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PT BAKRIELAND DEVELOPMENT Tbk.

DAN ANAK PERUSAHAAN

Laporan Keuangan Konsolidasian

Per 30 September 2011,

31 Desember 2010,

dan 1 Januari 2010

(Mata Uang Indonesia)

PT BAKRIELAND DEVELOPMENT Tbk.

AND SUBSIDIARIES

Consolidated Financial Statements

As Of September 30, 2011,

December 31, 2010

and January 1, 2010

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Laporan Keuangan Konsolidasian

Per 30 September 2011,

31 Desember 2010,

dan 1 Januari 2010

(Mata Uang Indonesia)

Consolidated Financial Statements

As Of September 30, 2011,

December 31, 2010

and January 1, 2010

(Indonesian Currency)

DAFTAR ISI

Halaman/

P a g e

Surat Pernyataan Direksi

Laporan Posisi Keuangan Konsolidasian

Laporan Laba Rugi

Komprehensif Konsolidasian

Laporan Perubahan Ekuitas Konsolidasian

Laporan Arus Kas Konsolidasian

Catatan Atas Laporan Keuangan

Konsolidasian

1 - 2

3 - 4

5 - 7

8 9 - 110

Directors’ Statement Letter

Consolidated Statements of Financial

Position

Consolidated Statements of

Comprehensive Income

Consolidated Statements of Changes in

Stockholders’ Equity

Consolidated Statements of Cash Flows

Notes to Consolidated Financial

Statements

(3)

(4)

Lihat Catatan atas Laporan Keuangan Konsolidasian yang merupakan

bagian yang tidak terpisahkan dari Laporan Keuangan Konsolidasian secara keseluruhan. See accompanying Notes to Consolidated Financial Statements

which are an integral part of these Consolidated Financial Statements.

31 DESEMBER 2010

DAN 1 JANUARI 2010

(Dinyatakan dalam Rupiah, kecuali dinyatakan lain)

DECEMBER 31, 2010

AND JANUARY 1, 2010

(Expressed in Rupiah, unless otherwise stated)

Catatan/

Notes 30/09/2011 31/12/2010 01/01/2010

A S E T A S S E T S

Kas dan setara kas 2c,2h,4,47 1.128.081.108.999 860.557.957.179 760.415.537.235 Cash and cash equivalents

Piutang usaha Trade receivables

Pihak ketiga - setelah dikurangi Third parties - net of allowance

penyisihan piutang ragu-ragu for doubtful accounts of

sebesar Rp 46.303.312.808 Rp 46,303,312,808 in

pada 30 September 2011, September 30, 2011,

Rp 44.540.176.057 pada Rp 44,540,176,057 in

31 Desember 2010 dan December 31, 2010

Rp 7.881.117.267 pada and Rp 7,881,117,267 in

1 Januari 2010 2h,6,47 990.579.952.008 1.042.256.529.855 748.623.121.618 January 1, 2010

Pihak hubungan istimewa - Related parties - net of allowance

setelah dikurangi penyisihan for doubtful accounts of

piutang ragu-ragu sebesar Rp 1,872,500,645

Rp 1.872.500.645 pada in September 30, 2011

30 September 2011 dan and December 31, 2010,

31 Desember 2010, and

dan Rp 1.731.274.723 Rp 1,731,274,723

pada 1 Januari 2010 2e,2h,6,40,47 149.456.106.647 126.170.674.401 136.083.510.817 in January 1, 2010

Piutang lain-lain Other receivables

Pihak ketiga - setelah dikurangi Third parties - net of allowance

penyisihan piutang ragu-ragu for doubtful accounts of

sebesar Rp 44.001.669 Rp 44,001,669 in

pada 30 September 2011, September 30, 2011,

31 Desember 2010 December 31, 2010

dan 1 Januari 2010 2h,7,47 776.367.506.174 565.891.395.417 593.573.891.319 and January 1, 2010

Pihak hubungan istimewa - Related parties - net of allowance

setelah dikurangi penyisihan for doubtful accounts of

piutang ragu-ragu sebesar Rp 2,866,983,437

Rp 2.866.983.437 pada September 30, 2011,

30 September 2011, December 30, 2010

31 Desember 2010 dan and

1 Januari 2010 2e,2h,39,47 - - - in January 1, 2010

Persediaan 2i,8 1.815.261.171.528 1.557.527.766.718 1.697.868.067.485 Inventories

Pajak dibayar di muka 2s,23a 4.820.469.654 2.507.258.722 178.841.801.794 Prepaid taxes

Uang muka dan biaya dibayar di muka 2f,9 844.805.503.864 596.144.709.624 73.954.679.242 Advances and prepaid expenses

Dana dalam pembatasan 2c,2h,10,47 224.446.109.210 293.916.870.346 175.575.619.823 Restricted funds

Aset keuangan tersedia untuk dijual 2h,5,47 19.351.194.718 775.342.421.134 77.175.208.377 Available-for-sale financial asset

Piutang hubungan istimewa - Due from related parties - net of

setelah dikurangi penyisihan allowance for doubtful accounts of

piutang ragu-ragu sebesar Rp 611,843,293

Rp 611.843.293 pada in September 30, 2011,

30 September 2011, Rp 411,758,406

Rp 411.758.406 pada in December 30, 2010

31 Desember 2010 2e,2h,17,40,47 47.977.603.636 11.041.775.494 76.600.017.623 and

dan 1 Januari 2010 in January 1, 2010

Penyertaan saham Investment in shares of stock in

pada perusahaan Asosiasi 2l,11 251.032.749.669 349.338.252.880 265.075.767.433 Associated companies

Tanah yang belum dikembangkan 2k,12 4.980.854.324.851 4.755.002.320.140 1.973.224.105.466 Land bank

Properti investasi- setelah dikurangi akumulasi Investment properties - net

penyusutan masing-masing sebesar of accumulated depreciation of

Rp 11.023.018.604 pada 30 September Rp 11,023,018,604

2011, Rp 9.289.959.853 inSeptember 30, 2011,

pada 31 Desember 2010 Rp 9,289,959,853 in December 31

dan Rp 5.921.505.921 , 2010 and Rp 5,921,505,921

pada 1 Januari 2010 2m,13 59.561.066.951 61.359.992.704 51.663.106.209 in January 1, 2010

Aset tetap - setelah dikurangi akumulasi Fixed assets - net of accumulated

penyusutan masing-masing sebesar depreciation of Rp 702,653,018,398

Rp 702.653.018.398 pada 30 September in September 30, 2011,

2011, Rp 578.894.515.086 Rp 578,894,515,086

pada 31 Desember 2010 in December 31, 2010

dan Rp 475.357.357.557 and Rp 475,357,357,557

pada 1 Januari 2010 2j,2n,2o,2p,14 5.612.681.502.710 5.639.422.127.074 4.615.514.120.951 in January 1, 2010

