PT Dian Swastatika Sentosa Tbk dan Entitas Anak / and Its Subsidiaries

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Interim Consolidated Financial Statements

Pada Tanggal 31 Maret 2016 dan 31 Desember 2015

serta untuk Periode-Periode Tiga Bulan yang Berakhir

31 Maret 2016 dan 2015/

As of March 31, 2016 and December 31, 2015 and

for the Three-Month Periods Ended

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

The Directors’ Statement on the Responsibility for the Interim Consolidated Financial Statements of PT Dian Swastatika Sentosa Tbk and Its Subsidiaries as of March 31, 2016 and December 31, 2015 and for the Three-month Periods Ended March 31, 2016 and 2015

LAPORAN KEUANGAN KONSOLIDASIAN INTERIM - Pada Tanggal 31 Maret 2016 dan

31 Desember 2015 dan serta untuk Periode-Periode Tiga Bulan yang Berakhir 31 Maret 2016 dan 2015 /

INTERIM CONSOLIDATED FINANCIAL STATEMENTS - As of March 31, 2016 and December 31, 2015 and for the Three-month Periods Ended March 31, 2016 and 2015

Laporan Posisi Keuangan Konsolidasian Interim / Interim Consolidated Statements of

Financial Position

1

Laporan Laba Rugi dan Penghasilan Komprehensif Lain Konsolidasian Interim / Interim

Consolidated Statements of Profit or Loss and Other Comprehensive Income 3

Laporan Perubahan Ekuitas Konsolidasian Interim / Interim Consolidated Statements of

Changes in Equity

4

Laporan Arus Kas Konsolidasian Interim / Interim Consolidated Statements of Cash Flows 5

Catatan atas Laporan Keuangan Konsolidasian Interim / Notes to Interim Consolidated

Financial Statements

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Notes 2016 2015

ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 4 135,564,156 155,751,418 Cash and cash equivalents

Piutang usaha 5 Trade accounts receivable

Pihak berelasi - setelah dikurangi

cadangan kerugian penurunan Related parties - net of allowance

nilai sebesar nihil pada tanggal for impairment of nil as of

31 Maret 2014 dan 31 Desember 2015 35,011,175 31,165,638 March 31, 2016 and December 31, 2015 Pihak ketiga - setelah dikurangi cadangan

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

US$ 1.246.618 dan US$ 1.071.956 US$ 1,246,618 and US$ 1,071,956

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

31 Maret 2016 dan 31 Desember 2015 76,678,140 65,874,734 respectively

Piutang lain-lain 6 Other receivables

Pihak berelasi 110,504 180,636 Related parties

Pihak ketiga 35,995,636 36,295,893 Third parties

Persediaan - setelah dikurangi cadangan

kerugian penurunan nilai sebesar Inventories - net of allowance for decline

nihil pada tanggal 31 Maret 2016 in value of nil as of March 31, 2016 and

dan 31 Desember 2015 7 51,928,795 40,163,874 December 31, 2015

Uang muka 8 51,184,424 46,378,118 Advances

Pajak dibayar dimuka 25,463,749 18,676,303 Prepaid taxes

Biaya dibayar dimuka dan aset lancar lainnya 9,982,278 9,817,524 Prepaid expenses and other current assets

Jumlah Aset Lancar 421,918,857 404,304,138 Total Current Assets

ASET TIDAK LANCAR NONCURRENT ASSETS

Piutang lain-lain jangka panjang - pihak ketiga -

setelah dikurangi cadangan kerugian Longterm other receivables third parties

-penurunan nilai sebesar US$ 28.165.744 net of allowance for impairment of US$ 28,165,744

pada tanggal 31 Desember 2015 9 3,029,050 3,008,588 as of December 31, 2015

Biaya dibayar dimuka jangka panjang 17,189,254 16,441,732 Long-term prepaid expenses

Taksiran tagihan pajak 28 8,986,669 10,701,840 Estimated claims for tax refund

Investasi jangka panjang 10 266,753,491 264,230,496 Long-term investments

Goodwill 1c 115,483,193 103,701,477 Goodwill

Aset pajak tangguhan 28,39 27,884,271 28,408,376 Deferred tax assets

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

penyusutan sebesar US$ 370.184 dan depreciation of US$ 370,184 and US$ 366,158

US$ 366.158 masing-masing pada tanggal March 31, 2016 and December 31, 2015

31 Maret 2016 dan 31 Desember 2015 4,343,193 4,355,270 respectively

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

penyusutan sebesar US$ 104.312.699 dan accumulated depreciation of

US$ 96.957.090 masing-masing pada tanggal US$ 104,312,699 and US$ 96,957,090

31 Maret 2016 dan 31 Desember 2015 11 757,116,711 734,798,526 March 31, 2016 and December 31, 2015 Aset pertambangan - setelah dikurangi

akumulasi amortisasi sebesar Mine properties - net of accumulated

US$ 70.456.098 dan US$ 65.692.519 amortization of US$ 70,456,098 and

masing-masing pada tanggal US$ 65,692,519

31 Maret 2016 dan 31 Desember 2015 12 83,479,103 79,964,319 as of March 31, 2016 and December 31, 2015

Aset perhutanan 6,084,210 5,998,330 Forestry assets

Aset tidak lancar lain-lain 13 83,242,904 77,569,460 Other noncurrent assets

Jumlah Aset Tidak Lancar 1,373,592,049 1,329,178,414 Total Noncurrent Assets

JUMLAH ASET 1,795,510,906 1,733,482,552 TOTAL ASSETS

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

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Notes 2016 2015

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS LIABILITIES

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang bank dan lembaga keuangan jangka pendek 14 29,073,406 33,076,925 Short-term loan to banks and financial institution

Utang usaha 15 Trade accounts payable

Pihak berelasi 6,606,013 5,913,634 Related parties

Utang lain-lain 16 Other accounts payable

Pihak berelasi 10,248,278 279,200 Related parties

Uang muka pelanggan 2,766,646 2,518,773 Advances from customers

Utang pajak 17 13,075,680 14,464,708 Taxes payable

Beban akrual 50,406,606 39,999,137 Accrued expenses

Liabilitas jangka panjang yang akan

jatuh tempo dalam waktu satu tahun: 18 Current portion of long-term liabilities:

Utang bank dan lembaga keuangan jangka panjang 43,945,094 41,584,511 Long-term loan to banks and financial institution

Utang jangka panjang lainnya 1,449,201 1,101,796 Other long-term payables

Jumlah Liabilitas Jangka Pendek 308,906,679 263,774,897 Total Current Liabilities

LIABILITAS JANGKA PANJANG NONCURRENT LIABILITIES

Liabilitas pajak tangguhan 28,39 1,019,881 1,121,469 Deferred tax liabilities

Liabilitas derivatif 32 - 6,054,712 Derivative liabilities

Uang muka pelanggan 5,668,312 5,058,261 Advances from customers

Liabilitas imbalan kerja jangka panjang 27,39 8,593,740 7,910,725 Long-term employee benefits liabilities Liabilitas jangka panjang - setelah dikurangi

bagian yang akan jatuh tempo dalam

waktu satu tahun: 18 Long-term liabilities - net of current portion:

Utang bank dan lembaga keuangan jangka panjang 524,152,420 525,233,314 Long-term loan to banks and financial institution

Utang jangka panjang lainnya 6,742,177 5,806,814 Other long-term payables

Liabilitas jangka panjang lainnya 16,604,032 1,808,294 Other noncurrent liabilities

Jumlah Liabilitas Jangka Panjang 562,780,562 552,993,589 Total Noncurrent Liabilities

