PT Equity Development Investment Tbk dan Entitas Anak/and Subsidiaries

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dan tahun yang berakhir pada tanggal-tanggal

31 Desember 2012 dan 2011/

Consolidated financial statements

with independent auditors’ report

December 31, 2012 and 2011

and January 1, 2011/December 31, 2010

and years ended December 31, 2012 and 2011

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31 DESEMBER 2012 DAN 2011 DAN 1 JANUARI 2011/31 DESEMBER 2010

DAN TAHUN YANG BERAKHIR PADA TANGGAL-TANGGAL 31 DESEMBER 2012 DAN 2011

DECEMBER 31, 2012 AND 2011 AND JANUARY 1, 2011/DECEMBER 31, 2010

AND YEARS ENDED DECEMBER 31, 2012 AND 2011

Daftar Isi Halaman/

Page Table of Contents

Laporan Auditor Independen Independent Auditors’ Report

Laporan Posisi Keuangan Konsolidasian ... 1 - 3 ……Consolidated Statements of Financial Position

Laporan Laba Rugi Komprehensif Konsolidasian ... 4 - 6

Consolidated Statements of Comprehensive ………Income

Laporan Perubahan Ekuitas Konsolidasian ... 7 …..Consolidated Statements of Changes in Equity

Laporan Arus Kas Konsolidasian ... 8 - 9 …………..Consolidated Statements of Cash Flows

Catatan atas Laporan Keuangan Konsolidasian ... 10 - 142 ….Notes to the Consolidated Financial Statements

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kecuali dinyatakan lain) unless otherwise stated)

Disajikan kembali (Catatan 3)/

As restated (Note 3)

1 Jan 2011/

31 Des 2010

Catatan/ 31 Des 2012/ 31 Des 2011/ Jan 1, 2011/ Notes Dec 31, 2012 Dec 31, 2011 Dec 31, 2010

ASET ASSETS

2d,2e

Kas dan setara kas 2x,5,6 Cash and cash equivalents

Pihak berelasi 10.593.870 20.436.224 8.293.651 Related party

Pihak ketiga 160.873.572 106.184.643 158.094.812 Third parties

2e,2r Investments in marketable securities

Investasi efek dan deposito 2x,5,7 and deposits

Pihak berelasi 361.945.525 332.109.104 316.564.553 Related parties

Pihak ketiga 1.170.589.485 965.242.820 765.663.118 Third parties

Piutang premi dan 2e,2x Premium and co-insurance

koasuransi 5,8,34 receivables

Pihak berelasi 23.935 61.107 154.996 Related party

Pihak ketiga - setelah dikurangi

penyisihan kerugian penurunan Third parties - net of provision

nilai sebesar Rp3.543.272 for impairment losses

pada tanggal of Rp3,543,272 as of

31 Desember 2012, December 31, 2012,

Rp3.337.449 pada tanggal Rp3,337,449 as of

31 Desember 2011 dan December 31, 2011 and

1 Januari 2011/ January 1, 2011/

31 Desember 2010 286.220.606 209.143.738 198.868.212 December 31, 2010

2s,2x

Aset reasuransi - neto 9,34 527.572.184 615.144.793 231.962.166 Reinsurance assets - net

Piutang usaha sekuritas 2e,2x Securities trading and stock

dan jasa administrasi efek 5,10 administration fee receivables

Pihak berelasi 409.577 359.816 301.986 Related parties

Pihak ketiga - setelah dikurangi Third parties - net of provision

penyisihan kerugian penurunan for impairment losses

nilai sebesar Rp10.336 pada of Rp10,336 as of

tanggal 31 Desember 2012 December 31, 2012 and

danRp21.409 pada tanggal Rp21,409 as of

2f,2x

Investasi sewa pembiayaan - neto 11,23 Investment in financing leases - net

Pihak ketiga - setelah dikurangi Third parties - net of provision for

penyisihan kerugian penurunan impairment losses

nilai sebesar Rp8.554.595 pada of Rp8,554,595

tanggal 31 Desember 2012, as of December 31, 2012,

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

keuangan konsolidasian secara keseluruhan.

The accompanying notes to the consolidated financial statements form an integral part of these

consolidated financial statements.

1 Jan 2011/

31 Des 2010

ASET (lanjutan) ASSETS (continued)

2g,2x

Piutang pembiayaan konsumen 12,23

Pihak ketiga - setelah dikurangi Consumer financingreceivables

penyisihan kerugian penurunan Third parties - net of provision

nilai sebesar Rp4.259.920 for impairment

pada tanggal losses of Rp4,259,920

31 Desember 2012, as of December 31, 2012,

Rp5.456.636 pada Rp5,456,636 as of

tanggal 31 Desember 2011 dan December 31, 2011 and

Rp6.594.203 pada Rp6,594,203 as of

tanggal 1 Januari 2011/ January 1, 2011/

Tagihan anjak piutang 2h,2x,13

Pihak ketiga - Factoring receivables

setelah dikurangi penyisihan Third parties -

kerugian penurunan nilai net of provision for impairment

sebesar Rp510.698 pada tanggal losses of Rp510,698 as of

Rp229.298 pada tanggal Rp229,298 as of

Rp825.308 pada tanggal Rp825,308 as of

Penyertaan modal ventura -

setelah dikurangi penyisihan

kerugian penurunan nilai Investment in venture capital -

sebesar Rp275.134 net of provision for impairment

masing-masing pada tanggal losses of Rp275,134

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

dan 1 Januari 2011/ 2011 and January 1, 2011/

31 Desember 2010 2i,14 57.856.131 43.082.505 31.244.742 December 31, 2010

Biaya dibayar di muka 2k 19.019.796 15.923.457 8.491.945 Prepaid expenses

2c,2x

Penyertaan saham 15,35 59.229.419 56.582.995 49.249.005 Investments in shares of stock

Aset tetap - setelah dikurangi Fixed assets - net of

akumulasi penyusutan sebesar accumulated depreciation

Rp60.776.155 pada tanggal of Rp60,776,155as of

Rp57.771.744 pada tanggal Rp57,771,744as of

Rp52.375.996 pada Rp52,375,996 as of

tanggal 1 Januari 2011/ January 1, 2011/

31 Desember 2010 2j,16,23 54.493.677 50.526.510 49.301.928 December 31, 2010 Properti investasi - neto 2m,17 105.701.500 91.227.632 72.121.619 Investment properties - net Aset pajak tangguhan - neto 2u,21,35 819.095 427.126 249.923 Deferred tax assets - net

