PT Nirvana Development Tbk dan entitas anaknya/and its subsidiaries

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DAFTAR ISI

Halaman/

Page

Laporan Posisi Keuangan Konsolidasian ... 1 - 2 ... Consolidated Statement of Financial Position

Laporan Laba Rugi dan Penghasilan

Consolidated

Statement of Profit or Loss

Komprehensif Lain Konsolidasian ... 3 - 5 ... and Other Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian ...

6 ... Consolidated Statement of Changes in Equity

Laporan Arus Kas Konsolidasian ... 7 - 8 ... Consolidated Statement of Cash Flows

Catatan Atas Laporan Keuangan Konsolidasian ... 9 - 116 ... Notes to the Consolidated Financial Statements

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Kas dan setara kas 810.401.276.716 2d,2s,4 956.494.000.444 Cash and cash equivalents

Piutang usaha - pihak Trade receivables

ketiga - neto 61.514.768.872 2s,3,6,15 38.060.365.547 third parties - net Piutang lain-lain - pihak ketiga 278.998.038.403 2s,6 276.077.464.487 Other receivables - third parties

Persediaan 150.939.755.026 3,8 149.611.179.152 Inventories

Uang muka 2.342.745.115 9 626.891.786 Advances

Bagian lancar biaya Current portion of

dibayar di muka 346.001.919 2f,10 2.296.604.687 prepaid expenses

Pajak dibayar di muka 62.916.548.609 20 64.909.829.380 Prepaid taxes

TOTAL ASET LANCAR 1.367.459.134.660 1.488.076.335.483 TOTAL CURRENT ASSETS

ASET TIDAK LANCAR NON-CURRENT ASSETS

Uang muka pembelian tanah 141.835.145.843 9 81.843.960.000 Advances for purchase of land Tanah untuk pengembangan 71.663.996.383 2j,14 71.663.996.383 Land for development

2i,3,11,

Aset tetap - neto 166.692.401.073 27,29 168.196.179.567 Fixed assets - net

2h,3,12,

Properti investasi - neto 2.008.001.551.744 15,27 1.960.938.287.547 Investment properties - net Aset takberwujud - neto 8.537.362.989 2k,13 6.794.184.217 Intangible assets - net

Biaya dibayar di muka - setelah Prepaid expenses - net

dikurangi bagian lancar 1.777.672.444 2f,10 1.598.034.000 of current portion

Aset pajak tangguhan 5.281.619 2o,3,20 5.281.619 Deferred tax asset

Aset keuangan tidak lancar lainnya 21.598.941.897 7 12.867.004.497 Other non-current financial assets

TOTAL ASET TOTAL NON-CURRENT

TIDAK LANCAR 2.420.112.353.992 2.303.906.927.830 ASSETS

TOTAL ASET 3.787.571.488.652 3.791.983.263.313 TOTAL ASSETS

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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 taken as a whole.

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31 Maret 2017/ Catatan/ 31 Desember 2016 March 31, 2017 Notes December 31, 2016

LIABILITAS LIABILITIES

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang bank jangka pendek - 2s,15 - Short-term bank loans

Utang usaha - pihak ketiga 16.279.105.688 2s,17 12.767.452.816 Trade payable - third parties

Utang lain-lain 2s Other payables

Pihak ketiga 2.038.692.367 18 2.809.487.129 Third parties

Pihak berelasi 1.168.348.107 2e 1.627.500.000 Related party

Utang pajak 7.513.601.227 2o,20 10.672.639.913 Taxes payable

Beban akrual 50.935.642.487 2n,19 43.204.779.357 Accrued expenses

Liabilitas imbalan Short-term employee

kerja jangka pendek 7.947.560.183 2s,22 8.801.790.452 benefits liabilities

Uang muka penjualan dan Sales advance and

pendapatan diterima di muka 62.395.531.440 2g,21 62.395.531.441 unearned revenues

Utang jangka panjang yang jatuh

tempo dalam waktu satu tahun: 2s Current portion of long-term debt:

Utang bank jangka panjang 35.677.800.004 15 35.085.871.642 Long-term bank loans Utang sewa pembiayaan 131.706.051 16 131.706.051 Finance lease payable

Utang pembiayaan konsumen 88.570.686 88.570.686 Consumer lease payable

TOTAL LIABILITAS TOTAL CURRENT

JANGKA PENDEK 184.176.558.240 177.585.329.487 LIABILITIES

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Utang jangka panjang - setelah

dikurangi bagian yang jatuh Longterm debt

-tempo dalam waktu satu tahun: 2s net of current portion:

Utang bank jangka panjang 498.891.326.743 15 508.905.541.526 Long-term bank loans Utang sewa pembiayaan 66.723.660 16 107.203.336 Finance lease payable Utang pembiayaan konsumen 29.086.475 29.086.475 Consumer lease payable

Uang muka penjualan dan Sales advance and

pendapatan diterima di muka 89.287.382.973 2g,21 83.687.723.331 unearned revenues

Uang jaminan sewa 44.779.582.886 41.905.186.799 Security deposits

Liabilitas imbalan kerja Long-term employee

jangka panjang 6.081.126.109 2m,3,22 6.081.126.109 benefits liabilities

TOTAL LIABILITAS TOTAL NON-CURRENT

JANGKA PANJANG 639.135.228.846 640.715.867.576 LIABILITIES

TOTAL LIABILITAS 823.311.787.086 818.301.197.063 TOTAL LIABILITIES

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EKUITAS YANG DAPAT EQUITY ATTRIBUTABLE TO

DIATRIBUSIKAN KEPADA OWNERS OF THE

PEMILIK ENTITAS INDUK PARENT COMPANY

Modal saham - nilai nominal Share capital - par value

Rp100 per saham Rp100 per share

Modal dasar -

88.000.000.000 saham pada Authorized -

tanggal 31 Maret 2017 88,000,000,000 shares

dan 31 Desember 2016. as of March 31, 2017

and as of December 31, 2016.

