Method.
Laporan Tahunan 2013144 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
28
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
r. Liabilitas imbalan kerja (lanjutan) r. Employment benefits liabilities(continued)
Imbalan kerja jangka panjang (lanjutan) Long-term employee benefits liabilities(continued)
Keuntungan atau kerugian aktuarial diakuisebagai pendapatan atau beban apabilaakumulasi keuntungan atau kerugian aktuarialneto yang belum diakui pada akhir tahunpelaporan sebelumnya melebihi 10% dari nilaikini liabilitas imbalan pasti pada tanggal tersebut.Keuntungan atau kerugian ini diakui atas dasarmetode garis lurus selama perkiraan rata-ratasisa masa kerja karyawan.
Actuarial gains or losses are recognized as incomeor expense when the net cumulative unrecognizedactuarial gains or losses at the end of the previousreporting year exceed 10% of the present value ofdefined benefit obligation at that date. These gainsor losses are recognized on a straight-line methodover the expected average remaining service yearsof the employees.
Biaya jasa kini diakui sebagai beban tahunberjalan. Biaya jasa lalu dibebankan langsungpada laporan laba rugi komprehensifkonsolidasian, kecuali bila perubahan terhadapmanfaat tergantung pada status kepegawaianpekerja di masa yang akan datang (periodevesting). Dalam hal ini, biaya jasa laludiamortisasikan secara garis lurus sepanjangperiode vesting.
Current service cost is expensed in the currentyear. Past service costs are recognizedimmediately in the consolidated statements ofcomprehensive income, unless the changes tothe benefit are conditional on the employeesremaining in service for a specified period of time(the vesting period). In this case, past servicecosts are amortized on a straight-line method overthe vesting period.
s. Pengakuan pendapatan dan beban s. Revenue and expense recognition
Pendapatan dari penjualan Revenue from sale
Pendapatan dari penjualan diakui pada saatterjadi pemindahan risiko kepada pelanggan, dan
Revenue from sales is recognized when the riskhas been transferred to the customers, and
• Besar kemungkinan manfaat ekonomi yangterkait dengan transaksi tersebut akanmengalir ke Grup;
• It is probable that economic benefitsassociated with the transaction will flow to theGroup;
• Kuantitas dan kualitas dari produk dapatditentukan secara wajar dan akurat;
• The quantity and quality of the product can bedetermined with reasonable and accuracy;
• Barang sudah dikirim kepada pelanggan dantidak lagi berada dalam pengendalian fisikGrup (atau kepemilikan atas produkdiserahkan kepada pelanggan); dan
• The product has been dispatched to thecustomer and is no longer under the physicalcontrol of the Group (or ownership of theproduct has earlier passed to the customer);and
• Harga jual dan biaya terkait dapat diukursecara andal.
• The selling price and related costs can bedetermined with reasonable accuracy.
Pendapatan bunga Interest income
Untuk semua instrumen keuangan yang diukurpada biaya perolehan diamortisasi, pendapatanatau biaya bunga dicatat dengan menggunakanmetode Suku Bunga Efektif (“SBE”), yaitu sukubunga yang secara tepat mendiskontokan estimasipembayaran atau penerimaan kas di masa datangselama perkiraan umur dari instrumen keuangan,atau jika lebih tepat, digunakan periode yang lebihsingkat, terhadap nilai tercatat neto dari asetkeuangan atau liabilitas keuangan.
For all financial instruments measured atamortized cost, interest income or expense isrecorded using the Effective Interest Rate(“EIR”), which is the rate that exactly discountsthe estimated future cash payments or receiptsthrough the expected life of the financialinstrument or a shorter period, whereappropriate, to the net carrying amount of thefinancial asset or liability.
Beban diakui pada saat terjadinya dengan basisakrual.
Expenses are recognized as incurred on theaccrual basis.
Laporan Tahunan 2013 145 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
29
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
t. Perpajakan t. Taxation
Beban pajak kini ditetapkan berdasarkan taksiranlaba kena pajak tahun berjalan. Manajemenmencatat kekurangan/kelebihan pembayaranpajak penghasilan sebagai bagian dari “BebanPajak Kini” dalam laba rugi. Manajemen jugamenyajikan bunga/denda, jika ada, sebagaibagian dari “Beban Pajak Kini”. Aset dan liabilitaspajak tangguhan diakui atas perbedaan temporerantara aset dan liabilitas untuk tujuan komersialdan untuk tujuan perpajakan pada setiap akhirtahun pelaporan.
Current tax expense is provided based on theestimated taxable income for the year.Management presents the underpayment/overpayment of income tax, as part of “TaxExpense - Current” in profit or loss. Managementalso presents interest/penalty, if any, as part of“Tax Expenses - Current”. Deferred tax assets andliabilities are recognized for temporary differencesbetween the commercial and the tax bases ofassets and liabilities at the end of reporting years.
Aset dan liabilitas pajak tangguhan diukur padatarif pajak yang diharapkan akan digunakan padaperiode ketika aset direalisasi atau ketika liabilitasdilunasi berdasarkan tarif pajak (dan peraturanperpajakan) yang berlaku atau secara substansialtelah diberlakukan pada akhir tahun pelaporan.
Deferred tax assets and liabilities are measured atthe tax rates that are expected to apply in theperiod when the asset is realized or the liability issettled based on tax rates (and tax laws) that havebeen enacted or substantively enacted at the endof reporting years.
Jumlah tercatat aset pajak tangguhan ditelaahpada setiap tanggal pelaporan dan nilai tercatataset pajak tangguhan tersebut diturunkan apabilatidak lagi terdapat kemungkinan besar bahwalaba fiskal yang memadai akan tersedia untukmengkompensasi sebagian atau semua manfaataset pajak tangguhan.
The carrying amount of deferred tax assets isreviewed at each reporting date and reduced tothe extent that it is no longer probable thatsufficient taxable profits will be available to allowall or part of the benefit of the deferred tax assetsto be utilized.
Koreksi terhadap liabilitas perpajakan dicatatpada saat surat ketetapan pajak diterima Grup,atau jika mengajukan banding, apabila:(1) pada saat hasil dari banding tersebutditetapkan, kecuali bila terdapat ketidakpastianyang signifikan atas hasil banding tersebut, makakoreksi berdasarkan surat ketetapan pajakterhadap liabilitas perpajakan tersebut dicatatpada saat pengajuan banding dibuat, atau (2)pada saat dimana berdasarkan pengetahuan dariperkembangan atas kasus lain yang serupadengan kasus Grup yang sedang dalam prosesbanding, berdasarkan ketentuan dari PengadilanPajak atau Mahkamah Agung, dimana hasil yangdiharapkan dari proses banding Grup terdapatketidakpastian yang signifikan, maka pada saattersebut perubahan liabilitas perpajakanberdasarkan ketetapan pajak diakui.
Amendments to taxation liabilities are recordedwhen the tax assessment letter is received or, forassessment amounts appealed against by theGroup, when: (1) the result of the appeal isdetermined, unless there is significant uncertaintyas to the outcome of such appeal, in which eventthe impact of the amendment of tax obligationsbased on tax assessment letter is recognized atthe time of making such appeal, or (2) at the timebased on knowledge of developments in similarcases involving matters appealed by the Group,based on rulings by the Tax Court or the SupremeCourt, that a positive outcome of the Group’sappeal is adjudged to be significantly uncertain, inwhich event the impact of an amendment of taxobligations based on the assessment amountsappealed is recognized.
Aset dan liabilitas pajak tangguhan saling hapusjika terdapat hak yang dapat dipaksakan secarahukum untuk melakukan saling hapus aset pajakkini dan liabilitas pajak kini dan aset dan liabilitaspajak tangguhan yang terkait dengan pajakpenghasilan yang dikenakan oleh otoritasperpajakan yang sama, baik atas entitas kenapajak yang sama ataupun berbeda dan adanyaniat untuk menyelesaikan saldo-saldo tersebutsecara neto.
Deferred income tax assets and liabilities areoffset when there is a legally enforceable right tooffset current tax assets against current taxliabilities and when the deferred income taxesassets and liabilities relate to income taxes leviedby the same taxation authority on either the sametaxable entity or on different taxable entitieswhere there is an intention to settle the balanceson a net basis.
Laporan Tahunan 2013146 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
30
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
u. Instrumen keuangan u. Financial instruments
1. Aset Keuangan 1. Financial assets
Aset keuangan dalam ruang lingkup PSAKNo. 55 (Revisi 2011) diklasifikasikan sebagai(i) aset keuangan yang diukur pada nilai wajarmelalui laba rugi, (ii) pinjaman yang diberikandan piutang, (iii) investasi dimiliki hingga jatuhtempo, (iv) aset keuangan tersedia untukdijual, atau (v) sebagai derivatif yangditetapkan sebagai instrumen lindung nilaidalam lindung nilai yang efektif. Manajemenmenentukan klasifikasi aset keuangantersebut pada pengakuan awal dan, jikadiperbolehkan dan sesuai, akan mengevaluasikembali pengklasifikasian aset tersebut padasetiap akhir tahun pelaporan.
Financial assets within the scope of PSAKNo. 55 (Revised 2011) are classified as (i)financial assets at fair value through profit orloss, (ii) loans and receivables, (iii) held-to-maturity investments, (iv) available-for-salefinancial assets, or (v) as derivativesdesignated as hedging financial instrumentsin an effective hedge, as appropriate.Management determines the classification ofits financial assets at initial recognition and,where allowed and appropriate, re-evaluatethe designation of such assets at the end ofreporting years.
Grup tidak memiliki aset keuangan selain asetkeuangan yang diklasifikasikan sebagaipinjaman yang diberikan dan piutang (Catatan38).
The Group has no financial asset other thanthose classified as loans and receivables(Note 38).
Pengakuan awal Initial recognition
Pada saat pengakuan awal, aset keuangandiukur pada nilai wajarnya. Dalam hal asetkeuangan tidak diukur pada nilai wajar melaluilaba rugi, nilai wajar tersebut ditambah biayatransaksi yang dapat diatribusikan secaralangsung dengan perolehan atau penerbitanaset keuangan tersebut.
When financial assets are recognizedinitially, they are measured at fair value. Inthe case of financial assets not measured atfair value through profit or loss, the fair valueplus transaction costs that are directlyattributable to the acquisition or issuance ofthese financial assets.
Pengukuran setelah pengakuan awal Subsequent measurement
Pengukuran aset keuangan setelahpengakuan awal tergantung pada klasifikasiaset keuangan tersebut sebagai berikut:
The subsequent measurement of financialassets depends on their classification, whichare as follows:
Pinjaman yang diberikan dan piutang adalahaset keuangan non-derivatif denganpembayaran tetap atau telah ditentukan, yangtidak mempunyai kuotasi di pasar aktif. Asetkeuangan tersebut diukur sebesar biayaperolehan diamortisasi (amortized cost)dengan menggunakan metode SBE.
Loans and receivables are non-derivativefinancial assets with fixed or predeterminedpayments that are not quoted in an activemarket. These financial assets are measuredat amortized cost using the EIR method.
Keuntungan dan kerugian diakui dalamlaporan laba rugi komprehensif konsolidasianpada saat pinjaman yang diberikan danpiutang dihentikan pengakuannya ataumengalami penurunan nilai, demikian jugapada melalui proses amortisasi.
Gains and losses are recognized in theconsolidated statements of comprehensiveincome when the loans and receivables arederecognized or impaired, as well as throughthe amortization process.
Laporan Tahunan 2013 147 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
31
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
u. Instrumen keuangan (lanjutan) u. Financial instruments (continued)
2. Liabilitas Keuangan 2. Financial liabilities
Liabilitas keuangan diklasifikasikan sebagai (i)liabilitas keuangan yang diukur pada nilaiwajar melalui laba rugi, (ii) pinjaman danutang, atau (iii) derivatif yang ditetapkansebagai instrumen lindung nilai dalam lindungnilai yang efektif. Manajemen menentukanklasifikasi liabilitas keuangan pada saatpengakuan awal.
Financial liabilities are classified as (i)financial liabilities at fair value through profitor loss, (ii) loans and borrowings, or (iii)derivatives that are designated as hedginginstruments in an effective hedge, asappropriate. Management determines theclassification of its financial liabilities at initialrecognition.
Grup tidak memiliki liabilitas keuangan selainliabilitas keuangan yang diklasifikasikansebagai pinjaman dan utang (Catatan 38).
The Group has no financial liabilities otherthan those classified as loans and borrowings(Note 38).
Pengakuan awal Initial recognition
Liabilitas keuangan diakui pada awalnyasebesar nilai wajar dan, dalam hal pinjamandan utang, termasuk biaya transaksi yangdapat diatribusikan secara langsung.
Financial liabilities are recognized initially atfair value and, in terms of loans and debt,including directly attributable transactioncosts.
Pengukuran setelah pengakuan awal Subsequent measurement
Setelah pengakuan awal, pinjaman dan utangselanjutnya diukur pada biaya perolehandiamortisasi dengan menggunakan metodeSBE.
After initial recognition, loans and borrowingsare subsequently measured at amortizedcost using the EIR method.
Keuntungan dan kerugian diakui dalamlaporan laba rugi komprehensif konsolidasianpada saat liabilitas dihentikan pengakuannyaserta melalui proses amortisasi.
Gains and losses are recognized in theconsolidated statements of comprehensiveincome when the liabilities are derecognizedas well as through the amortization process.
3. Saling hapus dari instrumen keuangan 3. Offsetting of financial instruments
Aset keuangan dan liabilitas keuangan salinghapus dan nilai netonya disajikan dalam laporanposisi keuangan konsolidasian jika, dan hanyajika, Grup saat ini memiliki hak yangberkekuatan hukum untuk melakukan salinghapus atas jumlah yang telah diakui dan berniatuntuk menyelesaikan secara neto, atau untukmerealisasikan aset dan menyelesaikanliabilitasnya secara bersamaan.
Financial assets and financial liabilities areoffset and the net amount reported in theconsolidated statements of financial position if,and only if, the Group currently has the rightsof legal force to offset recognized amount andthere is an intention to settle on a net basis, orto realize the asset and settle the liabilitiessimultaneously.
Laporan Tahunan 2013148 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
32
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
u. Instrumen keuangan (lanjutan) u. Financial instruments (continued)
4. Nilai wajar instrumen keuangan 4. The fair value of financial instruments
Nilai wajar instrumen keuangan yangdiperdagangkan secara aktif di pasar keuanganyang terorganisasi ditentukan dengan mengacupada kuotasi harga penawaran atau permintaan(bid or ask prices) di pasar aktif padapenutupan perdagangan pada akhir periodepelaporan. Untuk instrumen keuangan yangtidak memiliki pasar aktif, nilai wajar ditentukandengan menggunakan teknik penilaian. Teknikpenilaian mencakup penggunaan transaksipasar terkini yang dilakukan secara wajar olehpihak-pihak yang berkeinginan dan memahami(recent arm’s length market transactions);penggunaan nilai wajar terkini instrumen lainyang secara substansial sama; analisa arus kasyang didiskonto; atau model penilaian lain.
The fair value of financial instruments that areactively traded in organized financial markets isdetermined by reference to quoted bid prices ordemand in active markets at the close ofbusiness at the end of reporting period. Forfinancial instruments that have no activemarket, fair value is determined using valuationtechniques. Such valuation techniques mayinclude the use of the latest markettransactions conducted properly by the partiesthat desire and understand (recent arm's lengthmarket transactions); the use of the current fairvalue of another instrument which issubstantially the same, discounted cash flowanalysis, or other valuation models.
5. Biaya perolehan diamortisasi instrumenkeuangan
5. Amortized cost of financial instruments
Biaya perolehan diamortisasi dihitung denganmenggunakan metode suku bunga efektifdikurangi dengan penyisihan atas penurunannilai dan pembayaran pokok atau nilai yangtidak dapat ditagih. Perhitungan tersebutmempertimbangkan premium atau diskontopada saat perolehan dan termasuk biayatransaksi dan biaya yang merupakan bagianyang tak terpisahkan dari suku bunga efektif.
Amortized cost is computed using the effectiveinterest rate method less any allowance forimpairment and repayment of principal oruncollectible amount. The calculation takesinto account any premium or discount onacquisition and includes transaction costs andfees that are integral part of the effectiveinterest rate.
6. Penurunan nilai aset keuangan 6. Impairment of financial assets
Pada setiap akhir tahun pelaporan,manajemen mengevaluasi apakah terdapatbukti yang objektif bahwa aset keuangan ataukelompok aset keuangan mengalamipenurunan nilai.
At the end of reporting years, managementassesses whether there is objective evidencethat a financial asset or group of financialassets is impaired.
Untuk pinjaman yang diberikan dan piutangyang dicatat pada biaya perolehandiamortisasi, manajemen pertama kalimenentukan apakah terdapat bukti objektifmengenai penurunan nilai secara individualatas aset keuangan yang signifikan secaraindividual, atau secara kolektif untuk asetkeuangan yang jumlahnya tidak signifikansecara individual.
For loans and receivables carried at amortizedcost, management first assesses whetherobjective evidence of impairment existsindividually for financial assets that areindividually significant, or collectively forfinancial assets that are not individuallysignificant.
Laporan Tahunan 2013 149 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
33
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
u. Instrumen keuangan (lanjutan) u. Financial instruments (continued)
6. Penurunan nilai aset keuangan (lanjutan) 6. Impairment of financial assets (continued)
Jika manajemen menentukan tidak terdapatbukti objektif mengenai penurunan nilai atasaset keuangan yang dinilai secara individual,terlepas aset keuangan tersebut signifikan atautidak, maka aset tersebut dimasukkan kedalam kelompok aset keuangan yang memilikikarakteristik risiko kredit yang sejenis danmenilai penurunan nilai kelompok tersebutsecara kolektif. Aset keuangan yangpenurunan nilainya dinilai secara individual,dan untuk itu kerugian penurunan nilai diakuiatau tetap diakui, tidak termasuk dalampenilaian penurunan nilai secara kolektif.
If management determines that no objectiveevidence of impairment exists for anindividually assessed financial asset, whethersignificant or not, they include the asset in agroup of financial assets with similar credit riskcharacteristics and collectively assess them forimpairment. Financial assets that areindividually assessed for impairment and forwhich an impairment loss is, or continues to berecognized, are not included in a collectiveassessment of impairment.
Jika terdapat bukti objektif bahwa kerugianpenurunan nilai telah terjadi, jumlah kerugiantersebut diukur sebagai selisih antara nilaitercatat aset dengan nilai kini estimasi arus kasmasa datang (tidak termasuk ekspektasikerugian kredit masa datang yang belumterjadi). Nilai kini estimasi arus kas masadatang didiskonto menggunakan suku bungaefektif awal dari aset keuangan tersebut. Jikapinjaman yang diberikan dan piutang memilikisuku bunga variabel, tingkat diskonto untukmengukur setiap kerugian penurunan nilaiadalah suku bunga efektif terkini.
If there is objective evidence that animpairment loss has occurred, the amount ofthe loss is measured as the difference betweenthe carrying value of assets and the presentvalue of estimated future cash flows (excludingfuture expected credit losses that have not yetbeen incurred). The present value of theestimated future cash flows is discounted atthe financial asset’s original effective interestrate. If a loan and receivable has a variableinterest rate, the discount rate for measuringimpairment loss is the current effective interestrate.
Nilai tercatat aset keuangan yang berkurangmelalui penggunaan akun penyisihan danjumlah kerugian diakui dalam laporan laba rugikomprehensif konsolidasian. Pendapatanbunga tetap diakui berdasarkan nilai tercatatyang telah dikurangi, berdasarkan suku bungaefektif aset tersebut. Pinjaman yang diberikandan piutang, bersama-sama denganpenyisihan terkait, akan dihapuskan pada saattidak terdapat kemungkinan pemulihan di masadepan yang realistis dan semua jaminan telahterealisasi atau telah dialihkan kepada Grup.Jika pada periode berikutnya, jumlah taksirankerugian penurunan nilai bertambah atauberkurang karena suatu peristiwa yang terjadisetelah penurunan nilai tersebut diakui, makakerugian penurunan nilai yang sebelumnyadiakui ditambah atau dikurangi denganmenyesuaikan akun penyisihan. Jikapenghapusan kemudian dipulihkan, makapemulihan tersebut diakui dalam laporan labarugi komprehensif konsolidasian.
The carrying amount of the financial asset isreduced through the use of an allowanceaccount and the amount of the loss isrecognized in the consolidated statements ofcomprehensive income. Interest incomecontinues to be accrued on the reducedcarrying amount based on the original effectiveinterest rate of the asset. Loans andreceivables, together with the associatedallowance, are written off when there is norealistic prospect of future recovery and allcollateral has been realized or has beentransferred to the Group. If, in a subsequentperiod, the amount of the estimatedimpairment loss increases or decreasesbecause of an event occurring after theimpairment was recognized, the previouslyrecognized impairment loss is increased orreduced by adjusting the allowance account. Ifa future write-off is later recovered, therecovery is recognized in the consolidatedstatements of comprehensive income.
Laporan Tahunan 2013150 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
34
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
u. Instrumen keuangan (lanjutan) u. Financial instruments (continued)
7. Penghentian pengakuan aset dan liabilitaskeuangan
7. Derecognition of financial assets andliabilities
Aset keuangan Financial assets
Aset keuangan (atau apabila dapatditerapkan, bagian dari aset keuangan ataubagian dari kelompok aset keuangan serupa)dihentikan pengakuannya pada saat: (1) hakuntuk menerima arus kas yang berasal dariaset tersebut telah berakhir; atau (2) Gruptelah mentransfer hak mereka untukmenerima arus kas yang berasal dari asetatau berkewajiban untuk membayar arus kasyang diterima secara penuh tanpa penundaanmaterial kepada pihak ketiga dalam perjanjianyang memenuhi “pass-through”; dan (a) Gruptelah secara substansial mentransfer seluruhrisiko dan manfaat dari aset, atau (b) Grupsecara substansial tidak mentransfer atautidak memiliki seluruh risiko dan manfaatsuatu aset, namun telah mentransfer kendaliatas aset tersebut.
A financial asset (or where applicable, a part ofa financial asset or part of a group of similarfinancial assets) is derecognized when: (1) therights to receive cash flows from the asset haveexpired; or (2) the Group has transferred itsrights to receive cash flows from the asset orhave assumed an obligation to pay thereceived cash flows in full without materialdelay to a third party under a “pass-through”arrangement; and either (a) the Group hastransferred substantially all the risks andrewards of the asset, or (b) the Group hasneither transferred nor retained substantially allthe risks and rewards of the asset, but hastransferred control of the asset.
Liabilitas keuangan Financial liabilities
Liabilitas keuangan dihentikan pengakuannyapada saat liabilitas tersebut dihentikan ataudibatalkan atau kadaluwarsa.
A financial liability is derecognized when therelated obligation is discharged or cancelledor has expired.
Ketika sebuah liabilitas keuangan ditukardengan liabilitas keuangan lain dari pemberipinjaman yang sama atas persyaratan yangsecara substansial berbeda, atau bilapersyaratan dari liabilitas keuangan tersebutsecara substansial dimodifikasi, pertukaranatau modifikasi persyaratan tersebut dicatatsebagai penghentian pengakuan liabilitaskeuangan awal dan pengakuan liabilitaskeuangan baru, dan selisih antara nilaitercatat masing-masing liabilitas keuangantersebut diakui dalam laporan laba rugikomprehensif konsolidasian.
When an existing financial liability is replacedby another from the same lender onsubstantially different terms, or the terms ofan existing liability are substantially modified,such an exchange or modification is treatedas a derecognition of the original liability andthe recognition of a new liability, and thedifference in the respective carrying amountsis recognized in the consolidated statementsof comprehensive income.
v. Instrumen keuangan derivatif v. Derivative financial instruments
Manajemen menggunakan instrumen keuanganseperti kontrak swap komoditas untuk melindungirisiko harga komoditas yang dihadapi. Instrumenkeuangan derivatif tersebut diakui pada saatkontrak ditandatangani sebesar nilai wajarnya padatanggal tersebut dan selanjutnya diukur pada nilaiwajar saat pengukuran. Instrumen derivatif tersebutdiakui sebagai aset keuangan jika nilai wajarnyapositif dan sebagai liabilitas keuangan jika nilaiwajarnya negatif.
Management uses derivative financialinstruments such as commodity swaps contractsto hedge its commodity price risks. Suchderivative financial instruments are initiallyrecognised at fair value on the date on which aderivative contract is entered into and aresubsequently remeasured at fair value.Derivatives instruments are carried as financialassets when the fair value is positive and asfinancial liabilities when the fair value isnegative.
Laporan Tahunan 2013 151 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
35
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
v. Instrumen keuangan derivatif (lanjutan) v. Derivative financial instruments (continued)
Laba atau rugi yang timbul dari perubahan nilaiwajar derivatif diakui segera di dalam laporan labarugi komprehensif konsolidasian.
Any gains or losses arising from changes in thefair value of derivatives are taken directly to theconsolidated statements of comprehensiveincome.
w.Laba per saham dasar w. Earnings per share
Laba per saham dasar dihitung dengan membagilaba tahun berjalan yang dapat diatribusikankepada pemilik entitas induk dengan jumlah rata-rata tertimbang saham yang beredar dalam satutahun.
Basic earnings per share is calculated by dividingprofit for the year attributable to equity holders ofthe parent entity by the weighted-averagenumber of shares outstanding during the year
x. Informasi segmen x. Segment information
Segmen operasi dilaporkan dengan cara yangkonsisten dengan pelaporan internal yangdiberikan kepada pengambil keputusanoperasional. Direksi merupakan pengambilkeputusan operasional yang bertanggung jawabuntuk mengalokasikan sumber daya dan menilaikinerja segmen operasi dan membuat keputusanstrategis.
Operating segments are reported in a mannerconsistent with the internal reporting provided tothe chief operating decision-maker. TheDirectors are operating decision-maker who isresponsible for allocating resources andassessing performance of the operatingsegments and making strategic decision.
y. Standar Akuntansi Keuangan (“SAK”) yangtelah Diterbitkan namun belum Berlaku Efektif
y. Financial Accounting Standards (“SAK”) thathave been Published but not yet Effective
Berikut ini adalah beberapa SAK yang telahditerbitkan oleh Dewan Standar AkuntansiKeuangan Ikatan Akuntan Indonesia yangdipandang relevan terhadap pelaporan keuanganGrup namun belum berlaku efektif untuk laporankeuangan tahun 2013:
The following are several published SAK by theIndonesian Financial Accounting StandardsBoard of the Indonesia Institute of Accountantsthat are considered relevant to the financialreporting of the Group but not yet effective for2013 financial statements are as follows:
• PSAK No. 1 (2013): Penyajian LaporanKeuangan, yang diadopsi dari IAS 1, berlakuefektif 1 Januari 2015.
PSAK ini mengubah penyajian kelompok pos-pos dalam Penghasilan Komprehensif Lain.Pos-pos yang akan direklasifikasi ke laba rugidisajikan terpisah dari pos-pos yang tidak akandireklasifikasi ke laba rugi.
• PSAK No. 4 (2013): Laporan KeuanganTersendiri, yang diadopsi dari IAS 4, berlakuefektif 1 Januari 2015.
PSAK ini hanya mengatur persyaratanakuntansi ketika entitas induk menyajikanlaporan keuangan tersendiri sebagai informasitambahan. Pengaturan akuntansi untuk laporankeuangan konsolidasian diatur dalamPSAK No. 65.
• PSAK No. 1 (2013): Presentation of FinancialStatements, adopted from IAS 1, effectiveJanuary 1, 2015.
This PSAK change the grouping of itemspresented in Other Comprehensive Income.Items that could be reclassified to profit or losswould be presented separately from items thatwill never be reclassified.
• PSAK No. 4 (2013): Separate FinancialStatements, adopted from IAS 4, effectiveJanuary 1, 2015.
This PSAK prescribe only the accountingrequirements when a parent entity preparesseparate financial statements as additionalinformation. Accounting for consolidatedfinancial statements is determined inPSAK No. 65.
Laporan Tahunan 2013152 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
36
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
y. Standar Akuntansi yang telah Diterbitkannamun belum Berlaku Efektif (lanjutan)
y. Accounting Standards that have beenPublished but not yet Effective (continued)
• PSAK No. 24 (2013): Imbalan Kerja, yangdiadopsi dari IAS 19, berlaku efektif 1 Januari2015.
• PSAK No. 24 (2013): Employee Benefits,adopted from IAS 19, effective January 1,2015.
PSAK ini, antara lain, menghapus mekanismekoridor dan pengungkapan atas informasiliabilitas kontinjensi untuk menyederhanakanklarifikasi dan pengungkapan.
This PSAK, among other, removes the corridormechanism and contingent liability disclosuresto simplify clarifications and disclosures.
• PSAK No. 65: Laporan KeuanganKonsolidasi, yang diadopsi dari IFRS 10,berlaku efektif 1 Januari 2015.
PSAK ini menggantikan porsi PSAK No. 4(2009) yang mengenai pengaturan akuntansiuntuk laporan keuangan konsolidasian,menetapkan prinsip penyusunan dan penyajianlaporan keuangan konsolidasian ketika entitasmengendalikan satu atau lebih entitas lain.
• PSAK No. 65: Consolidated FinancialStatements, adopted from IFRS 10, effectiveJanuary 1, 2015.
This PSAK replaces the portion of PSAK No. 4(2009) that addresses the accounting forconsolidated financial statements, establishesprinciples for the presentation and preparationof consolidated financial statements when anentity controls one or more other entities.
• PSAK No. 67: Pengungkapan Kepentingandalam Entitas Lain, yang diadopsi dari IFRS12, berlaku efektif 1 Januari 2015.
PSAK ini mencakup semua pengungkapanyang diatur sebelumnya dalam PSAK No. 4(2009), PSAK No. 12 (2009) dan PSAK No. 15(2009). Pengungkapan ini terkait dengankepentingan entitas dalam entitas-entitas lain.
• PSAK No. 68: Pengukuran Nilai Wajar, yangdiadopsi dari IFRS 13, berlaku efektif1 Januari 2015.
PSAK ini memberikan panduan tentangbagaimana pengukuran nilai wajar ketika nilaiwajar disyaratkan atau diizinkan.
• PSAK No. 67: Disclosure of Interest in OtherEntities, adopted from IFRS 12, effectiveJanuary 1, 2015.
This PSAK includes all of the disclosures thatwere previously in PSAK No. 4 (2009), PSAKNo. 12 (2009) and PSAK No. 15 (2009). Thisdisclosures relate to an entity’s interests inother entities.
• PSAK No. 68: Fair Value Measurement,adopted from IFRS 13, effective January 1,2015.
This PSAK provides guidance on how tomeasure fair value when fair value is requiredor permitted.
Laporan Tahunan 2013 153 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
37
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)
2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)
y. Standar Akuntansi yang telah Diterbitkannamun belum Berlaku Efektif (lanjutan)
y. Accounting Standards that have beenPublished but not yet Effective (continued)
• ISAK No. 28: Pengakhiran LiabilitasKeuangan dengan Instrumen Ekuitas, yangdiadopsi dari IFRIC 19, berlaku efektif 1Januari 2014.
• ISAK No. 28: Extinguishing FinancialLiabilities with Equity Instruments, adoptedfrom IFRIC 19, effective January 1, 2014.
• PPSAK No. 12: Pencabutan PSAK No. 33Aktivitas Pengupasan Lapisan Tanah danPengelolaan Lingkungan Hidup padaPertambangan Umum, berlaku efektif1 Januari 2014.
• PPSAK No. 12: Revocation of PSAKNo. 33 Stripping Activity andEnvironmental Management at GeneralMining, effective January 1, 2014
• ISAK No. 29: Biaya Pengupasan LapisanTanah tahap Produksi pada PertambanganTerbuka, yang diadopsi dari IFRIC 20,berlaku efektif 1 Januari 2014.
• ISAK No. 29: Stripping Costs in theProduction Phase of a Surface Mining,adopted from IFRIC 20, effective January 1,2014.
Menurut Interpretasi ini, aktivitaspengupasan tanah penutup yang dilakukanselama tahap produksi dapat menghasilkandua manfaat: yang pertama berupa produksipersediaan dan yang kedua berupapembukaan akses menuju material yangakan ditambang dimasa depan. Jikamanfaat tersebut berupa persediaan, makaperlakuan atas biaya pengupasan tanahpenutup tersebut mengikuti ketentuan PSAKNo. 14 Persediaan. Jika manfaatnya berupapeningkatan akses menuju material yangakan ditambang dimasa depan, maka jikamemenuhi seluruh kriteria, biayapengupasan tanah penutup tersebut diakuisebagai aset tidak lancar. Interpretasi inimerujuk aset tidak lancar tersebut sebagai“Aset aktivitas pengupasan lapisan tanah”.
Under the Interpretation, stripping activityundertaken during the production phase maycreate two benefits: the first being theproduction of inventory and the secondbeing improved access to ore to be mined inthe future. Where the benefits are realisedin the form of inventory produced, theproduction stripping costs must beaccounted for in accordance withPSAK No. 14 Inventories. Where the benefitis improved access to ore to be mined in thefuture, these costs must be recognised as anon-current asset, if all of the requiredcriteria are met. The Interpretation refers tothis non-current asset as the ‘strippingactivity asset’. This interpretation refers suchnon-current assets as “Stripping activityasset”.
Interpretasi ini mengatur, antara lain,bagaimana pengakuan dan pengukuranawal serta pengukuran selanjutnya ataskedua manfaat tersebut diatas.