Aset lainnya 2n,2x 53.371.615 51.009.719 61.964.166 Other assets

TOTAL ASET 3.381.958.806 2.911.012.979 2.379.944.861 TOTAL ASSETS

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1 Jan 2011/

31 Des 2010

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS LIABILITIES

Utang usaha sekuritas Securities trading and stock

dan jasa administrasi efek administration fee payables

Pihak berelasi - - 2.142.770 Related parties

Pihak ketiga 2e,2x,20 3.494.121 7.463.205 180.051.230 Third parties

Utang koasuransi, reasuransi Due to co-insurers, reinsurers

dan komisi 2s,2x,18 and commissions payable

Pihak ketiga 34 203.443.000 92.719.016 101.461.108 Third parties

Wesel bayar jangka menengah

- neto 2x,34 10.300.000 998.837 - Medium-term notes payable - net

2e,2x,5

Pinjaman bank - neto 23 Bank loans - net

Pihak berelasi 12.153.838 6.654.715 - Related party

Pihak ketiga 108.265.912 43.436.580 - Third parties

Beban akrual 2x 12.582.407 4.254.098 3.590.151 Accrued expenses

Utang pajak 2u,21 7.013.856 4.913.380 3.532.620 Taxes payable

Liabilitas manfaat polis masa depan 2p,19 Liability for future policy benefits

Pihak ketiga 448.336.418 439.756.752 383.904.205 Third parties

Premi yang belum merupakan

pendapatan, estimasi klaim, Unearned premiums,

utang klaim, liabilitas kontrak estimated claims, claims

asuransi jangka panjang dan payable, long-term insurance

liabilitas kepada 2p,2r contract liabilities and

pemegang unit link 2x,19 liability to unit link holders

Pihak ketiga 1.791.663.756 1.613.746.804 1.077.884.413 Third parties

Pendapatan diterima di muka 2e,2r,5 6.893.622 2.037.932 6.870.883 Unearned revenue Liabilitas pajak tangguhan - neto 2u,21 4.193.796 3.193.014 1.344.419 Deferred tax liabilities - net

Estimasi liabilitas imbalan Estimated employees’ benefits

kerja karyawan 2o,30 24.158.573 19.194.308 15.310.954 liability

Liabilitas lainnya 2x 36.422.948 28.343.390 17.749.081 Other liabilities

TOTAL LIABILITAS 2.668.922.247 2.266.712.031 1.793.841.834 TOTAL LIABILITIES

EKUITAS EQUITY

Ekuitas yang dapat diatribusikan Equity attributable to the equity

kepada pemilik entitas induk holders of the parent entity

Modal saham Share capital

Modal dasar - 1.441.440.000 Authorized - 1,441,440,000

saham seri A dengan A series shares at Rp500

nilai nominal Rp500 (full amount)

(nilai penuh) per saham par value per share and

dan 8.637.120.000 saham seri B 8,637,120,000 B series shares

dengan nilai nominal at Rp250 (full amount)

Rp250 (nilai penuh) per saham par value per share

Modal ditempatkan dan disetor Issued and fully paid

penuh - 1.441.440.000 1,441,440,000 A series

saham seri A dan shares and

3.784.896.198 saham seri B 24 1.666.944.050 1.666.944.050 1.666.944.050 3,784,896,198 B series shares

Tambahan modal disetor 25 230.588.000 230.588.000 230.588.000 Additional paid-in capital

Selisih transaksi perubahan Difference arising from changes in

ekuitas Entitas Anak 2b 136.632.000 136.632.000 136.632.000 the equity of Subsidiaries

Akumulasi rugi (1.391.492.926) (1.453.385.402) (1.513.711.123) Accumulated losses

Pendapatan komprehensif lainnya 7,17 (11.911.072) (10.935.866) (3.527.027) Other comprehensive income

Total ekuitas yang dapat Total equity attributable to

diatribusikan kepada pemilik the equity holders

entitas induk 630.760.052 569.842.782 516.925.900 of the parent entity Kepentingan Nonpengendali 2b,22,35 82.276.507 74.458.166 69.177.127 Non-controlling Interests

TOTAL EKUITAS 713.036.559 644.300.948 586.103.027 TOTAL EQUITY

TOTAL LIABILITAS DAN TOTAL LIABILITIES AND

EKUITAS 3.381.958.806 2.911.012.979 2.379.944.861 EQUITY

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2011 (Disajikan kembali (Catatan 3)/ Catatan/ As restated 2012 Notes (Note 3)) PENDAPATAN 2r REVENUES

Underwriting - neto 820.701.635 2e,2p,5,27 773.230.111 Underwriting - net

Sewa pembiayaan 48.082.431 2f,11 28.940.855 Direct financing lease

Provisi dan komisi - neto 24.515.265 2e,5 53.377.816 Fees and commissions - net

Pembiayaan konsumen 20.506.629 2g,12 22.134.693 Consumer financing

Modal ventura 7.900.537 2i,14 7.762.095 Venture capital

Bunga deposito 7.230.460 2e,5,6,7 9.238.661 Interest earned from deposits

Jasa manajer investasi dan Investment manager and

administrator 4.404.915 2e,5,10 3.780.193 administrator fees

Bagian atas laba tahun berjalan Equity in income for the year of an

entitas asosiasi 2.646.424 2b,15 7.313.990 associate company

Pendapatan dari investasi: 2e,2x,7 Income from investments:

Laba dari unit penyertaan Income from investment in

reksa dana - neto 99.864.445 5 56.712.050 mutual funds - net

Bunga obligasi 23.251.327 24.209.548 Interest from bonds

Kenaikan properti investasi 10.009.867 2m,17 18.676.213 Increase in investment properties

Income from investments

Laba dari investasi saham 2.182.059 6.539.811 in shares

Dividen 463.727 643.019 Dividends

Laba (rugi) dari penjualan Income (loss) from sales

obligasi - neto (603.286) 1.261.055 of bonds - net

Pendapatan lainnya: Other revenues:

Laba selisih kurs - neto 18.869.327 622.017 Gain on foreign exchange - net

Jasa pelayanan kesehatan 6.729.860 4.822.713 Healthcare - service

Laba atas penjualan aset tetap 4.930.204 16 3.223.800 Gain on sale of fixed assets

