PT Golden Energy Mines Tbk dan Entitas anak/and Subsidiaries

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Consolidated financial statements

with independent auditors’ report

as of December 31, 2012 and for the year then ended

with comparative figures as of December 31, 2011

and January 1, 2011/December 31, 2010

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Daftar Isi Table of Contents

Halaman/

Page

Laporan Auditor Independen Independent Auditors’ Report

Laporan Posisi Keuangan Konsolidasian ……… 1-2 ……… Consolidated Statements of Financial Position

Laporan Laba Rugi Komprehensif Konsolidasian…….. 3 ……..Consolidated Statements of Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian ……… 4 ………Consolidated Statements of Changes in Equity

Laporan Arus Kas Konsolidasian……….. 5 ………...Consolidated Statements of Cash Flows

Catatan atas Laporan Keuangan Konsolidasian………. 6 -137 …………. Notes to the Consolidated Financial Statements

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Deposito berjangka - pihak berelasi 2f,2i,3 - - 16.657.500.000 Time deposits - related party Piutang usaha, setelah dikurangi 2e,2j,3,6,18,33

penyisihan atas penurunan nilai piutang Trade receivables, net of

usaha sebesar Rp86.406.567 pada tanggal allowance for impairment of trade receivables

31 Desember 2012, 2011 dan Rp86,406,567 as of December 31, 2012,

1 Januari 2011/31 Desember 2010 2011 and January 1, 2011/December 31, 2010

Pihak berelasi 2f,32 310.868.597.812 9.861.437.844 62.008.150.736 Related parties

Pihak ketiga 211.432.791.461 229.850.783.059 120.121.675.589 Third parties

Piutang lain-lain - pihak ketiga 2j,3,18,33,34 11.658.627.561 2.161.086.224 633.033.252 Other receivables - third parties Persediaan, neto 2f,2k,2q,7 103.220.203.378 97.637.764.162 50.625.534.055 Inventories, net

Pajak dibayar dimuka 2u 1.134.074 495.557.561 493.783.224 Prepaid taxes

Biaya dibayar dimuka dan aset lancar Prepaid expenses and other current

lainnya 2f,2l,8,32,34 207.682.702.974 262.420.298.613 40.173.687.924 assets

Jumlah Aset Lancar 1.796.212.238.774 2.481.217.733.741 540.863.385.737 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETS

Piutang lain-lain Other receivables

Pihak berelasi 2f,2j,3,18,32,33 7.225.738.397 - 3.709.227.500 Related parties

Pihak ketiga 34 5.425.530.807 8.788.225.564 8.788.225.564 Third parties

Aset pajak tangguhan, neto 2u,3,14 22.263.890.156 13.585.019.651 5.384.584.318 Deferred tax assets, net Investasi saham 1c,2j,12,18,32,33 305.065.720 125.000.000 - Investment in shares of stock

Property and equipment, net of

Aset tetap, setelah dikurangi accumulated depreciation of

akumulasi penyusutan sebesar Rp41,458,244,729, Rp20,659,925,159,

Rp41.458.244.729, Rp20.659.925.159, and Rp10,075,589,403 as of

dan Rp10.075.589.403 masing-masing December 31, 2012, 2011 and

pada tanggal 31 Desember 2012, 2011 dan January 1, 2011/December 31, 2010,

1 Januari 2011/31 Desember 2010 2f,2m,2n,2q,3,9,24,25,32 550.663.491.903 272.360.578.360 102.490.125.813 respectively Aset pertambangan, neto 1c,1d,2f,2o,2q,3,10,23,28,29,32,37 912.025.950.423 449.847.795.597 318.934.478.943 Mine properties, net Goodwill 2o,29 8.703.582.324 - - Goodwill Dana yang dibatasi pencairannya 2f,2j,3,18,32,33,34h 6.760.587.124 2.952.327.973 101.813.950 Restricted funds Uang muka pembelian batubara 34d - - 80.082.832.716 Advance for purchase of coal Aset tidak lancar lain-lain 2e,2f,2j,2p,3,11,14,18,25,32,33,34 130.739.933.805 99.625.088.473 47.161.110.452 Other non-current assets

Jumlah Aset Tidak Lancar 1.644.113.770.659 847.284.035.618 566.652.399.256 Total Non-current Assets

JUMLAH ASET 3.440.326.009.433 3.328.501.769.359 1.107.515.784.993 TOTAL ASSETS

integral part of these consolidated financial statements taken as whole. Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang The accompanying notes to the consolidated financial statements form an

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Pihak ketiga 282.307.268.337 222.935.605.445 117.749.645.562 Third parties Utang lain-lain - pihak ketiga 2e,2j,18,33,34r 116.051.061.763 11.973.925.249 8.605.186.130 Other payables - third parties Utang pajak 2u,14 40.422.390.607 109.700.684.962 14.438.104.166 Taxes payable Biaya yang masih harus dibayar 2e,2f,2j,15,18,32,33,34 61.255.133.881 61.437.273.207 34.294.877.343 Accrued expenses

Uang muka pelanggan 16 Advances from customers

Pihak berelasi 2f,32 - 8.674.556.324 - Related party

Pihak ketiga 2e,33 1.640.273.750 21.957.088.067 977.771.250 Third parties

Liabilitas jangka panjang yang akan

jatuh tempo dalam waktu satu tahun 2j,18,26,33 Current portion of long-term liabilities: Sewa pembiayaan 2f,2n,9 - 70.538.706 112.666.230 Lease liabilities

Utang bank dan lembaga keuangan 17 - 493.377.480 7.941.985.794 Loans payable to Bank and financial institution Obligasi konversi 1c,2f,2j,18,26,32,33 - 20.000.000.000 - Convertible bond

Jumlah Liabilitas Jangka Pendek 506.386.611.524 457.483.283.483 235.901.444.484 Total Current Liabilities

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Utang lain-lain - pihak berelasi 2f,2j,18,32,33 148.750 14.869.315 284.720.916.664 Other payables - related parties Liabilitas imbalan kerja, neto 2s,3,25,27 24.570.976.000 17.569.791.000 11.602.210.000 Employee benefits liability, net Liabilitas jangka panjang, setelah dikurangi

bagian yang akan jatuh tempo dalam

waktu satu tahun 2j,18,26,33 Long-term liabilities, net of current portion:

Sewa pembiayaan 2f,2n - - 70.538.706 Lease liabilities

Utang bank dan lembaga keuangan 17 - 982.618.837 13.747.912.628 Loans payable to Bank and financial institution Liabilitas jangka panjang lainnya 2w 7.907.479.258 3.981.468.928 - Other non-current liabilities

Jumlah Liabilitas Jangka Panjang 32.478.604.008 22.548.748.080 310.141.577.998 Total Non-current Liabilities

JUMLAH LIABILITAS 538.865.215.532 480.032.031.563 546.043.022.482 TOTAL LIABILITIES

EKUITAS EQUITY

Ekuitas yang Dapat Diatribusikan kepada Equity Attributable to Owners

Pemilik Entitas Induk of the Parent

Modal saham - nilai nominal Rp100 per saham

Modal dasar - 20.000.000.000 Capital stock - Rp100 par value

Modal ditempatkan dan disetor penuh - Authorized - 20,000,000,000 shares

5.882.353.000 saham pada tanggal Issued and paid up - 5,882,353,000

31 Desember 2012, 2011, dan shares as of December 31, 2012, 2011

5.000.000.000 saham pada tanggal and 5,000,000,000 shares as of

1 Januari 2011/31 Desember 2010 19 588.235.300.000 588.235.300.000 500.000.000.000 January 1, 2011/December 31, 2010 Tambahan modal disetor, neto 1c,2t,20 2.062.705.870.831 2.069.739.299.696 18.511.157.110 Additional paid-in capital, net