This interpretation regulates, among others,the initial recognition and measurement aswell as subsequent measurement of bothbenefits above.
Manajemen sedang mengevaluasi dan belummenentukan dampak dari Standar danInterpretasi yang direvisi dan yang baru tersebutterhadap laporan keuangan konsolidasian Grup.
Management is presently evaluating and has notyet determined the effects of these revised andnew Standards and Interpretations on theGroup’s consolidated financial statements.
Laporan Tahunan 2013154 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
38
3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN
3. SIGNIFICANT ACCOUNTING JUDGMENTS,ESTIMATES AND ASSUMPTIONS
Pertimbangan Judgments
Penyusunan laporan keuangan konsolidasian sesuaidengan SAK mengharuskan manajemen untukmembuat pertimbangan, estimasi dan asumsi yangmempengaruhi jumlah yang dilaporkan dalam laporankeuangan konsolidasian.
The preparation of consolidated financial statements,in conformity with SAK requires management tomake judgments, estimates and assumptions thataffect amounts reported therein.
Pertimbangan berikut ini dibuat oleh manajemendalam rangka penerapan kebijakan akuntansi yangmemiliki pengaruh signifikan atas jumlah yang diakuidalam laporan keuangan konsolidasian Grup:
The following judgment was made by management inthe process of applying the accounting policies thathave the significant effects on the amountsrecognized in the Group’s consolidated financialstatements:
Klasifikasi aset dan liabilitas keuangan Classification of financial assets and liabilities
Manajemen menetapkan klasifikasi atas aset danliabilitas tertentu sebagai aset keuangan dan liabilitaskeuangan dengan mempertimbangkan apakah definisiyang ditetapkan PSAK No. 55 dipenuhi. Dengandemikian, aset dan liabilitas keuangan diakui sesuaidengan kebijakan akuntansi seperti diungkapkan padaCatatan 2u.
Management determines the classifications of certainassets and liabilities as financial assets and financialliabilities by judging if they meet the definition set forthin PSAK No. 55. Accordingly, the financial assets andliabilities are accounted for in accordance with theaccounting policies disclosed in Note 2u.
Alokasi biaya perolehan dalam kombinasi bisnis Purchase price allocation in business combination
Akuntansi akuisisi mengharuskan penggunaanestimasi akuntansi secara ekstensif dalammengalokasikan biaya perolehan kepada nilai pasarwajar yang dapat diandalkan atas aset dan liabilitasyang diakuisisi, termasuk aset tak berwujud. SesuaiPSAK No. 22 (Revisi 2010), “Kombinasi Bisnis”,goodwill tidak diamortisasi dan dilakukan pengujianatas penurunan nilai setiap tahunnya. Nilai tercatatgoodwill pada tanggal 31 Desember 2013 adalahsebesar AS$3.523.795 (31 Desember 2012:AS$25.017). Penjelasan lebih rinci diungkapkan dalamCatatan 4.
Acquisition accounting requires extensive use ofaccounting estimates to allocate the purchase price tothe reliable fair market values of the assets andliabilities purchased, including intangible assets.Under PSAK No. 22 (Revised 2010), “BusinessCombinations”, goodwill is not amortized and issubject to an annual impairment testing. The carryingamount of goodwill as of December 31,2013 wasUS$3,523,795 (December 31, 2012: US$25,017).Further details are disclosed in Note 4.
Pembuatan estimasi arus kas masa depan dalammenentukan nilai wajar tanaman perkebunan padatanggal akuisisi melibatkan estimasi yang signifikan.Walaupun manajemen berkeyakinan bahwa asumsiyang digunakan adalah tepat dan masuk akal,perubahan signifikan pada asumsi tersebut dapatmempengaruhi secara material evaluasi atas nilaiterpulihkan dan dapat menimbulkan penurunan nilaisesuai PSAK No. 48, “Penurunan Nilai Aset.”
The preparation of estimated future cash flows indetermining the fair values of plantations at the date ofacquisition involves significant estimations. While themanagement believes that its assumptions areappropriate and reasonable, significant changes in itsassumptions may materially affect its assessment ofrecoverable values and may lead to future impairmentcharges under PSAK No. 48, “Impairment of Assets.”
Laporan Tahunan 2013 155 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
39
3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN (lanjutan)
3. SIGNIFICANT ACCOUNTING JUDGMENTS,ESTIMATES AND ASSUMPTIONS (continued)
Pertimbangan (lanjutan) Judgments (continued)
Estimasi dan asumsi Estimates and assumptions
Manajemen mendasarkan asumsi dan estimasi padaparameter yang tersedia pada saat laporan keuangankonsolidasian disusun. Asumsi dan situasi mengenaiperkembangan masa depan, mungkin berubah akibatperubahan pasar atau situasi diluar kendalimanajemen. Perubahan tersebut tercermin dalamasumsi terkait pada saat terjadinya. Sehubungandengan adanya ketidakpastian yang melekat dalammembuat estimasi, hasil aktual yang dilaporkan dimasa mendatang dapat berbeda dengan hasilestimasi yang dilaporkan tersebut.
Management based its assumptions and estimateson parameters available when the consolidatedfinancial statements were prepared. Existingcircumstances and assumptions about futuredevelopments, may change due to market changesor circumstances arising beyond the control of themanagement. Such changes are reflected in theassumptions as they occur. Due to inherentuncertainty in making estimates, actual resultsreported in future periods may differ from thoseestimates.
Asumsi utama masa depan dan sumber utamaestimasi ketidakpastian lain pada akhir tahunpelaporan yang memiliki risiko signifikan bagipenyesuaian yang material terhadap nilai tercatat asetdan liabilitas untuk tahun berikutnya, diungkapkan dibawah ini.
The key assumptions concerning the future and otherkey sources of estimation uncertainty at the end ofreporting year that have a significant risk of causing amaterial adjustment to the carrying amounts of assetsand liabilities within the next financial year aredisclosed below.
Liabilitas imbalan kerja Employee benefits liabilities
Penentuan liabilitas dan beban imbalan pascakerjakaryawan bergantung pada pemilihan asumsi yangdigunakan oleh manajemen dalam menghitungjumlah-jumlah tersebut. Asumsi tersebut termasuk,antara lain, tingkat diskonto, kenaikan gaji tahunan,pengunduran diri karyawan tahunan, kecacatan, umurpensiun dan kematian. Sementara manajemenberkeyakinan bahwa asumsi tersebut adalah wajardan sesuai, perbedaan signifikan pada hasil aktualatau perubahan signifikan dalam asumsi yangditetapkan manajemen dapat mempengaruhi secaramaterial atas liabilitas dan beban imbalan pascakerja.Nilai tercatat atas estimasi liabilitas imbalanpascakerja karyawan pada akhir tahun pelaporandiungkapkan dalam Catatan 22.
The determination of the obligations and cost forpost-employment benefits is dependent on itsselection of assumptions used by the managementin calculating such amounts. Those assumptionsinclude, among others, discount rates, annualsalary increase, annual employee turn-over,disability, retirement age and mortality. While themanagement believes that its assumptions arereasonable and appropriate, significant differencesin the actual results or significant changes in theassumptions may materially affect its estimatedliabilities for post-employment benefits and netemployee benefits expense. The carrying amount ofthe estimated liabilities for post-employmentbenefits at the end of reporting years are disclosedin Note 22.
Penentuan Mata Uang Fungsional Determination of Functional Currency
Mata uang fungsional adalah mata uang darilingkungan ekonomi primer dimana Perusahaanberoperasi. Manajemen mempertimbangkan matauang yang paling mempengaruhi pendapatan danbeban dari jasa yang diberikan sertamempertimbangkan indikator lainnya dalammenentukan mata uang yang paling tepatmenggambarkan pengaruh ekonomi dari transaksi,kejadian dan kondisi yang mendasari.
The functional currency is the currency of theprimary economic environment in which theCompany operates. Management considered thecurrency that mainly influences the revenue andcost of rendering services and other indicators indetermining the currency that most faithfullyrepresents the economic effects of the underlyingtransactions, events and conditions.
Laporan Tahunan 2013156 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
40
3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN (lanjutan)
3. SIGNIFICANT ACCOUNTING JUDGMENTS,ESTIMATES AND ASSUMPTIONS (continued)
Estimasi dan asumsi (lanjutan) Estimates and assumptions (continued)
Penyusutan aset tetap Depreciation of fixed assets
Biaya perolehan aset tetap disusutkan denganmenggunakan metode garis lurus berdasarkan masayang lebih pendek antara taksiran masa manfaatekonomisnya atau masa izin pertambangan.Manajemen mengestimasi masa manfaat ekonomisaset tetap antara 4 tahun sampai dengan 20 tahun,yang merupakan umur yang secara umum diharapkandalam industri pertambangan batubara. Perubahantingkat pemakaian dan perkembangan teknologi dapatmempengaruhi masa manfaat ekonomis dan nilai sisaaset, dan karenanya biaya penyusutan masa depanmungkin direvisi. Nilai tercatat dan beban penyusutanaset tetap diungkapkan dalam Catatan 11.
The costs of fixed assets are depreciated on astraight-line method over the shorter of theirestimated useful lives or mine life permits.Management properly estimates the useful lives ofthese fixed assets to be within 4 to 20 years. Theseare common life expectancies applied in the coalmining industries. Changes in the expected level ofusage and technological development could impactthe economic useful lives and the residual values ofthese assets, and therefore future depreciationcharges could be revised. The net carrying amountof the fixed assets and the related depreciationexpenses are disclosed in Note 11.
Liabilitas untuk pengelolaan dan reklamasilingkungan hidup dan penutupan tambang
Provision for environmental and reclamationscosts and mine closure
Manajemen menilai provisi ini pada setiap akhir tahunpelaporan. Estimasi dan asumsi yang signifikandigunakan dalam penentuan provisi karena banyakfaktor yang mempengaruhi besarnya jumlah akhiryang terutang. Faktor tersebut diantaranya adalahestimasi ruang lingkup dan biaya aktivitas rehabilitasi,perubahan teknologi, peraturan, kenaikan biayakarena terjadinya inflasi dan perubahan tingkatdiskonto. Ketidakpastian ini dapat menyebabkanpengeluaran aktual dimasa mendatang tidak samadengan jumlah provisi yang diakui pada saat ini. Saldoprovisi pada akhir tahun pelaporan merupakanestimasi terbaik manajemen mengenai nilai kini atasbiaya rehabilitasi yang akan terjadi di masamendatang.
Management assesses this provision at the end ofeach reporting years. Significant estimates andassumptions are made in determining this provisionas there are numerous factors that will affect theultimate liability payable. These factors includeestimates of the extent and costs of rehabilitationactivities, technological changes, regulatorychanges, cost increases as compared to theinflation rates, and changes in discount rates.These uncertainties may result in future actualexpenditure differing from the amounts currentlyprovided. The provision at end reporting yearsrepresents management’s best estimate of thepresent value of the future rehabilitation costsrequired.
Perubahan atas estimasi biaya yang akan terjadi dimasa mendatang diakui di dalam laporan posisikeuangan konsolidasian dengan mengakui kenaikanatau penurunan provisi dan aset, jika pada saatpengakuan awal provisi ini diakui sebagai bagian dariaset yang diukur sesuai dengan PSAK No. 16 (Revisi2011), “Aset Tetap”. Penurunan terhadap saldo provisitidak boleh melebihi nilai tercatat aset tetap tersebut.Jika terjadi, maka kelebihan tersebut diakui segera didalam laporan laba rugi komprehensif konsolidasian.
Changes to estimated future costs are recognized inthe consolidated statements of financial position byeither increasing or decreasing the provision andasset if the initial estimate was originally recognizedas part of an asset measured in accordance withPSAK No. 16 (Revised 2011), “Fixed Asset”. Anyreduction in the rehabilitation liability and thereforeany deduction from the rehabilitation asset may notexceed the carrying amount of that asset. If it does,any excess over the carrying value is takenimmediately to consolidated statements ofcomprehensive income.
Jika perubahan estimasi menyebabkan kenaikanliabilitas rehabilitasi dan penambahan nilai tercatataset terkait, manajemen mempertimbangkan apakahini merupakan indikasi penurunan nilai aset secarakeseluruhan, dan melakukan pengujian ataspenurunan nilai sesuai dengan PSAK No. 48.
If the change in estimate results in an increase in therehabilitation liability and therefore an addition to thecarrying value of the asset, management considerswhether this is an indication of impairment of theasset as a whole, and test for impairment inaccordance with PSAK No. 48.
Laporan Tahunan 2013 157 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
41
3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN (lanjutan)
3. SIGNIFICANT ACCOUNTING JUDGMENTS,ESTIMATES AND ASSUMPTIONS (continued)
Estimasi dan asumsi (lanjutan) Estimates and assumptions (continued)
Liabilitas untuk pengelolaan dan reklamasilingkungan hidup dan penutupan tambang (lanjutan)
Provision for environmental and reclamationscosts and mine closure (continued)
Untuk tambang yang sudah siap, jika nilai asettambang yang telah direvisi dan provisi untukrehabilitasi neto melebihi nilai yang dipulihkan,sebagian dari kenaikan tersebut dibebankan langsungke dalam biaya. Untuk tambang yang sudah ditutup,perubahan estimasi biaya diakui secara langsung dilaporan laba rugi komprehensif konsolidasian.Liabilitas rehabilitasi yang muncul sebagai akibat darifase produksi suatu area tambang, juga harusdibebankan pada saat terjadinya. Nilai tercatat atasestimasi liabilitas ini pada akhir tahun pelaporandiungkapkan dalam Catatan 21.
For mature mines, if the revised mine assets net ofrehabilitation provisions exceeds the recoverablevalue, that portion of the increase is charged directlyto expense. For closed sites, changes to estimatedcosts are recognized immediately in consolidatedstatements of comprehensive income. Also,rehabilitation obligations that arose as a result of theproduction phase of a mine, should be expensed asincurred. The carrying amount of these estimatedliabilities at the end of reporting years are disclosed inNote 21.
Estimasi cadangan dan sumber daya batubara Coal reserve and resource estimates
Cadangan batubara merupakan estimasi atas jumlahmineral tambang yang dapat secara ekonomis danlegal ditambang dari area tambang Grup. Manajemenmemperkirakan jumlah cadangan mineral tambangdan sumber daya mineral berdasarkan informasimengenai data geologis terhadap ukuran, kedalamandan susunan bebatuan yang dikompilasi oleh orangyang memiliki kualifikasi yang memadai, danmengharuskan pertimbangan geologis yang rumituntuk menerjemahkan data tersebut.
Coal reserves are estimates of the amount of ore thatcan be economically and legally extracted from theGroup’s mining area. Management estimates its orereserves and mineral resources based on informationcompiled by appropriately qualified persons relatingto the geological data on the size, depth and shape ofthe ore body, and requires complex geologicaljudgments to interpret the data.
Estimasi cadangan yang dapat dipulihkanberdasarkan beberapa faktor seperti estimasi nilaitukar mata uang asing, harga komoditi, kebutuhaninvestasi di masa mendatang, dan biaya produksiserta asumsi geologis dan pertimbangan yang diambildalam memperkirakan ukuran dan kualitas cadanganmineral tambang. Perubahan dalam estimasicadangan dan sumber daya mineral dapatmempengaruhi nilai tercatat aset tetap, propertitambang, goodwill, provisi untuk reklamasi danpenutupan tambang dan pengakuan aset pajaktangguhan.
The estimation of recoverable reserves is basedupon factors such as estimates of foreign exchangerates, commodity prices, future capital requirements,and production costs along with geologicalassumptions and judgments made in estimating thesize and grade of the ore body. Changes in thereserve or resource estimates may impact upon thecarrying value of fixed assets, mine properties,goodwill, provision for reclamation costs and mineclosure, and recognition of deferred tax assets.
Pengeluaran untuk biaya ekplorasi dan evaluasi Exploration and evaluation expenditures
Penerapan kebijakan akuntansi untuk biaya eksplorasidan evaluasi memerlukan pertimbangan dalammenentukan apakah terdapat manfaat ekonomi masadepan yang dihasilkan baik dari eksploitasi ataupenjualan tambang di masa depan atau dimanakegiatan belum mencapai tahap yang memungkinkanpenilaian yang wajar atas keberadaan cadangan.
The application of the accounting policy forexploration and evaluation expenditures requiresjudgment in determining whether it is likely that futureeconomic benefits are likely either from futureexploitation or sale or where activities have notreached a stage which permits a reasonableassessment of the existence of reserves.
Laporan Tahunan 2013158 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
42
3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN (lanjutan)
3. SIGNIFICANT ACCOUNTING JUDGMENTS,ESTIMATES AND ASSUMPTIONS (continued)
Estimasi dan asumsi (lanjutan) Estimates and assumptions (continued)
Pengeluaran untuk biaya ekplorasi dan evaluasi(lanjutan)
Exploration and evaluation expenditures (continued)
Penentuan sumber daya Joint Ore ReservesCommittee (JORC) merupakan proses estimasi yangmembutuhkan berbagai tingkat ketidakpastiantergantung pada sub-klasifikasi, perkiraan iniberdampak langsung terhadap saat penangguhanbiaya eksplorasi dan evaluasi. Kebijakanpenangguhan mengharuskan manajemen untukmembuat estimasi dan asumsi tertentu tentangkejadian atau keadaan di masa yang akan datang,khususnya mengenai apakah kegiatan ekstraksiekonomis yang dapat dijalankan. Estimasi dan asumsiyang dibuat dapat berubah jika informasi barutersedia. Jika, setelah pengeluaran dikapitalisasi,terdapat informasi baru yang menunjukkan bahwapemulihan pengeluaran tersebut tidak dimungkinkan,jumlah yang telah dikapitalisasi akan dihapus kedalam laporan laba rugi komprehensif konsolidasian diperiode dimana informasi baru tersebut tersedia.
The determination of a Joint Ore Reserves Committee(JORC) resource is itself an estimation process thatinvolves varying degrees of uncertainty depending onsub-classification, these estimates directly impact thepoint of deferral of exploration and evaluationexpenditures. The deferral policy requiresmanagement to make certain estimates andassumptions about future events or circumstances, inparticular whether an economically viable extractionoperation can be established. Estimates andassumptions made may change if new informationbecomes available. If, after expenditure is capitalized,information becomes available suggesting that therecovery of expenditure is unlikely, the amountcapitalized is written off in consolidated statements ofcomprehensive income in the period when the newinformation becomes available.
Biaya pengupasan tanah yang ditangguhkan Deferred stripping expenditures
Biaya pengupasan tanah yang timbul selama tahapproduksi, jika memenuhi kriteria, ditangguhkan.Perhitungan ini memerlukan penggunaanpertimbangan dan estimasi seperti perkiraan jumlahlimbah yang akan dibuang selama periodepenambangan dan cadangan ekonomis dapatdiekstraksi. Perubahan dalam umur dan disaintambang biasanya akan mengakibatkan perubahanrasio pengupasan (rasio limbah terhadap cadanganmineral). Perubahan ini dicatat secara prospektif.
Stripping costs incurred during the production stageof operations, if meet the criteria, is deferred. Thiscalculation requires the use of judgments andestimates such as estimates of tonnes of waste to beremoved over the life of the mining area andeconomically recoverable reserves extracted.Changes in a mine’s life and design will usually resultin changes to the expected stripping ratio (waste tomineral reserves ratio). These changes areaccounted prospectively.
Instrumen keuangan Financial instruments
Ketika nilai wajar dari aset dan liabilitas keuangandicatat dalam laporan posisi keuangan konsolidasiantidak dapat diambil dari pasar yang aktif, maka nilaiwajarnya ditentukan dengan menggunakan teknikpenilaian termasuk model discounted cash flow.Masukan untuk model tersebut dapat diambil daripasar yang dapat diobservasi, tetapi apabila hal initidak dimungkinkan, sebuah tingkat pertimbangandisyaratkan dalam menetapkan nilai wajar.Pertimbangan tersebut mencakup penggunaanmasukan seperti risiko likuiditas, risiko kredit danvolatilitas. Perubahan dalam asumsi mengenai faktor-faktor tersebut dapat mempengaruhi nilai wajar dariinstrumen keuangan yang dilaporkan.
When the fair value of financial assets and liabilitiesrecorded in the consolidated statements of financialposition cannot be derived from active markets, theirfair value is determined using valuation techniquesincluding the discounted cash flow model. The inputsto these models are taken from observable marketswhere possible, but where this is not feasible, adegree of judgment is required in establishing fairvalues. The judgments include considerations ofinputs such as liquidity risk, credit risk and volatility.Changes in assumptions about these factors couldaffect the reported fair value of financial instruments.
Pajak penghasilan Income tax
Pertimbangan signifikan dilakukan dalam menentukanprovisi atas pajak penghasilan badan. Terdapattransaksi dan perhitungan tertentu yang penentuanpajak akhirnya adalah tidak pasti dalam kegiatanusaha normal. Manajemen mengakui liabilitas ataspajak penghasilan badan berdasarkan estimasiapakah akan terdapat tambahan pajak penghasilanbadan.
Significant judgment is involved in determining theprovision for corporate income tax. There are certaintransactions and computation for which the ultimatetax determination is uncertain during the ordinarycourse of business. Management recognizes liabilitiesfor expected corporate income tax issues based onestimates of whether additional corporate income taxwill be due.
Laporan Tahunan 2013 159 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
43
3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN (lanjutan)
3. SIGNIFICANT ACCOUNTING JUDGMENTS,ESTIMATES AND ASSUMPTIONS (continued)
Estimasi dan asumsi (lanjutan) Estimates and assumptions (continued)
Aset pajak tangguhan Deferred tax assets
Aset pajak tangguhan diakui atas seluruhperbedaan temporer yang dapat dikurangkan,sepanjang besar kemungkinannya bahwapenghasilan kena pajak akan tersedia sehinggaseluruh perbedaan temporer tersebut dapatdigunakan. Estimasi signifikan oleh manajemendisyaratkan dalam menentukan jumlah aset pajaktangguhan yang dapat diakui, berdasarkan saatpenggunaan dan tingkat penghasilan kena pajakdan strategi perencanaan pajak masa depan.
Deferred tax assets are recognized for alldeductible temporary differences to the extent that itis probable that taxable profit will be availableagainst which the deductible temporary differencescan be utilized. Significant management estimatesare required to determine the amount of deferredtax assets that can be recognized, based upon thelikely timing and the level of future taxable profits,together with future tax planning strategies.
Penurunan nilai aset non-keuangan Impairment of non-financial assets
Sesuai dengan kebijakan akuntansi Grup, setiapaset atau unit penghasil kas dievaluasi pada setiaptahun pelaporan untuk menentukan ada tidaknyaindikasi penurunan nilai aset. Jika terdapat indikasitersebut, akan dilakukan perkiraan atas nilai asetyang dapat kembali dan kerugian akibat penurunannilai akan diakui sebesar selisih antara nilai tercatataset dengan nilai yang dapat dipulihkan kembalidari aset tersebut. Jumlah nilai yang dapatdipulihkan kembali dari sebuah aset atau kelompokaset penghasil kas diukur berdasarkan nilai yanglebih tinggi antara nilai wajar dikurangi biaya untukmenjual dan nilai pakai aset.
In accordance with the Group’s accounting policy,each asset or cash generating unit is evaluatedevery reporting years to determine whether thereare any indications of impairment. If any suchindications exists, a formal estimate of therecoverable amount is performed and animpairment loss recognized to the extent that thecarrying amount of an asset or cash generating unitof a group of assets is measured at the higher offair value less costs to sell and value in use.
Aset yang memiliki masa manfaat yang tidakterbatas, seperti goodwill yang belum siap untukdigunakan, tidak diamortisasi dan diuji setiap tahununtuk penurunan nilai. Jumlah nilai yang dapatdiperoleh kembali dari unit penghasil kas ditentukanberdasarkan perhitungan nilai pakai.
Assets that have an indefinite useful-life, for examplegoodwill not ready to use, are not subject toamortization and are tested annually for impairment.The recoverable amounts of cash generating unitshave been determined based on value-in-usecalculations.
Penentuan nilai wajar dan nilai pakai membutuhkanmanajemen untuk membuat estimasi dan asumsiatas produksi yang diharapkan dan volumepenjualan, harga komoditas (mempertimbangkanharga saat ini dan masa lalu, tren harga dan faktor-faktor terkait), cadangan (lihat “Estimasi Cadangandan sumber daya batubara” di atas), biaya operasi,biaya pembongkaran dan restorasi serta belanjamodal di masa depan. Estimasi dan asumsi initerpapar risiko dan ketidakpastian; sehingga adakemungkinan perubahan situasi dapat mengubahproyeksi ini, yang dapat mempengaruhi nilai asetyang dapat dipulihkan kembali. Dalam keadaanseperti itu, sebagian atau seluruh nilai tecatat asetmungkin akan mengalami penurunan nilai lebihlanjut atau terjadi pengurangan rugi penurunan nilaiyang dampaknya akan dicatat dalam laba-rugi.
The determination of fair value and value in userequires management to make estimates andassumptions about expected production and salesvolumes, commodity prices (considering currenthistorical prices, price trends and related factors),reserves (see “Coal reserve and resourcesestimates” above), operating costs,decommissioning and site restoration cost, andfuture capital expenditure. These estimates anassumptions are subject to risk and uncertaintyhence there is a possibility that changes incircumtances will alter these projections, which mayimpact the recoverable amount of the assets. Insuch circumtances, some or all of the carrying valueof the assets may be further impaired, or theimpairment charge reduced, with the impactrecorded in the profit or loss.
Laporan Tahunan 2013160 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
44
4. KOMBINASI BISNIS 4. BUSINESS COMBINATION
Sebagai tindak lanjut dari Perjanjian PengikatanJual Beli Saham (“Perjanjian Pengikatan”)tertanggal 28 September 2012 antara Perusahaandengan PT Karya Generasi Perdana (“KGP”), padatanggal 19 Juni 2013, Perusahaan melakukanakuisisi 90% saham PT Perkebunan KaltimUtama I (“PKU”) yang bergerak dalam bidangperkebunan kelapa sawit. Lokasi perkebunan PKUberada di Kalimantan Timur. Perjanjian PengikatanJual Beli Saham ini merupakan impelementasi dariPerjanjian Perdamaian tertanggal 25 Juli 2012yang ditandatangani oleh ABN dan TMU denganPKU, dimana para pihak telah setuju untukmelakukan perdamaian dan menghentikan seluruhperkara hukum yang terkait dengan permasalahantumpah tindih hak atas tanah seluas seluas5.227,37 hektar antara ABN dan TMU denganPKU. Nilai akuisisi ini adalah sebesarRp11.250.000.000 (setara dengan AS$1.146.670)yang sudah dipanjar Perusahaan dalam tahun2012.
As the implementation of Share Purchase BindingAgreement (the “Binding Agreement”) datedSeptember 28, 2012 between the Company andPT Karya Generasi Perdana (“KGP”), onJune 19, 2013, the Company has acquired 90%shares in PT Perkebunan Kaltim Utama I (“PKU”)which engaged in palm oil plantation. The plantationis located in East Kalimantan. The BindingAgreement represents the implementation of theSettlement Agreement dated July 25, 2012 enteredinto by ABN and TMU with PKU, whereby the partiesagreed to settle and cease all the ongoing legalcases in relation to overlapping of rights over5,227.37 hectare land between ABN and TMU withPKU. The agreed consideration for the acquisitionamounted to Rp11,250,000,000 (equivalent toUS$1,146,670), which have been paid in advance bythe Company in 2012.
Aset yang diperoleh dan liabilitas yang diambil alih Assets acquired and liabilities assumed
Nilai wajar sementara dari aset dan liabilitas PKUyang dapat diidentifikasi pada tanggal akuisisiadalah sebagai berikut:
The provisional fair value of the identifiable assetsand liabilities of PKU as of the date of acquisitionwere:
Nilai wajar sementara/Provisional Fair value
ASET ASSETSKas dan bank 13.485.456 Cash and banksPiutang usaha 79.256 Trade receivablesPiutang lain-lain 5.815 Other receivablePersediaan 133.953 InventoriesAset lancar lainnya 11.297 Other current assetsTanaman belum menghasilkan (Catatan 10) 4.357.036 Immature plantations (Note 10)Tanaman menghasilkan (Catatan 10) 14.883.171 Mature plantations (Note 10)Aset tetap (Catatan 11) 3.425.406 Fixed assets (Note 11)Aset tidak lancar lainnya 3.267 Other non-current assets
36.384.657
LIABILITAS LIABILITIESUtang usaha 32.658 Trade payablesUtang pajak dan akrual 25.694 Taxes payable and accrualUtang jangka pendek lain-lain 112.928 Other current payablesUtang bank 13.425.320 Bank loanUtang lain-lain jangka panjang 23.664.881 Other long-term payablesLiabilitas imbalan kerja jangka panjang 83.489 Long-term employee benefits liabilities
37.344.970
Nilai wajar liabilitas neto teridentifikasi, Fair value of identifiable net liabilities,sebelum pajak tangguhan (960.313) before deferred tax
Liabilitas pajak tangguhan (1.653.138) Deferred tax liabilities
Total (2.613.451) TotalKepentingan non-pengendali 261.343 Non-controlling interestGoodwill yang timbul dari kombinasi bisnis 3.498.778 Goodwill arising from business combination
Imbalan yang dialihkan 1.146.670 Purchase consideration
Laporan Tahunan 2013 161 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
45
4. KOMBINASI BISNIS (lanjutan) 4. BUSINESS COMBINATION (continued)
Aset yang diperoleh dan liabilitas yang diambil alih(lanjutan)
Assets acquired and liabilities assumed (continued)
Nilai wajar aset dan liabilitas PKU yang dapatdiidentifikasi tersebut diatas ditentukanberdasarkan penilaian yang dilakukan olehmanajemen.
The fair value of the identifiable assets and liabilitiesof PKU are determined based on calculationperformed by management.
Nilai wajar yang disajikan pada tanggal 31Desember 2013 adalah jumlah sementaramengingat sifat ketidakpastian yang inheren darisektor perkebunan, terutama dalam menentukanpenilaian tanaman perkebunan. Reviu atas nilaiwajar aset dan liabilitas yang diakuisisi akandiselesaikan paling lambat dalam 12 bulan sejaktanggal akuisisi.
The fair value disclosed are provisional as ofDecember 31, 2013 due to the inherently uncertainnature of the plantation sector, particulary in valuingplantation. The review of the fair value of the assetsand liabilities acquired will be completed within 12months since the acquisition, at the latest.
Kepentingan non-pengendali telah diakui sesuaidengan proporsi aset yang diakuisisi.
The non-controlling interest has been recognized asa proportion of the net assets acquired.
Goodwill sebesar AS$3.498.778 merupakanmanfaat yang diharapkan timbul dari akuisisi antaralain melalui perolehan operasional kegiatantambang yang lebih efisien dan ekonomis misalnyapenggunaan tanah milik PKU sebagai arealdumping serta jalur hauling operasi tambang.
Goodwill amounting to US$3,498,778 representsthe expected benefits which will arising from theacquisition including through efficient and economicmining operation such as usage of PKU’s land asdumping area as well as hauling lane for miningoperation.
Goodwill sebesar AS$3.498.778 atas akuisisi PKUmerupakan jumlah sementara, yang per tanggal31 Desember 2013 belum dapat dialokasikandengan handal ke Unit Penghasil Kas (“UPK”).Tidak terdapat indikasi penurunan selama periodesampai dengan 31 Desember 2013 yangmenunjukkan bahwa goodwill tersebut telahmengalami penurunan nilai. Oleh karena itu, padatanggal 31 Desember 2013, tidak dilakukanpengujian penurunan nilai atas goodwill ini.
The goodwill arising as a result of the acquisition ofPKU during the year of US$3,498,778 representsthe provisional amount, which could not be reliablyallocated to a Cash Generating Unit (“CGU”) byDecember 31, 2013. There were no indicators ofimpairment during the period to December 31, 2013to suggest that the provisional goodwill had beenimpaired. Therefore, as at December 31, 2013, thisgoodwill has not yet been subject to any impairmenttesting.
Sejak tanggal akuisisi, PKU memiliki kontribusi nilaipenjualan sebesar AS$265.065 dan rugi bersihsebesar AS$1.188.328 kepada Grup. Jika akuisisidilaksanakan pada tanggal 1 Januari 2013, laporanlaba rugi komprehensif konsolidasian Gruptermasuk penjualan dan rugi bersih PKU masing-masing sebesar AS$489.632 dan AS$1.935.860.
From the date of acquisition, PKU has contributedsales amounting to US$265,065 and net loss ofUS$1,188,328 to the Group. If the acquisition hadbeen completed on January 1, 2013, the Group’sconsolidated statement of comprehensive incomewould have been included sales and net loss of PKUamounting to US$489,632 and US$1,935,860,respectively.
Biaya yang terjadi atas transaksi kombinasitersebut dibebankan didalam laba rugi tahunberjalan.
The cost incurred in relation to the businesscombination are charged to the current year’s profitloss.
Transaksi kombinasi bisnis telah dilaksanakansesuai dengan peraturan OJK yang berlaku.
This business combination has been carried out inaccordance with OJK’s prevailing regulations.