Pendapatan denda keterlambatan 2.151.829 1.551.307 Late charges income

Pemulihan dari piutang yang Recovery of accounts receivable

dihapuskan 1.670.883 1.320.000 written-off

Jasa perjalanan 1.413.105 1.052.809 Travel services

Lain-lain 17.064.330 21.605.802 Others

TOTAL PENDAPATAN 1.123.985.973 1.048.018.558 TOTAL REVENUES

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(Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain)

(Expressed in thousands of Rupiah, unless otherwise stated)

2011 (Disajikan kembali (Catatan 3)/ Catatan/ As restated 2012 Notes (Note 3)) BEBAN 2r EXPENSES

Underwriting - neto 795.735.571 2p,28,34 764.675.255 Underwriting - net

Umum dan administrasi 228.196.438 29,34 199.758.054 General and administrative

Interest and otherfinancing

Bunga dan beban keuangan lainnya 9.222.912 5,34 1.069.682 charges

Pajak 3.613.285 5.335.913 Taxes

Penyisihan kerugian penurunan Provision for impairment losses

nilai piutang 2.319.556 2x 624.593 on receivables

TOTAL BEBAN 1.039.087.762 971.463.497 TOTAL EXPENSES

LABA SEBELUM BEBAN PAJAK INCOME BEFORE

PENGHASILAN 84.898.211 76.555.061 INCOME TAX EXPENSE

BEBAN PAJAK PENGHASILAN 2u,21 INCOME TAX EXPENSE

Kini 11.274.953 8.462.346 Current

Tangguhan 601.692 1.244.984 Deferred

Beban pajak penghasilan Corporate income tax

badan 11.876.645 9.707.330 expense

LABA TAHUN BERJALAN 73.021.566 66.847.731 INCOME FOR THE YEAR

Laba komprehensif lainnya Other comprehensive income

Difference between fair value and

Selisih nilai wajar dengan carrying value of fixed assets

nilai tercatat aset tetap yang transferred to

ditransfer ke properti investasi 3.313.086 2m,17 - investment properties

Perubahan bersih nilai wajar Net change in fair value of

investasi tersedia untuk dijual (4.378.909) 7 (6.927.388) available-for-sale investment

TOTAL LABA KOMPREHENSIF TOTAL COMPREHENSIVE

TAHUN BERJALAN 71.955.743 59.920.343 INCOME FOR THE YEAR

LABA TAHUN INCOME FOR

BERJALAN YANG DAPAT THE YEAR

DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:

Pemilik entitas induk 61.892.476 60.325.721 Equity holders of the parent entity

Kepentingan Nonpengendali 11.129.090 2b,22,34 6.522.010 Non-controlling Interests

TOTAL 73.021.566 66.847.731 TOTAL

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(Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain)

(Expressed in thousands of Rupiah, unless otherwise stated)

2011 (Disajikan kembali (Catatan 3)/ Catatan/ As restated 2012 Notes (Note 3))

TOTAL LABA KOMPREHENSIF TOTAL COMPREHENSIVE

TAHUN BERJALAN YANG DAPAT INCOME FOR THE YEAR

DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:

Pemilik entitas induk 60.917.270 52.916.882 Equity holders of the parent entity

Kepentingan Nonpengendali 11.038.473 7.003.461 Non-controlling Interests

TOTAL 71.955.743 59.920.343 TOTAL

LABA PER SAHAM DASAR BASIC EARNINGS PER SHARE

YANG DAPAT DIATRIBUSIKAN ATTRIBUTABLE TO EQUITY

KEPADA PEMILIK HOLDERS OF

ENTITAS INDUK THE PARENT ENTITY

(Nilai penuh) 11,84 2w,26 11,54 (Full amount)

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Pendapatan komprehensif lainnya/

Other comprehensive income

Selisih nilai wajar

dengan nilai tercatat

aset tetap

yang ditransfer ke Rugi yang

properti investasi/ belum direalisasi

Selisih transaksi Difference between atas investasi dalam perubahan ekuitas fair value and kelompok tersedia Modal saham Entitas Anak/ carrying value of untuk dijual/

ditempatkan dan Difference arising Akumulasi fixed assets Unrealized loss Kepentingan disetor penuh/ Agio saham/ from changes in rugi/ transferred to from investment Nonpengendali/

Catatan/ Issued and fully Additional the equity of Accumulated investment classified as Total/ Non-controlling Ekuitas - neto/ Notes paid share capital paid-in capital Subsidiaries losses properties available-for-sale Total Interest Equity - net

Saldo 31 Desember 2010 Balance as of December 31, 2010

dilaporkan sebelumnya 1.666.944.050 230.588.000 136.632.000 (1.519.185.893) - (3.527.027) 511.451.130 67.578.344 579.029.474 as previously reported

Penyesuaian akibat implementasi Adjustment as results implementation

standar akuntansi baru dan revisi 3 - - - 5.474.770 - - 5.474.770 1.598.783 7.073.553 of new and revised accounting standards

Saldo 31 Desember 2010, disajikan kembali 1.666.944.050 230.588.000 136.632.000 (1.513.711.123) - (3.527.027) 516.925.900 69.177.127 586.103.027 Balance as of December 31, 2010, as restated

investasi tersedia untuk dijual 2b,2x,7 - - - - - (7.408.839) (7.408.839) 481.451 (6.927.388) available-for-sale investment

Dividen tunai 22 - - - - - - - (1.722.422) (1.722.422) Cash dividends

Laba tahun berjalan 2011, Income for the year 2011,

disajikan kembali 3 - - - 60.325.721 - - 60.325.721 6.522.010 66.847.731 as restated

Saldo 31 Desember 2011, disajikan kembali 1.666.944.050 230.588.000 136.632.000 (1.453.385.402) - (10.935.866) 569.842.782 74.458.166 644.300.948 Balance as of December 31, 2011, as restated

investasi tersedia untuk dijual 2b,2x,7 - - - - - (4.229.187) (4.229.187) (149.722) (4.378.909) available-for-sale investment

Selisih nilai wajar dengan nilai tercatat Difference between fair value and carrying value of

aset tetap yang ditransfer ke properti investasi 2m,17 - - - - 3.253.981 - 3.253.981 59.105 3.313.086 fixed assets transferred to investment properties

Dividen tunai 22 - - - - - - - (3.220.132) (3.220.132) Cash dividends

Laba tahun berjalan 2012 - - - 61.892.476 - - 61.892.476 11.129.090 73.021.566 Income for the year 2012

