PT Hanson International Tbk dan Entitas Anaknya/and its Subsidiaries

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PT Hanson International Tbk dan

Entitas Anaknya/and its Subsidiaries

Laporan keuangan konsolidasian interim tanggal 31 Maret 2017 tidak diaudit dan

untuk tiga bulan yang berakhir pada tanggal tersebut - Revisi/

Interim consolidated financial statements as of March 31, 2017 unaudited and

for the three-month then ended - Revised

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TANGGAL TERSEBUT FOR THE THREE-MONTH THEN ENDED Daftar Isi/ Table of Contents Halaman/ Page

Surat Pernyataan Direksi Directors’ Statement Letter

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

Laporan Laba Rugi dan Penghasilan Consolidated Statement of Profit or Loss and Other Komprehensif Lain Konsolidasian ... 4 ... Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian ... 5 ... Consolidated Statement of Changes in Equity

Laporan Arus Kas Konsolidasian ... 6 ... Consolidated Statement of Cash Flows

Catatan Atas Laporan Keuangan Konsolidasian ... 7-133 ... 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.

ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 316.955.859.885 2e,2k,5,34 331.706.910.349 Cash and cash equivalents

Piutang usaha Trade receivables

Pihak ketiga 39.532.990.876 2k,6,34 25.771.523.967 Third parties

Pihak berelasi - 2f,2k,6,30,34 - Related party

Piutang lain-lain 125.634.008.021 2k,7,34 138.151.656.151 Other receivables

Persediaan 344.189.788.938 2g,9 342.564.316.997 Inventories

Pajak dibayar di muka 39.335.234.003 18a 33.127.327.713 Prepaid taxes

Biaya dibayar di muka 4.339.746.626 2h 3.203.470.126 Prepaid expenses Piutang pihak berelasi 28.738.366.444 2f,2k,30,34 4.472.616.478 Due from related parties Total aset lancar 898.725.994.793 878.997.821.781 Total current assets

ASET TIDAK LANCAR NON-CURRENT ASSETS

Piutang usaha jangka panjang 13.766.466.909 2k,6,34 13.766.466.909 Long-term trade receivables Uang muka pembelian tanah 899.370.832.135 10 910.089.178.897 Advances for land acquisition

Uang muka setoran modal Advance for additional

entitas asosiasi 527.531.774.000 13 389.979.427.238 capital in associate

Investasi pada entitas asosiasi 1.037.952.886.942 2i,13 1.037.453.916.148 Investments in associates Aset tetap, neto 3.339.928.134 2l,11 3.241.995.650 Fixed assets, net

Uang jaminan 1.302.915.720 2k,12,34 1.299.180.330 Security deposits

Tanah untuk pengembangan 5.041.941.690.097 2g,14 5.041.941.690.097 Land for development

Aset pajak tangguhan 177.108.323 2v,18f 177.108.323 Deferred tax assets Aset tidak lancar lain-lain 55.255.722 15 53.472.077 Other non-current assets Kas yang dibatasi penggunaannya 137.504.495.706 2k,8,34 133.268.284.925 Restricted cash Total aset tidak lancar 7.662.943.353.688 7.531.270.720.594 Total non-current assets

TOTAL ASET 8.561.669.348.481 8.410.268.542.375 TOTAL ASSETS

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31 Maret 2017/ Catatan/ 31 Desem ber 2016/

M arch 31, 2017 Notes December 31, 2016

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang usaha 7.939.230.877 2k,16,34 17.713.005.037 Trade payables

Utang lain-lain 81.108.691.359 2k,17,34 90.544.696.422 Other payables

Utang pajak 137.341.930.859 2r,18b 131.894.234.495 Taxes payable

Liabilitas yang masih harus dibayar 165.295.382.733 2k,19,33,34 166.703.393.311 Accrued liabilities

Uang muka pelanggan 524.259.620.242 2k,20,33 455.260.370.894 Deposits from customers

Pinjaman bank jangka pendek 584.567.007.858 2k,21,33,34 539.474.061.644 Short-term bank loans Pinjaman bank jangka panjang

yang jatuh tempo dalam Current maturities of

w aktu satu tahun 11.611.242.093 2k,22,33,34 16.111.242.093 long-term bank loans

Surat utang jangka menengah

yang jatuh tempo dalam Current maturities of

w aktu satu tahun 354.820.013.001 2k,23,33,34 230.113.013.001 medium-term notes

Total liabilitas jangka pendek 1.866.943.119.022 1.647.814.016.897 Total current liabilities

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Surat utang jangka menengah 399.849.936.344 2k,23,32,33,34 399.849.936.344 Medium-term notes Hutang pihak berelasi 6.372.460.743 - Due to related parties Pinjaman bank jangka panjang

setelah dikurangi bagian yang

akan jatuh tempo dalam Long-term bank loans net of

w aktu satu tahun 88.533.530.181 2k,22,33,34 88.533.530.181 current maturities

Uang muka pelanggan setelah Deposits from customers net of

dikurangi bagian jangka pendek 259.165.663.536 2k,20,33 259.165.663.536 current maturities

Liabilitas imbalan kerja Long-term employees

jangka panjang 868.672.424 2q,24 992.394.539 benefits liabilities

Total liabilitas jangka panjang 754.790.263.228 748.541.524.600 Total non-current liabilities

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secara keseluruhan.

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

taken as a whole. M arch 31, 2017 Notes December 31, 2016

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

(lanjutan) (continued)

EKUITAS EQUITY

Modal saham - nilai nominal Rp100 Capital stock - Rp100 per share

(31 Maret 2017 dan 31 Desember (March 31, 2017 and

2016) per saham seri A December 31, 2016) for A series and

dan Rp22 (31 Maret 2017 dan) Rp22 per share (March 31, 2017)

31 Desember 2016 per saham seri C and (December 31, 2016)

and 2013) per saham Seri C for C series

Modal dasar - (3.503,5 juta Authorized - 3,503.5 million

saham Seri A, A Series shares,

8.408,4 juta saham Seri B dan 8,408.4 million B Series shares

100 miliar saham Seri C and 100 billion C Series shares

Modal ditempatkan dan disetor

penuh: Issued and fully paid:

31 Maret 2017 dan 31 Desember 2016 March 31, 2017 and December 31, 2016

3.503,5 juta saham Seri A 3,503.5 million for A Series shares

1.121 juta saham Seri B 1,121 million for B Series shares

75.215 juta saham Seri C 2.145.219.800.850 1b,25 2.145.219.800.850 75,215 million for C Series shares Tambahan modal disetor, neto 4.667.307.106.122 26 4.667.307.106.122 Additional paid-in capital, net

