PT Nirvana Development Tbk dan entitas anaknya/and its subsidiaries

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Consolidated financial statements

as of December 31, 2017

and for the year then ended

with independent auditors’ report

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

Laporan Laba Rugi dan Penghasilan Consolidated Statement of Profit or Loss

Komprehensif Lain Konsolidasian ... 4 - 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 - 122 ... Notes to the Consolidated Financial Statements

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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. 1

Catatan/

2017 Notes 2016

ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 1.466.105.083.537 2,4,35 956.494.000.444 Cash and cash equivalents

Piutang usaha - pihak Trade receivables -

ketiga - neto 50.293.751.731 2,3,5,14,35 38.060.365.547 third parties - net

Piutang lain-lain - pihak ketiga 273.924.683.770 2,5,35 276.077.464.487 Other receivables - third parties

Uang muka 1.399.548.907 8 626.891.786 Advances

Persediaan 34.052.916.014 2,3,7 49.934.510.828 Inventories

Bagian lancar biaya Current portion of

dibayar di muka 2.622.987.971 2,9 2.296.604.687 prepaid expenses

Taksiran tagihan pajak penghasilan 15.901.000.451 20 - Estimated claim for tax refund

Pajak dibayar di muka 61.909.483.223 20 64.909.829.380 Prepaid taxes

TOTAL ASET LANCAR 1.906.209.455.604 1.388.399.667.159 TOTAL CURRENT ASSETS

ASET TIDAK LANCAR NON-CURRENT ASSETS

Uang muka 243.819.174.436 2,8,11 81.843.960.000 Advances

Tanah untuk pengembangan 171.340.664.707 2,13 171.340.664.707 Land for development

2,3,10,

Aset tetap - neto 224.897.744.357 27,29 168.196.179.567 Fixed assets - net

2,3,11,

Properti investasi - neto 2.312.480.109.434 14,27 1.960.938.287.547 Investment properties - net

Aset takberwujud - neto 11.280.816.418 2,12 6.794.184.217 Intangible assets - net

Biaya dibayar di muka - setelah Prepaid expenses - net

dikurangi bagian lancar 6.823.106.500 2,9 1.598.034.000 of current portion

Aset pajak tangguhan 1.870.090.642 2,3,20 5.281.619 Deferred tax asset

Aset keuangan tidak lancar lainnya 13.365.322.359 6,35 12.867.004.497 Other non-current financial assets

Aset tidak lancar lainnya 147.231.873 - Other non-current assets

TOTAL ASET TOTAL NON-CURRENT

TIDAK LANCAR 2.986.024.260.726 2.403.583.596.154 ASSETS

TOTAL ASET 4.892.233.716.330 3.791.983.263.313 TOTAL ASSETS

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Pihak ketiga 19.179.719.370 18 2.809.487.129 Third parties

Pihak berelasi 1.627.500.000 33 1.627.500.000 Related party

Utang pajak 13.983.277.596 2,20 10.672.639.913 Taxes payable

Beban akrual 37.037.082.790 2,19,35 43.204.779.357 Accrued expenses

Liabilitas imbalan Short-term employee

kerja jangka pendek 12.578.490.084 2,22,35 8.801.790.452 benefits liabilities

Uang muka penjualan dan Sales advance and

pendapatan diterima di muka 85.777.007.238 2,21 62.395.531.441 unearned revenues

Utang jangka panjang yang jatuh

tempo dalam waktu satu tahun: 2,35 Current portion of long-term debt:

Utang bank jangka panjang 68.617.708.838 14 35.085.871.642 Long-term bank loans

Utang sewa pembiayaan 246.975.601 16 131.706.051 Finance lease payable

Utang pembiayaan konsumen 36.219.071 88.570.686 Consumer lease payable

TOTAL LIABILITAS TOTAL CURRENT

JANGKA PENDEK 269.978.687.416 177.585.329.487 LIABILITIES

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Utang jangka panjang - setelah

dikurangi bagian yang jatuh Long-term debt -

tempo dalam waktu satu tahun: 2,35 net of current portion:

Utang bank jangka panjang 716.549.011.642 14 508.905.541.526 Long-term bank loans

Utang sewa pembiayaan 256.041.000 16 107.203.336 Finance lease payable

Utang pembiayaan konsumen - 29.086.475 Consumer lease payable

pendapatan diterima di muka 52.791.913.167 2,21 83.687.723.331 unearned revenues

Uang jaminan sewa 54.465.194.902 35 41.905.186.799 Security deposits

Pinjaman konversi 133.920.395.268 15,35 - Convertible loans

Liabilitas imbalan kerja Long-term employee

jangka panjang 8.538.561.718 2,3,22 6.081.126.109 benefits liabilities

TOTAL LIABILITAS TOTAL NON-CURRENT

JANGKA PANJANG 966.521.117.697 640.715.867.576 LIABILITIES

TOTAL LIABILITAS 1.236.499.805.113 818.301.197.063 TOTAL LIABILITIES

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Catatan/

2017 Notes 2016

EKUITAS EQUITY

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 - Authorized -

88.000.000.000 saham 88,000,000,000 shares

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 2,25 51.716.658.881 Additional paid-in capital - net

