PT DIAN SWASTATIKA SENTOSA Tbk DAN ENTITAS ANAK/AND ITS SUBSIDIARIES DAFTAR ISI/TABLE OF CONTENTS

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Information

Surat Pernyataan Direksi tentang Tanggung Jawab atas Laporan Keuangan Konsolidasian PT Dian Swastatika Sentosa Tbk dan Entitas Anak pada Tanggal 30 September 2016 dan 31 Desember 2015 serta untuk Periode-periode Sembilan Bulan yang Berakhir 30 September 2016 dan 2015/

The Directors’ Statement on the Responsibility for the Consolidated Financial Statements of PT Dian Swastatika Sentosa Tbk and Its Subsidiaries as of September 30, 2016 and December 31, 2015 and for the Nine-Month Periods Ended September 30, 2016 and 2015

LAPORAN KEUANGAN KONSOLIDASIAN - Pada Tanggal 30 September 2016 dan

31 Desember 2015 serta untuk Periode-periode Sembilan Bulan yang Berakhir 30 September 2016 dan 2015/

CONSOLIDATED FINANCIAL STATEMENTS - As of September 30, 2016 and December 31, 2015 and for the Nine-Month Periods Ended September 30, 2016 and 2015

Laporan Posisi Keuangan Konsolidasian/

Consolidated Statements of Financial Position 1

Laporan Laba Rugi dan Penghasilan Komprehensif Lain Konsolidasian/

Consolidated Statements of Profit or Loss and Other Comprehensive Income 3

Laporan Perubahan Ekuitas Konsolidasian/

Consolidated Statements of Changes in Equity 4

Laporan Arus Kas Konsolidasian/

Consolidated Statements of Cash Flows 5

Catatan atas Laporan Keuangan Konsolidasian/

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ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 153.553.333 4 155.751.418 Cash and cash equivalents

Investasi jangka pendek 3.791.660 5 3.572.597 Short-term investments

Piutang usaha 6 Trade accounts receivable

Pihak berelasi 36.136.180 51.405.443 Related parties

Pihak ketiga - setelah dikurangi cadangan

kerugian penurunan nilai sebesar Third parties - net of allowance for impairment of

US$ 1.326.269 dan US$ 1.071.956 US$ 1,326,269 and US$ 1,071,956

masing-masing pada tanggal 30 September 2016 as of September 30, 2016 and December 31,

dan 31 Desember 2015 65.967.547 45.634.929 2015, respectively

Piutang lain-lain 7 Other receivables

Pihak berelasi 153.252 126.268 Related parties

Pihak ketiga 38.500.120 36.295.893 Third parties

Persediaan - setelah dikurangi cadangan

kerugian penurunan nilai sebesar US$ 29.424 Inventories - net of allowance for decline in value

dan nihil masing-masing pada tanggal of US$ 29,424 and nil as of September 30, 2016

30 September 2016 dan 31 Desember 2015 40.448.518 8 40.163.874 and December 31, 2015, respectively

Uang muka 69.945.235 9 46.378.118 Advances

Pajak dibayar dimuka 16.243.591 18.676.303 Prepaid taxes

Biaya dibayar dimuka dan aset lancar lainnya 10.740.550 9.817.524 Prepaid expenses and other current assets

Jumlah Aset Lancar 435.479.986 407.822.367 Total Current Assets

ASET TIDAK LANCAR NONCURRENT ASSETS

Piutang lain-lain jangka panjang 10 Long-term other receivables

Pihak berelasi 57.701 54.368 Related party

Pihak ketiga - setelah dikurangi cadangan

kerugian penurunan nilai sebesar US$ 28.165.744 Third parties - net of allowance for impairment of

masing-masing pada tanggal 30 September 2016 dan US$ 28,165,744 as of September 30, 2016 and

31 Desember 2015 2.975.815 3.008.588 December 31, 2015, respectively

Piutang derivatif 4.696.917 35 - Derivative receivable

Biaya dibayar dimuka jangka panjang 15.672.717 16.441.732 Long-term prepaid expenses

Taksiran tagihan pajak 9.327.349 31 10.701.840 Estimated claims for tax refund

Investasi jangka panjang 281.947.127 11 260.657.899 Long-term investments

Goodwill 111.597.913 1c 93.041.242 Goodwill

Aset pajak tangguhan 25.002.832 31 28.408.376 Deferred tax assets

Properti investasi - setelah dikurangi akumulasi Investment properties - net of accumulated

penyusutan sebesar US$ 402.387 dan US$ 366.158 depreciation of US$ 402,387 and US$ 366,158

masing-masing pada tanggal 30 September 2016 as of September 30, 2016 and December 31, 2015,

dan 31 Desember 2015 4.319.041 12 4.355.270 respectively

Aset tetap - setelah dikurangi akumulasi Property, plant and equipment - net of

penyusutan sebesar US$ 119.773.286 dan accumulated depreciation of US$ 119,773,286

US$ 96.957.090 masing-masing pada tanggal and US$ 96,957,090 as of September 30, 2016 and

30 September 2016 dan 31 Desember 2015 799.727.165 13 734.798.526 December 31, 2015, respectively

Aset pertambangan - setelah dikurangi

akumulasi amortisasi sebesar Mine properties - net of accumulated

US$ 83.483.355 dan US$ 65.796.218 amortization of US$ 83,483,355 and US$ 65,796,218

masing-masing pada tanggal as of September 30, 2016 and December 31, 2015,

30 September 2016 dan 31 Desember 2015 110.900.710 14 79.964.319 respectively

Konsesi perhutanan - bersih 18.472.840 15 18.707.659 Forestry concession - net

Aset tidak lancar lain-lain 74.410.251 16 77.569.460 Other noncurrent assets

Jumlah Aset Tidak Lancar 1.459.108.378 1.327.709.279 Total Noncurrent Assets

JUMLAH ASET 1.894.588.364 1.735.531.646 TOTAL ASSETS

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LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS LIABILITIES

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang bank dan lembaga keuangan jangka pendek 61.671.783 17 32.984.792 Short-term loan to banks and financial institution

Utang usaha 18 Trade accounts payable

Pihak berelasi 5.272.699 18.652.572 Related parties

Utang lain-lain 19 Other accounts payable

Pihak berelasi 8.867.148 - Related parties

Uang muka pelanggan 5.376.399 2.518.773 Advances from customers

Utang pajak 17.627.121 20 14.464.708 Taxes payable

Beban akrual 60.057.461 39.999.137 Accrued expenses

Liabilitas jangka panjang yang akan

jatuh tempo dalam waktu satu tahun: 21 Current portion of long-term liabilities:

Utang bank dan lembaga keuangan jangka panjang 53.709.075 41.584.511 Long-term loan to banks and financial institution

Utang jangka panjang lainnya 1.879.837 1.101.796 Other long-term payables

Jumlah Liabilitas Jangka Pendek 336.016.172 263.403.564 Total Current Liabilities

LIABILITAS JANGKA PANJANG NONCURRENT LIABILITIES

Utang lain-lain kepada pihak berelasi 7.559.332 19 279.200 Other accounts payable - related parties

Liabilitas pajak tangguhan 10.948.459 31 3.336.967 Deferred tax liabilities

Liabilitas derivatif 963.777 35 6.054.712 Derivative liabilities

Uang muka pelanggan 5.829.394 5.058.261 Advances from customers

Liabilitas imbalan kerja jangka panjang 9.917.443 30 7.910.725 Long-term employee benefits liabilities

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

waktu satu tahun: 21 Long-term liabilities - net of current portion:

Utang bank dan lembaga keuangan jangka panjang 575.833.295 525.000.606 Long-term loan to banks and financial institution

Utang jangka panjang lainnya 6.403.931 5.806.814 Other long-term payables

Liabilitas jangka panjang lainnya 2.357.919 1.808.294 Other noncurrent liabilities

Jumlah Liabilitas Jangka Panjang 619.813.550 555.255.579 Total Noncurrent Liabilities

JUMLAH LIABILITAS 955.829.722 818.659.143 TOTAL LIABILITIES

EKUITAS EQUITY

Ekuitas yang Dapat Diatribusikan kepada Equity Attributable to Owners

Pemilik Entitas Induk of the Company

Modal saham - nilai nominal Rp 250 per saham Capital stock - Rp 250 par value per share

Modal dasar - 2.400.000.000 saham Authorized - 2,400,000,000 shares

Modal ditempatkan dan disetor -

770.552.320 saham 72.498.628 23 72.498.628 Issued and paid-up - 770,552,320 shares

