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DAFTAR ISI

Halaman/

P a g e

Surat Pernyataan Direksi

Laporan Auditor Independen

Laporan Posisi Keuangan Konsolidasian

Laporan Laba Rugi Komprehensif

Konsolidasian

Laporan Perubahan Ekuitas Konsolidasian

Laporan Arus Kas Konsolidasian

Catatan Atas Laporan Keuangan Konsolidasian

i - iii

1 - 3

4 5 - 6

7 8 - 166

Directors’ Statement Letter

Independent Auditors’ Report

Consolidated Statement of Financial Position

Consolidated Statement of Comprehensive

Income

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to Consolidated Financial Statements

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Notes December 31, 2011 December 31, 2010 (December 31, 2009)

A S E T A S S E T S

Kas dan setara kas 2d,2i,5,50 597.128.042.339 860.557.957.179 760.415.537.235 Cash and cash equivalents Investasi jangka pendek 2i,6,50 6.685.468.837 775.342.421.134 77.175.208.377 Short-term investment

Piutang usaha Trade receivables

Pihak ketiga - setelah dikurangi Third parties - net of

cadangan kerugian allowance for impairment

penurunan nilai sebesar losses of

Rp 57.413.489.729 Rp 57,413,489,729 as of

pada 31 Desember 2011 December 31, 2011

(Rp 44.540.176.057 pada (Rp 44,540,176,057 as of

31 Desember 2010 dan December 31, 2010

Rp 7.881.117.267 pada and Rp 7,881,117,267 as of

1 Januari 2010/ January 1, 2010/

31 Desember 2009) 2i,7,50 991.930.558.167 1.042.256.529.855 748.623.121.618 December 31, 2009)

Pihak berelasi - Related parties - net of

setelah dikurangi cadangan allowance for

kerugian penurunan impairment losses of

nilai sebesar Rp 1.872.500.645 Rp 1,872,500,645

pada 31 Desember 2011 as of December 31, 2011

(Rp 1.872.500.645 pada (Rp 1,872,500,645 as of

31 Desember 2010 December 31, 2010

dan Rp 1.731.274.723 and Rp 1,731,274,723

pada 1 Januari 2010/ as of January 1, 2010/

31 Desember 2009) 2f,2i,7,41a,50 174.446.478.872 126.170.674.401 136.083.510.817 December 31, 2009)

Piutang lain-lain Other receivables

Pihak ketiga - setelah dikurangi Third parties - net of allowance

cadangan kerugian penurunan for impairment losses of

nilai sebesar Rp 44.001.669 Rp 44,001,669 as of

pada 31 Desember 2011 December 31, 2011

(Rp 44.001.669 pada (Rp 44,001,669 as of

dan 1 Januari 2010/ and January 1, 2010/

31 Desember 2009) 2i,8,50 829.163.823.238 565.891.395.417 593.573.891.319 December 31, 2009)

Pihak berelasi - setelah dikurangi Related parties - net of

cadangan kerugian penurunan allowance for impairment

nilai sebesar Rp 2.866.983.437 losses of Rp 2,866,983,437

(Rp 2.866.983.437 pada (Rp 2,866,983,437 as of

31 Desember 2010 dan December 31, 2010

1 Januari 2010/ and January 1, 2010/

31 Desember 2009) 2f,2i,8,41d,50 704.106.754 - - December 31, 2009)

Persediaan 2j,9 1.816.318.578.119 1.557.527.766.718 1.697.868.067.485 Inventories Pajak dibayar di muka 2t,24a 4.168.616.145 2.507.258.722 178.841.801.794 Prepaid taxes Uang muka dan biaya dibayar di muka 2g,10 1.207.537.947.709 596.144.709.624 73.954.679.242 Advances and prepaid expenses Dana dalam pembatasan 2d,2i,11,50 239.288.930.699 293.916.870.346 175.575.619.823 Restricted funds

Piutang pihak berelasi - Due from related parties - net of

setelah dikurangi cadangan allowance for impairment

kerugian penurunan nilai sebesar losses of Rp 411,758,406

Rp 411.758.406 pada as of December 31, 2011

31 Desember 2011 (Rp 411.758.406 (Rp 411,758,406 as of 2010

pada 2010 dan 1 Januari 2010/ and January 1, 2010/

31 Desember 2009) 2f,2i,41b,50 44.193.251.030 11.041.775.494 76.600.017.623 December 31, 2009) Penyertaan saham 2i, 2m,12,50 298.799.973.340 349.338.252.880 265.075.767.433 Investment in shares of stock Tanah yang belum dikembangkan 2l,13 4.846.394.733.066 4.755.002.320.140 1.973.224.105.466 Land bank

Properti investasi- setelah dikurangi Investment properties - net

akumulasi penyusutan of accumulated depreciation of

sebesar Rp 20.079.673.066 Rp 20,079,673,066

(Rp 9.289.959.853 pada (Rp 9,289,959,853 as of

31 Desember 2010 dan December 31, 2010 and

Rp 5.921.505.921 pada 1 Januari Rp 5,921,505,921 as of January 1,

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(Rp 578.894.515.086 pada (Rp 578,894,515,086 as of

31 Desember 2010 dan December 31, 2010 and

Rp 475.357.357.557 pada Rp 475,357,357,557 as of

1 Januari 2010/31 Desember 2009) 2o,2p,2q,15 5.601.213.500.324 5.639.422.127.074 4.615.514.120.951 January 1, 2010/December 2009) Aset pajak tangguhan - bersih 2t,24f 133.162.185.360 67.887.921.653 32.852.413.801 Deferred tax assets - net

Goodwill 2c,16a 33.598.690.327 41.239.243.053 50.359.316.453 Goodwill

Aset lain-lain 2i,17,50 410.648.431.581 318.588.557.863 85.231.201.587 Other assets

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(31 Desember 2009)/

Catatan/ 31 Desember 2011/ 31 Desember 2010/ January 1, 2010

Notes December 31, 2011 December 31, 2010 (December 31, 2009)

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS LIABILITIES

Utang bank jangka pendek 2i,18,50 274.828.000.000 238.226.382.762 174.209.000.000 Short-term bank loans Utang usaha - pihak ketiga 2i,19,50 491.661.801.974 387.603.089.842 718.561.894.846 Trade payables- third parties Utang lain-lain - pihak ketiga 2i,20,50 312.251.167.099 307.904.777.776 535.101.138.660 Other payables - third parties Biaya masih harus dibayar 2i,2v,21,39,50 287.981.402.476 340.478.431.206 362.282.138.098 Accrued expenses Uang muka pelanggan 2i,2s,22,41e,50 179.112.638.798 85.492.258.249 48.681.249.003 Advances from customers Pendapatan ditangguhkan 2s,23,41f 152.168.021.100 198.465.347.012 296.166.096.900 Deferred income Utang pajak 2t,24b 299.345.702.741 256.758.512.669 220.235.933.542 Taxes payable

Liabilitas jangka panjang yang jatuh Current maturities

tempo dalam satu tahun of long-term debts

Utang bank dan lembaga Bank and financial

keuangan 2i,25,50 2.273.747.077.197 317.686.308.835 320.725.185.349 institution loans Utang usaha 2i,26,50 12.779.702.925 24.612.496.806 22.111.886.018 Trade payables Utang sewa pembiayaan 2i,2q,28,50 1.557.924.770 2.102.779.634 4.150.640.989 Obligation under capital lease Utang pihak berelasi 2f ,2i,41c,50 145.303.077.735 31.007.529.263 22.849.092.318 Due to related parties Utang obligasi 2i,2y,27,50 1.487.952.737.753 1.695.722.490.240 644.135.605.166 Bonds payable