Difference in value from

Selisih transaksi dengan pihak transactions with

nonpengendali (15.998.859.427) (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 (152.862.494.225) (144.983.342.749 ) Unappropriated

Penghasilan komprehensif lain 527.094.804 1.158.399.693 Other comprehensive income

TOTAL 2.104.269.580.433 2.115.565.048.197 TOTAL

KEPENTINGAN NON-CONTROLLING

NONPENGENDALI 1.551.464.330.784 23 858.117.018.053 INTERESTS

TOTAL EKUITAS 3.655.733.911.217 2.973.682.066.250 TOTAL EQUITY

TOTAL LIABILITAS TOTAL LIABILITIES

DAN EKUITAS 4.892.233.716.330 3.791.983.263.313 AND EQUITY

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BEBAN POKOK PENJUALAN COST OF SALES AND

DAN PENDAPATAN JASA 243.111.034.473 2,10,11,27 161.139.064.752 SERVICE REVENUES

LABA BRUTO 137.768.660.858 102.494.580.920 GROSS PROFIT

Beban pemasaran (7.491.582.635) 2,28 (8.520.993.633 ) Marketing expenses

General and

Beban umum dan administrasi (115.936.918.518) 2,10,29 (115.272.151.331 ) administrative expenses

Keuntungan dari akuisisi 58.742.301.400 1d 7.511.366.868 Gain on bargain purchase

Beban operasi lainnya - neto (15.266.733.009) 2 (16.367.652.096 ) Other operating expenses - net

PROFIT (LOSS)

LABA (RUGI) USAHA 57.815.728.096 (30.154.849.272 ) FROM OPERATIONS

Pendapatan keuangan 48.979.116.258 2,30 52.208.011.296 Finance income

Biaya keuangan (72.624.426.727) 2,31 (30.621.821.462 ) Finance costs

LABA (RUGI) TAHUN BERJALAN PROFIT (LOSS) FOR THE YEAR

SEBELUM PAJAK FINAL DAN BEFORE FINAL TAX EXPENSES

PAJAK PENGHASILAN 34.170.417.627 (8.568.659.438 ) AND INCOME TAX EXPENSES

Beban pajak final (30.597.268.945) 2,3,20 (22.653.586.471 ) Final tax expense

LABA (RUGI) TAHUN BERJALAN PROFIT (LOSS) FOR THE YEAR

SEBELUM PAJAK BEFORE INCOME

PENGHASILAN 3.573.148.682 (31.222.245.909 ) TAX EXPENSE

Manfaat (beban) Income tax

pajak penghasilan - neto 148.639.194 2,3,20 (114.438.747 ) benefit (expenses) - net

LABA (RUGI) TAHUN BERJALAN 3.721.787.876 (31.336.684.656 ) PROFIT (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 - (108.308.949 ) financial assets

Penyesuaian reklasifikasi atas Reclassification adjustment

keuntungan investasi yang for gain on investment

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Tahun yang Berakhir pada tanggal 31 Desember/

Year Ended December 31

Catatan/

2017 Notes 2016

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:

Pengukuran kembali atas Remeasurements of

program imbalan pasti (748.221.461) 22 1.823.900.075 defined benefit plans

Pajak penghasilan terkait pos Income tax relating to item

yang tidak akan that will not be reclassified

direklasifikasi ke laba rugi 1.273.540 22 557.169 to profit or loss

PENGHASILAN (RUGI) OTHER COMPREHENSIVE

KOMPREHENSIF INCOME (LOSS)

LAIN TAHUN BERJALAN, FOR THE YEAR,

NETO SETELAH PAJAK (746.947.921) 1.078.779.255 NET OF TAX

TOTAL LABA (RUGI) TOTAL COMPREHENSIVE

KOMPREHENSIF TAHUN INCOME (LOSS)

BERJALAN 2.974.839.955 (30.257.905.401 ) FOR THE YEAR

Laba (rugi) tahun berjalan yang Income (loss) for the

dapat diatribusikan kepada: year attributable to:

Pemilik entitas induk (7.879.151.476) (37.227.403.984 ) Owners of the parent company

Kepentingan nonpengendali 11.600.939.352 5.890.719.328 Non-controlling interests

TOTAL 3.721.787.876 (31.336.684.656 ) TOTAL

Total laba (rugi) komprehensif

tahun berjalan Total comprehensive income (loss)

yang dapat diatribusikan kepada: for the year attributable to:

Pemilik entitas induk (8.369.069.254) (36.742.399.399 ) Owners of the parent company

Kepentingan nonpengendali 11.343.909.209 6.484.493.998 Non-controlling interests

TOTAL 2.974.839.955 (30.257.905.401 ) TOTAL

Rugi per saham yang dapat Loss per share

diatribusikan kepada pemilik attributable to owners of

entitas induk (0,35) 2,32 (1,68 ) 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.