Modal ditempatkan dan

disetor penuh - Issued and fully paid -

22.198.871.804 saham 2.219.887.180.400 24 2.219.887.180.400 22,198,871,804 shares Tambahan modal disetor - neto 51.716.658.881 2p,25 51.716.658.881 Additional paid-in capital - net

Difference in value from

Selisih transaksi dengan pihak transactions with

nonpengendali (13.213.848.028) (13.213.848.028 ) non-controlling interests

Saldo laba (defisit) Retained earnings (deficits)

Telah ditentukan

penggunaannya 1.000.000.000 1.000.000.000 Appropriated

Belum ditentukan

penggunaannya (153.078.918.376) (144.983.342.749 ) Unappropriated

Penghasilan komprehensif lain 1.158.399.693 1.158.399.693 Other comprehensive income

TOTAL 2.107.469.472.570 2.115.565.048.197 TOTAL

KEPENTINGAN NON-CONTROLLING

NONPENGENDALI 856.790.228.996 23 858.117.018.053 INTERESTS

TOTAL EKUITAS 2.964.259.701.566 2.973.682.066.250 TOTAL EQUITY

TOTAL LIABILITAS TOTAL LIABILITIES

DAN EKUITAS 3.787.571.488.652 3.791.983.263.313 AND EQUITY

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4

Periode yang Berakhir pada tanggal 31 Maret/

Period Ended March 31

Catatan/

2017 Notes 2016

PENJUALAN DAN SALES AND

PENDAPATAN JASA 76.610.673.051 2q,26 58.105.470.433 SERVICE REVENUES

BEBAN POKOK PENJUALAN COST OF SALES AND

DAN PENDAPATAN JASA 44.443.896.366 2q,27 35.048.905.645 SERVICE REVENUES

LABA BRUTO 32.166.776.685 23.056.564.788 GROSS PROFIT

Beban pemasaran (1.172.248.924) 2q,28 (3.705.422.151) Marketing expenses

General and

Beban umum dan administrasi (33.793.115.229) 2q,29 (28.842.695.022) administrative expenses Beban operasi lainnya - neto (163.122.710) 2q (196.264.291) Other operating expenses - net

PROFIT (LOSS)

LABA (RUGI) USAHA (2.961.710.179) (9.687.816.676) FROM OPERATIONS

Pendapatan keuangan 14.707.778.644 2q,30 14.836.066.128 Finance income

Biaya keuangan (14.395.258.982) 2q,31 (3.723.349.115) Finance costs

LABA TAHUN BERJALAN PROFIT FOR THE YEAR BEFORE

SEBELUM PAJAK FINAL DAN FINAL TAX EXPENSES

PAJAK PENGHASILAN (2.649.190.517) 1.424.900.337 AND INCOME TAX EXPENSES

Beban pajak final (6.773.174.167) 2o,3,20 (5.025.871.196 ) Final tax expense

RUGI TAHUN BERJALAN LOSS FOR THE YEAR

SEBELUM PAJAK BEFORE INCOME

PENGHASILAN (9.422.364.684) (3.600.970.859) TAX EXPENSE

Beban pajak penghasilan – neto - - Income tax expenses - net

RUGI TAHUN BERJALAN (9.422.364.684) (3.600.970.859 ) LOSS FOR THE YEAR

PENGHASILAN OTHER COMPREHENSIVE

KOMPREHENSIF LAIN INCOME

Pos yang akan direklasifikasi Item that will be reclassified

ke laba rugi: to profit or loss:

Perubahan atas nilai wajar aset Changes in fair value of

keuangan tersedia untuk available-for-sale

dijual 5 39.583.537 financial assets

Penyesuaian reklasifikasi atas Reclassification adjustment

keuntungan investasi yang for gain on investment

termasuk dalam laba rugi - included in profit or loss

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PENGHASILAN OTHER COMPREHENSIVE

KOMPREHENSIF LAIN (lanjutan) INCOME (continued)

Pos yang tidak akan Item that will not be

direklasifikasi ke laba rugi: reclassified to profit or loss:

Perubahan nilai wajar investasi Changes in unrealized fair value of

tersedia dijual - 39.853.537 available for sale investment

Pengukuran kembali atas

program imbalan Remeasurements of

pasti - 22 - defined benefit plans

Pajak penghasilan terkait pos Income tax relating to item

yang tidak akan that will not be reclassified

direklasifikasi ke laba rugi - 22 - to profit or loss

PENGHASILAN KOMPREHENSIF OTHER COMPREHENSIVE

LAIN TAHUN BERJALAN, INCOME FOR THE YEAR,

NETO SETELAH PAJAK (9.422.364.684) (3.561.117.322 ) NET OF TAX

TOTAL RUGI

KOMPREHENSIF TAHUN TOTAL COMPREHENSIVE

BERJALAN (9.422.364.684) (3.561.117.322 ) LOSS FOR THE YEAR

Rugi tahun berjalan yang dapat

diatribusikan kepada: Loss for the year attributable to:

Pemilik entitas induk (8.095.575.627) (3.838.088.755 ) Owners of the parent company Kepentingan nonpengendali (1.326.789.057) 237.117.896 Non-controlling interests

TOTAL (9.422.364.684) (3.600.970.859) TOTAL

Total rugi komprehensif

tahun berjalan Total comprehensive loss

yang dapat diatribusikan kepada: for the year attributable to:

Pemilik entitas induk (8.095.575.627) (3.798.235.712) Owners of the parent company Kepentingan nonpengendali (1.326.789.057) 237.118.390 Non-controlling interests

TOTAL (9.422.364.684) (3.561.117.322) TOTAL

Rugi per saham yang dapat Loss per share

diatribusikan kepada Pemilik attributable to Owners of

Entitas Induk (0,36) 2r,32 (0,19 ) the Parent Company

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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 taken as a whole.

