Nilai wajar adalah nilai dimana suatu instrumen keuangan dapat dipertukarkan antara pihak yang memahami dan berkeinginan untuk melakukan transaksi wajar, dan bukan merupakan nilai penjualan akibat kesulitan keuangan atau likuidasi yang dipaksakan. Nilai wajar diperoleh dari kuotasi harga atau model arus kas diskonto.
Fair value is defined as the amount which the financial instruments could be exchanged in a current transaction between knowledgeable, willing parties in an arm’s length transaction, other than in a forced sale or liquidation. Fair values are obtained from quoted prices, discounted cash flows model, as appropriate.
Berikut adalah nilai tercatat dan estimasi nilai wajar atas aset dan liabilitas keuangan Grup pada
tanggal 30 September 2014 dan
31 Desember 2013 :
The Group‘s carrying amounts and estimated fair values of financial assets and liabilities
as of September 30, 2014 and
December 31, 2013 :
Estimasi Estimasi
Nilai Tercatat Nilai Wajar Nilai Tercatat Nilai Wajar
Aset Keuangan Financial Assets
Aset keuangan lancar Current Financial Assets
Pinjaman yang diberIkan dan piutang Loan and receivables
Kas dan setara kas 557,205,640,031 557,205,640,031 654,889,128,963 654,889,128,963 Cash and cash equivalents Investasi jangka pendek 5,600,000,000 5,600,000,000 - - Short term investments Piutang usaha 43,320,303,156 43,320,303,156 69,768,726,086 69,768,726,086 Trade accounts receivable Piutang lain-lain 415,755,000 415,755,000 343,075,000 343,075,000 Other accounts receivable
Jumlah Aset Keuangan Lancar 606,541,698,187 606,541,698,187 725,000,930,049 725,000,930,049 Total Current Financial Assets
Aset keuangan tidak lancar Noncurrent Financial Assets
Pinjaman yang diberIkan dan piutang Loan and receivables
Piutang lain-lain 128,976,369,197 118,299,185,318 92,407,406,348 81,730,222,469 Other accounts receivable
Aset keuangan tersedia untuk dijual AFS Financial assets
Investasi dalam saham 182,480,392,156 182,480,392,156 182,480,392,156 182,480,392,156 Investment in share of stock
Jumlah Aset Keuangan Tidak Lancar 311,456,761,353 300,779,577,474 274,887,798,504 264,210,614,625 Total Noncurrent Financial Assets Jumlah Aset Keuangan 917,998,459,540 907,321,275,661 999,888,728,553 989,211,544,674 Total Financial Assets Liabilitas Keuangan Financial Liabilities
Liabilitas Keuangan Jangka Pendek Current Financial Liabilities
Liabilitas keuangan lainnya Other financial liablities
Utang usaha 14,502,507,492 14,502,507,492 21,710,654,684 21,710,654,684 Trade accounts payable Utang lain-lain 18,619,025,577 18,619,025,577 37,683,864,104 37,683,864,104 Other accounts payable Beban akrual 1,132,303,629 1,132,303,629 1,837,797,269 1,837,797,269 Accrued expenses
Bagian lancar utang jangka panjang Current portion of long-term liabilities:
utang bank 4,265,719,791 4,265,719,791 27,500,000,000 27,500,000,000 bank loans
Jumlah Liabilitas Keuangan Jangka Pendek 38,519,556,489 38,519,556,489 88,732,316,057 88,732,316,057 Total Current Financial Liabilities Liabilitas Keuangan Jangka Panjang Noncurrent Financial Liabilities
Liabilitas keuangan lainnya Other financial liablities
Utang lain-lain 89,982,807,748 89,982,807,748 89,084,327,748 89,084,327,748 Other accounts payable Utang pihak berelasi non-usaha 73,873,778,750 73,873,778,750 73,102,834,624 73,102,834,624 Due to related parties
Utang bank jangka panjang Long-term liabilities - net of current maturities:
- bagian jangka panjang 90,000,000,000 90,000,000,000 90,000,000,000 90,000,000,000 bank loans
Jumlah Liabilitas Keuangan Jangka Panjang 253,856,586,498 253,856,586,498 252,187,162,372 252,187,162,372 Total Noncurrent Financial Liabilities Jumlah Liabilitas Keuangan 292,376,142,987 292,376,142,987 340,919,478,429 340,919,478,429 Total Financial Liabilities
30 September 2014/ September 30, 2014 31 Desember/December 31, 2013
Hirarki Nilai Wajar Fair Value Hierarchy
Jika satu atau lebih input signifikan tidak diambil dari data pasar yang dapat diobservasi, maka
instrumen tersebut termasuk dalam hirarki
Tingkat 3. Instrumen yang termasuk dalam hirarki
If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Instrument included in Level 3 is investments in shares of stock classified as
Aset keuangan lancar dan liabilitas keuangan jangka pendek non-derivatif
Non-derivative current financial assets and liabilities
Instrumen keuangan bersifat jangka pendek berupa kas dan setara kas, investasi jangka pendek, piutang usaha, piutang lain-lain, utang usaha, utang lain-lain, beban akrual dan utang bank, maka nilai tercatat aset dan liabilitas keuangan telah mendekati estimasi nilai wajarnya.