Laporan Tahunan 2013162 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
46
5. KAS DAN SETARA KAS 5. CASH AND CASH EQUIVALENTS
2013 2012
Kas Cash on handDolar Amerika Serikat 4.016 5.026 United States DollarRupiah 14.990 25.858 Rupiah
19.006 30.884
Kas di bank Cash in banksDolar Amerika Serikat United States Dollar
PT Bank BNP Paribas Indonesia 20.430.164 9.560.898 PT Bank BNP Paribas IndonesiaHSBC Indonesia 5.713.941 23.422 HSBC IndonesiaPT Bank CIMB Niaga, Tbk 4.845.585 36.103 PT Bank CIMB Niaga,TbkStandard Chartered Bank Standard Chartered
Indonesia 2.209.108 - Bank IndonesiaPT Bank ANZ Indonesia PT Bank ANZ Indonesia
(dahulu PT ANZ Panin Bank) 474.702 52.167 (formerly PT ANZ Panin Bank)PT Bank Mandiri (Persero), Tbk 143.110 294.104 PT Bank Mandiri (Persero), TbkCitibank N.A. Indonesia 34.229 34.237 Citibank N.A. IndonesiaBNP Paribas - Cabang Singapura 22.001 3.912 BNP Paribas - Singapore BranchPT Bank Internasional PT Bank Internasional
Indonesia, Tbk 19.784 - Indonesia, TbkPT Bank Central Asia, Tbk 16.902 27.963 PT Bank Central Asia, TbkPT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero), Tbk 5.452 60.530 (Persero), Tbk
33.914.978 10.093.336
Rupiah RupiahPT Bank Mandiri (Persero), Tbk 232.707 430.158 PT Bank Mandiri (Persero), TbkPT Bank CIMB Niaga, Tbk 227.443 106.121 PT Bank CIMB Niaga, TbkPT Bank Central Asia, Tbk 158.453 189.135 PT Bank Central Asia, TbkPT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero), Tbk 15.279 178.094 (Persero), TbkPT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero), Tbk 8.732 - (Persero), TbkPT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Kalimantan Timur 8.530 - Kalimantan TimurStandard Bank Standard Chartered
Chartered Indonesia 4.317 - Bank IndonesiaHSBC Indonesia 13 17 HSBC Indonesia
655.474 903.525
Deposito berjangka Time depositsDolar Amerika Serikat United States Dollar
BNP Paribas - Cabang Singapura 3.400.000 - BNP Paribas - Singapore BranchPT Bank Mega, Tbk 1.300.000 - PT Bank Mega, TbkPT Bank CIMB Niaga, Tbk - 150.000 PT Bank CIMB Niaga, Tbk
4.700.000 150.000
Rupiah RupiahPT Bank CIMB Niaga, Tbk 17.999.916 20.165.460 PT Bank CIMB Niaga, TbkPT Bank Mega, Tbk 6.012.265 1.034.127 PT Bank Mega, TbkPT Bank Mandiri (Persero), Tbk - 3.929.679 PT Bank Mandiri (Persero), Tbk
24.012.181 25.129.266
Total 63.301.639 36.307.011 Total
Laporan Tahunan 2013 163 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
47
5. KAS DAN SETARA KAS (lanjutan) 5. CASH AND CASH EQUIVALENTS (continued)
Kas di bank dan deposito berjangka pada BNPParibas cabang Singapura, PT Bank BNP ParibasIndonesia dan Standard Chartered Bank Indonesiadijaminkan sehubungan dengan fasilitas pinjamanyang diperoleh dari bank (Catatan 19a dan 19b).
Cash in bank and time deposit in BNP Paribas -Singapore Branch, PT Bank BNP ParibasIndonesia and Standard Chartered Bank Indonesiaare pledged as collateral in relation to theborrowing facilities obtained from banks (Notes19a and 19b).
Kisaran suku bunga tahunan deposito berjangkaadalah sebagai berikut:
The range of annual interest rates on time depositsare as follows:
2013 2012
Rupiah 4,35%-10,5% 3,25% - 6,50% RupiahDolar Amerika Serikat 0,13%-3,25% 0,17% - 2,80% United States Dollar
Grup tidak memiliki hubungan pihak berelasi,sebagaimana yang didefinisikan didalam PSAK No.7 (Revisi 2010), dengan bank di mana kas dansetara kas ditempatkan.
The Group does not have a related partyrelationship as defined under PSAK No. 7 (Revised2010), with the banks where cash and cashequivalents are placed.
6. PIUTANG USAHA 6. TRADE RECEIVABLES
2013 2012
Pihak ketiga - Dolar Amerika Serikat Third parties - United States DollarDragon Energy 6.153.189 - Dragon EnergyTohoku Electric Company 4.431.655 - Tohoku Electric CompanyGlencore International AG 2.789.724 7.028.200 Glencore International AGPT Pinang Export Indonesia 2.271.772 - PT Pinang Export IndonesiaTrafigura 707.860 - TrafiguraTader Coal - 4.248.373 Tader CoalPT Bumi Bara Energy - 1.032.556 PT Bumi Bara EnergyFlame S.A. - 676.690 Flame S.A.PT Mitra Maju Sukses - 43.706 PT Mitra Maju SuksesLain-lain (di bawah AS$500.000) 244.457 654.945 Others (below US$500,000)
Sub - total 16.598.657 13.684.470 Sub - total
Pihak berelasi (Catatan 34c) 2.314.838 2.521.124 Related parties (Note 34c)Dikurangi: Less:Penyisihan kerugian penurunan nilai (1.157.419) - Allowance for impairment losses
Sub - total 1.157.419 2.521.124 Sub - total
Total 17.756.076 16.205.594 Total
Piutang usaha dengan jumlah sebesarAS$5.026.403 (31 Desember 2012: AS$Nihil)dijaminkan sehubungan dengan fasilitas pinjamanyang diperoleh dari bank (Catatan 19a dan 19b).
Trade receivables totaling to US$5,026,403(December 31, 2012: US$Nil) are pledged ascollateral in relation to the borrowing facilitiesobtained from banks (Notes 19a and 19b).
Grup tidak menyediakan penyisihan kerugianpenurunan nilai untuk piutang dari pihak ketigadikarenakan manajemen berkeyakinan bahwaseluruh piutang usaha tersebut dapat tertagih.
The Group did not provide an allowance forimpairment losses on receivables from third partiesas management believes that such receivables arefully collectible.
Laporan Tahunan 2013164 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
48
6. PIUTANG USAHA (lanjutan) 6. TRADE RECEIVABLES (continued)
Grup mencatat penyisihan kerugian penurunannilai piutang dari pihak berelasi pada tanggal 31Desember 2013 karena pihak berelasi tersebutsaat ini dalam keadaan kesulitan keuangan.
The Group recognized allowance for impairmentlosses of receivable from a related party as ofDecember 31, 2103 which is currently in financialdifficulties.
Berdasarkan hasil penelaahan atas masing-masingakun piutang usaha pada akhir tahun, manajemenberkeyakinan bahwa nilai penyisihan penurunannilai telah memadai untuk menutup kemungkinankerugian atas tidak tertagihnya piutang.
Based on a review of the status of the individualtrade receivable accounts at year end,management believes that the allowance forimpairment losses is adequate to cover possiblelosses from the non-collection of the accounts.
Analisis umur piutang usaha adalah sebagaiberikut:
The aging analysis of trade receivables is asfollows:
2013 2012
Belum jatuh tempo 16.541.880 15.734.087 CurrentLewat jatuh tempo Overdue
Kurang dari 30 hari - 471.507 Less than 30 days31 sampai 60 hari 46.069 - 31 to 60 days61 sampai 90 hari - - 61 to 90 dayslebih dari 90 hari 2.325.546 - more than 90 days
18.913.495 16.205.594Dikurangi: Less:Penyisihan kerugian penurunan nilai (1.157.419) - Allowance for impairment losses
17.756.076 16.205.594
7. PIUTANG LAIN-LAIN 7. OTHER RECEIVABLES
2013 2012
Aset lancar Current AssetsPihak ketiga Third parties
PT Baraventura Pratama 3.232.504 3.586.555 PT Baraventura PratamaBpk. Roby Budi Prakoso 2.565.688 2.790.450 Mr. Roby Budi PrakosoLain-lain 600.673 352.441 Others
Sub - total 6.398.865 6.729.446 Sub - total
Aset tidak lancar Non-current AssetsPihak ketiga Third Parties
PT Perkebunan PT PerkebunanKaltim Utama I - 14.491.130 Kaltim Utama I
Sub - total - 14.491.130 Sub - total
Pihak berelasi (Catatan 34c) 31.385.350 32.710.686 Related parties (Note 34c)Penyisihan kerugian penurunan nilai (596.027) - Allowance for impairment losses
Sub - total 30.789.323 32.710.686 Sub - total
Total 37.188.188 53.931.262 Total
Laporan Tahunan 2013 165 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
49
7. PIUTANG LAIN-LAIN (lanjutan) 7. OTHER RECEIVABLES (continued)
PT Baraventura Pratama dan Bpk. Roby BudiPrakoso sebelum tanggal 21 Maret 2012merupakan pemegang saham entitas anak. Saldopiutang terdiri dari pinjaman yang diberikan entitasanak. Dalam bulan Agustus 2013, jangka waktupiutang ini diperpanjang menjadi Desember 2014.
PT Baraventura Pratama and Mr. Roby BudiPrakoso were previously shareholders of asubsidiary prior to March 21, 2012. The balanceconsists of borrowings provided by a subsidiary. InAugust 2013, the loan period is extended untilDecember 2014.
Pada tanggal 31 Desember 2012, piutang dari PKUdengan total AS$14.491.130 terdiri dari hak tagihsenilai Rp145.660.301.410 yang dibeli Perusahaandari PT Ganda Sawit Utama (Pihak ketiga) denganharga perolehan sebesar Rp70.765.822.222 danpinjaman yang diberikan Perusahaan kepada PKUsenilai Rp62.984.177.778, beserta dengan piutangbunganya.
As of December 31, 2012 receivable amounting toUS$14,491,130 from PKU consist of notes payableamounted to Rp145,660,301,410 which wasacquired by the Company from PT Ganda SawitUtama (a third party) for Rp70,765,822,222 andloan provided by the Company to PKU amountedto Rp62,984,177,778, as well as the relatedinterest receivables.
Berdasarkan perjanjian “Perubahan danPernyataan Kembali Perjanjian Pinjaman”tertanggal 28 September 2012 antara Perusahaandengan PKU, piutang berupa hak tagih tersebutdikenakan bunga 12% per tahun, dan wajib dilunasioleh PKU I selambat-lambatnya 22 tahun sejakditandatanganinya perjanjian “Perubahan danPernyataan Kembali Perjanjian Pinjaman”.
Based on agreement “Amendment andRestatement of Loan Agreement” datedSeptember 28, 2012 between the Company andPKU, the diverted receivables is subject to interestof 12% p.a and shall be paid by PKU within 22years since the date of the signing “Amendmentand Restatement of Loan Agreement”.
Berdasarkan “Perjanjian Pinjaman” tertanggal28 September 2012 antara Perusahaan denganPKU, pinjaman sebesar Rp62.984.177.778 tersebutakan dilunasi oleh PKU selambat-lambatnyatanggal 28 September 2034. Pinjaman tersebutdikenakan bunga sebesar 12% per tahun.
Based on a “Loan Agreement” dated September28, 2012 between the Company and PKU, the loanamounted to Rp62,984,177,778 shall be fullyrepaid by PKU at the latest on September 28,2034. The loan is subject to interest at 12% perannum.
Pembayaran bunga atas kedua pinjaman tersebutdiatas untuk tahun pertama sampai kelima dimulaipada tahun ke 6 hingga tahun ke 10 bersamaandengan pembayaran bunga untuk masing-masingtahun.
The payments of interest on the above loans forthe first year until the fifth years will be commencedfrom the sixth year until tenth year, respectively,together with the interest for the respective years.
Sehubungan dengan akuisisi PKU olehPerusahaan dalam tahun 2013 (Catatan 4), Grupmengakui laba sebesar AS$7.535.475 yang timbuldari penyelesaian efektif saldo akun yang berasaldari transaksi sebelum akuisisi, yang dihitung dariselisih nilai tercatat piutang berupa hak tagihPerusahaan dengan nilai wajar hutang PKU yangdiambil alih.
In connection with the acquisition of PKU by theCompany in 2013 (Note 4), the Group recognizeda gain amounting o US$7,535,475 arising from theeffective settlement of pre-existing relationshipbalance prior to business combination, calculatedas the difference between the carrying amount ofthe Company’s note receivables over the fair valueof the assumed PKU’s notes payable.
Pada tanggal-tanggal pelaporan, tidak ada piutanglain-lain yang dijadikan sebagai jaminan.
As of the reporting dates, there are no otherreceivables which were pledged as collateral.
Berdasarkan mata uang By currencies
2013 2012
Pihak ketiga - aset lancar Third parties - current assetsDolar Amerika Serikat 5.799.815 6.549.520 United States DollarRupiah 599.050 179.926 Rupiah
Sub - total 6.398.865 6.729.446 Sub - total
Laporan Tahunan 2013166 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
50
7. PIUTANG LAIN-LAIN (lanjutan) 7. OTHER RECEIVABLES (continued)
Berdasarkan mata uang (lanjutan) By currencies (continued)
2013 2012
Pihak ketiga - aset tidak lancar Third parties - non-current assetsRupiah - 14.491.130 Rupiah
Sub - total - 14.491.130 Sub - total
Pihak berelasi - aset tidak lancar Related parties - non-current assetsDolar Amerika Serikat 28.006.818 28.286.298 United States DollarRupiah 3.378.532 4.424.388 Rupiah
Sub - total 31.385.350 32.710.686 Sub - total
Penyisihan kerugian penurunan nilai (596.027) - Allowance for impairment losses
Sub - total 30.789.323 32.710.686 Sub - total
Total 37.188.188 53.931.262 Total
Grup mencatat penyisihan penurunan nilai piutangdari pihak berelasi pada tanggal 31 Desember2013 karena pihak berelasi tersebut saat ini dalamkeadaan kesulitan keuangan.
As of December 31, 2103, the Group recognizedallowance for impairment losses of receivable froma related party that is currently in financialdifficulties.
Berdasarkan hasil penelaahan dari masing-masingakun piutang lain-lain pada akhir tahun,manajemen berkeyakinan bahwa nilai penyisihanpenurunan nilai telah memadai untuk menutupkemungkinan kerugian atas tidak tertagihnyapiutang.
Based on a review of the status of the individualreceivable accounts at year end, managementbelieves that the allowance for impairment lossesis adequate to cover possible losses from the non-collection of the accounts.
8. PERSEDIAAN 8. INVENTORIES
2013 2012
Batubara: Coal:Industri 24.046.991 20.388.978 IndustrialBaku 6.858.180 7.865.000 Raw
Bahan Bakar 850.867 170.676 FuelSuku Cadang 570.472 - SparepartsLain-lain 63.458 - Others
32.389.968 28.424.654
Berdasarkan hasil penelaahan manajemen, tidakdiperlukan penyisihan persediaan usang untukmenutup kemungkinan kerugian atas persediaanyang usang.
Based on management’s assessment, noallowance for inventory obsolescence is required tobe provided to cover possible losses from obsoleteinventories.
Bahan bakar, suku cadang dan persediaan lain -lain dengan jumlah sebesar AS$108.046(31 Desember 2012: AS$Nihil) dijaminkansehubungan dengan fasilitas pinjaman yangdiperoleh dari bank (Catatan 19c).
Fuel, spareparts and other inventories totaling toUS$108,046 (December 31, 2012: US$Nil) arepledged as collateral in relation to the borrowingfacilitiies obtained from bank (Notes 19c).
Laporan Tahunan 2013 167 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
51
8. PERSEDIAAN (lanjutan) 8. INVENTORIES (continued)
ABN telah mengasuransikan persediaan terhadaprisiko kerugian untuk periode dari tanggal 1 Mei2013 sampai tanggal 1 Mei 2014 berdasarkansuatu paket polis dengan nilai pertanggungansebesar AS$7.000.000.
ABN covered the inventories by insurance againstlosses for the period from May 1, 2013 throughMay 1, 2014 under blanket policies amounting toUS$7,000,000.
IM telah mengasuransikan persediaan terhadaprisiko kerugian untuk periode 31 Desember 2012sampai 31 Desember 2013 yang tergabung dalamasuransi risiko kerusakan material (Catatan 11).
IM covered the inventories by insurance againstlosses for period December 31, 2012 throughDecember 31, 2013 under material damagesinsurance (Note 11).
Manajemen berpendapat bahwa persediaan padatanggal 31 Desember 2013 telah diasuransikansecara memadai.
Management believes that the inventories as atDecember 31, 2013 have been adequatelyinsured.
9. BIAYA DIBAYAR DIMUKA DAN UANG MUKA 9. PREPAYMENTS AND ADVANCES
2013 2012
Jangka pendek Current portionBiaya dibayar dimuka Prepayments
Sewa dibayar dimuka 1.032.454 1.162.234 Prepaid rentAsuransi dibayar dimuka 227.715 256.329 Prepaid insuranceBiaya dibayar muka lainnya 905.492 1.240.030 Other prepayments
Sub - total 2.165.661 2.658.593 Sub - total
Uang muka AdvancesUang muka pembelian 676.835 1.183.162 Advance for purchaseUang muka pekerjaan 90.036 224.595 Advance for workLain - lain 628.156 92.779 Others
Sub - total 1.395.027 1.500.536 Sub - total
3.560.688 4.159.129
Jangka panjang Long-term portionUang muka pekerjaan 95.653 52.573 Advance for workUang muka pembelian lahan 81.866 - Advance for land acquisitionUang muka pembelian Advance for purchase of
peralatan dan kendaraan 72.294 1.142.652 equipment and vehicleLain - lain 557.270 1.666.730 Other
Sub - total 807.083 2.861.955 Sub - total
Total 4.367.771 7.021.084 Total
Laporan Tahunan 2013168 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
52
10. TANAMAN PERKEBUNAN 10. PLANTATIONS2013
Saldo Awal/ Saldo Akhir/Beginning Akuisisi/ Penambahan/ Pengurangan/ Reklasifikasi/ Translasi/ EndingBalance Acquisition Additions Deduction Reclassification Translation Balance
Harga perolehan Acquisition costsTanaman Mature
menghasilkan - 15.505.379 - - - (1.709.045) 13.796.334 plantationsTanaman belum Immature
menghasilkan - 4.357.036 226.653 - - (873.449) 3.710.240 plantations
- 19.862.415 226.653 - - (2.582.494) 17.506.574
Akumulasi AccumulatedAmortisasi amortization
Tanaman Maturemenghasilkan - (622.208) (187.711) - - 119.258 (690.661) plantations
- 16.815.913
Beban amortisasi tanaman menghasilkandibebankan sebagai beban pokok penjualan.
Amortization of mature plantation is charged to costof goods sold.
Luas area tanaman kelapa sawit adalah sebagaiberikut:
The total area of palm oil plantations is as follows:
2013(Hektar/Hectares)
(Tidak Diaudit/Unaudited)
Tanaman telah menghasilkan 2.087 Mature plantationsTanaman belum menghasilkan 809 Immature plantations
Total 2.896 Total
Tanaman perkebunan beserta sarana danprasarana dengan jumlah nilai tercatat padatanggal 31 Desember 2013 sebesarRp204.969.163.557 (setara denganAS$16.815.913) digunakan sebagai jaminan ataspinjaman yang diperoleh dari bank (Catatan 19c).
The plantations and the related facilities with totalcarrying amounts of Rp204,969,163,557(equivalent to US$16,815,913) as of December 31,2013 are used as collateral to secure loan obtainedfrom bank (Note 19c).
Pada tanggal 31 Desember 2013, tanamanperkebunan belum diasuransikan terhadap risikokerugian atas kebakaran dan risiko lainnya.
As of December 31, 2013, the plantations has notcovered by insurance against losses from fire andother risks.
Selama tahun yang berakhir pada tanggal31 Desember 2013, total beban pinjaman yangdikapitalisasi ke tanaman belum menghasilkanadalah sebesar AS$173.588 (setara denganRp1.969.277.816).
During the year ended December 31, 2013, totalborrowing costs capitalized to immature plantationsamounted to US$173,588 (equivalent toRp1,969,277,816).
Laporan Tahunan 2013 169 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
53
10. TANAMAN PERKEBUNAN (lanjutan) 10. PLANTATIONS (continued)
PKU telah memperoleh hak kepemilikan atas tanahperkebunan dalam bentuk sertifikat “Hak GunaUsaha“ (“HGU”) mencakup wilayah perkebunansebagai berikut:
PKU has obtained the titles of ownership of thePlantation land (“landrights”) under “Hak GunaUsaha” (“HGU”) certificates covering its plantationarea as follows:
Nomor HGU/ Hektar/ Lokasi/ Tanggal kadaluarsa/HGU Number Hectares Location Expiration date
32 524 Loa Janan, Kutai Kartanegara 30 Juli/July 2044
33 1.543 Loa Janan, Kutai Kartanegara 30 Juli/July 2044
34 807 Loa Janan, Kutai Kartanegara 30 Juli/July 2044
35 2.460 Sanga-sanga, Kutai Kartanegara 30 Juli/July 2044
36 55 Sanga-sanga & Muara Jawa, Kutai 30 Juli/July 2044Kartanegara
37 3.244 Muara Jawa, Kutai Kartanegara 30 Juli/July 2044
Manajemen berpendapat bahwa hak kepemilikanatas tanah dapat diperpanjang pada saat jatuhtempo.
Management believes that the landrights can beextended upon their expiration.
Hak atas kepemilikan tanah perkebunandijaminkan untuk fasilitas pinjaman yang diperolehdari bank (Catatan 19c).
Landrights are pledged as collateral for loanfacilities obtained from bank (Note 19c).
Laporan Tahunan 2013170 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
54
11. ASET TETAP 11. FIXED ASSETS
2013
Saldo Awal/ Saldo Akhir/Beginning Penambahan/ Akuisisi/ Pengurangan/ Reklasifikasi/ Translasi/ EndingBalance Additions Acquisition Deduction Reclassification Translation Balance
Harga perolehan Acquisition costsTanah - 1.570 2.021.505 - 277.941 (374.814) 1.926.202 LandBangunan 4.518.548 250.202 636.794 (6.150) 768.837 (118.071) 6.050.160 BuildingsMesin dan Machinery and
peralatan berat 5.021.522 1.488.945 274.403 (65.852) 1.758.759 (50.878) 8.426.899 heavy equipmentKendaraan 1.822.703 49.774 140.728 (611.230) (50.706) (26.092) 1.325.177 VehiclesPerabot dan Office furniture and
peralatan kantor 1.889.233 285.542 59.619 (41.380) 296.182 (11.058) 2.478.138 equipmentJalan dan jembatan 9.473.494 76.930 1.977.222 (54.390) 5.440.043 (366.604) 16.546.695 Roads and bridgesTempat timbunan
batubara 257.361 77.926 - (116.133) - - 219.154 Stockpile baseFasilitas pelabuhan 378.175 3.996 - - 56.890 - 439.061 Port facilitiesConveyor 16.114.249 790.925 - - 42.500 - 16.947.674 ConveyorAset dalam Construction
penyelesaian 1.183.815 11.406.124 18.214 - (6.906.433) (3.377) 5.698.343 in progress
40.659.100 14.431.934 5.128.485 (895.135) 1.684.013 (950.894) 60.057.503
Aset sewa pembiayaan Leased assetsMesin dan Machinery and
peralatan berat 1.941.965 2.843.500 - - (1.801.259) - 2.984.206 heavy equipmentKendaraan 592.893 164.466 - - 117.246 - 874.605 Vehicles
2.534.858 3.007.966 - - (1.684.013) - 3.858.811
Sub-total 43.193.958 17.439.900 5.128.485 (895.135) - (950.894) 63.916.314 Sub-total
Akumulasi penyusutan Accumulated depreciation
Bangunan (512.075) (409.329) (283.851) 26 (3.783) 52.630 (1.156.382) BuildingsMesin dan Machinery and
peralatan berat (1.893.192) (700.701) (219.670) 49.416 (784.253) 40.730 (3.507.670) heavy equipmentKendaraan (683.038) (196.567) (63.057) 300.185 (46.761) 11.692 (677.546) VehiclesPerabot dan Office furniture and
peralatan kantor (760.991) (516.884) (45.620) 27.658 - 8.458 (1.287.379) equipmentJalan dan jembatan (860.601) (804.280) (1.090.881) - - 202.264 (2.553.498) Roads and bridgesTempat timbunan
batubara (36.597) (11.521) - 10.576 - - (37.542) Stockpile baseFasilitas pelabuhan (123.725) (30.971) - - - - (154.696) Port facilitiesConveyor (3.598.768) (1.615.445) - - 3.783 - (5.210.430) Conveyor
(8.468.987) (4.285.698) (1.703.079) 387.861 (831.014) 315.774 (14.585.143)
Aset sewa pembiayaan Leased assetsMesin dan Machinery and
peralatan berat (576.684) (301.984) - - 784.253 - (94.415) heavy equipmentKendaraan (94.804) (155.933) - - 46.761 - (203.976) Vehicles
(671.488) (457.917) - - 831.014 - (298.391)
Sub-total (9.140.475) (4.743.615) (1.703.079) 387.861 - 315.774 (14.883.534) Sub-total
Nilai tercatat Netneto 34.053.483 49.032.780 carrying amount
Laporan Tahunan 2013 171 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
55
11. ASET TETAP (lanjutan) 11. FIXED ASSETS (continued)
Total nilai penambahan aset tetap selama tahun2013 sebesar AS$17.439.900 termasukpenambahan yang berasal dari transaksi non kassejumlah AS$5.270.894.
The total addition of fixed assets in 2013amounting to US$17,439,900 includes additioninvolving non-cash transactions amounting toUS$5,270,894.
Aset tetap dengan nilai tercatat pada tanggal31 Desember 2013 sebesar AS$12.004.739dijaminkan sehubungan dengan fasilitas pinjamanyang diperoleh dari bank (Catatan 19b dan 19c).
Fixed asset with carrying amount as of December31, 2013 totaling to US$12,004,739 are pledgedas collateral in relation to the borrowing facilitiesobtained from bank (Notes 19b and 19c).
2012
Saldo Awal/ Saldo Akhir/Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Ending
balance Additions Deduction Reclassification Balance
Harga perolehan Acquisition costsBangunan 3.516.860 131.480 - 870.208 4.518.548 BuildingsMesin dan peralatan berat 3.685.026 333.058 - 1.003.438 5.021.522 Machinery and heavy equipmentKendaraan 1.190.884 349.042 (20.515) 303.292 1.822.703 VehiclesPerabot dan peralatan kantor 1.228.817 433.163 (2.416) 229.669 1.889.233 Office furniture and equipmentJalan dan jembatan 6.273.630 2.515.774 - 684.090 9.473.494 Roads and bridgesTempat timbunan batubara 232.300 25.061 - - 257.361 Stockpile baseFasilitas pelabuhan 378.175 - - - 378.175 Port facilitiesConveyor 13.672.320 568.601 - 1.873.328 16.114.249 ConveyorAset dalam penyelesaian 3.190.960 1.851.485 - (3.858.630) 1.183.815 Construction in progress
33.368.972 6.207.664 (22.931) 1.105.395 40.659.100Aset sewa pembiayaan Leased assetsMesin dan peralatan berat 2.525.094 - - (583.129) 1.941.965 Machinery and heavy equipmentKendaraan 855.715 259.444 - (522.266) 592.893 Vehicles
3.380.809 259.444 - (1.105.395) 2.534.858
Sub-total 36.749.781 6.467.108 (22.931) - 43.193.958 Sub-total
Akumulasi penyusutan Accumulated depreciationBangunan (166.081) (345.994) - - (512.075) BuildingsMesin dan peralatan berat (922.890) (688.544) - (281.758) (1.893.192) Machinery and heavy equipmentKendaraan (365.517) (230.487) 11.394 (98.428) (683.038) VehiclesPerabot dan peralatan kantor (448.169) (314.227) 1.405 - (760.991) Office furniture and equipmentJalan dan jembatan (393.194) (467.407) - - (860.601) Roads and bridgesTempat timbunan batubara (22.665) (13.932) - - (36.597) Stockpile baseFasilitas pelabuhan (45.818) (77.907) - - (123.725) Port facilitiesConveyor (2.203.490) (1.395.278) - - (3.598.768) Conveyor
(4.567.824) (3.533.776) 12.799 (380.186) (8.468.987)Aset sewa pembiayaan Leased assetsMesin dan peralatan berat (525.787) (332.655) - 281.758 (576.684) Machinery and heavy equipmentKendaraan (129.986) (63.246) - 98.428 (94.804) Vehicles
(655.773) (395.901) - 380.186 (671.488)
Sub-total (5.223.597) (3.929.677) 12.799 - (9.140.475) Sub-total
Nilai tercatat neto 31.526.184 34.053.483 Net carrying amount
Total nilai penambahan aset tetap selama tahun2012 sebesar AS$6.467.108 termasuk penambahanyang berasal dari transaksi non kas sejumlahAS$505.102.
The total addition of fixed assets in 2012amounting to US$6,467,108 includes additioninvolving non-cash transactions amounting toUS$505,102.
Aset tetap dengan nilai tercatat pada tanggal31 Desember 2012 sebesar AS$4.602.924dijaminkan sehubungan dengan fasilitas pinjamanyang diperoleh dari bank (Catatan 19a dan 19e).
Fixed asset with carrying amount as of December31, 2012 totaling to US$4,602,924 are pledged ascollateral in relation to the borrowing facilitiesobtained from banks (Notes 19a and 19e).
Laporan Tahunan 2013172 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
56
11. ASET TETAP (lanjutan) 11. FIXED ASSETS (continued)
Aset tetap ABN telah diasuransikan terhadaprisiko kebakaran dan risiko lainnya berdasarkansuatu paket polis tertentu untuk periode daritanggal 1 Mei 2013 sampai tanggal 1 Mei 2014dengan nilai pertanggungan maksimal sebesarAS$13.000.000 untuk setiap kejadian yangdipertanggungkan.
ABN’s fixed assets have been insured against riskof fire and other risks under blanket policies for aperiod from May 1, 2013 through May 1, 2014 witha maximum sum insured of US$13,000,000 perincident.
Sejak bulan Agustus 2011, hasil klaim atas polisasuransi aset tetap ABN dijaminkan sehubungandengan fasilitas pinjaman yang diperolehPerusahaan dari bank sindikasi (Catatan 19a).
Effective in August 2011, the proceeds of claimby ABN on the above insurance is pledged ascollateral in relation to the borrowing facilityobtained by the Company from syndicated banks(Note 19a).
Aset tetap IM telah diasuransikan terhadap semuarisiko kerusakan, berdasarkan suatu paket polistertentu untuk periode dari tanggal 31 Desember2012 hingga 31 Desember 2013, dengan nilaipertanggungan maksimal sebesar AS$25.000.000untuk setiap kejadian terhadap risiko bisnis dan nilaipertanggungan maksimal sebesar AS$19.996.850untuk setiap kejadian terhadap risiko kerusakanmesin, alat dan persediaan. Sejak bulan Juni 2013,hasil klaim atas polis asuransi aset tetap IMdijaminkan sehubungan dengan fasilitas pinjamanyang diperoleh dari Standard Chartered Bank(Catatan 19b).
IM’s fixed assets have been insured against allrisks of damage, under blanket policies for a periodfrom December 31, 2012 through December 31,2013, with total coverage of US$25,000,000 forbusiness interruption risks and with total coverageof US$19,996,850 for machinery breakdown,material and inventory damages. Effective in June2013, the proceeds of claim by IM on the aboveinsurance is pledged as collateral in relation to theloan facility obtained from Standard CharteredBank (Note 19b).
Aset tetap TMU telah diasuransikan terhadaprisiko kebakaran dan risiko lainnya berdasarkansuatu paket polis tertentu untuk periode daritanggal 6 Maret 2012 sampai tanggal19 November 2015 dengan nilai pertanggunganmaksimal sebesar AS$195.397 untuk setiapkejadian yang dipertanggungkan.
TMU’s fixed assets have been insured againstrisk of fire and other risks under blanket policiesfor a period from March 6, 2012 throughNovember 19, 2015 with a maximum sum insuredof US$195,397 per incident.
Manajemen berpendapat bahwa nilaipertanggungan tersebut telah cukup untukmenutupi kemungkinan kerugian yang timbul daririsiko-risiko tersebut.
Management believes that the insurance coverageis adequate to cover possible losses which mayarise from such risks.
Pada tanggal-tanggal 31 Desember 2013 dan2012, manajemen berkeyakinan bahwa tidak adaindikasi penurunan nilai aset tetap.
As of December 31, 2013 and 2012, managementbelieves that there was no indication ofimpairment in the value of fixed assets.
Selama tahun 2013 dan 2012, tidak ada bebanbunga yang dikapitalisasi ke aset dalampenyelesaian.
During 2013 and 2012, there was no interestexpense capitalized to the construction inprogress.