Difference arising from transaction with Selisih transaksi dengan pihak nonpengendali 4 19.139.991.769 19.139.991.769 (10.686.243.470) non-controlling interests

Saldo laba Retained earnings

Dicadangkan 30 1.000.000.000 - - Appropriated Belum dicadangkan 215.014.545.314 175.033.557.762 30.694.076.075 Unappropriated Pendapatan komprehensif lainnya 1g,1h 9.652.907.341 (9.116.405.468) (9.985.312.712) Other Comprehensive Income

Jumlah Ekuitas yang Dapat Diatribusikan Total Equity Attributable to Owners

Kepada Pemilik Entitas Induk 2.895.748.615.255 2.843.031.743.759 528.533.677.003 of the Parent

Kepentingan nonpengendali 2c,21 5.712.178.646 5.437.994.037 32.939.085.508 Non-controlling Interests

JUMLAH EKUITAS 2.901.460.793.901 2.848.469.737.796 561.472.762.511 TOTAL EQUITY

JUMLAH LIABILITAS DAN EKUITAS 3.440.326.009.433 3.328.501.769.359 1.107.515.784.993 TOTAL LIABILITIES AND EQUITY

-tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.

The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as whole. Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang

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Beban penjualan (312.325.355.890) 2r,9,24 (182.835.868.301) Selling expenses

Beban umum dan administrasi (283.481.483.747) 2e,2f,2r,2s,9,11,25,27,32 (258.840.467.951) General and administrative expenses Beban eksplorasi (5.755.705.884) 2r (4.937.013.368) Exploration expense

Jumlah Beban Usaha (601.562.545.521) (446.613.349.620) Total Operating Expenses

LABA USAHA 118.675.552.955 387.902.120.598 INCOME FROM OPERATIONS

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

Pendapatan bunga 68.429.064.642 2f,2r,32 15.367.884.034 Interest Income

Keuntungan selisih kurs, neto 39.913.524.404 2e,2r 4.927.831.515 Gain on foreign exchange, net

Penghasilan jasa pelabuhan 7.408.128.700 2r,34 47.918.439.572 Port Income

Bagian laba (rugi) neto entitas anak Share in net income (loss) of subsidiary

sebelum kehilangan pengendalian (172.467.326) 1c 1.127.355.979 before loss of control Beban administrasi bank (2.678.804.708) 2r (1.726.336.452) Bank administration charges Beban bunga dan keuangan lainnya (3.264.877.893) 2f,2r,17,26,32 (24.707.861.678) Interest and other financial charges Beban lain-lain, neto (9.325.456.457) 2f,2o,2r,10,28,32,34 (10.396.617.595) Other expenses, net

LABA SEBELUM PAJAK PENGHASILAN 218.984.664.317 420.412.815.973 INCOME BEFORE INCOME TAX

BEBAN (MANFAAT) PAJAK PENGHASILAN 2u,14 INCOME TAX EXPENSE (BENEFIT)

Kini 58.852.034.526 109.885.095.000 Current

Tangguhan (18.801.895.308) (8.200.435.333) Deferred 40.050.139.218 101.684.659.667

LABA TAHUN BERJALAN 178.934.525.099 318.728.156.306 PROFIT FOR THE YEAR

PENDAPATAN KOMPREHENSIF LAINNYA OTHER COMPREHENSIVE INCOME

Exchange different due to financial statements Selisih kurs karena penjabaran laporan keuangan 19.130.545.145 1g,1h 885.780.493 translation

JUMLAH LABA KOMPREHENSIF TAHUN BERJALAN 198.065.070.244 319.613.936.799 TOTAL COMPREHENSIVE INCOME FOR THE YEAR

Laba tahun berjalan yang dapat diatribusikan kepada: Profit for the year attributable to:

Pemilik entitas induk 177.745.694.802 314.339.481.687 Owners of the parent

Kepentingan nonpengendali 1.188.830.297 2c,21 4.388.674.619 Non-controlling interests

178.934.525.099 318.728.156.306

Jumlah laba komprehensif tahun berjalan Total comprehensive income for the year

yang dapat diatribusikan kepada: attributable to:

Pemilik entitas induk 196.515.007.611 315.208.388.931 Owners of the parent Kepentingan nonpengendali 1.550.062.633 4.405.547.868 Non-controlling interests

198.065.070.244 319.613.936.799

LABA PER SAHAM

Dasar dari laba tahun berjalan EARNINGS PER SHARE

yang dapat diatribusikan kepada Pemilik Basic from profit for the year

entitas induk 30,22 2v,31 61,53 attributable to Owners of the parent

Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.

The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as whole.

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statements translation - - - - - 868.907.244 868.907.244 16.873.249 885.780.493 Selisih nilai transaksi dengan entitas sepengendali/Difference in value from

transactions of entities under common control 20 - (1.110.037.804) - - - - (1.110.037.804) - (1.110.037.804) Selisih transaksi penambahan investasi pada entitas anak/

Difference arising from additional investments in subsidiary 4 - - 29.826.235.239 - - - 29.826.235.239 (29.826.235.239) -Ekuitas proforma dari transaksi dengan entitas sepengendali/

Proforma equity from transaction among entities under common control 1c,20 - (12.939.000.000) - - - - (12.939.000.000) - (12.939.000.000) Dampak pelepasan entitas anak/ Effect of the disposed subsidiary - - - - - - - (1.000.000) (1.000.000) Dividen/ Dividend 30 - - - - (170.000.000.000) - (170.000.000.000) - (170.000.000.000) Dividen entitas anak kepada kepentingan nonpengendali/

Dividend of subsidiaries to non-controlling interests - - - - - - - (2.079.404.100) (2.079.404.100) Laba tahun berjalan/ Profit for the year - - - - 314.339.481.687 - 314.339.481.687 4.388.674.619 318.728.156.306 Saldo pada tanggal 31 Desember 2011 (Disajikan kembali, Catatan 37)/

Balance as of December 31, 2011 (As Restated, Note 37) 588.235.300.000 2.069.739.299.696 19.139.991.769 - 175.033.557.762 (9.116.405.468) 2.843.031.743.759 5.437.994.037 2.848.469.737.796 Selisih kurs karena penjabaran laporan keuangan/Exchange different due to financial

statements translation 1h - - - - - 18.769.312.809 18.769.312.809 361.232.336 19.130.545.145 Selisih nilai transaksi dengan entitas sepengendali/

Difference in value from transactions of entities under common control 1c,20 - (7.033.428.865) - - - - (7.033.428.865) - (7.033.428.865) Dampak dari kehilangan pengendalian atas entitas anak/

Effect of loss of control over a subsidiaries - - - - - - - (1.139.326) (1.139.326) Dividen/ Dividend 30 - - - - (136.764.707.250) - (136.764.707.250) - (136.764.707.250) Dividen entitas anak kepada kepentingan nonpengendali/

Dividend of subsidiaries to non-controlling interests - - - - - - - (1.274.738.698) (1.274.738.698) 30

Dicadangkan/ Appropriate - - - 1.000.000.000 (1.000.000.000) - - - -Laba tahun berjalan/ Profit for the year - - - - 177.745.694.802 - 177.745.694.802 1.188.830.297 178.934.525.099 Saldo pada tanggal 31 Desember 2012/ Balance as of December 31, 2012 588.235.300.000 2.062.705.870.831 19.139.991.769 1.000.000.000 215.014.545.314 9.652.907.341 2.895.748.615.255 5.712.178.646 2.901.460.793.901

Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan

The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as whole.