Due to the short term nature of the transactions for cash and cash equivalents, short-term investment, trade accounts receivable, other accounts receivables, trade accounts payable, other liabilities, accrued expenses and bank loan, the carrying amounts of the these financial assets and financial liabilities approximate the estimated fair market values.
Aset tidak lancar dan liabilitas keuangan jangka panjang non-derivatif
Non-derivative noncurrent financial assets and liabilities
Terdiri dari piutang lain-lain, piutang pihak berelasi non-usaha, utang bank, utang lain-lain, utang pihak berelasi non-usaha dengan jatuh tempo lebih dari satu tahun, nilai wajarnya ditentukan dengan mendiskontokan arus kas masa datang yang disesuaikan untuk mencerminkan risiko pihak lawan (untuk piutang lain-lain) dan risiko kredit (untuk utang bank) menggunakan suku bunga pasar terkini untuk instrumen serupa.
Consist of other account receivable, due from related parties, bank loans, other accounts payable, due to related parties with maturity date of over a year, the fair value is determined by discounting future cash flows adjusted to reflect counterparty risk (for other accounts receivable) and the Group credit risk (for bank loans) using current market rates for similar instruments.
Instrumen keuangan tanpa kuotasi harga di pasar aktif
Financial instruments unquoted in an active market
Terdiri dari investasi dalam saham, yang dicatat pada biaya perolehan karena nilai wajarnya tidak dapat ditentukan dengan andal.
Consist of investments in shares of stocks which are carried at cost since the fair value are not reliably determinable.
25. Modal Saham 25. Capital Stock
Susunan kepemilikan saham perusahaan pada tanggal 30 September 2014 dan 31 Desember 2013 berdasarkan catatan yang dibuat oleh PT Sinartama Gunita, Biro Administrasi Efek, adalah sebagai berikut
The share ownership in the company as of September 30, 2014 and December 31, 2013 based on the record of PT Sinartama Gunita, shares registrar is as follows:
Persentase Jumlah Modal Jumlah Saham/ Kepemilikan / Disetor /
Number Percentage Total Paid-up
Pemegang Saham of Shares of Ownership Capital Stock %
Pikko Land Corporation 9,284,338,900 68.31 928,433,890,000 Pikko Land Corporation Credit Suisse AG Singapore 1,045,846,426 7.69 104,584,642,600 Credit Suisse AG Singapore Masyarakat (masing-masing
dengan kepemilikan < 5%) 3,261,942,883 24.00 326,194,288,300 Public (below 5% each) Jumlah 13,592,128,209 100.00 1,359,212,820,900 Total
Name of Stockholder 30 September 2014 / September 30, 2014
Persentase Jumlah Modal Jumlah Saham/ Kepemilikan / Disetor /
Number Percentage Total Paid-up
Pemegang Saham of Shares of Ownership Capital Stock %
Pikko Land Corporation 9,284,338,900 68.31 928,433,890,000 Pikko Land Corporation Masyarakat (masing-masing
dengan kepemilikan < 5%) 4,307,789,309 31.69 430,778,930,900 Public (below 5% each) Jumlah 13,592,128,209 100.00 1,359,212,820,900 Total
Name of Stockholder 31 Desember 2013 / December 31, 2013
Perubahan dalam jumlah saham beredar adalah sebagai berikut:
The changes in the number of shares outstanding are as follows:
Jumlah Saham/ Total Shares
Saldo pada tanggal 1 Januari 2013 13,475,744,081 Balance on January 1, 2013
Penerbitan saham selama tahun berjalan melalui Issuance of shares during the year through
pelaksanaan waran 116,384,128 the exercise of warrants
Saldo pada tanggal 31 Desember 2013 13,592,128,209 Balance on December 31, 2013
Manajemen Permodalan Capital Management
Tujuan utama dari pengelolaan modal Grup adalah untuk memastikan bahwa Perusahaan mempertahankan rasio modal yang sehat dalam rangka mendukung bisnis dan memaksimalkan
nilai pemegang saham. Perusahaan tidak
diwajibkan untuk memenuhi syarat-syarat modal tertentu.