6

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 51.199.512.022 (10.044.655.253) 1.000.000.000 (107.755.938.765) 745.677.989 (72.282.881) 2.154.959.493.512 589.375.005.539 2.744.334.499.051 Balance, January 1, 2016

Penerbitan modal saham - entitas anak 1d - - (3.169.192.775) - - - - (3.169.192.775) 262.139.665.375 258.970.472.600 Issuance of share capital - subsidiary

Pengampunan pajak 20 - 517.146.859 - - - 517.146.859 117.853.141 635.000.000 Tax amnesty

Total rugi komprehensif tahun berjalan - - - - (37.227.403.984) (745.677.989) 1.230.682.574 (36.742.399.399) 6.484.493.998 (30.257.905.401) Total comprehensive loss for the year

Saldo, 31 Desember 2016 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, December 31, 2016

Penerbitan modal saham - entitas anak 1d,15 - - (2.785.011.399) - - - - (2.785.011.399) 681.862.016.411 679.077.005.012 Issuance of share capital - subsidiary

Reatribusi pendapatan komprehensif lain - - - (141.387.111) (141.387.111) 141.387.111 - Reattribution of other comprehensive income

Total laba komprehensif tahun berjalan - - - - (7.879.151.476) - (489.917.778) (8.369.069.254) 11.343.909.209 2.974.839.955 Total comprehensive income for the year

Saldo, 31 Desember 2017 2.219.887.180.400 51.716.658.881 (15.998.859.427) 1.000.000.000 (152.862.494.225) - 527.094.804 2.104.269.580.433 1.551.464.330.784 3.655.733.911.217 Balance, December 31, 2017

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Year Ended December 31

Catatan/

2017 Notes 2016

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM

OPERASI OPERATING ACTIVITIES

Penerimaan kas dari pelanggan 378.837.845.004 275.903.260.476 Cash receipts from customers

Pembayaran kas untuk: Cash payments for:

Pemasok (126.846.742.963) (122.113.481.885 ) Suppliers

Salaries and

Gaji dan tunjangan karyawan (82.151.721.295) (59.896.747.196 ) employee benefits

Beban usaha (76.459.966.201) (82.563.382.928 ) Operating expenses

Kas yang dihasilkan dari operasi 93.379.414.545 11.329.648.467 Cash generated from operations

Penerimaan dari Cash receipts from

(pembayaran untuk): (payments for):

Pendapatan keuangan 49.360.245.521 51.114.758.951 Finance income

Biaya keuangan (71.537.439.736) (34.210.524.525 ) Finance costs

Pajak penghasilan (35.250.941.963) (24.642.373.899 ) Income taxes

Kas Neto yang Diperoleh dari Net Cash Provided by

Aktivitas Operasi 35.951.278.367 3.591.508.994 Operating Activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM

INVESTASI INVESTING ACTIVITIES

Pelunasan atas penjualan Repayment on

entitas anak 1.440.189.403 6 52.791.375.482 sales of subsidiaries

Akuisisi unit bisnis, setelah Acquisition of business unit,

dikurangi kas yang diperoleh (150.246.356.913) 1d (209.287.000.000 ) net of cash acquired

Perolehan properti investasi (149.723.842.422) 11,37 (183.264.472.270 ) Acquisition of investment properties

Penambahan uang muka Increase in advance for purchase

pembelian tanah dan proyek (141.975.214.436) 8 - of land and project

Pembayaran untuk uang muka Payment for advance

pembelian saham (20.000.000.000) 8 - for purchase of shares

Perolehan aset tetap (6.541.379.210) 10 (3.864.586.959 ) Acquisition of fixed assets

Perolehan aset takberwujud (4.523.537.937) 12,37 (6.120.720.513 ) Acquisition of intangible assets

Pelunasan utang atas Repayment of payable on

akuisisi entitas anak (697.398.000) (11.100.000.000 ) acquisition of subsidiaries