Ekuitas yang dapat diatribusikan kepada Pemilik Entitas Induk/Equity attributable to Owners of the Parent Company

Penghasilan (Rugi) Komprehensif Lain/

Other Comprehensive Income (Loss)

_{Perubahan atas}

Selisih Nilai Wajar

Transaksi dengan Aset Keuangan

Pihak Tersedia untuk Pengukuran

Modal Nonpengendali/ Dijual - Neto/ Kembali

Ditempatkan dan Tambahan Modal Difference Defisit/Deficits Changes in atas Program

Disetor Penuh/ Disetor - Neto/ in Value from _{Fair Value of}_{Imbalan Pasti/} _Kepentingan

Issued Additional Transactions with Telah Ditentukan Belum Ditentukan Available-for-sale Remeasurements Nonpengendali/

Catatan/ and Fully Paid Paid-in Non-controlling Penggunaannya/ Penggunaannya/ Financial of Defined Total/ Non-controlling Total Ekuitas/

Notes Share capital Capital - Net Interests Appropriated Unappropriated Assets - Net Benefit Plans Total Interests Total Equity

Saldo, 1 Januari 2016 2.219.887.180.400 51.195.761.832 197.369.883.020 1.000.000.000 (93.686.037.910) 745.677.989 - 2.376.512.465.331 381.964.392.821 2.758.476.858.152 Balance, January 1, 2016

Pelepasan entitas anak - - - 258.970.000.000 258.970.000.000 Disposal of subsidiaries

Total rugi komprehensif tahun berjalan - - - - (3.838.088.755) 39.853.043 - (3.798.235.712) 237.118.390 (3.561.117.322) Total comprehensive loss for the year

Saldo, 31 Maret 2016 2.219.887.180.400 51.195.761.832 197.369.883.020 1.000.000.000 (97.524.126.665) 785.531.032 - 2.372.714.229.619 641.171.511.211 3.013.885.740.830 Balance, March 31, 2016

Saldo, 1 Januari 2017 2.219.887.180.400 51.716.658.881 (13.213.848.028) 1.000.000.000 (144.983.342.749) - 1.158.399.693 2.115.565.048.197 858.117.018.053 2.973.682.066.250 Balance, January 1, 2017

Total rugi komprehensif tahun berjalan - - - - (8.095.575.627) - - (8.095.575.627) (1.326.789.057) (9.422.364.684) Total comprehensive loss for the year

Saldo, 31 Maret 2017 2.219.887.180.400 51.716.658.881 (13.213.848.028) 1.000.000.000 (153.078.918.376) - 1.158.399.693 2.107.469.472.570 856.790.228.996 2.964.259.701.566 Balance, March 31, 2017

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OPERASI OPERATING ACTIVITIES

Penerimaan kas dari pelanggan 61.630.325.455 92.170.030.864 Cash receipts from customers

Pembayaran kas untuk: Cash payments for:

Pemasok (25.827.487.584) (34.483.870.964) Suppliers

Salaries and

Gaji dan tunjangan karyawan (18.001.887.582) (16.589.219.854) employee benefits Beban usaha lainnya (22.033.246.940) (13.484.325.992) Other operating expenses

Kas yang dihasilkan dari operasi (4.232.296.651) 27.612.614.054 Cash generated from operations

Penerimaan dari Cash receipts from

(pembayaran untuk): (payments for):

Pendapatan keuangan 15.491.632.463 14.836.066.128 Finance income

Biaya keuangan (14.395.258.982) (3.723.349.115) Finance costs

Pajak penghasilan (9.255.509.802) (3.107.559.766) Income taxes

Kas Neto yang Diperoleh dari Net Cash Provided by

Aktivitas Operasi (12.391.432.972) 35.617.771.301 Operating Activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM

INVESTASI INVESTING ACTIVITIES

Pelunasan atas penjualan Repayment on

entitas anak - 7 - sales of subsidiaries

Akuisisi unit bisnis, setelah Acquisition of business unit,

dikurangi kas yang diperoleh - 1d - net of cash acquired

Acquisition of

Perolehan properti investasi (59.993.945.688) 12 (44.221.216.189 ) investment properties

Pelunasan utang atas Repayment of payable on

akuisisi entitas anak - 18 - acquisition of subsidiaries

Perolehan aset real estat (1.328.575.874) 8,37 (2.044.061.330 ) Acquisitions of real estate assets Perolehan aset takberwujud (2.176.988.635) 13 - Acquisitions of intangible assets Perolehan aset tetap (788.308.295) 11 (837.692.180) Acquisitions of fixed assets

Pelepasan saham entitas anak - - Disposal of subsidiary’s shares

Proceeds from sale

Hasil penjualan aset tetap - - of fixed assets

Penambahan uang Increase in advance

muka pembelian tanah (59.991.185.843) - purchase of land

Pendirian entitas anak - (1.200.000.000 ) Establishment of subsidiary

Akuisisi entitas anak, setelah Acquisition of subsidiaries,

dikurangi kas yang diperoleh - - net off cash acquired

Kas Neto yang Diperoleh Net Cash Provided

dari (Digunakan untuk) by (Used for)

Aktivitas Investasi (124.279.004.335) (48.302.969.699) Investing Activities

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8

Periode yang Berakhir pada tanggal 31 Maret/

Period Ended March 31

Catatan/

2017 Notes 2016

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM

PENDANAAN FINANCING ACTIVITIES

Penerimaan utang bank - 15 - Addition of bank loans

Penerbitan saham entitas anak - - Issuance of shares of subsidiaries

Penambahan aset yang terkait Addition assets related to

program pengampunan pajak - 20 - tax amnesty program

Divestasi Entitas Anak 258.970.000.000 Divestment of Subsidiary

Pelunasan utang bank (9.422.286.420) 15 (4.865.095.235 ) Payment of bank loans

Pelaksanaan waran - Exercise of warrants

Increase from payable

Kenaikan utang pihak berelasi - - to related parties

Kas Neto yang Diperoleh dari Net Cash Provided

(Digunakan untuk) by (Used for)

Aktivitas Pendanaan (9.422.286.420) 254.104.904.765 Financing Activities

KENAIKAN/(PENURUNAN) NET INCREASE/(DECREASE)