Utang dividen 2e,29 669.117.279 680.164.779 - Dividends payable

Liabilitas derivatif 2i,43,50 56.691.050.360 118.881.474.525 - Derivative liabilities Liabilitas jangka panjang - setelah

dikurangi bagian jatuh tempo dalam Long-term debts - net of current

satu tahun maturities of long-term debts

Utang bank dan lembaga Bank and financial

keuangan 2i,25,50 790.817.069.509 2.134.122.234.868 1.942.852.231.164 institution loans Utang usaha 2i,26,50 16.212.713.318 13.605.009.364 26.307.399.076 Trade payables Utang sewa pembiayaan 2i,2q,28,50 3.871.249.390 1.385.048.857 2.592.177.865 Obligation under capital lease

Cadangan atas penggantian perabotan Reserve for replacement of furniture

dan peralatan 2w,2x 2.396.013.612 1.743.209.829 1.513.937.249 and equipment

Liabilitas pajak tangguhan - bersih 2t,24f 16.531.692.067 21.842.049.664 22.417.793.275 Deferred tax liabilities - net

Goodwill negatif 2c,16b - 404.407.833.016 429.245.177.429 Negative goodwill

Jumlah Liabilitas 6.805.878.160.103 6.582.727.429.196 5.794.138.576.947 Total Liabilities

EKUITAS EQUITY

Ekuitas yang dapat diatribusikan kepada Equity attributable to

entitas induk parent entity

Modal saham - nilai nominal saham seri A Capital stock - par value A series of

Rp 500 per saham dan saham seri B Rp 500 per share and B series

Rp 100 per saham of Rp 100 per share

Modal dasar - terdiri dari 1.400.000.000 Authorized capital - 1,400,000,000 shares

saham seri A dan 93.000.000.000 for A series and 93,000,000,000

saham seri B shares for B series

Ditempatkan dan disetor penuh - Issued and fully paid - A series

1.400.000.000 saham seri A of 1,400,000,000 shares and

dan 38.519.772.265 saham B series of 38,519,772,265

seri B pada 31 Desember 2011 shares as of December 31, 2011

(1.400.000.000 saham seri A (A series of 1,400,000,000 shares

dan 38.519.771.390 saham and B series of 38,519,771,390

seri B pada 31 Desember 2010 dan shares as of December 31, 2010,

1.400.000.000 saham seri A A series of 1,400,000,000 shares

dan 18.516.859.473 saham and B series of 18,516,859,473

seri B pada 1 Januari 2010/ as of January 1, 2010/

31 Desember 2009) 29 4.551.977.226.500 4.551.977.139.000 2.551.685.947.300 December 31, 2009) Tambahan modal disetor - bersih 2r,31 2.692.134.706.554 2.692.134.649.679 1.603.132.327.929 Additional paid-in capital - net

Saham yang diperoleh kembali sebanyak Treasury stock of

120.750.000 saham pada 120,750,000 shares as of

31 Desember 2011 (120.750.000 December 31, 2011 (120,750,000

saham pada 31 Desember 2010 dan shares as of December 31, 2010

8.250.000 saham pada and 8,250,000 shares as of

1 Januari 2010/31 Desember 2009) 2dd,32 (27.835.501.000) (27.835.501.000) (1.499.819.652) January 1, 2010/December 31, 2009)

Saldo laba Retained earnings

Ditentukan penggunaannya 40.435.548.418 40.435.548.418 27.209.957.137 Appropriated Belum ditentukan penggunaannya 948.883.270.402 563.631.180.053 424.617.813.270 Unappropriated Komponen ekuitas lainnya 141.271.634.363 201.386.214.272 37.381.888.585 Others equity Ekuitas yang dapat diatribusikan kepada

entitas induk 8.346.866.885.237 8.021.729.230.422 4.642.528.114.569 Equity attributable to parent entity Kepentingan non-pengendali 2b, 45a 2.555.204.553.077 2.459.739.114.639 1.155.964.795.717 Non-controlling interest Jumlah Ekuitas 10.902.071.438.314 10.481.468.345.061 5.798.492.910.286 Total Equity

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BEBAN POKOK PENGHASILAN 2o,2s,34 1.059.110.566.343 698.282.199.482 COST OF REVENUES

LABA KOTOR 958.208.455.132 669.273.482.285 GROSS PROFIT

Beban penjualan 2o,2s,2v,2z,35 (101.214.085.309 ) (55.663.930.508 ) Selling expenses

Beban umum dan administrasi 15,35,38,39 (624.144.551.129 ) (371.895.950.934 ) General and administrative expenses

Beban bunga dan keuangan - 18,25,36, Interest expense and financial

bersih 44g,44i,44j (145.416.393.302 ) (53.652.019.959 ) charges - net

Laba (rugi) selisih kurs - bersih 2h (11.650.260.656 ) 14.618.072.906 Gain (loss) on foreign exchange - net

Laba (rugi) penjualan/penghapusan Gain (loss) on sales/disposal of

aset tetap 2o,15 66.727.247 (392.216.107 ) fixed asset

Bagian atas laba bersih Entitas Equity in net earnings of

Asosiasi - bersih 2m,12 1.216.584.010 6.827.637.625 Associated Companies - net

Lain-lain - bersih 37 30.334.393.235 16.539.993.408 Others - net

LABA SEBELUM TAKSIRAN INCOME BEFORE PROVISION

MANFAAT (BEBAN) PAJAK 107.400.869.228 225.655.068.716 FOR TAX BENEFIT (EXPENSES)

PROVISION FOR TAX BENEFIT

TAKSIRAN MANFAAT (BEBAN) PAJAK 2t,24c,24e (EXPENSES)

Final (76.283.524.296 ) (35.504.457.285 ) Final

Tahun berjalan (24.233.523.140 ) (14.697.576.993 ) Current

Tangguhan 67.866.081.896 34.932.951.308 Deferred

Jumlah taksiran beban Total provision for tax

pajak - bersih (32.650.965.540 ) (15.269.082.970 ) expenses - net

LABA TAHUN BERJALAN 74.749.903.688 210.385.985.746 INCOME CURRENT YEAR

PENDAPATAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME

Selisih kurs karena penjabaran laporan Exchange differences due to

keuangan 369.947.955 (984.331.528 ) financial statements translation

Rugi yang belum terealisasi atas investasi Unrealized loss on investment

efek yang tersedia untuk dijual (60.484.527.864 ) (101.309.176.823 ) under available-for-sale

Surplus revaluasi aset tetap 15 - 266.297.834.038 Revaluation surplus of fixed assets

Jumlah pendapatan komprehensif lain Total other comprehensive income

tahun berjalan setelah pajak (60.114.579.909 ) 164.004.325.687 current year after provision tax

JUMLAH LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOME

TAHUN BERJALAN 14.635.323.779 374.390.311.433 CURRENT YEAR

JUMLAH LABA YANG DAPAT TOTAL INCOME

DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:

Pemilik entitas induk (19.155.742.667 ) 178.704.601.860 Owners of the parent entity

Kepentingan non-pengendali 2b,45b 93.905.646.355 31.681.383.886 Non-controlling interest

74.749.903.688 210.385.985.746

JUMLAH LABA (RUGI) KOMPREHENSIF INCOME (LOSS) ATRIBUTABLE

YANG DAPAT DIATRIBUSIKAN KEPADA: TO:

Pemilik entitas induk (79.270.322.576 ) 342.708.927.547 Owners of the parent entity

Kepentingan non-pengendali 2c,45b 93.905.646.355 31.681.383.886 Non-controlling interest

14.635.323.779 374.390.311.433

LABA (RUGI) PER SAHAM DASAR YANG BASIC EARNINGS PER SHARE

DAPAT DIATRIBUSIKAN KEPADA ATTRIBUTABLE TO OWNERS

PEMILIK ENTITAS INDUK 2bb,48 (0,48 ) 5,74 OF THE PARENT ENTITY

LABA (RUGI) PER SAHAM DILUSIAN YANG DILUTIVE EARNINGS PER SHARE

DAPAT DIATRIBUSIKAN KEPADA ATTRIBUTABLE TO OWNERS

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Penuh/ Capital Stock Issued and Fully Paid Modal Disetor-Bersih/ Additional Paid-In Capital-Net Diperoleh Kembali/ Treasury Stock on Investment Under Available -for-sale of Restructuring Transaction of Entities Under Common Control In The Equity Transaction of Associate Company Difference Due to Financial Statement Translation Tetap/ Revaluation Surplus of