Saldo 31 Desember 2012 1.666.944.050 230.588.000 136.632.000 (1.391.492.926) 3.253.981 (15.165.053) 630.760.052 82.276.507 713.036.559 Balance as of December 31, 2012

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2011 (Disajikan kembali (Catatan 3)/ Catatan/ As restated 2012 Notes (Note 3))

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM

OPERASI OPERATING ACTIVITIES

Penerimaan kas dari: Cashreceipts from:

Aktivitas asuransi 1.394.799.452 1.225.729.514 Insurance activities

Aktivitas pembiayaan 388.802.929 344.251.654 Financing activities

Aktivitas modal ventura 42.838.783 38.747.890 Venture capital activities

Aktivitas sekuritas 17.191.721 7.445.609 Securities activities

Aktivitas operasi lainnya 45.398.146 77.610.560 Other operating activities

Pencairan deposito 1.818.249.967 1.680.584.401 Withdrawals of time deposits

Sale of investment

Penjualan reksa dana 832.412.736 1.319.255.338 in mutual funds

Penjualan obligasi 92.561.019 30.261.185 Sale of bonds

Bunga obligasi 18.186.137 7 21.872.447 Interests from bonds

Penjualan saham 16.526.942 45.303.216 Sale of investment in shares

Bunga deposito 7.025.986 6,7 2.286.842 Interests from deposits

Aktivitas investasi lainnya - neto 1.894.945 2.280.299 Other investing activities - net

Lain-lain 3.922.199 7.962.404 Others

Pengeluaran kas untuk: Cash disbursements for:

Aktivitas asuransi (1.012.739.249) (912.708.840) Insurance activities

Aktivitas pembiayaan (473.047.500) (365.529.876) Financing activities

Aktivitas modal ventura (49.406.789) (49.065.030) Venture capital activities

Aktivitas operasi lainnya (44.554.368) (61.916.808) Other operating activities

Penempatan deposito (1.839.961.136) (1.728.155.830) Placement in deposits

Pembelian reksa dana (1.033.498.681) (1.410.055.098) Purchases of mutual funds

General and administrative

Beban umum dan administrasi (181.155.423) (233.241.111) expenses

Pajak penghasilan (23.828.426) (12.877.178) Income taxes

Penempatan obligasi (22.360.000) (96.380.562) Placement inbonds

Bunga pinjaman (7.156.900) (55.956) Interest on loans

Pembelian saham (6.003.967) (10.341.509) Purchases of shares

Penempatan investasi lainnya (4.024.449) (7.835.175) Placement in other investments

Lain-lain (66.094) (2.813.011) Others

Kas neto digunakan untuk Net cash used in

aktivitas operasi (17.992.020) (87.384.625) operating activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM INVESTING

INVESTASI ACTIVITIES

Penjualan aset tetap 8.259.771 16 6.223.969 Sales of fixed assets

Penerimaan dividen kas 690.662 149.383 Proceeds fromcash dividends

Pembelian aset tetap (15.701.908) (11.135.505) Purchases of fixed assets

Kas neto digunakan untuk Net cash used in

aktivitas investasi (6.751.475) (4.762.153) investingactivities

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kecuali dinyatakan lain) unless otherwise stated) 2011 (Disajikan kembali (Catatan 3)/ Catatan/ As restated 2012 Notes (Note 3))

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM FINANCING

PENDANAAN ACTIVITIES

Penerimaan utang bank 131.283.003 51.088.080 Proceeds from bank loans

Penerimaan dari penerbitan Proceeds from issuance

wesel bayar jangka menengah 9.300.000 1.000.000 of medium-term notes payable

Pembayaran utang bank (60.480.766) (845.285) Payments of bank loans

Pembayaran dividen kas (2.583.714) (1.722.476) Payments of cash dividends

Kas neto diperoleh dari Net cash provided by

aktivitas pendanaan 77.518.523 49.520.319 financingactivities

Pengaruh neto atas Net effect of changes in

perubahan kurs pada kas foreign exchange rates

dan setara kas yang on cash and cash

didenominasi dalam mata equivalents denominate

uang asing (7.928.453) 2.858.863 in foreign currencies

KENAIKAN (PENURUNAN) NETO NET INCREASE (DECREASE) IN

KAS DAN SETARA KAS 44.846.575 (39.767.596) CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AWAL TAHUN 126.620.867 6 166.388.463 AT BEGINNING OF YEAR

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AKHIR TAHUN 171.467.442 6 126.620.867 AT END OF YEAR

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1. UMUM 1. GENERAL

a. Pendirian Perusahaan a. Establishment of the Company

PT Equity Development Investment Tbk (“Perusahaan”) didirikan di Jakarta dengan nama PT Gajah Surya Arta Leasing berdasarkan Akta Notaris Didi Sudjadi, S.H., No. 1 tanggal 1 November 1982, yang kemudian diubah dengan akta No. 30 tanggal 6 Maret 1985 oleh notaris yang sama. Akta pendirian tersebut telah disahkan oleh Menteri Kehakiman Republik Indonesia dengan Surat Keputusan No. C2-1698.HT.01.01.TH.85 tanggal 30 Maret 1985, dan diumumkan dalam Berita Negara No. 85 Tambahan No. 1258, tanggal 24 Oktober 1986. Anggaran Dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir berdasarkan Akta Notaris Isyana Wisnuwardhani Sadjarwo, S.H., No. 18 tanggal 25 Juni 2008, mengenai penyesuaian dengan Undang-undang Perseroan Terbatas No. 40 Tahun 2007. Perubahan ini telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat No. AHU-85999.AH.01.02. Tahun 2008 tanggal 13 November 2008.

PT Equity Development Investment Tbk (the “Company”) was established in Jakarta under the name of PT Gajah Surya Arta Leasing on November 1, 1982 based on the Notarial Deed of Didi Sudjadi, S.H., No. 1, as amended by deed No. 30 dated March 6, 1985 of the same notary. The deed of

establishment was approved by

the Ministry of Justice in its Decision Letter No. C2-1698.HT.01.01.TH.85 dated March 30, 1985, and was published in the State Gazette No. 85 Supplement

No. 1258, dated October 24, 1986.

The Company’s Articles of Association has been amended several time, the latest of which covered by the Notarial Deed of Isyana Wisnuwardhani Sadjarwo, S.H., No. 18 dated June 25, 2008, concerning the adaptation with

Corporate Law No. 40 Year 2007.

