Financial Report - BUILDING SOLID FOUNDATION FOR CONTINUOUS GROWTH

HALAMAN INI SENGAJA DIKOSONGKAN

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PT GOLDEN ENERGY MINES Tbk DAN ANAK PERUSAHAAN/AND ITS SUBSIDIARIES DAFTAR ISI/TABLE OF CONTENTS

Halaman/ Page

Surat Pernyataan Direksi tentang Tanggung Jawab atas Laporan Keuangan Konsolidasian PT Golden Energy Mines Tbk dan Anak Perusahaan untuk Tahun-tahun yang Berakhir 31 Desember 2011 dan 2010/

The Directors’ Statement on the Responsibility for the Consolidated Financial Statements of PT Golden Energy Mines Tbk and Its Subsidiaries for the Years Ended December 31, 2011 and 2010

Laporan Auditor Independen/Independent Auditors’ Report 1

LAPORAN KEUANGAN KONSOLIDASIAN - Untuk Tahun-tahun yang Berakhir 31 Desember

2011 dan 2010/

CONSOLIDATED FINANCIAL STATEMENTS – For the Years Ended December 31, 2011 and 2010

Laporan Posisi Keuangan Konsolidasian/Consolidated Statements of Financial Position 3 Laporan Laba Rugi Konsolidasian/Consolidated Statements of Income 5 Laporan Laba Rugi Komprehensif Konsolidasian/Consolidated Statements of Comprehensive

Income

Laporan Perubahan Ekuitas Konsolidasian/Consolidated Statements of Changes in Equity 7 Laporan Arus Kas Konsolidasian/Consolidated Statements of Cash Flows 8 Catatan atas Laporan Keuangan Konsolidasian/Notes to Consolidated Financial Statements 10

PT GOLDEN ENERGY MINES Tbk DAN ANAK PERUSAHAAN PT GOLDEN ENERGY MINES Tbk AND ITS SUBSIDIARIES Laporan Posisi Keuangan Konsolidasian Consolidated Statements of Financial Position 31 Desember 2011 dan 2010 December 31, 2011 and 2010

2011 Catatan/Notes 2010

Rp Rp

ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 1.878.790.806.278 2e,2f,2h,2j,3,5,20,21,34,35 250.150.020.957 Cash and cash equivalents Deposito berjangka - 2f,2i,2j,3,20,21,34,35 16.657.500.000 Time deposits

Piutang usaha - setelah dikurangi 2e,2j,3,6,20,35 Trade accounts receivable - net of penyisihan piutang ragu-ragu sebesar allowance for doubtful accounts of Rp 86.406.567 masing-masing pada Rp 86,406,567 as of December 31, 2011 tanggal 31 Desember 2011 dan 2010 and 2010, respectively

Pihak berelasi 9.861.437.844 2f,34 62.008.150.736 Related parties Pihak ketiga 229.850.783.059 120.121.675.589 Third parties

Piutang lain-lain - pihak ketiga 2.161.086.224 2e,2j,3,20,35 633.033.250 Other accounts receivable - third parties Persediaan 96.197.412.402 2k,3,7,34 50.570.622.934 Inventories

Pajak dibayar dimuka 495.557.561 493.783.224 Prepaid taxes

Biaya dibayar dimuka dan aset lancar lainnya 262.323.235.720 2f,2l,8,34,36 40.293.000.224 Prepaid expenses and other current assets

Jumlah Aset Lancar 2.479.680.319.088 540.927.786.914 Total Current Assets ASET TIDAK LANCAR NONCURRENT ASSETS

Piutang lain-lain 2j,3,20,35 Other accounts receivable Pihak berelasi - 2e,2f,34 3.709.227.500 Related parties Pihak ketiga 8.788.225.564 36 8.788.225.564 Third parties Aset pajak tangguhan - bersih 13.585.019.651 2v,3,31 5.384.584.318 Deferred tax assets - net Investasi saham 125.000.000 2j,3,20,34,35 - Investment in shares of stock