Fixed Assets Jumlah/Total

Kepentingan Nonpengendali/ Non-controlling

interest Jumlah Ekuitas/Total Equity Ditentukan Penggunaannya/ Appropriated Belum Ditentukan Penggunaanya/ Unappropriated

Saldo awal, 1 Januari 2010 2.551.685.947.300 1.603.132.327.929 (1.499.819.652 ) (2.467.491.020) 54.732.012.959 (14.882.633.354) - - 27.209.957.137 424.617.813.270 4.642.528.114.569 1.155.964.795.717 5.798.492.910.286 Balance January 1, 2010 Effect of first time adoption of

Dampak penerapan PSAK No. 50 PSAK No.50 (Revised 2006)

(Revisi 2006) dan PSAK and PSAK No. 55

No. 55 (Revisi 2006) (Revised 2006) (Notes 2i

(Catatan 2i dan 52) - - - (6.505.758.101) (6.505.758.101) - (6.505.758.101) and 52)

Balance, January 1, 2010 after

Saldo awal, 1 Januari 2010 setelah Effect of first time adoption

dampak penerapan PSAK of PSAK No. 50 (Revised

No. 50 (Revisi 2006) dan 2006) and PSAK No. 55

PSAK No.55 (Revisi 2006) 2.551.685.947.300 1.603.132.327.929 (1.499.819.652 ) (2.467.491.020 ) 54.732.012.959 (14.882.633.354) - - 27.209.957.137 418.112.055.169 4.636.022.356.468 1.155.964.795.717 5.791.987.152.185 (Revised 2006)

Pencadangan saldo laba sebagai Appropriation of retained

cadangan umum - - - 13.225.591.281 (13.225.591.281) - - - earnings

Laba (rugi) komprehensif tahun Comprehensive income (loss) for

berjalan - - - (101.309.176.823 ) - - (984.331.528 ) 266.297.834.038 - 178.704.601.860 342.708.927.547 31.681.383.886 374.390.311.433 the year

Tambahan modal Additional paid-in Capital

disetor (Catatan 29) 1.995.988.569.500 1.079.161.815.792 - - - 3.075.150.385.292 - 3.075.150.385.292 (Note 29)

Pemberian kompensasi berbasis

saham kepada karyawan Stock based compensation

(Catatan 2z dan 38) - 3.386.572.658 - - - 3.386.572.658 - 3.386.572.658 (Notes 2z and 38)

Pelaksanaan waran (Catatan 30) 4.302.622.200 6.453.933.300 - - - 10.756.555.500 - 10.756.555.500 Exercise warant (Note 30)

Pembayaran dividen (Catatan 2e) - - - (19.959.885.695) (19.959.885.695) - (19.959.885.695) Dividend payments (Note 2e)

Saham yang diperoleh kembali Treasury stock (Notes 2dd

(Catatan 2dd dan 32) - - (26.335.681.348 ) - - - (26.335.681.348) - (26.335.681.348) and 32)

Peningkatan kepentingan

non-pengendali atas transaksi Non-controlling interest arising

lainnya (Catatan 45) - - - 1.272.092.935.036 1.272.092.935.036 on other transaction (Note 45)

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Saldo awal, 1 Januari 2011 4.551.977.139.000 2.692.134.649.679 (27.835.501.000) (103.776.667.843) 54.732.012.959 (14.882.633.354) (984.331.528) 266.297.834.038 40.435.548.418 563.631.180.053 8.021.729.230.422 2.459.739.114.639 10.481.468.345.061 Balance, January 1, 2011

Penghentian pengakuan Derecognition of negative goodwill

goodwill negatif sesuai in accordance with transition

dengan ketentuan transisi provision of PSAK No. 22

PSAK No.22 (Revisi 2009) (Revised 2009)

(lihat Catatan 2c dan 16) - - - 404.407.833.016 404.407.833.016 - 404.407.833.016 (see Notes 2c and 16)

Saldo awal, 1 Januari 2011 setelah Balance January 1, 2011

dampak Penerapan PSAK effect of first time adoption of

No. 22 (Revisi 2009) 4.551.977.139.000 2.692.134.649.679 (27.835.501.000) (103.776.667.843) 54.732.012.959 (14.882.633.354) (984.331.528) 266.297.834.038 40.435.548.418 968.039.013.069 8.426.137.063.438 2.459.739.114.639 10.885.876.178.077 PSAK No. 22 (Revised 2009)

Laba (rugi) komprehensif tahun Comprehensive income (loss)

berjalan - - - (60.484.527.864) - - 369.947.955 - - (19.155.742.667) (79.270.322.576) 93.905.646.355 14.635.323.779 for the year

Pelaksanaan waran (Catatan 30) 87.500 56.875 - - - 144.375 - 144.375 Exercise warran (Note 30)

Penambahan investasi pada Addition investment in

entitas Anak oleh kepentingan Subsidiaries by Non-controlling

nonpengendali - - - 1.559.792.083 1.559.792.083 Shareholders

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ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING

Penerimaan kas dari pelanggan 2.054.816.346.274 1.064.548.631.200 Cash received from customers

Pembayaran kas kepada pemasok (1.414.955.073.643 ) (616.237.675.019 ) Cash paid to suppliers

Pembayaran kas kepada karyawan (263.202.215.116 ) (160.574.298.348 ) Cash paid to employees

Pembayaran kas untuk beban usaha (699.679.245.378 ) (251.675.550.720 ) Cash paid for operating expenses

Pembelian tanah (730.579.795.071 ) (2.066.303.809.277 ) Acquisition of land

Kas yang digunakan untuk operasi (1.053.599.982.934 ) (2.030.242.702.164 ) Cash used in operations

Penerimaan bunga 28.261.457.223 33.578.038.740 Interest received

Pembayaran beban keuangan (207.321.441.714 ) (140.886.534.078 ) Interest and financial expenses payment

Pembayaran pajak (36.233.348.279 ) (69.645.960.677 ) Tax payment

Kas Bersih Yang Digunakan Untuk

Aktivitas Operasi (1.268.893.315.704 ) (2.207.197.158.179 ) Net Cash Used For Operating Activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM INVESTING

INVESTASI ACTIVITIES

Pembelian aset tetap (336.052.576.048 ) (934.049.685.136 ) Acquisition of fixed assets

Penurunan (peningkatan) penyertaan saham Decrease (increase) in investment in shares

dan uang muka pembelian saham 124.175.443.073 (339.832.014.500 ) of stock and advance for share purchase Peningkatan properti investasi (2.347.369.959 ) (13.065.340.427 ) Increase in investment properties Penurunan (peningkatan) investasi jangka

pendek 769.702.335.932 (649.048.867.794 ) Decrease (increase) in short-term investments

Penurunan (peningkatan)

dana dalam pembatasan 54.627.939.647 (118.341.250.523 ) Decrease (increase) in restricted funds

Penerimaan penjualan aset tetap 538.232.574 335.539.400 Proceeds from sale of fixed assets

Kas Bersih Yang Diperoleh Dari Net Cash Received From

(Digunakan Untuk) Aktivitas Investasi 610.644.005.219 (2.054.001.618.980 ) (Used For) Investing Activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM FINANCING

PENDANAAN ACTIVITIES

Peningkatan pinjaman jangka panjang 649.511.513.691 188.231.127.190 Increase in long-term debt

Peningkatan tambahan modal disetor Increased in additional paid-in capital

- Penerbitan saham - 1.193.420.915.865 Issuance of share

-- Realisasi waran 56.875 6.453.933.300 Exercise warrant

-Penerimaan (pembayaran) obligasi (220.000.000.000 ) 1.009.981.481.413 Receipt (payment) bond

Peningkatan (penurunan) pinjaman Increase (decrease) in short-term

bank jangka pendek (108.827.664.706 ) 64.017.382.762 bank loans

Peingkatan utang pihak berelasi 114.295.548.472 8.158.436.945 Decrease in due to related parties