JUMLAH LIABILITAS 871,687,241 816,768,486 TOTAL LIABILITIES

EKUITAS EQUITY

Ekuitas yang Dapat Diatribusikan kepada Equity Attributable to Owners

Pemilik Entitas Induk of the Company

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

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

Modal ditempatkan dan disetor -

770.552.320 saham 20 72,498,628 72,498,628 Issued and paid-up - 770,552,320 shares

Tambahan modal disetor - bersih 21 10,371,267 10,371,267 Additional paid-in capital - net

Selisih nilai transaksi dengan kepentingan Difference in value arising from transactions

nonpengendali 39 454,254,138 454,254,138 with non-controlling interests

Keuntungan (kerugian) yang belum direalisasi

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

tersedia untuk dijual 10 (2,622,211) (4,698,474) in fair value of available for sale investments

Selisih kurs penjabaran Foreign exchange differences arising from

laporan keuangan 39 (69,427,583) (70,912,427) financial statements translation

Cadangan lindung nilai

arus kas 32 (583,288) (3,340,197) Cash flows hedging reserve

Revaluation increment in value of

Selisih revaluasi aset tetap 11 76,205,323 76,205,323 property, plant and equipment

Saldo laba Retained earnings

Telah ditentukan penggunaannya 22 500,000 500,000 Appropriated

Belum ditentukan penggunaannya 39 294,698,183 294,312,684 Unappropriated

835,894,457 829,190,942

Kepentingan Nonpengendali 23,39 87,929,208 87,523,124 Non-controlling Interests

JUMLAH EKUITAS 923,823,665 916,714,066 TOTAL EQUITY

JUMLAH LIABILITAS DAN EKUITAS 1,795,510,906 1,733,482,552 TOTAL LIABILITIES AND EQUITY

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

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March 31, 2016 Notes March 31, 2015

PENDAPATAN USAHA 134,733,951 24 114,621,436 REVENUES

BEBAN POKOK PENJUALAN 102,347,904 25 77,318,630 COST OF REVENUES

LABA KOTOR 32,386,047 37,302,806 GROSS PROFIT

BEBAN USAHA 26 OPERATING EXPENSES

Beban penjualan 17,560,327 19,516,475 Selling expenses

Beban umum dan administrasi 13,370,099 39 13,903,674 General and administrative expenses

Beban eksplorasi 31,054 12,581 Exploration costs

Jumlah Beban Usaha 30,961,480 33,432,730 Total Operating Expenses LABA (RUGI) USAHA 1,424,567 3,870,076 OPERATING PROFIT (LOSS)

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

Pendapatan bunga 1,665,412 1,872,075 Interest income

Ekuitas pada rugi bersih ventura bersama Share in net losses of joint venture and dan entitas asosiasi - 10 (710,478) an associate

Keuntungan (kerugian) selisih kurs

mata uang asing - bersih 7,652,289 39 (5,093,304) Gain (loss) on foreign exchange - net Beban bunga dan keuangan lainnya (8,358,199) (2,909,682) Interest expense and other financial charges Lain-lain - bersih 1,230,464 (1,885,086) Others - net

Penghasilan (Beban) Lain-lain - Bersih 2,189,966 (8,726,475) Other Income (Expenses) - Net LABA (RUGI) SEBELUM PAJAK 3,614,533 (4,856,399) PROFIT (LOSS) BEFORE TAX

BEBAN (PENGHASILAN) PAJAK 28 TAX EXPENSE (BENEFIT)

Kini 1,391,855 2,103,050 Current

Tangguhan 1,834,164 39 (1,773,101) Deferred

Beban (Penghasilan) Pajak - Bersih 3,226,019 329,949 Tax Expense (Benefit) - Net

LABA (RUGI) TAHUN BERJALAN 388,514 (5,186,348) PROFT (LOSS) FOR THE YEAR

PENGHASILAN (RUGI) KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME (LOSS) Pos yang tidak akan direklasifikasi ke laba rugi Items that will be not be reclassified subsequently

to profit and loss

Pengukuran kembali liabilitas imbalan pasti - 27,39 (4,873) Remeasurement of defined benefit liability Pos yang akan direklasifikasi ke laba rugi Items that will be reclassified subsequently

to profit and loss

Lindung nilai arus kas 32 Cash flow hedge

Keuntungan atas perubahan nilai wajar selama

tahun berjalan (934,761) - Gain on change in fair value during the year Penyesuaian reklasifikasi ke laba rugi 3,691,670 - Reclassification adjustment to profit or loss

Foreign exchange differences arising from Selisih kurs penjabaran laporan keuangan 1,887,913 39 (2,117,055) financial statements translation Keuntungan yang belum direalisasi

atas penurunan nilai investasi Unrealized gain on decline in fair value tersedia untuk dijual 2,076,263 10 (244,163) of available for sale investments PENGHASILAN (RUGI) KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME (LOSS)

SETELAH PAJAK 6,721,085 (2,366,091) NET OF TAX

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

TAHUN BERJALAN 7,109,599 (7,552,439) FOR THE YEAR

Laba (rugi) tahun berjalan yang teratribusikan pada: 39 Profit (loss) for the year attributable to: Pemilik entitas induk 385,499 (5,634,706) Owners of the Company Kepentingan nonpengendali 3,015 448,358 Non-controlling interests

388,514 (5,186,348)

Penghasilan (rugi) komprehensif yang 39

teratribusikan kepada: Comprehensive income (loss) attributable to: Pemilik entitas induk 6,703,515 (7,875,981) Owners of the Company

Kepentingan nonpengendali 406,084 23 323,542 Non-controlling interests

7,109,599

(7,552,439)

LABA (RUGI) BERSIH PER SAHAM DASAR BASIC EARNINGS (LOSS) PER SHARE

DIATRIBUSIKAN KEPADA PEMILIK ENTITAS INDUK 0.001 29 (0.007) ATTRIBUTABLE TO OWNERS OF THE COMPANY

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

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Modal in Value arising Unrealized Gain Foreign Exchange Lindung Nilai Increment

Disetor- Bersih/ from (Loss) on Increase Differences Arus Kas/ in Value Kepentingan Additional Transactions with (Decline) in Fair Value arising from Cash Flows of Property, Telah Ditentukan Belum Ditentukan Nonpengendali/

Catatan/ Modal Saham/ Paid-in Non-controlling of Available Financial Statements Hedging Plant and Penggunaannya/ Penggunaannya/ Jumlah/ Non-controlling Jumlah Ekuitas/ Notes Capital Stock Capital - Net Interests For Sale Investments Translation Reserve Equipment Appropriated Unappropriated Total Interests Total Equity

Saldo pada tanggal 1 Januari 2015 Balance as of January 1, 2015

sebelum penyajian kembali 72,498,628 10,371,267 431,071,739 6,209,443 (66,317,211) - - 400,000 299,649,561 753,883,427 84,416,170 838,299,597 before restatement

Dampak penerapan PSAK No. 24 39 - - - (391,750) (391,750) 169,515 (222,235) Effect of adoption of PSAK No. 24

Saldo pada tanggal 1 Januari 2015 Balance as of January 1, 2015

setelah penyajian kembali 72,498,628 10,371,267 431,071,739 6,209,443 (66,317,211) - - 400,000 299,257,811 753,491,677 84,585,685 838,077,362 after restatement

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

Laba (rugi) bersih periode berjalan - - - (5,634,706) (5,634,706) 448,358 (5,186,348) Profit (loss) for the period

Penghasilan (rugi) komprehensif lain - - - (244,163) (1,992,219) - - - (4,893) (2,241,275) (124,816) (2,366,091) Other comprehensive income (loss)