Tambahan modal disetor - bersih 10.371.267 24 10.371.267 Additional paid-in capital - net

Selisih nilai transaksi dengan kepentingan Difference in value arising from transactions

nonpengendali 452.108.086 454.254.138 with non-controlling interests

Keuntungan (kerugian) yang belum direalisasi

atas kenaikan (penurunan) nilai wajar Unrealized gain (loss) on increase (decline)

investasi tersedia untuk dijual 11.987.172 11 (4.698.474) in fair value of available for sale investments

Selisih kurs penjabaran Foreign exchange differences arising from

laporan keuangan (68.372.050) (70.912.427) financial statements translation

Cadangan lindung nilai

arus kas 1.110.965 34,35 (3.340.197) Cash flows hedging reserve

Revaluation increment in value of

Selisih revaluasi aset tetap 76.205.323 13 76.205.323 property, plant and equipment

Saldo laba Retained earnings

Telah ditentukan penggunaannya 500.000 25 500.000 Appropriated

Belum ditentukan penggunaannya 293.217.262 293.836.689 Unappropriated

849.626.653 828.714.947

Kepentingan Nonpengendali 89.131.989 26 88.157.556 Non-controlling Interests

JUMLAH EKUITAS 938.758.642 916.872.503 TOTAL EQUITY

JUMLAH LIABILITAS DAN EKUITAS 1.894.588.364 1.735.531.646 TOTAL LIABILITIES AND EQUITY

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Unaudited) Notes Unaudited)

PENDAPATAN USAHA 435.997.452 27 359.263.183 REVENUES

BEBAN POKOK PENJUALAN 309.676.863 28 250.248.880 COST OF REVENUES

LABA KOTOR 126.320.589 109.014.303 GROSS PROFIT

BEBAN USAHA 29 OPERATING EXPENSES

Beban penjualan 57.904.862 60.153.522 Selling expenses

Beban umum dan administrasi 49.050.346 45.640.170 General and administrative expenses

Beban eksplorasi 94.627 65.936 Exploration costs

Jumlah Beban Usaha 107.049.835 105.859.628 Total Operating Expenses

LABA USAHA 19.270.754 3.154.675 OPERATING PROFIT

PENGHASILAN (BEBAN) LAIN-LAIN OTHER INCOME (EXPENSES)

Keuntungan (kerugian) selisih kurs

mata uang asing - bersih 11.212.156 (22.005.589) Gain (loss) on foreign exchange - net

Pendapatan bunga 5.138.699 4.745.687 Interest income

Ekuitas pada rugi bersih ventura bersama Share in net losses of joint venture and

dan entitas asosiasi (108.046) 11 (1.720.763) an associate

Beban bunga dan keuangan lainnya (25.237.678) (12.585.732) Interest expense and other financial charges

Lain-lain - bersih 4.136.246 (151.019) Others - net

Beban Lain-lain - Bersih (4.858.623) (31.717.416) Other Expenses - Net

LABA (RUGI) SEBELUM PAJAK 14.412.131 (28.562.741) PROFIT (LOSS) BEFORE TAX

BEBAN (PENGHASILAN) PAJAK 31 TAX EXPENSE (BENEFIT)

Kini 7.625.573 6.172.436 Current

Tangguhan 5.374.189 (4.549.391) Deferred

Beban Pajak - Bersih 12.999.762 1.623.045 Tax Expense - Net

LABA (RUGI) PERIODE BERJALAN 1.412.369 (30.185.786) PROFIT (LOSS) FOR THE PERIOD

PENGHASILAN (RUGI) KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME (LOSS)

Pos yang tidak akan direklasifikasi ke laba rugi Items that will be not be reclassified subsequently

to profit and loss

Pengukuran kembali liabilitas imbalan pasti (192.567) 30 11.949 Remeasurement of defined benefit liability

Pajak sehubungan dengan pos yang tidak

akan direklasifikasi 48.142 - Tax relating to items that will not be reclassified

Pos yang akan direklasifikasi ke laba rugi Items that will be reclassified subsequently

to profit and loss

Lindung nilai arus kas Cash flow hedge

Keuntungan (kerugian) atas perubahan nilai wajar

selama periode berjalan 5.550.322 (11.110.341) Gain (loss) on change in fair value during the period

Penyesuaian reklasifikasi ke laba rugi (1.099.160) 5.548.830 Reclassification adjustment to profit or loss Foreign exchange differences arising from Selisih kurs penjabaran laporan keuangan 2.393.346 (6.855.095) financial statements translation Keuntungan (kerugian) yang belum direalisasi

atas kenaikan (penurunan) nilai wajar investasi Unrealized gain (loss) on increase (decline) in fair value

tersedia untuk dijual 16.685.646 11 (11.622.895) of available for sale investments

PENGHASILAN (RUGI) KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME (LOSS)

SETELAH PAJAK 23.385.729 (24.027.552) NET OF TAX

JUMLAH PENGHASILAN (RUGI) KOMPREHENSIF TOTAL COMPREHENSIVE INCOME (LOSS)

PERIODE BERJALAN 24.798.098 (54.213.338) FOR THE PERIOD

Laba (rugi) periode berjalan yang teratribusikan pada: Profit (loss) for the period attributable to:

Pemilik entitas induk (503.887) (29.240.694) Owners of the Company

Kepentingan nonpengendali 1.916.256 (945.092) Non-controlling interests

1.412.369 (30.185.786)

Penghasilan (rugi) komprehensif yang

teratribusikan kepada: Comprehensive income (loss) attributable to:

Pemilik entitas induk 23.057.758 (52.993.126) Owners of the Company

Kepentingan nonpengendali 1.740.340 26 (1.220.212) Non-controlling interests

24.798.098

(54.213.338)

RUGI BERSIH PER SAHAM DASAR DIATRIBUSIKAN LOSS PER SHARE ATTRIBUTABLE

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Additional Transactions with (Decline) in Fair Value arising from Cash Flows of Property, Telah Ditentukan Belum Ditentukan Nonpengendali/

Catatan/ Modal Saham/ Paid-in Non-controlling of Available Financial Statements Hedging Plant and Penggunaannya/ Penggunaannya/ Jumlah/ Non-controlling Jumlah Ekuitas/

Notes Capital Stock Capital - Net Interests For Sale Investments Translation Reserve Equipment Appropriated Unappropriated Total Interests Total Equity

Saldo pada tanggal 1 Januari 2015 72.498.628 10.371.267 431.095.318 6.209.443 (66.386.049) - - 400.000 299.376.568 753.565.175 84.576.236 838.141.411 Balance as of January 1, 2015

Penghasilan (rugi) komprehensif: Comprehensive income (loss):

Rugi periode berjalan - - - (29.240.694) (29.240.694) (945.092) (30.185.786) Loss for the period

Penghasilan (rugi) komprehensif lain - - - (11.622.895) (6.579.916) (5.561.511) - - 11.890 (23.752.432) (275.120) (24.027.552) Other comprehensive income (loss) Jumlah penghasilan (rugi) komprehensif - - - (11.622.895) (6.579.916) (5.561.511) - - (29.228.804) (52.993.126) (1.220.212) (54.213.338) Total comprehensive income (loss) Pencadangan saldo laba 25 - - - 100.000 (100.000) - - - Appropriation of retained earnings Akuisisi entitas anak 1c - - 23.250.565 - - - 23.250.565 6.268.887 29.519.452 Acquisition of a subsidiary

Dividen entitas anak kepada kepentingan Dividend of subsidiaries to

nonpengendali - - - (999.533) (999.533) non-controlling interests

Saldo pada tanggal 30 September 2015

(Tidak Diaudit) 72.498.628 10.371.267 454.345.883 (5.413.452) (72.965.965) (5.561.511) - 500.000 270.047.764 723.822.614 88.625.378 812.447.992 Balance as of September 30, 2015 (Unaudited)

Saldo pada tanggal 1 Januari 2016 Balance as of January 1, 2016

sebelum penyajian kembali 72.498.628 10.371.267 454.254.138 (4.698.474) (70.912.427) (3.340.197) 76.205.323 500.000 294.312.684 829.190.942 87.523.124 916.714.066 before restatement

Penyesuaian atas angka-angka sementara Adjustment on provisional amounts

sehubungan dengan kombinasi bisnis 1c,39 - - - (475.995) (475.995) 634.432 158.437 arising from business combination

Saldo pada tanggal 1 Januari 2016 Balance as of January 1, 2016

setelah penyajian kembali 72.498.628 10.371.267 454.254.138 (4.698.474) (70.912.427) (3.340.197) 76.205.323 500.000 293.836.689 828.714.947 88.157.556 916.872.503 after restatement