Uang muka pemesanan Deposit for future stock

saham - 26 - subscriptions

Komponen ekuitas lainnya (131.603.930) (179.796.534) Other components of equity

Defisit (1.149.173.379.462) (1.056.870.753.814) Deficits

Total ekuitas yang dapat diatribusikan Total equity attributable to owners

kepada pemilik entitas induk 5.663.221.923.580 5.755.476.356.624 of the parent entity

Kepentingan nonpengendali 276.714.042.651 26 258.436.644.254 Non-controlling interests

TOTAL EKUITAS 5.939.935.966.231 6.013.913.000.878 TOTAL EQUITY

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Tiga bulan yang berakhir pada tanggal 31 Maret/ Three-month period ended March 31,

Catatan/

2017 Notes 2016

PENJUALAN NETO 36.330.555.692 2s,26,31 104.608.128.183 NET SALES

BEBAN POKOK PENJUALAN 62.929.637.239 2s,27 62.294.321.389 COST OF SALES

LABA KOTOR (26.599.081.547) 42.313.806.794 GROSS PROFIT

Beban penjualan (14.312.161.350) 2s,28 (2.986.618.696) Selling expenses

Beban umum dan administrasi (18.699.758.189) 2s,28 (7.111.602.389) General and administrative expenses

Pendapatan operasi lainnya 1.846.912.192 2s 6.244.617.290 Other operating income

Beban operasi lainnya (142.984.351) 2s (34.174.925) Other operating expenses

LABA USAHA (57.907.073.245) 38.426.028.074 INCOME FROM OPERATING

Pendapatan keuangan 4.294.053.289 2s 4.108.662.860 Finance income

Beban keuangan (36.420.697.488) 2s (28.401.384.044) Finance charges

LABA (RUGI) SEBELUM PAJAK FINAL PROFIT (LOSS) BEFORE FINAL TAX

DAN MANFAAT (BEBAN) AND INCOME TAX BENEFIT

PAJAK PENGHASILAN (90.033.717.444) 14.133.306.890 (EXPENSE)

PAJAK FINAL (1.816.527.784) (5.190.515.753) FINAL TAX

LABA (RUGI) SEBELUM MANFAAT PROFIT (LOSS) BEFORE INCOME

(BEBAN) PAJAK PENGHASILAN (91.850.245.228) 8.942.791.137 TAX BENEFIT (EXPENSE)

BEBAN PAJAK PENGHASILAN 2v,16 INCOME TAX EXPENSE

Kini - - Current

Tangguhan - 39.890.657 Deferred

Beban pajak penghasilan - 39.890.657 Income tax expense LABA TAHUN BERJALAN (91.850.245.228) 8.902.900.480 INCOME FOR THE YEAR Rugi komprehensif lain, neto - - Other comprehensive loss, net

TOTAL LABA (RUGI) DAN TOTAL PROFIT (LOSS) AND

PENGHASILAN KOMPREHENSIF OTHER COMPREHENSIVE

LAIN TAHUN BERJALAN (91.850.245.228) 8.902.900.480 INCOME FOR THE YEAR

Laba tahun berjalan yang Income for the year

dapat diatribusikan kepada: attributable to:

Pemilik entitas induk (92.302.625.648) 8.938.211.995 Owners of the parent entity

Kepentingan nonpengendali 452.380.420 (35.311.515) Non-controlling interests

TOTAL (91.850.245.228) 8.902.900.480 TOTAL

Total laba (rugi) dan penghasilan Total profit (loss) dan

komprehensif lain tahun berjalan other comprehensive income

dapat diatribusikan kepada : for the year attributable to:

Pemilik entitas induk (92.302.625.648) 8.938.211.995 Owners of the parent entity

Kepentingan nonpengendali 452.380.420 (35.311.515) Non-controlling interests

TOTAL (91.850.245.228) 8.902.900.480 TOTAL

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

TAHUN BERJALAN YANG DAPAT PER SHARES FROM INCOME

DIATRIBUSIKAN KEPADA FOR THE YEAR ATTRIBUTABLE TO

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secara keseluruhan.

The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.

Others Components of Equity

Modal Ditempatkan dan Disetor Penuh/ Pengukuran

Issued and Fully Paid kembali

Uang muka program

Saham/Share Tambahan Modal pemesanan imbalan kerja/ Kepentingan

Disetor/ saham/ Deposit Remeasurement Total Non Pengendali/

Catatan/ Seri A/ Seri B/ Seri C/ Additional Paid-in for future stock of defined Defisit/ Sub-total/ Non-controlling Ekuitas/

Notes A Series B Series C Series Capital subscriptions benefit program Deficits Sub-total Interests Total Equity

Saldo pada tanggal 31 Desember 2015 350.350.000.000 140.124.375.000 1.556.894.668.560 4.142.471.226.112 622.686.637.300 (147.618.909) (1.127.590.038.906) 5.684.789.249.157 637.055.089.215 6.321.844.338.372 Balance as of December 31, 2015

Total penghasilan komprehensif Total comprehensive income

tahun berjalan - - - - - (32.177.625) 70.719.285.092 70.687.107.467 (2.666.146.160) 68.020.961.307 for the year

Tambahan modal disetor 26 - - 97.850.757.290 524.835.880.010 (622.686.637.300) - - - - - Additional paid-in capital

Penjualan kepemilikan pada entitas anak - - - - - - - - (375.952.298.801) (375.952.298.801) Disposal of ownership interest in subsidiaries

Saldo pada tanggal 31 Desember 2016 350.350.000.000 140.124.375.000 1.654.745.425.850 4.667.307.106.122 - (179.796.534) (1.056.870.753.814) 5.755.476.356.624 258.436.644.254 6.013.913.000.878 Balance as of December 31, 2016

Total penghasilan komprehensif Total comprehensive income

tahun berjalan - - - - - 48.192.604 (92.302.625.648) (92.254.433.044) 452.380.420 (91.802.052.624) for the year

Penjualan kepemilikan pada entitas anak - - - - - - - - 17.825.017.977 17.825.017.977 Disposal of ownership interest in subsidiaries

Saldo pada tanggal 31 Maret 2017 350.350.000.000 140.124.375.000 1.654.745.425.850 4.667.307.106.122 - (131.603.930) (1.149.173.379.462) 5.663.221.923.580 276.714.042.651 5.939.935.966.231 Balance as of March 31, 2017