Hasil penjualan investasi Proceeds from sale of

tersedia dijual - 2.099.175.919 available-for-sale investment

Kas Neto yang Digunakan untuk Net Cash Used for

Aktivitas Investasi (472.267.539.515) (358.746.228.341 ) Investing Activities

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Penerbitan saham entitas anak 143.395.423.938 1d,15 258.970.472.600 Issuance of shares of subsidiaries

Pelunasan utang bank (191.105.067.164) 14 (147.635.027.071 ) Payment of bank loans

Pelunasan utang pembiayaan (322.638.875) (286.202.077 ) Payment of financing payable

Penambahan aset yang terkait Addition assets related to

program pengampunan pajak - 20 635.000.000 tax amnesty program

Kas Neto yang Diperoleh dari Net Cash Provided by

Aktivitas Pendanaan 945.927.344.241 658.985.219.633 Financing Activities

KENAIKAN NETO KAS NET INCREASE IN CASH

DAN SETARA KAS 509.611.083.093 303.830.500.286 AND CASH EQUIVALENTS

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AWAL TAHUN 956.494.000.444 4 652.663.500.158 AT BEGINNING OF YEAR

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AKHIR TAHUN 1.466.105.083.537 4 956.494.000.444 AT END OF YEAR

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9

1. UMUM 1. GENERAL

a. Pendirian Perusahaan a. Establishment of the Company

PT Nirvana Development Tbk (“Perusahaan”) 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., M.Kn., No. 19 tanggal 5 Oktober 2017, mengenai perubahan susunan Dewan Komisaris dan Direksi Perusahaan. Perubahan ini telah diterima oleh Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat No. AHU-AH.01.03.0182413 tanggal 19 Oktober 2017.

PT Nirvana Development Tbk (the “Company”) was established based on Notarial Deed No. 43 of P. Sutrisno A. Tampubolon, S.H., M.Kn., dated December 18, 2003. The Deed of establishment had been approved by the Minister of Law 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. 19 of Hasbullah Abdul Rasyid, S.H., M.Kn., dated October 5, 2017, concerning the changes of the members of Board of Commissioners and Directors of the Company. The latest amendment has been acknowledged by the Ministry of Law and Human Rights of the Republic of Indonesia in its Letter No. AHU-AH.01.03.0182413 dated October 19, 2017.

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 pengelolaan pusat

perbelanjaan 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 is engaged in the building construction, trading and managing shopping malls 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, Sampit, Baturaja, Prabumulih, Cianjur, Sukabumi, Kutabumi, Bogor dan Gorontalo. 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 locations, among others, Jakarta, Cirebon, Sukoharjo, Pangkalan Bun, Ketapang, Sampit, Baturaja, Prabumulih, Cianjur, Sukabumi, Kutabumi, Bogor and Gorotanlo. The Company started its operation 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 Maret 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 March 28, 2017.

(16)

10 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.

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 the issuance of 4,200,000,000 Warrants I accompanying the new shares issued, which were 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 accounts of subsidiaries, for 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/ Domisili/ Start of

Subsidiaries 2017 2016 Scope of activities Domicile operations

Kepemilikan saham secara langsung/

Direct ownership

Belum beroperasi/

Non-operating

PT Nirvana Wastu Pratama 50,96% 65,00% Perdagangan, pembangunan, perindustrian dan jasa/

Trading, construction, industry and service

Jakarta -

PT Nirvana Property 99,00% 99,99% Pertambangan, perdagangan, perindustrian dan jasa/

Mining, trading, industry and service

Jakarta -

PT Nirvana Infrastructure 99,00% 99,99% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, pertambangan, percetakan, perbengkelan,

pertanian dan kehutanan/

Trading, transportation, construction, industry, service, mining, printing, workshop, agriculture and forestry

(17)

11

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

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

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

Kepemilikan saham secara tidak langsung melalui PT Nirvana Wastu Pratama/

Indirect ownership through PT Nirvana Wastu Pratama

Non-operating

PT Nirvana Wastu Amerta 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 *) 100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

Jakarta -

PT Nirvana Wastu Karya Utama

100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

Jakarta -

PT Nirvana Wastu Usaha Karya

kehutanan/

Jakarta -

PT Nirvana Wastu Kusuma 100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

Jakarta -

PT Nirvana Wastu Kencana 100,00% 100,00% Perdagangan, pembangunan, perindustrian dan jasa/

Trading, construction, industry and service

Jakarta -

*) _{Pada tanggal 31 Desember 2016, kepemilikan tidak langsung melalui MMB dan dimiliki secara tidak langung melalui NWP sejak tanggal}

30 November 2017/As of December 31, 2016, indirect ownership through MMB and is indirectly owned through NWP since November 30,

(18)

12 (lanjutan)

Kepemilikan saham secara tidak langsung melalui PT Nirvana Wastu Pratama (lanjutan)/