NETO KAS DAN SETARA KAS (146.092.723.727) 241.419.706.367 IN CASH AND CASH EQUIVALENTS

CASH AND CASH

KAS DAN SETARA KAS EQUIVALENTS AT

AWAL TAHUN 956.494.000.444 4 655.705.859.259 BEGINNING OF YEAR

CASH AND CASH

KAS DAN SETARA KAS EQUIVALENTS AT

AKHIR TAHUN 810.401.276.717 4 897.125.565.626 END OF YEAR

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didirikan berdasarkan Akta Notaris P. Sutrisno A. Tampubolon, S.H., M.Kn., No. 43 tanggal 18 Desember 2003. Akta pendirian ini telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. C-10765.HT.01.01.TH 2004 tanggal 30 April 2004 dan diumumkan dalam Berita Negara Republik Indonesia No. 9848 tanggal 1 Oktober 2004, Tambahan No. 79. Anggaran Dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dengan Akta Notaris Hasbullah Abdul Rasyid, S.H., MKn., No. 242 tanggal 30 Juni 2016, mengenai perubahan susunan Dewan Komisaris dan Direksi Perusahaan dan peningkatan modal dasar Perusahaan. Perubahan ini telah diterima oleh Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat No. AHU-AH.01.03.0067226 tanggal 28 Juli 2016.

established based on Notarial Deed No. 43 dated December 18, 2003 of P. Sutrisno A. Tampubolon, S.H., M.Kn. The deed of establishment has been approved by the Ministry of Laws and Human Rights of the Republic of Indonesia in its Decision Letter No. C-10765.HT.01.01.TH 2004 dated April 30, 2004 and was published in the State Gazette of the Republic of Indonesia No. 9848 dated October 1, 2004, Supplement No. 79. The Company’s Articles of Association has been amended several times, the latest amendment was covered by the Notarial Deed No. 242 of Hasbullah Abdul Rasyid, S.H., MKn., dated June 30, 2016, concerning the changes of the members of Board of Commissioners and Directors of the Company and increase the authorized capital of the Company. The latest amendment has been acknowledge by the Ministry of Law and Human Rights of the Republic of Indonesia in its Letter No. AHU-AH.01.03.0067226 dated July 28, 2016. Berdasarkan Pasal 3 anggaran dasar Perusahaan,

ruang lingkup kegiatan Perusahaan bergerak dalam bidang pembangunan, jasa, perdagangan, perindustrian dan investasi. Kegiatan usaha Perusahaan dalam bidang pembangunan, perdagangan dan properti investasi melalui entitas anak.

As stated in Article 3 of the Company’s articles of association, the scope of its activities comprises construction, service, trading, industry and investment. The Company engages in the building construction, trading and investment properties through its subsidiaries.

Perusahaan berdomisili di Office 8, lantai 33, SCBD Lot. 28, Jalan Jend. Sudirman Kav. 52-53, Jakarta Selatan, dan entitas-entitas anak berdomisili di beberapa lokasi antara lain, Jakarta, Cirebon, Sukoharjo, Pangkalan Bun, Ketapang dan Sampit. Perusahaan mulai beroperasi komersial pada tahun 2009.

The Company is domiciled in Office 8, 33rd_floor,

SCBD Lot. 28, Jalan Jend. Sudirman Kav. 52-53, Jakarta Selatan and its subsidiaries are domiciled in several location, among others, Jakarta, Cirebon, Sukoharjo, Pangkalan Bun, Ketapang and Sampit. The Company has started operating commercially in 2009.

b. Penyelesaian Laporan Keuangan Konsolidasian b. Completion of the Consolidated Financial Statements

Manajemen bertanggung jawab atas penyusunan dan penyajian laporan keuangan konsolidasian, yang telah diselesaikan dan disetujui untuk diterbitkan oleh Direksi Perusahaan pada tanggal 28 April 2017.

The management is responsible for the preparation and presentation of the consolidated financial statements which were completed and authorized for issuance by the Company’s Directors on April 28, 2017.

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10

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

c. Penawaran Umum Efek Perusahaan c. The Company’s Public Offering

Pada tanggal 31 Agustus 2012, Perusahaan memperoleh pernyataan efektif dari Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan

(BAPEPAM-LK) dengan suratnya

No. S-10537/BL/2012 untuk melakukan penawaran umum perdana 6.000.000.000 saham Perusahaan dengan nilai nominal Rp100 per saham kepada masyarakat dengan harga penawaran sebesar Rp105 per saham dan disertai dengan 4.200.000.000 Waran I yang melekat pada saham yang dikeluarkan dan diberikan secara cuma-cuma sebagai insentif bagi pemegang saham dengan harga pelaksanaan waran Rp110 yang mulai berlaku mulai tanggal 13 Maret 2013 sampai dengan 11 September 2015. Pada tanggal 13 September 2012, saham tersebut telah dicatatkan pada Bursa Efek Indonesia.

On August 31, 2012, the Company obtained the effective statement from the Chairman of the Capital Market and Financial Institution Supervisory Agency in its letter No. S-10537/BL/2012 for the initial public offering of 6,000,000,000 shares of the Company with par value of Rp100 per share to public with offering price at Rp105 per share and simultaneously issuing 4,200,000,000 Warrants I accompanying the new shares issued, which are to be granted free as an incentive for the shareholders at an exercise price of Rp110 which is effective starting on March 13, 2013 up to September 11, 2015. These shares were listed on the Indonesia Stock Exchange on September 13, 2012.

d. Struktur Grup d. The Group’s Structure

Laporan keuangan konsolidasian mencakup akun-akun entitas anak, dimana Perusahaan mempunyai pengendalian , baik langsung maupun tidak langsung, sebagai berikut:

The consolidated financial statements include the account of subsidiaries, which the Company has control either directly or indirectly as follows:

Persentase kepemilikan Mulai

(langsung dan tidak langsung)/ kegiatan

Percentage of ownership usaha/

Entitas Anak/ (direct and indirect) Bidang usaha/ Kedudukan/ Start of

Subsidiaries 2017 2016 Scope of activities Domicile operations

Kepemilikan saham secara langsung/

Direct ownership: Belum beroperasi/ Non-operating

PT Nirvana Wastu Pratama 65,00% 65,00% Perdagangan, pembangunan,

perindustrian dan jasa/ Trading, construction, industry and service

Jakarta -

PT Nirvana Property 99,99% 99,99% Pertambangan, perdagangan,

perindustrian dan jasa/ Mining, trading, industry and service

Jakarta -

PT Nirvana Infrastructure 99,99% 99,99% Perdagangan, pengangkutan,

pembangunan, perindustrian, jasa, pertambangan, percetakan, perbengkelan,

pertanian dan kehutanan/ Trading, transportation, construction,

industry, service, mining, printing, workshop, agriculture and forestry

Jakarta -

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akun entitas anak, dimana Perusahaan mempunyai pengendalian , baik langsung maupun tidak langsung, sebagai berikut: (lanjutan)

account of subsidiaries, which the Company has control either directly or indirectly as follows: (continued)