Penghasilan (rugi) komprehensif: Comprehensive income (loss):

Laba (rugi) periode berjalan - - - (503.887) (503.887) 1.916.256 1.412.369 Profit (loss) for the period

Penghasilan (rugi) komprehensif lain - - - 16.685.646 2.540.377 4.451.162 - - (115.540) 23.561.645 (175.916) 23.385.729 Other comprehensive income (loss) Jumlah penghasilan (rugi) komprehensif - - - 16.685.646 2.540.377 4.451.162 - - (619.427) 23.057.758 1.740.340 24.798.098 Total comprehensive income (loss) Kepentingan nonpengendali dari transaksi

pengalihan saham - - - (242.093) (242.093) Non-controlling interest from share swap transaction

Selisih transaksi perubahan Diffrence arising from changes

kepemilikan pada entitas anak - - 36.701 - - - 36.701 (36.701) - in ownership interest in subsidiaries Diffrence in value arising from transaction with

Transaksi dengan kepentingan nonpengendali non-controlling interest from purchase of share

dari pembelian saham entitas anak 1c - - (2.182.753) - - - (2.182.753) 683.952 (1.498.801) of a subsidiary

Dividen entitas anak kepada kepentingan Dividend of subsidiaries to

nonpengendali - - - (1.171.065) (1.171.065) non-controlling interests

Saldo pada tanggal 30 September 2016

(Tidak Diaudit) 72.498.628 10.371.267 452.108.086 11.987.172 (68.372.050) 1.110.965 76.205.323 500.000 293.217.262 849.626.653 89.131.989 938.758.642 Balance as of September 30, 2016 (Unaudited)

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.

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Unaudited) Unaudited)

ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIES

Penerimaan dari pelanggan 434.308.543 368.495.517 Cash receipts from customers

Pembayaran kepada kontraktor, pemasok dan lainnya (351.975.959) (317.962.062) Cash paid to contractors, suppliers and others Pembayaran kepada karyawan (25.392.611) (25.995.617) Cash paid to employees

Kas diperoleh dari operasi 56.939.973 24.537.838 Net cash generated from operations Penerimaan taksiran tagihan pajak 3.013.849 2.322.105 Proceeds from tax refund Pembayaran pajak penghasilan badan (16.566.601) (8.850.942) Payments of corporate income tax Kas Bersih Diperoleh dari Aktivitas Operasi 43.387.221 18.009.001 Net Cash Provided by Operating Activities

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES

Aset tetap Property, plant and equipment

Perolehan (65.024.967) (76.594.373) Acquisitions Hasil penjualan 15.854 11.904 Proceeds from sale Perubahan dalam aset tidak lancar 11.041.520 (20.224.992) Change in noncurrent assets Penerimaan bunga 5.138.699 4.745.687 Interest received Perubahan dalam dana yang dibatasi pencairannya 196.789 1.131.976 Change in restricted fund Penambahan tambang dalam pengembangan (377.583) (681.767) Addition in mines under construction Penambahan konsesi perhutanan (693.381) - Addition in forest concession

Pembayaran uang muka ganti rugi lahan (1.481.747) (4.298.496) Payments of advances for land compensations Pembelian saham entitas anak dari Acquisition of shares of subsidiary from

kepentingan nonpengendali (1.498.801) - non-controlling interest Investasi dalam asosiasi (4.992.435) - Investment in an associate

Additional advances for purchase property, plant Penambahan uang muka pembelian aset tetap (6.166.036) (8.622.975) and equipment

Penerimaan (pengeluaran) atas akuisisi entitas anak setelah Proceed from (payment for) acquisition of subsidiaries dikurangi saldo kas pada tanggal akuisisi (46.141.734) 1.427.339 net of cash balance at acquisition date

Pembayaran piutang lain-lain - pihak ketiga - (29.973.450) Payments of other receivable - third parties

Lain-lain - (4.903.847) Others

Kas Bersih Digunakan untuk Aktivitas Investasi (109.983.822) (137.982.994) Net Cash Used in Investing Activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES

Utang bank jangka pendek Short-terms bank loans

Penerimaan 44.548.269 18.810.533 Proceeds Pembayaran (50.750.645) (14.261.839) Payments

Liabilitas jangka panjang Long-terms liabilities

Penerimaan 119.477.171 184.563.699 Proceeds Pembayaran (24.221.746) (3.839.198) Payments

Utang lain-lain kepada pihak berelasi Other accounts payable - related parties

Penerimaan 22.300.000 - Proceeds

Pembayaran (14.000.000) - Payments

Kenaikan (penurunan) bersih liabilitas jangka panjang lainnya 1.375.158 (1.105.932) Net increase (decrease) in other noncurrent liabilities Pembayaran dividen kepada kepentingan nonpengendali (1.115.003) (999.533) Dividends paid to non-controlling interests Pembayaran bunga dan beban keuangan lainnya (30.581.279) (25.473.067) Payments of interest and other financial charges

Kas Bersih Diperoleh dari Aktivitas Pendanaan 67.031.925 157.694.663 Net Cash Provided by Financing Activities

KENAIKAN BERSIH KAS DAN NET INCREASE IN CASH AND

SETARA KAS 435.324 37.720.670 CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS KAS DAN SETARA KAS AWAL PERIODE 155.751.418 117.499.523 AT THE BEGINNING OF THE PERIOD

Pengaruh perubahan kurs mata uang asing (2.633.409) (11.985.693) Effect of foreign exchange rate changes

CASH AND CASH EQUIVALENTS KAS DAN SETARA KAS AKHIR PERIODE 153.553.333 143.234.500 AT THE END OF THE PERIOD

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1. Umum 1. General

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

PT Dian Swastatika Sentosa Tbk

(Perusahaan) didirikan berdasarkan Akta No. 6 tanggal 2 Agustus 1996 dari Linda Herawati, S.H., notaris di Jakarta, yang kemudian diubah dengan Akta Perubahan No. 35 tanggal 8 Oktober 1996 dari notaris

yang sama. Akta pendirian dan

perubahannya telah disahkan oleh Menteri Kehakiman Republik Indonesia (sekarang Menteri Hukum dan Hak Asasi Manusia Republik Indonesia) dalam Surat Keputusan

No. C2-9854.HT.01.01.TH.96 tanggal

28 Oktober 1996 serta diumumkan dalam

Berita Negara Republik Indonesia

No. 46 tanggal 10 Juni 1997, Tambahan No. 2258.

PT Dian Swastatika Sentosa Tbk

(the Company) was established on

August 2, 1996 based on Notarial

Deed No. 6 and was amended by Notarial Deed No. 35 dated October 8, 1996, both of Linda Herawati, S.H., a public notary in Jakarta. The deed of establishment and its amendment were 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. C2-9854.HT.01.01.TH.96 dated

October 28, 1996 and was published in the State Gazette of the Republic of Indonesia No. 46 dated June 10, 1997, Supplement No. 2258.

Anggaran Dasar Perusahaan telah beberapa

kali mengalami perubahan, termasuk

diantaranya penyesuaian Anggaran Dasar

Perusahaan terhadap Undang-Undang

Republik Indonesia No. 40 Tahun 2007 tentang Perseroan Terbatas pada tahun

2008, pelaksanaan penawaran umum

perdana saham (IPO) dan perubahan

status Perusahaan menjadi Perseroan

Terbatas Terbuka pada tahun 2009, dan

perubahan yang terakhir berdasarkan

Akta No. 48 tanggal 10 Juli 2015 dari Linda Herawati, S.H., notaris di Jakarta, tentang pernyataan kembali seluruh Anggaran Dasar

Perusahaan untuk disesuaikan dengan

peraturan Otoritas Jasa Keuangan.

Perubahan Anggaran Dasar Perusahaan yang terakhir tersebut telah diterima dan dicatat di dalam Sistem Administrasi Badan Hukum Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat

No. AHU-AH.01.03-0952774 tanggal

29 Juli 2015.

The Articles of Association of the Company

have been amended several times,

including, among others, the revisions in the Company’s entire Articles of Association to be in accordance with the Law of Republic of Indonesia No. 40 Year 2007 regarding Limited Liability Company in 2008, the Initial Public Offering (IPO) and the change in the Company’s status to be a Listed Company in 2009, and the latest based on the Notarial Deed No. 48 dated July 10, 2015 of Linda Herawati, S.H., a public notary in Jakarta, regarding changes

in the entire Company’s Articles of

Association to comply with Indonesia Financial Services Authority’s Regulations. The latest amendment of Company’s Articles of Association has been accepted and recorded in Legal Entity Administration System of Ministry of Law and Human Rights of the Republic of Indonesia based on Letter

No. AHU-AH.01.03-0952774 dated

July 29, 2015. Sesuai dengan pasal 3 Anggaran Dasar

Perusahaan, ruang lingkup kegiatan

Perusahaan meliputi penyediaan tenaga

listrik, perdagangan besar, jasa dan

pembangunan perumahan dan infrastuktur. Ruang lingkup kegiatan usaha Grup pada saat ini meliputi penyediaan tenaga listrik, perdagangan besar, pertambangan dan

perdagangan batubara, multimedia,

kehutanan dan infrastuktur.