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Pembayaran beban bunga dan keuangan lainnya (3.264.877.893) (24.352.300.204) Payments of interest and other financial charges Pembayaran pajak penghasilan badan (182.146.818.649) (19.001.193.172) Payments of corporate income tax

Arus Kas Neto Diperoleh dari (Digunakan untuk) Aktivitas Operasi (472.310.970.396) 315.694.903.382 Net Cash Provided by (Used in) Operating Activities

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES

Pencairan deposito berjangka - 16.657.500.000 Withdrawal of time deposits Penempatan investasi saham - (125.000.000) Placement in investment in share of stock Arus kas keluar bersih dari pelepasan entitas anak setelah Net cash outflow from disposal of subsidiaries -

dikurangi saldo kas entitas anak pada tanggal pelepasan - (2.668.621.628) net of cash balance of subsidiaries on disposal date Penambahan dana yang dibatasi pencairannya (3.808.259.151) (2.850.514.023) Increase in restricted fund

Pembayaran untuk akuisisi entitas anak setelah dikurangi Payment for acquisition of subsidiaries - net of cash saldo kas entitas anak pada tanggal akuisisi - (12.339.078.762) balance of acquired subsidiaries

Decrease (increase) in advances for purchases of Penurunan (kenaikan) uang muka pembelian aset tetap 24.645.541.479 (30.709.117.603) property and equipment

Penurunan (penambahan) aset tidak lancar lain-lain 11.255.142.915 (52.011.003.241) Decrease (additions) in other non-current assets Penambahan tambang dalam pengembangan (62.477.378.856) (92.488.154.611) Additions in mines under construction Penambahan tambang pada tahap produksi - (938.750.300) Increase in producing mines Perolehan aset tetap (283.341.629.699) (163.249.074.218) Acquisition of property and equipment Penjualan aset tetap 93.431.818 - Sale of property and equipemnt Arus Kas Neto Digunakan untuk Aktivitas Investasi (313.633.151.494) (340.721.814.386) Net Cash Used in Investing Activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of capital stock through Penerbitan modal saham melalui penawaran umum perdana - 2.205.882.500.000 initial public offering

Penerimaan utang lain-lain dari pihak berelasi - 334.366.743.870 Proceeds from other payables - related parties Penambahan utang obligasi - 20.000.000.000 Proceeds from issuance of convertible bond Pembayaran utang bank jangka pendek - (50.000.000.000) Payments of short-term bank loans

Penerimaan utang dari bank dan lembaga keuangan - 462.000.000 Proceeds from loans payable to bank and financial institutions Pembayaran utang pembelian kendaraan dan sewa pembiayaan (70.538.706) (112.666.230) Payments of purchase of vehicles and lease liabilities Pembayaran utang bank dan lembaga keuangan (1.475.996.317) (20.675.902.105) Payments for loans payable to bank and financial institutions Pembayaran biaya emisi saham (2.421.312.000) (49.948.707.610) Payment of stock issuance costs

Pembayaran dividen (136.764.558.500) (171.165.228.200) Payment of dividends

Pembayaran utang lain-lain kepada pihak berelasi (1.665.688.616) (616.948.519.179) Payments of other payables - related parties Arus Kas Neto Diperoleh dari (Digunakan untuk) Aktivitas Pendanaan (142.398.094.139) 1.651.860.220.546 Net Cash Provided by (Used in) Financing Activities

KENAIKAN (PENURUNAN) NETO KAS DAN SETARA KAS (928.342.216.029) 1.626.833.309.542 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

PENGARUH PERUBAHAN KURS MATA UANG ASING 1.042.537.994 (175.542.786) EFFECT OF FOREIGN EXCHANGE RATE CHANGES

PENGARUH TIDAK DIKONSOLIDASIKANNYA ENTITAS ANAK EFFECT OF NON - CONSOLIDATION OF THE FINANCIAL

YANG DILEPASKAN - 2.582.939.803 STATEMENTS OF DISPOSED SUBSIDIARY

PENGARUH DARI KEHILANGAN PENGENDALIAN ATAS ENTITAS ANAK (142.946.729) - EFFECT OF LOSS OF CONTROL OVER SUBSIDIARIES

PENGARUH PENYESUAIAN PROFORMA DARI TRANSAKSI EFFECT OF PROFORMA ADJUSTMENTS FROM

DENGAN ENTITAS SEPENGENDALI - (599.921.238) TRANSACTIONS AMONG ENTITIES UNDER COMMON CONTROL

KAS DAN SETARA KAS AWAL TAHUN 1.878.790.806.278 250.150.020.957 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR

KAS DAN SETARA KAS AKHIR TAHUN 951.348.181.514 1.878.790.806.278 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR

Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.

The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as whole.

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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. 10 tanggal 3 Februari 2012 dari Linda Herawati, S.H., notaris di Jakarta, untuk disesuaikan dengan Peraturan Bapepam-LK No. IX.J.1 tanggal

14 Mei 2008 tentang pokok-pokok

Anggaran Dasar Perseroan yang melakukan Penawaran Umum Efek. Akta perubahan ini telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU-08684.AH.01.02. Tahun 2012 tanggal 20 Februari 2012.

The Company’s Articles of Association have been amended several times, most recently by Notarial Deed No. 10 dated February 3, 2012 of Linda Herawati, S.H., public notary in Jakarta, to be in accordance with Bapepam - LK regulation No. IX.J.1 dated May 14, 2008 regarding Articles of Association of the Companies

Conducting Public Offering. This

amendment was approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No.

AHU-08684.AH.01.02. Tahun 2012 dated

February 20, 2012. Saat ini Perusahaan bergerak dalam bidang

pertambangan melalui penyertaan pada entitas anak dan perdagangan batubara. Perusahaan 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 Izin 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 6, 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 Resources 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 3 (three) years and can be extended. The Company’s main office is

located at Plaza BII, Tower II,

6th Floor, Jl. M.H. Thamrin Kav. 51, Jakarta 10350.

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a. Pendirian Perusahaan (lanjutan) a. Establishment of the Company (continued)

Dalam laporan keuangan konsolidasian, Perusahaan dan entitas anak 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 Grup

Sinarmas. The Company operates under the Sinarmas group of business.

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

Pada tanggal 9 November 2011, Perusahaan

memperoleh pernyataan efektif dari

Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam-LK) dengan Surat No. S-12171/BL/2011 untuk

melakukan penawaran umum saham

perdana sebanyak 882.353.000 saham seharga Rp2.500 per saham kepada masyarakat. Pada tanggal 17 November

2011 seluruh saham tersebut telah

dicatatkan pada Bursa Efek Indonesia.

On November 9, 2011, the Company obtained the Notice of Effectivity from the Chairman of the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK) in his Letter No. S-12171/ BL/2011 for its offering to the public of 882,353,000 shares at Rp2,500 per share. On November 17, 2011 all of these shares were listed in the Indonesia Stock Exchange.

Pada tanggal 31 Desember 2012, seluruh saham Perusahaan sejumlah 5.882.353.000 saham telah tercatat di Bursa Efek Indonesia.