Entitas anak/ (direct and indirect) Bidang usaha/ Kedudukan/ Start of

Kepemilikan saham secara tidak langsung/

Indirect ownership: Belum beroperasi/ Non-operating

PT Genta Nirvana Mahaputra (melalui / through PT Nirvana Property)

99,00% 99,00% Pembangunan, jasa, perdagangan dan

industri/

Construction, service, trading and industry

Jakarta -

PT Mutiara Mitra Bersama (melalui / through PT Nirvana Property)

100,00% 100,00% Perdagangan, pengangkutan,

pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

Trading, transportation, construction, industry, service, printing, workshop,

agriculture and forestry

Jakarta -

PT Tirta Anugrah Buana (melalui / through PT Mutiara Mitra Bersama)

kehutanan/

Jakarta -

PT Kalingga Murda Pratama (melalui / through PT Nirvana Wastu Pratama)

kehutanan/

Jakarta -

PT Kalingga Murda Raja (melalui / through PT Nirvana Wastu Pratama)

kehutanan/

Jakarta -

PT Nirvana Wastu Amerta (melalui / through PT Nirvana Wastu Pratama)

kehutanan/

Jakarta -

PT Nirvana Wastu Kencana

(16)

12

d. Struktur Grup (lanjutan) d. The Group’s Structure (continued)

Laporan keuangan konsolidasian mencakup akun-akun entitas anak, dimana Perusahaan mempunyai pengendalian , baik langsung maupun tidak langsung, sebagai berikut: (lanjutan)

The consolidated financial statements include the account of subsidiaries, which the Company has control either directly or indirectly as follows: (continued)

Kepemilikan saham secara tidak langsung (lanjutan)/ Indirect ownership (continued):

Belum beroperasi (lanjutan)/ Non-operating (continued) PT Nirvana Wastu Jaya (melalui / through PT Nirvana Wastu Pratama)

kehutanan/

Jakarta -

PT Nirvana Wastu Jaya Pratama

(melalui / through PT Nirvana Wastu Pratama)

kehutanan/

Jakarta -

PT Nirvana Wastu Karya Pratama

kehutanan/

Jakarta -

PT Nirvana Wastu Karya Utama

kehutanan/

Jakarta -

PT Nirvana Wastu Kusuma (melalui / through PT Nirvana Wastu Pratama)

kehutanan/

Jakarta -

(17)

Kepemilikan saham secara tidak langsung (lanjutan)/ Indirect ownership: (continued)

Belum beroperasi (lanjutan)/ Non-operating (continued) PT Nirvana Wastu Mahardika (melalui / through PT Nirvana Wastu Pratama)

kehutanan/

Jakarta -

PT Nirvana Wastu Usaha Karya (melalui / through PT Nirvana Wastu Pratama)

kehutanan/

Jakarta -

Beroperasi / Operating PT Tristar Land

(melalui / through PT Nirvana Property

99,69% 99,69% Pembangunan, jasa, perindustrian dan perdagangan/

Construction, service, industry and trading

Sukoharjo 2014

PT Narendra Amerta (melalui / through PT Nirvana Infrastructure)

kehutanan/

Sukoharjo 2013

PT Aneka Jayausaha Maju Terus

(melalui / through PT Mutiara Mitra Bersama)

100,00% 100,00% Perdagangan, jasa, perindustrian, percetakan, perbengkelan, kehutanan,

perkebunan, pertanian, perikanan, pembangunan, perumahan, pengangkutan darat, bahan kimia, restoran, pergudangan, pasar swalayan,

garment dan mebel/ Trading, service, industry, printing,

workshop, forestry, plantations, agriculture, fishery, construction, real estate, land transportation, chemical, restaurant, warehousing, supermarkets,

garment and furniture

(18)

14

Beroperasi (lanjutan)/ Operating (continued) PT Melia Arjuna Bejana (melalui / through PT Mutiara Mitra Bersama)

kehutanan/

Jakarta 2016

PT Buana Citra Khatulistiwa (melalui / through PT Mutiara Mitra Bersama)

pembangunan, perindustrian, jasa, percetakan dan agrobisnis / Trading, transportation, construction, industry, service, printing and agribusiness

Jakarta 2015

PT Karya Bersama Takarob (melalui / through PT Nirvana Wastu Pratama)

100,00% 100,00% Jasa, pembangunan, pengangkutan darat, perbengkelan, percetakan, perdagangan,

perindustrian, pertambangan dan pertanian/

Service, construction, land transportation, workshop, printing, trading, industry,

mining and agriculture

Cirebon 2008

PT Tunas Mitra Usaha (melalui / through PT Nirvana Wastu Pratama)

kehutanan/

Cirebon 2012

PT Buana Baru Prima (melalui / through PT Nirvana Wastu Pratama)

pembangunan, perindustrian, jasa, percetakan dan pertanian/ Trading, transportation, construction, industry, service, printing and agriculture

Pangkalan Bun

2013

PT Nirvana Wastu Utama (melalui / through PT Nirvana Wastu Pratama)

kehutanan/

Jakarta 2016

(19)

Beroperasi (lanjutan)/ Operating (continued) PT Nirvana Wastu Pradana (melalui / through PT Nirvana Wastu Pratama)

kehutanan/

Jakarta 2016

PT Prabangkara Sangkara (melalui / through PT Nirvana Wastu Pratama)

100,00% 100,00% Pembangunan, perdagangan,

perindustrian, pengangkutan darat, pertanian, percetakan dan jasa/ Construction, trading, industry, land transportation, agriculture, printing and

service

Jakarta 2016

PT Kalingga Murda (melalui / through PT Nirvana Wastu Pratama)

service

Jakarta 2016

Tahap pengembangan/ Development stage PT Gardapati Sahardaya (melalui / through PT Nirvana Wastu Pratama)

service

Jakarta -

PT Anggaraksa Lokeswara (melalui / through PT Nirvana Wastu Pratama)

service

Jakarta -

(20)