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Masa tiga bulan yang berakhir pada tanggal 31 Maret/ Three-months period ended March 31,

2017 2016

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM OPERATING

OPERASI ACTIVITIES

Penerimaan kas dari: Cash receipts from:

Pelanggan 104.085.986.061 185.894.601.998 Customers

Pendapatan operasi lainnya 1.846.912.192 6.244.617.290 Other operating income

Pembayaran kas untuk: Cash payment for:

Pemasok dan karyawan (112.669.039.070) (67.185.256.444) Suppliers and employees

Beban operasional lainnya (36.879.230.941) (5.241.460.955) Other operating expenses

Pengeluaran kas untuk: Cash disbursements for:

Bunga dan beban pembiayaan lainnya (36.420.697.488) (28.401.384.044) Interests and other financing costs Penerimaan kas dari bunga 4.294.053.289 4.108.662.860 Cash receipts from interests

Total kas yang digunakan untuk Net cash used in

aktivitas operasi (75.742.015.957) 95.419.780.705 operating activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM INVESTING

INVESTASI ACTIVITIES

Perolehan tanah yang belum dikembangkan - (22.464.200.000) Acquisition of undeveloped land Investasi pada perusahaan asosiasi 498.970.794 (5.780.426.326) Investment in associated company

Uang muka perolehan tanah untuk Advance for acquisition of

pengembangan 10.718.346.762 (21.131.747.930) land for development

Uang muka setoran modal entitas Acquisition of subsidiary, net of

asosiasi (137.552.346.762) - acquired cash and bank Perolehan aset tetap (97.932.484) (190.667.654) Acquisition of fixed assets Perolehan aset tidak berwujud (1.783.645) - Acquisition of intangible assets Pengembalian (Penambahan) uang jaminan (3.735.390) - Additions of security deposits

Total kas yang diperoleh dari Net cash provided by (used in)

(digunakan untuk) aktivitas investasi (126.438.480.725) (49.567.041.910) investing activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM FINANCING

PENDANAAN ACTIVITIES

Penerimaan utang bank jangka pendek 65.000.000.000 - Receipt from short-term bank loan Pembayaran utang bank jangka pendek (24.407.053.786) (8.706.546.588) Payment of short-term bank loan

Penerimaan dari (pembayaran ke) Receipt from (payment to)

pihak berelasi 17.893.289.223 - related parties

Amortisaisi diskonto dari surat utang Discount amortization from medium

jangka menengah - (182.990.187) term notes Penerimaan dari pihak ketiga 124.707.000.000 23.500.000.000 Receipt from third parties Dana yang dibatasi penggunaanya 4.236.210.781 192.818.918 Restricted cash

Total kas yang diperoleh dari Net cash provided by (used in)

(digunakan untuk) aktivitas pendanaan 187.429.446.218 14.803.282.143 financing activities

KENAIKAN (PENURUNAN) NETO NET INCREASE (DECREASE) IN

KAS DAN SETARA KAS (14.751.050.464) 60.656.020.938 CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS ENTITAS ANAK CASH AND CASH EQUIVALENTS OF

YANG DIDEKONSOLIDASI - - DECONSOLIDATED SUBSIDIARIES

CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS - AWAL 331.706.910.349 313.663.681.909 BEGINNING

CASH AND CASH EQUIVALENTS

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a. Pendirian Perusahaan a. Establishment of the Company PT Hanson International Tbk (“Perusahaan”)

didirikan dengan nama PT Mayer Textile Industri Indonesia berdasarkan Akta Notaris No. 13 dari Notaris Henk Limanow, S.H., tanggal 7 Juli 1971. Akta Pendirian ini telah disahkan oleh Menteri Kehakiman Republik Indonesia dengan Surat Keputusan No. J.A.5/212/11 tanggal 22 Desember 1971 dan diumumkan dalam Lembaran Berita Negara No. 103 Tambahan No. 777 tanggal 26 Desember 1975. Perusahaan mengubah nama Perusahaan menjadi PT Hanson International Tbk yang disetujui oleh Menteri

Kehakiman dan Hak Asasi Manusia Republik Indonesia berdasarkan Surat

Keputusan No. C-20651.HT.01.04.TH.2004 tanggal 16 Agustus 2004.

PT Hanson International Tbk (the “Company”) was established under the name of PT Mayer Textile Industri Indonesia on July 7, 1971 based on Notarial Deed No. 13 of Henk Limanow, S.H. The Deed of Establishment was approved by the Ministry of Justice of Republic of Indonesia in its Decision Letter No. J.A.5/212/11 dated December 22, 1971 and was published in the State Gazette No. 103

Supplement No. 777 dated

December 26, 1975. The Company changed its name to PT Hanson International Tbk which was approved by the Ministry of

Law and Human Rights of

Republic of Indonesia on its Decision Letter No. C-20651.HT.01.04.TH.2004 dated

August 16, 2004. Anggaran Dasar Perusahaan telah beberapa

kali mengalami perubahan, perubahan terakhir berdasarkan Akta Notaris Yurisa

Martanti, S.H., MH., No. 03 tanggal 7 Juli 2015 terkait perubahan Direksi dan Komisaris Perusahaan. Perubahan ini telah dilaporkan dan diterima oleh Menteri Kehakiman dan Hak Asasi Manusia Republik Indonesia dalam Surat Penerimaan No. AHU-AH.01.03-09518883 Tahun 2015 tanggal 7 Juli 2015.

The Company’s Articles of Association has been amended several times, the latest amendment is based on Notarial Deed of Yurisa Martanti, S.H., MH., No. 03, dated July 7, 2015, concerning the changes of the composition of the Boards of Directors and Commisoners of the Company. This amendment has been

reported to and accepted by the Ministry of Law and Human Rights of Republic

of Indonesia in its Acknowledgement Letter No. AHU-AH.01.03-09518883 dated

July 7, 2015. Sesuai dengan Pasal 3 dari Anggaran Dasar

Perusahaan, Perusahaan terutama bergerak dalam bidang industri, perdagangan umum, jasa dan pembangunan. Perusahaan mulai beroperasi secara komersial pada tahun 1973.

In accordance with Article 3 of the Company’s Articles of Association, the Company is mainly engaged in industry, general trade, services and development. The Company started its commercial operation in 1973.

Kantor pusat Perusahaan berlokasi di Mayapada Tower 1, Lantai 21, Jalan Jenderal Sudirman, Kav. 28, Jakarta Selatan 12920.