As of December 31, 2012, all of the Company’s shares totaling 5,882,353,000 shares were listed in the Indonesia Stock Exchange.

c. Entitas-Entitas Anak yang

Dikonsolidasikan

c. Consolidated Subsidiaries

Entitas-entitas anak yang dimilki perusahaan secara langsung maupun tidak langsung, adalah sebagai berikut:

The Company’s subsidiaries, owned

directly or indirectly, are as follows:

Tahun Operasi Komersial/

Start of

Domisili/ Jenis Usaha/ Commercial

Domicile Nature of Business Operations 2012 2011 2012 2011

% % Rp'000 Rp'000 Pemilikan langsung/Direct Ownership:

PT Roundhill Capital Indonesia (RCI) Jakarta Pusat/ Penyertaan saham/ - 99,016 99,016 992.381.307 762.021.273

Central Jakarta Holding company

PT Kuansing Inti Makmur (KIM) Muara Bungo, Pertambangan 2005 99,998 99,998 913.980.143 502.376.055 Kabupaten Bungo, batubara/

Jambi Coal mining

PT Trisula Kencana Sakti (TKS) Barito Utara, Pertambangan 2008 70,000 70,000 127.968.435 125.076.834 Kabupaten Barito batubara/

Utara, Coal mining

Kalimantan Tengah/

Central Kalimantan

GEMS Coal Resources Pte Ltd (GEMSCR) Singapura/ Perdagangan besar/ 2012 100,000 - 101.750.282

-Singapore Trading

PT Manggala Alam Lestari (MAL) *) Jakarta Pusat/ Pertambangan - - 99,992 - 34.063.019

Central Jakarta batubara/ Entitas Anak/Subsidiary Kepemilikan Efektif/ Effective Ownership Interest Jumlah Aset (Sebelum Eliminasi)/ Total Assets (Before Elimination) (in million)

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Tahun

Operasi Jumlah Aset Komersial/ Kepemilikan Efektif/ (Sebelum Eliminasi)/

Start of Effective Ownership Total Assets

Domisili/ Jenis Usaha/ Commercial Interest (Before Elimination)

Domicile Nature of Business Operations 2012 2011 2012 2011

% % Rp'000 Rp'000 Pemilikan tidak langsung/Indirect Ownership:

PT Borneo Indobara (BORNEO) Jakarta Pusat/ Pertambangan 2005 98,095 98,095 987.379.747 757.072.248 (melalui/through RCI) Central Jakarta batubara/

Coal mining

PT Karya Cemerlang Persada (KCP) Muara Bungo, Pertambangan 2011 99,998 99,998 169.213.234 145.270.575 (melalui/through KIM) Kabupaten Bungo, batubara/

Jambi **) Coal mining

PT Bungo Bara Utama (BBU) Muara Bungo, Pertambangan - 99,998 99,998 4.057.118 2.849.305 (melalui/through KIM) Kabupaten Bungo, batubara/

Jambi Coal mining

PT Bara Harmonis Batang Asam (BHBA) Muara Bungo, Pertambangan 2010 99,998 99,998 128.219.570 307.870.787 (melalui/through KIM) Kabupaten Bungo, batubara/

Jambi Coal mining

PT Berkat Nusantara Permai (BNP) Muara Bungo, Pertambangan - 99,998 99,998 196.664.965 2.214.629 (melalui/through KIM) Kabupaten Bungo, batubara/

Jambi **) Coal mining

PT Tanjung Belit Bara Utama (TBBU) Muara Bungo, Pertambangan - 99,998 99,798 249.488.434 82.578.897 (melalui/through KIM) Kabupaten Bungo, batubara/

Jambi Coal mining

PT Nusa Indah Permai (NIP) *) Musi Pertambangan - - 99,983 - 8.122.760 (melalui/through MAL) Banyuasin, batubara/

Sumatera Coal mining

Selatan/

South Sumatera

*) Pada tanggal 31 Desember 2012, MAL dan NIP bukan merupakan entitas anak yang dikonsolidasikan/As of December 31, 2012, MAL and NIP are not consolidated subsidiaries **) Pada tanggal 7 Mei 2012, KCP dan BNP mengubah tempat kedudukan/As of May 7, 2012, KCP and BNP change their domicile

Entitas Anak/Subsidiary

RCI RCI

Berdasarkan Keputusan Menteri Energi

dan Sumber Daya Mineral

No. 835.K/30/DJB/2012, RCI telah

memperoleh Izin Usaha Pertambangan Operasi Khusus Untuk Pengangkutan dan Penjualan Batubara untuk jangka waktu 5 (lima) tahun.

Based on the Decision of the Ministry of

Energy and Mineral Resources

No. 835.K/30/DJB/2012, RCI obtained Particular License of IUP Operation Production for Transportation and Trade of Coal which is valid for 5 (five) years.

KIM KIM

KIM telah memperoleh izin pengusahaan

pertambangan batubara sebagai berikut: KIM has obtained the following coal mining licenses:

Luas Area/ No. Surat Keputusan/ Masa Berlaku/

No. Ijin KP/Licenses Daerah/Location Area Decision Letter No. Validity

Hektar/Hectare

1. IUP Operasi Produksi Kecamatan Jujuhan, 199 Keputusan Bupati Bungo/ 23 April 2010 s.d./up to

dan Perubahan atas Kabupaten Bungo, Decision of Bupati Bungo 22 April 2020

IUP tersebut/ Provinsi/Province Jambi No. 251/DESDM Tahun 2010

Production Operations License Jo. Keputusan Bupati Bungo/

and the Change of such Jo. Decision of Bupati Bungo

License No. 166/DESDM Tahun 2012

2. IUP Operasi Produksi/ Kecamatan Jujuhan, Keputusan Bupati Bungo/ 23 April 2010 s.d./up to

Production Operations Kabupaten Bungo, Decision of Bupati Bungo 22 April 2018

License Provinsi/Province Jambi No. 252/DESDM Tahun 2010

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Dikonsolidasikan (lanjutan) c. Consolidated Subsidiaries (continued)

TKS TKS

TKS telah memperoleh izin pengusahaan pertambangan batubara sebagai berikut:

TKS has obtained the following coal mining license:

Hektar/Hectare

1. IUP Operasi Produksi/ Desa Malateken, 4.748 Keputusan Bupati Barito Utara/ 26 April 2010 s.d./up to Production Operations Gandring, Panaen, Liang Buah, Decision of Bupati - North Barito 25 April 2026

License Kecamatan Teweh Tengah/Central No. 188.45/207/2010

dan/and Teweh Timur/East , Kabupaten Barito Utara/North ,

Provinsi/Province Kalimantan Tengah/Central

2. IUP Operasi Produksi/ Desa Malateken 4.959 Keputusan Bupati Barito Utara/ 26 April 2010 s.d./up to Production Operations Gandring dan/and Panaen, Decision of Bupati - North Barito 25 April 2028

License Kecamatan Teweh Tengah/Central No. 188.45/208/2010

dan/and Teweh Timur/East , Provinsi/Province Kalimantan Tengah/Central

3. IUP Operasi Produksi/ Desa Saing, Patung, Gandrung, 1.748 Keputusan Bupati Barito Timur/ 14 Agustus/August 2009 Production Operations Kecamatan Dusun Tengah/Central Decision of Bupati - North Barito s.d./up to 14 Agustus/

License dan/and Paku, No. 570 tahun/year 2009 August 2019

Kabupaten Barito Timur/East , Provinsi/Province Kalimantan Tengah/Central

GEMSCR GEMSCR

Berdasarkan Keputusan Direksi Perusahaan tanggal 10 Juli 2012, Direksi setuju untuk

mendirikan GEMSCR dengan modal

ditempatkan dan disetor terdiri dari 100.000 saham dengan nilai nominal USD 1 per lembar yang diambil seluruhnya oleh Perusahaan.

Based on Circular Resolution of the

Directors of the Company dated

July 10, 2012, the Directors agreed to establish GEMSCR with paid up and issued capital of 100,000 shares with a nominal value of USD 1 per share which is fully owned by the Company.

Pada tanggal 13 Juli 2012, telah didirikan GEMSCR yang berdomisili di Singapura dan bergerak di bidang perdagangan batubara.

On July 13, 2012, GEMSCR was established in Singapore and is engaging in coal trading business.