16

Total aset / Total asset

Entitas anak/Subsidiaries 2017 2016

Belum beroperasi / Non-operating

PT Nirvana Wastu Pratama 3.008.783.857.896 3.007.024.771.764

PT Nirvana Property 1.044.451.996.968 1.089.347.604.004

PT Nirvana Infrastructure 18.125.303.912 18.621.616.035

PT Mutiara Mitra Bersama

(melalui / through PT Nirvana Property) 183.791.356.952 136.446.024.790

PT Genta Nirvana Mahaputra

(melalui / through PT Nirvana Property) 60.110.001.270 60.119.867.270

PT Tirta Anugrah Buana

(melalui / through PT Mutiara Mitra Bersama) 53.786.223.869 53.789.266.169 PT Nirvana Wastu Kencana

(melalui / through PT Nirvana Wastu Pratama) 2.459.149.170 2.439.113.513

PT Kalingga Murda Pratama

(melalui / through PT Nirvana Wastu Pratama) 96.643.115 101.976.614

PT Kalingga Murda Raja

PT Nirvana Wastu Amerta

(melalui / through PT Nirvana Wastu Pratama) 106.505.069.590 100.000.000

PT Nirvana Wastu Jaya

PT Nirvana Wastu Jaya Pratama

PT Nirvana Wastu Karya Pratama

PT Nirvana Wastu Karya Utama

(melalui / through PT Nirvana Wastu Pratama) 12.035.291.205 100.000.000

PT Nirvana Wastu Kusuma

PT Nirvana Wastu Mahardika

PT Nirvana Wastu Usaha Karya

Beroperasi / Operating

PT Tristar Land

(melalui / through PT Nirvana Property) 438.712.062.495 436.571.212.638

PT Narendra Amerta

(melalui / through PT Nirvana Infrastructure) 18.110.856.945 18.609.537.551

PT Buana Citra Khatulistiwa

(melalui / through PT Mutiara Mitra Bersama) 31.197.550.122 31.109.430.647

PT Melia Arjuna Bejana

PT Aneka Jayausaha Maju Terus

PT Karya Bersama Takarob

(melalui / through PT Nirvana Wastu Pratama) 558.663.524.184 558.518.972.588

PT Kalingga Murda

PT Danadipa Aluwung

PT Tarangga Hanasta

PT Grahita Dana

PT Nirvana Wastu Utama

(21)

Total aset / Total asset

Entitas anak/Subsidiaries 2017 2016

Beroperasi (lanjutan)/ Operating (continued)

PT Prabangkara Sangkara

PT Buana Baru Prima

PT Nirvana Wastu Pradana

PT Tunas Mitra Usaha

Tahap pengembangan / Development stage

PT Gardapati Sahardaya

PT Anggaraksa Lokeswara

Pelepasan Entitas Anak Disposal of Subsidiaries

PT Nirvana Hotel & Resort (NHR) PT Nirvana Hotel & Resort (NHR)

Berdasarkan Perjanjian Jual Beli Saham tanggal 18 dan 21 Desember 2015, Perusahaan, pemilik 404.999 saham (99,99%) ("Penjual"), menjual seluruh kepemilikan saham atas NHR kepada PT Semesta Indah (“Pembeli”) dengan harga seluruhnya sebesar Rp12.100.000.000.

Based on the Sales and Purchase Agreement of Shares dated 18 and 21 December 2015, the Company, the owner of 404,999 shares (99.99%) (“Seller”), sold all of its ownership on NHR to PT Semesta Indah (the "Buyer"), for a total consideration amounting to Rp12,100,000,000. Pada saat yang sama, PT Jaya Agung Syandhana

(JAS) dan PT Bharata Adikarya (BA), yang merupakan entitas anak NHR, telah dilepas bersamaan dengan pelepasan NHR.

At the same time, PT Jaya Agung Syandhana (JAS) and PT Bharata Adikarya (BA), which are the subsidiaries of NHR, have been disposed at the same time with the disposal of NHR.

Laba atas penjualan saham NHR adalah sebesar Rp79.052.539, dicatat sebagai bagian dari “Beban Operasi Lainnya - Neto” pada laporan laba rugi dan penghasilan komprehensif lain konsolidasian untuk tahun yang berakhir pada 31 Desember 2015.

The gain on sale of shares of NHR amounting to Rp79,052,539, is recorded as part of “Other Operating Expenses - Net” account in the consolidated statement of profit or loss and other comprehensive income for the year ended December 31, 2015.

Berikut ini adalah informasi keuangan NHR pada

tanggal pelepasan; The following is the financial information of NHR as of the date of disposal; 31 Desember 2015/

December 31, 2015

Total aset 28.744.965.437 Total assets

(22)

18

Pelepasan Entitas Anak (lanjutan) Disposal of Subsidiaries (continued)

PT Nirvana Realty (NR) PT Nirvana Realty (NR)

Berdasarkan Perjanjian Jual Beli Saham tanggal 18 dan 21 Desember 2015, Perusahaan, pemilik 9.050.281.242 saham (99,99%) ("Penjual"), menjual seluruh kepemilikan saham atas NR kepada PT Semesta Indah (“Pembeli”) dengan harga seluruhnya sebesar Rp607.500.000.000.

Based on the Sales and Purchase Agreement of Shares dated December 18 and 21, 2015, the Company, the owner of 9,050,281,242 shares (99.99%) (“Seller”), sold all of its ownership on NR to PT Semesta Indah (the "Buyer"), for a total consideration amounting to Rp607,500,000,000. Pada saat yang sama, PT Panorama Lubuk Timur

(PLT), PT Mahardhika Karya Agung (MKA), PT Surya Lima Karya (SLK), PT Semesta Dunia Usaha (SDU) dan PT Tristar Land Development (TLD), yang merupakan entitas anak NR, telah dilepas bersamaan dengan pelepasan NR.

At the same time, PT Panorama Lubuk Timur (PLT), PT Mahardhika Karya Agung (MKA), PT Surya Lima Karya (SLK), PT Semesta Dunia Usaha (SDU) and PT Tristar Land Development (TLD,) which are subsidiaries of NR, have been disposed at the same time with the disposal of NR.