Jumlah penghasilan (rugi) komprehensif - - - (244,163) (1,992,219) - - - (5,639,599) (7,875,981) 323,542 (7,552,439) Total comprehensive income (loss)

Saldo pada tanggal 31 Maret 2015 72,498,628 10,371,267 431,071,739 5,965,280 (68,309,430) - - 400,000 293,618,212 745,615,696 84,909,227 830,524,923 Balance as of March 31, 2015

Saldo pada tanggal 1 Januari 2016 72,498,628 10,371,267 454,254,138 (4,698,474) (70,912,427) (3,340,197) 76,205,323 500,000 294,312,684 829,190,942 87,523,124 916,714,066 Balance as of January 1, 2016

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

Laba bersih periode berjalan - - - 385,499 385,499 3,015 388,514 Profit for the period

Penghasilan (rugi) komprehensif lain - - - 2,076,263 1,484,844 2,756,909 - - - 6,318,016 403,069 6,721,085 Other comprehensive income (loss)

Jumlah penghasilan (rugi) komprehensif - - - 2,076,263 1,484,844 2,756,909 - - 385,499 6,703,515 406,084 7,109,599 Total comprehensive income (loss)

Saldo pada tanggal 31 Maret 2016 72,498,628 10,371,267 454,254,138 (2,622,211) (69,427,583) (583,288) 76,205,323 500,000 294,698,183 835,894,457 87,929,208 923,823,665 Balance as of March 31, 2016

Lihat catatan atas laporan keuangan konsolidasian yang merupakan See accompanying notes to interim consolidated financial statements

bagian yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements.

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Pembayaran kepada kontraktor, pemasok dan lainnya (99,023,634) (134,041,454) Cash paid to contractors, suppliers and others Pembayaran kepada karyawan (9,109,151) (7,485,921) Cash paid to employees

Kas diperoleh dari (digunakan untuk) operasi 12,810,149 (2,841,358) Net cash generated from (used in) operations Pembayaran pajak penghasilan badan (7,853,161) (1,065,104) Payments of corporate income tax

Kas Bersih Diperoleh dari (Digunakan untuk) Aktivitas Operasi 4,956,988 (3,906,462) Net Cash Provided by (Used in) Operating Activities

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES Hasil penarikan investasi jangka pendek Proceeds from redemption of short-term investments Penerimaan bunga 1,665,412 1,872,075 Interest received

Perolehan aset tetap (29,421,582) (27,971,479) Acquisitions of Property, plant and equipment Pembayaran uang muka ganti rugi lahan (1,275,102) - Payments of advances for land compensations Kenaikan aset tidak lancar 1,412,351 (5,238,312) Increase in noncurrent assets

Perubahan dalam dana yang dibatasi pencairannya (1,256,895) 656,674 Change in restricted fund Penambahan tambang dalam pengembangan - (33,158) Addition in mines under construction

Kas Bersih Digunakan untuk Aktivitas Investasi (28,875,816) (30,714,200) Net Cash Used in Investing Activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES Penerimaan utang bank 1,659,438 38,768,025 Proceeds from bank loans

Pembayaran utang bank (4,444,810) (7,052,923) Payments of bank loans

Penerimaan (Pembayaran) utang lainnya 13,075,942 (172,673) Proceeds (Payment) of other long payable Pembayaran bunga dan beban keuangan lainnya (8,237,948) (3,293,615) Payments of interest and other financial charges

Kas Bersih Diperoleh dari Aktivitas Pendanaan 2,052,622 28,248,814 Net Cash Provided by Financing Activities

PENINGKATAN (PENURUNAN) BERSIH KAS DAN INCREASE (DECREASE) IN CASH AND SETARA KAS (21,866,206) (6,371,848) CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS KAS DAN SETARA KAS AWAL TAHUN 155,751,418 117,499,523 AT THE BEGINNING OF THE YEAR Pengaruh perubahan kurs mata uang asing 1,678,944 (4,094,749) Effect of foreign exchange rate changes

CASH AND CASH EQUIVALENTS KAS DAN SETARA KAS AKHIR TAHUN 135,564,156 107,032,926 AT THE END OF THE YEAR

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

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1. Umum 1. General

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

PT Dian Swastatika Sentosa Tbk (Perusahaan) didirikan berdasarkan Akta No. 6 tanggal 2 Agustus 1996 dari Linda Herawati, S.H., notaris di Jakarta, yang kemudian diubah dengan Akta Perubahan No. 35 tanggal 8 Oktober 1996 dari notaris yang sama. Akta pendirian dan perubahannya telah disahkan oleh Menteri Kehakiman Republik Indonesia (sekarang Menteri Hukum dan Hak Asasi Manusia Republik Indonesia) dalam Surat Keputusan No. C2-9854.HT.01.01.TH.96 tanggal 28 Oktober 1996 serta diumumkan dalam Berita Negara Republik Indonesia No. 46 tanggal 10 Juni 1997, Tambahan No. 2258.

PT Dian Swastatika Sentosa Tbk (the Company) was established on August 2, 1996 based on Notarial Deed No. 6 and was amended by Notarial Deed No. 35 dated October 8, 1996, both of Linda Herawati, S.H., a public notary in Jakarta. The deed of establishment and its amendment were approved by the Ministry of Justice of the Republic of Indonesia (currently the Ministry of Law and Human Rights of the Republic of Indonesia) in its Decision Letter No. C2-9854.HT.01.01.TH.96 dated October 28, 1996 and was published in the State Gazette of the Republic of Indonesia No. 46 dated June 10, 1997, Supplement No. 2258.

Anggaran Dasar Perusahaan telah beberapa kali mengalami perubahan, termasuk diantaranya penyesuaian Anggaran Dasar Perusahaan terhadap Undang-Undang Republik Indonesia No. 40 Tahun 2007 tentang Perseroan Terbatas pada tahun 2008, pelaksanaan penawaran umum perdana saham (IPO) dan perubahan status Perusahaan menjadi Perseroan Terbatas Terbuka pada tahun 2009, dan perubahan yang terakhir berdasarkan Akta No. 48 tanggal 10 Juli 2015 dari Linda Herawati, S.H., notaris di Jakarta, tentang pernyataan kembali seluruh Anggaran Dasar Perusahaan untuk disesuaikan dengan peraturan Otoritas Jasa Keuangan. Perubahan Anggaran Dasar Perusahaan yang terakhir tersebut telah diterima dan dicatat di dalam Sistem Administrasi Badan Hukum Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat No. AHU-AH.01.03-0952774 tanggal 29 Juli 2015.

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

in the entire Company’s Articles of

Association to comply with Indonesia Financial Services Authority’s Regulations. The latest amendment of Company’s Articles of Association has been accepted and recorded in Legal Entity Administration System of Ministry of Law and Human Rights of the Republic of Indonesia based on Letter No. AHU-AH.01.03-0952774 dated July 29, 2015.

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

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

located in Tangerang, Serang and

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Dalam laporan keuangan konsolidasian,

Perusahaan dan entitas anak secara

bersama-sama disebut sebagai “Grup”.

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

Perusahaan tergabung dalam kelompok usaha Sinarmas.

The Company operates under the Sinarmas group of business.

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

Pada tanggal 30 November 2009, Perusahaan memperoleh Pernyataan Efektif dari Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam dan LK atau sekarang Otoritas Jasa Keuangan/OJK) melalui Surat No. S-10344/BL/2009 untuk penawaran umum perdana atas 100.000.000 saham Perusahaan dengan nilai nominal Rp 250 per saham kepada masyarakat dan telah dicatatkan pada Bursa Efek Indonesia pada tanggal 10 Desember 2009.