Aset pajak tangguhan - bersih 2s,23f 114.876.929.588 67.887.921.653 32.852.413.801 Deferred tax assets - net

Selisih lebih harga perolehan terhadap nilai Excess of acquisition cost over

wajar Anak perusahaan - bersih 2x,15a 37.629.921.625 41.239.243.053 50.359.316.453 Subsidiaries' fair value - net

Aset lain-lain 2h,16,47 594.205.621.745 318.588.557.863 85.231.201.587 Other assets

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Lihat Catatan atas Laporan Keuangan Konsolidasian yang merupakan

bagian yang tidak terpisahkan dari Laporan Keuangan Konsolidasian secara keseluruhan. See accompanying Notes to Consolidated Financial Statements

Catatan/

Notes 30/09/2011 31/12/2010 01/01/2010

LIABILITAS LIABILITIES

Pinjaman bank jangka pendek 2h,17,47 311.520.574.036 238.226.382.762 174.209.000.000 Short-term bank loans

Hutang usaha - pihak ketiga 2h,18,47 309.122.477.637 387.603.089.842 718.561.894.846 Trade payables - third parties

Hutang lain-lain - pihak ketiga 2h,19,47 357.351.554.626 307.904.777.776 535.101.138.660 Other payables - third parties

Biaya masih harus dibayar 2h,2u,20,37,47 554.829.516.213 340.478.431.206 362.282.138.098 Accrued expenses

Uang muka pelanggan 2h,2r,21,40,47 203.354.190.312 85.492.258.249 48.681.249.003 Advances from customers

Pendapatan ditangguhkan 2r,22,40 185.894.480.235 198.465.347.012 296.166.096.900 Deferred income

Hutang pajak 2s,23b 150.046.845.620 256.758.512.669 220.235.933.542 Taxes payable

Liabilitas jangka panjang yang jatuh tempo Current maturities

dalam satu tahun of long-term debts

Pinjaman bank dan lembaga keuangan2h,24,47 309.012.109.854 317.686.308.835 320.725.185.349 Bank and financial institution loans

Hutang usaha 2h,25,39,47 17.590.198.991 24.612.496.806 22.111.886.018 Trade payables

Hutang sewa pembiayaan 2h,2p,27,47 487.395.644 2.102.779.634 4.150.640.989 Obligation under capital lease

Hutang hubungan istimewa 2h,2e,40,47 142.400.088.684 31.007.529.263 22.849.092.318 Due to related parties

Hutang obligasi 2h,2z,26,47 1.437.235.766.295 1.695.722.490.240 644.135.605.166 Bonds payable

Hutang dividen 2d,28 669.117.279 680.164.779 - Dividends payable

Liabilitas derivatif 2h,42,47 17.928.777.150 118.881.474.525 - Derivative liabilities

Liabilitas jangka panjang - setelah

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

satu tahun maturities of long- term debts

Pinjaman bank dan lembaga keuangan2h,24,47 2.578.558.904.271 2.134.122.234.868 1.942.852.231.164 Bank and financial institution loans

Hutang usaha 2h,25,39,47 13.605.009.357 13.605.009.364 26.307.399.076 Trade payables

Hutang sewa pembiayaan 2h,2p,27,47 6.209.872.490 1.385.048.857 2.592.177.865 Obligation under capital lease

Cadangan atas penggantian perabotan Reserve for replacement of furniture

dan peralatan 2v,2w 748.188.894 1.743.209.829 1.513.937.249 and equipment

Liabilitas pajak tangguhan - bersih 2s,23f 21.777.990.753 21.842.049.664 22.417.793.275 Deferred tax liabilities – net

Selisih lebih nilai wajar terhadap harga Excess of Subsidiaries' fair

perolehan Anak perusahaan - bersih 2x,15b - 404.407.833.016 429.245.177.429 value over acquisition cost - net

Jumlah Liabiltas 6.618.343.058.341 6.582.727.429.196 5.794.138.576.947 Total liabilities

EKUITAS Stockholders’ Equity

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

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

Rp 100 per saham of Rp 100 per share

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

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

saham seri B shares for B series

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

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

dan 38.519.771.740 saham B series of 38,519,771,740

seri B pada 30 September 2011 shares in September 30, 2011

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

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

seri B pada 31 Desember 2010, dan shares in December 31, 2010, and

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

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

seri B pada 1 Januari 2010 28 4.551.977.174.000 4.551.977.139.000 2.551.685.947.300 in January 1, 2010

Tambahan modal disetor - bersih 2q,30 2.692.134.672.429 2.692.134.649.679 1.603.132.327.929 Additional paid-in capital - net

Saham yang diperoleh kembali sebanyak Treasury stock of

120.750.000 saham pada 30 September 120,750,000 in September 30,

2011 dan 31 Desember 2010 2011 and December 31, 2010

dan 8.250.000 saham pada and 8,250,000

1 Januari 2010 2ee,31 ( 27.835.501.000 ) ( 27.835.501.000 ) ( 1.499.819.652 ) in January 1, 2010

Saldo laba Retained earnings

Ditentukan penggunaannya 40.435.548.418 40.435.548.418 27.209.957.137 Appropriated

Belum ditentukan penggunaannya 1.094.722.534.723 563.631.180.053 424.617.813.270 Unappropriated

Komponen ekuitas lainnya 32 158.963.760.759 201.386.214.272 37.381.888.585 Others reserves

8.510.398.189.329 8.021.729.230.422 4.642.528.114.569

Kepentingan nonpengendali 2y, 44a 2.523.247.595.907 2.459.739.114.639 1.155.964.795.717 Noncontrolling interest

Jumlah Ekuitas 11.033.645.785.236 10.481.468.345.061 5.798.492.910.286 Total Equity

(6)

(Expressed in Rupiah, unless otherwise stated)

Catatan/

Notes 2011 2010

PENGHASILAN USAHA BERSIH 2r,33,40 1.449.749.522.108 900.482.751.014 NET REVENUES

BEBAN POKOK PENGHASILAN 2n,2r,34 853.128.148.327 453.730.965.901 COST OF REVENUES

LABA KOTOR 596.621.373.781 446.751.785.113 GROSS PROFIT

BEBAN USAHA 2n,2r,2u,2aa, OPERATING EXPENSES

14,35,37,38

Penjualan 68.488.618.786 38.373.579.490 Selling

Umum dan administrasi 325.672.003.846 270.840.639.669 General and administrative

Jumlah beban usaha 394.160.622.632 309.214.219.159 Total operating expenses

LABA USAHA 202.460.751.149 137.537.565.954 INCOME FROM OPERATIONS

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

Gain on sale of investement in

Laba atas penjualan penyertaan saham 51.250.000.000 - share of stock

Laba selisih kurs - bersih 2g 10.883.615.753 22.242.285.284 Gain on foreign exchange - net