The primary objective of the Group’s capital management is to ensure that it maintains healthy capital ratios in order to support its business and maximize shareholder value. The Company is not required to meet any capital requirements.
Grup mengelola struktur modal dan membuat penyesuaian terhadap struktur modal sehubungan
dengan perubahan kondisi ekonomi. Grup
memantau modalnya dengan menggunakan
analisa gearing ratio (rasio utang terhadap modal), yakni membagi utang bersih terhadap jumlah modal. Struktur modal Grup terdiri dari ekuitas dan pinjaman diterima dikurangi dengan kas dan setara kas.
The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. The Group monitors its capital using gearing ratios, by dividing net debt by total capital. The Group’s capital structure consists of equity and loans received reduced by cash and cash equivalents.
Rasio utang bersih terhadap modal pada tanggal 30 September 2014 dan 31 Desember 2013 adalah sebagai berikut:
Ratio of net debt to equity as of
September 30, 2014 and December 31, 2013 are as follows:
30 September 2014/ 31 Desember 2013/
September 30, 2014 December 31, 2013
Jumlah utang 168,139,498,541 190,602,834,624 Total borrowings
Dikurangi : kas dan setara kas (557,205,640,031) (654,889,128,963) Less: cash and cash equivalents
Utang bersih (389,066,141,490) (464,286,294,339) Net debt
Jumlah ekuitas
1,936,654,105,860
1,614,213,031,084 Total equity
Rasio utang terhadap modal -20.09% -28.76% Gearing ratio
Pada tanggal 30 September 2014 dan
31 Desember 2013, kas dan setara kas
Perusahaan dapat menutup seluruh utangnya.
As of September 30, 2014 and
December 31, 2013, cash and cash equivalents can cover all Group’s debts.
26. Tambahan Modal Disetor 26. Additional Paid-in Capital
Agio saham 2,029,014,645 Additional paid-in capital
Biaya emisi saham (40,732,468,960) Stock issuance costs (38,703,454,315)
Selisih transaksi restukturisasi entitas Difference arising from restructuring transactions sepengendali (72,291,017,988) of entities under common control
Jumlah (110,994,472,303) Total
27. Kepentingan Nonpengendali 27. Non-Controlling Interests
a. Ekuitas yang dapat diatribusikan kepada
kepentingan nonpengendali
a. Equity attributable of non-controlling
interests
Modal saham/ Tambahan modal disetor/ Saldo laba/ Laba (rugi) bersih/ Dividen/ Jumlah/ Capital stock Additional paid-up capital Retained earnings Net income (loss) Dividends Total
PT Lumbung Mas Sejahtera 625,000,000 41,221,957,653 (68,039,061) 1,320,687 - 41,780,239,279
PT Megatama Karya Gemilang 500,000,000 - 54,176,458,580 54,577,400,108 (115,317,312,200) (6,063,453,512)
PT Indo Prakarsa Gemilang 250,000,000 9,512,068,965 (55,757,987) (1,970,956) - 9,704,340,022
PT Bangun Inti Artha 1,249,000,000 - (133,135,680) (245,175,043) - 870,689,277
PT Unggul Kencana Persada 1,000,000 1,079,354,144 (6,308,324) (1,224,204) - 1,072,821,616
PT Citra Pratama Propertindo 50,000,000 - 775,748,326 182,727,606 - 1,008,475,932