The amendment has been approved by the Ministry of Law and Human Rights in its Letter No. AHU-85999.AH.01.02. Year 2008 dated November 13, 2008.

Berdasarkan Pasal 3 Anggaran Dasar Perusahaan, ruang lingkup kegiatan Perusahaan mencakup, antara lain, jasa, perdagangan, industri, jasa manajemen dan konstruksi. Pada saat ini, Perusahaan hanya bergerak dalam kegiatan penyertaan saham. Perusahaan berdomisili di Wisma Sudirman, lantai 6, Jl. Jenderal Sudirman Kav. 34, Jakarta. Kegiatan usahanya dimulai pada tahun 1985.

As stated in Article 3 of the Company’s Articles of Association, the scope of its activities comprises of, among others, services, trading, industries, administration and construction. At present, the Company is only engaged in equity investment activities. The Company is domiciled at Wisma Sudirman, 6th floor, Jl. Jenderal Sudirman Kav. 34, Jakarta. Its commercial operations were commenced in 1985.

Equity Global International Limited merupakan Entitas Induk Perusahaan dan Pinnacle Asia Diversified Fund merupakan entitas induk terakhir Perusahaan.

Equity Global International Limited is

the parent entity of the Company and Pinnacle Asia Diversified Fund is the ultimate parent entity of the Company.

(16)

1. UMUM (lanjutan) 1. GENERAL (continued) b. Penawaran umum dan aksi korporasi yang

mempengaruhi modal saham yang

ditempatkan dan disetor penuh

b. Public offering and corporate actions affecting issued and fully paid share capital

Ringkasan aktivitas Perusahaan yang dapat mempengaruhi efek yang diterbitkan (corporate action) sejak penawaran umum perdana pada tahun 1989 sampai dengan tanggal 31 Desember 2012, adalah sebagai berikut:

Summary of the Company’s corporate actions that affect the issued shares of the Company from the date of its initial public offering in 1989 up to December 31, 2012, are as follows:

Saham Seri/ Total Saham/

Tanggal/Dates Kegiatan/Activities Series Shares Total Shares

23 Oktober 1989/October 23, 1989 Penawaran Umum Perdana/Initial Public Offering A 2.000.000 11 Juni 1990/June 11, 1990 Penawaran Umum Terbatas I/Limited Public Offering I A 4.000.000

17 Juni 1991/June 17, 1991 “Company listing”/“Company listing” A 8.000.000

8 Agustus 1991/August 8, 1991 Pembagian dividen saham/Distribution of stock dividends A 1.400.000 14 Agustus 1992/August 14, 1992 Pembagian saham bonus/Distribution of bonus shares A 24.640.000 5 Mei 1994/May 5, 1994 Penawaran Umum Terbatas II/Limited Public Offering II A 120.120.000 7 Oktober 1996/October 7, 1996 Penawaran Umum Terbatas III/Limited Public Offering III A 560.560.000 1 Desember 1997/December 1, 1997 Pemecahan saham (stock split) dengan mengubah nilai nominal

saham dari Rp1.000 menjadi Rp500 per saham/Change in

par value (stock split) from Rp1,000 to Rp500 per share A 720.720.000 27 Desember 2002/ Pengeluaran saham baru tanpa hak memesan efek terlebih dahulu

December 27, 2002 dengan nilai nominal Rp250 per saham/Capital increase

without pre-emptive rights at Rp250 par value per share B 3.784.896.198

Total/Total 5.226.336.198

Seluruh saham Perusahaan tercatat di Bursa Efek Indonesia.

All of the Company’s shares are listed in the Indonesian Stock Exchange.

c. Manajemen kunci dan informasi lainnya c. Key management and other informations

Pada tanggal 31 Desember 2012 dan 2011, susunan anggota dewan komisaris dan direksi Perusahaan adalah sebagai berikut:

As of December 31, 2012 and 2011, the members of the Company’s boards of commissioners and directors are as follows:

Dewan Komisaris Board of Commissioners

Presiden Komisaris Sujitno Siswowidagdo President Commissioner

Komisaris Kamardy Arief Commissioner

Komisaris Cyprianus Pranoto Commissioner

Komisaris Independen Mukhlis Rasyid Independent Commissioner

Komisaris Independen Ruhiat Wirasendjaja Independent Commissioner

Direksi Board of Directors

Presiden Direktur Muhamad Zulkifli Abusuki President Director

Direktur Tetty Lanawati Gozali Director

Direktur Rachmad Deswandy Director

(17)

1. UMUM (lanjutan) 1. GENERAL (continued) c. Manajemen kunci dan informasi lainnya

(lanjutan) c. Key management and other informations (continued)

Pada tanggal 31 Desember 2012 dan 2011, susunan anggota komite audit Perusahaan adalah sebagai berikut:

As of December 31, 2012 and 2011, the members of the Company’s audit committees are as follows:

Komite Audit Audit Committees

Ketua Ruhiat Wirasendjaja Head

Anggota Mukhlis Rasyid Member

Anggota Cyprianus Pranoto Member

Anggota Bambang Husodo Member

Anggota Taswan Member

Jumlah kompensasi yang berupa imbalan kerja jangka pendek untuk Dewan Komisaris dan Direksi sebagai personil manajemen kunci Perusahaan untuk tahun yang berakhir pada tanggal 31 Desember 2012 dan 2011 adalah masing-masing sebesar Rp3.308.831 dan Rp3.066.814. Tidak terdapat imbalan kerja jangka panjang untuk Dewan Komisaris dan Direksi sebagai personil manajemen kunci Perusahaan untuk tahun yang berakhir pada tanggal 31 Desember 2012 dan 2011.

The total compensation in the form of short-term employee benefits received by the Boards

of Commissioners and Directors as

the Company’s key management personnel for the years ended December 31, 2012 and

2011 amounted to Rp3,308,831 and

Rp3,066,814, respectively. There is no long-term benefits received by the Boards of

Commissioners and Directors as

the Company’s key management personnel for the years ended December 31, 2012 and 2011.

Pada tanggal 31 Desember 2012 dan 2011, Perusahaan dan Entitas Anak mempunyai masing-masing 960 dan 981 karyawan tetap (tidak diaudit).