The Company’s head office is located in Mayapada Tower 1, 21st_{floor, Jalan Jenderal}

Sudirman, Kav. 28, South Jakarta 12920. Perusahaan tidak memiliki entitas induk dan

entitas induk terakhir yang memiliki pengendalian atas Perusahaan. PT Hanson International Tbk adalah entitas induk dan entitas induk terakhir dari entitas anak Perusahaan.

The Company does not have parent entity and ultimate parent entity which has control over the Company. PT Hanson International Tbk is the parent entity and ultimate parent entity of the Company’s subsidiaries.

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1. UMUM (lanjutan) 1. GENERAL (continued) b. Penawaran Umum Efek Perusahaan dan

Tindakan yang Mempengaruhi Efek yang Diterbitkan Lainnya

b. Public Offering of the Company’s Shares and Other Corporate Actions which Affected the Issued Shares

Penawaran Umum Saham Perdana Initial Public Offering

Pada tanggal 31 Oktober 1990, Perusahaan mencatatkan sahamnya pada Bursa Efek Indonesia (dahulu Bursa Efek Jakarta) melalui Penawaran Umum Perdana Saham kepada masyarakat atas 1.000.000 lembar saham dengan nilai nominal Rp1.000 per lembar saham dengan harga penawaran sebesar Rp9.900 per lembar saham.

On October 31, 1990, the Company listed its shares on the Indonesia Stock Exchange (formerly Jakarta Stock Exchange) through an Initial Public Offering to the public on 1,000,000 shares with nominal value of Rp1,000 per share with offering price at Rp9,900 per share.

Sehubungan dengan Penawaran Umum tersebut, Perusahaan memperoleh Surat Pernyataan Efektif dari Ketua BAPEPAM-LK No. SI-129/SHM/MK10/1990 pada tanggal 10 September 1990.

Related to the Initial Public Offering, the Company obtained the Effective Statement Letter from the Chairman of BAPEPAM-LK No. SI-129/SHM/MK10/1990 dated September 10, 1990.

Penawaran Umum Terbatas I Right Issue I

Pada tanggal 4 Desember 1997, Perusahaan memperoleh Surat Pernyataan Efektif dari Ketua BAPEPAM-LK No. S-2789/PM/1997 sehubungan dengan Penawaran Umum Terbatas I maksimal 92.400.000 saham dengan nilai nominal Rp1.000 per lembar saham yang ditawarkan dengan harga penawaran sebesar Rp4.400 per lembar saham. Saham Perusahaan tersebut telah dicatatkan pada Bursa Efek Indonesia pada tanggal 29 Desember 1997.

On December 4, 1997, the Company obtained the Effective Statement Letter from the Chairman of BAPEPAM-LK

No. S-2789/PM/1997 concerning Right Issue I for a maximum 92,400,000 shares with nominal value of Rp1,000 per share which was offered at Rp4,400 per share. The Company’s shares have been listed at the Indonesia Stock Exchange on December 29, 1997.

Penawaran Umum Terbatas II Right Issue II

Pada tanggal 6 Oktober 2000, Perusahaan memperoleh Surat Pernyataan Efektif dari Ketua Bapepam-LK No. S-2700/PM/2000 atas Penawaran Umum Terbatas II maksimal 5.605.600.000 saham (realisasi 1.120.995.000 saham) Seri B dengan nilai nominal dan harga penawaran sebesar Rp125 per lembar saham,

disertai insentif berupa waran secara cuma-cuma.

On October 6, 2000, the Company obtained the Effective Statement Letter from the Chairman of BAPEPAM-LK No. S-2700/PM/2000 concerning Right Issue II for a maximum 5,605,600,000 of B Series shares (1,120,995,000 shares realized) with nominal value of Rp125 per share and with free warrant as an incentive.

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b. Penawaran Umum Efek Perusahaan dan Tindakan yang Mempengaruhi Efek yang Diterbitkan Lainnya (lanjutan)

b. Public Offering of the Company’s Shares and Other Corporate Actions which Affected the Issued Shares (continued) Penawaran Umum Terbatas II (lanjutan) Right Issue II (continued)

Setiap pemegang 40 saham Seri B melekat 6 waran dan setiap pemegang 1 (satu) waran berhak membeli 1 (satu) saham Seri B dengan harga pelaksanaan sebesar Rp125 per lembar saham. Masa pelaksanaan mulai tanggal 1 Juni 2001 sampai dengan 12 Juni 2006. Waran kadaluarsa apabila waran tidak dilaksanakan sampai dengan masa berlaku. Saham Perusahaan tersebut telah dicatatkan pada Bursa Efek Indonesia pada tanggal 6 November 2000.

Attached to every 40 B Series shares are 6 warrants and each warrant entitles the holder to purchase 1 (one) B Series shares at Rp125 per share. The warrants are exercisable from June 1, 2001 to June 12, 2006. If the warrants are not exercised during such period, the warrants will expire and have no value. The Company’s shares have been listed in the

Indonesia Stock Exchange on

November 6, 2000.

Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu I

Capital Increase Without Preemptive Rights I

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa yang diadakan pada tanggal 26 September 2002 yang diaktakan dalam Akta Notaris No. 65 pada tanggal yang sama oleh Benny Kristianto S.H., notaris di Jakarta, para pemegang saham menyetujui penerbitan saham Seri C sejumlah 4.513.705.164 lembar dengan nilai nominal Rp110. Setiap pemegang saham Seri A berhak mengeluarkan 1 (satu) suara dan 1 (satu) saham Seri C dengan nilai nominal Rp110 per lembar sepenuhnya mengikuti ketentuan yang berlaku sesuai dengan peraturan Keputusan Bapepam No. IX.D.4, lampiran No. Kep-44/PM/1998 tanggal 14 Agustus 1998 tentang Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu dan Peraturan Bursa Efek Jakarta No. SE-001/BEJ/012000 tanggal 31 Januari 2000.

Based on the Extraordinary General Meeting of Shareholders which was held on September 26, 2002 which has been notarized by Notarial Deed No. 65 on the same date by Benny Kristianto S.H., a notary in Jakarta, the shareholders approved the issuance of C Series shares of 4,513,705,164 with nominal value of Rp110. Each holder of A Series shares is entitled to 1 (one) vote and 1 (one) C Series share with a nominal value of Rp110 per share which fully comply to applicable regulation in accordance with the regulations of Bapepam Decree No. IX.D.4, attachment No. Kep-44/PM/1998 dated on August 14, 1998 on Capital Increase Without Preemptive Rights and the Jakarta Stock Exchange Regulation No. SE-001/BEJ/012000 dated January 31, 2000.

Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu II

Capital Increase Without Preemptive Rights II

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa yang diadakan pada tanggal 21 November 2012 yang diaktakan dalam Akta Notaris No. 14 pada tanggal yang sama oleh Yurisa Martanti, S.H., MH., notaris di Jakarta, para pemegang saham menyetujui penerbitan saham Seri C sebanyak 633.540.016 lembar dengan nilai nominal Rp110.

Based on the Extraordinary General Meeting of Shareholders which was held on November 21, 2012 which has been notarized by Notarial Deed No. 14 on the same date by Yurisa Martanti S.H., MH., a notary in Jakarta, the shareholders approved the issuance of C Series shares of 633,540,016 shares with nominal value of Rp110.

(13)

Tindakan yang Mempengaruhi Efek yang Diterbitkan Lainnya (lanjutan)

b. Public Offering of the Company’s Shares and Other Corporate Actions which Affected the Issued Shares (continued) Penambahan Modal Tanpa Hak Memesan

Efek Terlebih Dahulu II (lanjutan)

Capital Increase Without Preemptive Rights II (continued)

Pada tanggal 3 Desember 2012, Perusahaan telah memperoleh persetujuan pencatatan dari Bursa Efek Indonesia melalui Surat No. S-08090/BEI.PPR/12-2012. Saham Seri C Perusahaan sebanyak 633.540.016 lembar tersebut telah dicatatkan di Bursa Efek Indonesia pada tanggal 12 Desember 2012.

On December 3, 2012, the Company has obtained the registration approval from

Indonesia Stock Exchange through its Letter No. S-08090/BEI.PPR/12-2012. The Company’s C Series shares of

633,540,016 have been recorded in Indonesia Stock Exchange on December 12, 2012.

Penawaran Umum Terbatas III Right Issue III

Pada tanggal 25 November 2013, Perusahaan memperoleh Surat Pernyataan Efektif dari Dewan Komisioner Otoritas Jasa Keuangan No. S-373/D.04/2013 sehubungan dengan Penawaran Umum Terbatas III maksimal 8.362.728.216 saham Seri C dengan nilai nominal Rp110 per lembar saham yang ditawarkan dengan harga penawaran sebesar Rp550 per lembar saham. Saham Perusahaan telah tercatat di Bursa Efek Indonesia pada tanggal 9 Desember 2013. Pada tanggal 28 November 2013, Perusahaan telah memperoleh persetujuan pencatatan dari Bursa Efek Indonesia melalui Surat No. S-02565/BEI.PPR/11-2013.

On November 25, 2013, the Company obtained an Effective Statement Letter from the Board of Commissioner of the Financial Services Authority No. S-373/D.04/2013 concerning Right Issue III for a maximum of 8,362,728,216 C Series shares with nominal value of Rp110 per share which was offered at Rp550 per share. The Company’s shares have been listed at the Indonesia Stock Exchange on December 9, 2013. On November 28, 2013, the Company has obtained the registration approval from Indonesia Stock Exchange through its Letter No. S-02565/BEI.PPR/11-2013.

Saham Seri C Perusahaan sebanyak 8.362.728.216 lembar tersebut telah dicatatkan di Bursa Efek Indonesia pada tanggal 6 Desember 2013.

The Company’s C Series shares of 8,362,728,216 shares have been recorded in

Indonesia Stock Exchange on

December 6, 2013.

(14)

b. Public Offering of the Company’s Shares and Other Corporate Actions which Affected the Issued Shares (continued) Penambahan Modal Tanpa Hak Memesan

Efek Terlebih Dahulu III

Capital Increase Without Preemptive Rights III

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa yang diadakan pada tanggal 16 November 2015 yang diaktakan dalam Akta Notaris No. 108 pada tanggal yang sama oleh Tri Firdaus Akbarsyah S.H., notaris di Jakarta, para pemegang saham menyetujui penerbitan saham Seri C sejumlah 1.533.166.839 lembar dengan harga pelaksana Rp700 per lembar saham. Setiap pemegang saham Seri A berhak mengeluarkan 1 (satu) suara dan 1 (satu) saham Seri C dengan nilai nominal Rp110 per lembar sepenuhnya mengikuti ketentuan yang berlaku sesuai dengan

peraturan Otoritas Jasa Keuangan (OJK) Nomor 38/POJK.04/2014, tanggal 30 Desember 2014 tentang Penambahan

Modal Tanpa Hak Memesan Efek Terlebih Dahulu.

Based on the Extraordinary General Meeting of Shareholders which was held on November 16, 2015 which has been notarized by Notarial Deed No. 108 on the same date by Tri Firdaus Akbarsyah S.H., a notary in Jakarta, the shareholders approved the issuance of C Series shares of 1,533,166,839 at Rp700 per share. Each holder of A Series shares is entitled to 1 (one) vote and 1 (one) C Series share with a nominal value of Rp110 per share which fully comply to applicable regulation in accordance with the regulations of Financial Service Authority (OJK) No. 38/POJK.04/2014 dated on December 30, 2014 on Capital Increase Without Preemptive Rights.

Pada tanggal 10 Desember 2015, 17 Desember 2015, dan 21 Desember 2015, Perusahaan telah memperoleh persetujuan pencatatan dari Bursa Efek Indonesia

masing-masing melalui Surat

No. S-06759/BEI.PP3/12-2015, Surat No. S-06910/BEI.PP3/12-2015 dan Surat No S-06965/BEI.PP3/12-2015. Saham seri C Perusahaan masing-masing sebanyak 500.000.000 lembar, 143.614.500 lembar dan 889.552.339 lembar telah dicatatkan di Bursa Efek Indonesia masing-masing pada tanggal

16 Desember 2015, 30 Desember 2015 dan 6 Januari 2016.

On December 10, 2015, December 17, 2015, and December 21, 2015, respectively, the Company has obtained the registration approval from the Indonesia Stock Exchange through its Letter No. S-06759/BEI.PP3/12-2015, Letter No. S-06910/BEI.PP3/12-2015 and Letter No. S-06965/BEI.PP3/12-2015. Company's C series shares of 500,000,000, 143,614,500 and 889,552,339 shares, respectively, have been recorded in the Indonesia Stock Exchange on December 16, 2015 and December 30, 2015 and January 6, 2016, respectively.