PT Citra Agung Pratama 1,000,000 28,529,139 4,344,419 1,385,909 - 35,259,467
PT Bangun Megah Pratama 1,000,000 3,505,000 (739,794) (32,325) - 3,732,881
PT Tiara Sakti Mandiri 1,000,000 21,292,814 (24,773,234) 34,778,887 - 32,298,467
PT Fortuna Cahaya Cemerlang 1,000,000 3,200,000 (95,595,775) (44,577,993) - (135,973,768)
PT Multi Pratama Gemilang 1,000,000 138,439 (2,218,681,077) 864,402 - (2,216,678,236)
Jumlah/Total 2,680,000,000 51,870,046,154 52,353,520,393 54,505,497,078 (115,317,312,200) 46,091,751,425 30 September 2014 / September 30, 2014
Modal saham/ Tambahan modal disetor/ Saldo laba/ Laba (rugi) bersih/ Dividen/ Jumlah/ Capital stock Additional paid-up capital Retained earnings Net income (loss) Dividends Total PT Megatama Karya Gemilang 500,000,000 - 559,292,746 91,148,887,196 (37,531,721,777) 54,676,458,165
PT Lumbung Mas Sejahtera 625,000,000 41,221,957,653 (46,666,088) (21,372,973) - 41,778,918,592
PT Indo Prakarsa Gemilang 250,000,000 9,512,068,965 (48,640,644) (7,117,343) - 9,706,310,978
PT Bangun Inti Artha 1,249,000,000 - (107,940) (133,027,740) - 1,115,864,320
PT Unggul Kencana Persada 1,000,000 1,079,354,144 (5,169,592) (1,138,732) - 1,074,045,820
PT Citra Pratama Propertindo 50,000,000 - 832,587,483 (56,839,157) - 825,748,326
PT Citra Agung Pratama 1,000,000 28,529,139 4,783,453 (439,034) - 33,873,558
PT Bangun Megah Pratama 1,000,000 3,505,000 (646,283) (93,511) - 3,765,206
PT Tiara Sakti Mandiri 1,000,000 21,292,814 (24,568,072) (205,162) - (2,480,420)
PT Fortuna Cahaya Cemerlang 1,000,000 3,200,000 3,215,359 (98,811,134) - (91,395,775)
PT Multi Pratama Gemilang 1,000,000 138,439 (2,215,458,083) (3,222,994) - (2,217,542,638)
Jumlah/Total 2,680,000,000 51,870,046,154 (941,377,661) 90,826,619,416 (37,531,721,777) 106,903,566,132 31 Desember 2013/December 31, 2013
28. Pendapatan Usaha 28. Net Sales
Rincian dari penjualan bersih Grup adalah sebagai berikut:
The details of the Group’s net sales are as follows:
2014 2013
Penjualan unit apartemen 57,618,951,861 29,712,974,942 Sales of apartment units
Penjualan unit perkantoran 433,829,688,150 424,265,631,000 Sales of office units
Jumlah 491,448,640,011 453,978,605,942 Total
30 September (9 Bulan) / September 30 (9 Months)
Seluruh penjualan bersih Grup merupakan penjualan ke pihak ketiga dan dalam mata uang Rupiah. Tidak terdapat penjualan kepada pihak tertentu yang melebihi 10% dari pendapatan usaha tersebut.
Total net sales Group represent sales to third parties and in Rupiah currency. There were no sales to specific parties exceeding 10% of the total net sales.
29. Beban Pokok Pendapatan 29. Cost of Sales
Rincian dari beban pokok pendapatan Grup adalah sebagai berikut:
The details of the Group’s cost of sales are as follows:
2014 2013
Beban Pokok Penjualan dari : Cost of Sales from:
Unit apartemen 15,234,291,083 12,458,676,823 Apartment units
Unit perkantoran 265,779,625,006 237,858,870,204 Office units
Jumlah 281,013,916,089 250,317,547,027 Total