Rincian aset dalam penyelesaian adalah sebagaiberikut:
The details of construction in progress are asfollows:
2013
Rata-rata Persentase AkumulasiPenyelesaian*/ Biaya/
Average Percentage of Accumulated Tanggal Estimasi Penyelesaian/Completion* Cost Estimated Completion Date
Mesin dan peralatan berat/Machinery and heavy equipment 95% 4.789.855 Agustus 2014/August 2014
Workshop/Workshop 98% 639.545 Februari 2014/February 2014Bangunan/Building 10% 268.943 April 2014/April 2014
Total 5.698.343 Total
Laporan Tahunan 2013 173 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
57
11. ASET TETAP (lanjutan) 11. FIXED ASSETS (continued)
2012
Rata-rata Persentase AkumulasiPenyelesaian*/ Biaya/
Average Percentage of Accumulated Tanggal Estimasi Penyelesaian/Completion* Cost Estimated Completion Date
Mesin dan peralatan berat/Machinery and heavy equipment 70% 39.507 Februari 2013/February 2013
Workshop/Workshop 90% 81.023 Februari 2013/February 2013Bangunan/ 30-98% 576.984 Februari - Mei 2013/
Building February - May 2013Jalan dan jembatan/ Agustus 2013/
Roads and bridges 3% 442.794 August 2013
Perabot dan peralatan kantor/Office furniture and Februari 2013/
equipment 95% 43.507 February 2013
Total 1.183.815 Total
* dihitung sebagai perbandingan akumulasi biaya terhadapanggaran
* determined as proportionate of accumulated cost against thebudget
Pengurangan aset tetap pada tahun 2013 termasukpenjualan kendaraan, perabot kantor dan alat beratdengan nilai penjualan sebesar AS$177.837. Nilaiperolehan aset yang dijual adalah sebesarAS$718.856 dengan akumulasi penyusutansebesar AS$377.187.
Deductions of fixed assets in 2013 included sale ofvehicles, office furniture and heavy equipment with asales value of US$177,837. The acquisition cost ofthe assets sold amounted to US$718,856 withaccumulated depreciation of US$377,187.
Aset tetap yang dihentikan dari penggunaan aktifdan tidak diklasifikasikan sebagai tersedia untukdijual sebagian besar terdiri dari peralatan kantordengan total nilai tercatat pada tanggal31 Desember 2013 sebesar AS$30.639. Aset tetapyang tidak dipakai sementara terdiri dari alat beratdengan nilai tercatat pada tanggal 31 Desember2013 sebesar AS$384.675
Fixed assets discontinued from operations and notclassified as available-for-sale mostly consist of officeequipment with total carrying value as of December31, 2013 of US$30,639. Fixed assets which aretemporarily unused consist of heavy equipment withthe total carrying value as of December 31, 2013 ofUS$384,675.
Jumlah harga perolehan tercatat aset tetap yangtelah disusutkan penuh dan masih digunakan per31 Desember 2013 sebesar AS$566.594.
The acquisition costs of fixed assets which havebeen fully depreciated but still in use per December31, 2013 amounted to US$566,594.
Pengalokasian beban penyusutan adalah sebagaiberikut:
The allocation of depreciation expense is as follows:
2013 2012
Beban pokok penjualan (Catatan 29) 3.621.997 2.954.883 Cost of goods sold (Note 29)Beban umum dan administrasi General and administrative
(Catatan 30) 1.104.592 974.794 expenses (Note 30)Tanaman belum menghasilkan 24.692 - Immature plantationsEfek translasi (7.666) - Translation effect
Total 4.743.615 3.929.677 Total
Laporan Tahunan 2013174 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
58
12.ASET EKSPLORASI DAN EVALUASI 12. EXPLORATION AND EVALUATION ASSETS
Total/ABN IM TMU Total
Saldo Balance as of31 Des. 2011 - - 6.306.744 6.306.744 Dec. 31, 2011
Penambahan selama 2012 - - 2.590.711 2.590.711 Addition during 2012
Saldo Balance as of31 Des. 2012 - - 8.897.455 8.897.455 Dec. 31, 2012
Penambahan selama 2013 - - 730.137 730.137 Addition during 2013Transfer ke “Tambang dalam Transfer to “Mine under
Konstruksi” - - (4.785.583) (4.785.583) Construction”
Saldo Balance as of31 Des. 2013 - - 4.842.009 4.842.009 Dec. 31, 2013
13. PROPERTI TAMBANG 13. MINING PROPERTIES
BiayaTambang pengupasan
dalam Tambang tanahkonstruksi/ produksi/ tangguhan/Mine under Producing Deferred Total/
Construction Mines Stripping costs Total
2013: 2013:Saldo 31 Des. 2012 13.063.461 35.831.181 14.249.141 63.143.783 Balance as of Dec. 31, 2012Penambahan selama 2013 2.303.463 3.091.268 10.120.507 15.515.238 Addition during 2013Transfer dari “Aset Eksplorasi Transfer from “Exploration and
dan Evaluasi” 4.785.583 - - 4.785.583 Evaluation assets”Transfer (2.712.597) 2.712.597 - - TransferDibebankan ke biaya tambang - - (2.384.018) (2.384.018) Charged to mining costs
17.439.910 41.635.046 21.985.630 81.060.586Dikurangi: Less:
Akumulasi amortisasi - (9.155.967) - (9.155.967) Accumulated amortization
Saldo 31 Des. 2013 17.439.910 32.479.079 21.985.630 71.904.619 Balance as of Dec. 31, 2013
2012: 2012:Saldo 31 Des. 2011 12.997.703 27.389.015 2.923.016 43.309.734 Balance as of Dec. 31, 2011Penambahan selama 2012 1.769.227 6.738.697 20.735.755 29.243.679 Addition during 2012Transfer (1.703.469) 1.703.469 - - TransferDibebankan ke biaya tambang - - (9.409.630) (9.409.630) Charged to mining costs
13.063.461 35.831.181 14.249.141 63.143.783Dikurangi: Less:
Akumulasi amortisasi - (5.579.733) - (5.579.733) Accumulated amortization
Saldo 31 Des. 2012 13.063.461 30.251.448 14.249.141 57.564.050 Balance as of Dec. 31, 2012
Laporan Tahunan 2013 175 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
59
14. UTANG USAHA 14. TRADE PAYABLES
2013 2012
Pihak ketiga: Third parties:PT Petrosea, Tbk 25.823.893 15.752.873 PT Petrosea, TbkPT RPP Contractors Indonesia 6.523.972 212.798 PT RPP Contractors IndonesiaPT Arkananta Apta Pratista 5.987.610 6.756.999 PT Arkananta Apta PratistaPT Bina Sarana Sukses 5.728.977 - PT Bina Sarana SuksesPT Surya Teknik Anugerah 5.650.854 2.367.487 PT Surya Teknik AnugerahPT Pro Energy 5.031.949 4.630.174 PT Pro EnergyPT Pelayaran Kartika PT Pelayaran Kartika
Samudra Adijaya 2.675.668 1.843.534 Samudra AdijayaPT Indobeta 2.673.890 4.048.690 PT IndobetaPT Sapta Indra Sejati - 18.386.871 PT Sapta Indra SejatiLain-lain Others
(di bawah AS$2.500.000) 9.168.416 3.810.443 (below US$2,500,000)
Sub-total 69.265.229 57.809.869 Sub - total
Pihak berelasi (Catatan 34c) - 551.961 Related parties (Note 34c)
69.265.229 58.361.830
Utang usaha terutama timbul dari transaksipembelian barang dan jasa oleh entitas anak.
The trade payables primarily arose from thepurchase of goods and services by thesubsidiaries.
Utang usaha berdasarkan mata uang terdiri dari: Trade payables based on currency consist of:
2013 2012
Pihak ketiga Third partiesDolar Amerika Serikat 65.163.485 55.508.266 United States DollarRupiah 4.098.134 2.301.603 RupiahEuro 3.610 - Euro
Sub - total 69.265.229 57.809.869 Sub - total
Pihak berelasi Related partiesRupiah - 319.703 RupiahDolar Amerika Serikat - 232.258 United States Dollar
Sub - total - 551.961 Sub - total
69.265.229 58.361.830
Laporan Tahunan 2013176 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
60
14. UTANG USAHA (lanjutan) 14. TRADE PAYABLES (continued)
Rincian umur utang usaha adalah sebagai berikut: Aging of trade payables is as follows:
2013 2012
Belum jatuh tempo 33.985.353 40.687.945 CurrentLewat jatuh tempo Overdue
Kurang dari 30 hari 25.849.439 8.678.059 Less than 30 days31 sampai 60 hari 5.577.930 324.487 31 to 60 days61 sampai 90 hari 43.153 3.780.921 61 to 90 days91 sampai 360 hari 833.846 4.890.418 91 to 360 daysLebih dari 360 hari 2.975.508 - Over than 360 days
69.265.229 58.361.830
15. UTANG LAIN-LAIN 15. OTHER PAYABLES
2013 2012
Liabilitas jangka pendek Current liabilitiesPihak ketiga Third parties
Lain-lain 1.907 365.493 Others
1.907 365.493
Liabilitas jangka panjang Non-current liabilitiesPihak berelasi (Catatan 34c) 2.288.701 2.880.575 Related parties (Note 34c)
2.288.701 2.880.575
Utang lain-lain berdasarkan mata uang terdiri dari: Other payables based on currency consist of:
2013 2012
Pihak ketiga Third partiesDolar Amerika Serikat 1.907 202.245 United States DollarRupiah - 163.248 Rupiah
Sub - total 1.907 365.493 Sub - total
Pihak berelasi Related partiesRupiah 2.288.701 2.880.575 Rupiah
Sub - total 2.288.701 2.880.575 Sub - total
2.290.608 3.246.068
Laporan Tahunan 2013 177 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
61
16. BEBAN AKRUAL 16. ACCRUED EXPENSES
2013 2012
Royalti (Catatan 41a) 2.937.267 3.891.078 Royalty (Note 41a)Akrual pengalihan
kuota DMO (Catatan 41b) 622.724 777.918 Accruals for DMO transfer (Note 41b)Denda royalti 515.331 515.331 Royalty fineJasa profesional 288.819 1.427.584 Professional feeBunga pinjaman bank 125.920 57.831 Interest on bank loansInfrastruktur 108.313 178.185 InfrastructureTransportasi 79.443 - TransportationLain-lain 1.379.762 1.186.541 Others
6.057.579 8.034.468
17. PERPAJAKAN 17. TAXATION
a. Pajak dibayar dimuka a. Prepaid taxes
2013 2012
Jangka pendek Current portionEntitas anak: Subsidiaries:
Pajak Pertambahan Nilai 12.422 12.422 Value Added TaxPajak penghasilan badan 6.779.126 14.595.938 Corporate income tax
6.791.548 14.608.360Jangka panjang Non-current portionEntitas anak: Subsidiaries:
Taksiran tagihan pajak 748.305 - Estimated claims for tax refund
7.539.853 14.608.360
b. Utang pajak b. Taxes payable
2013 2012
Perusahaan: The Company:Pasal 4(2) 1.701 2.037 Article 4(2)Pasal 21 30.788 80.961 Article 21Pasal 23 717 1.002 Article 23
33.206 84.000
Entitas Anak: Subsidiaries:Pasal 4(2) 788.869 5.779 Article 4(2)Pasal 15 15.246 26.010 Article 15Pasal 21 759.261 343.289 Article 21Pasal 23 168.777 340.332 Article 23Pasal 29 4.648.847 - Article 29Pajak Pertambahan Nilai 165.798 - Value Added TaxPajak Bumi dan Bangunan 647.867 2.584.816 Tax on land and building
7.194.665 3.300.226
7.227.871 3.384.226
Laporan Tahunan 2013178 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
62
17. PERPAJAKAN (lanjutan) 17. TAXATION (continued)
c. Beban pajak c. Tax expenseRekonsiliasi antara laba sebelum (beban)manfaat pajak penghasilan yang ditunjukkandalam laporan laba rugi komprehensifkonsolidasian dengan taksiran rugi fiskalPerusahaan, dan beban pajak kini Perusahaanuntuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2013 dan 2012 danestimasi utang pajak penghasilan badan padatanggal-tanggal tersebut adalah sebagaiberikut:
The reconciliation between profit before tax(expense) benefit as shown in the consolidatedstatements of comprehensive income and theCompany’s estimated taxable loss, and theCompany’s current income tax expense for theyears ended December 31, 2013 and 2012, andthe estimated corporate income tax payable asof those dates are as follows:
2013 2012
Laba konsolidasiansebelum (beban) manfaat Consolidated profit beforepajak penghasilan 50.403.019 20.276.583 tax (expense) benefit
Laba sebelum beban pajak Profit before tax expense- Entitas anak (55.166.554) (25.549.595) - Subsidiaries
Penyesuaian lainnya 19.773.582 8.466.949 Other adjustments
Laba sebelum beban pajak Profit before tax expense- Perusahaan 15.010.047 3.193.937 - the Company
Beda waktu: Temporary differences:Bagian atas laba neto entitas anak (23.307.072) (8.471.849) Equity in net income of subsidiaries
Allowance for impairment lossesPenyisihan penurunan nilai piutang 596.027 - on receivablesLiabilitas imbalan kerja Short-term employee
jangka pendek 449.158 97.474 benefits liabilitiesLiabilitas imbalan kerja Long-term employee
jangka panjang 45.866 85.982 benefits liabilitiesSewa pembiayaan 5.977 12.527 Finance leaseBeda tetap: Permanent differences:Beban jamuan 28.172 28.733 Entertainment expensesPenghasilan yang telah
dikenakan pajak final (1.090.563) (637.686) Income subject to final taxLain-lain 196.772 120.759 Others
Taksiran rugi fiskal - Perusahaan (8.065.616) (5.570.123) Estimated tax loss - Company
Analisa akumulasi rugi fiskal Perusahaanadalah sebagai berikut:
The analysis of the Company’s tax lossescarried forward is as follow:
2013 2012
Tahun pajak Fiscal Years2010 (327.244) (327.244) 20102011 (2.514.937) (2.514.937) 20112012 (5.570.123) (5.570.123) 20122013 (8.065.616) - 2013
Akumulasi rugi fiskal (16.477.920) (8.412.304) Tax losses carried forward
Utang pajak penghasilan Income tax payablePerusahaan - - The CompanyEntitas anak Subsidiary
ABN 4.648.847 - ABN
Utang pajak penghasilan 4.648.847 - Income tax payable
Laporan Tahunan 2013 179 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
63
17. PERPAJAKAN (lanjutan) 17. TAXATION (continued)
c. Beban pajak (lanjutan) c. Tax expense (continued)
Rekonsiliasi antara beban pajak neto yangtercermin di dalam laporan laba rugikomprehensif konsolidasian dengan hasilperkalian laba sebelum (beban)/manfaat pajakdengan tarif pajak yang berlaku adalahsebagai berikut:
The reconciliation between tax expense, net asshown in the consolidated statements ofcomprehensive income and the theoretical taxamount on the profit before tax (expense)/benefit is as follows:
2013 2012
Laba sebelum beban pajak 15.010.047 3.193.937 Profit before tax expense
Beban pajak dengan tarif Tax expense computedpajak yang berlaku 3.752.511 798.484 using the prevailing tax ratePengaruh pajak Tax effect of
atas beda tetap (216.405) 124.003 permanent differencesPenambahan penyisihan Additional valuation allowance
atas aset pajak tangguhan 2.290.662 1.444.143 for deferred tax assetsBagian atas laba neto entitas anak (5.826.768) (2.117.962) Share in net profit of subsidiariesEfek translasi - (248.668) Translation effect
Manfaat pajak penghasilan Tax benefit ofPerusahaan - - the Company
Beban/(manfaat) pajak Tax expense/(benefit) ofentitas anak the subsidiariesKini Current
Pajak penghasilan kini 12.569.360 8.722.756 Current income taxPenyesuaian atas pajak kini Adjustments in respect of
tahun yang lalu 855.356 - prior years current tax
13.424.716 8.722.756Tangguhan 2.374.510 (378.855) Deferred
Beban pajak - neto 15.799.226 8.343.901 Tax expense - net
Jumlah taksiran rugi fiskal Perusahaan untuktahun 2013 seperti yang disebutkan di atasakan dilaporkan oleh manajemen dalam SuratPemberitahuan Tahunan (“SPT”) PPh badanPerusahaan tahun 2013 ke Kantor PelayananPajak.
The amounts of the Company’s estimated taxloss as stated in the foregoing will be reportedby management in the Company’s 2013 annualincome tax return (“SPT”) to be submitted to thetax office.
Rincian manfaat (beban) pajak tangguhanadalah sebagai berikut:
The details of deferred tax benefit (expense)are as follows:
2013 2012
Perusahaan The CompanyBeda waktu: Temporary differences:Akumulasi rugi fiskal 2.016.404 1.392.531 Tax loss carry forward
Allowance for impairment lossesPenyisihan penurunan nilai piutang 149.007 - on receivablesLiabilitas imbalan kerja Short-term employee
jangka pendek 112.290 24.368 benefits liabilitiesSewa pembiayaan 1.494 3.132 Finance leaseLiabilitas imbalan kerja Long - term employee
jangka panjang 11.467 21.495 benefits liabilities
Laporan Tahunan 2013180 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
64
17. PERPAJAKAN (lanjutan) 17. TAXATION (continued)
c. Beban pajak (lanjutan) c. Tax expense (continued)
Rincian manfaat (beban) pajak tangguhanadalah sebagai berikut (lanjutan):
The details of deferred tax benefit (expense)are as follows (continued):
2013 2012
Perusahaan (lanjutan) The Company (continued)Lain-lain - 2.617 OtherPenambahan penyisihan Additional valuation allowance
atas aset pajak tangguhan (2.290.662) (1.444.143) for deferred tax assets
Sub - total - - Sub – total
Entitas anak (2.374.510) 378.855 The Subsidiaries
(Beban)/manfaat pajak tangguhan (2.374.510) 378.855 Deferred tax (expense)/benefit
d. Aset/(liabilitas) pajak tangguhan d. Deferred tax assets/(liabilities)
2013 2012
Perusahaan: The Company:Aset pajak tangguhan: Deferred tax assets:Taksiran rugi fiskal 4.119.480 2.103.076 Estimated tax loss
Allowance for impairment lossesPenyisihan penurunan nilai piutang 149.007 - on receivablesLiabilitas imbalan kerja Employee benefit liabilities
- jangka pendek 336.249 223.959 - Short-term- jangka panjang 36.901 25.434 - Long-term
Sewa pembiayaan 4.626 3.132 Finance leasePenyisihan atas aset Valuation allowance for
pajak tangguhan (4.646.263) (2.355.601) deferred tax assets
Aset pajak tangguhan - Deferred tax assets -Perusahaan - neto - - the Company - net
Perusahaan: The Company:Liabilitas pajak tangguhan: Deferred tax liabilities:
Kombinasi bisnis (Catatan 4) (1.653.138) - Business combination (Note 4)
Entitas anak: The Subsidiaries:Aset pajak tangguhan: Deferred tax assets:
TMU 880.083 1.619.367 TMUABN 536.571 1.593.147 ABNTBE 79.309 54.508 TBEPKU - - PKU
Total 1.495.963 3.267.022 Total
Liabilitas pajak tangguhan: Deferred tax liabilities:IM (1.382.602) (779.149) IM
Aset pajak tangguhan - neto 1.495.963 3.267.022 Deferred tax assets - net
Liabilitas pajak tangguhan - neto (3.035.740) (779.149) Deferred tax liabilities - net
Laporan Tahunan 2013 181 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
65
17. PERPAJAKAN (lanjutan) 17. TAXATION (continued)
e. Surat Ketetapan Pajak e. Tax Assessments
Dalam bulan September 2013, ABN menerimaSurat Ketetapan Pajak (“SKP”) Lebih Bayaratas pajak penghasilan badan tahun 2012sejumlah AS$7.170.260, jumlah ini lebihrendah dari jumlah tercatat lebih bayar tahun2012 sebesar AS$7.816.811. SKP tersebutjuga menambah penghasilan kena pajak ABNuntuk tahun 2012 dari AS$25.151.304 menjadisebesar AS$27.737.507. ABN menerimakeputusan ini serta menerima pengembaliandalam bulan Oktober 2013 dan membebankanselisihnya pada laporan laba rugi komprehensifkonsolidasian tahun 2013.
In September 2013, ABN received assessmentletters (“SKP”) for overpayment of corporateincome tax for 2012 fiscal year amounting toUS$7,170,260, which is lower thanUS$7,816,811 overpayment that was recordedby ABN in 2012. Such SKP also increasedABN’s taxable income for 2012 fiscal year, fromUS$25,151,304 to US$27,737,507. ABNaccepted the SKP and received the refund ofsuch amount in October 2013 and charged thedifference to the 2013 consolidated statement ofcomprehensive income.
Dalam bulan Nopember 2013, ABN menerimaSurat Ketetapan Pajak (“SKP”) Kurang Bayaratas pajak penghasilan badan tahun 2009sejumlah AS$126.555. ABN menerimakeputusan ini dan membayar kekurangantersebut berikut denda sebesar AS$82.250dalam bulan Desember 2013 sertamembebankannya pada laporan laba rugikomprehensif konsolidasian tahun 2013.
In November 2013, ABN received assessmentletters (“SKP”) for underpayment of corporateincome tax for 2009 fiscal year amounting toUS$126,555. ABN accepted the SKP and paidsuch amount as well as a penalty of US$82,250in December 2013 and charged the amount tothe 2013 consolidated statement ofcomprehensive income.
Sampai dengan tanggal penyelesaian laporankeuangan konsolidasian ini, IM masih dalamproses pemeriksaan pajak untuk pajakpenghasilan badan tahun 2012, terkait denganpengajuan kelebihan pembayaran pajakpenghasilan badan tahun 2012.
As of the completion date of this consolidatedfinancial statements, IM is still being audited bythe tax authorities for 2012 corporate income taxrelated to IM’s claim for tax refund on its 2012corporate income tax overpayment.
Sampai dengan tanggal penyelesaian laporankeuangan konsolidasian ini, Perusahaan danTMU sedang dalam proses audit olehDirektorat Jenderal Pajak (DJP) atas berbagaijenis pajak untuk tahun pajak 2009 sampaidengan 2012.
As of the completion date of this consolidatedfinancial statements, the Company and TMU arebeing audited by the Director General of Taxes(DGT) on various taxes for the 2009 up to 2012fiscal year.
f. Administrasi f. Administration
Perusahaan dan entitas anak selain PKU telahmemperoleh persetujuan dari DirektoratJenderal Pajak untuk menyelenggarakanpembukuannya dalam mata uang DolarAmerika Serikat sejak tahun pajak 2012.
The Company and its subsidiaries except forPKU have obtained approval from theDirectorate General of Taxes to maintain theirbookkeeping in U.S Dollar currency effective forfiscal year 2012.
Berdasarkan peraturan perpajakan Indonesia,Direktorat Jenderal Pajak (DJP) dapatmenetapkan dan mengubah kewajiban pajakyang berasal dari tahun pajak sebelum 2008dalam batas waktu sepuluh tahun sejaktanggal terutangnya pajak, atau sampaidengan akhir tahun 2013, mana yang lebihdulu. Berdasarkan peraturan pajak yangberlaku mulai tahun 2008, DJP dapatmenetapkan dan mengubah kewajiban pajakdalam batas waktu lima tahun sejak tanggalterutangnya pajak.
Under the taxation laws of Indonesia, theDirectorate General of Taxes (DGT) mayassess or amend taxes for years prior to 2008within ten years from the date the tax becamedue, or until the end of year 2013, whichever isearlier. Based on taxation laws which becameapplicable starting in year 2008, the DGT mayassess and amend taxes within five years fromthe date the tax becomes due.
Laporan Tahunan 2013182 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
66
18. UANG MUKA PELANGGAN 18. ADVANCES FROM CUSTOMERS
2013 2012
Batubara CoalDragon Energy 8.318.000 - Dragon EnergyVitol Asia Pte., Ltd. 7.000.000 - Vitol Asia Pte., LtdMercuria Energy Group Ltd. 6.627.778 7.000.000 Mercuria Energy Group Ltd.Trafigura 2.650.999 - TrafiguraAvra 2.362.500 - AvraGlencore International AG 463.500 440.000 Glencore International AGPT Pinang Export Indonesia 459.375 - PT Pinang Export IndonesiaEagle Power Corporation - 2.185.625 Eagle Power CorporationFlame S.A. - 2.000.000 Flame S.A.
Sub - total 27.882.152 11.625.625 Sub - total
Tandan buah segar Fruit fresh bunchesPT Agro Kaltim Utama 23.687 - PT Agro Kaltim Utama
27.905.839 11.625.625Dikurangi: Less:Bagian Jangka Pendek (24.941.839) (11.625.625) Current maturities
Bagian Jangka Panjang 2.964.000 - Long-term Portion
19. UTANG BANK 19. BANK LOANS
2013 2012
Utang Perusahaan The Company’s BorrowingBank Sindikasi 27.711.419 40.825.365 Syndicated banks
Utang Entitas Anak Subsidiaries’ BorrowingStandard Chartered Bank 14.722.820 - Standard Chartered BankPT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero), Tbk 11.302.179 - (Persero), TbkPT Bank BNP Paribas Indonesia - 5.000.000 PT Bank BNP Paribas IndonesiaIndonesia Eximbank - 2.466.319 Indonesia Eximbank
53.736.418 48.291.684Dikurangi: Less:Bagian Jangka Pendek (33.553.129) (48.291.684) Current maturities
Bagian Jangka Panjang 20.183.289 - Long-term Portion
Kisaran suku bunga kontraktual atas utang banktersebut diatas selama tahun 2013 adalah 3,4% -5,6% (2012: 3,5% - 5,6% ) per tahun untuk utangdalam mata uang AS$ dan 10% (2012: Nihil) pertahun untuk utang dalam mata uang Rupiah
The contractual interest rates on the above bankloans for 2013 ranged from 3.4% to 5.6% (2012:3.5% - 5.6% ) per annum on loans repayable in US$and 10% (2012: Nil) per annum on loan repayable inRupiah.
Laporan Tahunan 2013 183 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
67
19. UTANG BANK (lanjutan) 19. BANK LOANS (continued)
a. Bank Sindikasi a. Syndicated banks
Pinjaman sindikasi merupakan utangPerusahaan yang diperoleh berdasarkanPerjanjian Fasilitas (“Perjanjian”) tertanggal2 Agustus 2011, antara Perusahaan, ABNdengan beberapa pihak, antara lain BNPParibas, cabang Singapura (“BNP Singapore”)yang bertindak sebagai agen sehubungandengan pemberian fasilitas pinjaman revolvingsebesar US$35.000.000 kepada Perusahaan.Perjanjian tersebut di atas telah beberapa kalidiubah, perubahan terakhir dituangkan didalamPerjanjian Perubahan tertanggal18 November 2011 untuk menaikkan jumlahfasilitas menjadi US$70.000.000 dan masuknyaPT ANZ Panin Indonesia (“ANZ”) dan CitibankN.A. (“Citibank”), sebagai pemberi pinjaman.
Syndicated banks borrowing represents theCompany’s borrowing which was obtainedunder a Facility Agreement (“the Agreement”)dated August 2, 2011, between the Company,ABN and several parties, among others, BNPParibas, Singapore Branch (“BNP Singapore”)acting as an agent in relation to a revolvingborrowing facility of US$35,000,000 provided tothe Company. This Agreement has beenamended several times, with the latestamendment dated November 18, 2011increasing the facility to US$70,000,000 andthe inclusion of PT ANZ Panin Indonesia(“ANZ”) and Citibank N.A. (“Citibank”), aslenders.
Sebagaimana disebutkan dalam Perjanjian,pinjaman ini digunakan untuk pendanaan:
As stated in the Agreement, this borrowing willbe used for:
1. Pinjaman kepada TMU untuk keperluanbelanja modal.
1. On-loaned to TMU for the capitalexpenditures requirement.
2. Pinjaman kepada TS. 2. On-loaned to TS.
3. Modal kerja, akuisisi serta proyek lainnyayang disetujui oleh agen.
3. Working capital, acquisition or otherprojects as approved by the agent.
Dengan batasan maksimal pinjaman untukpenggunaan sebagai pinjaman ke TMU dan TSmasing - masing tidak melebihi AS$20.000.000dan AS$50.000.000.
Provided that the amount for borrowing to TMUand TS individually shall not exceedUS$20,000,000 and US$50,000,000,respectively.
Sejak tanggal 30 Maret 2012, BNP Singaporetelah mengalihkan kepesertaannya padasindikasi ini kepada PT Bank BNP ParibasIndonesia (“BNP Indonesia”).
Effective on March 30, 2012, BNP Singaporehas transferred its participation in this sydicatedto PT Bank BNP Paribas Indonesia (“BNPIndonesia”).
Pinjaman ini dikenakan bunga tahunan sebesarLondon Interbank Offered Rate (“LIBOR”)ditambah persentase tertentu.
This borrowing is charged annual interest at theLondon Interbank Offered Rate (“LIBOR”) plusa certain percentage.
Berdasarkan ketentuan di dalam Perjanjiantersebut, Perusahaan dan ABN harus memenuhibeberapa persyaratan, antara lain (i)menjaminkan secara fidusia saham Perusahaandi ABN (ii) menjaminkan secara fidusia semuaklaim asuransi ABN (iii) menjaminkan secarafidusia semua piutang kualifikasian ABN, serta(iv) menjaminkan aset ABN dengan nilaiperolehan diatas AS$1.000.000 yang diperolehsetelah tanggal perjanjian. Pinjaman ini akanjatuh tempo pada tanggal 31 Desember 2014.
Under the provisions of the Agreement, theCompany and ABN are required to fulfillseveral requirements, including (i) fiduciarytransfer of the Company’s ownership in ABN (ii)fiduciary transfer of all of ABN’s insuranceclaim (iii) fiduciary transfer of ABN’s qualifiedreceivables and (iv) pledging of ABN’s assetswith value of more than US$1,000,000 whichare acquired subsequent to the date of theagreement. This borrowing will due onDecember 31, 2014.
Beban bunga atas pinjaman sindikasi yangdibebankan ke dalam laporan laba rugikomprehensif konsolidasian untuk tahun yangberakhir pada tanggal 31 Desember 2013adalah sebesar AS$2.414.439 (2012:AS$1.456.341).
Interest expense on borrowing to syndicatedbanks which is charged to the consolidatedstatements of comprehensive income for theyear ended December 31, 2013 amounted toUS$2,414,439 (2012: US$1,456,341).
Laporan Tahunan 2013184 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
68
19. UTANG BANK (lanjutan) 19. BANK LOANS (continued)
a. Bank Sindikasi (lanjutan) a. Syndicated banks (continued)
Sebagai salah satu persyaratan Perjanjiantersebut, pada tanggal 2 Agustus 2011,Perusahaan dan ABN mengadakan PerjanjianPengelolaan Kas dan Rekening (“PerjanjianPengelolaan”) dengan PT Bank BNP ParibasIndonesia. Berdasarkan PerjanjianPengelolaan tersebut Perusahaan dan ABNmembuka beberapa rekening di PT Bank BNPParibas Indonesia dan BNP Paribas CabangSingapura.
As one of the Agreement’s condition, onAugust 2, 2011, the Company and ABNentered into a Cash and Account ManagementAgreement (the “Management Agreement”)with PT Bank BNP Paribas Indonesia. Underthe provisions of this Management Agreement,the Company and ABN are required to openseveral accounts in PT Bank BNP ParibasIndonesia and BNP Paribas - SingaporeBranch.
Tidak ada pembatasan dalam penggunaandana dari rekening tersebut kecuali kewajibanuntuk menjaga saldo salah satu rekeningminimum sebesar AS$5.000.000 jika ABNakan melakukan pembayaran kepadapemegang sahamnya. ABN dapatmenggunakan saldo AS$5.000.000 tersebutuntuk keperluan operasionalnya sepanjangABN atau Perusahaan tidak dalam keadaanwanprestasi (default).
There is no restriction in using the funds in thesuch accounts except requirement to maintaina minimum balance of US$5,000,000 in anybank account if ABN wants to make paymentto its shareholders. ABN can use theUS$5,000,000 for its operational requirementsprovided ABN or the Company is not in defaultcondition.
Berdasarkan Perjanjian, Perusahaan dan ABNharus menjaga beberapa rasio keuangantertentu. Perusahaan dan ABN juga diharuskanuntuk memenuhi beberapa syarat danketentuan tertentu mengenai kegiatan usaha,dividen, aksi korporasi, kegiatan pembiayaandan lainnya.
Under the Agreement, the Company and ABNhas to maintain certain financial ratios. TheCompany and ABN are also required to complywith certain terms and conditions relating to thenature of business, dividends, corporate actions,financing activities and other matters.
Pada tanggal 31 Desember 2012, ABN tidakmemenuhi satu rasio keuangan yangdipersyaratkan. Untuk tujuan pelaporanberdasarkan PSAK No. 1, jumlah-jumlah yangterutang berdasarkan Perjanjian pinjamansindikasi, dilaporkan sebagai liabilitas lancar didalam laporan posisi keuangan konsolidasiantanggal 31 Desember 2012.
As of December 31, 2012, ABN did not fulfill afinancial ratio requirement. For reportingpurposes according to PSAK No. 1, the amountsdue under the syndicated loan agreement isreported as current liabilities in the consolidatedstatement of financial position as of December31, 2012.
Pada tanggal 19 Maret 2014, Perusahaan,ABN, IM, TBE dan TMU menandatanganiperjanjian revolving loan facility denganbeberapa pihak untuk pendanaan kembali utangbank sindikasi (Catatan 43).
On March 19, 2014, the Company, ABN, IM,TBE and TMU entered into a revolving loanfacility with several parties to refinancesyndicated bank loans (Note 43).
Selama tahun 2013 Perusahaan telahmembayar pokok pinjaman sebesarAS$13.803.217 (2012:AS$14.098.392).
During 2013 the Company has paid its loanprincipal amounted to US$13,803,217(2012:US$14,098,392).