Pemecahan Nilai Nominal Saham Stock Split

Berdasarkan Akta Pernyataan Keputusan Rapat Umum Pemegang Saham Luar Biasa No. 20 tanggal 28 Juli 2016, dibuat dihadapan Tri Firdaus Akbarsyah, S.H., M.H, Notaris di Jakarta, pemegang saham Perusahaan menyetujui pemecahan nilai nominal saham (stock split) dengan rasio 1:5 atas saham Perusahaan seri A dan C yang beredar (Catatan 25).

Based on Deed No. 20 dated July 28, 2016 regarding the Statements of Extraordinary General Meeting of Shareholders Resolution, drawn up in the presence of Tri Firdaus Akbarsyah, S.H., M.H, Notary in Jakarta, the Company’s shareholders approved a 1:5 stock split for the outstanding A and C series shares of the Company (Note 25).

(15)

Tindakan yang Mempengaruhi Efek yang Diterbitkan Lainnya (lanjutan)

b. Public Offering of the Company’s Shares and Other Corporate Actions which Affected the Issued Shares (continued) Ringkasan penawaran umum efek Perusahaan

dan tindakan yang mempengaruhi efek yang diterbitkan lainnya sampai tanggal 31 Maret 2017 dan 31 Desember 2015 adalah sebagai berikut:

A summary of the public offering of the Company’s shares and other corporate actions which affected the issued shares until March 31, 2017 and December 31, 2016 are as follows:

Jumlah

saham/ Nature of

Number of Tanggal/ Corporate

Kegiatan perusahaan shares Date action

Saham seri A: Common shares Series A:

Penawaran umum perdana 1.000.000 31 Oktober 1990/ Initial public offering

October 31, 1990

Pencatatan sebagian saham 1.450.000 31 Oktober 1990/ Partial listing of the

pendiri Perusahaan October 31, 1990 Company’s founders shares

Pembagian dividen saham 700.000 21 Februari 1992/ Distribution of stock

February 21, 1992 dividends

Pembagian saham bonus 7.700.000 14 Agustus 1992/ Distribution of bonus

August 14, 1992 shares

Pencatatan saham pendiri Perusahaan 4.550.000 18 Juni 1992/ Listing of the Company’s

June 18, 1992 founders shares

Penawaran umum terbatas I 92.400.000 29 Desember 1997/ Right issue I

December 29, 1997

Stock split 107.800.000 2 November 1998/ Stock split

November 2, 1998

Pembagian saham bonus 485.100.000 11 Januari 1999/ Distribution of bonus

January 11, 1999 shares

Stock split 2.802.800.000 28 Juli 2016/ Stock split

July 28, 2016

Sub-total 3.503.500.000 Sub-total

(16)

b. Public Offering of the Company’s Shares and Other Corporate Actions which Affected the Issued Shares (continued) Pemecahan Nilai Nominal Saham (lanjutan) Stock Split (Continued)

Ringkasan penawaran umum efek Perusahaan dan tindakan yang mempengaruhi efek yang diterbitkan lainnya sampai tanggal 31 Maret 2017 dam 31 Desember 2016 adalah sebagai berikut: (lanjutan)

A summary of the public offering of the Company’s shares and other corporate actions which affected the issued shares until March 31, 2017 and December 31, 2016 are as follows: (continued)

Jumlah

saham/ Nature of

Number of Tanggal/ Corporate

Kegiatan perusahaan shares Date action

Saham seri B: Common shares Series B:

Penawaran umum terbatas II 1.120.995.000 6 November 2000/ Right issue II

November 6, 2000

Sub-total 1.120.995.000 Sub-total

Saham seri C: Common shares Series C:

Penambahan modal disetor tanpa 26 September 2002/ Capital increase without

hak memesan terlebih dahulu I 4.513.705.164 September 26, 2002 pre-emptive right I

Penambahan modal disetor tanpa 12 Desember 2012/ Capital increase without

hak memesan terlebih dahulu II 633.540.016 December 12, 2012 pre-emptive right II

Penawaran umum terbatas III 8.362.728.216 6 Desember 2013/ Right issue III

December 6, 2013

hak memesan terlebih dahulu III 500.000.000 December 10, 2015 pre-emptive right

III

Stock split 60.172.560.940 28 Juli 2016/ Stock split

July 28, 2016 Sub-total 75.215.701.175 Sub-total Total 79.840.196.175 Total

(17)

1. UMUM (lanjutan) 1. GENERAL (continued) c. Dewan Komisaris, Direksi, Komite Audit,

Sekretaris Perusahaan dan Karyawan

c. Boards of Commissioners, Directors, Audit Committee, Corporate Secretary and Employees

Susunan Dewan Komisaris dan Direksi Perusahaan adalah sebagai berikut:

The composition of the Company’s Boards of Commissioners and Directors as follows:

31 Maret 2017 dan 31 Desember 2016/ March 31, 2017 and December 31, 2016

x

Presiden Komisaris : I Nyoman Tjager : President Commissioner

Komisaris : Monang Situmeang : Commissioner

Komisaris Independen : Venkata Ramana Tata : Independent Commissioner

Presiden Direktur : Benny Tjokrosaputro : President Director

Direktur : Raden Agus Santosa : Director

Direktur : Rony Agung Suseno : Director

Direktur : George Ignasius Ratulangi : Director

Direktur Independen : Adnan Tabrani : Independent Director

Susunan Komite Audit Perusahaan adalah sebagai berikut:

The composition of the Company’s Audit Committee are as follows:

31 Maret 2017 dan 31 Desember 2016/ March 31, 2017 and December 31, 2016

Ketua : Venkata Ramana Tata : Chief

Anggota : Ibrahim Hasybi : Member

(18)

c. Dewan Komisaris, Direksi, Komite Audit, Sekretaris Perusahaan dan Karyawan (lanjutan)

c. Board of Commissioner, Directors, Audit Committee, Corporate Secretary and Employees (continued)

Susunan Audit Internal dan Sekretaris Perusahaan adalah sebagai berikut:

The composition of the Company’s Internal Audit and Corporate Secretary are as follows: 31 Maret 2017 dan 31 Desember 2016/

March 31, 2017 and December 31, 2016

Ketua Audit Internal : Hartono Santoso : Chief of Internal Audit

Sekretaris Perusahaan : Rony Agung Suseno : Corporate Secretary

Jumlah beban kompensasi bruto jangka pendek bagi Manajemen Kunci Perusahaan dan Entitas Anaknya (secara bersama-sama disebut “Grup”) untuk tahun yang berakhir pada tanggal-tanggal 31 Maret 2017 dan 31 Desember 2016 adalah sebagai berikut:

The amount of short-term gross compensation for the Key Management of the Company and its subsidiaries (collectively referred as “Group”) for the years ended March 31, 2017 and December 31, 2016 as follows:

31 Maret 2017/ 31 Desember 2016/

March 31, 2017 December 31, 2016

Dewan Komisaris 1.979.250.000 2.614.000.000 Board of Commissioners

Dewan Direksi 600.000.000 5.014.250.000 Board of Directors

Total 2.579.250.000 7.628.250.000 Total

Pada tanggal 31 Maret 2017, Perusahaan dan entitas anak mempunyai 21 orang karyawan tetap.