Indirect ownership through PT Nirvana Wastu Pratama (continued)

Belum beroperasi (lanjutan)/

Non-operating (continued)

PT Nirvana Wastu Jaya Pratama

kehutanan/

Jakarta -

PT Nirvana Wastu Jaya 100,00% - Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

Jakarta -

PT Kalingga Murda Pratama 100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

Jakarta -

PT Kalingga Murda Raja 100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

Jakarta -

PT Nirvana Wastu Mahardika 100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

Jakarta -

PT Nirvana Wastu Anargya Kastara

100,00% - Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

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13

PT Nirvana Wastu Danapati Garwita

kehutanan/

Jakarta -

PT Nirvana Wastu Gunaadhya Jayendra

kehutanan/

Jakarta -

PT Nirvana Wastu Kastara Kasyapi

kehutanan/

Jakarta -

PT Nirvana Wastu Manggala Laksita

kehutanan/

Jakarta -

PT Nirvana Wastu Narthana 100,00% - Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

Jakarta -

PT Nirvana Wastu Pastika Prabadwipa

kehutanan/

(20)

14 (lanjutan)

PT Nirvana Wastu Prasista Rahardja

kehutanan/

Jakarta -

PT Nirvana Wastu Prawara Radika

kehutanan/

Jakarta -

PT Nirvana Wastu Sagara Bhadrika

kehutanan/

Jakarta -

Beroperasi / Operating

PT Kalingga Murda 100,00% 100,00% Pembangunan, perdagangan, perindustrian, pengangkutan darat,

pertanian, percetakan dan jasa/

Construction, trading, industry, land transportation, agriculture, printing and

service

Lahat, Baturaja dan

Prabumulih

2016

PT Karya Bersama Takarob 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 Danadipa Aluwung 100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa,

percetakan dan pertanian/

Trading, transportation, construction, industry, service, printing and agriculture

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15

Beroperasi (lanjutan) /

Operating (continued)

PT Primerindo Kencana 100,00% - Pembangunan, perdagangan, perindustrian, pengangkutan darat,

service

Gorontalo 2011

PT Tarangga Hanasta 100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa,

Ketapang 2015

PT Grahita Dana 100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa,

Cirebon 2014

PT Nirvana Wastu Utama 100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

Sukabumi 2016

PT Prabangkara Sangkara 100,00% 100,00% Pembangunan, perdagangan, perindustrian, pengangkutan darat,

service

Ketapang 2016

PT Buana Baru Prima 100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa,

Pangkalan Bun

(22)

16 (lanjutan)

Operating (continued):

PT Nirvana Wastu Pradana 100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

Cianjur 2016

PT Melia Arjuna Bejana *) 100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

Jakarta 2016

PT Tunas Mitra Usaha 100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

Cirebon 2012

PT Aneka Jayausaha Maju Terus *)

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

Jakarta 2011

*)_{Pada tanggal 31 Desember 2016, kepemilikan tidak langsung melalui MMB dan dimiliki secara tidak langung melalui NWP sejak tanggal}

(23)

17

Operating (continued):

PT Nirvana Wastu Karya Pratama

kehutanan/

Cikarang dan Gorontalo

2017

Tahap pengembangan/

Development stage

PT Gardapati Sahardaya 100,00% 100,00% Pembangunan, perdagangan, perindustrian, pengangkutan darat,

service

Jakarta -

PT Anggaraksa Lokeswara 100,00% 100,00% Pembangunan, perdagangan, perindustrian, pengangkutan darat,

service

Jakarta -

Kepemilikan saham secara tidak langsung melalui PT Nirvana Property/

Indirect ownership through PT Nirvana Property

Non-operating

PT Mutiara Mitra Bersama 100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

Jakarta -

PT Genta Nirvana Mahaputra 99,00% 99,00% Pembangunan, jasa, perdagangan dan industri/

Construction, service, trading and industry

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18 (lanjutan)

Kepemilikan saham secara tidak langsung melalui PT Nirvana Property (lanjutan)/

Indirect ownership through PT Nirvana Property (continued)

PT Tristar Land 99,69% 99,69% Pembangunan, jasa, perindustrian dan perdagangan/

Construction, service, industry and trading

Sukoharjo 2014

Kepemilikan saham secara tidak langsung melalui PT Nirvana Infrastructure/

Indirect ownership through PT Nirvana Infrastructure

PT Narendra Amerta 99,00% 99,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan

kehutanan/

Sukoharjo 2013

Kepemilikan saham secara tidak langsung melalui PT Mutiara Mitra Bersama/

Indirect ownership through PT Mutiara Mitra Bersama

PT Buana Citra Khatulistiwa 100,00% 100,00% Perdagangan, pengangkutan, pembangunan, perindustrian, jasa,

percetakan dan agrobisnis /

Trading, transportation, construction, industry, service, printing and agribusiness