Aset tetap - setelah dikurangi Property and equipment - net of accumulated akumulasi penyusutan sebesar depreciation of Rp 21,125,817,446 and Rp 21.125.817.446 dan Rp 10.537.124.563 Rp 10,537,124,563 as of

masing-masing pada tanggal December 31, 2011 and 2010, 31 Desember 2011 dan 2010 265.069.415.077 2m,2n,2r,3,4,9,25,26,27,34 108.403.595.710 respectively

Properti pertambangan - setelah Mining properties - net of accumulated dikurangi akumulasi amortisasi sebesar amortization of Rp 14,007,332,809 Rp 14.007.332.809 dan Rp 7.349.965.375 and Rp 7,349,965,375 as of masing-masing pada tanggal December 31, 2011 and 2010, 31 Desember 2011 dan 2010 48.705.991.895 2p,3,4,10,30 55.363.359.329 respectively

Biaya pengupasan tanah yang ditangguhkan 91.756.886.816 2o,3,11 39.351.678.015 Deferred stripping costs

Biaya eksplorasi dan pengembangan yang Deferred exploration and development ditangguhkan - setelah dikurangi akumulasi costs - net of accumulated amortization amortisasi sebesar Rp 41.566.779.547 of Rp 41,566,779,547 and

dan Rp 30.977.170.877 masing-masing Rp 30,977,170,877 as of December 31, 2011 pada tanggal 31 Desember 2011 dan 2010 310.733.801.265 1d,2o,12,25 227.896.505.024 and 2010, respectively

Dana yang dibatasi pencairannya 2.952.327.973 2f,2j,3,20,34,35,36 101.813.950 Restricted funds

Uang muka pembelian batubara - 36 80.082.832.716 Advance for purchase of coal Aset tidak lancar lain-lain 98.904.921.078 2e,2f,2j,2q,3,13,20,25,27,34,35,36 47.260.373.417 Other noncurrent assets

Jumlah Aset Tidak Lancar 840.621.589.319 576.342.195.543 Total Noncurrent Assets JUMLAH ASET 3.320.301.908.407 1.117.269.982.457 TOTAL ASSETS

Lihat catatan atas laporan keuangan konsolidasian yang merupakan See accompanying notes to consolidated financial statements bagian yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements.

-PT GOLDEN ENERGY MINES Tbk DAN ANAK PERUSAHAAN PT GOLDEN ENERGY MINES Tbk AND ITS SUBSIDIARIES Laporan Posisi Keuangan Konsolidasian Consolidated Statements of Financial Position 31 Desember 2011 dan 2010 December 31, 2011 and 2010

2011 Catatan/Notes 2010

Rp Rp LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang bank jangka pendek - 2j,14,20,28,34,35 50.000.000.000 Short-term bank loans Utang usaha 2j,15,20,35 Trade accounts payable

Pihak berelasi 240.234.043 2f,34 1.781.208.009 Related parties Pihak ketiga 222.935.605.445 2e 117.749.645.562 Third parties

Utang lain-lain - Pihak ketiga 11.973.925.249 2e,20,36 8.605.186.130 Other accounts payable - third parties Utang pajak 109.700.684.962 2v,16,31 14.438.104.166 Taxes payable

Biaya yang masih harus dibayar 61.437.273.207 2e,2f,2j,17,20,34,35,36 34.294.877.343 Accrued expenses Uang muka pelanggan 18 Advances from customers

Pihak berelasi 8.674.556.324 2f,34 - Related party Pihak ketiga 21.957.088.067 2e,35,36 977.771.250 Third parties Liabilitas jangka panjang yang akan

jatuh tempo dalam waktu satu tahun 2j,20,21,28,35 Current portion of long-term liabilities: Sewa pembiayaan 70.538.706 2f,2n,9,34 112.666.230 Lease liabilities

Loans payable to bank and financial Utang bank dan lembaga keuangan 493.377.480 2e,17,19,28 7.941.985.794 institutions

Obligasi konversi 20.000.000.000 2f,20,21,34,35 - Convertible bond

Jumlah Liabilitas Jangka Pendek 457.483.283.483 235.901.444.484 Total Current Liabilities LIABILITAS JANGKA PANJANG NONCURRENT LIABILITIES