Laporan Tahunan 2013 185 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
69
19. UTANG BANK (lanjutan) 19. BANK LOANS (continued)
b. Standard Chartered Bank - CabangSingapura
b. Standard Chartered Bank - SingaporeBranch
IM memperoleh pinjaman ini berdasarkanFacility Agreement bertanggal 17 Juni 2013antara IM dengan Standard Chartered Bank,cabang Singapura (“SCB”) dimana SCBmemberikan fasilitas pinjaman sebesarAS$15,000,000. Pinjaman ini dikenakan bungatahunan sebesar London Interbank OfferedRate (“LIBOR”) ditambah persentase tertentu
IM obtained this borrowing based on FacilityAgreement dated June 17, 2013 between IMand Standard Chartered Bank, SingaporeBranch (“SCB”) whereby SCB provides loanfacility amounted to US$15,000,000. Thisborrowing is charged annual interest at theLondon Interbank Offered Rate (“LIBOR”) plusa certain percentage.
Sesuai dengan ketentuan dalam FacilityAgreement, jatuh tempo pembayaran pertamaadalah sembilan bulan sejak 7 Juli 2013(“tanggal penarikan pertama”), dan setiap tigabulan setelah tanggal jatuh temposebelumnya. Pembayaran terakhir adalah tigapuluh enam bulan sejak tanggal penarikanpertama.
In accordance with the provisions of the FacilityAgreement, the first installment due date isnine months since July 7, 2013 (“the first drawdown date”), and every quarter after thepreceeding due dates. The final payment willbe due on the thirty six months following thefirst draw down date.
Hasil pinjaman ini digunakan untuk melunasiutang IM kepada Perusahaan, pembiayaanbelanja modal terkait dengan processing plantyang baru, infrastruktur, peralatan danpembebasan lahan serta untuk pendanaankembali utang IM kepada Indonesia Eximbank.
The proceeds of this borrowing is used for thesettlement of IM’s loan to the Company, capitalexpenditure relating to a new coal processingplant, infrastructure, equipment and landcompensation as well as for refinancing of IM’sloan to Indonesia Eximbank
Pinjaman ini dijamin dengan gadai atasrekening bank mata uang Rupiah dan DolarAmerika Serikat milik IM pada SCB, piutangdan aset tetap, klaim asuransi, serta CorporateGuarantee dari Perusahaan.
This borrowing is collateralized by Rupiah andUS Dollar bank accounts belonging to IM atSCB, receivable and fixed assets, insuranceclaim, and Corporate Guarantee issued by theCompany.
Tidak ada pembatasan dalam penggunaandana dari rekening IM yang dijaminkan tersebutdiatas
There is no restriction in using the funds in theaccounts that are collateralized as mentionedabove.
Berdasarkan perjanjian, IM harus memenuhibatasan-batasan tertentu, yaitu memperolehpersetujuan tertulis dari bank sebelummelakukan transaksi-transaksi tertentu, antaralain seperti mengadakan merger, corporatereconstruction, akuisisi, membagikan dividendan perubahan aktivitas bisnis utama. IM jugaharus menjaga beberapa rasio keuangantertentu.
Under the Agreement, IM has to comply withcertain limitations, which are to obtain writtenapprovals from bank prior to enter into certaintransactions including merger, corporatereconstruction, acquisition, distribute dividenand changing main business activity. IM alsohas to maintain certain financial ratios.
Pada tanggal 31 Desember 2013, IM telahmemenuhi semua ketentuan dalam perjanjian.
As of December 31, 2013, IM has fulfilled allthe requirement in the agreement.
Beban bunga atas pinjaman ini yangdibebankan ke dalam laporan laba rugikomprehensif konsolidasian untuk tahun yangberakhir pada tanggal 31 Desember 2013adalah sebesar AS$319.161 (2012: AS$Nihil).
Interest expense on borrowing to which ischarged to the consolidated statements ofcomprehensive income for the year endedDecember 31, 2013 amounted to US$319,161(2012: US$Nil).
Laporan Tahunan 2013186 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
70
19. UTANG BANK (lanjutan) 19. BANK LOANS (continued)
c. PT Bank Rakyat Indonesia (Persero), Tbk(“BRI”)
c. PT Bank Rakyat Indonesia (Persero), Tbk(“BRI”)
PKU memperoleh pinjaman ini berdasarkanperjanjian fasilitas kredit investasi dan bungaselama masa konstruksi untuk kebun danpabrik minyak kelapa sawit tertanggal 25 Maret2013 antara PKU dan BRI dengan fasilitaspinjaman seluruhnya berjumlah sebesarRp351.100.000.000 untuk kredit investasi danRp86.400.000.000 untuk kredit bunga selamamasa konstruksi, sebagaimana yang telahdiubah dengan Perubahan Pertama tertanggal27 Juni 2013 yang mengubah syarat penarikankredit (“Perjanjian”).
PKU obtained this borrowing based on aninvestment credits and interest duringconstructions facilities agreement for palm oilplantation and palm oil mill dated March 25,2013 between PKU and BRI with total loanfacilities of Rp351,100,000,000 for investmentscredit and Rp86,400,000,000 for interest duringconstruction facilities, which has beenamended with the first amendment datedJune 27, 2013 regarding the change of theutilisation requirements (the “Agreement”).
Sesuai dengan ketentuan dalam Perjanjian,penarikan pinjaman kredit investasi untukkebun dilakukan secara bertahap selamatahun pertama hingga tahun ke 5, sedangkankredit investasi untuk pabrik minyak kelapasawit dilakukan pada tahun ke 2 dan tahun ke3. Jatuh tempo angsuran I terjadi pada tahunke 5.
In accordance with the provision of theAgreement, the draw down of facility for palmoil plantation can be executed in stages duringthe first year through the 5th year, while forpalm oil mill can be executed on the 2nd yearand 3rd year. The first installment will be due onthe 5th year.
Jangka waktu kredit ini adalah sebelas tahunsejak Perjanjian ditandatangani.
The term of these borrowings are eleven yearssince the signing date of the Agreement.
Fasilitas ini dijamin dengan bidang tanahsesuai dengan sertifikat HGU No. 32, 33, 34,35, 36, dan 37 yang semuanya terdaftar atasnama PKU, beserta semua yang ada diatastanah tersebut yaitu antara lain berupatanaman dan Corporate Guarantee dariPerusahaan.
These borrowings are secured with lots of landunder HGU certificates No.32, 33, 34, 35, 36,and 37 which are registered under the name ofPKU, including all on the land which includepalm oil plants and Corporate Guaranteeissued by the Company.
Fasilitas pinjaman ini membatasi PKU untuk,antara lain namun tidak terbatas pada,membagi keuntungan atau pembayarandividen tunai, melunasi atau menurunkanposisi utang kepada pemegang saham kecualiantara lain pelunasan utang kepadaPerusahaan terkait dengan refinancing kebun,maksimal sebesar Rp133.300.000.000.
This facility restricts PKU to, among others,distribute earnings or cash dividend payments,settle or reduce the balance of its loan toshareholder except but not limited to settle itsloan to the Company in relation to plantationrefinancing at maximum amount ofRp133,300,000,000.
Bunga atas pinjaman ini untuk tahun yangberakhir pada tanggal 31 Desember 2013adalah sebesar AS$646,772 (2012: AS$Nihil).Dari jumlah tersebut, sebesar AS$462.097dibebankan ke dalam laporan laba rugikomprehensif konsolidasian, sebesarAS$173.588 dikapitalisasi menjadi hargaperolehan tanaman belum menghasilkan dansisanya (AS$11.087) menjadi bagian saldoawal PKU pada saat akuisisi.
Interest on this borrowing for the year endedDecember 31, 2013 amounted to US$646,772(2012: US$Nil). Out of the total amount,US$462,097 is charged to the consolidatedstatements of comprehensive income,US$173,588 is capitalized to acquisition cost ofimmature plantation and the remaining(US$11,087) is part of PKU’s beginningbalance at the time of acquisition.
Laporan Tahunan 2013 187 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
71
19. UTANG BANK (lanjutan) 19. BANK LOANS (continued)
d. PT Bank BNP Paribas Indonesia ("BNPParibas")
d. PT Bank BNP Paribas Indonesia ("BNPParibas")
Pada tanggal 16 Oktober 2012, ABNmemperoleh fasilitas pinjaman berupa kreditmodal kerja dengan jumlah maksimumpenarikan AS$15.000.000 yang jatuh tempodalam satu tahun.
On October 16, 2012, ABN entered into a creditfacility agreement for working capital creditamounting to US$15,000,000 which will be duein a year.
Pinjaman kepada BNP Paribas pada tanggal31 Desember 2012 adalah sebesarAS$5.000.000.
Bank loan payable to BNP Paribas as ofDecember 31, 2012 amounted toUS$5,000,000.
ABN telah melunasi pinjaman tersebut padatanggal 25 Januari 2013.
ABN has fully repaid all of its borrowing onJanuary 25, 2013.
Beban bunga atas pinjaman ini yangdibebankan ke dalam laporan laba rugikomprehensif konsolidasian untuk tahun yangberakhir pada tanggal 31 Desember 2013adalah sebesar AS$16.884 (2012:AS$47.838).
Interest expense on this borrowing which ischarged to the consolidated statements ofcomprehensive income for the year endedDecember 31, 2013 amounted to US$16,884(2012: US$47,838).
e. Lembaga Pembiayaan Ekspor Indonesia e. Lembaga Pembiayaan Ekspor Indonesia
Pada tanggal 8 Agustus 2012, IMmenandatangani perjanjian dengan LembagaPembiayaan Ekspor Indonesia (“IndonesiaEximbank”) sehubungan dengan fasilitas kreditinvestasi sebesar AS$3.000.000 yang berlakusampai dengan tanggal 8 Agustus 2013.
On August 8, 2012, IM entered into a creditfacility agreement with Lembaga PembiayaanEkspor Indonesia (“Indonesia Eximbank), forthe investment credit facility amounting toUS$3,000,000 which due on August 8, 2013.
Kredit ini gunakan untuk pembiayaan belanjamodal untuk Coal Crusher Plant dengankapasitas 500 ton/jam dan Conveyor Beltsepanjang 4.113m beserta saranapelengkapnya. Terkait pemberian fasilitas ini IMmemberikan jaminan fidusia atas aset IM.
This credit facility is for the purpose of capitalexpenditures on Coal Crusher Plant with 500tonnes per hour capacity and conveyor belt of4,113m including its supporting facilities. TheIM’s fixed assets are pledged as collateral.
IM telah melunasi pinjaman ini dalam bulan Juli2013.
IM has fully repaid this borrowing in July 2013.
Beban bunga atas pinjaman ini yangdibebankan ke dalam laporan laba rugikomprehensif konsolidasian untuk tahun yangberakhir pada tanggal 31 Desember 2013adalah sebesar AS$42.417 (2012:AS$73.235).
Interest expense on this borrowing which ischarged to the consolidated statements ofcomprehensive income for the year endedDecember 31, 2013 amounted to US$42,417(2012: US$73,235).
Laporan Tahunan 2013188 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
72
20. SEWA PEMBIAYAAN 20. FINANCE LEASES
Liabilitas sewa pembiayaan merupakan perjanjiansewa antara Perusahaan dan entitas anak denganperusahaan-perusahaan sebagai berikut:
Finance lease payables represent leasearrangements between the Company andsubsidiaries with following companies:
2013 2012
PT JA Mitsui Leasing Indonesia 1.800.575 - PT JA Mitsui Leasing IndonesiaPT BCA Finance 293.667 435.647 PT BCA FinancePT Adira Dinamika Multifinance 12.279 - PT Adira Dinamika MultifinancePT Chandra Sakti Utama Leasing - 212.176 PT Chandra Sakti Utama LeasingPT Caterpillar Finance Indonesia - 35.787 PT Caterpillar Finance IndonesiaPT Toyota Astra Financial Services - 12.271 PT Toyota Astra Financial ServicesLain-lain 14.575 47.409 Others
2.121.096 743.290Dikurangi LessBagian Jangka Pendek (772.679) (498.388) Current maturities
Bagian Jangka Panjang 1.348.417 244.902 Long-term portion
Liabilitas sewa pembiayaan berdasarkan jenis asetsebagai berikut:
Finance lease payables based on type of assets:
2013 2012
Mesin dan peralatan berat 1.825.194 348.557 Machinery and heavy equipmentKendaraan 295.902 394.733 Vehicles
Total 2.121.096 743.290 Total
Bunga yang dikenakan atas sewa pembiayaandalam kisaran 3,65% per tahun sampai dengan14,36% per tahun.
Interest charged on finance leases ranged from3.65% per annum to 14.36% per annum.
Pembayaran sewa pembiayaan minimum masadatang berdasarkan perjanjian sewa pembiayaanpada setiap akhir periode pelaporan adalahsebagai berikut:
The minimum finance lease payments based onthe lease arrangements at the end of the reportingperiods are as follows:
2013 2012
Jatuh tempo dalam satu tahun 809.096 528.913 Due in one yearJatuh tempo lebih dari satu tahun Due in two years until
hingga lima tahun 1.482.179 252.420 five yearsJatuh tempo setelah lima tahun - - Due after five years
Pembayaran sewa pembiayaanminimum masa datang 2.291.275 781.333 Future minimum finance leases payments
Dikurangi: Less:Jumlah yang merupakan bunga (170.179) (38.043) Amount representing interest
Nilai kini pembayaran sewa Present value of net minimumpembiayaan minimum 2.121.096 743.290 finance leases payment
Dikurangi: Less:Bagian jangka pendek Current maturities of obligation
kewajiban sewa pembiayaan (772.679) (498.388) under finance leases
Bagian jangka panjang Long-term portion of obligationkewajiban sewa pembiayaan 1.348.417 244.902 under finance leases
Laporan Tahunan 2013 189 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
73
20. SEWA PEMBIAYAAN (lanjutan) 20. FINANCE LEASES (continued)
Sehubungan dengan perjanjian sewa, Perusahaandan entitas anak sebagai lessee harus mematuhipembatasan-pembatasan antara lain:
In relation to the above lease agreements,Company and subsidiaries as a lessee has tocomply with certain restrictions which include asfollows:
1. Lessee dilarang untuk mengalihkan/menjualbarang yang menjadi objek sewa guna usahaserta hak dan kewajiban guna usaha yang ada didalam perjanjian sewa pembiayaan tanpapersetujuan dari pihak Lessor;
1. Lessee may not transfer/sell the leased objectsand the related rights and obligation under thelease agreement without approval from theLessors;
2. Lessee wajib untuk memberitahukan adanyaperubahan anggaran dasar atau susunandireksinya kepada pihak Lessor;
2. Lessee has to declare to the Lessors if there arechanges in the articles of association or themembers of board of directors;
3. Dalam hal terjadi wanprestasi (default), makaLessor berhak untuk menyita objek sewapembiayaan dan memutuskan perjanjian secarasepihak;
3. In the event of default, the Lessors retain theright to foreclose the leased objects andterminate the agreements without approval fromLessee;
4. Dalam hal terjadi perubahan kondisi ekonomi,pihak Lessor berhak untuk melakukanpenyesuaian atas tingkat suku bunga; dan
4. In the event of changes in the economicscondition, the Lessors retain the right to adjustthe interest rates; and
5. Selama periode sewa pembiayaan, hak milikdari objek sewa pembiayaan masih ada ditangan Lessor.
5.During the lease terms, the Lessors have theownership of the leased objects.
21. LIABILITAS UNTUK PENGELOLAAN DANREKLAMASI LINGKUNGAN HIDUP DANPENUTUPAN TAMBANG
21. PROVISION FOR ENVIRONMENTAL ANDRECLAMATION COSTS AND MINES CLOSURE
Liabilitas untuk biaya pengelolaan dan reklamasilingkungan hidup dan penutupan tambangmerupakan jumlah yang masih harus dibayar atasestimasi biaya pengelolaan lingkungan selamamasa tambang dan penutupan tambang yang akanterjadi pada akhir umur tambang.
Provision for environmental and reclamation costsand mine closure relates to the accrued portion ofthe environmental during the mine’s life andestimated closure costs to be incurred at the end ofa mine’s life.
Estimasi untuk biaya ini dihitung secara internaloleh manajemen dengan mempertimbangkanketentuan perundangan yaitu Undang-UndangRepublik Indonesia No. 4 Tahun 2009 tanggal12 Januari 2009 Tentang Pertambangan Mineraldan Batubara dan peraturan relevan lainnya.
The current estimated costs were internallycalculated by management which consider theprovisions of regulations i.e. the Republic ofIndonesia’s Law No. 4 Year 2009 datedJanuary 12, 2009 on Mining Ore and Coal andother relevant regulations.
Dalam menentukan saldo liabilitas biaya penutupantambang, manajemen menggunakan tingkatdiskonto dalam kisaran 5,50% - 8,97% per tahun,tergantung pada masa jatuh tempo liabilitaspenutupan masing-masing tambang.
In determining the balance for mine closuresliabilities, the management uses discount ratesranging from 5.50% - 8.97% p.a., subject to thedue dates of the respective mine closuresliabilities.
Manajemen yakin bahwa akumulasi provisi telahcukup untuk menyelesaikan semua liabilitas yangberhubungan dengan kewajiban pengelolaan danreklamasi lingkungan hidup dan penutupantambang yang timbul dari kegiatan tambangsampai dengan setiap akhir periode pelaporan.
Management believes that the currentaccumulated provision is sufficient to cover allliabilities relating to the environmental andreclamation costs and mine closure arising frommining activities up to the end of the reportingperiods.
Laporan Tahunan 2013190 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
74
21. LIABILITAS UNTUK PENGELOLAAN DANREKLAMASI LINGKUNGAN HIDUP DANPENUTUPAN TAMBANG (lanjutan)
21. PROVISION FOR ENVIRONMENTAL ANDRECLAMATION COSTS AND MINES CLOSURE(continued)
Mutasi penyisihan untuk biaya pengelolaan danreklamasi lingkungan hidup dan penutupantambang adalah sebagai berikut:
The movements in the provision for environmentaland reclamation costs and mine closure were asfollows:
2013 2012
Saldo awal 4.410.627 3.539.563 Beginning balancePenambahan selama
tahun berjalan* 696.514 871.064 Provision made during the year*Pengurangan (176.672) - DeductionPengaruh selisih kurs (887.520) - Foreign exchange effectRealisasi selama tahun berjalan (91.132) - Realization during the year
Saldo akhir 3.951.817 4.410.627 Ending balance
* Termasuk penambahan provisi pembongkaran aset pada saat penutupan tambang sebesar AS$222.557 di tahun 2013 yang dikapitalisasi sebagaibagian aset /Including the addition of provision for assets retirement obligation upon the mine closure amounted to US$222,557 which is capitalized as a part of fixedasset in 2013.
Sehubungan dengan provisi di atas, per tanggal31 Desember 2009, ABN telah melakukanpenyetoran uang jaminan reklamasi sebesarRp2.135.946.000 ke kas negara. Jumlah inidilaporkan sebagai bagian dari aset tidak lancarlainnya di dalam laporan posisi keuangankonsolidasian tanggal-tanggal 31 Desember 2013dan 2012.
In relation to the above provision, as ofDecember 31, 2009, ABN has made payments forreclamation guarantee amounting toRp2,135,946,000 to the state treasury. Thisamount is reported as part of other non-currentassets in the consolidated statements of financialposition as of December 31, 2013 and 2012.
Sehubungan dengan provisi di atas, per tanggal31 Desember 2011 dan 2007, IM telahmenempatkan deposito berjangka sebagai jaminanreklamasi masing-masing sebesarRp3.329.272.000 dan Rp732.904.000 ke kasnegara. Di tahun 2013, IM menyetorkan uangjaminan reklamasi sebesar Rp1.158.610.195 danRp2.444.407.849, masing - masing untuk jaminantahun 2012 dan 2013. Jumlah ini dilaporkansebagai bagian dari aset tidak lancar lainnya didalam laporan posisi keuangan konsolidasiantanggal 31 Desember 2013.
In relation to the above provision, as ofDecember 31, 2011 and 2007, IM has placed timedeposit for reclamation guarantee amounting toRp3,329,272,000 and Rp732,904,000 to the statetreasury. In 2013, IM has made payments forreclamation guarantee amounting toRp1,158,610,195 and Rp2,444,407,849,respectively, for 2012 and 2013 guarantee. Theseamounts are reported as part of other non-currentassets in the consolidated statements of financialposition as of December 31, 2013.
Sehubungan dengan provisi di atas, per tanggal31 Desember 2011, TMU telah menempatkandeposito berjangka senilai Rp1.480.691.000 sebagaijaminan reklamasi. Deposito tersebut dilaporkansebagai bagian dari aset tidak lancar lainnya didalam laporan posisi keuangan konsolidasiantanggal-tanggal 31 Desember 2013 dan 2012.
In relation to the above provision, as ofDecember 31, 2011, TMU has placed time depositin the amount of Rp1,480,691,000 as collateral forreclamation. This time deposit is reported as part ofother non-current assets in the consolidatedstatements of financial position as of December 31,2013 and 2012.
Laporan Tahunan 2013 191 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
75
22. LIABILITAS IMBALAN KERJA 22. EMPLOYEE BENEFITS LIABILITIES
Liabilitas imbalan kerja tanggal 31 Desember 2013,dan 2012 terdiri dari:
The employee benefits liabilities as ofDecember 31, 2013 and 2012 consist of:
a. Liabilitas imbalan kerja jangka pendek a. Short-term employee benefits liabilities
2013 2012
Bonus 2.986.855 6.184.422 BonusesTunjangan pegawai lainnya 353.728 139.180 Other employee allowances
3.340.583 6.323.602
b. Liabilitas imbalan kerja jangka panjang b. Long-term employee benefits liabilities
Saldo ini merupakan liabilitas imbalanpascakerja berdasarkan Undang-undangKetenagakerjaan No. 13 tahun 2003.
The balance represents post-employmentbenefits liabilities in accordance with theprovisions of Labor Law No. 13 year 2003.
Rincian saldo liabilitas imbalan pascakerja yangdiakui pada tanggal-tanggal 31 Desember 2013and 2012 adalah sebagai berikut:
The analysis of post-employment benefitsliabilities recognized as of December 31, 2013and 2012 are as follows:
2013 2012
Perusahaan 147.603 101.738 The Company
Entitas anak SubsidiariesTBE/IM 745.546 670.986 TBE/IMABN 696.239 759.386 ABNTMU 256.955 197.550 TMUPKU 96.716 - PKU
1.943.059 1.729.660
Saldo liabilitas imbalan pasca kerja Perusahaanper tanggal 31 Desember 2013 dan 2012 diatasberdasarkan perhitungan yang dilakukan olehaktuaria independen.
The balances of the post-employment benefitsliabilities as of December 31, 2013 and 2012above is based on a calculation performedindependent actuaries.
Perhitungan aktuaria tersebut menggunakanmetode Projected Unit Credit dengan asumsi-asumsi sebagai berikut:
The actuarial valuations were carried out usingthe Projected Unit Credit method with thefollowing assumptions:
2013 2012
Tingkat diskonto per tahun 8,1%-9,1% 5,5%-6,2% Annual discount ratesTingkat kenaikan Salary increment
gaji per tahun 6%-8% 6%-10% rates per annumUsia pensiun normal 55-56 55-56 Normal pension ageTingkat kematian TMI'99 & TMI’11 TMI'99 & TMI’11 Mortality rates
Laporan Tahunan 2013192 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
76
22. LIABILITAS IMBALAN KERJA (lanjutan) 22. EMPLOYEE BENEFITS LIABILITIES (continued)
b. Liabilitas imbalan kerja jangka panjang(lanjutan)
b. Long-term employee benefits liabilities(continued)
Rekonsiliasi nilai kini liabilitas imbalanpascakerja dengan jumlah liabilitas yangdilaporkan dalam laporan posisi keuangankonsolidasian tanggal-tanggal 31 Desember2013 dan 2012 adalah sebagai berikut:
The reconciliation between the present valueof employee benefits liability and liabilityreported in the consolidated statements offinancial position as of December 31, 2013and 2012 are as follows:
2013 2012
Nilai kini liabilitas Present value of post-imbalan pascakerja 1.879.080 1.971.814 employment benefits
Rugi/(laba) aktuarial yang belum diakui 67.107 (237.919) Unrecognized actuarial losses/(gain)Beban jasa lalu yang belum Unrecognized past service cost
diakui - non vested (3.128) (4.235) - non vested
Liabilitas 1.943.059 1.729.660 Liability
Mutasi liabilitas imbalan pascakerja adalahsebagai berikut:
Movement in the employee benefits liability areas follows:
2013 2012
Saldo awal 1.729.660 1.192.007 Beginning balanceAkuisisi 83.489 - AcquisitionBeban 762.993 845.757 ExpensePembayaran manfaat (260.141) (233.897) Benefit paymentPengaruh selisih kurs (372.942) (74.207) Foreign exchange effect
Liabilitas yang diakui di Liability recognized in thelaporan posisi keuangan consolidated statements ofkonsolidasian 1.943.059 1.729.660 financial position
Beban imbalan pascakerja karyawan yangdiakui dalam laporan laba rugi komprehensifkonsolidasian adalah sebagai berikut:
The post-employment benefits expensesrecognized in the consolidated statements ofcomprehensive income consist of the following:
2013 2012
Beban jasa kini 662.987 767.354 Current services costBeban bunga 96.239 76.320 Interest costKerugian aktuarial Net actuarial losses
neto yang diakui 2.860 1.781 recognizedBeban jasa lalu - non vested 239 302 Past service cost - non vestedAmortisasi beban jasa lalu 668 - Past service cost - amortization
762.993 845.757
Perubahan satu poin persentase asumsi tingkatdiskonto akan memiliki dampak terhadapliabilitas imbalan kerja efek sebagai berikut:
A one percentage point change in the assumeddiscount rate would have the following effectson the employee benefits liabilities:
2013
Kenaikan (149.927) IncreasePenurunan 170.862 Decrease
Laporan Tahunan 2013 193 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
77
22. LIABILITAS IMBALAN KERJA (lanjutan) 22. EMPLOYEE BENEFITS LIABILITIES (continued)
b. Liabilitas imbalan kerja jangka panjang(lanjutan)
b. Long-term employee benefits liabilities(continued)
Jumlah-jumlah dalam tahun ini dan 4 tahunsebelumnya sebagai berikut:
Amounts for the current and previous 4 yearsare as follows:
2013 2012 2011 2010 2009
Nilai kini kewajiban Present value ofImbalan pasti 1.879.080 1.971.814 1.277.950 711.831 448.555 post employment benefit
Kerugian/(keuntungan) Net actuarialaktuaria neto losses/(gains)yang diakui 2.860 1.781 (62.729) 1.237 (4.006) recognized
23. MODAL SAHAM 23. SHARE CAPITAL
Pemegang saham Perusahaan dan persentasekepemilikan pada tanggal-tanggal 31 Desember2013 dan 2012 adalah sebagai berikut:
The Company’s shareholders and the ownershipas of December 31, 2013 and 2012 were asfollows:
2013
Total saham/ % kepemilikan/ Nilai/ Nilai/Pemegang Saham/ Number of % of Amount AmountShareholders shares ownership (Rp’000) (US$)
PT Toba Sejahtra 1.444.750.000 71,79% 288.950.000 31.795.873Bintang Bara B.V. 201.250.000 10,00% 40.250.000 4.317.555PT Bara Makmur Abadi 125.755.000 6,25% 25.151.000 2.739.760PT Sinergi Sukses Utama 102.700.000 5,10% 20.540.000 2.237.473Roby Budi Prakoso 73.355.000 3,64% 14.671.000 1.598.148Davit Togar Pandjaitan 15.000.000 0,75% 3.000.000 330.118Masyarakat/Public 49.681.000 2,47% 9.936.200 1.058.958
Total 2.012.491.000 100,00% 402.498.200 44.077.885
2012
Total saham/ % kepemilikan/ Nilai/ Nilai/Pemegang Saham/ Number of % of Amount AmountShareholders shares ownership (Rp’000) (US$)
PT Toba Sejahtra 1.485.000.000 73,79% 297.000.000 32.681.690Bintang Bara B.V. 161.000.000 8,00% 32.200.000 3.431.738PT Bara Makmur Abadi 125.755.000 6,25% 25.151.000 2.739.760PT Sinergi Sukses Utama 102.700.000 5,10% 20.540.000 2.237.473Roby Budi Prakoso 73.355.000 3,64% 14.671.000 1.598.148Davit Togar Pandjaitan 15.000.000 0,75% 3.000.000 330.118Masyarakat/Public 49.681.000 2,47% 9.936.200 1.058.958
Total 2.012.491.000 100,00% 402.498.200 44.077.885
Seluruh saham Perusahaan yang diterbikantercatat pada Bursa Efek Indonesia.
All the Company’s issued shares are listed on theIndonesia Stock Exchange.
Pengelolaan Modal Capital Management
Tujuan utama pengelolaan modal Perusahaanadalah untuk memastikan terpeliharanya rasio modalyang sehat untuk mendukung usaha danmemaksimalkan imbalan bagi pemegang saham.
The primary objective of the Company’s capitalmanagement is to ensure that healthy capital ratiosare maintained in order to support its business andmaximize shareholders’ value.
Laporan Tahunan 2013194 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
78
23. MODAL SAHAM (lanjutan) 23. SHARE CAPITAL (continued)
Pengelolaan Modal (lanjutan) Capital Management (continued)
Manajemen mengelola struktur permodalanPerusahaan dan melakukan penyesuaian,berdasarkan perubahan kondisi ekonomi. Untukmemelihara atau menyesuaikan struktur permodalan,manajemen dapat menyesuaikan pembayarandividen kepada pemegang saham, menerbitkansaham baru atau mengusahakan pendanaan melaluipinjaman. Tidak ada perubahan atas tujuan,kebijakan maupun proses selama tahun penyajian.
Managemet manages the Company’s capitalstructure and makes adjustments to it, in light ofchanges in economic conditions. To maintain oradjust the capital structure, management mayadjust the dividend payment to shareholders, issuenew shares or raise debt financing. No changeswere made in the objectives, policies or processesduring the years presented.
Kebijakan manajemen adalah mempertahankanstruktur permodalan yang sehat untuk mengamankanakses terhadap pendanaan pada biaya yang wajar.
Management’s policy is to maintain a healthycapital structure in order to secure access tofinancing at a reasonable cost.
24. TAMBAHAN MODAL DISETOR - NETO 24. ADDITIONAL PAID-IN CAPITAL - NET
Akun ini terdiri dari: This accounts consist of:
2013 2012
Paid-in capitalAgio saham - neto 132.176.790 132.176.790 in excess of par value - netSelisih nilai transaksi kombinasi Difference arising from business
bisnis entitas combination transaction amongsepengendali (2.307.521) (2.307.521) entities under common control
129.869.269 129.869.269
a. Agio saham - neto a. Paid-in capital in excess of par value - net
Akun ini merupakan selisih lebih nilai setoranmodal yang dilakukan oleh PT Bara MakmurAbadi, Bpk. Roby Budi Prakoso, PT SinergiSukses Utama dan Penawaran Umum SahamPerdana Perusahaan, terhadap nilai nominalsaham, setelah dikurangi dengan biaya emisisaham.
This account represents the excess of capitalcontributions made by PT Bara Makmur Abadi,Mr. Roby Budi Prakoso, PT Sinergi SuksesUtama and the Intial Public Offering of theCompany, compared to the nominal value ofthe shares, net off the share issuance costs.
Biaya emisi saham merupakan biaya-biaya yangberkaitan langsung dengan penerbitan sahambaru Perusahaan yang dilakukan melaluiPenawaran Umum Saham Perdana.
Share issuance costs represent costs directlyattributable to the issuance of new shares ofthe Company in respect of the Initial PublicOffering.
b. Selisih transaksi kombinasi bisnis entitassepengendali
b. Difference arising from the business combinationamong entities under common control
Akun ini merupakan selisih antara jumlahimbalan yang dialihkan dan jumlah tercatat asetneto yang diterima dari transaksi kombinasibisnis pada tahun 2010 antara Perusahaandengan TS sehubungan dengan akuisisi ABN,TBE dan TMU masing-masing sebesarAS$1.671.407, AS$508.448 dan AS$127.666.
This account represents the difference betweenthe amount of consideration transferred and thenet carrying amounts of net assets acquiredarising from business combination transactionsin 2010 between the Company and TS inrelation to the acquisitions of ABN, TBE andTMU amounting to US$1,671,407,US$508,448 dan US$127,666, respectively.
Laporan Tahunan 2013 195 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
79
25. DIVIDEN 25. DIVIDENDS
a. Berdasarkan Surat Edaran Keputusan DewanKomisaris Perusahaan sebagai penggantiRapat Dewan Komisaris Perusahaan, tanggal16 Maret 2012, Dewan Komisaris menyetujuipembagian dividen sementara sebesarRp41.500.000.000 (setara denganAS$4.521.683). Sampai tanggal 31 Desember2012, Perusahaan telah membayarRp9.165.000.000 (setara denganAS$1.000.000).
a. Based on the Circular Decision of theCompany’s Board of Commissioners in lieu ofthe Board Commissioners Meeting dated March16, 2012, Board of Commissioners agreed todistribute interim dividends amounting toRp41,500,000,000 (equivalent toUS$4,521,683). Until December 31, 2012 theCompany has paid Rp9,165,000,000 (equivalentwith US$1,000,000).
b. Berdasarkan keputusan Rapat UmumPemegang Saham Tahunan Perusahaantanggal 28 Juni 2013, pemegang sahammenyetujui penggunaan laba bersihPerusahaan yang dapat diatribusikan kepadapemilik entitas induk untuk tahun buku yangberakhir pada tanggal 31 Desember 2012sebesar AS$3.198.832 sebagai berikut:
b. Based on decisions of the Company’s AnnualGeneral Shareholders’ Meeting held on June 28,2013, the shareholders approved the distributionof the profit attributable to the owner of theCompany for the year ended December 31,2012 amounting to US$3,198,832 as follows:
i. Sebesar AS$31.988 digunakan sebagaipenyisihan cadangan sesuai denganketentuan Pasal 70 Undang-Undang No. 40Tahun 2009.
ii. Sebesar AS$3.166.844 dibagikan sebagaidividen tunai.
i. Amounting to US$31,988 is used forappropriation of retained earnings inaccordance with Article 70 of Law No. 40Year 2009.
ii. Amounting to US$3,166,844 is distributed ascash dividends.