On November 30, 2009, the Company obtained the Notice of Effectivity from the Chairman of the Capital Market and Financial Institutions Supervisory Agency (Bapepam and LK or currently Financial Services Authority/OJK) in his Letter No. S-10344/BL/2009 for its offering to the public of 100,000,000 shares at Rp 250 per share. On December 10, 2009, all of these shares were listed in the Indonesia Stock Exchange.

Pada tanggal 31 Maret 2016 dan

31 Desember 2015, seluruh saham

Perusahaan sejumlah 770.552.320 saham telah tercatat di Bursa Efek Indonesia.

As of March 31, 2016 and December 31, 2015, all of the Company’s shares totaling to 770,552,320 shares are listed in the Indonesia Stock Exchange.

c. Entitas Anak yang Dikonsolidasikan c. Consolidated Subsidiaries

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

The Company’s subsidiaries owned directly or indirectly follows:

Tahun Persentase Kepemilikan Efektif

Operasi dan Hak Suara/

Komersial/ Effective Percentage of Start of Ownership Interest and

Domisili/ Jenis Usaha/ Commercial Voting Rights

31 Maret/ 31 Desember/ 31 Maret/ 31 Desember/

March 31, December 31, March 31, December 31, Domicile Nature of Business Operations 2016 2015 2016 2015

% %

Pemilikan Langsung/Direct Ownership:

Golden Energy and Resources Ltd. (GEAR) Singapura/ Penyertaan saham/ - 94.195 94.195 494,432,731 488,164,432

(dahulu/formerly United Fiber Singapore Investment holding

System Ltd. (UFS))

PT Rolimex Kimia Nusamas (RKN) Jakarta Perdagangan/Trading 1989 99.504 99.504 66,205,436 41,646,531

PT Bumi Kencana Eka Sejahtera (BKES) Jakarta Perdagangan batubara/ 2011 99.999 99.999 46,498,756 45,452,674

Coal trading

PT DSSA Mas Sejahtera (DSSM) Jakarta Perdagangan, pembangunan, industri, - 99.998 99.998 150,188,867 127,942,448

jasa, dan pengangkutan darat/

Trading, construction, industry, services, and land logistic

PT DSSA Mas Infrastruktur (DSSI) Jakarta Perdagangan, pembangunan, industri, - 99.967 99.992 4,532,498 11,488,565

perbengkelan, jasa, dan angkutan/

Trading, construction, industry, workshop, service, and transportation

PT DSSE Energi Mas Utama (DSSE EMU) Jakarta Perdagangan, pembangunan, - 99.999 99.999 493,787,788 472,793,447

industri, dan jasa/

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

(12)

% %

Pemilikan Tidak Langsung/Indirect Ownership:

PT Golden Energy Mines Tbk (GEM) Jakarta Perdagangan batubara/ 2010 63.111 63.111 372,253,094 369,667,295

(melalui GEAR di tahun 2015 dan Perusahaan Coal trading

di tahun 2014/through GEAR in 2015 and

the Company in 2014 )

Poh Lian Development Pte. Ltd. (POH Singapura/ Penyertaan saham/ - 94.195 94.195 -

-LIAN DP) Singapore Investment holding

(melalui/through GEAR)

Anrof Singapore Ltd. (ANROF) Mauritius Penyertaan saham/ - 94.195 94.195 15,099,611 15,101,014

(melalui/through GEAR) Investment holding

Poh Lian (Cambodia) Ltd. (POH LIAN Kamboja/ Penyertaan saham/ - 94.195 94.195 -

-Cambodia) Cambodia Investment holding

(melalui/through GEAR)

Able Advance Ltd. (AAL) Kepulauan Penyertaan saham/ - 94.195 94.195 7,658 7,815

(melalui/through GEAR) Virgin Britania/ Investment holding BritishVirgin

Island

PT Hutan Rindang Banua (HRB) Kalimantan Kehutanan/ 2007 94.195 94.195 23,546,201 23,654,901

(melalui/through ANROF) Selatan/ Forestry

South Kalimantan

PT Marga Buana Bumi Mulia (MBBM) Kalimantan Penyertaan saham/ - 94.195 94.195 715,890 715,125

(melalui/through ANROF) Selatan/ Investment holding

Shinning Spring Resources Ltd. (SSR) Kepulauan Penyertaan saham/ - 94.195 94.195 2,572,463 2,571,990

(melalui/through ANROF) Virgin Britania/ Investment holding BritishVirgin

Island

Pacificwood Investment Ltd. (PIL) Mauritius Penyertaan saham dan - 94.195 94.195 4,406 5,571

(melalui/through SSR) perdagangan/

Investment holding and trading

PT Mangium Anugerah Lestari (MALS) Kalimantan Penyertaan saham/ - 94.176 94.176 142,496 142,975

(melalui/through PIL) Selatan/ Investment holding

PT Roundhill Capital Indonesia (RCI) Jakarta Penyertaan saham dan 2014 63.474 63.474 112,992,035 110,252,806

(melalui/through GEM) perdagangan/

Holding company and trading

PT Kuansing Inti Makmur (KIM) Jambi Pertambangan batubara/ 2005 63.111 63.111 124,642,332 124,543,583

(melalui/through GEM) Coal mining

PT Trisula Kencana Sakti (TKS) Kalimantan Pertambangan batubara/ 2008 44.177 44.177 9,272,865 9,033,025

(melalui/through GEM) Tengah/ Coal mining

Central Kalimantan

GEMS Trading Resources Pte. Ltd. (GEMSTR) Singapura/ Perdagangan/ 2012 63.111 63.111 55,995,287 48,995,998

(melalui/through GEM) Singapore Trading

PT Bumi Anugerah Semesta (BAS) Jakarta Perdagangan/ - 63.104 63.104 77,869 74,932

(melalui/through GEM) Trading

PT GEMS Energy Indonesia (GEMS Energy) Jakarta Perdagangan/ - 63.104 63.104 151,893 145,905

(melalui/through GEM) Trading

Shanghai Jingguang Energy Co. Ltd. (SJE) Shanghai Perdagangan batubara/ - 63.111 63.111 -

-(melalui/through GEM) Coal trading

PT Borneo Indobara (BORNEO) Jakarta Pertambangan batubara/ 2005 61.908 61.908 105,040,581 102,101,499

(melalui/through RCI) Coal mining

Entitas Anak/Subsidiaries

Jumlah Aset (Sebelum Eliminasi)/

Total Assets (Before Elimination)

(13)

% %

PT Bara Harmonis Batang Asam (BHBA) Jambi Pertambangan batubara/ 2010 63.111 63.111 2,129,160 2,459,677

(melalui/through KIM) Coal mining

PT Karya Cemerlang Persada (KCP) Jambi Pertambangan batubara/ 2011 63.111 63.111 17,925,308 20,810,168

PT Bungo Bara Utama (BBU) Jambi Pertambangan batubara/ - 63.111 63.111 2,816,016 2,027,557

PT Berkat Nusantara Permai (BNP) Jambi Pertambangan batubara/ - 63.111 63.111 19,372,707 19,296,688

PT Tanjung Belit Bara Utama (TBBU) Jambi Pertambangan batubara/ - 63.111 63.111 31,025,460 31,001,615

PT Rolimex Suburin Hutani Persada (RSHP) Jakarta Perdagangan pupuk/ 2012 69.653 69.653 453,135 455,081

(melalui/through RKN) Fertilizer trading

PT Citra Alam Indah (CAI) Jakarta Perdagangan/ 2011 99.999 99.999 14,608,805 14,635,072

(melalui/through BKES) Trading

PT Andalan Satria Lestari (ASL) Jakarta Penyertaan saham/ - 99.999 99.999 25,033,034 22,477,483