Bagian atas laba (bersih) Anak Equity in net earning of

perusahaan dan perusahaan Subsidiaries and Associated

Asosiasi - bersih 11 1.694.496.789 5.168.400.504 companies-net

Laba penjualan /penghapusan Gain on sale/disposal

aset tetap 14 29.360.053 209.618.567 of property and equipment

Beban bunga Interest expenses and

dan keuangan- bersih 16,36 ( 69.070.057.072 ) ( 77.832.983.893 ) financial charges- net

Beban pengelolaan kawasan 48 ( 3.019.462.379 ) ( 1.845.369.595 ) Expenses from estate management

Amortization of excess of

Amortisasi selisih lebih nilai wajar terhadap Subsidiaries' fair value over

harga perolehan Anak perusahaan 15 - 8.013.994.727 acquisition cost - net

Lain-lain - bersih 48 2.228.589.607 13.599.259.459 Others - net

Pendapatan (beban) lain-lain - bersih ( 6.003.457.249 ) ( 30.444.794.947 ) Other income (expenses) - net

LABA SEBELUM TAKSIRAN INCOME BEFORE PROVISION

MANFAAT (BEBAN) PAJAK 196.457.293.900 107.092.771.007 FOR TAX BENEFIT (EXPENSES)

PROVISION FOR TAX BENEFIT

TAKSIRAN MANFAAT (BEBAN) PAJAK 2s,23c,23e (EXPENSES)

Tahun berjalan ( 48.664.763.946 ) ( 27.374.697.476 ) Current

Tangguhan 45.792.829.080 28.220.146.823 Deferred

Jumlah taksiran beban pajak - bersih ( 2.871.934.866 ) 845.449.347 Total provision for tax expenses - net

LABA TAHUN BERJALAN 193.585.359.034 107.938.220.354 INCOME CURRENT YEAR

LABA YANG DAPAT DIATRIBUSIKAN KEPADA INCOME ATRIBUTABLE TO

Pemilik entitas induk 129.238.844.416 110.385.779.085 Owners of the parent

Kepentingan non pengendali 2y, 44b 64.346.514.618 ( 2.447.558.731) Non-controlling interest

193.585.359.034 107.938.220.354

Laba per saham dasar 2cc,45 Basic earnings per share

Laba usaha per saham 5,07 4,73 Operating income per share

Laba bersih per saham 3,24 3,79 Net income per share

Laba per saham dilusian 2cc,45 Diluted earnings per share

Laba usaha per saham 5,07 4,59 Operating income per share

Laba bersih per saham 3,24 3,68 Net income per share

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Notes 2011 2010

LABA TAHUN BERJALAN 193.585.359.034 107.938.220.354 INCOME CURRENT YEAR

PENGHASILAN (BEBAN) KOMPREHENSIF OTHER COMPREHENSIVE

LAIN INCOME (EXPENSES)

Selisih kurs karena penjabaran laporan Exchange differences due to

keuangan ( 3.546.503.390 ) ( 863.531.960 ) financial statements translation

Rugi yang belum terealisasi atas investasi Unrealized loss on investment

efek yang tersedia untuk dijual ( 110.030.374.068 ) 35.967.958.948 under available-for-sale

Pendapatan (beban) komprehensif lain Other comprehensive income (expenses)

tahun berjalan setelah pajak ( 113.576.877.458 ) 35.104.426.988 current year after provision tax

TOTAL LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOME

TAHUN BERJALAN 80.008.481.576 143.042.647.342 CURRENT YEARS

JUMLAH LABA (RUGI) KOMPREHENSIF YANG DAPAT TOTAL INCOME (LOSS)

DIATRIBUSIKAN KEPADA COMPREHENSIVE ATRIBUTABLE TO

Pemilik entitas induk 15.661.966.958 145.490.206.073 Owners of the parent

Kepentingan non pengendali 2y, 44b 64.346.514.618 ( 2.447.558.731) Non-controlling interest

80.008.481.576 143.042.647.342

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which are an integral part of these Consolidated Financial Statements. Saldo Laba / Retained Earning

1 Januari 2010 2.551.685.947.300 1.603.132.327.929 ( 1.499.819.652 ) ( 2.467.491.020 ) 54.732.012.959 ( 14.882.633.354 ) - 27.209.957.137 424.617.813.270 4.642.528.114.569 1.155.964.795.717 5.798.492.910.286

Balance,

2006) 2.551.685.947.300 1.603.132.327.929 ( 1.499.819.652 ) ( 2.467.491.020 ) 54.732.012.959 ( 14.882.633.354 ) - 27.209.957.137 418.112.055.169 4.636.022.356.468 1.155.964.795.717 5.791.987.152.185

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Fully Paid Capital-Net Stock -for-sale Common Control Company / Appropriated Unappropriated Total interest Equity

--- --- --- --- --- --- --- --- --- --- --- ---

Tersedia untuk

Dijual - - - 35.967.958.948 - - - 35.967.958.948 - 35.967.958.948 Available-for-sale

Selisih transaksi perubahan ekuitas perusahaan

asosiasi - - - 116.339.127.247 - - - 116.339.127.247 - 116.339.127.247

Difference in the equity transaction of Associate companies Penambahan

investasi pada anak perusahaan oleh entitas

non pengendali - - - (253.714.707.705) (253.714.707.705)

Addition investment in subsidiary by Non-controlling Shareholders

Pemberian kompensasi berbasis saham

kepada karyawan - 2.539.929.494 - - - - - - - 2.539.929.494 - 2.539.929.494

Stock Based compensation

--- --- --- --- --- --- --- --- --- --- --- ---

Saldo Akhir

30 September 2010 4.551.977.139.000 2.695.367.732.350 (27.835.501.000) 33.500.467.928 54.732.012.959 101.456.493.893 ( 863.531.960 ) 40.435.548.418 495.312.357.278 7.944.082.718.866 899.802.529.281 8.843.885.248.147

Balance September 30, 2010

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which are an integral part of these Consolidated Financial Statements. Saldo Laba / Retained Earning

1 Januari 2011 4.551.977.139.000 2.692.134.649.679 (27.835.501.000) 46.650.853.943 54.732.012.959 100.987.678.898 (984.331.528) 40.435.548.418 563.631.180.053 8.021.729.230.422 2.459.739.114.639 10.481.468.345.061

Balance,

4.551.977.139.000 2.692.134.649.679 (27.835.501.000) 46.650.853.943 54.732.012.959 100.987.678.898 (984.331.528) 40.435.548.418 965.483.690.307 8.423.581.740.676 2.459.739.114.639 10.883.320.855.315