In accordance with article 3 of the Company’s Articles of Association, the Company engages in power generation,

wholesale trading, real estate and

infrastructure. Currently, the Group engages in power generation, trading, coal mining and

trading, multimedia, forestry and

(13)

Perusahaan mulai beroperasi secara komersial pada tahun 1998. Perusahaan berkantor pusat di Jakarta, sedangkan pembangkit tenaga listrik Perusahaan saat ini berlokasi di Tangerang, Serang dan Karawang.

The Company started its commercial

activities in 1998. The Company’s head office is in Jakarta, while its power plants are

located in Tangerang, Serang and

Karawang.

Dalam laporan keuangan konsolidasian,

Perusahaan dan entitas anak secara

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.

b. Penawaran Umum Efek Perusahaan b. Public Offering of Shares

Pada tanggal 30 November 2009,

Perusahaan memperoleh Pernyataan Efektif dari Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam dan LK atau sekarang Otoritas Jasa Keuangan/OJK) melalui Surat No. S-10344/BL/2009 untuk penawaran umum perdana atas 100.000.000 saham Perusahaan dengan nilai nominal Rp 250 per saham kepada masyarakat dan telah dicatatkan pada Bursa Efek Indonesia pada tanggal 10 Desember 2009.

On November 30, 2009, the Company obtained the Notice of Effectivity from the Chairman of the Capital Market and

Financial Institutions Supervisory

Agency (Bapepam and LK or currently Financial Services Authority/OJK) in his Letter No. S-10344/BL/2009 for its offering to the public of 100,000,000 shares at Rp 250 per share. On December 10, 2009, all of these shares were listed in the Indonesia Stock Exchange.

Pada tanggal 30 September 2016 dan

31 Desember 2015, seluruh saham

Perusahaan sejumlah 770.552.320 saham telah tercatat di Bursa Efek Indonesia.

As of September 30, 2016 and

December 31, 2015, all of the Company’s shares totaling to 770,552,320 shares are listed in the Indonesia Stock Exchange.

(14)

c. Entitas Anak yang Dikonsolidasikan c. Consolidated Subsidiaries

Perusahaan mempunyai penyertaan saham, baik secara langsung maupun tidak langsung pada entitas anak berikut ini:

The Company’s subsidiaries owned directly or indirectly follows:

Persentase Kepemilikan Efektif dan Hak Suara/ Tahun Effective Percentage of

Operasi Ownership Interest and

Komersial/ Voting Rights

Start of 30 September/ 31 Desember/ 30 September/ 31 Desember/

Domisili/ Jenis Usaha/ Commercial September 30, December 31, September 30, December 31,

Domicile Nature of Business Operations 2016 2015 2016 2015

% %

Pemilikan Langsung/Direct Ownership:

Golden Energy and Resources Ltd. (GEAR) Singapura/ Penyertaan saham/ - 94,195 94,195 503.358.431 490.213.527

Singapore Investment holding

PT Rolimex Kimia Nusamas (RKN) Jakarta Perdagangan/Trading 1989 99,504 99,504 57.812.512 41.646.531

PT Bumi Kencana Eka Sejahtera (BKES) Jakarta Perdagangan batubara/ 2011 99,999 99,999 45.787.274 45.452.674

Coal trading

PT DSSA Mas Sejahtera (DSSM) Jakarta Perdagangan, pembangunan, industri, - 99,999 99,998 179.697.108 127.942.448

jasa dan pengangkutan darat/

Trading, construction, industry, service and land logistic

PT DSSA Mas Infrastruktur (DSSI) Jakarta Perdagangan, pembangunan, industri, - 99,967 99,992 4.744.681 11.488.565

perbengkelan, jasa dan angkutan/

Trading, construction, industry, workshop, service and transportation

PT DSSE Energi Mas Utama (DSSE EMU) Jakarta Perdagangan, pembangunan, - 99,999 99,999 496.727.648 472.793.447

industri, dan jasa/

Trading, construction, industry, and service

Pemilikan Tidak Langsung/Indirect Ownership:

PT Golden Energy Mines Tbk (GEM) Jakarta Perdagangan batubara/ 2010 63,111 63,111 381.991.905 369.667.295

(melalui/through GEAR) Coal trading

Anrof Singapore Ltd. (ANROF) Mauritius Penyertaan saham/ - 94,195 94,195 15.096.853 15.101.014

(melalui/through GEAR) Investment holding

Poh Lian (Cambodia) Ltd. (POH LIAN Kamboja/ Penyertaan saham/ - 94,195 94,195 -

-Cambodia) Cambodia Investment holding

(melalui/through GEAR)

Able Advance Ltd. (AAL) Kepulauan Penyertaan saham/ - 94,195 94,195 7.343 7.815

(melalui/through GEAR) Virgin Britania/ Investment holding

BritishVirgin Island

PT Hutan Rindang Banua (HRB) Kalimantan Kehutanan/ 2007 94,195 94,195 26.376.635 23.654.901

(melalui/through ANROF) Selatan/ Forestry

South Kalimantan

PT Marga Buana Bumi Mulia (MBBM) Kalimantan Penyertaan saham/ - 94,195 94,195 716.272 715.125

(melalui/through ANROF) Selatan/ Investment holding

South Kalimantan

Shinning Spring Resources Ltd. (SSR) Kepulauan Penyertaan saham/ - 94,195 94,195 2.572.148 2.571.990

(melalui/through ANROF) Virgin Britania/ Investment holding

BritishVirgin Island

Pacificwood Investment Ltd. (PIL) Mauritius Penyertaan saham dan - 94,195 94,195 6.641 5.571

(melalui/through SSR) perdagangan/

Investment holding and trading

PT Mangium Anugerah Lestari (MALS) Kalimantan Penyertaan saham/ - 94,176 94,176 137.923 142.975

(melalui/through PIL) Selatan/ Investment holding

South Kalimantan Entitas Anak/Subsidiaries Jumlah Aset (Sebelum Eliminasi)/ Total Assets (Before Elimination)

(15)

% %

PT Roundhill Capital Indonesia (RCI) Jakarta Penyertaan saham dan 2014 63,474 63,474 118.519.630 110.252.806

(melalui/through GEM) perdagangan/

Investment holding and trading

PT Kuansing Inti Makmur (KIM) Jambi Pertambangan batubara/ 2005 63,111 63,111 103.305.053 124.543.583

(melalui/through GEM) Coal mining

PT Trisula Kencana Sakti (TKS) Kalimantan Pertambangan batubara/ 2008 44,177 44,177 9.422.266 9.033.025

(melalui/through GEM) Tengah/ Coal mining

Central Kalimantan

GEMS Trading Resources Pte. Ltd. (GEMSTR) Singapura/ Perdagangan/ 2012 63,111 63,111 50.443.348 48.995.998

(melalui/through GEM) Singapore Trading

PT Bumi Anugerah Semesta (BAS) Jakarta Perdagangan/ - 63,104 63,104 79.531 74.932

(melalui/through GEM) Trading

PT GEMS Energy Indonesia (GEMS Energy) Jakarta Perdagangan/ - 63,104 63,104 155.476 145.905

(melalui/through GEM) Trading

Shanghai Jingguang Energy Co. Ltd. (SJE) Shanghai Perdagangan batubara/ - 63,111 63,111 -

-(melalui/through GEM) Coal trading

PT Era Mitra Selaras (EMS) Jakarta Penyertaan saham/ - 63,111 - 1.273.860

-(melalui/through GEM) Investment holding

PT Borneo Indobara (BORNEO) Jakarta Pertambangan batubara/ 2005 61,908 61,908 97.554.702 102.101.499

(melalui/through RCI) Coal mining

PT Bara Harmonis Batang Asam (BHBA) Jambi Pertambangan batubara/ 2010 63,111 63,111 2.135.852 2.459.677