Dalam Rapat Umum Pemegang SahamTahunan Perusahaan tanggal 28 Juni 2013,pemegang saham juga menetapkan pembagiandividen tunai sebesar AS$2.499.135 yangdiambil dari saldo laba ditahan awal tahun2012.
In the Company’s Annual General Shareholders’Meeting held on June 28, 2013, theshareholders also approved the distribution ofcash dividends amounting to US$2,499,135which is taken from the balance of retainedearnings at the beginning of 2012.
Dividen yang diterima oleh PT Toba Sejahtratelah dikurangkan dengan dividen interimsebesar AS$1.000.000 yang telah diterimanyadi tahun 2012.
The dividend that was received by PT TobaSejahtra is deducted with interim dividend ofUS$1,000,000 which was received in 2012.
26. SELISIH NILAI PEMBELIAN SAHAMTAMBAHAN DI ENTITAS ANAK DARIPEMEGANG SAHAM NON-PENGENDALI
26. DIFFERENCE FROM THE ACQUISITION OFADDITIONAL SHARES IN SUBSIDIARIES FROMNON-CONTROLLING SHAREHOLDERS
Akun ini merupakan selisih antara jumlahkepentingan non-pengendali disesuaikan dengannilai wajar imbalan yang diberikan Perusahaansehubungan dengan transaksi pembelian sahamTBE dan TMU dari pemegang saham non-pengendali entitas anak pada tahun 2012, masing-masing sebesar AS$60.440.297 danAS$29.185.433.
This account represents the difference between theamount by which the non-controlling interests areadjusted and the fair value of the considerationpaid by the Company in relation to the acquisitionof TBE and TMU’s shares from the non-controlingshareholders of the subsidiaries in 2012,amounting to US$60,440,297 and US$29,185,433,respectively.
Laporan Tahunan 2013196 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
80
27. KEPENTINGAN NON-PENGENDALI 27. NON-CONTROLLING INTEREST
Mutasi kepentingan non-pengendali untuk masing-masing periode pelaporan adalah sebagai berikut:
Movement of non-controlling interest during therespective reporting periods are as follows:
2013
Pendapatankomprehensif
Saldo lain/ Bagian atas Bagian atas Saldo1 Jan. 2013/ Other laba/(rugi) neto/ dividen/ 31 Des. 2013/
Balance Akuisisi/ comprehensive Share in net Share in BalanceJan. 1, 2013 Acquisition income profit/(loss) dividend Dec. 31, 2013
ABN 25.322.163 - - 16.210.546 (15.190.000) 26.342.709 ABNTBE 709 - - 192 (145) 756 TBETMU 28.065 - - 70 - 28.135 TMUPKU - (261.343) 152.893 (150.553) - (259.003) PKU
Total 25.350.937 (261.343) 152.893 16.060.255 (15.190.145) 26.112.597 Total
Mutasi kepentingan non-pengendali untuk masing-masing periode pelaporan adalah sebagai berikut:
Movement of non-controlling interest during therespective reporting periods are as follows:
2012
Penambahankepentingan
pengendalian Pendapatandi entitas anak/ komprehensif
Saldo Additional lain/ Bagian atas Bagian atas Saldo/1 Jan. 2012/ controlling Other laba (rugi) neto/ dividen/ 31 Des. 2012/
Balance interests in comprehensive Share in net Share in BalanceJan. 1, 2012 subsidiaries income profit (loss) dividend Dec. 31, 2012
ABN 17.401.763 - - 7.920.400 - 25.322.163 ABNTBE 9.762.899 (8.624.689) - 1.241.412 (2.378.913) 709 TBETMU (1.340.827) 1.796.854 - (427.962) - 28.065 TMU
Total 25.823.835 (6.827.835) - 8.733.850 (2.378.913) 25.350.937 Total
28. PENJUALAN 28. SALES
2013 2012
Pihak ketiga Third partiesLuar negeri 419.701.764 370.682.820 ExportLokal 2.147.973 22.259.702 Local
Sub-total 421.849.737 392.942.522 Sub-total
Pihak berelasi (Catatan 34b) Related parties (Note 34b)Lokal - 3.743.353 Local
Total 421.849.737 396.685.875 Total
Rincian pelanggan dengan nilai penjualan melebihi10% dari total penjualan adalah sebagai berikut:
The details of customers with sales of more than10% from the total sales are as follows:
2013 2012
Total: Total:Dragon Energy Corporation 87.529.504 23.176.592 Dragon Energy CorporationPT Pinang Export Indonesia 70.996.932 8.696.096 PT Pinang Export IndonesiaGlencore International AG 51.769.202 24.293.234 Glencore International AGEagle Power Corporation 51.345.866 14.714.247 Eagle Power CorporationMercuria 42.300.192 - MercuriaFlame S.A 10.195.041 117.434.658 Flame S.A.Vitol Asia Pte., Ltd. 4.468.929 47.913.847 Vitol Asia Pte., Ltd.
Sub-total 318.605.666 236.228.674 Sub-total
Laporan Tahunan 2013 197 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
81
28. PENJUALAN (lanjutan) 28. SALES (continued)
2013 2012
Persentase: Percentage:Dragon Energy Corporation 21% 6% Dragon Energy CorporationPT Pinang Export Indonesia 17% 2% PT Pinang Export IndonesiaGlencore International AG 12% 6% Glencore International AGEagle Power Corporation 12% 4% Eagle Power CorporationMercuria 10% - MercuriaFlame S.A 2% 30% Flame S.A.Vitol Asia Pte., Ltd. 1% 12% Vitol Asia Pte., Ltd.
Persentase terhadap Percentage from thetotal penjualan 75% 60% total sales
29. BEBAN POKOK PENJUALAN 29. COST OF GOODS SOLD
2013 2012
Biaya produksi: Production costs:Pengupasan tanah 235.795.399 239.137.679 Overburden removalPengangkutan dan
penambangan batubara 18.450.303 14.238.620 Coal extraction and coal haulingSewa mesin, peralatan Machineries, equipment and
dan kendaraan 14.519.897 15.619.938 vehicle rentalBahan bakar 6.448.649 5.245.242 FuelGaji, upah dan tunjangan karyawan 5.544.004 3.481.657 Salaries, wages and employee allowancePenyusutan (Catatan 11) 3.621.997 2.954.883 Depreciation (Note 11)Amortisasi properti Amortization of mining
tambang (Catatan 13) 3.576.234 2.270.857 properties (Note 13)Pemindahan lumpur 2.986.933 4.348.756 Mud removalPerawatan dan pemeliharaan 2.353.710 2.191.610 Repairs and maintenancesPengelolaan dan reklamasi Environmental and
lingkungan hidup dan penutupan reclamation costs and minetambang (Catatan 21) 473.957 871.064 closure (Note 21)
Lain-lain 2.887.858 2.730.202 Others
Total biaya produksi 296.658.941 293.090.508 Total production cost
Pembelian batubara 520.000 12.065.318 Coal purchasedPengangkutan dan crane 26.230.600 30.757.546 Barging and craneRoyalti (Catatan 41a) 21.538.984 22.578.114 Royalty (Note 41a)Barang dalam proses: Work- in- process:
Batubara baku Raw CoalAwal tahun 7.865.000 13.838.207 Beginning of yearAkhir tahun (6.858.180) (7.865.000) End of year
Barang jadi: Finished Goods:Batubara industri Industrial CoalAwal tahun 20.388.978 4.459.788 Beginning of yearAkhir tahun (24.046.991) (20.388.978) End of year
Beban pokok penjualan 342.297.332 348.535.503 Cost of goods sold
Pembelian barang dan jasa dari pihak ketiga yangnilainya secara individual melebihi 10% dari totalpenjualan adalah sebagai berikut:
Purchases of materials and services from thirdparties which individually exceed 10% of total salesare as follows:
Laporan Tahunan 2013198 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
82
29. BEBAN POKOK PENJUALAN (lanjutan) 29. COST OF GOODS SOLD (continued)
2013 2012
PT Petrosea, Tbk 76.104.786 102.554.537 PT Petrosea, TbkPro Energy 64.262.138 23.214.963 Pro EnergyPT Arkananta Apta Pratista 39.459.996 39.884.026 PT Arkananta Apta PratistaPT Sapta Indra Sejati 2.426.035 44.035.458 PT Sapta Indra SejatiPT Astiku Sakti - 45.308.686 PT Astiku Sakti
Total 182.252.955 254.997.670 Total
PT Petrosea, Tbk 18% 26% PT Petrosea, TbkPro Energy 15% 6% Pro EnergyPT Arkananta Apta Pratista 9% 10% PT Arkananta Apta PratistaPT Sapta Indra Sejati 1% 11% PT Sapta Indra SejatiPT Astiku Sakti - 11% PT Astiku Sakti
Total 43% 64% Total
30. BEBAN UMUM DAN ADMINISTRASI 30. GENERAL AND ADMINISTRATIVE EXPENSES
2013 2012
Gaji, upah, bonus dan Salaries, wages, bonuses,kesejahteraan karyawan 13.722.135 11.277.675 and employee benefits
Program tanggung jawab sosial Corporate social responsibilitydan lingkungan perusahaan 5.497.245 6.675.888 and environment program
Penyisihan kerugian penurunan Allowance for impairmentnilai piutang 1.753.446 - losses on receivable
Penyusutan (Catatan 11) 1.104.592 974.794 Depreciation (Note 11)Perlengkapan dan peralatan kantor 1.230.793 501.658 Office supplies and utilitiesPerjalanan 760.429 1.373.484 TravelPajak Bumi dan Bangunan 772.026 4.459.207 Land and building taxJasa profesional 578.036 1.566.511 Professional feesSewa kantor dan kendaraan 857.813 770.275 Office and vehicle rentBiaya pajak 446.675 973.217 Tax expensesRepresentasi dan jamuan 442.040 591.583 Representation and entertainmentLain-lain 1.514.316 2.365.201 Others
Total beban umum Total general and adminsitrativedan administrasi 28.679.546 31.529.493 expenses
31. BEBAN PENJUALAN DAN PEMASARAN 31. SELLING AND MARKETING EXPENSES
2013 2012
Komisi 365.273 28.215 CommissionBeban pemasaran 44.893 175.622 Marketing expenseLain-lain 117.966 155.083 Others
Total beban penjualan Total sellingdan pemasaran 528.132 358.920 and marketing expenses
Laporan Tahunan 2013 199 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
83
32. (PENDAPATAN)/ BEBAN LAIN-LAIN-NETO 32. OTHER (INCOME)/ EXPENSES-NET
2013 2012
(Pendapatan) biaya atas (Income) expense fromselisih waktu berlabuh, neto (181.895) 532.796 dispatch and demurrage, net
Penalti - 515.331 PenaltyKeuntungan penjualan bahan bakar - (1.511.513) Gain on sale of fuelLain-lain (211.362) (5.133) Miscellaneous
Total (393.257) (468.519) Total
33. INSTRUMEN DERIVATIF 33. DERIVATIVE INSTRUMENTS
Grup menghadapi risiko kerugian yang dapat timbuldari fluktuasi harga jual batu bara dan/atau hargabeli bahan bakar dan menggunakan instrumenkeuangan derivatif untuk mengurangi risiko tersebut.
The Group faces exposures on risk of lossesarising from the fluctuations in the selling price ofcoal and purchase price of fuel and manages toreduce the risks by entering into financial derivativeinstruments.
Tidak ada transaksi derivatif yang dilakukan olehmanajemen selain untuk tujuan lindung nilai.Manajemen tidak menggunakan akuntansi lindungnilai atas transaksi swap tersebut.
There is no derivative transactions for which themanagement entered into other than for hedgingpurposes. Management does not use hedgeaccounting for these swap transactions.
Dalam bulan November 2013, ABN menandatanganibeberapa perjanjian yang terpisah dengan Australiaand New Zealand Banking Group Limited dan BNPParibas sehubungan dengan transaksi swapkomoditas gas oil dengan rincian sebagai berikut :
In November 2013, the ABN has entered intoseveral separate agreements with Australia andNew Zealand Banking Group Limited, and BNPParibas in relation to the swap contracttransactions for gas oil commodities, which are asfollows:
Pihak lawan/Counterparty: Australia and New Zealand Banking Group LimitedJumlah
kuantitas ABN membayarTanggal Tanggal nosional/ Harga atau menerimaefektif/ Terminasi/ Total tetap/ harga tetap/
No./ Effective Termination Notional Fixed ABN pays orNo. date date Quantity price Receives fixed price Referensi harga/Commodity reference
1. 02 Januari 2014/ 31 Desember 2014/ 90.000/ 117,23/ Membayar/ GAS OIL-0.05 SINGAPORE-PLATTS ASIA-PACIFIC January 02, 2014 December 31, 2014 90,000 117.23 Pay
Pihak lawan/Counterparty: BNP ParibasJumlah
kuantitas ABN membayarTanggal Tanggal nosional/ Harga atau menerimaefektif/ Terminasi/ Total tetap/ harga tetap/
No./ Effective Termination Notional Fixed ABN pays orNo. date date Quantity price Receives fixed price Referensi harga/Commodity reference
1. 01 Januari 2014/ 31 Desember 2014/ 90.000/ 117,00/ Membayar/ GAS OIL-0.05 SINGAPORE-PLATTS ASIA-PACIFICJanuary 01, 2014 December 31, 2014 90,000 117.00 Pay
Transaksi swap gas oil di atas adalah untukmelindungi risiko fluktuasi harga bahan bakar yangtimbul dari transaksi pembelian bahan bakar ABNuntuk memproduksi batu bara dalam rangkamemenuhi komitmen penjualan ABN.
The gas oil swap transactions is to hedge riskagainst gas oil purchase of ABN for producing coalin order to fulfill ABN’s sales commitments.
Dalam tahun 2013, ABN melakukan penyelesaianawal terhadap perjanjian swap komoditas gas oildengan Australia and New Zealand Banking GroupLimited dan BNP Paribas, dimana ABN mencatatkeuntungan sebesar AS$693.712 dan diakui dalamlaporan laba rugi komprehensif konsolidasian tahun2013.
In 2013, ABN early terminated commodity swapfor gas oil with the Australia and New ZealandBanking Group Limited and BNP Paribas,whereby ABN recognized a gain amounted toUS$693,712, which is recorded in theconsolidated statement of comprehensive incomefor 2013.
Laporan Tahunan 2013200 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
84
33. INSTRUMEN DERIVATIF (lanjutan) 33. DERIVATIVE INSTRUMENTS (continued)
Dalam bulan November 2011 dan Desember 2011,ABN menandatangani beberapa perjanjian yangterpisah dengan Australia and New ZealandBanking Group Limited, BNP Paribas dan MorganStanley & Co. International plc sehubungan dengandengan transaksi swap komoditas batubara dangas oil.
In November 2011 and December 2011, ABNentered into several separate agreements withAustralia and New Zealand Banking GroupLimited, BNP Paribas and Morgan Stanley & Co.International plc in relation to the swap contracttransactions for coal and gas oil commodities.
Transaksi swap batu bara di bawah adalah untukmelindungi risiko fluktuasi harga jual batu baraterhadap beberapa komitmen penjualan batu baraABN kepada Flame dan Vitol selama tahun 2012.
The coal swap transactions is to hedge risk againstcoal prices fluctuation on several coal salescommitment of ABN to Flame and Vitol during2012.
Transaksi swap gas oil di bawah adalah untukmelindungi risiko fluktuasi harga bahan bakar yangtimbul dari transaksi pembelian bahan bakar ABNuntuk memproduksi batu bara dalam rangkamemenuhi komitmen penjualan ABN di atas.
The gas oil swap transactions is to hedge riskagainst gas oil purchase of ABN for producing coalin order to fulfill the above mentioned ABN salescommitments.
Rincian transaksi tersebut adalah sebagai berikut: The detail of the transactions are as follows:
Pihak lawan/Counterparty: Australia and New Zealand Banking Group Limited
Totalkuantitas ABN membayar
Tanggal Tanggal nosional/ Harga atau menerimaefektif/ Terminasi/ Total tetap/ harga tetap/
No./ Effective Termination Notional Fixed ABN pays orNo. date date Quantity price receives fixed price Referensi harga/Commodity reference
1. 1 Mei 2012/ 31 Agus 2012/ 98.000/ 111,70/ Menerima/ COAL-TFS API 4- ARGUS/MCCLOSKEY’SMay 1, 2012 Aug 31, 2012 98,000 111.70 Receive
2. 1 Mei 2012/ 31 Agus 2012/ 98.000/ 114,95/ Menerima/ COAL-NEWCASTLE-GLOBALCOALMay 1, 2012 Aug 31, 2012 98,000 114.95 Receive
3. 1 Jan 2012/ 30 Apr 2012/ 90.000/ 104,45/ Menerima/ COAL-TFS API 4- ARGUS/MCCLOSKEY’SJan 1, 2012 Apr 30, 2012 90,000 104.45 Receive
4. 2 Jul 2012/ 31 Okt 2012/ 28.440/ 125,80/ Membayar/ GAS OIL-0.5 SINGAPORE-PLATTS ASIA-PACIFICJul 2, 2012 Oct 31, 2012 28,440 125.80 Pay
5. 1 Jan 2012 30 Apr 2012 78.000 109,70 Menerima/ COAL-NEWCASTLE-GLOBALCOALJan 1, 2012 Apr 30, 2012 78,000 109.70 Receive
Pihak lawan/Counterparty: BNP Paribas
Totalkuantitas ABN membayar
Tanggal Tanggal nosional/ Harga atau menerimaefektif/ Terminasi/ Total tetap/ harga tetap/
No./ Effective Termination Notional Fixed ABN pays orNo. date date Quantity price receives fixed price Referensi harga/Commodity reference
1. 1 Jan 2012/ 30 Apr 2012/ 98.000/ 105,80/ Menerima/ COAL-TFS API 4- ARGUS/MCCLOSKEY’SJan 1, 2012 Apr 30, 2012 98,000 105.80 Receive
2. 1 Jan 2012/ 30 Apr 2012/ 98.000/ 112,00/ Menerima/ COAL-NEWCASTLE-GLOBALCOALJan 1, 2012 Apr 30, 2012 98,000 112.00 Receive
3. 1 Mar 2012/ 30 Jun 2012/ 28.440/ 125,80/ Membayar/ GAS OIL-0.5 SINGAPORE-PLATTS ASIA-PACIFICMar 1, 2012 Jun 30, 2012 28,440 125.80 Pay
4. 1 Mar 2012/ 30 Jun 2012/ 28.440/ 118,50/ Membayar/ GAS OIL-0.5 SINGAPORE-PLATTS ASIA-PACIFICMar 1, 2012 Jun 30, 2012 28,440 118.50 Pay
Laporan Tahunan 2013 201 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
85
33 INSTRUMEN DERIVATIF (lanjutan) 33. DERIVATIVE INSTRUMENTS (continued)
Pihak lawanCounterparty: Morgan Stanley & Co. International plc
Totalkuantitas ABN membayar
Tanggal Tanggal nosional/ Harga atau menerimaefektif/ Terminasi/ Total tetap/ harga tetap/
No. Effective Termination Notional Fixed ABN pays orNo. date date Quantity price receives fixed price Referensi harga/Commodity reference
1. 1 Jan 2012/ 30 Apr 2012/ 100.000/ 105,90/ Menerima/ COAL-TFS API 4- ARGUS/MCCLOSKEY’SJan 1, 2012 Apr 30, 2012 100,000 105.90 Receive
2. 1 Jan 2012/ 30 Apr 2012/ 92.000/ 117,75/ Menerima/ COAL-NEWCASTLE-GLOBALCOALJan 1, 2012 Apr 30, 2012 92,000 117.75 Receive
3. 1 Mar 2012/ 30 Jun 2012/ 28.440/ 119,40/ Membayar/ GAS OIL-0.5 SINGAPORE-PLATTS ASIA-PACIFICMar 1, 2012 Jun 30, 2012 28,440 119.40 Pay
Perjanjian sehubungan dengan transaksi swapkomoditas batubara dan gas oil diatas sesuai denganISDA Master Agreement 2002 dan tidak adapersyaratan tambahan penting lainnya.
The agreements on the above commodity swap forcoal and gas oil are based on ISDA MasterAgreement 2002 and no other additional significantconditions.
Dalam tahun 2012, transaksi swap komoditasbatubara dan gas oil diatas telah jatuh tempo, dimanaGrup mencatat keuntungan sebesar AS$4.518.448dan diakui dalam laporan laba rugi komprehensifkonsolidasian tahun 2012.
In 2012, the above commodity swap for coal andgas oil has been due, whereby the Grouprecognized a gain amounting to US$4,518,448 andis recognized in the 2012 consolidated statement ofcomprehensive income.
34. TRANSAKSI DAN SALDO PIHAK BERELASI 34. RELATED PARTY TRANSACTIONS ANDBALANCES
Dalam kegiatan usaha normalnya, Grup melakukantransaksi dengan pihak berelasi.
In the ordinary course of business, the Groupengaged into transactions with related parties.
a. Sifat transaksi dan hubungan dengan pihakberelasi adalah sebagai berikut:
a. The nature of transactions and relationshipswith related parties are as follows:
Pihak berelasi/ Hubungan/ Sifat transaksi/Related parties Relationship Nature of transactions
PT Toba Sejahtra Pemegang saham pengendali/ Pinjaman modal kerja, uang mukaControlling shareholder dividen dan pembayaran lainnya/
Working capital loan, advance dividendsand other payment
PT Kutai Energi Anggota dari kelompok usaha yang sama/ Pinjaman modal kerja/Member of the same group Working capital loan
PT Kimco Armindo Anggota dari kelompok usaha yang sama/ Pinjaman modal kerja/Member of the same group Working capital loan
PT Mitraguna Prima Jaya Dikendalikan Anggota keluarga terdekat pemegang Pinjaman modal kerja/saham mayoritas TS/ Working capital loanControlled by Immediate family member of the majorityshareholder of TS
PT Buana Inti Energi Dikendalikan Anggota keluarga terdekat pemegang Jasa manajemen/saham mayoritas TS/ Management feeControlled by Immediate family member of the majorityshareholder of TS
Bpk. Davit Togar Pandjaitan Anggota keluarga terdekat pemegang Dividen/saham mayoritas TS/ DividendsImmediate family member of the majorityshareholder of TS
Laporan Tahunan 2013202 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
86
34. TRANSAKSI DAN SALDO PIHAK BERELASI(lanjutan)
34. RELATED PARTY TRANSACTIONS ANDBALANCES (continued)
b. Transaksi-transaksi dengan pihak berelasiadalah sebagai berikut:
b. Transactions with related parties are as follows:
2013 2012
Penjualan batu bara: Sales of coal:PT Kimco Armindo - 2.984.538 PT Kimco ArmindoPT Kutai Energi - 404.173 PT Kutai EnergiPT Pusaka Jaya Palu Power - 354.642 PT Pusaka Jaya Palu Power
Total - 3.743.353 Total
Persentase terhadap total penjualan - 0,9% As a percentage to total sales
Pembelian batu bara: Coal purchased:PT Kutai Energi - 56.159 PT Kutai EnergiPT Kimco Armindo - 1.265.356 PT Kimco Armindo
Total - 1.321.515 Total
Persentase terhadap total As a percentage to totalbeban pokok penjualan - 0,4% cost of goods sold
c. Saldo dengan pihak berelasi adalah sebagaiberikut:
c. Balances with related parties are as follows:
2013 2012
Piutang usaha - aset lancar Trade receivables - current assetsPT Kimco Armindo 2.314.838 1.731.267 PT Kimco ArmindoPT Kutai Energi - 789.857 PT Kutai Energi
Total 2.314.838 2.521.124 TotalPenyisihan kerugian Allowance for
Penurunan nilai (1.157.419) - impairment losses
1.157.419 2.521.124
Persentase terhadap total aset 0,4% 0,8% As a percentage to total assets
Laporan Tahunan 2013 203 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
87
34. TRANSAKSI DAN SALDO PIHAK BERELASI(lanjutan)
34. RELATED PARTY TRANSACTIONS ANDBALANCES (continued)
c. Saldo dengan pihak berelasi adalah sebagaiberikut (lanjutan):
c. Balances with related parties are as follows(continued):
2013 2012
Piutang lain-lain Other receivables
Aset tidak lancar Non-current assetsPT Toba Sejahtra 26.487.401 26.945.834 PT Toba SejahtraPT Kutai Energi 3.585.614 4.382.324 PT Kutai EnergiPT Kimco Armindo 1.312.335 1.382.528 PT Kimco Armindo
Total 31.385.350 32.710.686 Total
Penyisihan kerugian Allowance forpenurunan nilai (596.027) - impairment losses
30.789.323 32.710.686
Persentase terhadap total aset 9,9% 12,5% As a percentage to total assets
Saldo piutang lain - lain kepada PT TobaSejahtra terutama merupakan pinjaman modalkerja dengan bunga tahunan sebesar 3,75% diatas LIBOR untuk 3 bulan. Pengenaan bunga inimulai berlaku semenjak tanggal 22 Agustus2011. Pinjaman ini dapat ditagihkan setiap saatoleh Perusahaan, namun seluruh pinjamanharus dibayarkan kembali oleh TS paling lambat22 Agustus 2014. Piutang bunga yang dicatatpada tanggal 31 Desember 2013 sebesarAS$2.341.730 (2012: AS$1.364.628).
Other receivable balances from PT TobaSejahtra mainly represents working capital loangranted by the Company with an interest at3.75% above the LIBOR for 3 months. Thisinterest is effective since August 22, 2011. Thisloan is due on demand by the Company fromtime to time, provided that all outstandingamounts not otherwise repaid by TS shall berepaid at the latest of August 22, 2014. Interestreceivable as of December 31, 2013 amountedto US$2,341,730 (2012: US$1,364,628).
Saldo piutang lain - lain dari PT Kutai Energiterutama merupakan pinjaman modal kerjadengan bunga sebesar 6,5% untuk pinjamandalam mata uang Rupiah dan 4% untukpinjaman dalam mata uang Dolar AmerikaSerikat. Pengenaan bunga ini mulai berlakusejak tanggal 1 Januari 2012. Pinjaman ini akanjatuh tempo pada berbagai tanggal hingga31 Desember 2014. Piutang bunga yang dicatatpada tanggal 31 Desember 2013 sebesarAS$404.458 (2012: AS$252.739).
Other receivable balances from PT KutaiEnergi mainly represents working capital loanwith an interest of 6.5% for loan denominatedin Rupiah and 4% for loan denominated inUnited States Dollar. This interest is effectivesince January 1, 2012. This loan will due onvarious dates until December 31, 2014. Interestreceivable as of December 31, 2013 amountedto US$404,458 (2012: US$252,739).
Saldo piutang lain-lain dari PT Kimco Armindoterutama merupakan pinjaman modal kerjadengan bunga sebesar 6,5% untuk pinjamandalam mata uang Rupiah dan 4% untukpinjaman dalam mata uang Dolar AmerikaSerikat. Pengenaan bunga ini mulai berlakusejak tanggal 1 Januari 2012. Pinjaman ini jatuhtempo pada 31 Desember 2013. Piutang bungayang dicatat pada tanggal 31 Desember 2013sebesar AS$120.281 (2012: AS$68.268).Sampai dengan tanggal penyelesaian laporankeuangan konsolidasian ini, perjanjianperpanjangan tanggal jatuh tempo piutang inimasih belum selesai.
Other receivable balances from PT KimcoArmindo mainly represents working capital loanwith an interest of 6.5% for loan denominatedin Rupiah and 4% for loan denominated inUnited States Dollar. This interest is effectivesince January 1, 2012. This loan due onDecember 31, 2013. Interest receivable as ofDecember 31, 2013 amounted to US$120,281(2012: US$68,268). Until the completion dateof these consolidated financial statements, theagreement for extending the due date of thisreceivable has not been concluded yet.
Laporan Tahunan 2013204 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
88
34. TRANSAKSI DAN SALDO PIHAK BERELASI(lanjutan)
34. RELATED PARTY TRANSACTIONS ANDBALANCES (continued)
c. Saldo dengan pihak berelasi adalah sebagaiberikut (lanjutan):
c. Balances with related parties are as follows(continued):
2013 2012
Utang usaha Trade payablesPT Kutai Energi - 319.703 PT Kutai EnergiPT Buana Inti Energi - 232.258 PT Buana Inti Energi
Total - 551.961 Total
Persentase terhadap total liabilitas - 0,4% As a percentage to total liabilities
Utang dividen Dividend payablesBpk. Davit Togar Pandjaitan 290.856 351.034 Mr. Davit Togar PandjaitanPT Toba Sejahtra - 3.300.930 PT Toba Sejahtra
Total 290.856 3.651.964 Total
Persentase terhadap total liabilitas 0,2% 2,4% As a percentage to total liabilities
Utang lain-lain Other payableJangka panjang Non-current
PT Toba Sejahtra 2.288.701 2.880.575 PT Toba Sejahtra
Total 2.288.701 2.880.575 Total
Persentase terhadap total liabilitas 1,3% 1,6% As a percentage to total liabilities
Saldo utang lain-lain-jangka panjang kepada TSmerupakan pinjaman untuk modal kerja tanpabunga yang diterima entitas anak.
Other payable balance-non current to TSrepresents non-interest bearing loan obtainedby subsidiaries.
d. Kompensasi dan imbalan lain d. The compensation and other benefits
Kompensasi dan imbalan lain yang diberikankepada Dewan Komisaris dan DireksiPerusahaan untuk tahun yang berakhir padatanggal-tanggal 31 Desember 2013 dan 2012adalah sebagai berikut:
The compensation and other benefits providedto the Boards of Commissioners and Directorsof the Company for the years ended December31, 2013 and 2012 are as follows:
2013 2012
Imbalan jangka pendek 1.302.512 2.869.267 Short-term benefits
Total 1.302.512 2.869.267 Total
Laporan Tahunan 2013 205 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
89
35. LABA PER SAHAM DASAR 35. BASIC EARNINGS PER SHARE
Laba per saham adalah sebagai berikut: Earnings per share are as follows:
2013 2012
Laba tahun berjalan yang dapat Profit for the yeardiatribusikan kepada: attributable to:Pemilik entitas induk 18.543.538 3.198.832 Equity holders of the parent entity
Rata-rata tertimbang jumlah Weighted averagesaham biasa untuk number ofmenentukan laba neto ordinary shares for basicper saham dasar earnings per share(lembar saham) 2.012.491.000 986.733.814 (number of shares)
Laba tahun berjalan Basic earnings per shareper saham dasar 0,0092 0,0032 for the year
Laba per saham dilusian adalah sama dengan labaper saham dasar karena Perusahaan tidak memilikiefek berpotensi dilusi.
Diluted earnings per share is the same as the basicearnings per share since the Company does nothave potential dilutive securities.