(melalui/through DSSE EMU) Holding company

PT Nusantara Indah Lestari (NIL) Jakarta Perdagangan dan pertambangan 2005 99.999 99.999 2,246,763 2,154,541

(melalui/through ASL) batubara/

Trading and coal mining

PT Wahana Alam Lestari (WAL) Jakarta Perdagangan dan pertambangan 2007 99.999 99.999 37,046 35,911

(melalui/through ASL) batubara/

Trading and coal mining

PT Manggala Alam Lestari (MAL) Jakarta Pertambangan batubara/ - 99.920 99.920 22,160,953 19,756,934

(melalui/through ASL) Coal mining

PT Rimba Subur Lestari (RSL) Sumatera Pertambangan batubara/ - 99.999 99.999 353,947 342,087

(melalui/through ASL) Selatan/ Coal mining

South Sumatera

PT Buana Bara Ekapratama (BBEP) Jakarta Pertambangan batubara/ - 99.999 99.999 559,762 555,953

PT Duta Alam Ekapratama (DAE) Jakarta Pertambangan batubara/ - 99.999 99.999 385,726 371,222

PT Andalan Satria Abadi (ASA) Jakarta Pertambangan batubara/ - 99.999 99.999 622,862 599,568

PT Duta Alam Jaya (DAJ) Jakarta Pertambangan batubara/ - 99.999 99.999 247,439 238,268

PT Buana Inti Citraprima (BIC) Jakarta Pertambangan batubara/ - 99.999 99.999 346,493 333,463

PT Citra Alam Cahaya (CAC) Jakarta Pertambangan batubara/ - 99.999 99.999 184,503 177,819

PT Cahaya Nusa Pratama (CNP) Jakarta Pertambangan batubara/ - 99.999 99.999 254,781 245,206

PT Nusa Indah Permai (NIP) Sumatera Pertambangan batubara/ - 99.920 99.920 966,786 914,143

(melalui/through MAL) Selatan/ Coal mining

South Sumatera

PT Cahaya Bara Pratama (CBP) Jakarta Pertambangan batubara/ - 99.999 99.999 21,252 20,457

(melalui/through CNP) Coal mining

PT Innovate Mas Utama (IMU) Jakarta Perdagangan, pembangunan, - 99.998 99.998 129,643,076 113,772,547

(melalui/through DSSM) industri, dan jasa/

Trading, construction, industry, and services

(14)

Tahun Persentase Kepemilikan Efektif Operasi dan Hak Suara/ Komersial/ Effective Percentage of

Start of Ownership Interest and

% %

Golden Multimedia Holdings Pte. Ltd. (GOLDEN) Singapura/ Penyertaan saham/ - 99.998 99.998 20,494,590 15,471,749 (melalui/through DSSM) Singapore Investment holding company

Celesta Prime Technology Pte. Ltd. (CELESTA) Singapura/ Penyertaan saham/ - 99.998 99.998 20,474,041 15,463,084 (melalui/through GOLDEN) Singapore Investment holding company

Sunshine Network Pte. Ltd. (SUNSHINE) Singapura/ Penyertaan saham/ - 99.998 99.998 20,453,476 15,454,427 (melalui/through CELESTA) Singapore Investment holding company

PT Buana Bumi Energi (BBE) Jakarta Penyediaan tenaga listrik/ - 99.892 99.892 200,093 186,538

(melalui/through DSSI) Power generation

PT Sinarmas Sukses Sejahtera (SSS) Jakarta Perdagangan, industri, dan jasa/ - 99.992 99.992 5,169 5,152 (melalui/through DSSI) Trading, industry, and service

PT DSSP Power Mas Utama (DSSP PMU) Jakarta Perdagangan, pembangunan, - 99.999 99.999 485,455,122 466,874,417 (melalui/through DSSE EMU) industri, dan jasa/

PT DSSP Power Mas Sejahtera (DSSP PMS) Jakarta Perdagangan, pembangunan, - 99.999 99.999 18,108 17,396

(melalui/through DSSE EMU) industri, dan jasa/

PT DSSP Power Sakti (DSSP PSakti) Jakarta Perdagangan, pembangunan, - 99.999 99.999 20,824,160 24,195,872

(melalui/through DSSP PMU) industri, dan jasa/

PT DSSP Energi Sejahtera (DSSE) Jakarta Perdagangan, pembangunan, - 99.931 99.931 447,804,835 441,232,366 (melalui/through DSSP PMU) industri, dan jasa/

PT DSSP Power Sumsel (DSSP PSumsel) Jakarta Penyediaan tenaga listrik/ - 99.929 99.929 447,702,217 441,134,969

(melalui/through DSSE) Power generation

PT DSSP Power Kendari (DSSP PK) Jakarta Penyediaan tenaga listrik/ - 99.999 99.999 20,651,368 24,032,143

(melalui/through DSSP PSakti) Power generation

PT DSSP Power Sejahtera (DSSP PSejahtera) Jakarta Perdagangan, pembangunan, - 99.998 99.998 771,478 17,366 (melalui/through DSSP PMU) industri, dan jasa/

PT DSSP Power Sentosa (DSSP PSentosa) Jakarta Perdagangan, pembangunan, - 99.998 99.998 3,777,845 17,366

(melalui/through DSSP PMU) industri, dan jasa/

PT Innovate Mas Indonesia (IMI) Jakarta Internet dan jasa TV berlangganan/ 2011 89.998 89.998 124,494,237 113,169,900 (melalui/through IMU) Internet and TV cable services

PT Eka Mas Republik (EMR) Jakarta Informasi & telekomunikasi, 2011 99.998 99.998 5,059,728 524,039 (dahulu/formerly PT Austin Technology perdagangan, jasa, dan

Telematika (ATT)) pembangunan/

(melalui/through IMU) Information & telecommunication, trading, services, and construction

PT Serpong Mas Telematika (SMTL) Tangerang Pembangunan, perdagangan, - 50.499 50.499 3,313,213 180,542

(melalui/through EMR) perindustrian, dan jasa/

Construction, trading, industry, and services

PT DSSP Power Sumsel Dua (DSSPD) Jakarta Penyediaan tenaga listrik/ - 99.998 - 753,239

-(melalui/through DSSP PSejahtera) Power generation

(15)

Tahun Persentase Kepemilikan Efektif Operasi dan Hak Suara/ Komersial/ Effective Percentage of

Start of Ownership Interest and

Hillmas Coal Pte. Ltd. (HC) Singapura/ Penyertaan saham/ - 99.999 - 11,918,383

-(melalui/through DSSP PMU) Singapore Investment holding company

Newspring Coal Resources Pte. Ltd (NSCR) Singapura/ Penyertaan saham/ - 99.999 - -

-(melalui/through DSSP PMU) Singapore Investment holding company

PT Blackmas Makmur (BMM) Jakarta Perdagangan, pembangunan, industri, - 99.999 - 2,721,708

-(melalui/through DSSP PMU) perbengkelan, jasa, dan angkutan/

Trading, construction, industry, workshop, service, and transportation

Kalteng Investment Pte. Ltd. (KI) Singapura/ Penyertaan saham/ - 99.999 - 45,174

-(melalui/through HC) Singapore Investment holding company

Shaanxi North West Power Corporation (Singapore) Singapura/ Penyertaan saham/ - 99.999 - 225,870 -Pte. Ltd. (SNWP) Singapore Investment holding company

(melalui/through HC)

PT SKS Listrik Kalimantan (SKL) Jakarta Penyediaan tenaga listrik/ - 99.997 - 3,759,769