(melalui/through KIM) Coal mining

PT Karya Cemerlang Persada (KCP) Jambi Pertambangan batubara/ 2011 63,111 63,111 20.136.972 20.810.168

PT Bungo Bara Utama (BBU) Jambi Pertambangan batubara/ - 63,111 63,111 4.871.364 2.027.557

PT Berkat Nusantara Permai (BNP) Jambi Pertambangan batubara/ - 63,111 63,111 19.437.904 19.296.688

PT Tanjung Belit Bara Utama (TBBU) Jambi Pertambangan batubara/ - 63,111 63,111 31.057.656 31.001.615

PT Wahana Rimba Lestari (WRL) Jakarta Pertambangan batubara/ - 63,111 - 638.785

-(melalui/through EMS) Coal mining

PT Berkat Satria Abadi (BSA) Jakarta Pertambangan batubara/ - 63,111 - 102.570

-(melalui/through EMS) Coal mining

PT Rolimex Suburin Hutani Persada (RSHP) Jakarta Perdagangan pupuk/ 2012 69,653 69,653 344.999 455.081

(melalui/through RKN) Fertilizer trading

PT Citra Alam Indah (CAI) Jakarta Perdagangan/ 2011 99,999 99,999 14.273.753 14.635.072

(melalui/through BKES) Trading

PT Andalan Satria Lestari (ASL) Jakarta Penyertaan saham/ - 99,999 99,999 24.845.306 22.477.483

(melalui/through DSSE EMU) Investment holding

PT Nusantara Indah Lestari (NIL) Jakarta Perdagangan dan pertambangan 2005 99,999 99,999 2.294.950 2.154.541

(melalui/through ASL) batubara/

Trading and coal mining

PT Wahana Alam Lestari (WAL) Jakarta Perdagangan dan pertambangan 2007 99,999 99,999 37.152 35.911

(melalui/through ASL) batubara/

Trading and coal mining

PT Manggala Alam Lestari (MAL) Jakarta Pertambangan batubara/ - 99,920 99,920 21.934.044 19.756.934

(melalui/through ASL) Coal mining

Entitas Anak/Subsidiaries

Jumlah Aset (Sebelum Eliminasi)/

Total Assets (Before Elimination)

(16)

% %

PT Rimba Subur Lestari (RSL) Sumatera Pertambangan batubara/ - 99,999 99,999 369.516 342.087

(melalui/through ASL) Selatan/ Coal mining

South Sumatera

PT Buana Bara Ekapratama (BBEP) Jakarta Pertambangan batubara/ - 99,999 99,999 568.248 555.953

PT Duta Alam Ekapratama (DAE) Jakarta Pertambangan batubara/ - 99,999 99,999 427.087 371.222

PT Andalan Satria Abadi (ASA) Jakarta Pertambangan batubara/ - 99,999 99,999 674.731 599.568

PT Duta Alam Jaya (DAJ) Jakarta Pertambangan batubara/ - 99,999 99,999 290.902 238.268

PT Buana Inti Citraprima (BIC) Jakarta Pertambangan batubara/ - 99,999 99,999 353.721 333.463

PT Citra Alam Cahaya (CAC) Jakarta Pertambangan batubara/ - 99,999 99,999 213.626 177.819

PT Cahaya Nusa Pratama (CNP) Jakarta Pertambangan batubara/ - 99,999 99,999 291.167 245.206

PT Nusa Indah Permai (NIP) Sumatera Pertambangan batubara/ - 99,920 99,920 1.024.107 914.143

(melalui/through MAL) Selatan/ Coal mining

South Sumatera

PT Cahaya Bara Pratama (CBP) Jakarta Pertambangan batubara/ - 99,999 99,999 28.330 20.457

(melalui/through CNP) Coal mining

PT Innovate Mas Utama (IMU) Jakarta Perdagangan, pembangunan, - 99,999 99,998 163.747.639 113.772.547

(melalui/through DSSM) industri dan jasa/

Trading, construction, industry and service

Golden Multimedia Holdings Pte. Ltd. (GOLDEN) Singapura/ Penyertaan saham/ - 99,999 99,998 20.483.552 15.471.749

(melalui/through DSSM) Singapore Investment holding

Celesta Prime Technology Pte. Ltd. (CELESTA) Singapura/ Penyertaan saham/ - 99,999 99,998 20.464.881 15.463.084

(melalui/through GOLDEN) Singapore Investment holding

Sunshine Network Pte. Ltd. (SUNSHINE) Singapura/ Penyertaan saham/ - 99,999 99,998 20.446.193 15.454.427

(melalui/through CELESTA) Singapore Investment holding

PT Buana Bumi Energi (BBE) Jakarta Penyediaan tenaga listrik/ - 99,867 99,892 204.372 186.538

(melalui/through DSSI) Generation of electricity

PT Sinarmas Sukses Sejahtera (SSS) Jakarta Perdagangan, industri dan jasa/ - 99,967 99,992 5.361 5.152

(melalui/through DSSI) Trading, industry and service

PT Buana Mas Sejahtera (BMS) Jakarta Perdagangan, jasa, - 99,967 - 384.497

-(melalui/through DSSI) industri, pembangunan

dan pertanian & perkebunan/

Trading, service, industry, construction and agriculture & plantation

PT DSSP Power Mas Utama (DSSP PMU) Jakarta Perdagangan, pembangunan, - 99,999 99,999 479.127.899 466.874.417

(melalui/through DSSE EMU) industri dan jasa/

PT DSSP Power Mas Sejahtera (DSSP PMS) Jakarta Perdagangan, pembangunan, - 99,999 99,999 18.776 17.396

(melalui/through DSSE EMU) industri dan jasa/

PT Andalan Mas Sejahtera (AMS) Jakarta Perdagangan, jasa, industri - 99,999 - 22.551.519

-(melalui/through DSSE EMU) dan pembangunan/

Trading, service, industry and construction Entitas Anak/Subsidiaries Jumlah Aset (Sebelum Eliminasi)/ Total Assets (Before Elimination)

(17)

% %

PT DSSP Power Sakti (DSSP PSakti) Jakarta Perdagangan, pembangunan, - 99,999 99,999 27.243.193 24.195.872

(melalui/through DSSP PMU) industri dan jasa/

PT DSSP Energi Sejahtera (DSSE) Jakarta Perdagangan, pembangunan, - 99,931 99,931 431.801.466 441.232.366

PT DSSP Power Sumsel (DSSP PSumsel) Jakarta Penyediaan tenaga listrik/ - 99,929 99,929 431.695.638 441.134.969

(melalui/through DSSE) Generation of electricity

PT DSSP Power Kendari (DSSP PK) Jakarta Penyediaan tenaga listrik/ - 99,999 99,999 27.063.507 24.032.143

(melalui/through DSSP PSakti) Generation of electricity

PT DSSP Power Sejahtera (DSSP PSejahtera) Jakarta Perdagangan, pembangunan, - 99,998 99,998 763.354 17.366

PT DSSP Power Sumsel Dua (DSSP PSumsel Dua) Jakarta Penyediaan tenaga listrik/ - 99,999 - 742.689

-(melalui/through DSSP PSejahtera) Generation of electricity

PT DSSP Power Sentosa (DSSP PSentosa) Jakarta Perdagangan, pembangunan, - 99,998 99,998 18.843 17.366

PT Blackmas Makmur (BMM) Jakarta Perdagangan, industri, jasa, - 99,999 - 7.558.866

-(melalui/through DSSP PMU) pembangunan, pertanian,

percetakan, pertambangan, perbengkelan dan angkutan/

Trading, industry, service, construction, agriculture, printing, mining, workshop and transportation

PT SKS Listrik Kalimantan (SLK) Jakarta Penyediaan tenaga listrik/ - 99,999 - 7.366.826

-(melalui/through BMM) Generation of electricity

Hillmas Coal Pte. Ltd. (HILLMAS) Singapura/ Penyertaan saham/ - 99,999 - 10.694.534

-(melalui/through AMS) Singapore Investment holding

PT Persada Makmur Sejahtera (PMS) Jakarta Pertambangan batubara/ - 99,999 - 1.629.736

-(melalui/through HILLMAS) Coal mining

PT Surya Kalimantan Sejati (SKS) Jakarta Pertambangan batubara/ - 99,999 - 5.351.605

-(melalui/through HILLMAS) Coal mining

Kalteng Investment Pte. Ltd. (KALTENG) Kalimantan Penyertaan saham/ - 99,999 - 44.500

-(melalui/through HILLMAS) Tengah/ Investment holding

Central Kalimantan

Shaanxi North West Power Corporation Singapura/ Penyertaan saham/ - 99,999 - 225.217