Laba atas penjualan saham NR adalah sebesar Rp435.684.411, dicatat sebagai bagian dari “Beban Operasi Lainnya - Neto” pada laporan laba rugi dan penghasilan komprehensif lain konsolidasian untuk tahun yang berakhir pada 31 Desember 2015.

The gain on sale of shares of NR is amounting to Rp435,684,411, is recorded as part of “Other Operating Expenses - Net” account in the consolidated statement of profit or loss and other comprehensive income for the year ended December 31, 2015.

Berikut ini adalah informasi keuangan NR pada tanggal pelepasan;

The following is the financial information of NR as of the date of disposal;

31 Desember 2015/

December 31, 2015

Total aset 1.916.427.381.895 Total assets

Total liabilitas 1.309.638.583.054 Total liabilites

PT Nirvana Retailindo (NRT) PT Nirvana Retailindo (NRT)

Berdasarkan Perjanjian Jual Beli Saham tanggal 18 dan 21 Desember 2015, Perusahaan, pemilik 104.999 saham (99,999%) ("Penjual"), menjual seluruh kepemilikan saham atas NRT kepada PT Semesta Indah (“Pembeli”) dengan harga seluruhnya sebesar Rp10.200.000.000.

Based on the Sales and Purchase Agreement of Shares dated 18 and 21 December 2015, the Company, the owner of 104,999 shares (99.999%) (“Seller”), sold all of its ownership on NRT to PT Semesta Indah (the "Buyer"), for a total consideration amounting to Rp10,200,000,000. Pada saat yang sama, PT Danapati Sukses (DS) dan

PT Sukses Mandaka Buana (SMB), yang merupakan entitas anak NRT, telah dilepas bersamaan dengan pelepasan NRT.

At the same time, PT Danapati Sukses (DS) and PT Sukses Mandaka Buana (SMB), which is subsidiaries of NRT, have been disposed at the same time with the disposal of NRT.

Laba atas penjualan saham adalah sebesar Rp52.306.647, dicatat sebagai bagian dari “Beban Operasi Lainnya - Neto” pada laporan laba rugi dan penghasilan komprehensif lain konsolidasian untuk tahun yang berakhir pada 31 Desember 2015.

The gain on sale of shares amounting to Rp52,306,647, is recorded as part of “Other Operating Expenses - Net” account in the consolidated statement of profit or loss and other comprehensive income for the year ended December 31, 2015.

(23)

PT Nirvana Retailindo (NRT) (Lanjutan) PT Nirvana Retailindo (NRT) (Continued)

Berikut ini adalah informasi keuangan NRT pada tanggal pelepasan;

The following is the financial information of NRT as of the date of disposal;

31 Desember 2015/

December 31, 2015

Total aset 10.175.733.946 Total assets

Total liabilitas 25.000.000 Total liabilites

Kombinasi Bisnis Business Combination

PT Mutiara Mitra Bersama PT Mutiara Mitra Bersama

Pada bulan Desember 2015, PT Nirvana Property (“NP”), entitas anak, menandatangani perjanjian untuk membeli 99,00% saham PT Mutiara Mitra Bersama (“MMB”). Nilai wajar aset teridentifikasi dan liabilitas mendekati nilai buku pada tanggal akuisisi. Tidak ada goodwill yang diakui NP dalam transaksi akuisisi ini. Kepentingan non-pengendali telah diakui sesuai dengan proporsi aset yang diakuisisi. Persetujuan jual beli saham telah diaktakan berdasarkan Akta Notaris Widya Agustina, S.H. No. 1953 tanggal 29 Desember 2015.

In December 2015, PT Nirvana Property (“NP”), a subsidiary, signed agreement to purchase 99.00% shares of PT Mutiara Mitra Bersama (“MMB”). Fair value of identified assets and liabilities approaches book value at the acquisition date. There is no goodwill recognized by NP in the acquisition transaction. Non-controlling interest has been recognized in proportion of the assets acquired. The agreement has been notarized by Notarial Deed of Widya Agustina, S.H. No. 1953 dated December 29, 2015.

Rincian aset dan liabilitas yang diperoleh dari akuisisi adalah sebagai berikut:

Details of the assets and liabilities acquired through the acquisition are as follows:

Nilai Wajar pada Tanggal Akuisisi/

Fair Value at Acquisition Date

Piutang lain-lain - Pihak berelasi 121.553.000.000 Other receivables - Related parties

Investasi pada entitas anak 6.347.000.000 Investment in subsidiaries

Total aset 127.900.000.000 Total assets

Utang lain-lain - Pihak berelasi 127.700.000.000 Other payables - Related parties

Total liabilitas 127.700.000.000 Total liabilities

Aset neto pada tanggal akuisisi 200.000.000 Net assets at acquisition date

Aset neto yang diakuisisi 200.000.000 Net assets acquired

Goodwill yang timbul dari akuisisi - Goodwill arising from acquisition

Total imbalan yang dibayarkan 200.000.000 Total consideration paid

(24)

20

Kombinasi Bisnis (lanjutan) Business Combination (continued)

PT Mutiara Mitra Bersama (lanjutan) PT Mutiara Mitra Bersama (lanjutan)

Dari transaksi ini, tidak terdapat laba (rugi) sebelum akuisisi, oleh karenanya Grup tidak mengakui laba (rugi) sebelum akuisisi dalam laporan keuangan konsolidasian untuk tahun yang berakhir pada tanggal 31 Desember 2015.

From this transaction, there is no profit (loss) before acquisition, therefore the Group does not recognize income (loss) before acquisition in the consolidated financial statements for the year ended December 31, 2015.

PT Melia Arjuna Bejana PT Melia Arjuna Bejana

Pada bulan Desember 2015, PT Mutiara Mitra Bersama, entitas anak, menandatangani perjanjian untuk membeli 99,00% saham PT Melia Arjuna Bejana (“MAB”). Nilai wajar aset teridentifikasi dan liabilitas mendekati nilai buku pada tanggal akuisisi. Persetujuan jual beli saham telah diaktakan berdasarkan Akta Notaris Yulia S.H. No. 274 tanggal 29 Desember 2015.