As of March 31, 2017, the Company and its subsidiaries have 21 permanent employees.

d. Penyelesaian Laporan Keuangan

Konsolidasian

d. The Completion of the Consolidated Financial Statements

Manajemen Perusahaan bertanggung jawab atas penyusunan dan penyajian laporan keuangan konsolidasian yang telah diselesaikan dan disetujui untuk diterbitkan pada tanggal 4 Mei 2017 oleh Direksi Perusahaan.

The management of the Company is responsible for the preparation and the presentation of the consolidated financial statements which were completed and authorized for issuance on May 4, 2017 by the Company’s Directors.

(19)

1. UMUM (lanjutan) 1. GENERAL (continued) e. Entitas Anak, Pengaturan Bersama dan

Entitas Asosiasi

e. Subsidiaries, Joint Arrangements, and Associate Entities

Perusahaan mempunyai kepemilikan saham secara langsung maupun tidak langsung pada entitas anak berikut (bersama dengan Perusahaan selanjutnya disebut “Grup”):

The Company has direct and indirect share ownerships in the following subsidiaries (together with the Company hereinafter referred to as the “Group”):

Persentase Efektif Kepemilikan Perusahaan/

Effective Percentage of Ownership by the Company

Mulai Operasi/

Commencement 31 Maret/ 31 Desember/

Entitas Anak/ Kegiatan Usaha/ Kedudukan/ of Commercial March 31, December 31,

Subsidiaries Business Activities Domicile Operation 2017 2016

Kepemilikan langsung/

Direct ownership

Pengembangan real estat/

Real estate Dalam pengembangan/

PT Mandiri Mega Jaya (MMJ) development Jakarta Under development 99,99% 99,99%

Kepemilikan tidak langsung/

Indirect ownership

PT Armidian Karyatama (AK) (i) development Jakarta Under development 99,00% 99,00%

PT Bumi Artamas Sentosa (BAS) (i) development Jakarta Under development 99,00% 99,00%

PT Bumi Tunggal Persada (BTP) (i) development Jakarta Under development 99,00% 99,00%

PT Duta International Real estate Dalam pengembangan/

Global Mandiri (DIGM) (i) development Jakarta Under development 99,00% 99,00%

PT Grand Mitra Real estate Dalam pengembangan/

Guna Mandiri (GMGM) (i) development Jakarta Under development 99,00% 99,00%

PT Harvest Time (HT) (i) development Jakarta Under development 77,00% 77,00%

PT Junti Mas Lestari (JML) (i) development Jakarta Under development 99,00% 99,00%

PT Majarata Indahtama (MI) (i) development Jakarta Under development 99,00% 99,00%

PT Putra Asih Laksana (PAL) (i,ii) development Jakarta Under development - -

PT Sisi Harapan Gemilang (SHG) (i) development Jakarta Under development 99,00% 99,00%

(20)

e. Entitas Anak, Pengaturan Bersama, dan Entitas Asosiasi (lanjutan)

e. Subsidiaries, Joint Arrangements, and Associate Entities (continued)

Perusahaan mempunyai kepemilikan saham secara langsung maupun tidak langsung pada entitas anak berikut (bersama dengan Perusahaan selanjutnya disebut “Grup”): (lanjutan)

The Company has direct and indirect share ownerships in the following subsidiaries (together with the Company hereinafter referred to as the “Group”): (continued)

Persentase Efektif Kepemilikan Perusahaan/ Effective Percentage of Ownership by the Company

Mulai Operasi/

Kepemilikan tidak langsung/

Indirect ownership

PT Blessindo Terang Jaya (BTJ) (i) development Jakarta Under development 99,89% 99,89% -

PT Bintang Dwi Lestari (BDL) (i) (iii) development Jakarta Under development - - -

Pengembangan

PT Purisakti Bangun Persada (PBP) (i) development Jakarta Under development 66,00% 66,00% -

Pengembangan

PT Soilindo Prima Perkasa (SPP) (i) development Jakarta Under development 98,04% 94,04% -

Total Aset/Total Assets Mulai Operasi/

PT Mandiri Mega Jaya (MMJ) development Jakarta Under development 7.243.236.314.482 7.243.236.314.482 Kepemilikan tidak langsung/

Indirect ownership

Pengembangan real estat/ Real estate

PT Armidian Karyatama (AK) (i) development Jakarta 2014 1.389.435.098.736 1.354.456.733.755 Pengembangan

real estat/

PT Bumi Artamas Sentosa (BAS) (i) development Jakarta Under development 50.000.000.000 50.000.000.000 Pengembangan

real estat/

PT Bumi Tunggal Persada (BTP) (i) development Jakarta Under development 225.003.041.316 225.003.112.506 Pengembangan

real estat/

PT Duta International Real estate Dalam pengembangan/

Global Mandiri (DIGM) (i) development Jakarta Under development 30.000.626.367 30.000.775.463

(21)

1. UMUM (lanjutan) 1. GENERAL (continued) e. Entitas Anak, Pengaturan Bersama, dan

Entitas Asosiasi (lanjutan)

Perusahaan mempunyai kepemilikan saham secara langsung maupun tidak langsung pada entitas anak berikut (bersama dengan Perusahaan selanjutnya disebut “Grup”): (lanjutan)

The Company has direct and indirect share ownerships in the following subsidiaries (together with the Company hereinafter referred to as the “Group”): (continued)

Total Aset/Total Assets Mulai Operasi/

Entitas Anak/ Kegiatan Usaha/ Kedudukan/ of Commercial Marchr 31, December 31,

PT Grand Mitra Real estate Dalam pengembangan/

Guna Mandiri (GMGM) (i) development Jakarta Under development 60.000.626.367 60.000.775.463