36. ASET DAN LIABILITAS MONETER DALAMMATA UANG ASING
36. MONETARY ASSETS AND LIABILITIESDENOMINATED IN FOREIGN CURRENCIES
Mata uangasing
(Rp’000) dan(EURO)/Foreign Ekuivalen
currencies Dolar AS/(Rp’000) and U.S Dollar
31 Desember 2013 (EURO) equivalent December 31, 2013
Aset AssetsKas dan setara kas Rupiah/Rupiah 300.856.760 24.682.645 Cash and cash equivalentsPiutang lain-lain Rupiah/Rupiah 48.482.747 3.977.582 Other receivablesJaminan reklamasi Rupiah/Rupiah 11.281.831 925.575 Reclamation Guarantee
Total Aset 29.585.802 Total Assets
Liabilitas LiabilitiesUtang usaha Rupiah/Rupiah 49.952.155 4.098.134 Trade payables
EURO/EURO 2.599 3.610Utang lain-lain Rupiah/Rupiah 27.896.976 2.288.701 Other payablesUtang pajak Rupiah/Rupiah 31.435.724 2.579.024 Taxes payablesUtang bank Rupiah/Rupiah 137.762.260 11.302.179 Bank loansBiaya masih harus dibayar Rupiah/Rupiah 12.070.486 990.277 Accrued expensesLiabilitas untuk pengelolaan
dan reklamasi lingkungan Provision for environmental andhidup dan penutupan reclamation cost and minetambang Rupiah/Rupiah 48.168.697 3.951.817 closure
Liabilitas Imbalan kerja jangka Short-term employee benefitspendek Rupiah/Rupiah 40.718.366 3.340.583 liabilities
Liabilitas Imbalan kerja jangka Long-term employee benefitspanjang Rupiah/Rupiah 23.683.946 1.943.059 liabilities
Sewa pembiayaan Rupiah/Rupiah 2.323.772 190.645 Finance lease
Total Liabilitas 30.688.029 Total Liabilities
Liabilitas neto (1.102.227) Net liabilities
Laporan Tahunan 2013206 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
90
36. ASET DAN LIABILITAS MONETER DALAMMATA UANG ASING (lanjutan)
36. MONETARY ASSETS AND LIABILITIESDENOMINATED IN FOREIGN CURRENCIES(continued)
Mata uangasing
(Rp’000)/ EkuivalenForeign Dolar AS/
currencies U.S Dollar31 Desember 2012 (Rp’000) equivalent December 31, 2012
Aset Assets
Kas dan setara kas Rupiah/Rupiah 251.987.130 26.058.649 Cash and cash equivalentsPiutang lain-lain Rupiah/Rupiah 184.652.950 19.095.444 Other receivablesJaminan reklamasi Rupiah/Rupiah 7.678.813 794.086 Reclamation guarantee
Total Aset 45.948.179 Total Assets
Liabilitas Liabilities
Utang usaha Rupiah/Rupiah 25.348.029 2.621.306 Trade payablesUtang lain-lain Rupiah/Rupiah 29.433.768 3.043.823 Other payablesUtang pajak Rupiah/Rupiah 32.725.465 3.384.226 Taxes payablesUtang dividen Rupiah/Rupiah 33.941.084 3.509.936 Dividend payablesBiaya masih harus dibayar Rupiah/Rupiah 57.962.546 5.994.059 Accrued expensesLiabilitas untuk pengelolaan
dan reklamasi lingkungan Provision for environmental andhidup dan penutupan reclamation cost and minetambang Rupiah/Rupiah 42.650.763 4.410.627 closure
Liabilitas Imbalan kerja jangka Short-term employee benefitpendek Rupiah/Rupiah 61.149.230 6.323.602 liabilities
Liabilitas Imbalan kerja jangka Long-term employee benefitpanjang Rupiah/Rupiah 16.725.812 1.729.660 liabilities
Sewa pembiayaan Rupiah/Rupiah 3.681.171 380.680 Finance lease
Total Liabilitas 31.397.919 Total Liabilities
Aset neto 14.550.260 Net assets
Apabila posisi aset neto dalam mata uang selainAS$ pada tanggal 31 Desember 2013 dinyatakandengan menggunakan kurs tengah nilai tukar matauang asing pada tanggal 21 Maret 2014 makaliabilitas neto dalam mata uang asing akanmeningkat sebesar lebih kurang AS$72.815.
If the net position of assets in currencies other thanUS$ as of December 31, 2013, is reflected usingthe middle rates of exchange as of March 21, 2014,the net liabilities in foreign currencies will increaseby approximately US$72,815.
37. INFORMASI SEGMEN USAHA 37. SEGMENT INFORMATION
Segmen operasi Grup yaitu pertambanganbatubara dan perkebunan. Kegiatan operasionalsegmen operasi Grup dijalankan di Kalimantan.
The Group operating segments are coal miningand plantation. The operational activities of theGroup’s operating segments are carried out inKalimantan.
Berikut informasi tentang wilayah geografis daripelanggan:
Below is information regarding geographical locationof the customers:
Perkebunan/ Pertambangan/Plantation Mining Total
2013 2013Asia - 419.701.764 419.701.764 AsiaDomestik 265.065 1.882.908 2.147.973 Domestic
Total 265.065 421.584.672 421.849.737 Total
Laporan Tahunan 2013 207 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
91
37. INFORMASI SEGMEN USAHA (lanjutan) 37. SEGMENT INFORMATION (continued)
Berikut informasi tentang wilayah geografis daripelanggan (lanjutan):
Below is information regarding geographical locationof the customers (continued):
Perkebunan/ Pertambangan/Plantation Mining Total
2012 2012Asia - 361.284.036 361.284.036 AsiaEropa - 9.398.784 9.398.784 EuropeDomestik - 26.003.055 26.003.055 Domestic
Total - 396.685.875 396.685.875 Total
Berikut ini adalah informasi segmen berdasarkansegment usaha:
Segment information based on business segments ispresented below:
2013
Perkebunan/ Pertambangan/ Eliminasi/Plantation Mining Elimination Total
Laporan laba rugi Consolidated statement ofkomprehensif konsolidasian comprehensive income
Penjualan 265.065 421.584.672 - 421.849.737 SalesHarga Pokok Penjualan 640.168 341.657.164 - 342.297.332 Cost of goods soldLaba/ (Rugi) operasi (725.546) 46.681.978 4.058.882 50.015.314 Operating profit/ (loss)Pendapatan keuangan 4.737 4.905.158 (842.127) 4.067.768 Finance incomeBeban keuangan (784.722) (3.212.543) 317.202 (3.680.063) Finance charges
Laba sebelum pajak 50.403.019 Profit before taxBeban pajak - neto (15.799.226) Tax expense - net
Laba tahun berjalan 34.603.793 Profit for the year
Laporan posisi keuangan Consolidated statement ofkonsolidasian financial position
Aset segmen 13.231.386 295.132.098 3.284.455 311.647.939 Segment AssetsLiabilitas segmen 20.780.853 167.946.864 (7.561.022) 181.166.695 Segment liabilities
Informasi lainnya Other InformationBelanja modal 42.618 18.250.835 - 18.293.453 Capital expendituresPenyusutan, deplesi Depreciation, depletion
dan amortisasi 279.312 8.235.913 - 8.515.225 and amortization
Laporan Tahunan 2013208 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
92
37. INFORMASI SEGMEN USAHA (lanjutan) 37. SEGMENT INFORMATION (continued)
Berikut ini adalah informasi segmen berdasarkansegment usaha (lanjutan):
Segment information based on business segments ispresented below (continued):
2012
Perkebunan/ Pertambangan/ Eliminasi/Plantation Mining Elimination Total
Laporan laba rugi Consolidated statement ofkomprehensif konsolidasian comprehensive income
Penjualan - 396.685.875 - 396.685.875 SalesHarga Pokok Penjualan - 348.535.503 - 348.535.503 Cost of goods soldLaba/(Rugi) operasi - 21.083.331 - 21.083.331 Operating profit/(loss)Pendapatan keuangan - 2.851.249 - 2.851.249 Finance incomeBeban keuangan - (3.657.997) - (3.657.997) Finance charges
Laba sebelum pajak 20.276.583 Profit before taxBeban pajak – neto (8.343.901) Tax expense - net
Laba tahun berjalan 11.932.682 Profit for the year
Laporan posisi keuangan Consolidated statements ofkonsolidasian financial position
Aset segmen - 261.526.500 - 261.526.500 Segment AssetsLiabilitas segmen - 150.582.193 - 150.582.193 Segment liabilities
Informasi lainnya Other InformationBelanja modal - 15.414.430 - 15.414.430 Capital expendituresPenyusutan, deplesi Depreciation, depletion
dan amortisasi - 6.200.534 - 6.200.534 and amortization
Laporan Tahunan 2013 209 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
93
38. INSTRUMEN KEUANGAN 38. FINANCIAL INSTRUMENTS
Seluruh nilai tercatat instrumen keuanganmendekati nilai wajar dari instrumen keuangantersebut. Tabel berikut menyajikan estimasi nilaiwajar instrumen keuangan Grup dan nilaitercatatnya pada tanggal-tanggal 31 Desember2013 dan 2012:
The carrying value of all financial instrumentsapproximates their respective fair values. Thefollowing table presents estimated fair value of theGroup’s financial instruments and their respectivecarrying amount as of December 31, 2013 and2012:
2013 2012
Nilai wajar/ Nilai tercatat/ Nilai wajar/ Nilai tercatat/Fair value Carrying amount Fair value Carrying amount
Aset keuangan Financial assetsPinjaman yang diberikan dan piutang Loans and receivablesAset lancar Current assetsKas dan setara kas 63.301.639 63.301.639 36.307.011 36.307.011 Cash and cash equivalentsPiutang usaha Trade receivables
Pihak ketiga 16.598.657 16.598.657 13.684.470 13.684.470 Third partiesPihak berelasi 1.157.419 1.157.419 2.521.124 2.521.124 Related parties
Piutang lain-lain Other receivablesPihak ketiga 6.398.865 6.398.865 6.729.446 6.729.446 Third parties
Aset tidak lancar Non-current assetsPiutang lain-lain Other receivable
Pihak ketiga - - 14.491.130 14.491.130 Third partiesPihak berelasi 30.789.323 30.789.323 32.710.686 32.710.686 Related parties
Setoran jaminan 349.443 355.598 854.644 883.064 Security deposits
Total 118.595.346 118.601.501 107.298.511 107.326.931 Total
Liabilitas keuangan Financial liabilitiesPinjaman dan utang Loans and borrowingsLiabilitas jangka pendek Current liabilitiesUtang usaha Trade payables
Pihak ketiga 69.265.229 69.265.229 57.809.869 57.809.869 Third partiesPihak berelasi - - 551.961 551.961 Related parties
Utang lain - lain Other payablesPihak ketiga 1.907 1.907 365.493 365.493 Third parties
Utang dividen 290.856 290.856 3.651.964 3.651.964 Dividend payablesBeban akrual 6.057.579 6.057.579 8.034.468 8.034.468 Accrued expensesUtang bank 33.553.129 33.553.129 48.291.684 48.291.684 Bank loansSewa pembiayaan 772.679 772.679 498.388 498.388 Finance leases
Liabilitas jangka panjang Non - current liabilitiesUtang bank 20.183.289 20.183.289 - - Bank loansUtang lain - lain - pihak berelasi 2.288.701 2.288.701 2.880.575 2.880.575 Other payables - related partiesSewa pembiayaan 1.348.417 1.348.417 244.902 244.902 Finance leases
Total 133.761.786 133.761.786 122.329.304 122.329.304 Total
Berikut ini adalah metode dan asumsi yang digunakanmanajemen dalam mengestimasi nilai wajar darisetiap golongan instrumen keuangan Grup:
The following are the methods and assumptions usedby management to estimate the fair value of eachclass of the Group’s financial instruments:
1. Kas dan setara kas, piutang usaha dan piutanglain-lain.
Untuk aset keuangan jangka pendek yang akanjatuh tempo dalam waktu 12 bulan, nilai tercatataset keuangan tersebut dianggap telahmencerminkan nilai wajar dari aset keuangantersebut.
1. Cash and cash equivalents, trade receivables andother receivables.
For financial assets that are due within 12 months,the carrying values of the financial assets areperceived to approximate their fair values.
2. Nilai wajar dari setoran jaminan ditentukandengan mendiskontokan arus kas masa datangmenggunakan suku bunga yang berlaku daritransaksi pasar yang dapat diamati untukinstrumen dengan persyaratan, risiko kredit danjatuh tempo yang sama. Setoran jaminan dalambentuk deposito berjangka menghasilkan bungadengan tingkat bunga pasar, sehingga nilaitercatatnya dianggap mencerminkan nilai wajar.
2. Fair value of security deposits are determined bydiscounting the future cash flows using prevailinginterest rates of observable market transactions foran instrument with the same requirements, creditrisk and maturity. Security deposit in form of timedeposit earns interest income at market rate, thusthe carrying value approximate their fair values.
Laporan Tahunan 2013210 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
94
38. INSTRUMEN KEUANGAN (lanjutan) 38. FINANCIAL INSTRUMENTS (continued)
Berikut ini adalah metode dan asumsi yangdigunakan manajemen dalam mengestimasi nilaiwajar dari setiap golongan instrumen keuangan Grup(lanjutan):
The following are the methods and assumptionsused by management to estimate the fair value ofeach class of the Group’s financial instruments(continued):
3. Utang usaha, utang lain-lain dan biaya masihharus dibayar.
Untuk liabilitas keuangan jangka pendek yangakan jatuh tempo dalam waktu 12 bulan, nilaitercatat liabilitas keuangan tersebut dianggaptelah mencerminkan nilai wajar dari liabilitaskeuangan tersebut.
3. Trade payables, other payables and accruedexpenses.
For financial liabilities that are due within 12months, the carrying value of the financial liabilitiesis perceived to approximate their fair value.
4. Utang bank
Utang bank memiliki suku bunga variabel yangdisesuaikan dengan pergerakan suku bungapasar sehingga jumlah terutang liabilitaskeuangan tersebut telah mendekati nilai wajar.
4. Bank loans
Bank loans have floating interest rates which areadjusted in the movements of market interest rates,thus the payable amounts of these financialliabilities approximate their fair values.
39. KEBIJAKAN DAN TUJUAN MANAJEMENRISIKO KEUANGAN
39. FINANCIAL RISK MANAGEMENT OBJECTIVESAND POLICIES
Manajemen risiko Risk management
Risiko utama yang timbul dari instrumen keuanganGrup adalah risiko nilai tukar mata uang asing,risiko kredit dan risiko likuiditas. Kepentingan untukmengelola risiko ini telah meningkat secarasignifikan dengan mempertimbangkan perubahandan volatilitas pasar keuangan baik di Indonesiamaupun internasional. Manajemen menelaah danmenyetujui kebijakan untuk mengelola risiko-risikoyang dirangkum di bawah ini.
The main risks arising from the Group’s financialinstruments are foreign exchange rate risk, credit riskand liquidity risk. The importance of managing theserisks has significantly increased in light of theconsiderable change and volatility in both Indonesianand international financial markets. The managementreviews and approves the policies for managingthese risks which are summarized below.
Risiko nilai tukar mata uang asing Foreign exchange rate risk
Risiko nilai tukar mata uang asing adalah risikodimana nilai wajar atau arus kas masa datang darisuatu instrumen keuangan akan berfluktuasi akibatperubahan nilai tukar mata uang asing. EksposurGrup terhadap fluktuasi nilai tukar terutama berasaldari kas dan setara kas dan utang usaha dalammata uang Rupiah.
Foreign exchange rate risk is the risk that the fairvalue or future cash flows of a financial instrumentwill fluctuate because of changes in foreign exchangerates. The Group’s exposure to exchange ratefluctuations results primarily from cash and cashequivalent and trade payables which aredenominated in Rupiah.
Laporan Tahunan 2013 211 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
95
39. KEBIJAKAN DAN TUJUAN MANAJEMENRISIKO KEUANGAN (lanjutan)
39. FINANCIAL RISK MANAGEMENT OBJECTIVESAND POLICIES (continued)
Risiko nilai tukar mata uang asing (lanjutan) Foreign exchange rate risk (continued)
Apabila terjadi penurunan/penguatan nilai tukarmata uang AS$ terhadap nilai tukar mata uangasing, maka utang dalam mata uang asing akanmeningkat/berkurang dalam mata uang AS$.Manajemen tidak melakukan lindung nilai atasrisiko mata uang ini.
If there is weakening/strengthening of US$exchange rate, payable in foreign exchange ratewill increase/decrease in US$ term. Managementdid not hedge this foreign exchange rate.
Berikut ini adalah analisis sensitivitas efek 5%perubahan kurs mata uang asing terhadap labasetelah pajak dengan semua variabel lain dianggaptetap:
Sensitivity analysis of the 5% fluctuation in theforeign exchange rates to profit after tax withother variance considered as constant is asfollow:
2013
Kenaikan 5% (537.037) Increase 5%Penurunan 5% 485.891 Decrease 5%
Nilai maksimal eksposur adalah sebesar nilaitercatat atas aset dan liabilitas sebagaimana yangdisajikan dalam Catatan 36.
The maximum exposure to the risk are stated in thecarying amount of the assets and liabilities aspresented in Note 36.
Risiko harga
Risiko harga adalah risiko fluktuasi nilai instrumenkeuangan sebagai akibat perubahan harga pasar.Grup terkena dampak risiko harga komoditasbatubara dan bahan bakar yang dipengaruhi olehbeberapa faktor antara lain cuaca, kebijakanpemerintah, tingkat permintaan dan penawaranpasar dan lingkungan ekonomi global. Dampaktersebut terutama timbul dari penjualan batubaradan pembelian bahan bakar solar, dimana hargaproduk tersebut terpengaruh fluktuasi harga pasarinternasional.
Price risk
Price risk is the risk that the value of a financialinstrument will fluctuate because of changes inmarket price. The Group is exposed to coal andfuel commodity price risk due to certain factors,such as weather, government policy, level ofdemand and supply in the market and the globaleconomic environment. Such exposure mainlyarises from coal sales and purchase of fuel wherethe price of fuel may be affected by internationalmarket prices fluctuations.
Risiko suku bunga atas arus kas Cash flows interest rate risk
Risiko suku bunga atas arus kas merupakan suaturisiko dimana arus kas masa datang suatuinstrumen keuangan akan berfluktuasi akibatperubahan suku bunga pasar. Eksposur yang adasaat ini terutama berasal dari utang jangka panjangatas pinjaman ke bank sindikasi dengan suku bungamengambang. Pinjaman dengan suku bungamengambang menimbulkan risiko arus kas kepadaGrup.
Cash flows interest rate risk is a risk that thefuture cash flows of a financial instrument willfluctuate because of changes in market interestrates. Current exposure related to this risk mainlyarises from the long term syndicated bank loanswhich bear floating interest rate. Loans atvariable rates expose the Group to cash flowsrisk.
Saat ini, Grup tidak mempunyai kebijakan formaluntuk lindung nilai atas risiko suku bunga. Kebijakanyang diambil oleh manajemen dalam mengantisipasirisiko suku bunga yaitu dengan mengevaluasisecara periodik perbandingan suku bunga tetapterhadap suku bunga mengambang sejalan denganperubahan suku bunga yang relevan di pasar.Manajemen juga melakukan survey di perbankanuntuk mendapatkan perkiraan mengenai suku bungayang relevan.
Currently, the Group does not have a formalhedging policy for interest rate exposures.Measures taken by management in anticipation ofinterest rate risk is to evaluate periodicallycomparing fixed rates to floating interest rates inline with relevant changes in interest rates in themarket. Management also conducted a survey onbanks to obtain an estimate of the relevantinterest rate.
Laporan Tahunan 2013212 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
96
39. KEBIJAKAN DAN TUJUAN MANAJEMENRISIKO KEUANGAN (lanjutan)
39. FINANCIAL RISK MANAGEMENT OBJECTIVESAND POLICIES (continued)
Risiko suku bunga atas arus kas (lanjutan) Cash flows interest rate risk (continued)
Profil pinjaman Grup adalah sebagai berikut: The Group’s loan profile is as follows:
2013 2012
Pinjaman dengan suku bunga tetap - 2.466.319 Loans with fixed interest ratesPinjaman dengan suku bunga
mengambang 53.736.418 45.825.365 Loans with floating interest rates
Total 53.736.418 48.291.684 Total
Dampak fluktuasi suku bunga 100 basis pointerhadap laba setelah pajak dengan semua variabellain tetap:
Effect of interest rates fluctuation of 100 basispoints to income after tax with all other variablesconstant:
Kenaikan/penurunan Dampak
dalam terhadapsatuan poin/ beban
Increase/ keuangan/decrease Effect on financial
In basis point charges
2013 2013AS$ +100 606.950 US$AS$ -100 477.045 US$
2012 2012AS$ +100 519.787 US$AS$ -100 300.227 US$
Risiko kredit Credit risk
Risiko kredit adalah risiko bahwa Grup akanmengalami kerugian yang timbul dari pelanggan,klien atau pihak lawan yang gagal memenuhikewajiban kontraktual mereka. Manajemenmengelola dan mengendalikan risiko kredit denganmenetapkan batasan jumlah risiko yang dapatditerima dan memantau eksposur terkait denganbatasan-batasan tersebut.
Credit risk is the risk that the Group will incur lossarising from their customers, clients orcounterparties that fail to discharge theircontractual obligations. Management manages andcontrols this credit risk by setting limits on theamount of risk they are willing to accept and bymonitoring exposures in relation to such limits.
Grup melakukan hubungan usaha hanya denganpihak ketiga yang diakui dan kredibel. Grupmemiliki kebijakan untuk semua pelanggan yangakan melakukan perdagangan secara kredit harusmelalui prosedur pembayaran uang muka danverifikasi kredit. Sebagai tambahan, jumlah piutangdipantau secara terus menerus untukmeminimalisasi risiko piutang ragu-ragu.
The Group trade only with recognized andcreditworthy third parties. It is the Group’s policythat all customers who wish to trade on creditterms should go through advance payments andcredit verification procedures. In addition,receivable balances are monitored on an ongoingbasis to reduce the exposure to bad debts.
Sehubungan dengan risiko kredit yang timbul dariaset keuangan lainnya yang mencakup kas danbank serta deposito berjangka dimana risiko kredityang dihadapi timbul karena wanprestasi daricounterparty, Grup memiliki kebijakan untukmenempatkan kas dan bank pada bank-bankdengan peringkat kredit yang tinggi.
In relation to the credit risk arising from otherfinancial instruments including cash and cash inbanks and time deposits where the credit risk arisefrom the default from the counterparty, the Grouphas a policy to place cash and banks with bankswhich have high credit ratings.
Nilai maksimal eksposur adalah sebesar nilaitercatat, sebagaimana yang disajikan dalamCatatan 5, 6 dan 7.
The maximum exposure of the credit risk aredisclosed in Notes 5, 6 and 7.
Laporan Tahunan 2013 213 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
97
39. KEBIJAKAN DAN TUJUAN MANAJEMENRISIKO KEUANGAN (lanjutan)
39. FINANCIAL RISK MANAGEMENT OBJECTIVESAND POLICIES (continued)
Risiko likuiditas Liquidity risk
Risiko likuiditas didefinisikan sebagai risiko saatposisi arus kas Grup menunjukkan bahwapendapatan jangka pendek tidak cukup menutupipengeluaran jangka pendek.
The liquidity risk is defined as a risk when the cashflow position of the Group indicates that the short-term revenue is not enough to cover the short-termexpenditure.
Kebutuhan likuiditas Grup timbul dari kebutuhanuntuk membiayai investasi, pengeluaran barangmodal dan perluasan area tambang batubara.Bisnis batubara entitas anak membutuhkan modalyang substansial untuk membangun danmemperluas infrastruktur dan untuk mendanaioperasional.
The Group’s liquidity requirements have arisenfrom the need to finance investments and capitalexpenditures and mine area expansion. Thesubsidiaries’ coal business requires substantialcapital to construct and expand the infrastructureand to fund operations.
Dalam mengelola risiko likuiditas, manajemenmemantau dan menjaga tingkat likuiditas yangdianggap memadai untuk membiayai operasionalGrup dan untuk mengatasi dampak dari fluktuasiarus kas. Manajemen juga secara rutinmengevaluasi proyeksi arus kas dan arus kasaktual, termasuk jadwal jatuh tempo utang jangkapanjang mereka.
In the management of liquidity risk, managementmonitors and maintains a level of liquidity adequateto finance the Group’s operations and to mitigatethe effects of fluctuation in cash flows.Management also regularly evaluates the projectedand actual cash flows, including their long termloan maturity profiles.
Tabel berikut ini menunjukan profil jangka waktupembayaran liabilitas keuangan Grup padatanggal-tanggal 31 Desember 2013 dan 2012berdasarkan pembayaran dalam kontrak.
The table below summarises the maturity profile ofthe Group’s financial liabilities as of December 31,2013 and 2012 based on contractual payments.
< 1 tahun/ 1 - 2 tahun/ 2 - 3 tahun/ > 3 tahun/ Total/31 Desember 2013 < 1 year 1 to 2 years 2 to 3 years > 3 years Total December 31, 2013
Utang usaha Trade payablesPihak ketiga 69.265.229 - - - 69.265.229 Third parties
Utang lain-lain Other payablesPihak ketiga 1.907 - - - 1.907 Third partiesPihak berelasi - 2.288.701 - - 2.288.701 Related parties
Beban akrual 6.057.579 - - - 6.057.579 Accrued expensesUtang dividen 290.856 - - - 290.856 Dividend payablePinjaman 33.986.691 6.984.473 1.995.564 11.408.274 54.375.002 BorrowingsUtang Pajak 7.227.871 - - - 7.227.871 Taxes payableSewa pembiayaan 772.679 739.257 609.160 - 2.121.096 Finance leases
117.602.812 10.012.431 2.604.724 11.408.274 141.628.241
< 1 tahun/ 1 - 2 tahun/ 2 - 3 tahun/ > 3 tahun/ Total/31 Desember 2012 < 1 year 1 to 2 years 2 to 3 years > 3 years Total December 31, 2012
Utang usaha Trade payablesPihak ketiga 57.809.869 - - - 57.809.869 Third partiesPihak berelasi 551.961 - - - 551.961 Related parties
Utang lain-lain Other payablesPihak ketiga 365.493 - - - 365.493 Third partiesPihak berelasi - 2.880.575 - - 2.880.575 Related parties
Utang dividen 3.651.964 - - - 3.651.964 Dividend payableBeban akrual 8.034.468 - - - 8.034.468 Accrued expensesPinjaman 49.269.536 - - - 49.269.536 BorrowingsUtang Pajak 3.384.226 - - - 3.384.226 Taxes payableSewa pembiayaan 498.388 244.902 - - 743.290 Finance leases
123.565.905 3.125.477 - - 126.691.382
Laporan Tahunan 2013214 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
98
40. PERJANJIAN DAN KOMITMEN PENTING 40. SIGNIFICANT AGREEMENTS ANDCOMMITMENTS
a. Perusahaan a. The Company
Perusahaan menerbitkan corporate guaranteesehubungan pinjaman beberapa entitas anak(Catatan 19).
The Company issued corporate guaranteesrelating to the loan of several of subsidiaries’loan (Note 19).
b. Entitas anak - ABN b. Subsidiary – ABN
i. Pada tanggal 25 Agustus 2011, ABNmenandatangani amendemen I atas kontrakpengupasan tanah dan pengangkutanbatubara (“Overburden RemovalAgreement“) dengan PT Petrosea, Tbksehubungan dengan penambahan kapasitasproduksi batubara sebesar 27.250.000 tonper tahun dan perubahan pengaturanpenempatan bank garansi. Selain itu, jangkawaktu kontrak diperpanjang sampai dengan31 Desember 2018.
i. On August 25, 2011, ABN has signedamendement I to the agreement ofoverburden and coal hauling (“OverburdenRemoval Agreement“) with PT Petrosea,Tbk in relation to the increase in coalproduction capacity to 27,250,000 tons peryear and the changes of the related bankguarantee placement. In addition, thecontract period was extended to December31, 2018.
Berdasarkan Amendemen II OverburdenRemoval Agreement tertanggal 2 September2013, terhitung sejak tanggal 1 Januari 2014,ABN tidak lagi berkewajiban menyediakanbank garansi kepada PT Petrosea, Tbk.
Based on the Amendment II to OverburdenRemoval Agreement dated September 2,2013, as of January 1, 2014, ABN has nolonger has an obligation to provide bankguarantee to PT Petrosea, Tbk.
Pada tanggal 5 April 2012, ABN danPT Petrosea, Tbk juga menandatanganiPlant Hire Agreement sehubungan denganpenyewaaan mobile plant milik PT Petrosea,Tbk oleh ABN untuk masa sewa terhitungsejak tanggal 1 Januari 2012 sampai denganberakhirnya masa berlaku OverburdenRemoval Agreement tertanggal 25 Agustus2011 diatas. Pada tanggal 9 September2013, ABN dan PT Petrosea, Tbkmenandatangani Amendemen I atas PlantHire Agreement sehubungan denganpenyesuaian harga.
On April 5, 2012, ABN and PT Petrosea,Tbk has also entered into Plant HireAgreement in relation to the rental of mobileplant belong to PT Petrosea, Tbk by ABNfor the period from January 1, 2012 until thetermination of the Overburden RemovalAgreement dated August 25, 2011 as statedabove. On September 9, 2013, ABN andPT Petrosea, Tbk signed the Amendment Ito the Plant Hire Agreement in relation tothe prices adjustment.
ii. Pada tanggal 1 Maret 2011, ABNmenandatangani kontrak denganPT Arkananta Apta Pratista (“AAP“) untukjangka waktu enam puluh bulansehubungan dengan pekerjaanpemindahan lapisan tanah penutup danpengangkutan batubara.
ii. On March 1, 2011, ABN signed a contractwith PT Arkananta Apta Pratista (“AAP“) fora sixty months period in relation tooverburden removal and coal hauling.
Berdasarkan ketentuan di dalam kontraktersebut, ABN diharuskan membayar biayajasa kepada AAP, dihitung secara bulananberdasarkan rumus yang meliputi jumlahbatubara mentah dan overburden yangditambang dan diangkut.
Based on the provision of the contract, ABNis required to pay AAP a service fee,calculated on a monthly basis, based on aformula which includes the amount of rawcoal and overburden mined andtransported.
Laporan Tahunan 2013 215 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
99
40. PERJANJIAN DAN KOMITMEN PENTING(lanjutan)
40. SIGNIFICANT AGREEMENTS ANDCOMMITMENTS (continued)
b. Entitas anak - ABN (lanjutan) b. Subsidiary - ABN (continued)
iii. Pada tanggal 24 Juli 2008, ABNmenandatangani perjanjian denganPT Pelayaran Kartika Samudra Adijaya(“PKSA”) sebagaimana telah diubahmelalui pembaharuan perjanjian tanggal23 Juni 2011 untuk meningkatkankapasitas pengangkutan menjadi26.000.000 ton. Perjanjian ini berlaku daritanggal 15 Agustus 2011 sampai31 Desember 2015.
iii. On July 24, 2008, ABN signed anagreement with PT Pelayaran KartikaSamudra Adijaya (“PKSA”), as amendedthrough renewed agreement dated June23, 2011 to increase the coal bargingcapacity to 26,000,000 tons. Thisagreement is valid from August 15, 2011 toDecember 31, 2015.
Perjanjian ini terakhir kali diperbaharui padatanggal 19 Juli 2013 terkait denganperubahan dasar perhitungan tarifpengangkutan
This agreement was last amended on July19, 2013 in relation to the change incalculation basis for barging fee
iv. ABN menandatangani kontrak jasapengangkutan batubara dengan PT PelitaSamudera Shipping (“PSS”) pada tanggal14 Juli 2011, untuk mengangkut batubaradari pelabuhan ke kapal dengan jumlah500.000 ton sampai dengan 1.500.000 ton.Perjanjian berlaku dari 1 Agustus 2011sampai dengan 31 Juli 2012.
iv. ABN signed a coal shipment contract withPT Pelita Samudera Shipping (“PSS”) onJuly 14, 2011 to transport coal fromCompany’s loading port to appointed vesselwith total quantity between 500,000 tonsand 1,500,000 tons. The agreement wasvalid from August 1, 2011 to July 31, 2012.
Pada tanggal 15 Juli 2012, ABN dan PSStelah memperbaharui Coal BargingAgreement. Perjanjian ini mengatur tentangharga dan batas kuantitas dari muatanbatubara secara rinci. Perjanjian ini berlakuselama 24 Bulan sejak 1 Agustus 2012sampai dengan 31 Juli 2014.
On July 15, 2012, ABN and PSSammended Coal Barging Agreement. TheCoal Barging Agreement regulates priceand quantity limit of coal loaded in details.The Coal Barging Agreement is valid fromAugust 1, 2012 up to July 31, 2014.
Pada tanggal 30 Juli 2013, masa perjanjianyang sebelumnya berakhir pada tanggal 31Juli 2014 diperpanjang menjadi 31 Juli 2015dan kapasitas pengiriman menjadi 850.000ton - 1.000.000 ton di tahun pertama dan850.000 ton - 1.500.000 ton di tahun ke duadan ke tiga.
On July 30, 2013, the term of agreementswhich previously valid through July 31,2014 has been extended to July 31, 2015,and the shipment capacity are revised to850,000 tons - 1,000,000 tons in the firstyear and 850,000 tons - 1,500,000 tons inthe second and third years.
Jika ABN tidak dapat memenuhi nilaiminimum penyedian batubara untukdiangkut, ABN akan membayar selisihkekurangan tersebut sesuai dengan tarifyang berlaku.
. If the ABN could not meet the minimumquantity of coal to be delivered, the ABNshall pay for any shortfall based on theapplied rate.
Laporan Tahunan 2013216 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
100
40. PERJANJIAN DAN KOMITMEN PENTING(lanjutan)
40. SIGNIFICANT AGREEMENTS ANDCOMMITMENTS (continued)
b. Entitas anak - ABN (lanjutan) b. Subsidiary - ABN (continued)
v. Pada tanggal 1 Agustus 2009, ABNmengadakan perjanjian dengan PSS untukpenyediaan jasa pemuatan batubara daritongkang ke kapal. Perjanjian ini berlakusampai dengan 31 Juli 2011 dan dapatdiperpanjang untuk 2 tahun denganpemberitahuan terlebih dahulu.
v. On August 1, 2009, the ABN entered into anagreement with PSS to provide services ofunloading coal from barges to vessel. Theagreement was due on July 31, 2011 andcan be extended for 2 years upon priornotice.
Pada tanggal 14 Juli 2011, ABN melakukanpembaharuan perjanjian tersebut diatasuntuk meningkatkan kapasitas menjadi3.000.000 ton - 5.000.000 ton di tahunpertama dan 4.000.000 ton - 6.000.000 ton ditahun kedua. Perjanjian ini berlaku dari1 Agustus 2011 sampai dengan 31 Juli 2013.
On July 14, 2011, the ABN renewed theabove agreement to increase the capacity to3,000,000 tons - 5,000,000 tons in the firstyear and 4,000,000 tons - 6,000,000 tons inthe second year. This agreement was validfrom August 1, 2011 to July 31, 2013.
Pada tanggal 30 Juli 2013, ABN melakukanpembaharuan perjanjian tersebut untukmemperpanjang masa perjanjian menjadisampai 31 Juli 2015 dan menurunkankapasitas tahun kedua menjadi 2.000.000ton - 3.000.000 ton serta penentuankapasitas tahun-tahun berikutnya sebesar2.500.000 ton - 3.500.000 ton.