In December 2015, PT Mutiara Mitra Bersama (“MMB”), a subsidiary, signed agreement to purchase 99.00% shares of PT Melia Arjuna Bejana (“MAB”). Fair value of identified assets and liabilities approaches book value at the acquisition date. The agreement has been notarized by Notarial Deed of Yulia, S.H. No. 274 dated December 29, 2015.

Rincian aset dan liabilitas yang diperoleh dari akuisisi

adalah sebagai berikut: Details of the assets and liabilities acquired through the acquisition are as follows: Nilai Wajar pada

Tanggal Akuisisi/

Properti investasi 21.000.000.000 Investment property

Investasi pada entitas asosiasi 3.000.000 Investment in associate

Utang lain-lain - pihak berelasi 20.803.000.000 Other payables - related parties Aset neto pada tanggal akuisisi 200.000.000 Net assets at acquisition date

Goodwill yang timbul dari akuisisi 2.500.000.000 Goodwill arising from acquisition Total imbalan yang dibayarkan 2.700.000.000 Total consideration paid

Penurunan nilai atas goodwill 2.500.000.000 Impairment of goodwill

(25)

PT Aneka Jayausaha Maju Terus PT Aneka Jayausaha Maju Terus

Pada bulan Desember 2015, PT Mutiara Mitra Bersama, entitas anak, menandatangani perjanjian untuk membeli 99,00% saham PT Aneka Jayausaha Maju Terus (“AJUMT”). Nilai wajar aset teridentifikasi dan liabilitas mendekati nilai buku pada tanggal akuisisi. Persetujuan jual beli saham telah diaktakan berdasarkan Akta Notaris Yulia S.H. No. 205 tanggal 22 Desember 2015.

In December 2015, PT Mutiara Mitra Bersama (“MMB”), a subsidiary, signed agreement to purchase 99.00% shares of PT Aneka Jayausaha Maju Terus (“AJUMT”). Fair value of identified assets and liabilities approaches book value at the acquisition date. The agreement has been notarized by Notarial Deed of Yulia, S.H. No. 205 dated December 22, 2015.

Details of the assets and liabilities acquired through the acquisition are as follows:

Nilai Wajar pada Tanggal Akuisisi/ Fair Value at Acquisition Date Disajikan kembali, Catatan 38/ As restated, Note 38

Kas dan bank 5.477.300 Cash and bank

Pajak dibayar di muka dan Prepaid taxes and

biaya dibayar di muka 107.414.747 prepaid expenses

Utang pajak 16.232.477 Taxes payable

Biaya yang masih harus dibayar 115.724.501 Accrued expenses

Uang muka pelanggan 1.072.123.667 Sales advance

Uang jaminan sewa 92.200.000 Security deposit

Aset neto pada tanggal akuisisi 12.635.206.402 Net assets at acquisition date

Aset neto yang diakuisisi 12.635.206.402 Net assets acquired

Goodwill yang timbul dari akuisisi 864.793.598 Goodwill arising from acquisition Total imbalan yang dibayarkan 13.500.000.000 Total consideration paid

Penurunan nilai atas goodwill 864.793.598 Impairment of goodwill

(26)

22

Kombinasi Bisnis (lanjutan) Business Combination (continued)

PT Tirta Anugrah Buana PT Tirta Anugrah Buana

Pada bulan Desember 2015, PT Mutiara Mitra Bersama (“MMB”), Entitas Anak, menandatangani perjanjian untuk membeli 99,00% saham PT Tirta Anugrah Buana (“TAB”). Nilai wajar aset teridentifikasi dan liabilitas mendekati nilai buku pada tanggal akuisisi. Tidak ada goodwill yang diakui MMB dalam transaksi akuisisi ini. Kepentingan non-pengendali telah diakui sesuai dengan proporsi aset yang diakuisisi. Persetujuan jual beli saham telah diaktakan berdasarkan akta Notaris Widya Agustina S.H. No. 1388 tanggal 17 Desember 2015.

In December 2015, PT Mutiara Mitra Bersama (“MMB”), a Subsidiary, signed agreement to purchase 99.00% shares of PT Tirta Anugrah Buana (“TAB”). Fair value of identified assets and liabilities approaches book value at the acquisition date. There is no goodwill recognized by MMB in the acquisition transaction. Non-controlling interest has been recognized in proportion of the assets acquired. The agreement has been notarized by Notarial deed of Widya Agustina, S.H. No. 1388 dated December 17, 2015.

Details of the assets and liabilities acquired through the acquisition are as follows:

Nilai Wajar pada Tanggal Akuisisi/

Utang lain-lain - Pihak berelasi 65.500.000.000 Other payable - Related parties

Aset neto pada tanggal akuisisi 500.000.000 Net assets at acquisition date

Goodwill yang timbul dari akuisisi - Goodwill arising from acquisition

Total imbalan yang dibayarkan 500.000.000 Total consideration paid

Dari transaksi ini, tidak terdapat laba (rugi) sebelum akuisisi, oleh karenanya Grup tidak mengakui laba (rugi) sebelum akuisisi dalam laporan keuangan konsolidasian untuk tahun yang berakhir pada tanggal 31 Desember 2015.

From this transaction, there is no profit (loss) before acquisition, therefore the Group does not recognize income (loss) before acquisition in the consolidated financial statements for the year ended December 31, 2015.

PT Nirvana Development Tbk dan entitas anaknya/and its subsidiaries

DAFTAR ISI

Halaman/

Page

TABLE OF CONTENTS

Laporan Posisi Keuangan Konsolidasian ... 1 - 2 ... Consolidated Statement of Financial Position

Laporan Laba Rugi dan Penghasilan

Consolidated

Statement of Profit or Loss

Komprehensif Lain Konsolidasian ... 3 - 5 ... and Other Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian ...

6

... Consolidated Statement of Changes in Equity

Laporan Arus Kas Konsolidasian ... 7 - 8 ... Consolidated Statement of Cash Flows

Catatan Atas Laporan Keuangan Konsolidasian ... 9 - 116 ... Notes to the Consolidated Financial Statements

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