-(Singapore) Pte. Ltd. (SNWP) Singapore Investment holding

(melalui/through HILLMAS)

Newspring Coal Resources Pte. Ltd. (NSCR) Singapura/ Penyertaan saham/ - 99,999 - 52.597

-(melalui/through AMS) Singapore Investment holding

PT Innovate Mas Indonesia (IMI) Jakarta Internet dan jasa TV berlangganan/ 2011 85,392 89,998 156.255.763 113.169.900

(melalui/through IMU) Internet and TV cable service

PT Eka Mas Republik (EMR) Jakarta Informasi & telekomunikasi, 2011 85,529 99,998 7.418.000 524.039

(dahulu/formerly PT Austin Technology perdagangan, jasa dan

Telematika (ATT)) pembangunan/

(melalui/through IMU) Information & telecommunication,

trading, service and construction

Entitas Anak/Subsidiaries

Jumlah Aset (Sebelum Eliminasi)/

Total Assets (Before Elimination)

(18)

Informasi keuangan GEM yang memiliki kepentingan nonpengendali dalam jumlah material pada tanggal 30 September 2016 dan 31 Desember 2015 serta untuk periode-periode sembilan bulan yang berakhir 30 September 2016 dan 2015 adalah sebagai berikut:

Financial information of GEM that has

material non-controlling interests

as of September 30, 2016 and

December 31, 2015 and for the nine-month periods ended September 30, 2016 and 2015 follows:

Laporan posisi keuangan konsolidasian: Consolidated statements of financial

position:

30 September/ 31 Desember/

September 30, December 31,

2016 2015

Aset lancar 198.573.745 195.737.111 Current assets

Aset tidak lancar 183.418.160 173.930.184 Noncurrent assets

Jumlah aset 381.991.905 369.667.295 Total assets

Liabilitas jangka pendek 60.730.317 70.048.270 Current liabilities

Liabilitas jangka panjang 59.305.095 52.107.413 Noncurrent liabilities

Jumlah liabilitas 120.035.412 122.155.683 Total liabilities

Jumlah ekuitas 261.956.493 247.511.612 Total equity

Teratribusikan pada: Attributable to:

Pemilik entitas induk 261.282.097 246.906.095 Owners of parent company

Kepentingan nonpengendali 674.396 605.517 Non-controlling interests

Laporan laba rugi dan penghasilan

komprehensif lain konsolidasian:

Consolidated statements of profit or loss and other comprehensive income:

Sembilan bulan/Nine months

2016 2015

Pendapatan 277.846.361 246.114.101 Revenues

Laba sebelum pajak 26.843.907 7.386.041 Profit before tax

Penghasilan (rugi) komprehensif lain (179.983) 572.761 Other comprehensive income (loss)

Jumlah penghasilan komprehensif 17.695.479 3.466.329 Total comprehensive income

Teratribusikan pada kepentingan

nonpengendali 260.666 129.267 Attributable to non-controlling interests

(19)

Laporan arus kas konsolidasian: Consolidated statements of cash flows: Sembilan bulan/Nine months

2016 2015

Operasi 24.628.089 9.184.586 Operating

Investasi (24.428.114) (57.661.239) Investing

Pendanaan (5.855.430) 44.488.064 Financing

Penurunan bersih kas dan setara kas (5.655.455) (3.988.589) Net decrease in cash and cash equivalents

30 September/September 30 ,

Akuisisi Entitas Anak pada Tahun 2016 Acquisition of Subsidiaries in 2016

EMS EMS

Berdasarkan Akta Jual Beli Saham No. 93 tanggal 20 September 2016 dari Hannywati Gunawan, S.H., notaris di Jakarta, Glenfield Capital Incorporation, pihak ketiga, menjual dan menyerahkan 6.814 saham yang dimilikinya dalam EMS kepada GEM seharga US$ 37.000.000.

Based on the Shares Sale and Purchase Deed No. 93 dated September 20, 2016 of Hannywati Gunawan, S.H., a public notary in Jakarta, Glenfield Capital Incorporation, a third party, sold 6,814 shares in EMS to GEM at a selling price of US$ 37,000,000.

Berdasarkan Akta Jual Beli Saham No. 94

tanggal 20 September 2016 dari

Hannywati Gunawan, S.H., notaris di

Jakarta, PT Gerak Bangun Sejahtera (GBS), pihak ketiga, menjual dan menyerahkan 55 saham yang dimilikinya dalam EMS kepada KIM seharga Rp 2.384.134.000.

Based on the Shares Sale and Purchase Deed No. 94 dated September 20, 2016 of Hannywati Gunawan, S.H., a public notary in Jakarta, PT Gerak Bangun Sejahtera (GBS), a third party, sold 55 shares in EMS to KIM at a selling price of Rp 2,384,134,000.

Arus kas yang timbul sehubungan dengan akuisisi EMS pada tanggal akuisisi adalah sebagai berikut:

The cash flows from the acquisition of EMS as of the date of acquisition are as follows:

Aset 1.273.860 Assets

Liabilitas (502.880) Liabilities

Jumlah aset bersih teridentifikasi 770.980 Total net identifiable assets

Goodwill 36.998.453 Goodwill

Imbalan atas pembelian 37.769.433 Purchase consideration

Dikurangi saldo kas pada tanggal

akuisisi (743.587) Less cash balance at the acquisition date

Arus kas yang timbul untuk akuisisi

EMS setelah dikurangi saldo kas Cash flow for acquisition of EMS

(20)

WRL WRL Berdasarkan Akta Jual Beli Saham No. 89

tanggal 20 September 2016 dari Hannywati

Gunawan, S.H., notaris di Jakarta,

PT Eka Manunggal Alam, pihak ketiga, menjual dan menyerahkan 1 saham yang dimilikinya dalam WRL kepada KIM seharga Rp 71.256.000.

Based on the Shares Sale and Purchase Deed No. 89 dated September 20, 2016 of Hannywati Gunawan, S.H., a public notary in Jakarta, PT Eka Manunggal Alam, a third party, sold and transfered 1 share in WRL to KIM at a selling price of Rp 71,256,000.

BSA BSA

Berdasarkan Akta Jual Beli Saham No. 91 tanggal 20 September 2016 dari Hannywati Gunawan, S.H., notaris di Jakarta, GBS, pihak ketiga, menjual dan menyerahkan 1 saham yang dimilikinya dalam BSA kepada KIM seharga Rp 35.000.

Based on the Shares Sale and Purchase Deed No. 91 dated September 20, 2016 of Hannywati Gunawan, S.H., a public notary in Jakarta, GBS, a third party, sold and transfered 1 share in BSA to KIM at a selling price of Rp 35,000.

BMM BMM

Berdasarkan Akta No. 14, 15, 16, 17 dan 18 tanggal 29 Februari 2016 dari Yenny Widjaja, S.H., M.Kn., notaris di Jakarta, para pemegang saham BMM telah menyetujui penjualan dan pengalihan seluruh saham yang dimilikinya dalam BMM, yaitu sebanyak 1.685 saham sebesar Rp 505.500.000 (setara US$ 38.076) kepada DSSP PMU dan sebanyak 15 saham sebesar Rp 4.500.000 (setara US$ 339) kepada DSSE EMU.

Based on Deeds No. 14, 15, 16, 17 and 18 dated February 29, 2016 of Yenny Widjaja, S.H., M.Kn., a public notary in Jakarta, the shareholders of BMM agreed to sell and transfer its ownership interest in

BMM to DSSP PMU consisting of

1,685 shares amounting to Rp 505,500,000

(equivalent to US$ 38,076) and to

DSSE EMU consisting of 15 shares amounting to Rp 4,500,000 (equivalent to US$ 339).

HILLMAS HILLMAS

Pada tanggal 29 Februari 2016, pemegang saham HILLMAS telah menyetujui penjualan

dan pengalihan seluruh saham yang

dimilikinya kepada DSSP PMU sebanyak 21.451.914 saham dengan harga jual US$ 20.368.056.

On February 29, 2016, the shareholders of HILLMAS agreed to sell and transfer its

ownership interest in HILLMAS to

DSSP PMU consisting of 21,451,914 shares for a total consideration of US$ 20,368,056.

NSCR NSCR

Pada tanggal 29 Februari 2016, pemegang saham NSCR telah menyetujui penjualan

dan pengalihan seluruh saham yang

dimilikinya kepada DSSP PMU sebanyak 2 saham dengan harga jual US$ 2.