-(melalui/through DSSP PSentosa) Power generation

PT Surya Kalimantan Sejati (SKS) Jakarta Pertambangan, perdagangan, jasa, - 99.999 - 6,580,384 -(melalui/through HC) industri, pembangunan, percetakan,

dan pertanian/

Mining, trading, service, industry, construction, printing, and agriculture

PT Persada Makmur Sejahtera (PMS) Jakarta Perdagangan, pertambangan, dan - 99.999 - 1,917,496

-(melalui/through HC) pertanian/

Trading, mining, and agriculture

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

Informasi keuangan GEM yang memiliki kepentingan nonpengendali dalam jumlah material pada tanggal 31 Maret 2016 dan 31 Desember 2015 adalah sebagai berikut:

Financial information of GEM that has material non-controlling interests as of March 31, 2016 and December 31, 2015 follows:

Laporan posisi keuangan konsolidasian: Consolidated statements of financial

position:

31 Maret/ 31 Desember/

March 31, December 31,

2016 2015

Aset lancar 203,587,507 195,737,111 Current assets

Aset tidak lancar 168,665,587 173,930,184 Noncurrent assets

Jumlah aset 372,253,094 369,667,295 Total assets

Liabilitas jangka pendek 71,351,151 70,048,270 Current liabilities Liabilitas jangka panjang 52,073,477 52,107,413 Noncurrent liabilities

Jumlah liabilitas 123,424,628 122,155,683 Total liabilities

Jumlah ekuitas 248,828,466 247,511,612 Total equity

Teratribusikan pada: Attributable to:

Pemilik entitas induk 248,219,634 246,906,095 Owners of parent company

(16)

Laporan laba rugi dan penghasilan komprehensif lain konsolidasian:

Consolidated statements of profit or loss and other comprehensive income:

2016 2015

Pendapatan 94,164,918 77,982,813 Revenues

Laba sebelum pajak 4,407,510 4,298,450 Profit before tax

Penghasilan (rugi) komprehensif lain (216,163) 182,637 Other comprehensive income (loss)

Jumlah penghasilan komprehensif 1,316,854 2,919,200 Total comprehensive income

Teratribusikan pada kepentingan

nonpengendali 3,122 112,174 Attributable to non-controlling interests

31 Maret/March 31 ,

Laporan arus kas konsolidasian: Consolidated statements of cash flow:

2016 2015

Operasi (671,171) 3,340,744 Operating

Investasi (883,858) (6,681,451) Investing

Pendanaan (1,045,424) (2,603,763) Financing

Penurunan bersih kas dan setara kas (2,600,453) (5,944,470) Net decrease in cash and cash equivalents

31 Maret/March 31,

Akuisisi Entitas Anak pada Tahun 2016 Acquisition of Subsidiaries in 2016

HC, NSCR, BMM HC, NSCR, BMM

Pada tanggal 29 Februari 2016 DSSP PMU mengambil alih seluruh saham dalam HC, NSCR, dan mayorias saham dalam BMM.

On February 29, 2016, DSSP PMU acquired all shares in HC, NSCR, and majority shares in BMM.

Akuisisi Entitas Anak pada Tahun 2015 Acquisition of Subsidiaries in 2015

EMR EMR

Berdasarkan Akta No. 33 tanggal

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

menyetujui penjualan dan pengalihan

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

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

consideration of Rp 1,500,000,000

(17)

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

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

Aset 92,780 Assets

Liabilitas (78,815) Liabilities

Jumlah aset bersih teridentifikasi 13,965 Total net identifiable assets

Goodwill 102,224 Goodwill

Imbalan atas pembelian 116,189 Purchase consideration

Dikurangi saldo kas dan setara kas

pada tanggal akuisisi (92,714) Less cash balance at the acquisition date

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

EMR setelah dikurangi saldo kas cash and cash equivalent balance of

dan setara kas entitas anak 23,475 subsidiary

GEAR GEAR

Pada tanggal 20 April 2015, Perusahaan mengakuisisi United Fiber System Limited (sekarang Golden Energy and Resources Limited (GEAR)) dengan mengambil alih 1.978.327.436 saham baru dan tambahan kompensasi saham sebanyak 65.818.033 saham yang dikeluarkan oleh GEAR. Pada saat yang sama Perusahaan mengalihkan seluruh saham-saham GEM yang dimiliki Perusahaan sebanyak 3.941.166.500 saham kepada GEAR. Setelah transaksi tersebut, kepemilikan Perusahaan dalam GEAR (sebelum compliance placement) adalah sebesar dari 94,195% dan kepemilikan efektif Perusahaan atas GEM terdilusi dari sebelumnya 67,999% menjadi 63,111%.

On April 20, 2015, the Company has acquired 1,978,327,436 new shares and 65,818,033 shares of additional compensation shares issued by United Fiber System Limited (currently Golden Energy and Resources Limited (GEAR)). At the same time the Company transferred all its shares in GEM totaling to 3,941,166,500 shares to GEAR. After the transaction, the Company's ownership in GEAR (before compliance placement) is equal to 94.195% and the Company’s effective ownership interest in GEM decreased from 67.999% to 63.111%.

Transaksi di atas menyebabkan perubahan kepemilikan Perusahaan terhadap GEM namun tidak mengakibatkan hilangnya pengendalian. Selisih antara jumlah kepentingan nonpengendali yang disesuaikan sebesar US$ 9.754.684 dengan nilai wajar imbalan yang dialihkan sebesar US$ 33.005.249 dicatat sebagai selisih nilai transaksi dengan kepentingan nonpengendali pada bagian ekuitas sebesar US$ 23.250.565.

The above transaction resulted to a change in the Company’s ownership interest in GEM which did not result in a loss of control. The difference between the amount by which the non-controlling interests are adjusted amounting to US$ 9,754,684 and the fair value of consideration transferred amounting to US$ 33,005,249 is recorded as difference in value arising from transaction with non-controlling interests in the equity section amounting to US$ 23,250,565.

(18)

Rincian aset yang diakuisisi serta liabilitas yang dialihkan adalah sebagai berikut:

The recognized amounts of identifiable assets acquired and liabilities assumed are as follows:

Kas dan setara kas 1.450.814 Cash and cash equivalents

Piutang usaha 712.293 Trade accounts receivable

Piutang lain-lain 2.822.224 Other accounts receivable

Persediaan 721.984 Inventories

Aset tetap 7.009.073 Property, plant and equipment

Aset perhutanan 6.511.572 Forestry assets

Aset pajak tangguhan 179.468 Deferred tax assets

Utang bank jangka pendek (49.000.000) Short-term bank loans

Utang usaha (643.551) Trade accounts payable

Utang lain-lain (43.176.691) Other accounts payable

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

Liabilitas pajak tangguhan (649.059) Deferred tax liabilities

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

Kepentingan nonpengendali 4.310.908 Non-controlling interests

Goodwill 102.846.526 Goodwill

Imbalan yang dialihkan 33.005.249 Consideration transferred

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

dan nilai tercatat atas aset bersih

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

In accordance with PSAK 22, “Business Combinations”, management is required to identify the fair value of identifiable assets, liabilities and contingent liabilities as at the date of acquisition. As of December 31, 2015, the valuation work in accordance with PSAK 22 is still in progress.

Accordingly, a provisonal goodwill is

recorded based on the difference between the consideration transferred and the carrying value of the net identifiable assets acquired and liabilities assumed at date of acquisition. No impairment review was performed on the provisional goodwill.