Utang lain-lain - pihak berelasi 14.869.315 2e,2f,2j,20,21,34,35 284.720.916.664 Other accounts payable - related parties Cadangan imbalan pasti pasca-kerja 17.569.791.000 2t,3,27,29 11.602.210.000 Defined post-employment benefits reserve Liabilitas jangka panjang lainnya 3.981.468.928 2x,30 - Other noncurrent liabilities

Liabilitas jangka panjang - setelah dikurangi bagian yang akan jatuh tempo dalam

waktu satu tahun 2j,20,21,28,35 Long-term liabilities - net of current portion: Sewa pembiayaan - 2f,2n,9,34 70.538.706 Lease liabilities

Loans payable to bank and financial Utang bank dan lembaga keuangan 982.618.837 2e,17,19,28 13.747.912.628 institutions

Jumlah Liabilitas Jangka Panjang 22.548.748.080 310.141.577.998 Total Noncurrent Liabilities JUMLAH LIABILITAS 480.032.031.563 546.043.022.482 TOTAL LIABILITIES

EKUITAS EQUITY

Ekuitas yang dapat diatribusikan Equity Attributable to Owners kepada pemilik entitas induk of the Company

Modal saham - nilai nominal Rp 100 Capital stock - Rp 100 par value

per saham per share

Modal dasar - 20.000.000.000 saham Authorized - 20,000,000,000 shares Modal ditempatkan dan disetor penuh - Issued and paid up - 5,882,353,000 5.882.353.000 saham dan shares and 5,000,000,000 shares 5.000.000.000 saham pada tanggal as of December 31, 2011 and 2010, 31 Desember 2011 dan 2010 588.235.300.000 21 500.000.000.000 respectively

Tambahan modal disetor - bersih 2.065.277.180.390 2u,22 - Additional paid-in capital - net Selisih transaksi penambahan investasi Difference arising from additional pada anak perusahaan 34.709.779.517 1 (9.998.731.535) investment in subsidiaries

Difference in value arising from Selisih nilai transaksi restrukturisasi restructuring transactions among

entitas sepengendali 4.462.119.306 2d,4 5.572.157.110 entities under common control Proforma equity from restructuring Ekuitas proforma dari transaksi transactions among entities under

restrukturisasi entitas sepengendali - 1 12.939.000.000 common control Saldo laba 142.268.259.176 27.492.203.401 Retained earnings

2.834.952.638.389 536.004.628.976

Kepentingan nonpengendal 5.317.238.455 2c,23 35.222.330.999 Noncontrolling Interests JUMLAH EKUITAS 2.840.269.876.844 571.226.959.975 TOTAL EQUITY

JUMLAH LIABILITAS DAN EKUITAS 3.320.301.908.407 1.117.269.982.457 TOTAL LIABILITIES AND EQUITY

1.117.269.982.457

-PT GOLDEN ENERGY MINES Tbk DAN ANAK PERUSAHAAN PT GOLDEN ENERGY MINES Tbk AND ITS SUBSIDIARIES Laporan Laba Rugi Konsolidasian Consolidated Statements of Income Untuk Tahun-tahun yang Berakhir 31 Desember 2011 dan 2010 For the Years Ended December 31, 2011 and 2010

2011 Catatan/Notes 2010

Rp Rp

PENJUALAN BERSIH 2.861.548.447.435 2f,2s,24,34 927.111.965.072 NET SALES BEBAN POKOK PENJUALAN 2.027.645.842.094 2s,9,12,13,25,36 679.382.743.227 COST OF SALES LABA BRUTO 833.902.605.341 247.729.221.845 GROSS PROFIT

Penghasilan jasa pelabuhan 47.918.439.572 2s,36 13.911.333.365 Port Income Pendapatan bunga 15.367.884.034 2f,2s,34 3.401.508.691 Interest Income

Bagian laba (rugi) bersih anak perusahaan 1.127.355.979 2c,2s,4 (1.936.098.006) Share in net income (losses) of subsidiaries Beban administrasi bank (1.726.336.452) 2s (874.662.693) Bank administration charges