As of December 31, 2012 and 2011, the Company and Subsidiaries have a total of

960 and 981 permanent employees,

respectively (unaudited).

d. Struktur Perusahaan dan Entitas Anak d. Corporate Structure and Subsidiaries

Persentase

Tahun kepemilikan

beroperasi efektif/ Total aset

secara Effective (Sebelum eliminasi)/

komersial/ percentage Total assets

Commencement of ownership (Before elimination)

Nama Entitas Anak/ Kegiatan usaha/ of commercial

Name of Subsidiaries Nature of business activity operation 2012** 2011 2012 2011

% %

PT Equity Life Indonesia (ELI) Asuransi jiwa, asuransi kesehatan dan 1987 95,02 94,98 1.876.588.980 1.568.541.109 dana pensiun/Life insurance,

health insurance and pension fund

PT Equity Finance Indonesia (EFI) Sewa pembiayaan, pembiayaan 1996 87,62 87,54 553.197.115 392.534.742 konsumen dan anjak piutang/

Financial lease, consumer financing

and factoring

PT Asuransi Dayin Mitra Tbk (ADM) Asuransi kerugian/Casualty insurance 1982 74,25 74,25 996.176.689 954.710.771 PT Equity Securities Indonesia (ESI) Penjamin emisi efek, perantara 1992 98,22 98,20 78.690.965 78.654.912

pedagang efek, manajer investasi dan penasehat investasi/ Underwriter, broker, investment

manager and advisor

(18)

1. UMUM (lanjutan) 1. GENERAL (continued) d. Struktur Perusahaan dan Entitas Anak

(lanjutan) d. Corporate Structure and Subsidiaries (continued)

Persentase

Tahun kepemilikan

beroperasi efektif/ Total aset

secara Effective (Sebelum eliminasi)/

komersial/ percentage Total assets

Commencement of ownership (Before elimination)

Nama Entitas Anak/ Kegiatan usaha/ of commercial

Name of Subsidiaries Nature of business activity operation 2012** 2011 2012 2011

% %

PT Datindo Entrycom (DE) Jasa administrasi efek/ 1991 99,91 99,90 67.519.222 64.499.066

Stock administration services

PT Ventura Investasi Prima (VIP)* Modal ventura/Venture capital 2000 95,83 95,79 45.877.878 45.642.797 PT Lumbung Sari (LS)* Pialang asuransi/Insurance broker 1982 96,91 96,89 24.706.704 22.360.376 PT Medicom Prima (MP)* Jasa administrasi dan pelayanan 2005 96,20 96,17 4.854.316 5.281.591

kesehatan/Administration and

health services

PT Lintas Dunia Travelindo (LDT)* Jasa perjalanan/Travel services 1999 99,17 99,16 8.418.144 6.088.595

*) Diaudit oleh auditor independen lain

**) Pada tahun 2012, kepemilikan efektif Perusahaan di EFI meningkat dari 87,54% menjadi 87,62% karena Perusahaan membeli saham EFI dan VIU yang dimiliki oleh ELI, dan Perusahaan mengambil bagian lebih tinggi dari pada ELI dan DE pada peningkatan modal VIU. Perubahan kepemilikan di EFI dan VIU mengakibatkan perubahan kepemilikan efektif Perusahaan di ELI, ESI, VIU, DE, VIP, LS, MP dan LDT.

*) Audited by other independent auditors

**) On 2012, the Company's effective ownership in EFI increased from 87.54% to 87.62% because the Company acquired EFI and VIU’s share owned by ELI, and the Company subscribed the increase of capital of VIU higher than ELI and DE. Change of ownership in EFI and VIU affects the Company’s effective ownership in ELI, ESI, VIU, DE, VIP, LS, MP and LDT.

Semua Entitas Anak berdomisili di Jakarta. All of the Subsidiaries are domiciled in Jakarta. e. Penyusunan dan penyelesaian laporan

keuangan konsolidasian e. Preparation the consolidated financial statements and completion of

Manajemen Perusahaan bertanggung jawab atas penyusunan laporan keuangan konsolidasian yang telah diselesaikan dan diotorisasi untuk terbit pada tanggal 27 Maret 2013.

The management of the Company is

responsible for the preparation of

the consolidated financial statements which were completed and authorized for issue on March 27, 2013.

2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTING

POLICIES

a. Dasar penyajian laporan keuangan

konsolidasian a. Basis of preparation of the consolidated financial statements

Laporan keuangan konsolidasian telah disusun dan disajikan sesuai dengan Standar Akuntansi Keuangan di Indonesia (“SAK”), yang mencakup Pernyataan dan Interpretasi yang dikeluarkan oleh Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia dan Peraturan-peraturan serta Pedoman Penyajian dan Pengungkapan Laporan Keuangan yang diterbitkan Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam-LK). Seperti diungkapkan dalam catatan-catatan terkait berikut di bawah ini, beberapa standar akuntansi yang telah direvisi

The consolidated financial statements have been prepared and presented in accordance

with Indonesian Financial Accounting

Standards (“SAK”), which comprise

the Statements and Interpretations issued by the Board of Financial Accounting Standards of the Indonesian Institute of Accountants and the Regulations and the Guidelines on

Financial Statement Presentation and

Disclosures issued by the Capital Market and Financial Institutions Supervisory Agency (Bapepam-LK). As disclosed further in the relevant succeeding notes, several

(19)

2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING

(lanjutan) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

a. Dasar penyajian laporan keuangan

konsolidasian (lanjutan) a. Basis of preparation of the consolidated financial statements (continued)

Kebijakan akuntansi telah diterapkan secara konsisten dalam penyusunan laporan keuangan konsolidasian Perusahaan dan Entitas Anak pada tanggal dan tahun yang berakhir pada tanggal 31 Desember 2011, kecuali bagi penerapan beberapa SAK yang telah direvisi dan efektif sejak tanggal 1 Januari 2012 seperti yang telah diungkapkan pada Catatan ini.

The accounting policies were applied

consistently in the preparation of

the consolidated financial statements of the Company and Subsidiaries as of and for the year ended December 31, 2011, except for the adoption of several amended SAKs effective January 1, 2012 as disclosed in this Note.

Laporan keuangan konsolidasian, kecuali untuk laporan arus kas konsolidasian, disusun berdasarkan basis akrual dengan menggunakan konsep nilai perolehan, kecuali untuk beberapa akun tertentu yang disusun berdasarkan pengukuran lain sebagaimana diuraikan dalam kebijakan akuntansi akun tersebut.