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BORNEO BORNEO BORNEO memperoleh izin Pengusahaan

Pertambangan Batubara dari instansi-instansi berikut:

BORNEO has obtained from the following licenses to conduct coal mining activities: · Pemerintah Republik Indonesia diwakili

oleh PT Tambang Batubara Bukit

Asam (Persero) (PTBA) dalam

Perjanjian Kerjasama Pengusahaan

Pertambangan Batubara (PKP2B)

No. 007/PK/PTBA-BI/1994 tanggal

15 Agustus 1994. Berdasarkan

perubahan PKP2B antara PTBA dan BORNEO tanggal 27 Juni 1997, efektif sejak tanggal 1 Juli 1997 semua hak dan kewajiban PTBA dalam PKP2B beralih kepada Pemerintah Republik Indonesia yang diwakili oleh Menteri Pertambangan dan Energi (sekarang Menteri Energi dan Sumber Daya Mineral).

· The Government of the Republic

of Indonesia as represented

by PT Tambang Batubara Bukit Asam (Persero) (PTBA) in Coal

Contract of Work (CCoW)

No. 007/PK/PTBA-BI/1994 dated

August 15, 1994. Based on the changes in CCoW between PTBA and BORNEO dated June 27, 1997, effective July 1, 1997, all of the PTBA rights and obligations in CCoW have

been transferred back to the

Government of the Republic of Indonesia which was represented by Ministry of Mining and Energy (currently the Ministry of Energy and Mineral Resources).

· Menteri Energi dan Sumber Daya

Mineral berdasarkan surat keputusan

No. 10.K/40.00/DJB/2006 tanggal

17 Februari 2006 tentang Permulaan

Tahap Kegiatan Produksi

Perjanjian Kerjasama Pengusahaan Pertambangan Batubara seluas 24.100 hektar untuk jangka waktu 30 (tiga puluh) tahun.

· Ministry of Energy and Mineral

Resources in its Decision Letter

No. 10.K/40.00/DJB/2006 dated

February 17, 2006 concerning the beginning stage of Production Activity of CCoW for 24,100 hectares for a period of 30 (thirty) years.

KCP KCP

KCP telah memperoleh izin pengusahaan pertambangan batubara sebagai berikut:

KCP has obtained the following coal mining license:

Hektar/Hectare

1. IUP Operasi Produksi/ Dusun Tanjung Belit, 143 Keputusan Bupati Bungo/ 22 Juli/July 2009 s.d/up to

Production Operations Kecamatan Jujuhan, Decision of Bupati Bungo 21 Juli/July 2019

License Kabupaten Bungo, No. 350/DESDM/Tahun 2009

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BBU BBU

BBU telah memperoleh izin pengusahaan

pertambangan batubara sebagai berikut: BBU has obtained the following coal mining license:

Hektar/Hectare

1. IUP Operasi Produksi/ Dusun Tanjung Belit, 199 Keputusan Bupati Bungo/ 23 April 2010 s.d./up to

Production Operations Kecamatan Jujuhan, Decision of Bupati Bungo 22 April 2018

Provinsi/Province Jambi

2. IUP Operasi Produksi/ Dusun Tanjung Belit, 1.301 Keputusan Bupati Bungo/ 9 Juli/July 2009 s.d./up to

Production Operations Kecamatan Jujuhan, Decision of Bupati Bungo 8 Juli/July 2029

BHBA BHBA

BHBA telah memperoleh izin pengusahaan

batubara sebagai berikut: BHBA has obtained the following coal mining license:

Hektar/Hectare

1. IUP Operasi Produksi/ Dusun Tanjung Belit, 172 Keputusan Bupati Bungo/ 23 April 2010 s.d./up to

Production Operations Kecamatan Jujuhan, Decision of Bupati Bungo 22 April 2016

BNP BNP

BNP telah memperoleh izin pengusahaan pertambangan batubara sebagai berikut:

BNP has obtained the following coal mining license:

Hektar/Hectare

1. IUP Operasi Produksi/ Dusun Tanjung Belit, 199 Keputusan Bupati Bungo/ Desember/December 2010 Production Operations Kecamatan Jujuhan, Decision of Bupati Bungo s.d./up to Oktober/October 2019

TBBU TBBU

TBBU telah memperoleh izin pengusahaan

pertambangan batubara sebagai berikut: TBBU has obtained the following coal mining license:

Hektar/Hectare

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TBBU (lanjutan) TBBU (continued) Berdasarkan Akta No. 24 tanggal

19 September 2012 dari Deni Thanur, S.E., S.H., M.Kn., notaris di Jakarta, para pemegang saham TBBU menyetujui untuk

meningkatkan modal dasar dari

Rp1.000.000.000 terdiri atas 2.000 lembar saham menjadi Rp120.000.000.000 terdiri dari 240.000 lembar saham dan modal ditempatkan dan disetor penuh dari Rp250.000.000 terdiri dari 500 lembar saham menjadi Rp30.250.000.000 terdiri dari 60.500 lembar saham atau meningkat Rp30.000.000.000 terdiri dari 60.000 lembar saham yang diambil seluruhnya oleh KIM. Akta tersebut telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik

Indonesia dalam surat No.

AHU-50844.AH.01.02. Tahun 2012 tanggal

28 September 2012.

Based on Deed No. 24 dated

September 19, 2012, of Deni Thanur, S.E., S.H., M.Kn., public notary in Jakarta, the shareholders of TBBU agreed to increase its authorized capital from Rp1,000,000,000

consisting of 2,000 shares to

Rp120,000,000,000 consisting of 240,000 shares and its issued and paid up capital from Rp250,000,000 consisting of 500 shares to Rp30,250,000,000 consisting of 60,500 shares or an increase of Rp30,000,000,000 consisting of 60,000 shares which all were acquired by KIM. The deed was approved by Minister of Law of Human Rights of the Republic of Indonesia

in its Decision Letter No.

AHU-50844.AH.01.02.Tahun 2012 dated

September 28, 2012. Transaksi diatas menyebabkan kepemilikan

KCP di TBBU terdilusi dari 99,800% menjadi 0,825% dan kepemilikan efektif KIM di

TBBU berubah dari 99,792%menjadi

99,998% serta kepemilikan efektif

Perusahaan pada TBBU meningkat dari 99,798% menjadi 99,998%. Selisih antara harga pelepasan (akuisisi) dengan nilai buku

investasi sebesar Rp11.588.889.134

disajikan di bagian ekuitas sebagai bagian dari akun “Tambahan modal disetor” pada laporan keuangan KCP dan KIM dan telah

dieliminasi pada laporan keuangan

konsolidasian Perusahaan dan Entitas Anak.

The above transaction causes KCP’s ownership in TBBU diluted from 99.800% to 0.825% and KIM’s effective ownership interest increased from 99,792% to 99,998% and the effective ownership interest the Company in TBBU increase from 99.798% to 99.998%. The difference between the selling (acquisition) price and the carrying value of investment amounted to Rp11,588,889,134 was presented in the equity section as part of “Paid-in capital” in each KCP’s and KIM’s financial statements

and has been eliminated in the

consolidated financial statements of the Company and Subsidiaries.

MAL MAL

Berdasarkan Akta No.55 tanggal 13 Mei 2009 dari Hannywati Gunawan, S.H., notaris di Jakarta, Perusahaan mengakuisisi 4.985 saham baru yang diterbitkan MAL dengan nilai nominal Rp1.000.000 per saham.

Based on Deed No.55 dated May 13, 2009 of Hannywati Gunawan, S.H., public notary in Jakarta, the Company acquired 4,985 MAL’s new shares with nominal value of Rp1,000,000 per share.

Berdasarkan Akta Jual Beli Saham No.113 tanggal 28 Mei 2009 dari Hannywati

Gunawan, S.H., notaris di Jakarta,

Perusahaan mengakuisisi 14 saham MAL dari PT Cakrawala Dinamika Lestari, pihak ketiga.