Beban eksplorasi (4.937.013.368) 2o,2s (1.369.586.514) Exploration expense

Keuntungan (kerugian) selisih kurs - bersih (10.726.653.198) 2e,2s 13.876.627.691 Gain (loss) on foreign exchange - net Beban bunga dan keuangan lainnya (24.707.861.678) 2f,2s,14,19,28,34 (25.080.745.158) Interest and other financial charges Beban penjualan (182.789.926.128) 2s,9,26 (60.439.212.208) Selling expenses

Beban umum dan administrasi (259.295.303.118) 2s,2t,9,13,27,29,36 (134.277.582.265) General and administrative expenses Beban lain-lain - bersih (10.788.652.934) 2p,2s,2x,10,30.36 (14.246.980.288) Other expenses - Net

LABA SEBELUM PAJAK 403.344.538.050 40.693.824.460 INCOME BEFORE TAX BEBAN (PENGHASILAN) PAJAK 2v,31 TAX EXPENSE (BENEFIT)

Kini 109.885.095.000 9.188.532.750 Current Tangguhan (8.200.435.333) (2.455.777.757) Deferred

101.684.659.667 6.732.754.993

LABA BERSIH TAHUN BERJALAN 301.659.878.383 33.961.069.467 NET INCOME FOR THE YEAR

Laba yang dapat diatribusikan kepada: Net income attributable to: Pemilik entitas induk 284.776.055.775 30.752.392.265 Owners of the Company Kepentingan nonpengendali 16.883.822.608 2c,23 3.208.677.202 Noncontrolling interests

301.659.878.383 33.961.069.467

LABA BERSIH PER SAHAM

DI ATRIBUSIKAN KEPADA EARNINGS PER SHARE ATTRIBUTABLE PEMILIK ENTITAS INDUK TO OWNERS OF THE COMPANY Dasar 55,74 2w,33 16,93 Basic

Dilusian - 15,59 Diluted

-PT GOLDEN ENERGY MINES Tbk DAN ANAK PERUSAHAAN PT GOLDEN ENERGY MINES Tbk AND ITS SUBSIDIARIES Laporan Laba Rugi Komprehensif Konsolidasian Consolidated Statements of Comprehensive Income Untuk Tahun-tahun yang Berakhir 31 Desember 2011 dan 2010 For the Years Ended December 31, 2011 and 2010

2011 Catatan/Notes 2010

Rp Rp

LABA TAHUN BERJALAN 301.659.878.383 33.961.069.467 NET INCOME FOR THE YEAR

PENDAPATAN (KERUGIAN) KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME (LOSS)

Difference due to restructuring Selisih transaksi restrukturisasi entitas transactions among entities under

sepengendali (1.110.037.804) 2d,4 8.096.657.074 common control

LABA KOMPREHENSIF TAHUN COMPREHENSIVE INCOME BERJALAN 300.549.840.579 42.057.726.541 FOR THE YEAR

Proforma income due to restructuring Proforma selisih transaksi restrukturisasi transactions among entities under

entitas sepengendali - 2d,1 (2.524.499.964) common control

TOTAL COMPREHENSIVE INCOME LABA KOMPREHENSIF TAHUN FOR THE YEAR AFTER PROFORMA

BERJALAN SETELAH PROFORMA DIFFERENCE DUE TO RESTRUCTURING SELISIH TRANSAKSI RESTRUKTURISASI TRANSACTIONS AMONG ENTITIES ENTITAS SEPENGENDALI 300.549.840.579 39.533.226.577 UNDER COMMON CONTROL

Laba komprehensif yang dapat

diatribusikan kepada: Comprehensive income attributable to:

Pemilik entitas induk 283.666.017.971 36.324.549.375 Owners of the Company Kepentingan nonpengendali 16.883.822.608 3.208.677.202 Noncontrolling interests

300.549.840.579 39.533.226.577

Effect of proforma difference arising Efek proforma dari transaksi restrukturisasi from restructuring transactions among

entitas sepengendali yang dapat entities under common control diatribusikan kepada: attributable to:

Pemilik entitas induk - (2.524.499.964) Owners of the Company

-PT GOLDEN ENERGY MINES Tbk DAN ANAK PERUSAHAANAND ITS SUBSIDIARIES Laporan Perubahan Ekuitas Konsolidasian/Consolidated Statements of Changes in Equity