The consolidated financial statements, except for the consolidated statements of cash flows, are prepared on the accrual basis using the historical cost concept, except for certain accounts which are measured on the basis described in the related accounting policies for those accounts.

Laporan arus kas konsolidasian disusun dengan metode langsung yang menyajikan penerimaan dan pengeluaran kas dan setara kas yang diklasifikasikan ke dalam aktivitas operasi, investasi dan pendanaan.

The consolidated statements of cash flows have been prepared using the direct method, which present receipts and payments of cash and cash equivalents classified into operating, investing and financing activities.

Mata uang penyajian yang digunakan dalam penyusunan laporan keuangan konsolidasian ini adalah Rupiah, yang merupakan mata uang fungsional Perusahaan.

The reporting currency used in

the consolidated financial statements is Indonesian Rupiah, which is the Company’s functional currency.

b. Prinsip-prinsip konsolidasian b. Principles of consolidation

Laporan keuangan konsolidasian meliputi laporan keuangan Perusahaan dan Entitas Anak seperti yang disebutkan pada Catatan 1d yang dimiliki oleh Perusahaan (secara langsung atau tidak langsung) dengan kepemilikan saham lebih dari 50%.

The consolidated financial statements include the financial statements of the Company and Subsidiaries mentioned in Note 1d in which the Company maintains (directly or indirectly) equity ownership of more than 50%.

Seluruh transaksi dan saldo akun antar perusahaan yang signifikan (termasuk laba atau rugi yang belum direalisasi) telah dieliminasi.

All significant intercompany transactions and account balances (including the related significant unrealized gains or losses) have been eliminated.

Laporan keuangan konsolidasian disusun dengan menggunakan kebijakan akuntansi yang sama untuk peristiwa dan transaksi sejenis dalam kondisi yang sama. Apabila laporan keuangan entitas anak menggunakan kebijakan akuntansi yang berbeda dari kebijakan akuntansi yang digunakan dalam laporan keuangan konsolidasian, maka dilakukan penyesuaian yang diperlukan terhadap laporan keuangan entitas anak tersebut.

The consolidated financial statements are prepared using uniform accounting policies for

transactions and events in similar

circumstances. If the subsidiaries’ financial statements use accounting policies different from those adopted in the consolidated financial statements, appropriate adjustments are made to the subsidiaries’ financial statements.

(20)

b. Prinsip-prinsip konsolidasian (lanjutan) b. Principles of consolidation (continued)

Entitas-entitas Anak dikonsolidasikan secara penuh sejak tanggal akuisisi, yaitu tanggal Perusahaan dan Entitas Anak memperoleh pengendalian, sampai dengan tanggal entitas induk kehilangan pengendalian. Pengendalian dianggap ada ketika Perusahaan memiliki, secara langsung atau tidak langsung melalui Entitas-entitas Anak, lebih dari setengah hak suara entitas.

Subsidiaries are fully consolidated from the date of acquisitions, being the date on which the Company and Subsidiaries obtained control, and continue to be consolidated until the date such control ceases. Control is presumed to exist if the Company owns, directly or indirectly through Subsidiaries, more than half of the voting right of an entity.

Suatu pengendalian atas suatu entitas anak lain dianggap ada bilamana entitas induk menguasai lebih dari lima puluh persen (50%) hak suara, atau entitas induk dapat menentukan kebijakan keuangan dan operasi entitas anak, atau mempunyai kemampuan untuk memberhentikan atau menunjuk mayoritas direksi entitas anak, atau mampu menguasai suara mayoritas dalam rapat pengurus.

Control over a subsidiary is presumed to exist where more than 50% of the subsidiary’s voting power is controlled by the parent, or the parent has the ability to control the financial and operating policies of the subsidiary, or has the abililty to remove or appoint the majority of the subsidiary’s board of directors, or control the majority vote during management meeting.

Pengendalian juga ada ketika entitas induk memiliki setengah atau kurang kekuasaan suara suatu entitas jika terdapat:

(a) kekuasaan yang melebihi setengah hak suara sesuai perjanjian dengan investor lain;

(b) kekuasaan untuk mengatur kebijakan keuangan dan operasional entitas berdasarkan anggaran dasar atau perjanjian;

(c) kekuasaan untuk menunjuk atau mengganti sebagian besar direksi atau organ pengatur setara dan mengendalikan entitas melalui direksi atau organ tersebut; atau

(d) kekuasaan untuk memberikan suara mayoritas pada rapat direksi atau organ pengatur setara dan mengendalikan entitas melalui direksi atau organ tersebut.

Control also exists when the parent owns half or less of the voting power of an entity when there is:

(a) power over more than half of the voting rights by virtue of an agreement with other investors;

(b) power of govern the financial and operating policies of the entity under a statute or an agreement;

(c) power to appoint or remove the majority of the members of the board of directors or equivalent governing body and control of the entity is by that board or body; or (d) power to cast the majority of votes at

meetings of the board of directors or equivalent governing body and control of the entity is by that board or body.

Dalam hal pengendalian terhadap Entitas Anak dimulai atau diakhiri dalam suatu periode berjalan, maka hasil usaha Entitas Anak yang diperhitungkan ke dalam laporan keuangan konsolidasian hanya sebatas hasil pada saat pengendalian tersebut mulai diperoleh atau hingga saat pengendalian itu berakhir.

Where Subsidiaries, if any, either began or ceased to be controlled during the period, the result of operations of that Subsidiary is

included in the consolidated financial

statements only from the date that the control has commenced or up to the date that the control has ceased.

(21)

b. Prinsip-prinsip konsolidasian (lanjutan) b. Principles of consolidation (continued)

Jika kehilangan pengendalian atas suatu Entitas Anak, maka Perusahaan:

(i) menghentikan pengakuan aset (termasuk

goodwill) dan liabilitas Entitas Anak; (ii) menghentikan pengakuan jumlah tercatat

setiap Kepentingan Nonpengendali (“KNP”);

(iii) menghentikan pengakuan akumulasi selisih penjabaran, yang dicatat di ekuitas, jika ada;

(iv) mengakui nilai wajar pembayaran yang diterima;

(v) mengakui setiap sisa investasi pada nilai wajarnya;

(vi) mengakui setiap perbedaan yang dihasilkan sebagai keuntungan atau kerugian dalam laporan laba rugi komprehensif konsolidasian; dan

(vii) mereklasifikasi bagian induk atas komponen yang sebelumnya diakui sebagai pendapatan komprehensif lainnya ke laporan laba rugi komprehensif konsolidasian, atau mengalihkan secara langsung ke saldo laba.