Peningkatan modal disetor Increase in issued and fully paid capital stock

- Penerbitan saham - 1.995.988.569.500 Issuance of share

-- Realisasi waran 87.500 4.302.622.200 Exercise warrant

-Pembayaran deviden - (19.279.720.916 ) Dividend payment

Penurunan utang sewa pembiayaan 1.945.273.363 (3.254.990.362 ) Decrease in obligation under capital lease Peningkatan piutang pihak berelasi (33.151.475.536 ) 65.558.242.129 Increase in due from related parties

Biaya penerbitan saham - (114.259.100.073 ) Share issuance costs

Penurunan utang usaha jangka panjang (9.225.089.927 ) (10.201.778.923 ) Decrease in long-term trade payables

Peningkatan saham diperoleh kembali - (26.335.681.348 ) Increase in treasury stocks

Kas Bersih Yang Diperoleh Dari

Aktivitas Pendanaan 394.548.249.732 4.362.781.439.682 Net Cash Provided From Financing Activities

KENAIKAN (PENURUNAN) BERSIH NET INCREASED (DECREASED) IN

KAS DAN SETARA KAS (263.701.060.753 ) 101.582.662.523 CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AWAL TAHUN 860.557.957.179 760.415.537.235 AT BEGINNING OF THE YEAR

DAMPAK BERSIH PERUBAHAN NET EFFECTS OF CHANGES IN

NILAI TUKAR ATAS KAS DAN EXCHANGE RATE ON CASH AND

SETARA KAS 271.145.913 (1.440.242.579 ) CASH EQUIVALENTS

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

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

PT Bakrieland Development Tbk. (“Entitas Induk”) didirikan pada tanggal 12 Juni 1990 dengan Akta Notaris John Leonard Waworuntu, S.H., No. 209. Akta pendirian Entitas Induk disahkan oleh Menteri Kehakiman Republik Indonesia dalam Surat Keputusan No. C2-1978.HT.01.01.TH.91 tanggal 31 Mei 1991 dan diumumkan dalam Berita Negara Republik Indonesia No. 93 tanggal 19 November 1991. Anggaran dasar Entitas Induk telah mengalami beberapa kali perubahan, antara lain, mengenai perubahan nama dari PT Elang Realty Tbk. menjadi PT Bakrieland Development Tbk. yang diaktakan dengan Akta Notaris Harun Kamil, S.H., No. 29 tanggal 3 April 1997, yang telah disetujui oleh Menteri Kehakiman Republik Indonesia dalam Surat Keputusan No. C2-3097.HT.01.04.Th.97 tanggal 25 April 1997, dan perubahan Anggaran Dasar selanjutnya termuat pada Akta Notaris Sutjipto, S.H., M.Kn., No. 216 tanggal 23 Juni 2008 mengenai penyesuaian Anggaran Dasar Entitas Induk untuk disesuaikan dengan Undang-Undang No. 40 Tahun 2007 tentang Perseroan Terbatas. Perubahan ini telah mendapat persetujuan dari Menteri Hukum dan Hak Asasi Manusia dalam Surat Keputusan No. AHU-58505-AH.01.02. Tahun 2008 tanggal 3 September 2008 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 96 tanggal 28 November 2008 Tambahan No. 25686.

PT Bakrieland Development Tbk. (“The Company”) was established with Notarial Deed No. 209 of

John Leonard Waworuntu, S.H., dated

June 12, 1990. The Company’s articles of incorporation was approved by the Minister of Justice of the Republic of Indonesia in its Decision

Letter No. C2-1978.HT.01.01.TH.91 dated

May 31, 1991 and was published in the State Gazette No. 93 dated November 19, 1991. The Company’s articles of association have been amended several times, among others, the changes of the Company’s name from PT Elang Realty Tbk. to PT Bakrieland Development Tbk. which have been notarized by Notarial Deed No. 29 of Harun Kamil, S.H., dated April 3, 1997. The change was approved by the Minister of Justice of the Republic of Indonesia, in its Decision

Letter No. C2-3097.HT.01.04.Th.97 dated

April 25, 1997 and the last Article of Association were amended by Notarial Deed No. 216 of Sutjipto, S.H., M.Kn., dated June 23, 2008 in order to conform with Corporate Law No. 40 Year 2007. This amendment was approved by the Ministry of Justice and Human Rights in its Decision Letter No. AHU-58505-AH.01.02 Year 2008 dated September 3, 2008 and was published in Supplement No. 25686 of State Gazette No. 96 dated November 28, 2008.

Sesuai dengan pasal 3 Anggaran Dasarnya, Entitas Induk bergerak dalam bidang pembangunan, perdagangan dan jasa, termasuk usaha jasa manajemen dan penyertaan pada Entitas yang berhubungan dengan usaha real estat dan properti, serta dalam bidang infrastruktur.

According to Article 3 of the Article of Association, the scope of the Company’s activities comprises of development, trading and services, including management service and investment in real estate and property, and infrastructure.

Entitas Induk berdomisili di Jakarta, kantor pusat Entitas Induk berlokasi di Gedung Wisma Bakrie 1 Lantai 6 dan 7, Jalan H.R. Rasuna Said Kav. B1, Jakarta Selatan. Saat ini Grup memiliki properti yang terletak di Jakarta, Bogor, Malang, Sukabumi, Bekasi, Lampung, Batam, Balikpapan, Tangerang dan Bali.

The Company is domiciled in Jakarta and its head office is located at Wisma Bakrie 1, 6th and 7th Floor, Jalan H.R. Rasuna Said Kav. B1, South Jakarta. Group have property at Jakarta, Bogor, Malang, Sukabumi, Bekasi, Lampung, Batam, Balikpapan, Tangerang and Bali.

Entitas Induk mulai beroperasi secara komersial

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(Dinyatakan dalam Rupiah, kecuali dinyatakan lain)

(Expressed in Rupiah, unless otherwise stated)

1. UMUM (lanjutan) 1. GENERAL (continued)

b. Penawaran Umum Efek dan Obligasi Entitas

Induk b. Public Offering of Shares and Bonds of TheCompany

Pada tanggal 13 Oktober 1995, Entitas Induk telah memperoleh pernyataan efektif dari Ketua Badan Pengawas Pasar Modal (BAPEPAM) No. S-1304/PM/1995 untuk melakukan Penawaran Umum Perdana kepada masyarakat atas 110 juta saham dengan nilai nominal Rp 500 per saham melalui Bursa Efek Jakarta dengan harga penawaran Rp 625 per saham. Entitas Induk telah mencatatkan seluruh sahamnya di Bursa Efek Jakarta pada tanggal 30 Oktober 1995.

On October 13, 1995, the Company has obtained an effective statement letter from the Chairman of

the Capital Market Supervisory Agency

(BAPEPAM) No. S-1304/PM/1995 to undertake an Intial Public Offering of its 110 million shares with par value of Rp 500 per share through Jakarta Stock Exchange at the offering price of Rp 625 per share. The Company has listed all its shares issued and fully paid in the Jakarta Stock Exchange on October 30, 1995.

Pada tanggal 15 September 1997, Entitas Induk melakukan Penawaran Umum Terbatas I dengan Hak Memesan Efek Terlebih Dahulu (HMETD) atas 1.050 juta saham dengan nilai nominal dan harga penawaran Rp 500 per saham. Seluruh saham telah dicatatkan di Bursa Efek Jakarta pada tanggal 6 Oktober 1997.

On September 15, 1997, the Company conducted a Limited Public Offering I through pre-emptive rights to issue 1,050 million shares with par value and offering price of Rp 500 per share. The whole shares have been listed in the Jakarta Stock Exchange on October 6, 1997.

Pada tanggal 22 November 2005, Entitas Induk melakukan Penawaran Umum Terbatas II dengan HMETD atas 4,2 miliar saham biasa seri B dengan nilai nominal Rp 100 per saham dan harga penawaran Rp 150 per saham yang seluruh saham yang ditempatkan dan disetor penuh telah dicatatkan di Bursa Efek Jakarta pada tanggal 12 Desember 2005.