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19

Total aset sebelum eliminasi/

Total asset before elimination

Entitas anak/Subsidiaries 2017 2016

Kepemilikan saham secara langsung/Direct ownership

Belum beroperasi / Non-operating

PT Nirvana Wastu Pratama 6.497.767.417.743 4.783.713.422.430

PT Nirvana Property 1.456.202.180.009 1.357.165.913.008

PT Nirvana Infrastructure 29.087.353.304 22.702.518.588

Kepemilikan saham secara tidak langsung melalui PT Nirvana Wastu Pratama/

Indirect ownership through PT Nirvana Wastu Pratama

PT Nirvana Wastu Amerta 146.928.420.445 100.000.000

PT Tirta Anugrah Buana *) 55.662.437.493 53.789.266.169

PT Nirvana Wastu Karya Utama 13.810.382.094 100.000.000

PT Nirvana Wastu Usaha Karya 5.994.603.973 100.000.000

PT Nirvana Wastu Kusuma 5.969.919.991 100.000.000

PT Nirvana Wastu Kencana 2.897.702.388 2.439.113.513

PT Nirvana Wastu Jaya Pratama 2.110.406.597 100.000.000

PT Nirvana Wastu Jaya 1.656.727.749 100.000.000

PT Kalingga Murda Pratama 655.994.880 101.976.614

PT Kalingga Murda Raja 268.214.186 101.976.614

PT Nirvana Wastu Mahardika 102.750.000 100.000.000

PT Nirvana Wastu Anargya Kastara 100.000.000 -

PT Nirvana Wastu Danapati Garwita 100.000.000 -

PT Nirvana Wastu Gunaadhya Jayendra 100.000.000 -

PT Nirvana Wastu Kastara Kasyapi 100.000.000 -

PT Nirvana Wastu Manggala Laksita 100.000.000 -

PT Nirvana Wastu Narthana 100.000.000 -

PT Nirvana Wastu Pastika Prabadwipa 100.000.000 -

PT Nirvana Wastu Prasista Rahardja 100.000.000 -

PT Nirvana Wastu Prawara Radika 100.000.000 -

PT Nirvana Wastu Sagara Bhadrika 100.000.000 -

Kepemilikan saham secara tidak langsung melalui PT Nirvana Property/

Indirect ownership through PT Nirvana Property

PT Mutiara Mitra Bersama 118.605.349.520 136.446.024.790

PT Genta Nirvana Mahaputra 60.115.673.322 60.119.867.270

Beroperasi/ Operating

PT Tristar Land 429.925.240.484 436.571.212.638

*) _{Pada tanggal 31 Desember 2016, kepemilikan tidak langsung melalui MMB dan dimiliki secara tidak langung melalui NWP sejak tanggal}

30 November 2017/As of December 31, 2016, indirect ownership through MMB and is indirectly owned through NWP since November 30,

(26)

20 (lanjutan)

Total aset sebelum eliminasi/

Total asset before elimination

Entitas anak/Subsidiaries 2017 2016

Kepemilikan saham secara tidak langsung melalui PT Nirvana Wastu Pratama (lanjutan)/ Indirect ownership through PT Nirvana Wastu Pratama (continued) Beroperasi/ Operating

PT Kalingga Murda 596.375.038.449 394.518.980.313

PT Karya Bersama Takarob 567.019.425.649 558.518.972.588

PT Danadipa Aluwung 397.371.483.370 378.205.516.003

PT Primerindo Kencana 271.352.241.933 -

PT Tarangga Hanasta 192.073.174.384 174.993.917.799

PT Grahita Dana 182.499.127.700 174.762.993.435

PT Nirvana Wastu Utama 155.612.116.145 152.098.532.136

PT Prabangkara Sangkara 137.808.446.788 123.917.396.977

PT Buana Baru Prima 113.136.793.785 95.609.955.722

PT Nirvana Wastu Pradana 92.080.863.588 90.953.332.162

PT Melia Arjuna Bejana *) 25.836.383.911 24.769.685.344

PT Tunas Mitra Usaha 20.362.668.159 12.334.567.961

PT Aneka Jayausaha Maju Terus *) 16.902.581.061 11.505.502.875

PT Nirvana Wastu Karya Pratama 6.734.655.557 100.000.000

Tahap pengembangan / Development stage

PT Gardapati Sahardaya 123.230.174.425 122.351.478.729

PT Anggaraksa Lokeswara 43.616.908.966 30.928.699.617

Kepemilikan saham secara tidak langsung melalui PT Nirvana Infrastucture/

Indirect ownership through PT Nirvana Infrastucture

PT Narendra Amerta 21.930.173.431 18.609.537.551

Kepemilikan saham secara tidak langsung melalui PT Mutiara Mitra Bersama/

Indirect ownership through PT Mutiara Mitra Bersama

PT Buana Citra Khatulistiwa 29.082.692.249 31.109.430.647

*)