Balance January

30 September 2011 4.551.977.174.000 2.692.134.672.429 (27.835.501.000) (63.379.520.125) 54.732.012.959 172.142.102.842 (4.530.834.917) 40.435.548.418 1.094.722.534.723 8.510.398.189.329 2.523.247.595.907 11.033.645.785.236

Balance September 30, 2011

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ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING

Penerimaan kas dari pelanggan 1.583.335.350.358 766.808.496.896 Cash received from customers

Pembayaran kas kepada pemasok ( 1.088.041.145.843 ) ( 663.251.610.799 ) Cash paid to suppliers

Pembayaran kas kepada karyawan ( 157.810.079.058 ) ( 107.114.323.577 ) Cash paid to employees

Pembayaran kas untuk beban usaha ( 225.999.056.193 ) ( 165.060.346.266 ) Cash paid for operating expenses

Pembelian tanah ( 582.918.061.155 ) ( 451.303.544.296 ) Acquisition of land

Kas yang digunakan untuk operasi ( 471.432.991.891 ) ( 619.921.328.042 ) Cash used in operations

Penerimaan bunga 28.889.655.199 14.418.204.363 Interest received

Pembayaran beban keuangan ( 153.583.780.345 ) ( 49.623.905.148 ) Interest and financial expenses payment

Pembayaran pajak ( 53.802.201.606 ) ( 18.961.489.376 ) Tax payment

Kas bersih yang digunakan untuk

aktivitas operasi ( 649.929.318.643 ) ( 674.088.518.203 ) Net cash used for operating activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM INVESTING

INVESTASI ACTIVITIES

Pembelian aset tetap ( 157.677.668.126 ) ( 821.311.580.961 ) Acquisition of fixed assets

Peningkatan properti investasi - ( 13.065.340.427 ) Increase in investment properties

Proceeds from sale of

Penerimaan penjualan aset tetap 190.759.100 250.539.400 Property and equipment

Peningkatan penyertaan saham 147.861.006.423 ( 1.339.829.886.482 ) Increasing in investment in shares

Penurunan (peningkatan) aset keuangan Decrease (increase) in Available-for-sale

tersedia untuk dijual 645.960.852.347 ( 798.179.219.243 ) financial asset

Penurunan dana dalam Decrease in

pembatasan 69.470.761.136 ( 121.782.398.125 ) restricted funds

Peningkatan aset KSO ( 100.023.424.717 ) - Increase in KSO asset

Kas bersih yang diperoleh dari Net cash received from

(digunakan untuk) aktivitas investasi 605.782.286.163 ( 3.093.917.885.838 ) (used for) investing activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM FINANCING

PENDANAAN ACTIVITIES

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

Peningkatan pinjaman jangka panjang 582.281.340.268 103.618.171.606 Increase in long-term debt

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

Tambahan modal disetor Additional paid-up-capital

- Emisi saham - 1.995.988.569.500 Issuance of share -

- Realisasi Waran 35.000 4.302.622.200 Exercise warrant

-Agio saham Additional paid-in-capital

- Emisi saham - 1.197.593.141.700 Issuance of share -

- Realisasi Waran 22.750 6.453.933.300 Exercise warrant

-Peningkatan pinjaman Increase in short-term

bank jangka pendek 75.663.826.024 78.966.608.128 bank loans

Peningkatan (penurunan) hutang Increase (decrease) in due to

hubungan istimewa 111.392.559.421 ( 3.528.326.521 ) related parties

Peningkatan (penurunan hutang Increase (decrease) in obligation

sewa pembiayaan 3.279.818.826 ( 2.826.797.185 ) under capital lease

Peningkatan piutang hubungan istimewa ( 36.935.828.142 ) ( 94.715.864.782 ) Increase in due from related parties

Biaya emisi saham - ( 114.259.100.073 ) Share issuance cost

Pembayaran dividen - ( 19.279.720.916 ) Dividend payment

Penurunan hutang usaha jangka panjang ( 204.011.589.847 ) ( 7.649.598.638 ) Decrease in long-term trade payables

Kas bersih yang diperoleh dari

aktivitas pendanaan 311.670.184.300 4.128.309.438.384 Net cash provided from financing activities

KENAIKAN (PENURUNAN) BERSIH NET INCREASED (DECREASED) IN

KAS DAN SETARA KAS 267.523.151.820 360.303.034.343 CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AWAL TAHUN 860.557.957.179 760.415.537.235 AT BEGINNING OF THE YEAR

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AKHIR TAHUN 1.128.081.108.999 1.120.718.571.578 AT END OF THE YEAR

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1. UMUM 1. GENERAL

a. Pendirian Perusahaan dan informasi umum a. Establishment and general information

PT Bakrieland Development Tbk. (Perusahaan) didirikan pada tanggal 12 Juni 1990 dengan Akta Notaris John Leonard Waworuntu, S.H., No. 209. Akta pendirian Perusahaan disahkan oleh Menteri Kehakiman Republik Indonesia dalam Surat Keputusan No. C2-1978.HT.01.01.TH.91 tanggal 31 Mei 1991 dan diumumkan dalam Berita Negara Republik Indonesia No. 93 tanggal 19 Nopember 1991. Anggaran dasar Perusahaan telah mengalami beberapa kali perubahan, antara lain, mengenai perubahan nama dari PT Elang Realty Tbk. menjadi PT Bakrieland Development Tbk. yang diaktakan dengan Akta Notaris Harun Kamil, S.H., No. 29 tanggal 3 April 1997, yang telah disetujui oleh Menteri Kehakiman Republik Indonesia dalam Surat Keputusan No. C2-3097.HT.01.04.Th.97 tanggal 25 April 1997, dan perubahan Anggaran Dasar selanjutnya tertuang dalam Akta Notaris Sutjipto, S.H., M.Kn., No. 216 tanggal 23 Juni 2008 mengenai penyesuaian Anggaran Dasar Perusahaan untuk disesuaikan dengan Undang-Undang No. 40 Tahun 2007 tentang Perseroan Terbatas. Perubahan ini telah mendapat persetujuan dari Menteri Hukum dan Hak Asasi Manusia dalam Surat Keputusan No. AHU-58505-AH.01.02. Tahun 2008 tanggal 3 September 2008 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 96 tanggal 28 Nopember 2008 Tambahan No. 25686. Selanjutnya perubahan Anggaran Dasar terakhir tertuang dalam Akta No. 43 tanggal 9 Juni 2011 yang dibuat oleh Aulia Taufani, SH., pengganti dari Sutjipto, SH.,notaris di Jakarta, yang telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU-45502-AH.01.02. Tahun 2011 tanggal 19 September 2011.

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

John Leonard Waworuntu, S.H., dated

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

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

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

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

April 25, 1997 and the latest were amended by Notarial Deed No. 216 of Sutjipto, S.H., M.Kn., dated June 23, 2008 in order to conform with Corporate Law No. 40 Year 2007. This amendment was approved by the Ministry of Justice and Human Rights in its Decision Letter No.