(19)

Perubahan Modal Entitas Anak dengan Kepemilikan Langsung pada Tahun 2016

Changes in Capital of Subsidiaries with Direct Ownership in 2016

DSSI DSSI

21 Januari 2016 dari Lanawaty Darmadi, S.H., M.M., M.Kn., notaris di Tangerang, para pemegang saham DSSI menyetujui untuk menurunkan modal dasar DSSI sebesar Rp 500.000.000.000 yang terbagi atas 500.000 saham dengan nilai nominal Rp 1.000.000 menjadi Rp 100.000.000.000 yang terbagi atas 100.000 saham dan modal ditempatkan dan disetor sebesar Rp 130.000.000.000 yang terdiri atas 130.000 saham menjadi 30.000 saham atau sebesar Rp 30.000.000.000.

Based on Deed No. 11 dated

January 21, 2016 of Lanawaty Darmadi, S.H., M.M., M.Kn., a public notary in Tangerang, the shareholders of DSSI agreed to decrease its authorized capital amounting to Rp 500,000,000,000 consisting of 500,000 shares with a nominal value of Rp 1,000,000 into Rp 100,000,000,000 consisting of 100,000 shares and its issued and paid up capital amounting to Rp 130,000,000,000 consisting of 130,000 shares into 30,000 shares or amounting to Rp 30,000,000,000.

Akta tersebut telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia tanggal 22 Febuari 2016.

The Deed was approved by the Ministry of Law and Human Rights of the Republic of Indonesia dated February 22, 2016.

DSSE EMU

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

saham DSSE EMU telah menyetujui

pengeluaran saham baru sebanyak 11.200 saham atau sebesar Rp 11.200.000.000 sehubungan dengan peningkatan modal ditempatkan dan disetor DSSE EMU dari Rp 671.100.000.000 terbagi atas 671.100 saham menjadi berjumlah Rp 682.300.000.000 terbagi atas 682.300 saham yang diambil seluruhnya oleh Perusahaan.

DSSE EMU

February 15, 2016 of Yenny Widjaja, S.H., M.Kn., a public notary in Jakarta, the shareholders of DSSE EMU has approved the issuance of 11,200 new shares equivalent to Rp 11,200,000,000, thus, increasing the issued and paid up capital of DSSE EMU from Rp 671,100,000,000 consisting of 671,100 shares to Rp 682,300,000,000 consisting of 682,300 shares which were all acquired by the Company.

Akta tersebut telah didaftarkan dalam

database Sistem Administrasi

Menteri Hukum dan Hak Asasi Manusia

Republik Indonesia tanggal

24 Februari 2016.

The Deed was registered in the database of Administration System of the Ministry of Law and Human Rights of the

Republic of Indonesia dated

February 24, 2016.

BKES

Berdasarkan Akta No. 5 tanggal 7 Januari 2016 dari Deni Thanur, S.E., S.H., M.Kn., notaris di Jakarta, Perusahaan dan BKES setuju untuk mengkonversi seluruh utang BKES kepada Perusahaan menjadi saham. Sehubungan dengan konversi tersebut, BKES meningkatkan modal ditempatkan dan disetor dari Rp 464.460.000.000 yang terbagi atas

BKES

Based on Notarial Deed No. 5 dated January 7, 2016 of Deni Thanur, S.E., S.H., M.Kn., notary in Jakarta, the Company and BKES agreed to convert all indebtedness BKES to the Company to shares. Subject to the conversion, BKES has increased its issued and paid up capital from Rp 464,460,000,000 consisting of 464,460 shares to Rp 679,875,000,000

(20)

464.460 saham menjadi Rp 679.875.000.000 terbagi atas 679.875 saham dengan pengeluaran 215.415 saham baru dalam simpanan yang akan diambil bagian seluruhnya oleh Perusahaan. Keputusan Sirkular ini berlaku sejak 4 Januari 2016. Akta tersebut telah didaftarkan dalam

database Sistem Administrasi Menteri

Hukum dan Hak Asasi Manusia Republik

Indonesia dalam Surat No. AHU-AH.01.03-0003129 tanggal 15 Januari 2016.

consisting of 679,875 shares with the issuance of 215,415 new shares which were all acquired by the Company. This Circular Resolution was valid starting January 4, 2016. The Deed was registered in the database of Administration System of the Ministry of Law and Human Rights of the Republic of Indonesia in its Letter No. AHU-AH.01.03-0003129 dated January 15, 2016.

Perubahan Modal Entitas Anak dengan Kepemilikan Langsung pada Tahun 2015

Changes in Capital of Subsidiaries with Direct Ownership in 2015

DSSP EMU DSSP EMU

22 Desember 2015 dari Lanawaty Darmadi, S.H., M.M., M.Kn., notaris di Tangerang, para pemegang saham DSSE EMU telah menyetujui pengeluaran saham baru sebanyak 20.000 saham atau sebesar Rp 20.000.000.000 sehubungan dengan peningkatan modal ditempatkan dan disetor DSSE EMU dari Rp 651.100.000.000 terbagi atas 651.100 saham menjadi berjumlah Rp 671.100.000.000 terbagi atas 671.100 saham yang diambil seluruhnya oleh Perusahaan. Kepemilikan Perusahaan pada DSSE EMU meningkat dari 99,998% menjadi 99,999%.

December 22, 2015 of Lanawaty Darmadi, S.H., M.M., M.Kn., a public notary in Tangerang, the shareholders of DSSE EMU has approved the issuance of 20,000 new shares equivalent to Rp 20,000,000,000, thus, increasing the issued and paid up capital of DSSE EMU from Rp 651,100,000,000 consisting of 651,100 shares to Rp 671,100,000,000 consisting of 671,100 shares which were all acquired by the Company. The Company’s ownership interest in DSSE EMU increased from 99.998% to 99.999%.

Akta tersebut telah didaftarkan dalam

database Sistem Administrasi

Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat

No. AHU-AH.01.03-0001772 tanggal

7 Januari 2016.

The Deed was registered in the database of Administration System of the Ministry of Law and Human Rights of the Republic of Indonesia in its Letter

No. AHU-AH.01.03-0001772 dated

January 7, 2016.

d. Ijin Pertambangan Grup d. The Group’s Mining Licenses

GEM GEM

Pada tanggal 4 Februari 2011, berdasarkan Keputusan Menteri Energi dan Sumber Daya Mineral No. 206.K./30/DJB/2011, GEM memperoleh Ijin Usaha Pertambangan Operasi Produksi Khusus untuk Pengangkutan dan Penjualan Batubara

untuk jangka waktu 3 (tiga) tahun.

Berdasarkan Keputusan Menteri Energi dan Sumber Daya Mineral No. 358.K/30/DJB/2014 tanggal 7 April 2014, jangka waktu tersebut diperpanjang selama 3 (tiga) tahun.

On February 4, 2011, based on the Decision of the Ministry of Energy and Mineral Resources No. 206.K./30/DJB/2011, GEM obtained Particular License of IUP Operation Production for Transportation and Trade of Coal which is valid for three (3) years. Based on the Decision of the Ministry of Energy and Mineral Resources No. 358.K/30/DJB/2014 dated April 7, 2014, the period has been extended for three (3) years.

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BKES BKES Pada tanggal 9 September 2011,

berdasarkan Keputusan Menteri Energi dan Sumber Daya Mineral No. 1034.K./30/DJB/2011, BKES memperoleh Ijin Usaha Pertambangan (IUP) Operasi Produksi Khusus untuk Pengangkutan dan Penjualan Batubara untuk jangka waktu 5 (lima) tahun dan dapat diperpanjang.

On September 9, 2011, based on the

Decision of the Ministry of Energy

and Mineral Resources

No. 1034.K./30/DJB/2011, BKES obtained Particular License of IUP Operation Production for Transportation and Trade of Coal which is valid for five (5) years and can be extended.