Untuk Tahun-tahun yang Berakhir 31 Desember 2011 dan 2010/For the Years Ended December 31, 2011 and 2010

Selisih Nilai Transaksi

Restrukturisasi Ekuitas Proforma dari Selisih Transaksi Entitas Sepengendali/ _{Transaksi Restrukturisasi} Penambahan Investasi Difference in Value Arising Entitas Sepengendali/

Tambahan Modal Saldo Laba pada Anak Perusahaan/ from Restructuring Proforma Equity from Kepentingan Disetor - Bersih/ (Defisit)/ Difference Arising from Transactions Among Restructuring Transactions Nonpengendali/

Catatan/ Modal Saham/ _{Additional Paid-in} Retained Earnings Additional Investment Entities Under Common Among Entities under Jumlah/ Non-Controlling Jumlah Ekuitas/

Notes Capital Stock Capital - Net (Deficit) in a Subsidiary Control Common Control Total Interests Total Equity

Rp Rp Rp Rp Rp Rp Rp Rp

Saldo pada tanggal 1 Januari 2010/Balance as of January 1, 2010 48.802.000.000 - (3.260.188.864) (2.545.794.562) - - 42.996.016.574 24.167.223.596 67.163.240.170

Penerbitan modal saham tahun berjalan/Issuance of shares during the year 21 451.198.000.000 - - - - - 451.198.000.000 - 451.198.000.000

Selisih transaksi penambahan investasi pada anak perusahaan/

Difference arising from additional investment in a subsidiary 1b,4 - - - (7.452.936.973) - - (7.452.936.973) 7.452.936.973

-Kepentingan nonpengendali dari kombinasi bisnis/

Noncontrolling interests arising from business combination - - - - - - - 424.087.056 424.087.056

Akuisisi saham dari pemegang saham non-pengendali/

Acquisition of shares from noncontrolling interests 4 - - - - - - - (30.200.000) (30.200.000)

Dampak pelepasan anak perusahaan/Effect of the disposed subsidiaries 4 - - - - - - - (2.118.517) (2.118.517)

Jumlah laba komprehensif/Total comprehensive income - - 30.752.392.265 - 8.096.657.074 - 38.849.049.339 3.208.677.202 42.057.726.541

Saldo pada tanggal 31 Desember 2010/Balance as of December 31, 2010 500.000.000.000 - 27.492.203.401 (9.998.731.535) 8.096.657.074 - 525.590.128.940 35.220.606.310 560.810.735.250 Proforma kepentingan nonpengendali dari transaksi restrukturisasi

entitas sepengendali/Proforma noncontrolling interests from restructuring transactions

among entities under common control - - - - - - - 1.724.689 1.724.689

Proforma transaksi restrukturisasi entitas sepengendali/

Proforma equity from restructuring transactions among entities under common control 1 - - - - (2.524.499.964) 12.939.000.000 10.414.500.036 - 10.414.500.036

Saldo pada tanggal 31 Desember 2010 yang disajikan kembali/

Balance as of December 31, 2010 as restated 500.000.000.000 - 27.492.203.401 (9.998.731.535) 5.572.157.110 12.939.000.000 536.004.628.976 35.222.330.999 571.226.959.975

Penerbitan modal saham tahun berjalan/Issuance of shares during the year 21 88.235.300.000 - - - - - 88.235.300.000 - 88.235.300.000

Tambahan modal disetor - bersih/Additional paid-in capital - net 22 - 2.065.277.180.390 - - - - 2.065.277.180.390 - 2.065.277.180.390

Dampak pelepasan anak perusahaan/Effect of the disposed subsidiaries 4 - - - - - - - (1.000.000) (1.000.000)

Selisih transaksi penambahan investasi pada anak perusahaan/

Difference arising from additional investment in a subsidiary 1b - - - 44.708.511.052 - - 44.708.511.052 (44.708.511.052)

-Dividen/Dividend 32 - - (170.000.000.000) - - - (170.000.000.000) - (170.000.000.000)

Dividen anak perusahaan kepada kepentingan non-pengendali/

Dividend of subsidiaries to non-controlling interests - - - - - - - (2.079.404.100) (2.079.404.100)