Based on Deed of Sale and Purchase of Shares No.113 dated May 28, 2009 of Hannywati Gunawan, S.H., public notary in Jakarta, the Company acquired 14 shares of MAL owned by PT Cakrawala Dinamika Lestari, a third party.

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MAL (lanjutan) MAL (continued)

Berdasarkan Akta No.106 tanggal

31 Agustus 2010 dari Hannywati Gunawan, S.H., notaris di Jakarta, Perusahaan mengambil alih 1.280 saham baru yang diterbitkan MAL.

Based on Deed No.106 dated August 31, 2010 of Hannywati Gunawan, S.H., public notary in Jakarta, the Company acquired 1,280 MAL’s new shares.

Berdasarkan Akta No.45 tanggal 12 Oktober 2010 dari Hannywati Gunawan, S.H., notaris di Jakarta, Perusahaan mengambil alih 6.660 saham baru yang diterbitkan MAL sebesar Rp6.660.000.000. Dengan pengambilalihan ini, kepemilikan Perusahaan dalam MAL sebesar 99,992%.

Based on Deed No.45 dated October 12, 2010 of Hannywati Gunawan, S.H., public notary in Jakarta, the Company acquired 6,660 MAL’s new shares amounting Rp6,660,000. Accordingly, the Company’s ownership interest in MAL is 99.992%. Berdasarkan Akta No. 124 tanggal

29 Desember 2010 dari Hannywati

Gunawan, S.H., notaris di Jakarta, para pemegang saham MAL menyetujui penjualan seluruh 12.939 saham MAL yang dimiliki Perusahaan kepada PT Bumi Kencana Eka Sejahtera (BKES), pihak berelasi.

Based on Deed No. 124 dated

December 29, 2010 of Hannywati

Gunawan,S.H., a public notary in Jakarta, the shareholders of MAL agreed to sell all 12,939 shares of MAL owned by the Company to PT Bumi Kencana Eka Sejahtera (BKES), a related party.

Berdasarkan Akta No. 68 tanggal

18 Februari 2011 dari Hannywati Gunawan, S.H., notaris di Jakarta, para pemegang saham MAL menyetujui penjualan 12.939 saham MAL yang dimiliki BKES, pihak berelasi, kepada Perusahaan.

February 18, 2011 of Hannywati Gunawan, S.H., public notary in Jakarta, shareholders of MAL agreed to sell 12,939 shares in MAL owned by BKES, a related party, to the Company.

Karena Perusahaan, MAL, dan BKES merupakan entitas sepengendali, maka akuisisi yang dilakukan Perusahaan atas MAL dilakukan dengan metode penyatuan kepemilikan (pooling-of-interest method). Untuk tujuan penyajian, laporan keuangan konsolidasian Grup untuk tahun 2010 telah disajikan dengan menggabungkan laporan keuangan MAL tahun 2010, seolah-olah MAL yang dijual kepada BKES pada tanggal 29 Desember 2010 masih bergabung pada tanggal 31 Desember 2010. Selanjutnya, ekuitas neto MAL hasil penggabungan dicatat sebagai bagian dari akun “Tambahan modal disetor” (Catatan 20).

Since the Company, MAL, and BKES are entities under common control, the acquisition of MAL by the Company is accounted for in a manner similar to pooling of interest method. For presentation

purposes, the Group’s consolidated

financial statements in 2010 were combined with the financial statements of MAL in 2010 as if MAL, which was sold to BKES on December 29, 2010, is still a subsidiary as of December 31, 2010. Consequently, net equity of MAL was recorded as part of “Additional paid-in capital” (Note 20).

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9 Januari 2012 dari Hannywati Gunawan, S.H., notaris di Jakarta, pemegang saham MAL setuju untuk mengkonversi obligasi konversi yang dikeluarkan kepada BKES, pihak berelasi, menjadi 20.000 saham pada nilai nominal sebesar Rp1.000.000 per saham serta meningkatkan saham ditempatkan dan disetor dari Rp12.940.000.000 menjadi Rp32.940.000.000 atau meningkat sebesar

Rp20.000.000.000 sehubungan dengan

konversi obligasi konversi. Akta tersebut telah

didaftarkan dalam database Sistem

Administrasi Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat No. AHU-AH.01.10-01392 tanggal 13 Januari 2012.

January 9, 2012 of Hannywati Gunawan, S.H., public notary in Jakarta, the shareholders of MAL agreed to convert the convertible bonds issued to BKES, a related party, into 20,000 shares at Rp1,000,000 par value per share and increase the issued and paid up capital from Rp12,940,000,000 to Rp32,940,000,000 or an increase of Rp20,000,000,000 relating to the conversion of convertible bonds. 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 No. AHU-AH.01.10-01392 dated January 13, 2012.

Sehubungan dengan hal tersebut diatas, kepemilikan Perusahaan atas MAL menjadi terdilusi, yang sebelumnya sebesar 99,992% menjadi 39,281%. Selisih antara nilai buku MAL dengan nilai buku investasi MAL sebesar Rp3.113.912.985 dicatat sebagai bagian dari “Tambahan modal disetor” (Catatan 20).

In relation to the above, the ownership interest of the Company in MAL was diluted, from 99.992% to 39.281%. The difference between MAL net book value and the carrying value of the investment in MAL amounting to Rp3,113,912,985 is presented as part of “Additional paid-in capital” (Note 20).

2 Maret 2012 dari Hannywati Gunawan, S.H., notaris di Jakarta, para pemegang saham MAL menyetujui penjualan 20.000 lembar saham MAL milik BKES, pihak berelasi, kepada PT Andalan Satria Lestari (ASL), pihak berelasi.

Based on Deed No. 23 dated March 2, 2012 of Hannywati Gunawan, S.H., public notary in Jakarta, the shareholders of MAL agreed to sell 20,000 shares of MAL owned by BKES, a related party, to PT Andalan Satria Lestari (ASL), a related party. Berdasarkan Akta No. 45 tanggal 7 Maret

2012 dari Hannywati Gunawan, S.H., notaris

di Jakarta, para pemegang saham

menyetujui antara lain perubahan klasifikasi saham MAL menjadi saham Seri A bernilai nominal Rp1.000.000 dan saham Seri B bernilai nominal Rp1.000 dan perubahan seluruh saham yang telah dikeluarkan menjadi saham Seri A serta peningkatan

modal ditempatkan dan disetor dari

Rp32.940.000.000 terbagi atas 32.940 saham menjadi Rp34.940.000.000 terbagi atas 32.940 saham Seri A dan 2.000.000 saham Seri B yang diambil bagian

Based on Deed No. 45 dated March 7, 2012 of Hannywati Gunawan, S.H., public notary in Jakarta, the shareholders of MAL agreed, among others, to change the classification of MAL’s share into Series A share with nominal value per share of Rp1,000,000 and Series B shares with nominal value per share of Rp1,000 and to change all of the issued shares to Series A shares and increase the issued and paid up capital from Rp32,940,000,000 consisting of 32,940 shares to Rp34,940,000,000 consisting of 32,940 Series A shares and 2,000,000 Series B shares which were all

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c. Entitas-Entitas Anak yang Dikonsolidasikan (lanjutan)

c. Consolidated Subsidiaries (continued)

seluruhnya oleh ASL sebanyak

Rp2.000.000.000 terbagi atas 2.000.000 saham Seri B. Akta tersebut telah

Administrasi Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat No. AHU-AH.01.10-12871 tanggal 16 April 2012.

acquired by ASL amounting to

Rp2,000,000,000 consisting of 2,000,000 Series B shares. 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 No. AHU-AH.01.10-12871 dated April 16, 2012.