Pada tanggal 31 Desember 2016, kepemilikan tidak langsung melalui MMB dan dimiliki secara tidak langung melalui NWP sejak tanggal 31 Maret 2017/As of December 31, 2016, indirect ownership through MMB and is indirectly owned through NWP since March 31, 2017

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21

Kombinasi Bisnis Business Combination

Pembelian Bisnis Pusat Perbelanjaan Purchase of Shopping Center Business

PT Nirvana Wastu Pradana (“NWPR”) PT Nirvana Wastu Pradana (“NWPR”)

Pada tanggal 15 September 2016, PT Nirvana Wastu Pradana (“NWPR”) dan PT Griyapesona Mentari menandatangani Perjanjian Jual Beli dimana NWPR bermaksud untuk membeli pusat perbelanjaan Supermall Cianjur.

On September 15, 2016, PT Nirvana Wastu Pradana (“NWPR”), and PT Griyapesona Mentari entered into a Sale and Purchase Agreement, whereby NWPR intended to purchase Supermall Cianjur shopping center.

Nilai wajar dari aset dan liabilitas dari bisnis Supermall Cianjur yang dapat diidentifikasi pada tanggal akuisisi adalah sebagai berikut:

The fair value of the identifiable assets and liabilities of Supermall Cianjur business as of the acquisition date were as follow:

Nilai Wajar pada Tanggal Akuisisi/

Fair Value at Acquisition Date

Properti investasi 83.314.429.000 Investment properties

Total aset 83.314.429.000 Total assets

pendapatan diterima di muka 2.477.193.953 unearned revenue

Total liabilitas 2.477.193.953 Total liabilities

Aset neto pada tanggal akuisisi 80.837.235.047 Net assets at acquisition date

Aset neto yang diakuisisi 80.837.235.047 Net assets acquired

Keuntungan dari akuisisi 6.860.235.047 Gain on bargain purchase

Total imbalan yang dibayarkan 73.977.000.000 Total consideration paid

PT Nirvana Wastu Utama (“NWU”) PT Nirvana Wastu Utama (“NWU”)

Pada tanggal 15 September 2016, PT Nirvana Wastu Utama (“NWU”) dan PT Griyapesona Mentari menandatangani Perjanjian Jual Beli dimana NWU bermaksud untuk membeli pusat perbelanjaan Supermall Sukabumi.

On September 15, 2016, PT Nirvana Wastu Utama (“NWU”) and PT Griyapesona Mentari entered into a Sale and Purchase Agreement, whereby NWU intended to purchase Supermall Sukabumi shopping center.

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22

PT Nirvana Wastu Utama (“NWU”) (lanjutan) PT Nirvana Wastu Utama (“NWU”)

(continued)

Nilai wajar dari aset dan liabilitas dari bisnis Supermall Sukabumi yang dapat diidentifikasi pada tanggal akuisisi adalah sebagai berikut:

The fair value of the identifiable assets and liabilities of Supermall Sukabumi business as of the acquisition date were as follow:

Nilai Wajar pada Tanggal Akuisisi/

Total aset 140.022.108.500 Total assets

pendapatan diterima di muka 4.060.976.679 unearned revenue

Aset neto pada tanggal akuisisi 135.961.131.821 Net assets at acquisition date

Aset neto yang diakuisisi 135.961.131.821 Net assets acquired

Keuntungan dari akuisisi 651.131.821 Gain on bargain purchase

Total imbalan yang dibayarkan 135.310.000.000 Total consideration paid

PT Primerindo Kencana (“PK”) PT Primerindo Kencana (“PK”)

Pada tanggal 2 Mei 2017, PT Mega Investindo, PT Zanur Linas Investama, Jimmy Chandra, Ir. Djoni Arijanto Agung, Henry Maknawi,

Jeanny Maknawi, Wilson Maknawi,

PT Primerindo Kencana (“PK”), pihak ketiga, PT Nirvana Wastu Pratama (“NWP”) dan PT Nirvana Wastu Kencana (“NWK”), telah menandatangani Perjanjian Induk, dimana NWP dan NWK bermaksud untuk mengakuisisi bisnis pusat perbelanjaan dan hotel di kawasan bisnis Gorontalo (“Bisnis”). Bisnis yang dimaksud di atas terdiri dari bisnis pusat perbelanjaan dan hotel yang dijalankan oleh PK, dan tanah yang terletak pada kawasan sekitar pusat perbelanjaan dan hotel tersebut. Sebagai bagian dari akuisisi bisnis, dan berdasarkan Perjanjian Induk di atas, NWP juga setuju untuk mengambil alih utang pihak berelasi PK yang diperhitungkan sampai dengan tanggal 31 Mei 2017.