Selisih nilai transaksi restrukturisasi entitas sepengendali/Difference in value arising

from restructuring transactions among entities under common control 4 - - - - - (12.939.000.000) (12.939.000.000) - (12.939.000.000)

Jumlah laba komprehensif/Total comprehensive income - - 284.776.055.775 - (1.110.037.804) - 283.666.017.971 16.883.822.608 300.549.840.579

Saldo pada tanggal 31 Desember 2011/Balance as of December 31, 2011 588.235.300.000 2.065.277.180.390 34.709.779.517142.268.259.176 4.462.119.306 - 2.834.952.638.389 5.317.238.455 2.840.269.876.844

Lihat catatan atas laporan keuangan konsolidasian yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidas

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

Ekuitas yang Dapat Diatribusikan Kepada Pemilik Entitas Induk/Equity Attributable to Owners of the Company

-PT GOLDEN ENERGY MINES Tbk DAN ANAK PERUSAHAAN PT GOLDEN ENERGY MINES Tbk AND ITS SUBSIDIARIES Laporan Arus Kas Konsolidasian Consolidated Statements of Cash Flows Untuk Tahun-tahun yang Berakhir 31 Desember 2011 dan 2010 For the Years Ended December 31, 2011 and 2010

2011 2010

Rp Rp

ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIES

Penerimaan dari pelanggan 2.881.538.365.570 857.031.874.863 Cash receipts from customers

Pembayaran kepada kontraktor, pemasok dan lainnya (2.252.723.931.189) (847.508.097.448) Cash paid to contractors, suppliers and others Pembayaran kepada karyawan (129.963.159.621) (72.489.125.433) Cash paid to employees

Pembayaran DHPB dan deadrent kepada pemerintah (155.170.762.036) (36.247.783.910) Royalty fees and deadrent paid to Government Penghasilan bunga 15.367.884.034 3.401.508.691 Interest received

Pembayaran beban bunga dan keuangan lainnya (24.352.300.204) (24.383.198.324) Payments of interest and other financial charges Pembayaran pajak penghasilan badan (19.001.193.172) (1.697.748.272) Payments of corporate income tax

Kas Bersih Diperoleh dari (Digunakan untuk)

Aktivitas Operasi 315.694.903.382 (121.892.569.833) Net Cash Provided by (Used in) Operating Activities ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES

Pencairan (penempatan) deposito berjangka 16.657.500.000 (16.657.500.000) Withdrawal of (placements in) time deposits Penempatan investasi saham (125.000.000) - Placement in investment in share of stock Perolehan aset tetap (163.249.074.218) (38.924.678.106) Acquisition of property and equipment Penambahan biaya eksplorasi dan pengembangan

yang ditangguhkan (93.426.904.911) (71.395.256.478) Increase in deferred exploration and development costs Penambahan aset tidak lancar lain-lain (52.011.003.241) (15.498.207.268) Additions in other noncurrent assets

Penurunan (penambahan) dana yang dibatasi

pencairannya (2.850.514.023) 109.474.550 Decrease (increase) in restricted fund

Kenaikan uang muka pembelian lahan - (2.044.571.000) Increase in advances for purchases of a parcel of land Increase in advances for purchases of property Kenaikan uang muka pembelian aset tetap (30.709.117.603) (7.933.387.243) and equipment

Pembayaran untuk akuisisi anak perusahaan setelah

dikurangi saldo kas anak perusahaan Payment for acquisition of subsidiaries - net of cash pada tanggal akuisisi (12.339.078.762) (37.000.907.463) balance of acquired subsidiaries

Arus kas bersih dari pelepasan anak perusahaan

setelah dikurangi saldo kas anak perusahaan Net cash inflow (outflow) from disposal of subsidiaries - pada tanggal pelepasan (2.668.621.628) 31.704.054.625 net of cash balance of subsidiaries on disposal date Penambahan investasi saham pada anak perusahaan

sebelum pelepasan - (24.300.000.000) Additional investment in subsidiaries prior to disposal Akuisisi saham anak perusahaan dari kepentingan

nonpengendali - (30.200.000) Acquisition of noncontrolling interests in subsidiaries