On July 30, 2013, the ABN renewed theabove agreement to extend the terms ofagreement through July 31, 2015 and toreduce the capacity for the second year to2,000,000 tons - 3,000,000 tons anddetermined the capacities for the followingyears to 2,500,000 tons - 3,500,000 tons.
Jika ABN tidak dapat memenuhi totalminimum penyediaan batubara untukdiangkut, ABN akan membayar selisihkekurangan tersebut sesuai dengan tarifyang berlaku.
If ABN could not meet the total minimumquantity of coal to be delivered, ABN shallpay for any shortfall based on the appliedrate.
vi. Pada tanggal 22 Januari 2013, ABNmengadakan perjanjian dengan PT PinangExport Indonesia untuk menjual steam coalsebanyak 980.000 MT sampai dengankuartal ke empat 2013. Sehubungandengan kontrak ini, ABN telah menerimapembayaran dimuka sebesarAS$10.000.000 pada tanggal 13 Februari2013. Pada tanggal 31 Desember 2013,sejumlah AS$459.375 nilai tersebut masihoutstanding.
vi. On January 22, 2013, ABN entered into anagreement with PT Pinang ExportIndonesia to sell steam coal amounting to980,000 MT until the fourth quarter 2013. Inrespect to this contract, ABN received cashadvances amounting to US$10,000,000 onFebruary 13, 2013. As of December 31,2013, US$459,375 of this balance is stilloutstanding.
c. Entitas anak – IM c. Subsidiary - IM
i. Pada tanggal 1 Oktober 2012, Perusahaandan PT Petrosea Tbk mengadakanperjanjian kontrak jasa pertambangan.Perjanjian tersebut mengatur tingkat harga,konsumsi bahan bakar, penyesuaian hargadan hal lainnya. Nilai perjanjian inibergantung pada volume tanah overburdenyang dipindahkan. Perjanjian ini akanberakhir di 30 April 2015.
i. On October 1, 2012, the Company andPT Petrosea Tbk entered into a miningservice agreement. The agreementgoverns, among others, the price rate, fuelconsumption, price adjustment and otherterms. Contract values are dependent onvolumes of overburden moved. Theagreement will expire in April 30, 2015.
Laporan Tahunan 2013 217 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
101
40. PERJANJIAN DAN KOMITMEN PENTING(lanjutan)
40. SIGNIFICANT AGREEMENTS ANDCOMMITMENTS (continued)
c. Entitas anak – IM (lanjutan) c. Subsidiary – IM (continued)
ii. Pada tanggal 28 Januari 2013, IM dan PTRPP Contractors Indonesia mengadakanperjanjian kontrak jasa pertambangan.Perjanjian tersebut mengatur tingkat harga,konsumsi bahan bakar, penyesuaian hargadan hal lainnya. Nilai perjanjian inibergantung pada volume tanah overburdenyang dipindahkan. Perjanjian ini akanberakhir di Januari 2018.
ii. On January 28, 2013, IM and PT RPPContractors Indonesia entered into a miningservice agreement. The agreementgoverns, among others, the price rate, fuelconsumption, price adjustment and otherterms. Contract values depends on volumesof overburden moved. The agreement willexpire in January 2018.
d. Entitas anak - TMU d. Subsidiary – TMU
i. Pada tanggal 24 Agustus 2011 TMUmenandatangai kontrak dengan PT SuryaTeknik Anugerah (STA) untuk jangka waktuempat tahun sehubungan denganpekerjaan pemindahan lapisan tanahpenutup dan pengangkutan batubara
i. On August 24, 2011 TMU signed a contractwith PT Surya Teknik Anugerah (STA) inrelation with overburden removal and coalhauling for four years.
ii. Pada tanggal 1 Agustus 2013 TMUmenandatangai kontrak dengan PT BinaSarana Sukses (BSS) untuk jangka waktutiga tahun sehubungan dengan pekerjaanpemindahan lapisan tanah penutup danpengangkutan batubara.
ii. On August 1, 2013 TMU signed a contractwith PT Bina Sarana Sukses (BSS) inrelation with overburden removal and coalhauling for three years.
41. INFORMASI PENTING LAINNYA 41. OTHER SIGNIFICANT INFORMATION
a. Royalti dan Iuran tetap a. Royalty and Dead rent
Berdasarkan Undang-Undang No. 20 Tahun1997 tentang pendapatan Negara non-pajakdan berdasarkan Peraturan PemerintahRepublik Indonesia No. 9 Tahun 2012 tentangtarif pendapatan Negara non-pajakKementerian Energi dan Sumber Daya Mineral(“KESDM”), entitas anak diharuskan untukmembayar royalti dari penjualan hasil produksibatubara dan diwajibkan untuk membayar iurantetap per hektar atas hak pertambangan yangdieksplorasi, dikembangkan dan diekstrasi yangdibayarkan kepada KESDM. Jumlah royaltiproduksi didasarkan pada jenis mineral dankuantitas batubara yang dijual.
Based on Act No. 20 Year 1997 regarding statenon-tax revenue and based on the GovernmentRegulation of the Republic of Indonesia No. 9 Year 2012 regarding the rate of state non-taxrevenue for the Ministry of Energy and MineralResources (“KESDM”), the subsidiares arerequired to pay royalty for the sales of coalproduction and to pay dead rent fees perhectare of mining rights explored, developedand extracted which are payable to theKESDM. The amount of production royalty isbased on the type of mineral and the quantityof coal sold.
Royalti yang dibayarkan kepada Pemerintahdihitung berdasarkan kalori yang terkandung didalam batubara dengan tarif 5% dan 7%,kuantitas yang terjual dikalikan dengan basisharga dan tarif royalti tersebut. BerdasarkanPeraturan Menteri Energi dan Sumber DayaMineral No. 17 tahun 2010 mengenai tata carapenetapan harga patokan penjualan mineraldan batubara, basis harga adalah yang lebihtinggi antara harga patokan batubara atau hargajual batubara.
Royalty paid to the Government was calculatedbased on the calories contained in the coal withrates of 5% and 7%, the quantity sold wasmultiplied by the base price and the royaltyrate. Based on the regulation from the Ministryof Energy and Mineral Resources of theRepublic of Indonesia No. 17 year 2010regarding procedures for stipulating benchmarkprices of mineral and coal sales, the base priceis the higher of the coal benchmark price orcoal sales price.
Iuran tetap yang ditagih dihitung dengan dasartarif AS$4/hektar,- dikalikan dengan luasankonsesi yang dimiliki ABN, IM dan TMU.
Dead rent charged was calculated at a rate ofUS$4/hectare multiplied by the total concessionarea owned by ABN, IM and TMU.
Laporan Tahunan 2013218 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
102
41. INFORMASI PENTING LAINNYA (lanjutan) 41. OTHER SIGNIFICANT INFORMATION(continued)
b. Pengutamaan Pemasokan KebutuhanMineral dan Batubara Untuk KepentinganDalam Negeri
b. Priority to Fulfill Domestic Requirement onMineral and Coal
Dalam bulan Desember 2009, KESDMmengeluarkan Permen 34/ 2009 yang antara lainmewajibkan perusahaan pertambanganbatubara (“Badan usaha”) untuk menjualsebagian hasil produksinya kepada Pemakaibatubara dalam negeri (“Domestic MarketObligation” atau “DMO”). Badan usaha yangtidak dapat mematuhi ketentuan tersebut, akandikenakan sanksi berupa peringatan tertulispaling banyak 3 kali dan pemotongan produksibatubara paling banyak 50% dari produksi tahunberikutnya.
In December 2009, the KESDM issued Permen34/2009, which requires coal mining companies(“Entities”) to sell a portion of their productions todomestic coal users (“Domestic MarketObligation” or “DMO”). Entites which do not fulfillsuch requirement will be given written noticemaximum 3 times of and reduction of theproduction in the next year up to 50%.
Sesuai dengan ketentuan dalam Permen34/2009 tersebut, badan usaha yang penjualandalam negeri melebihi kewajiban DMO-nyadapat mengalihkan kelebihan penjualan DMO-nya kepada badan usaha yang tidak dapatmemenuhi kewajiban DMO-nya.
Under the provision of the Permen 34/2009,entities - that have domestic sales in excess oftheir DMO requirement, may transfer the excessto entities which cannot fulfill their DMOrequirement.
Kelebihan DMO yang dialihkan tersebutdianggap sebagai pemenuhan kewajiban DMOsuatu badan usaha, dengan syarat pengalihantersebut mendapat persetujuan dari Menteri.
The transferring of excess DMO will be deemedas the fulfillment of an entity’s DMO, providedsuch transfer were approved by the Ministry.
Berdasarkan Keputusan Menteri ESDM No.2934.K/30/MEM/2012 tanggal 8 Oktober 2012,persentase minimal penjualan batubara dalamnegeri untuk tahun 2013 adalah sebesar20,30% dari perkiraan produksi batubara padatahun 2013, sehingga kewajiban DMO ABNuntuk tahun 2013 adalah sebesar 688.053 ton.Sampai dengan tanggal 31 Desember 2013,ABN sudah merealisasikan DMO tersebutdengan melakukan pengalihan DMO setaradengan 121.940 ton batubara. Dengan demikian,pada tanggal 31 Desember 2013, Grupmengakui akrual atas pengalihan DMO dengannilai AS$622.724 yang akan dilakukan ABN daribadan usaha lain (Catatan 16).
Based on Minister of MEMR Decree No.2934.K/30/MEM/2012 dated October 8, 2012, theminimum DMO requirement is 20.30% of theestimated coal production for 2013, whereby theDMO obligation for ABN in 2013 is 688,053 ton.Until December 31, 2013, ABN has realized itsDMO by transferring DMO equivalent to 121,940tons. Accordingly, as of December 31, 2013, theGroup has recognized an accrual for DMOtransfer amounting to US$622,724 by ABN fromother entities (Note 16).
Berdasarkan Keputusan Menteri ESDMNo. 909.K/30/DJB/2012 tanggal 31 Oktober2012, persentase minimal penjualan batubaradalam negeri untuk tahun 2012 adalah sebesar20,47 % dari perkiraan produksi batubara padatahun 2012, sehingga kewajiban DMO ABNuntuk tahun 2012 adalah sebesar 777.918 ton.Pada tanggal 31 Desember 2012, Grupmengakui akrual atas pengalihan DMO dengannilai AS$777.918 yang akan dilakukan ABN daribadan usaha lain (Catatan 16).
Based on Minister of MEMR DecreeNo. 909.K/30/DJB/2012 dated October 31, 2012,the minimum DMO requirement is 20.47 % of theestimated coal production for 2012, whereby theDMO obligation for ABN in 2012 is 777,918 ton.As of December 31, 2012, the Group hasrecognized an accrual for DMO transferamounting to US$777,918 by ABN from otherentities (Note 16).
Laporan Tahunan 2013 219 2013 Annual Report
The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA TBK DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN
KONSOLIDASIANTanggal 31 Desember 2013 dan
Tahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)
PT TOBA BARA SEJAHTRA TBK AND SUBSIDIARIESNOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTSAs of December 31, 2013 and
year then ended (Expressed in United States Dollar, unless otherwise stated)
103
41. INFORMASI PENTING LAINNYA (lanjutan) 41. OTHER SIGNIFICANT INFORMATION(continued)
b. Pengutamaan Pemasokan KebutuhanMineral dan Batubara Untuk KepentinganDalam Negeri (lanjutan)
b. Priority to Fulfill Domestic Requirement onMineral and Coal (continued)
Pada tanggal 22 Maret 2013, berdasarkan SuratNo. 525/30/DJB/2013, Direktur Jendral Mineral &Batubara, Kementerian ESDM telahmengeluarkan persetujuan izin penjualanbatubara dari kuota DMO. Dengandikeluarkannya surat tersebut ABN telahmemenuhi kewajiban DMO untuk tahun 2012melalui transfer kuota sebesar 777.918 ton.
On March 22, 2013, based on letter No.525/30/DJB/2013, Director General of Coal andMineral, Ministry of MEMR has issued theapproval for coal sales included in DMO quota.With the issuance of the letter, ABN has compliedwith the DMO obligation in 2012 through transferquota of 777.918 ton.
42. TRANSAKSI NON KAS 42. NON-CASH TRANSACTIONS
Berikut ini transaksi non kas penting: Listed below are significant non-cash transactions:
2013 2012
Penambahan aset tetap melalui: Acquisition of fixed assets through :Sewa pembiayaan 3.007.966 505.102 Finance leaseUtang usaha 1.519.920 - Trade payablesKapitalisasi estimasi biaya Capitalization of the estimated
pembongkaran aset tetap 222.557 - cost of dismantling fixed assetsRealisasi uang muka 506.899 - Advance realizationEfek translasi 13.552 - Translation effect
Penurunan aset tetap melalui: Decrease in fixed assets through :Penurunan estimasi biaya pembongkaran Decrease in the estimated
aset tetap (176.672) - cost of dismantling fixed assets
Penambahan tanaman belum menghasilkan melalui: Additional immature plantations through : Beban pinjaman 173.588 - Borrowing costsDepresiasi 24.692 - DepreciationEfek translasi (7.274) - Translation effect
43. PERISTIWA SETELAH PERIODE PELAPORAN 43. EVENT AFTER THE REPORTING PERIOD
Pada tanggal 19 Maret 2014, Perusahaanmenandatangani perjanjian revolving loan facilitydengan beberapa pihak, antara lain BNP Paribas,Citigroup dan Standard Chartered Bank, denganfasilitas pinjaman sebesar AS$75.000.000. Hasilpinjaman akan ini digunakan untuk pendanaankembali pinjaman sindikasi, belanja modal sertapembiayaan modal kerja. Pinjaman ini akan jatuhtempo pada tanggal 31 Maret 2018 dan dikenakanbunga tahunan sebesar LIBOR ditambahpersentase tertentu. Sampai dengan tanggalpenyelesaian laporan keuangan konsolidasian ini,Perusahaan belum menggunakan fasilitaspinjaman tersebut.
On March 19, 2014, the Company entered intorevolving loan facility with several parties, amongothers, BNP Paribas, Citigroup and StandardChartered Bank on loan facility of US$75,000,000.The proceeds of this borrowing will be used for therefinancing of syndicated banks borrowing, capitalexpenditures and working capital. This borrowingwill be due on March 31, 2018 and is chargedannual interest at LIBOR plus a certain percentage.As of the completion date of these consolidatedfinancial statements, the Company has not yetutilized this loan facility.
Laporan Tahunan 2013220 2013 Annual Report
2013 Annual Report 221
Annual Report Contents Reference to the Bapepam-LK Regulation
2013 Annual Report222
Criteria Description Page
I. General
Written in good and correct Indonesian, it is recommended to present the report as well as in English
v
Printed with good quality using readable type and size of font v
The annual report is posted in the Company’s website v
The Annual Report shall be made in such a way that is easy to read. Pictures, graphs, tables and charts by mentioning the title and / or description clearly
v
II. Financial Highlights
Financial information in comparative form over a period of 3 (three) financial years or since the commencement of business if the company has been running its business activities for less than 3 (three) years
The information includes:1. Revenues2. Gross Profit3. Income (Loss)4. Total income (loss) attributable to owners of the parent entity and
non controlling interest5. Total comprehensive income (loss)6. Total comprehensive income (loss) attributable to owners of the
parent entity and non controlling interest7. Income (loss) per share8. Total asset9. Total liability10. Total equity11. Income (loss) ratio to the total asset12. Income (loss) ratio to the equity13. Income (loss) ratio to the revenues14. Current Ratio15. Liability ratio to the equity16. Liability ratio to the total asset; and17. Other information and financial ratios relevant to the company and
its industry
12
The annual report must include information regarding the shares issued for each quarter in the period of 2 (two) financial years (if any)
Information includes:1. Number of outstanding share2. Market Capitalization3. Highest, lowest, and closing share price and4. Trading volume
15
In case of corporate actions such as stock split reverse stock, stock dividend, bonus shares and par value reduction, the stock pricing information referred to in point 2), shall be added
Information includes:1. Implementation date of corporate action2. Stock split, reverse stock, share dividend, bonus share ratio, and
decline in share value3. Number of outstanding share before and after corporate action and4. Share price before and after corporate action
-
In terms of stock trading suspension during the year, the annual report must include an explanation of the reason for the suspension
-
In terms of suspension as referred in item (4) still being imposed until the date of annual report issuance, the issuer or Public Company must also explain the actions of the company to resolve the issue
-
III. Report to the Shareholders
Board of Commissioners’ Report
Includes the following items:1. Assessment on the performance of the Board of Directors in
managing the company2. View on the prospects of the company’s business as established by
the Board of Directors3. Change in the composition of members of the Board of
Commissioner and the reason of its change (if any) and4. Committees under the supervisions of the Board of Commissioners
18-21
Annual Report Contents Reference to the Bapepam-LK Regulation
2013 Annual Report 223
Criteria Description Page
Board of Directors’ Report
Includes the following items:1. The company’s performance, encompassing among others strategic
policies, comparison between achievement of results and targets and challenges faced by the company
2. Business prospects3. Implementation of Good Corporate Governance by the company4. Changes in the composition of the Board of Directors (if any)
22-26
IV. Company Profile
Company Profile
Information includes the following items:Name, address, telephone, facsimile, email and website and/or branch office or representative office, where the public can obtain information about the company
53
Brief history of the companyIncludes among others: date/year of establishment, name and change in the company name, if any
30
Line of BusinessDescription includes:1. The line of business as stated in the last Articles of Association and2. Type of products and/or services produced
32
Organisation StructureIn the form of a chart, at least until one level below the Board of Directors, along with names and titles
36-37
Vision and Mission
Description includes:1. Company’s vision and mission2. Statement that vision and mission has been approved by the Board
of Directors / Board of Commissioners
35
Profile of the Board of Commissioners
Description includes:1. Name2. Position history, work experience, and legal basis for the first
appointment in publicly listed companies, as set out in the minutes of GMS decisions
3. Education history4. A brief description of the type of trainings attended in order to
improve the competency of the Board of Commissioners who during the year (if any) and
5. Disclosure of affiliated relations with other members of the Board of Director and Board of Commissioners, as well as shareholder (if any)
39
Profile of the Board of Directors
Description includes:1. Name and brief description regarding the duty and function
performed2. Position history, work experience, and legal basis for the first
appointment in publicly listed companies, as set out in the minutes of GMS decisions
3. Education history4. A brief description of the type of training in order to improve the
competence of the Board of Commissioners who have followed in the financial year (if any) and
5. Disclosure of affiliated relations with other members of the Board of Director and shareholder (if any)
41
Change in the composition of the Board of Commissioners and/or Board of Directors after the end of financial year until the time limit of submission of annual report as reffered in item number 1 letter a, the composition has set in annual report is the compostion of the last and before of the Board of Commissioners and/or Board of Director
-
Number of employee and description of competency development for the year including implementation of employee education and training programs
Information includes:1. Number of employee for each organization level2. Number of employee for each education level3. Competency development that has been done by reflecting the
equality of opportunity to all employees4. Incurred fund
42-47
Description of the name of shareholder and the percentage of its ownership at the end of financial year
Description includes following items:1. Shareholder who own 5% (five) or more of issuer shares or Public
Company2. Commissioner and Director who own issuer shares or Public
Company and3. The category of public shareholders who each own less than 5% of
the shares and percentage of their ownership
48
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Criteria Description Page
Information regarding major shareholder and issuer or public company, both directly or indirectly, which presented in form of scheme or chart
48-49
Subsidiaries, associated company, joint venture
Description includes following items:1. Name of the subsidiaries/associations2. Percentage of share ownership3. Information of the line of business of subsidiaries or associations4. Information of subsidiaries and associations operational status (has
operated or has not operated yet)5. Information regarding the address of subsidiaries
50
Share listing chronology and change in the number of shares from initial listing to the end of financial year and name of exchange(s) where the shares are listed (if any)
Includes the following items:1. Share listing chronology2. Corporate actions affecting total number of shares3. Change in the total number of shares from initial listing to the end of
the financial year4. Name of exchange(s) where the shares are listed
49
Listing chronology of the other securities and securities rating (if any)
Includes the following items:1. Listing chronology of other securities2. Corporate actions affecting total number of other securities3. Changes in the total number of other securities from initial listing to
the end of the fiscal year4. Name of exchange(s) where the other securities are listed5. Securities rating
-
Name and address of the Rating agency (if any) -
Names and addresses of capital market agencies and professionals. to the capital market supporting that gives service regularly to the issuers or Public Company, must be disclosed information regarding the service, fee, and period of duty
52
Awards and/or certification received by the company at both national and international levels during the year (if any)
Information includes the following items:1. Names of awards and/or certificates2. Year awarded3. Awarding or certifying authority or institution4. Validity (for certificates)
17
V. Management’s Discussion and Analysis
Review of operations per business segments in accordance with the type of industry or Public Company, includes
Description includes the following items:1. Production, including process, capacity, and its development2. Revenues and3. Profitability
58-63
Comprehensive analysis of financial performance includes a comparison of the financial performance in the last 2 (two) years, explanation regarding the changes and impact of its changes, covering at least
1. Current asset, non current asset, and total asset2. Short term liabilities, long term liabilities, and total liabilities3. Equity4. Revenues, expense, income (loss), other comprehensive revenues,
and total comprehensive income (loss) and5. Cash flow
68-73
Ability to pay debts by presenting relevant calculation ratioExplanation of:Ability to pay debts, both short-term and long-term
73
Receivables collectability level by presenting the relevant calculation ratioExplanation of:Collectability receivables level
-
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Criteria Description Page
Discussion of capital structure and capital structure policyExplanation of:1. Capital structure2. Capital structure policy
73
Discussion of material commitments for capital expenditure with explanation of the purpose of its commitment, source fund expected to meet the commitment, denominated currency, and Planned actions to hedge against foreign currency risks
Explanation of:1. The purpose of the commitments2. Expected sources of funds to honor the commitment3. Currency4. Planned actions to hedge against foreign currency risksNote: if the company has no commitments for capital expenditure, this should be stated
-
Material information and facts subsequent to the date of the accountant’s report
Description of significant events after the date of the accountant’s report, including the effects on the company’s future performance and business riskNote: if there were no significant events subsequent to the date of the accountant’s report, this should be stated
-
Business prospectDescription of the company’s prospects in relation to the industry and the economy in general, with supporting quantitative data from reliable sources
74
Comparison between targets/projections at the initial of financa year with the realization, regarding the revenues, profit, capital structure, or others are considered important for the company
-
Targets/projections tset by the Company at least for the next one year, in terms of revenues, income (loss), capital structure, dividend policy, or others are considered important for the company
-
Marketing aspects of company’s products and services, includesInformation includes:1. Marketing strategy and2. Market share
64
Dividend policy and the dates and total dividend per share (cash and/or non cash) and total dividend per year declared and paid for the last 2 (two) years
Includes the description of:1. Total dividend2. Total dividend per share3. Payout ratioFor each yearNote: if no dividend was paid, state the reason
65 dan 8
Use of the proceeds from the public offering
Information includes:1. in case for financial year, issuers has an obligation to report the
realization of the use of funds, it must be disclosed realization of the use of funds and proceeds from cumulative public offering until the end of financial year and
2. in the event of changes in the use of funds as stipulated in Regulation number X.K.4, then the issuer must state the changes
49
Material information, regarding investment, expansion, divestment, business merger/fusion, aquisition, restructuring of debt/capital, affiliated transaction, and material transactions involving a conflict of interest during the year (if any)
Description includes:1. Date, value, and object of transaction2. Name of party in transaction3. Nature of the affiliation (if any)4. Clarification of the fairness of the transaction5. Compliance with related provisions
-
Changes in the regulations that significantly affect the company and its impact on the financial report (if any)
Description includes: changes in the regulations and their impact on the companyNote: if there are no changes that have a significant impact, this should be stated
73
Changes in accounting policy, reasons and its impact on the financial report (if any)
Description includes: changes in accounting policy, reasons and its impact on the financial report
-
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Criteria Description Page
VI. Good Corporate Governance
Description of the Board of Commissioners
Description includes:1. Description of the duty of the Board of Commissioners2. Procedure disclosure, basis for determining, and the amount of
remuneration of members of the Board of Commissioners and3. Disclosureofcompany’spolicyanditsimplementation, regarding the
meeting frequency of the Board of Commissioners, includes joint meeting with the Board of Directors, and member’s attendance rate
4. Board of the Commissioners in the meeting
82-83
Description of the Board of Directors
Description includes:1. Scope of work and responsibilities of each member of the Board of
Directors2. Procedure disclosure, basis for determining, and the amount of
remuneration of members of the Board of Directors, and relation between remuneration with company’s performance
3. Disclosure of company’s policy and its implementation, regarding frequency of Director’s meeting, includes joint meeting with the Board of Commissioners, and member’s attendance rate at the meetings
4. Decision of GMS previous year and realizaiton in financial year, and its reasons in the event there is a decision that has not been realized; and
5. Disclosure of company’s policy regarding the assessment to the performance of members of the Board of Directors (if any)
86-87
Description of Audit Committee
Description includes:1. Names2. Positions, qualifications and work experience of the committee
members3. Education4. Period of office of the members of Audit Committee5. Disclosure of audit Committee’s independence6. Disclosure of company’s policy and its implementation, regarding
frequency of audit committee meetings and attendance rate7. Brief report on activities of the audit committee in financial year
specified accordance in the Audit Committee charter
84-85
Other committee to support the functions and duties of the Board of Directors and/or Board of Commissioners, such as nomination and remuneration committee
Description includes:1. Name2. Brief CVs, work experience, and legal basis for the appointment3. Education4. Office period of the members of the committee5. Disclosure of company’s policy regarding commitee’s independence6. Description of duties and responsibilities7. Disclosure of company’s policy and its implementation regarding
frequency of audit committee meetings and attendance rate8. Brief of the implementation of committee’s activities in financial year
-
Description of duties and function of Corporate’s Secretary
Description includes:1. Name2. Brief CV, work experience, and legal basis for appointment3. Educational Background4. Office period of the Corporate Secretary5. Brief of the implementation of the duties of the Corporate Secretary
in financial year
90-93
Description of the Internal Audit Unit
Description includes:1. Name2. Brief CV, work experience, and legal basis for appointed3. Professional internal audit qualifications/certification (if any)4. Structure or status of the Internal Audit Unit5. Duties and responsibilities of Internal Audit Unit accordance listed in
the charter of Internal Audit Unit; and6. Brief of the implementation of the duties of the Internal Audit Unit
during the year
88-89
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Criteria Description Page
Description of internal Control System implemented by the Company
Description includes:1. Financial and operational controlling, and submission to other laws
and regulation and2. Review of the effectiveness of the Internal Control System
-
Risk management system implemented by company
Description includes:1. Overview of the company’s risk management system2. Type of risks and its management and3. Review of the effectiveness of the risk management system
75
Significant cases involving the Company, or Public Company, subsidiaries, or incumbent members of the Board of Commissioners and/or Board of Directors
Description includes:1. Subject of cases/claims2. Settlement status of cases/claims3. Effect on the company
-
information regarding administrative sanctions imposed on issuers or public companies, members of the Board of Commissioners and the Board of Directors, by the capital market regulators and other authorities during the year
-
Information regarding Corporate’s Code of Conduct and Culture (if any)
Description includes:1. Content of the code of conduct2. Content of corporate culture3. Dissemination of the code of conduct and efforts to enforce the
code4. Disclosure that the code of conduct is applicable to the Board of
Commissioners, Board of Directors and corporate’s employee
-
Description regarding share ownership program by employee and/or management implemented by issuer or Public Companies, such as total, period, requirements of eligible employees/management, exercise price as well (if any)
-
Description regarding whistleblowing system implemented in the Company to handle reports of misconduct or violation that could harm the Company or stakeholders (if any)
Description includes:1. Method of reporting2. Protection of the whistleblower3. Handling of reports4. Party that handles the reports5. Outcome of the reports
-
VII. Corporate Social Responsibility
Discussion regarding corporate social responsibility including policy, type of program, costs incurred
Description includes:1. Environment, such as the use of materials and friendly
environmental energy and could be recycle, company’s waste management system, certificaion in environment, etc
2. Employment practice, occupational safety and health, such as the equality of gender and work opportunity, facilities and safety, employee’s turnover rate, work incident rate, training, etc
3. Social and community development, such as the use of local worker, community empowerment around companies, improvement of social infrastructure, other form of donations, etc and
4. Products responsiblity, such as consumer safety and health, products information, infrastructure, the amount and countermeasures of consumer’s complaints, etc
102-106
information referred to point (1) can be disclosed and submitted to Bapepam-LK in the annual Report or separate report such as sustainability Report or Corporate social Responsibility Report.
-
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Criteria Description Page
VIII. Audited Consolidated Financial Statements
Annual Financial statements included in the Annual Report must be prepared in accordance with the accounting standards in indonesia that have been audited by an Accountant. Financial statements must include a statement regarding the responsibility for the Financial Statements as stipulated in the Regulation No. VIII.G.11 or Regulation No. X.E.1
Statement Letter from the Board of Directors regarding the Board of Directors’ responsibility to the Financial Statements
Compliance with Bapepam regulation-LK No.VIII.G.11 regarding the Board of Director’s Responsibility of the Financial Statements
112-113
Opinion of independent Auditor of Financial Statements116-117
Description of Independent Auditor’s opinion
Description includes:1. Name & signature2. Audit report date3. License number of the Public Accountant Firm and license number
of the Public Accountant
116-117
Full Financial Statements
Includes all elements of the Financial Statements:1. Balance sheet2. Comprehensive income statement3. Report on changes in equity4. Cash flow statement5. Notes to the financial statement6. Financial position at the beginning of the comparative periods
presented if the company implemented an accounting policy retrospectively or restated an account in the financial statement, or if the company reclassified financial statement accounts (if relevant)
118-220
Disclosure in notes to the Financial Statement when the company applies an accounting policy retrospectively or restates an account in the financial statement or reclassifies an account in the Financial Statement
State whether or not there is disclosure according to SFAS131-154
Comparison of profitability ratio Comparison of profit (loss) in the current and previous years 121
Cash flow report
Should fulfill the following provisions:1. Classification of activities into three categories: operating, investing
and financing2. Use of the direct method to report cash flow from operating
activities3. Separate presentation of cash income and/or expenditure in the
current year from operating, investing and financing activities4. Disclosure of non-cash activities in the notes to the financial
statement
124-125
Summary of accounting policy
Includes at least the following:1. Statement of compliance with SFAS2. Basis of measurement and presentation of the financial statement3. Recognition of income and expense4. Fixed assets5. Financial instruments
131-154
Disclosure of related party transactions
Items that must be disclosed:1. Name(s) of related parties, and nature of relationship with related
parties2. Value of transactions and percentage of total related income and
expense3. Balance and percentage of total assets or liabilities4. Terms and conditions of related party transactions
202-205
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Criteria Description Page
Disclosures related to Taxation
Items that must be disclosed:1. Explanation of the relationship between tax expense (income) and
accounting profit2. Reconciliation between fiscal and current tax assessment3. Statement that the reconciled taxable profit is the basis for the
annual corporate income tax return4. Breakdown of deferred tax assets and liabilities recognized in the
balance sheet for each period presented, and total deferred tax expense (income) recognized in the income statement if such amount is not shown in the total deferred tax assets or liabilities recognized in the financial statement
5. Disclosure of whether or not there are any tax disputes
178-182
Disclosure of Fixed Assets
Items that must be disclosed:1. Depreciation method used2. Explanation of whether fair value model or cost model have been
adopted as accounting policy3. Method and significant assumptions used in estimating the fair
value of fixed assets (revaluation model) or disclosing the fair value of fixed assets (cost model)
4. Reconciliation of recorded gross amount and cumulative depreciation of fixed assets at the beginning and end of the period by showing addition, reduction and reclassification
171-174
Recent developments in Financial Accounting standards and other Regulations
Description of FAS/regulations that have been issued but are not yet effective, which have not been applied by the company, stating:1. Type and effective date of the new FAS/ regulations2. Nature of the change that is not yet effective or the change in
accounting policy and3. Effect of initial application of the new AS and regulations on the
financial statements
152-154
Disclosure related to the Financial Instrument
Items that must be disclosed:1. Requirements, conditions and policies for each group of financial
instruments2. Classification of financial instruments3. Fair value of each group of financial instruments4. Explanation of the risks related to the financial instruments: market
risk, credit risk and liquidity risk5. Purpose and policy on financial risk management
147-152
Publication of the Financial Statements
Items to be disclosed include:1. Date of authorization for the publication of the Financial Statements
and2. Party responsible for authorizing the financial statements
113
IX. Signature of the Board of Commissioners and the Board of Directors
Signature of the Board of Commissioners and Board of Directors
1. Signatures of the Board of Commissioners and Board of Directors are on a separate sheet
2. Statement that the Board of Directors and Board of Commissioners are fully responsible to the truthfulness of the content of the Annual Report
3. Signed by all members of the Board of Commissioners and the Board of Directors by mentioning their names and positions
4. Written explanation in a separate letter from the concerned member in the event of not signing the annual Report, or, written explanation in separate letter from other member in the event the concerned member did not provide written explanation
107
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PT TOBA BARA SEJAHTRA Tbk
Wisma Bakrie 2, 16th floor
Jl. H.R. Rasuna Said Kav. B-2
Jakarta 12920, Indonesia
T: (021) 5794 5779
F: (021) 5794 5778
AnnualReport2013