On February 29, 2016, the shareholders of NSCR agreed to sell and transfer its ownership interest in NSCR to DSSP PMU

consisting of 2 shares for a total

(21)

Arus kas yang timbul sehubungan dengan akuisisi BMM, HILLMAS dan NSCR pada tanggal akuisisi adalah sebagai berikut:

The cash flows from the acquisition of BMM, HILLMAS and NSCR as of the date of acquisition are as follows:

BMM HILLMAS NSCR Jumlah/Total

Aset 2.870.132 10.716.109 - 13.586.241 Assets

Liabilitas (3.040.389) (1.222.775) (7.194) (4.270.358) Liabilities

Jumlah aset bersih teridentifikasi (170.257) 9.493.334 (7.194) 9.315.883 Total net identifiable assets Kepentingan nonpengendali - (87.747) - (87.747) Non-controlling interest Goodwill 208.672 10.962.469 7.196 11.178.337 Goodwill

Imbalan atas pembelian 38.415 20.368.056 2 20.406.473 Purchase consideration Utang atas pembelian entitas anak - (11.290.196) (2) (11.290.198) Payable for purchase of subsidiaries Dikurangi saldo kas pada tanggal akuisisi - (387) - (387) Less cash balance at the acquisition date

Arus kas yang timbul untuk akuisisi Cash flow for acquisition net of cash balance

setelah dikurangi saldo kas entitas anak 38.415 9.077.473 - 9.115.888 of subsidiaries

Akuisisi Entitas Anak pada Tahun 2015 Acquisition of Subsidiaries in 2015

EMR EMR

Berdasarkan Akta No. 33 tanggal

9 April 2015 dari Sofiany, S.E., S.H., sebagai pengganti Desman, S.H., M.Hum., notaris di Jakarta, para pemegang saham EMR telah

menyetujui penjualan dan pengalihan

seluruh kepemilikan sahamnya kepada IMU sebanyak 300 saham dengan harga jual Rp 1.500.000.000 (setara US$ 116.189).

Based on Deed No. 33 dated April 9, 2015 of Sofiany, S.E., S.H., substitute of Desman, S.H., M.Hum., a public notary in Jakarta, the shareholders of EMR agreed to sell and transfer its ownership interest in EMR to IMU consisting of 300 shares for a total

consideration of Rp 1,500,000,000

(equivalent to US$ 116,189). Arus kas yang timbul sehubungan dengan

akuisisi EMR pada tanggal akuisisi adalah sebagai berikut:

The cash flows from the acquisition of EMR as of the date of acquisition are as follows:

Aset 92.780 Assets

Liabilitas (78.815) Liabilities

Jumlah aset bersih teridentifikasi 13.965 Total net identifiable assets

Goodwill 102.224 Goodwill

Imbalan atas pembelian 116.189 Purchase consideration

Dikurangi saldo kas pada tanggal

akuisisi (92.714) Less cash balance at the acquisition date

Arus kas yang timbul untuk akuisisi

EMR setelah dikurangi saldo kas Cash flow for acquisition of EMR net of

(22)

GEAR GEAR Pada tanggal 20 April 2015, Perusahaan

mengakuisisi United Fiber System Limited

(UFS) (sekarang Golden Energy and

Resources Limited (GEAR)) dengan

mengambil alih 1.978.327.436 saham baru dan tambahan kompensasi saham sebanyak 65.818.033 saham yang dikeluarkan oleh GEAR. Pada saat yang sama Perusahaan mengalihkan seluruh saham-saham GEM

yang dimiliki Perusahaan sebanyak

3.941.166.500 saham kepada GEAR.

Setelah transaksi tersebut, kepemilikan

Perusahaan dalam GEAR (sebelum

compliance placement) adalah sebesar dari

94,195% dan kepemilikan efektif Perusahaan atas GEM terdilusi dari sebelumnya 67,999% menjadi 63,111%.

On April 20, 2015, the Company has acquired 1,978,327,436 new shares and

65,818,033 shares of additional

compensation shares issued by United Fiber System Limited (UFS) (currently Golden Energy and Resources Limited (GEAR)). At the same time the Company transferred all its shares in GEM totaling to 3,941,166,500 shares to GEAR. After the transaction, the Company's ownership in GEAR (before compliance placement) is equal to 94.195% and the Company’s effective ownership interest in GEM decreased from 67.999% to 63.111%.

Transaksi di atas menyebabkan perubahan kepemilikan Perusahaan terhadap GEM

namun tidak mengakibatkan hilangnya

pengendalian. Selisih antara jumlah

kepentingan nonpengendali yang

disesuaikan sebesar US$ 9.754.684 dengan nilai wajar imbalan yang dialihkan sebesar US$ 33.005.249 dicatat sebagai selisih nilai

transaksi dengan kepentingan

nonpengendali pada bagian ekuitas sebesar US$ 23.250.565.

The above transaction resulted to a change in the Company’s ownership interest in GEM which did not result in a loss of control. The difference between the amount by which the

non-controlling interests are adjusted

amounting to US$ 9,754,684 and the fair value of consideration transferred amounting to US$ 33,005,249 is recorded as difference in value arising from transaction with non-controlling interests in the equity section amounting to US$ 23,250,565.

Sesuai dengan PSAK 22, “Kombinasi Bisnis”, manajemen harus mengidentifikasi nilai wajar atas aset teridentifikasi, liabilitas dan liabilitas kontinjensi pada tanggal akuisisi. Pada tanggal 31 Desember 2015, pekerjaan penilaian sesuai dengan PSAK 22 masih dalam proses. Oleh karena itu, goodwill sementara dicatat berdasarkan perbedaan antara imbalan yang dialihkan

dan nilai tercatat atas aset bersih

teridentifikasi yang diperoleh dan liabilitas yang diambil alih pada tanggal akuisisi. Tidak terdapat pengujian penurunan nilai atas goodwill.

In accordance with PSAK 22, “Business Combinations”, management is required to identify the fair value of identifiable assets,

liabilities and contingent liabilities

as at the date of acquisition. As of December 31, 2015, the valuation work in accordance with PSAK 22 is still in progress.

Accordingly, a provisonal goodwill is

recorded based on the difference between

the consideration transferred and the

carrying value of the net identifiable assets acquired and liabilities assumed at date of acquisition. No impairment review was performed on the provisional goodwill.

(23)

Pada tanggal 18 April 2016, Perusahaan dan entitas anaknya telah memperoleh informasi tambahan baru tentang fakta dan keadaan yang ada pada tanggal akuisisi dan, jika diketahui oleh Perusahaan dan entitas anaknya, telah berdampak pada pengukuran jumlah-jumlah yang diakui pada tanggal tersebut. Oleh karenanya, Perusahaan dan entitas anaknya telah menyesuaikan secara

retrospektif angka-angka sementara

tersebut.

On April 18, 2016, the Company and its subsidiaries has obtained additional new information about facts and circumstances that existed as of the acquisition date and, had the Company and its subsidiaries

known, would have affected the

measurement of the amounts recognized as of that date. Accordingly, the Company and its subsidiaries retrospectively adjust the provisions amounts.

Tabel di bawah ini menunjukkan

perbandingan antara nilai sementara dan nilai akhir sehubungan dengan akuisisi:

The table below shows the comparison of provisional and final amounts as a result of the acquisition:

Nilai Akhir/ Nilai Sementara/

Final Amounts Provisional Amounts

Kas dan bank 1.450.814 1.450.814 Cash and banks

Piutang usaha 712.293 712.293 Trade accounts receivable

Piutang lain-lain 2.822.224 2.822.224 Other accounts receivable

Persediaan 721.984 721.984 Inventories

Aset tetap - bersih 7.009.073 7.009.073 Property, plant and equipment - net

Konsesi perhutanan - bersih 19.557.572 6.511.572 Forestry concession - net

Aset pajak tangguhan 179.468 179.468 Deferred tax assets

Utang lembaga keuangan jangka pendek (48.403.000) (49.000.000) Short-term loan to financial institution

Utang usaha (643.551) (643.551) Trade accounts payable

Utang lain-lain (43.176.552) (43.176.691) Other accounts payable

Liabilitas imbalan kerja jangka panjang (90.312) (90.312) Long-term employee benefit liability

Liabilitas pajak tangguhan (2.968.059) (649.059) Deferred tax liabilities

Jumlah liabilitas bersih yang diambil alih (62.828.046) (74.152.185) Total net liabilities assumed

Kepentingan nonpengendali 3.647.143 4.310.908 Non-controlling interests

Goodwill 92.186.152 102.846.526 Goodwill

Imbalan yang dialihkan 33.005.249 33.005.249 Consideration transferred

Pada tanggal 8 Juli 2016, GEAR telah

mendapatkan persetujuan perpanjangan

waktu untuk pelaksanaan penempatan wajib dari bursa efek Singapura dari sebelumnya

30 September 2016 menjadi tanggal

31 Desember 2016.

On July 8, 2016, GEAR received the approval from the SGX for its request for a

futher extension of the compliance

placement from September 30, 2016 to December 31, 2016.