On November 22, 2005, the Company conducted a Limited Public Offering II through pre-emptive rights to issue 4.2 billion B series shares with par value of Rp 100 per share and offering price of Rp 150 per share, which all of its shares issued and fully paid have been listed in the Jakarta Stock Exchange on December 12, 2005.

Pada tanggal 16 April 2007 Entitas Induk memperoleh Surat Pemberitahuan Efektif atas Pernyataan Pendaftaran Emisi Saham dari ketua Bapepam-LK untuk melakukan Penawaran Umum Terbatas III dengan HMETD atas 14 miliar saham biasa seri B dengan nominal Rp 100 per saham dan harga penawaran Rp 200 per saham, yang seluruh saham ditempatkan dan disetor penuh telah dicatatkan di Bursa Efek Jakarta pada tanggal 1 Mei 2007. Dengan diterbitkannya saham tersebut, maka jumlah saham Entitas Induk yang telah dicatatkan di bursa menjadi sebanyak 19.600.000.000 saham.

On April 16, 2007, the Company received Effective Letter for share issuance from Bapepam-LK to conduct a Limited Public Offering III through pre-emptive rights to issue 14 billion B series shares with par value Rp 100 per share and offering price of Rp 200 per share, which all of its shares issued and fully paid have been listed in the Jakarta Stock Exchange on May 1, 2007. Therefore the total of the Company’s shares listed on Stock Exchange is 19,600,000,000 shares.

Berkenaan dengan Penawaran Umum Terbatas III, Entitas Induk juga menerbitkan waran, dimana untuk setiap 50 saham baru hasil pelaksanaan HMETD tersebut melekat 7 Waran Seri I yang diberikan cuma-cuma sebagai insentif bagi pemegang saham Entitas Induk dan/atau pemegang HMETD yang melaksanakan haknya (lihat Catatan 30).

In regards to Limited Public Offering III, the Company also issued Warrant Seri I in which for each 50 new shares from pre-emptive rights includes 7 warrants issued as incentive for the Company shareholders and/or pre-emptive rights holders that exercise their right (see Note 30).

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b. Penawaran Umum Efek dan Obligasi Entitas

Induk (lanjutan) b. Public Offering of Shares and Bonds of TheCompany (continued)

Pada tanggal 30 November 2007, Bursa Efek Jakarta dan Bursa Efek Surabaya telah bergabung menjadi Bursa Efek Indonesia.

On November 30, 2007, Jakarta Stock Exchange and Surabaya Stock Exchange have merged to become Indonesia Stock Exchange.

Pada tanggal 28 Februari 2008, Entitas Induk telah mendapatkan pemberitahuan efektif pernyataan pendaftaran dalam rangka Penawaran Umum Obligasi I Bakrieland Development Tahun 2008 dengan Tingkat Bunga Tetap dari Badan Pengawas Pasar Modal dan Lembaga Keuangan berdasarkan Surat No. S-1220/BL/2008.

On February 28, 2008, the Company received effective confirmation statement in regards with Public Offering of Fixed Rate Bonds I Bakrieland Development Year 2008 from Capital Market and Financial Institution Supervisory Agency’s based on its Letter No. S-1220/BL/2008.

Pada tanggal 11 Maret 2008, Entitas Induk menerbitkan Obligasi I Bakrieland Development Tahun 2008 dengan Tingkat Bunga Tetap, dengan PT Bank Permata Tbk. sebagai wali amanat. Nilai nominal obligasi keseluruhan adalah Rp 500 miliar (lihat Catatan 27 butir b).

On March 11, 2008, the Company issued its Bakrieland Development Bonds I Year 2008 with Fixed Rates, with PT Bank Permata Tbk. as the trustee. The bonds have a total face value of Rp 500 billion (see Note 27 point b).

Pada tanggal 29 Juni 2009, Entitas Induk telah mendapatkan pemberitahuan efektif pernyataan pendaftaran dalam rangka Penawaran Umum Sukuk Ijarah I Bakrieland Development Tahun 2009 dengan cicilan imbalan ijarah sebesar Rp 314,8 juta dari Badan Pengawas Pasar Modal dan Lembaga Keuangan berdasarkan Surat No. S-5660/BL/2009.

On June 29, 2009, the Company received effective confirmation statement in regards with Public Offering of Sukuk Ijarah I Bakrieland Development Year 2009 with annual fixed Ijarah return (“Cicilan Imbalan Ijarah”) totalling of Rp 314.8 million from Capital Market and Financial Institution Supervisory Agency’s based on its Letter No. S-5660/BL/2009.

Pada tanggal 7 Juli 2009, Entitas Induk menerbitkan Sukuk Ijarah I Bakrieland Development Tahun 2009, dengan PT Bank Mega Tbk. sebagai wali amanat. Nilai nominal Sukuk Ijarah keseluruhan sebesar Rp 150 miliar (lihat Catatan 27 butir c).

On July 7, 2009, the Company issued its Sukuk Ijarah I Bakrieland Development Year 2009, with PT Bank Mega Tbk. as the trustee. The bonds have a total face value of Rp 150 billion (see Note 27 point c).

Pada tanggal 25 Juni 2010 Entitas Induk memperoleh Surat Pemberitahuan Efektif atas Pernyataan Pendaftaran Emisi Saham dari ketua Bapepam-LK untuk melakukan Penawaran Umum Terbatas IV dengan HMETD atas 19,96 miliar saham biasa seri B dengan nominal Rp 100 per saham dan harga penawaran Rp 160 per saham. Dengan diterbitkannya saham tersebut, maka jumlah saham Entitas Induk yang telah dicatatkan di bursa menjadi sebanyak 39,92 miliar saham.

On June 25, 2010, the Company received Effective Letter for share issuance from Bapepam-LK to conduct a Limited Public Offering IV through pre-emptive rights to issue 19.96 billion series shares with par value of Rp 100 per share and offering price of Rp 160 per share. Therefore the total of shares listed on Stock Exchange is 39.92 billion shares.

Berkenaan dengan Penawaran Umum Terbatas IV tersebut, Entitas Induk juga menerbitkan waran, dimana untuk setiap 20 saham baru hasil pelaksanaan HMETD tersebut melekat 7 Waran Seri II yang diberikan cuma-cuma sebagai insentif bagi pemegang saham Entitas Induk dan/atau pemegang HMETD yang melaksanakan haknya (lihat Catatan 30).

In regards to the Limited Public Offering IV, the Company also issued Warrant Series II in which for each 20 new shares from pre-emptive rights includes 7 warrants series II issued as incentive for the Company shareholders and/or pre-emptive rights holders that exercise their right (see Note 30).

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(Dinyatakan dalam Rupiah, kecuali dinyatakan lain)

(Expressed in Rupiah, unless otherwise stated)

c. Struktur Entitas Anak c. The Structure of Subsidiaries

Pada tanggal 31 Desember 2011 (2010 dan 1 Januari 2010/31 Desember 2009), Entitas Induk memiliki Entitas Anak sebagai berikut:

As of December 31, 2011 (2010 and January 1, 2010/December 31, 2009), the Company has Subsidiaries as follows:

31 Desember 2011/December 31, 2011

Persentase Jumlah Aset

Kepemilikan / (sebelum eliminasi) /

Entitas Anak / Lokasi Proyek / Percentage of Tahun Pendirian / Total Assets

Subsidiaries Domicile Ownership Establishment (before elimination)

Kepemilikan saham secara Langsung / Direct Ownership:

PT Citrasaudara Abadi (“CSA”)a) _Tangerang,

Banten 99,99 1988 Rp 10.347.541.085

PT Villa Del Sol (“VDS”)a) b) _Cipanas,

Jawa Barat 99,99 1990 Rp 253.155.483.233

PT Krakatau Lampung Tourism

Development (“KLTD”)a) _Lampung _90,00 ₁₉₉₄ _Rp _{170.083.088.198}

PT Graha Andrasentra Bogor,

Propertindo (“GAP”) Jawa Barat 99,78 1988 Rp 7.153.081.533.958

PT Bakrie Swasakti Utama (“BSU”) Jakarta 69,62 1982 Rp 3.325.281.752.454

PT Superwish Perkasa (“SP”)b) _Jakarta _69,99 ₂₀₀₆ _Rp _{669.719.332.407}

PT Bakrie Nirwana Semesta (“BNS”) Jakarta 99,99 2007 Rp 1.220.664.321.293

PT Bumi Daya Makmur (“BDM”) Jakarta 69,99 2006 Rp 555.295.721.193

PT Bakrie Infrastructure (“BI”) Jakarta 70,00 2007 Rp 3.496.522.085.855

PT Bakrie Pangripta Loka (“BPLK”) Jakarta 99,99 2008 Rp 93.733.010.542

PT Bakrie Graha Investama (“BGI”)a) _Jakarta _99,96 ₂₀₀₉ _Rp _{14.652.514.146}

PT Bakrie Sentra Investama (“BSI”)a) b) _Jakarta _99,98 ₂₀₀₉ _Rp _{28.669.296.771}

BLD Investment Pte. Ltd. (”BLDI”)a) _Singapura _100,00 ₂₀₁₀ _{Rp 1.053.140.435.888}

Kepemilikan saham secara tidak Langsung / Indirect ownership: Melalui GAP / Through GAP:

PT Sanggraha Pelita Sentosa Bekasi,

(“SPS”) Sukabumi,

Jawa Barat 99,30 1995 Rp 16.725.148.645

PT Graha Intan Bali (“GIB”)a) c) _Bali _98,78 ₁₉₉₇ _Rp _{17.711.391.350}

PT Samudra Asia Nasional

(“SAN”)a) _Bali _99,78 ₂₀₀₃ _Rp _{596.652.417.801}

PT Dutaperkasa Unggullestari

(“DPUL”) Malang, Jawa Timur 64,86 1992 Rp 181.325.552.840

PT Mutiara Permata Biru (“MPB”)a) _Batam _99,77 ₁₉₉₉ _Rp _{59.331.154.363}

PT Bahana Sukmasejahtera

(“BSS”)b) _{Bogor, Jawa Barat} _99,96 ₁₉₉₆ _Rp _{924.794.402.325}

PT Bukit Jonggol Asri (“BJA”)a) _{Jonggol, Bogor} _50,00 ₁₉₉₇ _{Rp 3.444.091.206.370}

Melalui BSU / Through BSU:

PT Bakrie Pesona Rasuna (“BPR”) Jakarta 94,70 1996 Rp 19.336.844.105

PT Rasuna Residence Development

(“RRD”) Jakarta 94,70 2004 Rp 26.436.004.243

Melalui BNS / Through BNS:

PT Libratindo Gemilang (“LG”)a) b) _Balikpapan,

Kalimantan Timur 99,99 2006 Rp 68.488.203.522

PT Berkah Puhu Lestari (“BPL”)a) b) _{Ubud, Bali} _99,99 ₁₉₉₉ _Rp _{15.419.224.507}

PT Bakrie Graha Nirwana (“BGN”)a) b) _Jakarta _99,80 ₂₀₀₈ _Rp _{10.721.951.906}

PT Nirwana Legian Hotel (“NLH”) Kuta, Bali 99,92 2008 Rp 47.796.169.113

PT Bali Nirwana Resort (“BNR”) Tanah Lot, Bali 52,55 1992 Rp 978.863.748.408

PT Bakrie Bangun Persada (“B2P”)a) _Jakarta _99,99 ₂₀₀₈ _Rp _{196.344.246.316}

Melalui BI / Through BI:

PT Bakrie Toll Road (“BTR”) Jakarta 99,99 2008 Rp 3.430.739.273.359

PT Amerta Bumi Capital (“ABC”)a) b) _Surabaya _51,00 ₂₀₀₉ _Rp _{3.852.900.733}

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c. Struktur Entitas Anak (lanjutan) c. The Structure of Subsidiaries (continued)

Kepemilikan saham secara tidak Langsung / Indirect ownership: Melalui BTR / Through BTR:

PT Satria Cita Perkasa (“SCP”) Jakarta 99,99 2002 Rp 3.053.763.767.249

Transglobal Finance Limited

(“TGF”)a) _{British Virgin Island} _100,00 ₂₀₀₁ _Rp _{176.453.422.763}

Pan Galactic Invesment (“PGI”)a) _{British Virgin Island} _100,00 ₁₉₉₉ _Rp _{105.872.057.594}

Melalui SCP / Through SCP:

PT Semesta Marga Raya (“SMR”) Jawa Barat 60,00 2005 Rp 3.053.748.176.971

Melalui TGF / Through TGF:

Melalui PGI / Through PGI:

Melalui BPLK / Through BPLK:

PT Provices Indonesia (“PVI”) Jakarta 99,74 2008 Rp 31.755.198.162

PT Rasuna Caturtama

Corpora (“RCC”)a) c) _Jakarta _99,59 ₁₉₉₄ _Rp _485.921.700

Melalui BLDI / Through BLDI:

BLD Asia Pte. Ltd. (“BLDA”)a) _Singapura _100,00 ₂₀₁₀ _Rp _{842.750.059.276}

Melalui BGI / Through BGI: PT Hotel Elty Tenggarong

(formerly PT Bakrie Armo

Nirwana) (“BAN”)a) _Balikpapan,

Melalui BJA / Through BJA: PT Jungleland Asia

(formerly PT Garda Mulia

Persada) (“JLA”)a) b) _{Jonggol, Bogor} _99,83 ₂₀₁₁ _Rp _{299.309.613.971}

Persentase Jumlah aset

Entitas Anak / Lokasi proyek / Percentage of Tahun Pendirian / Total Assets

Banten 99,99 1988 Rp 10.427.471.844

Jawa Barat 99,99 1990 Rp 253.425.244.685

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(Dinyatakan dalam Rupiah, kecuali dinyatakan lain)

(Expressed in Rupiah, unless otherwise stated)

PT Bakrie Graha Investama (“BGI”)a) b) _Jakarta _99,96 ₂₀₀₉ _Rp _{8.242.780.913}

PT Bakrie Sentra Investama (“BSI”)a) b) _Jakarta _99,98 ₂₀₀₉ _Rp _{21.501.209.079}

BLD Investment Pte. Ltd. (”BLDI”)a) _Singapura _100,00 ₂₀₁₀ _{Rp 1.117.262.560.059}

PT Bukit Jonggol Asria) b) _{Jonggol, Bogor} _37,88 ₁₉₉₇ _{Rp 2.751.760.217.822}

Jawa Barat 99,30 1995 Rp 16.799.770.847

(“SAN”)a) _Bali _99,78 ₂₀₀₃ _Rp _{445.855.330.029}

PT Mutiara Permata Biru (“MPB”)a) _Batam _99,77 ₁₉₉₉ _Rp _{68.222.089.943}

PT Bakrie Pesona Rasuna (“BPR”) Jakarta 94,70 1996 Rp 12.867.708.995

PT Rasuna Residence Development

(“RRD”) Jakarta 94,70 2004 Rp 15.047.819.114

PT Nirwana Legian Hotel (“NLH”)a) b) _{Kuta, Bali} _99,92 ₂₀₀₈ _Rp _{14.610.662.097}

PT Bali Nirwana Resort (“BNR”) Tanah Lot, Bali 52,55 1992 Rp 749.463.275.164

PT Alberta Utilities (AI)a) b) _Jakarta _75,03 ₂₀₀₆ _Rp _{3.907.636.481}

Melalui BTR / Through BTR:

PT Satria Cita Perkasa (“SCP”) Jakarta 99,99 2002 Rp 3.006.491.049.810

PT Rasuna Caturtama

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BLD Asia Pte. Ltd. (“BLDA”)a) _Singapura _100,00 ₂₀₁₀ _Rp _{852.462.541.143}