Dengan peningkatan modal tersebut,

kepemilikan Perusahaan pada MAL terdilusi dari 39,281% menjadi 0,636%. Selisih antara nilai buku MAL dengan nilai buku investasi MAL sebesar Rp10.147.341.850 dicatat sebagai bagian dari “Tambahan modal disetor” (Catatan 20). Bagian laba neto dari MAL sebelum dilusi sebesar Rp172.467.326 disajikan sebagai “Bagian laba (rugi) neto entitas anak” pada laporan laba rugi komprehensif konsolidasian. Pada tanggal 31 Desember 2012, nilai tercatat penyertaan saham MAL sebesar Rp180.065.720 dicatat sebagai bagian dari akun “Investasi saham” pada laporan posisi keuangan konsolidasian (Catatan 12).

With such an increase in the capital, the Company’s ownership interest in MAL decreased from 39.281% to 0.636%. The difference between MAL net book value and the carrying value of the investment in MAL amounting to Rp10.147.341.850 is presented as part of “Additional paid-in capital” (Note 20). Share in net income of MAL prior to dilution amounting to Rp172,467,326 is presented as “Share in net income (loss) of Subsidiary” in the consolidated statements of comprehensive income. As of December 31, 2012, the carrying value of investment in MAL’s shares amounting to Rp180,065,720 was recorded as part of “Investment in shares of stock” account in the consolidated statements of financial position (Note 12).

Berdasarkan akta No. 53 tanggal

11 Desember 2012 dari Hannywati

Gunawan, S.H., notaris di Jakarta, MAL meningkatkan modal ditempatkan dan disetor dari Rp34.940.000.000 terbagi atas 32.940 saham Seri A dan 2.000.000 saham Seri B menjadi Rp38.940.000.000 terbagi atas 32.940 saham Seri A dan 6.000.000 saham Seri B yang diambil seluruhnya oleh ASL sebanyak Rp4.000.000.000 terbagi atas 4.000.000 saham Seri B. Akta tersebut telah

Administrasi Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat No. AHU-AH.01.10-00366 tanggal 3 Januari 2013.

Based on Deed No. 53 dated December 11, 2012 of Hannywati Gunawan, S.H., public notary in Jakarta, MAL increase the issued and paid up capital from Rp34,940,000,000 consisting of 32,940 Series A shares and

2,000,000 Series B shares to

Rp38,940,000,000 consisting of 32,940 Series A shares and 6,000,000 Series B shares, which were all acquired by ASL amounting to Rp4,000,000,000 consisting of 4,000,000 Series B shares. 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 No. AHU-AH.01.10-00366 dated January 3, 2013.

Dengan peningkatan modal tersebut,

kepemilikan Perusahaan pada MAL terdilusi menjadi 0,214%.

With such an increase in the capital, the Company’s ownership interest in MAL decreased to 0.214%.

(22)

MAL (lanjutan) MAL (continued) MAL tidak dikonsolidasi oleh Perusahaan

sejak tanggal Perusahaan kehilangan

pengendalian atas MAL. Oleh karena itu, saldo aset pertambangan dari kombinasi

bisnis telah disesuaikan sebesar

Rp3.462.497.495 (Catatan 10).

MAL is not consolidated by the Company on the date the Company losses its control over MAL. Accordingly, mine properties from business combination has been adjusted for Rp3,462,497,495 (Note 10).

Dalam melaksanakan kegiatan

pertambangannya, MAL telah memperoleh perizinan sebagai berikut:

In relation to its mining activities, MAL has obtained the following licenses:

Luas Area/ No. Surat Keputusan/ Masa Berlaku/

No. Ijin KP/Licenses Daerah/Location Area Decision Letter No. Validity

Hektar/Hectare

1. IUP Operasi Produksi/ Kecamatan Bayung Lencir, Keputusan Bupati Musi Banyuasin / 11 September 2009 Production Operations Kabupaten Musi Banyuasin Decision of Bupati Musi Banyuasin s.d./up to 7 Maret/March 2017

License Provinsi Sumatera Selatan/ No. 1259 Tahun 2009

South Sumatera Province

2. SK Perubahan Masa - - Keputusan Bupati Musi Banyuasin/ 11 September 2009 s.d.

Berlaku IUP Operasi Decision of Bupati Musi Banyuasin s.d./up to 8 Maret/March 2021

Produksi/ No. 0672 Tahun 2010

Decision Letter on Change in Validity Period of License Production Operations 4.836 NIP NIP

NIP telah memperoleh izin pengusahaan pertambangan batubara sebagai berikut:

NIP has obtained the following coal mining licenses:

Luas Area/ No. Surat Keputusan/ Masa Berlaku/

No. Ijin KP/Licenses Daerah/Location Area Decision Letter No. Validity

Hektar/Hectare

1. IUP Operasi Produksi/ Kecamatan Bayung Lencir, Keputusan Bupati Musi Banyuasin/ 11 September 2009 Production Operations Kabupaten Musi Banyuasin, Decision of Bupati Musi Banyuasin s.d/up to 7 Maret/March 2017

License Provinsi Sumatera Selatan/ No. 1255 Tahun 2009

South Sumatera Province

2. Persetujuan Perubahan Keputusan Bupati Musi Banyuasin/ Perpanjangan ijin sampai dengan

Masa Berlaku IUP Decision of Bupati Musi Banyuasin 8 Maret 2021 dan dapat

Operasi Produksi/ No. 0671 Tahun 2010 diperpanjang kembali/

Approval on the Change Extension of the License

of the Validity Period of License until March 8, 2021 and can be

Production Operations License further extended

-4.500

(23)

-c. Entitas-Entitas Anak yang Dikonsolidasikan (lanjutan)

c. Consolidated Subsidiaries (continued)

NIP (lanjutan) NIP (continued)

NIP, entitas anak melalui MAL, tidak dikonsolidasi oleh Perusahaan sejak tanggal Perusahaan kehilangan pengendalian atas MAL.

NIP, subsidiary through MAL, is not consolidated by the Company on the date the Company losses its control over MAL.

d. Area Eksplorasi dan Eksploitasi d. Exploration and Exploitation Area

Grup memiliki area eksplorasi maupun eksploitasi/pengembangan sebagai berikut (tidak diaudit):

The details of the Group’s exploration and exploitation/development area are as follows (unaudited):

Jumlah Aset Pertambangan

untuk Tambang dalam Jumlah Cadangan Dampak dari Penyesuaian Penambahan Cadangan

Pengembangan dan pada Terbukti dan Terduga kehilangan Cadangan Terbukti dan Terduga Jumlah Produksi Jumlah Cadangan Tahap Produksi pada pada Tanggal pengendalian Terbukti dan Karena Penambahan untuk Tahun Terbukti dan Terduga Tanggal 31 Desember 2012/ 31 Desember 2011***)/ atas entitas Terduga *****)******)/ Area Pengeboran/ yang Berakhir pada Tanggal

Total Mine Properties for Mines Total Proven and anak/ Effect Adjustment in Addition in Proven 31 Desember 2012 ***)/ 31 Desember 2012***)/

under Construction and Probable Reserves of loss of Proven and Probable Reserves Total Production Total Proven and

Pemilik/ Nama Lokasi/ Producing Mines as of as of control over and Probable Due to Addition of for the Year Ended Probable Reserves as of License Owner Location December 31, 2012 December 31, 2011***) a subsidiary Reserves *****)******) Drilling Area December 31, 2012 ***) December 31, 2012***)