In case of loss of control over a Subsidiary, then the Company:

(i) derecognizes the assets (including

goodwill) and liabilities of the Subsidiaries; (ii) derecognizes the carrying amount of any

Non-controlling Interests (“NCI”);

(iii) derecognizes the cumulative translation differences, recorded in equity, if any;

(iv) recognizes the fair value of

the consideration received;

(v) recognizes the fair value of any investment retained;

(vi) recognizes any surplus or deficit in consolidated statement of comprehensive income; and

(vii) reclassifies the parent’s share of components previously recognized in

other comprehensive income to

consolidated statement of comprehensive

income or retained earnings, as

appropriate.

KNP mencerminkan bagian atas laba atau rugi dan aset neto dari Entitas-entitas Anak yang diatribusikan pada kepentingan ekuitas yang tidak dimiliki secara langsung maupun tidak langsung oleh Perusahaan, yang masing-masing disajikan dalam laporan laba rugi komprehensif konsolidasian dan dalam ekuitas pada laporan posisi keuangan konsolidasian, terpisah dari bagian yang dapat diatribusikan kepada pemilik entitas induk.

NCI represents the portion of the profit or loss and net assets of the Subsidiaries attributable to equity interests that are not owned directly or indirectly by the Company, which are presented respectively in the consolidated statements of comprehensive income and under the equity section of the consolidated statements of financial position, separately from the corresponding portion attributable to the equity holders of the parent company.

Rugi Entitas Anak yang tidak dimiliki secara penuh diatribusikan pada KNP bahkan jika hal ini mengakibatkan KNP mempunyai saldo defisit.

Losses of a non-wholly owned subsidiary are attributed to the NCI even if that will resulting a deficit balance on NCI.

c. Investasi pada Entitas Asosiasi c. Investment in Associates

Investasi Perusahaan dan Entitas Anak pada entitas asosiasi diukur dengan menggunakan metode ekuitas. Entitas asosiasi adalah suatu entitas di mana Perusahaan dan Entitas Anak mempunyai pengaruh signifikan. Sesuai dengan metode ekuitas, nilai perolehan investasi ditambah atau dikurang dengan bagian Perusahaan dan Entitas Anak atas aset neto entitas asosiasi, termasuk penerimaan dividen dari entitas asosiasi sejak tanggal perolehan.

The Company and Subsidiaries’ investment in its associate is accounted using the equity method. Associate is an entity in which the Company and Subsidiaries have significant influence. Under the equity method, the cost of investment is increased or decreased by the Company and Subsidiaries’ share of net assets of the associate, including dividends received from the associate since the date of acquisition.

(22)

c. Investasi pada Entitas Asosiasi (lanjutan) c. Investment in Associates (continued)

Laporan laba rugi komprehensif konsolidasian mencerminkan bagian Perusahaan dan Entitas Anak atas hasil operasi dari entitas asosiasi. Bila terdapat perubahan yang diakui langsung pada ekuitas dari entitas asosiasi, Perusahaan dan Entitas Anak mengakui bagiannya atas perubahan tersebut dan mengungkapkan hal ini, jika relevan dalam laporan perubahan ekuitas konsolidasian. Laba atau rugi yang belum direalisasi sebagai hasil dari transaksi-transaksi antara Perusahaan dan Entitas Anak dengan entitas asosiasi dieliminasi pada jumlah sesuai dengan kepentingan Perusahaan dan Entitas Anak dalam entitas asosiasi.

The consolidated statements of

comprehensive income reflect the Company and Subsidiaries’ share of the results of operations of the associate. Where there has been a change recognized directly in the equity of the associate, the Company and Subsidiaries recognize its share of any such changes and discloses this, when applicable, in the consolidated statement of changes in equity. Unrealized gains and losses resulting from transactions between the Company and Subsidiaries and the associate are eliminated to the extent of the Company and Subsidiaries’ interest in the associate.

Bila bagian Perusahaan dan Entitas Anak atas kerugian entitas asosiasi sama besar atau melebihi bagian atas ekuitas entitas asosiasi, maka pengakuan atas bagian dari rugi tersebut dihentikan. Setelah kepentingan Perusahaan dan Entitas Anak dikurangkan menjadi nihil, tambahan kerugian dicadangkan, dan liabilitas diakui atas kerugian lebih lanjut dari entitas asosiasi hanya bila Perusahaan dan Entitas Anak memiliki kewajiban konstruktif atau legal atau melakukan pembayaran atas nama entitas asosiasi. Bila entitas asosiasi kemudian melaporkan laba, Perusahaan dan Entitas Anak melanjutkan pengakuan atas bagian atas laba tersebut setelah bagian atas laba tersebut sama dengan bagian atas rugi yang tidak diakui sebelumnya.

If the Company and Subsidiaries’ share of losses of an associate equals or exceeds its interest in the associate, it discontinues recognising its share of further losses. After the Company and Subsidiaries’ interest is reduced to nil, additional losses are provided for, and a liability is recognized, only to the extent that the Company and Subsidiaries has incurred legal or constructive obligations

or made payments on behalf of

the associate. If the associate subsequently reports profits, the Company and Subsidiaries resumes recognising its share of those profits only after its share of the profits equals the share of losses not recognized.

Laporan keuangan entitas asosiasi disusun atas periode pelaporan yang sama dengan Perusahaan dan Entitas Anak.

The financial statements of the associate are prepared for the same reporting period of the Company and Subsidiaries.

Setelah penerapan metode ekuitas, Perusahaan dan Entitas Anak menentukan apakah diperlukan untuk mengakui tambahan rugi penurunan nilai atas investasi Perusahaan dan Entitas Anak dalam entitas asosiasi. Perusahaan dan Entitas Anak menentukan pada setiap tanggal pelaporan apakah terdapat bukti yang obyektif yang mengindikasikan bahwa investasi dalam entitas asosiasi mengalami penurunan nilai. Dalam hal ini, Perusahaan dan Entitas Anak menghitung jumlah penurunan nilai berdasarkan selisih antara jumlah terpulihkan

After application of the equity method, the Company and Subsidiaries determine whether it is necessary to recognize an additional impairment loss on the Company and Subsidiaries’ investment in its associate. The Company and Subsidiaries determine at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Company and Subsidiaries calculate the amount of impairment as the difference between the recoverable amount of the investment in associate and its carrying value,