Kas Bersih Digunakan untuk Aktivitas Investasi (340.721.814.386) (181.971.178.383) Net Cash Used in Investing Activities ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES

Pembayaran utang bank jangka pendek (50.000.000.000) (20.000.000.000) Payments of short-term bank loans Pembayaran pinjaman anjak piutang - (5.000.000.000) Payment of factoring payable Pembayaran liabilitas sewa pembiayaan (112.666.230) (125.081.501) Payments of lease liabilities

Proceeds from loans payable to bank and Penerimaan utang bank dan lembaga keuangan 462.000.000 35.811.165.373 financial institutions

Pembayaran utang bank dan Payments for loans payable to bank and financial lembaga keuangan (20.675.902.105) (178.206.934.490) institutions

Penerimaan utang lain-lain dari pihak berelasi 334.366.743.870 268.758.505.556 Proceeds from other accounts payable - related parties Pembayaran utang lain-lain kepada pihak berelasi (616.948.519.179) - Payments of other accounts payable - related parties Penambahan modal disetor - 451.198.000.000 Proceeds from issuance of shares of stock Penerbitan modal saham melalui penawaran Proceeds from issuance of capital stock through

umum perdana 2.205.882.500.000 - initial public offering Pembayaran biaya emisi saham (49.948.707.610) - Payment of stock issuance costs

Penambahan utang obligasi 20.000.000.000 - Proceeds from issuance of convertible bond Pembayaran dividen (171.165.228.200) - Payment of dividends

Pembayaran utang obligasi - (35.851.040.000) Payment for redemption of bonds payable

Kas Bersih Diperoleh dari Aktivitas Pendanaan 1.651.860.220.546 516.584.614.938 Net Cash Provided by Financing Activities

2011 2010

Rp Rp

KENAIKAN BERSIH KAS DAN SETARA KAS 1.626.833.309.542 212.720.866.722 NET INCREASE IN CASH AND CASH EQUVALENTS PENGARUH PERUBAHAN KURS MATA UANG ASING (175.542.786) (73.501.675) EFFECT OF FOREIGN EXCHANGE RATE CHANGES

EFFECT OF NON - CONSOLIDATION OF PENGARUH TIDAK DIKONSOLIDASIKANNYA THE FINANCIAL STATEMENTS OF

ANAK PERUSAHAAN YANG DILEPASKAN 2.582.939.803 (9.120.127.007) DISPOSED SUBSIDIARIES

PENGARUH PENYESUAIAN PROFORMA EFFECT OF PROFORMA ADJUSTMENTS FROM DARI TRANSAKSI RESTRUKTURISASI RESTRUCTURING TRANSACTIONS AMONG ENTITAS SEPENGENDALI (599.921.238) 12.939.000.000 ENTITIES UNDER COMMON CONTROL

CASH AND CASH EQUIVALENTS KAS DAN SETARA KAS AWAL TAHUN 250.150.020.957 33.683.782.917 AT THE BEGINNING OF THE YEAR

CASH AND CASH EQUIVALENTS KAS DAN SETARA KAS AKHIR TAHUN 1.878.790.806.278 250.150.020.957 AT THE END OF THE YEAR PENGUNGKAPAN TAMBAHAN SUPPLEMENTARY DISCLOSURES

Aktivitas investasi dan pendanaan yang tidak

mempengaruhi kas dan setara kas Noncash investing and financing activities Reklasifikasi dari aset tidak lancar lainnya Reclassification of other noncurrent assets

ke aset tetap 1.367.977.750 - to property and equipment

Liability arising from acquisition of property and Perolehan aset tetap melalui utang pihak ketiga 2.637.460.282 - equipment

-PT GOLDEN ENERGY MINES Tbk DAN ANAK PERUSAHAAN

Catatan atas Laporan Keuangan Konsolidasian 31 Desember 2011 dan 2010 serta untuk Tahun-tahun yang Berakhir pada Tanggal Tersebut

PT GOLDEN ENERGY MINES Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements December 31, 2011 and 2010 and For the Years then Ended