Jutaan ton/ Jutaan ton/ Jutaan ton/ Jutaan ton/ Jutaan ton/ Jutaan ton/

Million Tons Million Tons Million Tons Million Tons Million Tons Million Tons

Blok/Block Batulaki **)****) 35.264.572.475 7,78 - - - 1,20 6,58 Blok/Block Sebamban **)****) 24.725.437.758 17,72 - - - 0,51 17,21 Blok/Block Kusan *****) 32.917.488.967 335,40 - (77,69) - 2,07 255,64 Blok/Block Girimulya *) *****) 98.779.686.239 410,00 - (46,00) - - 364,00 KIM Blok/Block - I Muara Bungo

-Blok/Block - II Muara Bungo *) 55.655.084.078 KCP Blok/Block - Muara Bungo **) 8.743.633.792

TBBU Blok/Block - Muara Bungo *) 17.900.012.307 78,42 - (41,09) - 1,51 35,82 BBU Blok/Block - Muara Bungo *) 2.301.788.908

BNP Blok/Block - Muara Bungo *) 474.038.888

TKS Blok/Block Muara Teweh **) 61.671.454.614 33,00 - (24,67) - 0,05 8,28 Blok/Block Ampah *)****) 5.021.345.200 - - - 0,40 - 0,40 MAL Blok/Block Bayung Lencir *) ****) *******) - 14,70 (14,70) - - - -NIP Blok/Block Bayung Lencir *) ****) *******) - 14,23 (14,23) - - - -Jumlah/Total 343.454.543.226 911,25 (28,93) (189,45) 0,40 5,34 687,93 Catatan/Notes :

*) Pertambangan dalam pengembangan/Mines under construction

**) Sebagian merupakan Aset pertambangan - tambang dalam pengembangan/Part is included in Mine properties - mines under construction ***) Tidak diaudit/Unaudited

****) Berdasarkan data internal/Based on internal data

*****) Berdasarkan JORC Reserve Statement dari PT SMG Consultants, pihak independen per Agustus 2012 setelah memperhitungkan produksi batubara sampai dengan bulan Desember 2012 (jika ada)/ Based on JORC Reserve Statement from PT SMG Consultants, an independent party, as of August 2012, and after considering coal production up to December 2012 (if any)

******) Berdasarkan JORC Reserve Statement dari PT Danmar Explorindo, pihak independen per Agustus 2012 setelah memperhitungkan produksi batubara sampai dengan bulan Desember 2012 (jika ada)/ Based on JORC Reserve Statement from PT Danmar Explorindo, an independent party, as of August 2012, and after considering coal production up to December 2012 (if any)

*******) Tidak dikonsolidasikan sejak Januari 2012 (Catatan 1c)/ not consolidated since January 2012 (Note 1c)

(24)

Jumlah cadangan batubara yang dimiliki oleh Grup pada tanggal 31 Desember 2012 adalah sebagai berikut (tidak diaudit):

The details of coal reserves owned by the Group as of December 31, 2012, are as follows (unaudited):

Terbukti/Proven Terduga/Probable Jumlah/Total

Jutaan Ton/ Jutaan Ton/ Jutaan Ton/

Million Tons Million Tons Million Tons

Blok/Block Kusan 190,24 65,40 255,64 *)

Blok/Block Girimulya 189,00 175,00 364,00 *)

Blok/Block KIM 28,92 6,90 35,82 *)

Blok/Block Muara Teweh 7,61 0,67 8,28 **)

415,77 247,97 663,74 Blok/Block Batulaki 6,58 - 6,58 ***) Blok/Block Sebamban 17,21 - 17,21 ***) Blok/Block Ampah 0,40 - 0,40 ***) Jumlah/Total 439,96 247,97 687,93 Catatan/Notes : *) **) ***)

Based on Independent Technical Study Report from PT Danmar Explorindo, an independent party, as of August 2012, and after considering coal production up to December 2012 (if any)

Berdasarkan data internal setelah memperhitungkan penjualan batubara yang diproduksi dari cadangan batubara Grup selama periode 2012 (jika ada)/Based on internal data after considering coal sales which were produced from the Group reserves during 2012 (if any)

Cadangan batubara/Coal Reserves Lokasi/Location

Based on JORC Reserve Statement from PT SMG Consultants, an independent party, as of August 2012, and after considering coal production up to December 2012 (if any)

Berdasarkan JORC Reserve Statement dari PT SMG Consultants, pihak independen, per Agustus 2012, dan setelah memperhitungkan produksi batubara sampai dengan Desember 2012 (jika ada)/

Berdasarkan Laporan Independent Technical Study dari PT Danmar Explorindo, pihak independen, per Agustus 2012, dan setelah memperhitungkan produksi batubara sampai dengan Desember 2012 (jika ada)/

Jumlah produksi batubara Grup sebagai berikut (tidak diaudit):

Total Group’s coal productions are as follows (unaudited): 31 Desember 2012/ 31 Desember 2011/ December 31, 2012 December 31, 2011 Ton/Tons Ton/Tons BIB 3.784.253 2.754.551 KIM 1.510.397 1.477.049 TKS 50.637 158.728 Jumlah/Total 5.345.287 4.390.328 Blok/Block

Akumulasi jumlah produksi batubara Grup sejak awal kegiatan exploitasi sampai dengan tanggal 31 Desember 2012 sebesar 15,6 juta ton.

Accumulated total Group coal production since the beginning of exploitation activity until December 31, 2012 is 15.6 million tons.

(25)

f. Dewan Komisaris, Direksi, dan Karyawan f. Board of Commissioners, Directors, and Employees

Pada tanggal 31 Desember 2012, susunan Dewan Komisaris dan Direksi Perusahaan berdasarkan Akta Pernyataan Keputusan Rapat No. 47 tanggal 19 Juni 2012 dari Linda Herawati, S.H., notaris di Jakarta adalah sebagai berikut:

As of December 31, 2012, the members of the Company’s Board of Commissioners and Directors based on Deed of Stockholders’ Meeting No. 47 dated June 19, 2012 of Linda Herawati, S.H., public notary in Jakarta, are as follows:

Dewan Komisaris Board of Commissioners

Presiden Komisaris : Lay Krisnan Cahya : President Commissioner

Wakil Presiden Komisaris : Raaj Kumar : Vice President Commissioner

Komisaris : Michael Jackson Purwanto Widjaja : Commissioner

Komisaris Independen : Ketut Sanjaya : Independent Commissioners

Haji Agus Tagor Bambang Setiawan

Direksi Directors

Presiden Direktur : Fuganto Widjaja : President Director

Wakil Presiden Direktur : Ashis Basu : Vice President Director

Direktur : Yudha Wibawa : Directors

Bambang Heruawan Haliman Kumar Krishnan

Direktur Tidak Terafiliasi : Indradjaja Lazuardi : Independent Director

Pada tanggal 31 Desember 2011, susunan Dewan Komisaris dan Direksi Perusahaan berdasarkan Akta Berita Acara Rapat No. 12 tanggal 13 September 2011 dari Linda Herawati, S.H., notaris di Jakarta adalah sebagai berikut:

As of December 31, 2011, the members of the Company’s Board of Commissioners and Directors based on Memorandum of Stockholders’ Meeting No. 12 dated September 13, 2011 of Linda Herawati, S.H., public notary in Jakarta, are as follows:

Dewan Komisaris Board of Commissioners

Presiden Komisaris : Fuganto Widjaja : President Commissioner

Komisaris : Michael Jackson Purwanto Widjaja : Commissioner

Komisaris Independen : Ketut Sanjaya : Independent Commissioners

Haji Agus Tagor

Direksi Directors

Presiden Direktur : Lay Krisnan Cahya : President Director

Direktur : Bambang Heruawan Haliman : Directors

Yudha Wibawa Eddy*)

Direktur tidak terafiliasi : Aubry Gerard Pierre Daniel : Independent Director