AHU-58505-AH.01.02 Year 2008 dated

September 3, 2008 and was published in

Supplement No. 25686 of State Gazette No. 96 dated November 28, 2008. Furthermore, the latest Company’s articles of association were amended by Notarial Deed No. 43 of Aulia Taufani, S.H., dated June 9, 2011

,

as a substitute of Sutjipto, S.H., M.Kn., Notary in Jakarta, which has been approved by the Minister of Justice and Human Rights Republic of Indonesia, in its Decision Letter No. AHU-45502-AH.01.02. Tahun 2011 tanggal 19 September 2011.

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

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

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

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

Perusahaan mulai beroperasi secara komersial pada tahun 1990.

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b. Penawaran umum efek dan obligasi Perusahaan b. Public offering of shares and bonds of the Company

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

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

the Capital Market Supervisory Agency

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

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

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

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

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

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

shares listed on Stock Exchange is

19,600,000,000 shares.

Berkenaan dengan Penawaran Umum Terbatas III, Perusahaan juga menerbitkan waran, dimana untuk setiap 50 saham baru hasil pelaksanaan HMETD tersebut melekat 7 Waran Seri I yang diberikan cuma-cuma sebagai insentif bagi pemegang saham Perusahaan dan/atau pemegang HMETD yang melaksanakan haknya (lihat Catatan 29).

In regards to Limited Public Offering III, the Company also issued Warrant Seri I in which for each 50 new shares from pre-emptive rights includes 7 warrants issued as incentive for the Company shareholders and/or pre-emptive rights holders that exercise their right (see Note 29).

Pada tanggal 30 Nopember 2007, Bursa Efek mendapatkan pemberitahuan efektif pernyataan pendaftaran dalam rangka Penawaran Umum Obligasi I Bakrieland Development Tahun 2008 dengan Tingkat Bunga Tetap dari Badan Pengawas Pasar Modal dan Lembaga Keuangan berdasarkan Surat No. S-1220/BL/2008.

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

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1. UMUM (Lanjutan) 1. GENERAL (Continued)

b. Penawaran umum efek dan obligasi Perusahaan (Lanjutan)

b. Public offering of shares and bonds of the Company (Continued)

Pada tanggal 11 Maret 2008, Perusahaan menerbitkan Obligasi I Bakrieland Development Tahun 2008 dengan Tingkat Bunga Tetap, dengan PT Bank Permata Tbk. sebagai wali amanat. Nilai nominal obligasi keseluruhan adalah Rp 500 miliar (lihat Catatan 26b).

On March 11, 2008, the Company issued its Bakrieland Development Bonds I Year 2008 with Fixed Rates, with PT Bank Permata Tbk. as the trustee. The bonds have a total face value of Rp 500 billion (see Note 26b).

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

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

Pada tanggal 7 Juli 2009, Perusahaan menerbitkan Sukuk Ijarah I Bakrieland Development Tahun 2009, dengan PT Bank Mega Tbk. sebagai wali amanat. Nilai nominal Sukuk Ijarah keseluruhan sebesar Rp 150 miliar (lihat Catatan 26c).

On July 7, 2009, the Company issued its Sukuk Ijarah I Bakrieland Development Year 2009, with PT Bank Mega Tbk. as the trustee. The bonds have a total face value of Rp 150 billion (see Note 26c).

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

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

Berkenaan dengan Penawaran Umum Terbatas IV tersebut, Perusahaan juga menerbitkan waran, dimana untuk setiap 20 saham baru hasil pelaksanaan HMETD tersebut melekat 7 Waran Seri II yang diberikan cuma-cuma sebagai insentif bagi pemegang saham Perusahaan dan/atau pemegang HMETD yang melaksanakan haknya (lihat Catatan 29).

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Pada tanggal 30 September 2011 dan 2010, Perusahaan memiliki Anak perusahaan sebagai berikut:

As of September 30, 2011 and 2010, the Company has Subsidiaries as follows:

30 SEPTEMBER 2011

Persentase Jumlah Aset

Kepemilikan / (sebelum eliminasi) /

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

Subsidiaries Domicile Ownership Establishment (before elimination)

Kepemilikan saham secara

Langsung / Direct Ownership:

PT Citrasaudara Abadi (“CSA”) Tangerang,

Banten 99,99 1988 Rp 10.387.696.726

PT Villa Del Sol (“VDS”) b) Cipanas,

Jawa Barat 99,99 1990 Rp 253.440.538.260

PT Krakatau Lampung Tourism

Development (“KLTD”) Lampung 90,00 1994 Rp 176.163.025.133

PT Graha Andrasentra Bogor,

Propertindo (“GAP”) Jawa Barat 99,97 1988 Rp 6.945.319.019.841

PT Bakrie Swasakti Utama

(“BSU”) Jakarta 69,62 1982 Rp 3.259.572.478.579

PT Superwish Perkasa (“SP”) a) Jakarta 69,99 2006 Rp 640.059.965.482

PT Bakrie Nirwana Semesta (“BNS”) Jakarta 99,99 2007 Rp 1.120.113.856.855

PT Bumi Daya Makmur (“BDM”) Jakarta 69,99 2006 Rp 541.190.288.955

PT Bakrie Infrastructure (“BI”) Jakarta 99,99 2007 Rp 3.426.213.367.703

PT Bakrie Pangripta Loka (“BPLK”) Jakarta 99,99 2008 Rp 110.233.300.968

PT Bakrie Graha Investama (“BGI”) a) Jakarta 99,96 2009 Rp 12.640.508.461

PT Bakrie Sentra Investama (“BSI”) a) Jakarta 99,98 2009 Rp 28.215.239.847

BLD Investment Pte. Ltd. (”BLDI”) Singapura 100,00 2010 Rp 998.064.751.184

Kepemilikan saham secara tidak

Langsung / Indirect ownership:

Melalui GAP / Through GAP:

PT Sanggraha Pelita Sentosa Bekasi,

(“SPS”) Sukabumi,

Jawa Barat 99,30 1995 Rp 16.712.429.006

PT Graha Intan Bali (“GIB”) b) Bali 98,78 1997 Rp 148.242.031.219

PT Samudra Asia Nasional

(“SAN”) Bali 99,78 2003 Rp 564.020.329.919

PT Dutaperkasa Unggullestari

(“DPUL”) Malang, Jawa Timur 64,86 1992 Rp 184.241.635.538

PT Mutiara Permata Biru (“MPB”) Batam 99,77 1999 Rp 68.780.133.916

PT Bahana Sukmasejahtera

(“BSS”) a) Bogor, Jawa Barat 99,96 1996 Rp 923.030.462.754

PT Bukit Jonggol Asri a) Jonggol, Bogor 50,00 1997 Rp 3.423.991.420.554

Melalui BSU / Through BSU:

PT Bakrie Pesona Rasuna (“BPR”) Jakarta 94,70 1996 Rp 22.704.353.700

PT Rasuna Residence Development

(“RRD”) Jakarta 94,70 2004 Rp 28.317.336.012

Melalui BNS / Through BNS:

PT Libratindo Gemilang (“LG”) a) Balikpapan,

Kalimantan Timur 99,99 2006 Rp 65.475.870.142

PT Berkah Puhu Lestari (“BPL”) a)

Ubud, Bali 99,99 1999 Rp 15.409.116.199

PT Bakrie Graha Nirwana (“BGN”) a) Jakarta 99,80 2008 Rp 7.058.920.599

PT Nirwana Legian Hotel (“NLH”) a) Kuta, Bali 99,92 2008 Rp 41.844.582.678

PT Bali Nirwana Resort (“BNR”) Tanah Lot, Bali 52,55 1992 Rp 892.184.621.908

PT Bakrie Bangun Persada (“B2P”) Jakarta 99,99 2008 Rp 229.767.560.544

Melalui BI / Through BI:

PT Bakrie Toll Road (“BTR”) Jakarta 99,99 2008 Rp 3.360.613.086.730

PT Amerta Bumi Capital (“ABC”) Jakarta 51,00 2009 Rp 3.655.470.314

PT Alberta Utilities (AI) a) Jakarta 75,03 2006 Rp 3.907.909.330

Melalui BTR / Through BTR:

PT Satria Cita Perkasa (“SCP”) Jakarta 99,99 2002 Rp 1.260.778.220.764

Transglobal Finance Limited

(“TGF”)

British Virgin Island 100,00 2001 Rp 229.609.088.353

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c. Perusahaan dan Anak perusahaan (Lanjutan) c. The Company and its Subsidiaries (Continued)

30 SEPTEMBER 2011

Persentase Jumlah Aset

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

Melalui SCP / Through SCP:

PT Semesta Marga Raya (“SMR”) Jawa Barat 60,00 2005 Rp 2.984.855.025.265

Melalui TGF / Through TGF:

Melalui PGI / Through PGI:

Melalui BPLK / Through BPLK:

PT Provices Indonesia (“PVI”) Jakarta 99,74 2008 Rp 36.303.649.217

PT Rasuna Caturtama

Corpora (“RCC”) b)

Jakarta 99,59 1994 Rp 73.929.651.750

Melalui BLDI / Through BLDI:

BLD Asia Pte. Ltd. (“BLDA”) Singapura 100,00 2010 Rp 822.284.429.607

Melalui BGI / Through BGI:

PT Hotel Elty Tenggarong

(formerly PT Bakrie Armo

Nirwana) (“BAN”) Balikpapan,

31 Desember 2010

Persentase Jumlah aset

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

Kepemilikan saham secara

Langsung / Direct Ownership:

PT Citrasaudara Abadi (“CSA”) Tangerang,

Banten 99,99 1988 Rp 10.427.471.844

PT Villa Del Sol (“VDS”) a) Cipanas,

Jawa Barat 99,99 1990 Rp 253.425.244.685

PT Krakatau Lampung Tourism

Development (“KLTD”) a)

Lampung 90,00 1994 Rp 148.049.386.943

PT Graha Andrasentra Bogor,

Propertindo (“GAP”) Jawa Barat 99,78 1988 Rp 3.033.193.319.948

PT Bakrie Swasakti Utama

(“BSU”) Jakarta 69,62 1982 Rp 3.078.764.502.389

PT Superwish Perkasa (“SP”) a) Jakarta 69,99 2006 Rp 610.786.807.528

PT Bakrie Nirwana Semesta (“BNS”) Jakarta 99,99 2007 Rp 912.638.571.740

PT Bumi Daya Makmur (“BDM”) Jakarta 69,99 2006 Rp 528.772.853.023

PT Bakrie Infrastructure (“BI”) Jakarta 99,99 2007 Rp 3.217.731.252.128

PT Bakrie Pangripta Loka (“BPLK”) Jakarta 99,99 2008 Rp 116.623.804.536

PT Bakrie Graha Investama (“BGI”) a) Jakarta 99,96 2009 Rp 8.242.780.913

PT Bakrie Sentra Investama (“BSI”) a) Jakarta 99,98 2009 Rp 21.501.209.079

BLD Investment Pte. Ltd. Singapura 100,00 2010 Rp 1.117.262.560.059

PT Bukit Jonggol Asri (“BJA”) a)b)

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31 Desember 2010

Persentase Jumlah aset

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

Melalui GAP / Through GAP:

PT Sanggraha Pelita Sentosa Bekasi,

(“SPS”) Sukabumi,

Jawa Barat 99,30 1995 Rp 16.799.770.847

PT Graha Intan Bali (“GIB”) b) Bali 98,78 1997 Rp 148.242.031.219

PT Samudra Asia Nasional

(“SAN”) Bali 99,78 2003 Rp 445.855.330.029

PT Dutaperkasa Unggullestari

(“DPUL”) Malang, Jawa Timur 65,86 1992 Rp 189.016.115.842

PT Mutiara Permata Biru (“MPB”) Batam 99,77 1999 Rp 68.222.089.943

PT Bahana Sukmasejahtera

(“BSS”) a)

Bogor, Jawa Barat 99,96 1996 Rp 921.809.283.498

Melalui BSU / Through BSU:

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

PT Rasuna Residence Development

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

Melalui BNS / Through BNS:

PT Libratindo Gemilang (“LG”) a)

Balikpapan,

PT Berkah Puhu Lestari (“BPL”) a) Ubud, Bali 99,99 1999 Rp 15.526.907.166

PT Bakrie Graha Nirwana (“BGN”) a) Jakarta 99,80 2008 Rp 5.445.676.063

PT Nirwana Legian Hotel (“NLH”) a) Kuta, Bali 99,92 2008 Rp 14.610.662.097

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

PT Hotel Elty Tenggarong

(formerly PT Bakrie Armo

Nirwana) (“BAN”) Balikpapan,

Melalui BI / Through BI:

PT Bakrie Toll Road (“BTR”) Jakarta 99,99 2008 Rp 3.155.775.243.763

PT Alberta Utilities (AI) a) Jakarta 75,03 2006 Rp 3.907.636.481

Melalui BTR / Through BTR:

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

Transglobal Finance Limited

(“TGF”) British Virgin Island 100,00 2001 Rp 229.609.088.351

Pan Galactic Invesment (“PGI”) British Virgin Island 100,00 1999 Rp 137.765.456.946

Melalui SCP / Through SCP:

PT Semesta Marga Raya (“SMR”) a) Jawa Barat 60,00 2005 Rp 3.006.473.210.058

Melalui TGF / Through TGF:

Melalui PGI / Through PGI:

Melalui BPLK/ Through BPLK

PT Provices Indonesia (“PVI”) Jakarta 99,74 2008 Rp 27.217.081.426

PT Rasuna Caturtama

Corpora (“RCC”) b) Jakarta 99,59 1994 Rp 485.921.700

Melalui BLD Investment Pte. Ltd. /

Through BLD Investment Pte. Ltd.