Melalui BGI / Through BGI: PT Hotel Elty Tenggarong

(formerly PT Bakrie Armo

Nirwana) (“BAN”)a) _Balikpapan,

1 Januari 2010/31 Desember 2009/ January 1, 2010/December 31, 2009

Banten 99,99 1988 Rp 10.485.815.951

Jawa Barat 99,99 1990 Rp 254.192.912.083

Propertindo (“GAP”) Jawa Barat 99,78 1988 Rp 2.187.179.851.419

PT Bakrie Swasakti Utama (“BSU”) Jakarta 69,62 1982 Rp 3.006.511.742.390

PT Superwish Perkasa (“SP”)b) _Jakarta _69,99 ₂₀₀₆ _Rp _{595.847.253.246}

PT Bakrie Nirwana Semesta (“BNS”)a) _Jakarta _99,99 ₂₀₀₇ _Rp _{797.166.650.279}

PT Bumi Daya Makmur (“BDM”) Jakarta 69,99 2006 Rp 489.885.471.695

PT Bakrie Infrastructure (“BI”) Jakarta 99,99 2007 Rp 3.144.852.918.209

PT Bakrie Graha Investama (“BGI”)a) b) _Jakarta _99,96 ₂₀₀₉ _Rp _{5.372.059.535}

PT Bakrie Sentra Investama (“BSI”)b) _Jakarta _99,98 ₂₀₀₉ _Rp _{5.753.248.763}

Jawa Barat 99,30 1995 Rp 19.324.212.926

(“SAN”)a) _Bali _99,78 ₂₀₀₃ _Rp _{368.088.101.574}

PT Mutiara Permata Biru (“MPB”) Batam 99,77 1999 Rp 67.332.804.424

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(Dinyatakan dalam Rupiah, kecuali dinyatakan lain)

(Expressed in Rupiah, unless otherwise stated)

1 Januari 2010/31 Desember 2009/ January 1, 2010/December 31, 2009

PT Bakrie Armo Nirwana (“BAN”)a) b) _Balikpapan,

Kalimantan Timur 70,00 2008 Rp 218.954.534

PT Nirwana Legian Hotel (“NLH”)a) b) _{Kuta, Bali} _99,92 ₂₀₀₈ _Rp _{9.983.782.819}

PT Bali Nirwana Resort (“BNR”)a) _{Tanah Lot, Bali} _52,55 ₁₉₉₂ _Rp _{681.721.901.182}

PT Alberta Utilities (AI)a) b) _Jakarta _75,03 ₂₀₀₆ _Rp _{3.918.390.087}

PT Satria Cita Perkasa (“SCP”) Jakarta 99,99 2002 Rp 809.346.083.997

PT Semesta Marga Raya (“SMR”)b) _{Jawa Barat} _24,99 ₂₀₀₅ _{Rp 2.859.904.218.004}

Melalui BPLK/ Through BPLK:

PT Rasuna Caturtama

Corpora (“RCC”)a) c) _Jakarta _99,59 ₁₉₉₄ _Rp _485.921.700

a)_{Diaudit oleh Auditor Independen lain} b)_{Entitas dalam tahap pengembangan} c)_{Tidak aktif}

a)_{Audited by other Independent Auditors} b)_{A company under development stage} c)_Inactive

Kegiatan usaha Entitas Anak adalah sebagai berikut: Activities of Subsidiaries are as follows: Entitas Anak /

Subsidiaries Kegiatan usaha /Activities

Kepemilikan langsung / Direct ownership

PT Citrasaudara Abadi Perumahan / Residential area

PT Villa Del Sol Pengembangan pariwisata di Cianjur, Jawa Barat / Tourism

Development in Cianjur, West Java

PT Krakatau Lampung Tourism Development Pembangunan kawasan wisata Krakatoa Nirwana Resort /

Krakatoa Nirwana Resort Tourism Resort Development

PT Graha Andrasentra Propertindo Real estat, properti, perumahan dan perhotelan / Real

estate, property, residential area and hotels

PT Bakrie Swasakti Utama Real estat, properti, apartemen, perhotelan dan perkantoran / Real estate, property, apartment, hotels and office

spaces

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c. Struktur Entitas Anak (lanjutan) c. The Structure of Subsidiaries (continued) Entitas Anak /

PT Bakrie Nirwana Semesta Pembangunan, perdagangan dan jasa / Construction,

trading and services

PT Bumi Daya Makmur Perdagangan, pembangunan dan jasa / Trading, construction and services

PT Bakrie Infrastructure Pembangunan, perdagangan dan jasa / Construction,

PT Bakrie Pangripta Loka Perdagangan, pembangunan dan jasa / Trading,

construction and services

PT Bakrie Graha Investama Perdagangan, pembangunan dan jasa / Trading,

PT Bakrie Sentra Investama Perdagangan, pembangunan dan jasa / Trading,

BLD Investment Pte. Ltd. Investasi dan pendanaan / Investments and refinancing Kepemilikan tidak langsung / Indirect ownership

Melalui GAP / Through GAP:

PT Sanggraha Pelita Sentosa Perumahan Graha Taman Kebayoran dan Graha Taman Sukabumi / Housing of Graha Taman Kebayoran and

Graha Taman Sukabumi

PT Graha Intan Bali Perhotelan / Hotels

PT Samudra Asia Nasional Perhotelan / Hotels

PT Dutaperkasa Unggullestari Perumahan dan real estat / Residential area and real estate PT Mutiara Permata Biru Perumahan dan bidang industri estat / Residential area and

real estate

PT Bahana Sukmasejahtera Perumahan dan real estat / Residential area and real estate PT Bukit Jonggol Asri Perumahan dan real estat / Residential area and real estate Melalui BSU / Through BSU:

PT Bakrie Pesona Rasuna Pengelola Pasar Festival, Klub Rasuna, Gelanggang Mahasiswa “Soemantri Brojonegoro” / Management of

Pasar Festival, Klub Rasuna, Sport Center “Soemantri Brojonegoro”

PT Rasuna Residence Development Pengelola Hotel Aston Residence / Management of Hotel

Aston Residence

PT Libratindo Gemilang Pembangunan dan real estat / Construction and real estate PT Berkah Puhu Lestari Perhotelan / Hotels

PT Bakrie Graha Nirwana Perhotelan / Hotels

PT Nirwana Legian Hotel Perhotelan dan Pariwisata / Hotel and Tourism PT Bali Nirwana Resort Perhotelan dan Pariwisata / Hotel and Tourism PT Bakrie Bangun Persada Perhotelan dan Pariwisata / Hotel and Tourism Melalui BI / Through BI:

PT Bakrie Toll Road Pembangunan, perdagangan dan jasa / Construction,

PT Alberta Utilities Pembangunan, perdagangan dan jasa / Construction,

PT Amerta Bumi Capital Pengadaan dan pelayanan air minum, serta memasarkan untuk pasaran dalam negeri / Procurement and drinking

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(Dinyatakan dalam Rupiah, kecuali dinyatakan lain)

(Expressed in Rupiah, unless otherwise stated)

c. Struktur Entitas Anak (lanjutan) c. The Structure of Subsidiaries (continued) Entitas Anak /

PT Satria Cita Perkasa Perdagangan, pembangunan, jasa, pengangkutan darat, perbengkelan, percetakan, pertanian, pertambangan, real estate dan perindustrian / Trading, construction,

service, transportation, workshop, printing, agriculture, mining, real estate and industry

Transglobal Finance Limited Entitas investasi / Investment holding company Pan Galactic Investment Entitas investasi / Investment holding company Melalui SCP / Through SCP:

PT Semesta Marga Raya Pembangunan dan pengusahaan jalan tol / construction and

development of toll road project

PT Provices Indonesia Pengelola gedung, apartemen dan perumahan /

Management of building, apartment and residential area

PT Rasuna Caturtama Corpora Properti / Property Melalui BGI / Through BGI:

PT Hotel Elty Tenggarong (dahulu PT Bakrie Armo

Nirwana) Perhotelan dan Pariwisata / Hotel and Tourism

BLD Asia Pte. Ltd. Investasi dan pendanaan / Investments and refinancing Melalui BJA / Through BJA:

PT Jungleland Asia Pembangunan kawasan pariwisata / Development of

tourism area

Pada tanggal 31 Desember 2011, PT Graha Intan Bali dan PT Rasuna Caturtama Corpora merupakan Entitas yang tidak aktif beroperasi, sedangkan, PT Villa Del Sol, PT Superwish Perkasa, PT Libratindo Gemilang, PT Berkah Puhu Lestari, PT Bakrie Graha Nirwana, PT Bahana Sukmasejahtera, PT Alberta Utilities, PT Bakrie Sentra Investama, PT Amerta Bumi Capital dan PT Jungleland Asia merupakan Entitas yang masih dalam tahap pengembangan.