- 10 -

1. Umum 1. General

a. Pendirian dan Informasi Umum a. Establishment and General Information

PT Golden Energy Mines Tbk (Perusahaan) didirikan dengan nama PT Bumi Kencana Eka Sakti berdasarkan Akta No. 81 tanggal 13 Maret 1997 yang dibuat dihadapan Imam Santoso, S.H., notaris di Jakarta. Akta pendirian telah disahkan oleh Menteri Kehakiman Republik Indonesia (sekarang Menteri Hukum dan Hak Asasi Manusia Republik Indonesia) dalam Surat Keputusan No. C2-7.922HT.01.01.TH.98 tanggal 30 Juni 1998 serta diumumkan dalam Berita Negara Republik Indonesia No. 30 tanggal 12 April 2002, Tambahan No. 3667.

PT Golden Energy Mines Tbk (the Company) was established under the name of PT Bumi Kencana Eka Sakti based on Notarial Deed No. 81 dated March 13, 1997 of Imam Santoso, S.H., public notary in Jakarta. The Deed of Establishment was approved by the Ministry of Justice of the Republic of Indonesia (currently the Ministry of Law and Human Rights of the Republic of Indonesia) in its Decision Letter No. C2-7.922HT.01.01.TH.98 dated June 30, 1998 and was published in the State Gazette of the Republic of Indonesia No. 30 dated April 12, 2002, Supplement No. 3667.

Anggaran Dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dengan Akta No. 43 tanggal 16 November 2010 dari Linda Herawati, S.H., notaris di Jakarta, untuk disesuaikan dengan Anggaran Dasar Perseroan Terbuka, termasuk perubahan nama Perusahaan serta maksud dan tujuan Perusahaan yakni berusaha di bidang perdagangan hasil tambang dan jasa pertambangan. Perubahan Anggaran Dasar tersebut telah mendapat persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU-54931.AH.01.02.Tahun 2010 tanggal 23 November 2010.

The Articles of Association had been amended several times, most recently by Notarial Deed No. 43 dated November 16, 2010 of Linda Herawati, S.H., public notary in Jakarta, to be in accordance with Articles of Association of a public company, including the change in the Company’s name and its purpose and objective of engaging in trading of mining resources and mining services. These changes in the Articles of Association were approved by the Minister of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-54931.AH.01.02 Tahun 2010 dated November 23, 2010.

Saat ini Perusahaan bergerak dalam bidang pertambangan melalui penyertaan pada anak perusahaan dan perdagangan batubara. Perusahaan telah memulai kegiatan komersialnya pada tahun 2010. Pada tanggal 4 Februari 2011, berdasarkan Keputusan Menteri Energi dan Sumber Daya Mineral No. 206.K./30/DJB/2011, Perusahaan memperoleh ijin Usaha Pertambangan Operasi Produksi Khusus untuk Pengangkutan dan Penjualan Batubara untuk jangka waktu 3 (tiga) tahun dan dapat diperpanjang. Perusahaan berkedudukan di Plaza BII, Menara II, Lantai 27, Jl. M.H. Thamrin Kav. 51, Jakarta 10350.

Currently, the Company is engaged in coal mining through its subsidiaries and in coal trading. The Company started its commercial operations in 2010. On February 4, 2011, based on the Decision of the Ministry of Energy and Mineral Resource No. 206.K./30/DJB/2011, the Company obtained Particular License of IUP Operation Production for Transportation and Trade of Coal which is valid for three (3) years and can be extended. The Company’s main office is located at Plaza BII, Tower II, 27th Floor, Jl. M.H. Thamrin Kav. 51, Jakarta 10350.

Dalam laporan keuangan konsolidasian, Perusahaan dan anak perusahaan bersama-sama disebut sebagai “Grup”.

In the consolidated financial statements, the Company and its subsidiaries are collectively referred to as “the Group”.

Perusahaan tergabung dalam kelompok usaha Sinarmas.

The Company operates under the Sinarmas group of business.

PT GOLDEN ENERGY MINES Tbk DAN ANAK PERUSAHAAN

Catatan atas Laporan Keuangan Konsolidasian

Dalam dokumen BUILDING SOLID FOUNDATION FOR CONTINUOUS GROWTH (Halaman 65-95)