On May 2, 2017, PT Mega Investindo, PT Zanur Linas Investama, Jimmy Chandra, Ir. Djoni Arijanto Agung, Henry Maknawi, Jeanny Maknawi, Wilson Maknawi, PT Primerindo Kencana (“PK”), third parties, PT Nirvana Wastu Pratama (“NWP”) and PT Nirvana Wastu Kencana (“NWK”), has entered into a Master Agreement, whereby NWP and NWK intended to acquire shopping mall and hotel business located in Gorontalo’s business district (the “Business”). The Business mentioned above represents the shopping mall and hotel business operated by PK, and land located in the vicinity of the shopping mall and hotel. As part of the business acquisition, and based on the Master Agreement above, NWP also agreed to take over the related party loan of PK which will be accounted until May 31, 2017.

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23

Kombinasi Bisnis (lanjutan) Business Combination (continued)

PT Primerindo Kencana (“PK”) (lanjutan) PT Primerindo Kencana (“PK”) (continued)

Berdasarkan Perjanjian Jual Beli Bersyarat (PPJB) tanggal 2 Mei 2017 yang diaktakan dengan Akta Notaris Hasbullah Abdul Rasyid S.H., M.Kn., No. 11 pada tanggal yang sama, PK sebagai pembeli dan Henry Maknawi, Jeanny Maknawi, dan Wilson Maknawi (para Penjual) setuju untuk mengikatkan diri dalam transaksi jual beli atas tanah seluas 7.516 meter persegi yang terletak dalam kawasan bisnis Gorontalo sebagaimana yang dimaksud pada Perjanjian Induk di atas, dengan nilai transaksi yang disetujui sebesar Rp56.370.000.000. Pada tanggal 2 Mei 2017, PK dan para Penjual telah menandatangani Akta Jual Beli/PPJB Lunas atas transaksi di atas dimana PK telah melunasi nilai transaksi tersebut.

Based on the Conditional Sale and Purchase Agreement (PPJB) dated May 2, 2017, which was notarized by Notarial Deed No. 11 of Hasbullah Abdul Rasyid S.H., M.Kn., on the same date, PK as the buyer, and Henry Maknawi, Jeanny Maknawi, and Wilson Maknawi (the Sellers) agreed to bind themselves into the sale and purchase transaction of 7,516 square meters land located in Gorontalo’s business district as mentioned in the Master Agreement above, with a transfer price of Rp56,370,000,000. On May 2, 2017, PK and the Sellers have signed the Sale and Purchase Deed/PPJB Lunas of the above transaction whereby PK has fully paid the transaction price above.

Berdasarkan Akta Notaris Hasbullah Abdul Rasyid S.H., M.Kn., No. 8 tanggal 3 Juni 2017, para pemegang saham PK menyetujui penjualan seluruh saham PK yang berjumlah 30.000 saham kepada NWP dan NWK masing-masing sejumlah 29.700 saham (99%) dan 300 saham (1%), dengan harga pengalihan total sebesar Rp48.766.488.732 yang telah dilunasi pada tanggal yang sama.

Based on Notarial Deed No. 8 of Hasbullah Abdul Rasyid S.H., M.Kn., dated June 3, 2017, the shareholders of PK approved the sale of all PK’s share totalling to 30,000 shares to NWP and NWK amounted to 29,700 (99%) and 300 (1%) shares, respectively, with total transfer price of Rp48,766,488,732, which have been fully paid at the same date.

Pada tanggal 5 Juni 2017, NWP telah melunasi

utang pihak berelasi PK sebesar

Rp52.411.957.441 dalam rangka pemenuhan kewajiban akuisisi Bisnis sebagaimana yang diharuskan dalam Perjanjian Induk di atas.

On June 5, 2017, NWP has fully paid the related party loan of PK which amounted to Rp52.411.957.441, in order to fulfill the obligation of the Business acquisition as required by the Master Agreement above. Nilai wajar dari aset dan liabilitas dari Bisnis

yang dapat diidentifikasi pada tanggal akuisisi adalah sebagai berikut:

The fair value of net identifiable assets and liabilities of the Business as of the acquisition date is as follows:

Tanggal Akuisisi/

Kas dan bank 7.302.089.260 Cash on hand and in banks

Piutang usaha - neto 8.023.979.680 Trade receivables - net

Aset tetap 62.719.035.232 Fixed assets

Lain-lain 1.792.684.812 Others