As of December 31, 2011, PT Graha Intan Bali and PT Rasuna Caturtama Corpora are inactive, meanwhile PT Villa Del Sol, PT Superwish Perkasa, PT Libratindo Gemilang, PT Berkah Puhu Lestari, PT Bakrie Graha Nirwana, PT Bahana Sukmasejahtera, PT Alberta Utilities, PT Bakrie Sentra Investama, PT Amerta Bumi Capital and PT Jungleland Asia are under development stages.

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d. Dewan komisaris, Direksi dan Karyawan d. Boards Commissioners, Directors and Employees

Pada tanggal 31 Desember 2011 (2010 dan 1 Januari 2010/31 Desember 2009) susunan dewan komisaris dan direksi Entitas Induk berdasarkan Akta Notaris Andalia Farida, S.H., M.H., No. 15 tanggal 2 November 2011 (Akta Notaris Aulia Taufani, S.H., selaku pengganti dari Sutjipto, S.H., M.Kn., No. 121 tanggal 18 Mei 2010 dan Akta Notaris Sutjipto, S.H., M.Kn., No. 111 tanggal 26 Mei 2009) adalah sebagai berikut:

As of December 31, 2011 (2010 and January 1, 2010/December 31, 2009), the Company’s boards of commissioners and directors based on Notarial Deed of Andalia Farida, S.H., M.H., No. 15 dated November 2, 2011 (Notarial Deed of Aulia Taufani, S.H., as a substitute of Sutjipto, S.H., M.Kn., No. 121 dated May 18, 2010 and Notarial of Deed Sutjipto, S.H., M.Kn., No. 111 dated May 26, 2009), as follows:

Dewan Komisaris / Board of Commissioners Direksi/ Board of Directors

1. Bambang Irawan Hendradi - Presiden Komisaris / 1. Hiramsyah Sambudhy Thaib - Presiden Direktur /

President Commissioner President Director

2. Supartono - Komisaris / Commissioner 2. Achmad Amri Aswono Putro - Direktur / Director 3. Armansyah Yamin - Komisaris / Commissioner 3. Feb Sumandar - Direktur / Director 4. Lukman Purnomosidi - Komisaris Independen /

Independent Commissioner 5. Kanaka Puradiredja - Komisaris Independen /

Independent Commissioner

2. Supartono - Komisaris / Commissioner 2. Marudi Surachman - Direktur / Director 3. Edgardo Bautista - Komisaris / Commissioner 3. Hamid Mundzir - Direktur / Director 4. Mark Robert Harris - Komisaris / Commissioner 4. Sri Hascaryo - Direktur / Director 5. Lukman Purnomosidi - Komisaris Independen / 5. Ferdinand Sadeli*) _{- Direktur / Director}

*) Mengundurkan diri pada tanggal 30 Oktober 2010 / resigned on October 30, 2010

1 Januari 2010/31 Desember 2009 January 1, 2010/December 31, 2009

2. Supartono - Komisaris / Commissioner 2. Marudi Surachman - Direktur / Director 3. Edgardo Bautista - Komisaris / Commissioner 3. Hamid Mundzir - Direktur / Director 4. Mark Robert Harris - Komisaris / Commissioner 4. Sri Hascaryo - Direktur / Director 5. Lukman Purnomosidi - Komisaris Independen /

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(Dinyatakan dalam Rupiah, kecuali dinyatakan lain)

(Expressed in Rupiah, unless otherwise stated)

d. Dewan komisaris, Direksi dan Karyawan

(lanjutan) d. Boards Employees (continued)Commissioners, Directors and

Gaji dan kompensasi lainnya yang dibayarkan kepada dewan komisaris dan direksi Grup selama tahun 2011 (2010 dan 1 Januari 2010/31 Desember 2009) adalah sebagai berikut:

Remunerations of the boards of commissioners and directors of the Group for the year during 2011 (2010 and January 1, 2010/December 31, 2009) are as follows:

1 Januari 2010/ 31 Desember 2009

31 Desember 2011/ 31 Desember 2010/ January 1, 2010/

December 31, 2011 December 31, 2010 December 31, 2009

Dewan Komisaris 2.555.000.000 2.275.000.000 1.872.000.000 Board of Commissioners

Direksi 5.189.404.414 9.803.950.909 8.274.643.000 Board of Directors

Jumlah 7.744.404.414 12.078.950.909 10.146.643.000 Total

Susunan anggota komite audit pada tanggal 31 Desember 2011 (2010 dan 1 Januari 2010/ 31 Desember 2009) adalah sebagai berikut:

The composition of audit committee as of

December 31, 2011 (2010 and January 1,

2010/December 31, 2009) are as follows:

2011, 2010 dan 1 Januari 2010/ 31 Desember 2009/

2011, 2010 and January 1, 2010/ December 31, 2009

Ketua Kanaka Puradiredja Chairman

Anggota Soenarso Soemodiwirjo Member

Anggota Muhammad Hassan Member

Sekretaris Entitas Induk pada tanggal 31 Desember 2011 (2010 dan 1 Januari 2010/ 31 Desember 2009) adalah Santoso Budi (Nuzirman Nurdin).

Corporate secretary as of December 31, 2011 (2010 and January 1, 2010/December 31, 2009) are Santoso Budi (Nuzirman Nurdin).

2. KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a. Dasar Penyajian Laporan Keuangan

Konsolidasian a. Basis Preparation of Consolidated FinancialStatements

Laporan keuangan konsolidasian telah disusun sesuai dengan Standar Akuntansi Keuangan di Indonesia (“SAK”) , yang mencakup Pernyataan dan Interpretasi yang dikeluarkan oleh Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia (“DSAK”) dan Peraturan-peraturan serta Pedoman Penyajian dan Pengungkapan Laporan Keuangan yang diterbitkan oleh BAPEPAM-LK. Seperti diungkapkan dalam catatan-catatan terkait di bawah ini, beberapa standar akuntansi yang telah direvisi dan diterbitkan, diterapkan efektif tanggal 1 Januari 2011, baik secara prospektif maupun retrospektif.

The consolidated financial statements have been prepared in accordance with Indonesian Financial Accounting Standards (“SAK”) , which comprise the Statements and Interpretations issued by the Financial Accounting Standards Board of the Indonesian Institute of Accountants (“DSAK”) and the Regulations and the Guidelines on Financial Statement Presentation and Disclosures issued by BAPEPAM-LK. As disclosed further in the relevant succeeding notes, several amended and published accounting standards were adopted effective January 1, 2011, prospectively and retrospectively.

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DAFTAR ISI

TABLE OF CONTENTS

Halaman/

P a g e

Surat Pernyataan Direksi

Laporan Auditor Independen

Laporan Posisi Keuangan Konsolidasian

Laporan Laba Rugi Komprehensif

Konsolidasian

Laporan Perubahan Ekuitas Konsolidasian

Laporan Arus Kas Konsolidasian

Catatan Atas Laporan Keuangan Konsolidasian

i - iii

1 - 3

4

5 - 6

7

8 - 166

Directors’ Statement Letter

Independent Auditors’ Report

Consolidated Statement of Financial Position

Consolidated Statement of Comprehensive

Income

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to Consolidated Financial Statements

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