(24)

Perubahan Modal Entitas Anak dengan Kepemilikan Langsung pada Tahun 2016

Changes in Capital of Subsidiaries with Direct Ownership in 2016

DSSM DSSM

18 April 2016 dari Yenny Widjaja, S.H., M.Kn., notaris di Jakarta, para pemegang saham DSSM telah menyetujui pengeluaran saham baru sebanyak 62.000 saham atau sebesar Rp 62.000.000.000 sehubungan dengan peningkatan modal ditempatkan dan disetor DSSM dari Rp 590.000.000.000

terbagi atas 590.000 saham menjadi

berjumlah Rp 652.000.000.000 terbagi atas 652.000 saham yang diambil seluruhnya oleh Perusahaan. Kepemilikan Perusahaan pada DSSM meningkat dari 99,998% menjadi 99,999%.

Based on Deed No. 14 dated April 18, 2016 of Yenny Widjaja, S.H., M.Kn., a public notary in Jakarta, the shareholders of DSSM has approved the issuance of 62,000 new shares equivalent to Rp 62,000,000,000, thus, increasing the issued and paid up capital of DSSM from Rp 590,000,000,000

consisting of 590,000 shares to

Rp 652,000,000,000 consisting of 652,000

shares which were all acquired by

the Company. The Company’s ownership

interest in DSSM increased from 99.998% to 99.999%.

Akta tersebut telah didaftarkan dalam

database Sistem Administrasi

Menteri Hukum dan Hak Asasi Manusia

Republik Indonesia dalam Surat

16 Mei 2016.

The Deed was registered in the database

of Administration System of the

Ministry of Law and Human Rights of the

Republic of Indonesia in its Letter

May 16, 2016.

21 Juni 2016 dari Yenny Widjaja, S.H., M.Kn., notaris di Jakarta, para pemegang saham DSSM telah menyetujui pengeluaran saham baru sebanyak 17.000 saham atau sebesar Rp 17.000.000.000 sehubungan dengan peningkatan modal ditempatkan dan disetor DSSM dari Rp 652.000.000.000

terbagi atas 652.000 saham menjadi

berjumlah Rp 669.000.000.000 terbagi atas 669.000 saham yang diambil seluruhnya oleh Perusahaan.

Based on Deed No. 24 dated June 21, 2016 of Yenny Widjaja, S.H., M.Kn., a public notary in Jakarta, the shareholders of DSSM has approved the issuance of 17,000 new shares equivalent to Rp 17,000,000,000, thus, increasing the issued and paid up capital of DSSM from Rp 652,000,000,000

Rp 669,000,000,000 consisting of 669,000

shares which were all acquired by

the Company.

28 Juni 2016.

Ministry of Law and Human Rights of the

Republic of Indonesia in Letter

(25)

DSSI DSSI

21 Januari 2016 dari Lanawaty Darmadi, S.H., M.M., M.Kn., notaris di Tangerang, para pemegang saham DSSI menyetujui untuk menurunkan modal dasar DSSI sebesar Rp 500.000.000.000 yang terbagi atas 500.000 saham dengan nilai nominal Rp 1.000.000 menjadi Rp 100.000.000.000 yang terbagi atas 100.000 saham dan menurunkan modal ditempatkan dan disetor sebesar Rp 130.000.000.000 yang terdiri

atas 130.000 saham menjadi

Rp 30.000.000.000 yang terbagi atas 30.000 saham. Kepemilikan Perusahaan pada DSSI menurun dari 99,992% menjadi 99,967%.

Based on Deed No. 11 dated

January 21, 2016 of Lanawaty Darmadi, S.H., M.M., M.Kn., a public notary in Tangerang, the shareholders of DSSI agreed to decrease its authorized capital amounting to Rp 500,000,000,000 consisting of 500,000 shares with a nominal value of Rp 1,000,000 into Rp 100,000,000,000 consisting of 100,000 shares and decrease its issued and

paid up capital amounting to

Rp 130,000,000,000 consisting of 130,000 shares into Rp 30,000,000,000 consisting of

30,000 shares. The Company’s ownership

interest in DSSI decreased from 99.992% to 99.967%.

Akta tersebut telah disahkan

oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan

No. AHU-003471.AH.01.02.Tahun 2016

tanggal 22 Februari 2016.

The Deed was approved by the Ministry of Law and Human Rights of the Republic of

Indonesia in its Decision Letter

No. AHU-003471.AH.01.02.Tahun 2016

dated February 22, 2016.

DSSE EMU DSSE EMU

15 Februari 2016 dari Yenny Widjaja, S.H., M.Kn., notaris di Jakarta, para pemegang

saham DSSE EMU telah menyetujui

pengeluaran saham baru sebanyak 11.200 saham atau sebesar Rp 11.200.000.000 sehubungan dengan peningkatan modal ditempatkan dan disetor DSSE EMU dari

Rp 671.100.000.000 terbagi atas

671.100 saham menjadi berjumlah

Rp 682.300.000.000 terbagi atas 682.300

saham yang diambil seluruhnya oleh

Perusahaan.

Based on Deed No. 4 dated

February 15, 2016 of Yenny Widjaja, S.H., M.Kn., a public notary in Jakarta, the shareholders of DSSE EMU has approved the issuance of 11,200 new shares

equivalent to Rp 11,200,000,000, thus,

increasing the issued and paid up capital of DSSE EMU from Rp 671,100,000,000

Rp 682,300,000,000 consisting of

682,300 shares which were all acquired by the Company.

24 Februari 2016.

Ministry of Law and Human Rights of

the Republic of Indonesia in Letter

(26)

Berdasarkan Akta No. 15 tanggal 18 April 2016 dari Lanawaty Darmadi, S.H., M.M., M.Kn., notaris di Tangerang, para

pemegang saham DSSE EMU telah

menyetujui pengeluaran saham baru

sebanyak 9.630 saham atau sebesar

Rp 9.630.000.000 sehubungan dengan peningkatan modal ditempatkan dan disetor DSSE EMU dari Rp 682.300.000.000 terbagi atas 682.300 saham menjadi berjumlah Rp 691.930.000.000 terbagi atas 691.930

saham yang diambil seluruhnya oleh

Perusahaan.

Based on Deed No. 15 dated April 18, 2016 of Lanawaty Darmadi, S.H., M.M., M.Kn.,

a public notary in Tangerang, the

shareholders of DSSE EMU has approved the issuance of 9,630 new shares equivalent to Rp 9,630,000,000, thus, increasing the issued and paid up capital of DSSE EMU from Rp 682,300,000,000 consisting of 682,300 shares to Rp 691,930,000,000 consisting of 691,930 shares which were all acquired by the Company.

28 April 2016.

Ministry of Law and Human Rights of

the Republic of Indonesia in Letter

April 28, 2016.

BKES BKES

7 Januari 2016 dari Deni Thanur, S.E., S.H., M.Kn., notaris di Jakarta, Perusahaan dan BKES setuju untuk mengkonversi seluruh utang BKES kepada Perusahaan menjadi

saham. Sehubungan dengan konversi

tersebut, BKES meningkatkan modal

ditempatkan dan disetor dari

Rp 464.460.000.000 yang terbagi atas 464.460 saham menjadi Rp 679.875.000.000

terbagi atas 679.875 saham dengan

pengeluaran 215.415 saham baru dalam

simpanan yang akan diambil bagian

seluruhnya oleh Perusahaan. Keputusan Sirkular ini berlaku sejak 4 Januari 2016.

Based on Notarial Deed No. 5 dated January 7, 2016 of Deni Thanur, S.E., S.H., M.Kn., notary in Jakarta, the Company and BKES agreed to convert all indebtedness of BKES to the Company into shares. Subject to the conversion, BKES has increased its

issued and paid up capital from

Rp 464,460,000,000 consisting of

464,460 shares to Rp 679,875,000,000 consisting of 679,875 shares with the issuance of 215,415 new shares which were all acquired by the Company. This Circular Resolution is effective from January 4, 2016.

15 Januari 2016.

The Deed was registered in the database of Administration System of the Ministry

of Law and Human Rights of the

Republic of Indonesia in Letter