RCI RCI

Berdasarkan Keputusan Menteri Energi dan Sumber Daya Mineral

No. 835.K/30/DJB/2012 tanggal

26 September 2012, RCI telah memperoleh Izin Usaha Pertambangan (IUP) Operasi Produksi 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 dated

September 26, 2012, RCI obtained Particular License of IUP Operation Production for Transportation and Trade of Coal which is valid for five (5) years.

ASL ASL

Pada tanggal 31 Desember 2014, berdasarkan Keputusan Gurbenur Sumatera Selatan No. 801/KPTS/DISPERTAMBEN/ 2014, ASL memperoleh Ijin Usaha

Pertambangan (IUP) Operasi Produksi

Khusus untuk Pengangkutan dan Penjualan Batubara untuk jangka waktu 2 (dua) tahun.

On December 31, 2014, based on the Decision of the Governor South Sumatera No. 801/KPTS/DISPERTAMBEN/2014, ASL obtained Particular License of IUP Operation Production for Transportation and Trade of Coal which is valid for two (2) years.

BORNEO BORNEO

BORNEO memperoleh ijin Pengusahaan Pertambangan Batubara dari instansi-instansi berikut:

BORNEO has obtained from the following licenses to conduct coal mining activities:

1. 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). Pada tanggal 5 Agustus 2015, Pemerintah Republik Indonesia dan BORNEO telah menandatangani amandemen kedua PKP2B.

1. 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). On August 5, 2015, the Government of the Republic of Indonesia and BORNEO have signed the second amendment of

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CCoW.

2. Keputusan Menteri Energi dan Sumber

Daya Mineral No. 10.K/40.00/DJB/2006 tanggal 17 Februari 2006 tentang Permulaan Tahap Kegiatan Produksi PKP2B seluas 24.100 hektar untuk jangka waktu 30 (tiga puluh) tahun.

2. Ministry of Energy and Mineral

Resources in its Decision Letter No. 10.K/40.00/DJB/2006 dated February 17, 2006 which permits BORNEO concerning the beginning stage of Production Activity of CCoW for 24,100 hectares for a period of thirty (30) years.

Berdasarkan Surat Keputusan dari Menteri Perhubungan No. KP 26 Tahun 2014 tanggal 9 Januari 2014, BORNEO telah memperoleh Persetujuan Pengelolaan Terminal untuk Kepentingan Sendiri (TUKS) di dalam daerah lingkungan kerja dan daerah lingkungan kepentingan Pelabuhan Kotabaru, guna menunjang kegiatan usaha di bidang pertambangan batubara BORNEO.

Based on Decision Letter from the Minister of Transportation No. KP 26 Tahun 2014 dated January 9, 2014, BORNEO has obtained Transportation License for the Operational Activities of Terminal for Self Interest (TUKS) in operational teritory and interest related teritory of port, to support BORNEO’s coal mining activities.

Berdasarkan Surat Direktorat Jenderal

Perdagangan Luar Negeri tanggal

8 September 2014, BORNEO telah memperoleh pengakuan sebagai eksportir batubara terdaftar.

Based on Letter from Directorate General of Foreign Trade dated September 8, 2014, BORNEO has obtained recognition as a registered coal exporter.

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Luas Area/ No. Surat Keputusan/ Masa Berlaku/ No. Ijin KP/Licenses Daerah/Location Area Decision Letter No. Validity

Hektar/Hectare

KIM

1. IUP Operasi Produksi dan Kecamatan Jujuhan, 199 Keputusan Bupati Bungo/ 23 April 2010 s.d./up to Perubahan atas IUP tersebut/ Kabupaten Bungo, Decision of Bupati Bungo 22 April 2020 Production Operations and Provinsi/Province Jambi No. 251/DESDM Tahun 2010

the Change of the IUP Jo. Keputusan Bupati Bungo/ Jo. Decision of Bupati Bungo 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

Provinsi/Province Jambi No. 252/DESDM Tahun 2010

TKS

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

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

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 - East Barito s.d./up to 14 Agustus/

dan/and Paku, No. 570 tahun/year 2009 August 2019 Kabupaten Barito Timur/East ,

Provinsi/Province Kalimantan Tengah/Central

BHBA

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

Kabupaten Bungo, No. 247/DESDM/Tahun 2010 Provinsi/Province Jambi

2. SK Perpanjangan Dusun Tanjung Belit, 172 Keputusan Bupati Bungo/ 23 April 2016 s.d./up to IUP Operasi Produksi/ Kecamatan Jujuhan, Decision of Bupati Bungo 21 April 2026 Decision Letter on Extention Kabupaten Bungo, No. 576/DESDM/Tahun 2014

of Production Operations Provinsi/Province Jambi

KCP

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

Kabupaten Bungo, No. 350/DESDM/Tahun 2009 Provinsi/Province Jambi

199

Berdasarkan Surat Direktorat Jenderal Perdagangan Luar Negeri tanggal 24 November 2014, KCP telah memperoleh pengakuan sebagai eksportir batubara terdaftar.

Based on Letter from Directorate General of Foreign Trade dated November 24, 2014, KCP has obtained recognition as a registered coal exporter.

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Luas Area/ No. Surat Keputusan/ Masa Berlaku/

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

Hektar/Hectare BBU

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

Kabupaten Bungo, No. 250/DESDM/Tahun 2010

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

BNP

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

1. IUP Operasi Produksi/ Dusun Tanjung Belit, 198 Keputusan Bupati Bungo/ 23 April 2010 s.d./up to

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

NIL

1. IUP Operasi Produksi/ Kecamatan Rakit Kulim, 2.000 Keputusan Bupati Indragiri Hulu/ 19 April 2013 s.d./up to

Production Operations Kabupaten Indragiri Hulu, Decision of Bupati Indragiri Hulu 18 April 2023

Provinsi/Province Riau No. 04/IUP/545-02/IV/2013

MAL

1. IUP Operasi Produksi/ Kecamatan Bayung Lencir, 4.836 Keputusan Bupati Musi Banyuasin/ 8 Maret/March 2009 s.d/up to

Production Operations Kabupaten Musi Banyuasin, Decision of Bupati Musi Banyuasin 8 Maret/March 2017 Provinsi/Province Sumatera Selatan/ No. 1259 Tahun 2009

South

2. SK Perubahan IUP - 4.836 Keputusan Bupati Musi Banyuasin/ 8 Maret/March 2009 s.d/up to

Operasi Produksi/ Decision of Bupati Musi Banyuasin 7 Maret/March 2021

Decision Letter on No. 0672 Tahun 2010

Change of IUP Production Operations

RSL

1. IUP Operasi Produksi/ Kecamatan Bayung Lencir, 4.902 Keputusan Bupati Musi Banyuasin/ 21 November 2008 s.d/up to

Production Operations Kabupaten Musi Banyuasin, Decision of Bupati Musi Banyuasin 20 November 2018 Provinsi/Province Sumatera Selatan/ No. 1253 Tahun 2009

South

BBEP

1. IUP Operasi Produksi/ Kecamatan Bayung Lencir, 4.686 Keputusan Bupati Musi Banyuasin/ 12 Desember/December 2008

Production Operations Kabupaten Musi Banyuasin, Decision of Bupati Musi Banyuasin s.d/up to Provinsi/Province Sumatera Selatan/ No. 1104 Tahun 2009 11 Desember/December 2018

South

2. SK Perubahan IUP - 4.997 Keputusan Bupati Musi Banyuasin/ 12 Desember/December 2008

Operasi Produksi/ Decision of Bupati Musi Banyuasin s.d/up to

Decision Letter on No. 0846 Tahun 2014 11 Desember/December 2018