BLD Asia Pte. Ltd. Singapura 100,00 2010 Rp 852.462.541.143

a)

Perusahaan dalam tahap pengembangan

b)

Tidak aktif

a)

A company under development stage

b)

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Kegiatan usaha Anak perusahaan adalah sebagai berikut:

Activities of Subsidiaries are as follows:

Anak perusahaan /

Subsidiaries

Kegiatan usaha /

Activities

Kepemilikan langsung / Direct ownership

PT Citrasaudara Abadi Perumahan / Residential area

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

Development in Cianjur, West Java

PT Krakatau Lampung Tourism Development Pembangunan kawasan wisata Krakatoa Nirwana Resort / Krakatoa Nirwana Resort Tourism Resort Development PT Graha Andrasentra Propertindo Real estat, properti, perumahan dan perhotelan / Real

estate, property, residential and hotels

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

PT Superwish Perkasa Pembangunan dan real estat / Construction and real estate PT Bakrie Nirwana Semesta Pembangunan, perdagangan dan jasa / Construction,

trading and services

PT Bumi Daya Makmur Perdagangan, pembangunan dan jasa / Trading,

construction and services

PT Bakrie Infrastructure Pembangunan, perdagangan dan jasa / Construction, trading and services

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

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

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

BLD Investment Pte. Ltd. Investasi dan pendanaan / Investments and refinancing Platinum Development PTE.Ltd. Investasi dan pendanaan / Investments and refinancing BLD Agency Corporation Investasi dan pendanaan / Investments and refinancing

Kepemilikan tidak langsung / Indirect ownership Melalui GAP / Through GAP:

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

PT Graha Intan Bali Perhotelan / Hotels

PT Samudra Asia Nasional Perhotelan / Hotels

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

real estate

PT Bahana Sukmasejahtera Perumahan dan real estat / Residential area and real estate PT Bukit Jonggol Asri Perumahan dan real estat / Residential area and real estate

Melalui BSU / Through BSU:

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

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Anak perusahaan /

Subsidiaries

Kegiatan usaha /

Activities

Melalui BNS / Through BNS:

PT Libratindo Gemilang Pembangunan dan real estat / Construction and real estate

PT Berkah Puhu Lestari Perhotelan / Hotels

PT Bakrie Graha Nirwana Perhotelan / Hotels

PT Nirwana Legian Hotel Perhotelen dan Pariwisata / Hotel and Tourism PT Bali Nirwana Resort Perhotelen dan Pariwisata / Hotel and Tourism PT Bakrie Bangun Persada Perhotelen dan Pariwisata / Hotel and Tourism

Melalui BI / Through BI:

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

PT Alberta Utilities Pembangunan, perdagangan dan jasa / Construction,

PT Amerta Bumi Capital Pengadaan dan pelayanan air minum, serta memasarkan untuk pasaran dalam negeri.

Melalui BTR / Through BTR:

PT Satria Cita Perkasa Perdagangan, pembangunan, jasa, pengangkutan darat, perbengkelan, percetakan, pertanian, pertambangan, real estate dan perindustrian / Trading, construction, service, transportation, workshop, printing, agriculture, mining, real estate and industry.

Transglobal Finance Limited Perusahaan investasi / Investment holding company Pan Galactic Investment Perusahaan investasi / Investment holding company

Melalui SCP / Through SCP:

PT Semesta Marga Raya Pembangunan dan pengusahaan jalan tol / construction and development of toll road project

Melalui TGF / Through TGF:

Melalui PGI / Through PGI:

Melalui BPLK / Through BPLK:

PT Provices Indonesia Pengelola gedung, apartemen dan perumahan /

Management of building, apartment and residential area

PT Rasuna Caturtama Corpora Properti / Property

PT Hotel Elty Tenggarong (dahulu PT Bakrie Armo Nirwana)

Perhotelan dan Pariwisata / Hotel and Tourism

Melalui BLDI / Through BLDI:

BLD Asia Pte. Ltd. Investasi dan pendanaan / Investments and refinancing

Pada tanggal 30 September 2011, PT Graha Intan Bali dan PT Rasuna Caturtama Corpora merupakan perusahaan yang tidak aktif beroperasi, sedangkan, PT Villa Del Sol, PT Superwish Perkasa, PT Libratindo Gemilang, PT Berkah Puhu Lestari, PT Bakrie Graha Nirwana, PT Nirwana Legian Hotel, PT Bahana Sukmasejahtera, PT Alberta Utilities, PT Bakrie Graha Investama, PT Bukit Jonggol Asri dan PT Bakrie Sentra Investama merupakan perusahaan yang masih dalam tahap pengembangan.

As of September 30, 2011, PT Graha Intan Bali and PT Rasuna Caturtama Corpora are inactive, meanwhile PT Villa Del Sol, PT Superwish Perkasa, PT Libratindo Gemilang, PT Berkah Puhu Lestari, PT Bakrie Graha Nirwana, PT Nirwana

Legian Hotel, PT Bahana Sukmasejahtera,

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d. Karyawan, direksi dan dewan komisaris d. Employees, board of directors and commissioners

Pada tanggal 30 September 2011 susunan dewan komisaris dan direksi Perusahaan berdasarkan Akta Notaris Aulia Taufani, S.H., selaku pengganti dari Sutjipto, S.H., M.Kn., No. 88 tanggal 18 Agustus 2011 adalah sebagai berikut:

As of September 30, 2011, the Company’s boards of commissioners and directors based on Notarial Deed of Aulia Taufani, S.H., as a substitute of Sutjipto, S.H., M.Kn., No. 88 dated August 9, 2011, as follows:

30/09/2011

Dewan Komisaris / Board of Commissioners Direksi / Board of Directors

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

President Commissioner President Director

2. Supartono - Komisaris / Commissioner 2. Achmad Amri Aswono Putro - Direktur / Director

3. Armansyah Yamin - Komisaris / Commissioner 3. Feb Sumandar - Direktur / Director

4. Lukman Purnomosidi - Komisaris Independen /

Independent Commissioner

5. Kanaka Puradiredja - Komisaris Independen /

Pada tanggal 31 Desember 2010, dan 1 Januari 2010 susunan dewan komisaris dan direksi Perusahaan masing-masing berdasarkan Akta Notaris Aulia Taufani, S.H., selaku pengganti dari Sutjipto, S.H., M.Kn., No. 121 tanggal 18 Mei 2010 dan Akta Notaris Sujipto, S.H., M.Kn., No. 111 tanggal 26 Mei 2009 adalah sebagai berikut:

As of December 31, 2010, and January 1, 2010 the Company’s boards of commissioners and directors based on Notarial Deed of Aulia Taufani, S.H., as a substitute of Sutjipto, S.H., M.Kn., No. 121 dated May 18, 2010 and Notarial Deed of Sujipto, S.H., M.Kn., No. 111 dated May 26, 2009, respectively, are as follows:

31/12/2010

2. Supartono - Komisaris / Commissioner 2. Marudi Surachman - Direktur / Director

3. Edgardo Bautista - Komisaris / Commissioner 3. Hamid Mundzir - Direktur / Director

4. Mark Robert Harris - Komisaris / Commissioner 4. Sri Hascaryo - Direktur / Director

5. Lukman Purnomosidi - Komisaris Independen / 5. Ferdinand Sadeli *)

- Direktur / Director

1/1/2010

2. Supartono - Komisaris / Commissioner 2. Marudi Surachman - Direktur / Director

3. Edgardo Bautista - Komisaris / Commissioner 3. Hamid Mundzir - Direktur / Director

4. Mark Robert Harris - Komisaris / Commissioner 4. Sri Hascaryo - Direktur / Director

5. Lukman Purnomosidi - Komisaris Independen /

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(Lanjutan) commissioners (Continued)

Pada tanggal 30 September 2011, 31 Desember 2010, dan 1 Januari 2010, jumlah karyawan tetap Perusahaan dan Anak Perusahaan masing-masing adalah 1.844, 1.844 dan 1.352 orang (tidak diaudit).

As of September 30, 2011, December 31, 2010, and January 1, 2010, the Company and its Subsidiaries have a total of 1,844, 1,844 and 1,352 permanent employees, respectively (unaudited).

Gaji dan kompensasi lainnya yang dibayarkan kepada dewan komisaris dan direksi Perusahaan dan Anak Perusahaan selama tahun 2011 dan 2010 adalah sebagai berikut:

Remunerations of the boards of commissioners and directors of the Company and its Subsidiaries for the year during 2011 and 2010 are as follows:

30/09/2011 31/12/2010 1/1/2010

Dewan Komisaris 1.910.000.000 2.275.000.000 1.872.000.000 Board of Commissioners

Direksi 3.538.853.014 9.803.950.909 8.274.643.000 Board ofDirectors

Jumlah 5.448.853.014 12.078.950.909 10.146.643.000 Total

Susunan anggota komite audit pada tanggal 30 Juni 2011, 31 Desember 2010, dan 1 Januari 2010 adalah sebagai berikut:

The composition of audit committee as of June 30, 2011, December 31, 2010, and January 1, 2010 are as follows:

2011 dan/and 2010

Ketua Kanaka Puradiredja Chairman

Anggota Soenarso Soemodiwirjo Member

Anggota Muhammad Hassan Member

Sekretaris Perusahaan pada tanggal 31 Desember 2010 dan 1 Januari 2010 adalah Nuzirman Nurdin dan pada tanggal 30 September 2011 adalah Santoso Budi.

Corporate secretary as of December 31, 2010 and January 1, 2010 is Nuzirman Nurdin and as of September 30, 2011 is Santoso Budi.

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

a. Dasar penyajian laporan keuangan konsolidasian a. Basis preparation of consolidated financial statements

Laporan keuangan konsolidasian disusun sesuai dengan prinsip akuntansi yang berlaku umum di Indonesia, yaitu Pernyataan Standar Akuntansi Keuangan (PSAK) dan Peraturan Badan Pengawas Pasar Modal dan Lembaga Keuangan (BAPEPAM-LK) No. VIII.G.7 tentang Pedoman Penyajian Laporan Keuangan, dan Surat Edaran No. SE-02/PM/2002 tanggal 27 Desember 2002 tentang Pedoman Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik Industri Real Estat.

The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in Indonesia, namely the Statement of Financial Accounting Standards (PSAK) and the Capital Market and Financial Institution Supervisory Agency’s (Bapepam-LK) No. VIII.G.7 regarding Guidelines for Financial Report Presentation, and Circular Letter

No. SE-02/PM/2002 dated December 27, 2002

regarding Financial Statements Presentation and Disclosure Guidelines for Real Estate Company, which offered their shares to public.

Laporan keuangan konsolidasian, kecuali laporan arus kas disusun berdasarkan konsep akrual. Dasar pengukuran yang digunakan dalam penyusunan laporan keuangan adalah konsep biaya perolehan, kecuali beberapa akun tertentu disusun berdasarkan pengukuran lain, sebagaimana diuraikan dalam kebijakan akuntansi masing-masing akun tersebut.

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

Neraca konsolidasian disajikan tanpa dikelompokkan ke dalam lancar dan tidak lancar (unclassified balance sheets) sesuai dengan PSAK No. 44, “Akuntansi Aktivitas Pengembangan Real Estat”.

Twitter

PT BAKRIELAND DEVELOPMENT Tbk.

DAN ANAK PERUSAHAAN

Laporan Keuangan Konsolidasian

Per 30 September 2011,

31 Desember 2010,

dan 1 Januari 2010

(Mata Uang Indonesia)

PT BAKRIELAND DEVELOPMENT Tbk.

AND SUBSIDIARIES

Consolidated Financial Statements

As Of September 30, 2011,

December 31, 2010

and January 1, 2010

Laporan Keuangan Konsolidasian

Per 30 September 2011,

31 Desember 2010,

dan 1 Januari 2010

(Mata Uang Indonesia)

Consolidated Financial Statements

As Of September 30, 2011,

December 31, 2010

and January 1, 2010

(Indonesian Currency)

DAFTAR ISI

TABLE OF CONTENTS

Halaman/

P a g e

Surat Pernyataan Direksi

Laporan Posisi Keuangan Konsolidasian

Laporan Laba Rugi

Komprehensif Konsolidasian

Laporan Perubahan Ekuitas Konsolidasian

Laporan Arus Kas Konsolidasian

Catatan Atas Laporan Keuangan

Konsolidasian

1 - 2

3 - 4

5 - 7

8

9 - 110

Directors’ Statement Letter

Consolidated Statements of Financial

Position

Consolidated Statements of

Comprehensive Income

Consolidated Statements of Changes in

Stockholders’ Equity

Consolidated Statements of Cash Flows

Notes to Consolidated Financial

Statements

31 DESEMBER 2010

DAN 1 JANUARI 2010

(Dinyatakan dalam Rupiah, kecuali dinyatakan lain)

DECEMBER 31, 2010

AND JANUARY 1, 2010

(Expressed in Rupiah, unless otherwise stated)

(Expressed in Rupiah, unless otherwise stated)

,