Pengembangan real estat/ Real estate

PT Harvest Time (HT) (i) development Jakarta 2014 1.178.571.490.072 1.143.039.075.386

PT Junti Mas Lestari (JML) (i) development Jakarta Under development 257.042.767.532 256.927.375.718 Pengembangan

real estat/

PT Majarata Indahtama (MI) (i) development Jakarta Under development 140.000.608.264 140.000.757.386 Pengembangan

real estat/

PT Sisi Harapan Gemilang (SHG) (i) development Jakarta Under development 885.530.507.125 885.530.564.351 Pengembangan

real estat/

PT Taruna Duta Subur (TDS) (i) development Jakarta Under development 796.257.222.647 796.257.294.959 Pengembangan

real estat/

Real estate Dalam pengembangan/

PT Blessindo Terang Jaya (BTJ) (i) development Jakarta Under development 990.929.799.039 977.821.635.101 Pengembangan

real estat/

PT Bintang Dwi Lestari (BDL) (i) (iii) development Jakarta Under development - - 800.002.032.280

PT Purisakti Bangun Persada (PBP) (i) development Jakarta Under development 175.001.566.713 175.001.639.731 Pengembangan

real estat/

PT Soilindo Prima Perkasa (SPP) (i) development Jakarta Under development 1.030.005.933.556 1.030.006.084.971 Pertambangan

(i) Kepemilikan langsung oleh PT Mandiri Mega Jaya (i) Equity interest directly held by PT Mandiri Mega Jaya (ii) Pada tanggal 27 April 2016, MMJ melepas 5%

kepemilikan di BDL

(ii) On April 27, 2016, MMJ sold 5% interest ownership in BDL

(iii) Kepemilikan langsung oleh PT Pacific Milenium Land

(22)

e. Entitas Anak, Pengaturan Bersama, dan Entitas Asosiasi (lanjutan)

Penyertaan saham pada entitas-entitas asosiasi berikut, di mana persentase kepemilikan efektif Grup sebesar 20% sampai dengan 50%, dicatat dengan menggunakan metode ekuitas:

Investments in shares of stock of the following associated entities, in which the Group maintains effective ownership interest of 20% to 50%, are recorded using the equity method:

Informasi mengenai entitas asosiasi yang

dimiliki oleh Grup pada tanggal-tanggal 31 Maret 2017 dan 31 Desember 2016 adalah

sebagai berikut:

Information about Associates owned by the Group as of March 31, 2017 and December 31, 2016 as follows:

Persentase Efektif

Kepemilikan Perusahaan/

Effective Percentage of Ownership by the Company

Mulai Operasi/

PT Putra Asih Laksana (PAL) development Jakarta Under development 25,00% 25,00%

PT Pacific Millennium Land (PML) development Jakarta Under development 41,41% 41,41%

PT Bhandawibawa Asih (BA) (ii) development Jakarta Under development 40,99% 40,99%

PT Bramind Mitra Utama (BMU) (ii) development Jakarta Under development 40,99% 40,99%

PT Chandra Tribina (CT) (ii) development Jakarta Under development 40,99% 40,99%

PT Citraindo Nusamaju (CN) (ii) development Jakarta Under development 40,99% 40,99%

PT Graha Inter Real estate Dalam pengembangan/

Jaya Agung (GIJA) (ii) development Jakarta Under development 40,99% 40,99%

PT Putra Marga Tapa (PMT) (ii) development Jakarta Under development 40,99% 40,99%

PT Smart Rexa Kharisma (SRK) (ii) development Jakarta Under development 40,99% 40,99%

PT Bintang Dwi Lestari (BDL) (iii) development Jakarta Under development 48,00% 48,00%

(i) Kepemilikan langsung oleh MMJ (i) Equity interest directly held by MMJ

(ii) Kepemilikan langsung oleh PML (ii) Equity interest directly held by PML

(iii) Pada tanggal 27 April 2016, MMJ melepas 5% kepemilikan di BDL

(iii) On April 27, 2016, MMJ sold 5% interest ownership in BDL

(23)

1. UMUM (lanjutan) 1. GENERAL (continued) e. Entitas Anak, Pengaturan Bersama, dan

Entitas Asosiasi (lanjutan)

Operasi Bersama Joint Operation

PT Armidian Karyatama (“AK”) bersama PT Harvest Time (“HT”), (entitas anak tidak langsung), dan PT Mandiri Mega Jaya (“MMJ”) (entitas anak), mengadakan perjanjian pengaturan bersama yang dituangkan di dalam Perjanjian Kerjasama Pengembangan Lahan dengan PT Citra Benua Persada (“CBP”) tanggal 6 September 2013. Berdasarkan perjanjian, pengaturan bersama tersebut berbentuk operasi bersama yang diberi nama Citra Maja Raya JO. Komposisi partisipasi dan pembagian keuntungan antara AK dan HT dengan CBP masing-masing adalah sebesar 50%. MMJ sebagai pemegang saham AK dan HT, ditunjuk dan diberi kuasa penuh bertindak atas nama AK dan HT berkaitan dengan perjanjian kerjasama ini.

PT Armidian Karyatama (“AK”) together with PT Harvest Time (“HT”), (the indirect subsidiary), and PT Mandiri Mega Jaya (“MMJ”) (the subsidiary), entered into joint arrangement which was set forth in the Cooperation Agreement of Land Development with PT Citra Benua Persada (“CBP”) dated September 6, 2013. Under the agreement, the joint arrangement was identified in the form of joint operations (“JO”) which was named as Citra Maja Raya JO. The composition of participation and profit sharing between the Company and HT with CBP are 50%, respectively. MMJ, as the AK’s shareholder, is appointed and given full authority to act on behalf of the AK and HT in connection with this agreement.

Tujuan pembentukan Citra Maja Raya JO adalah untuk mengembangkan suatu kawasan hunian dan properti komersial, antara lain dapat berupa perumahan, rumah toko dan rumah kantor maupun jenis properti komersial lain, fasilitas prasarana dan sarana pendukungnya di lahan milik AK dan HT di Maja, Lebak. Citra Maja Raya JO telah mulai beroperasi secara komersial pada tahun 2014.

The purpose of the establishment of Citra Maja Raya JO is to develop residential and commercial properties, among others, residential, shop houses and office houses and other commercial properties, infrastructure and supporting facilities project development of land area owned by AK and HT, in Maja, Lebak. Citra Maja Raya JO has started its commercial operations in 2014.

Berdasarkan perjanjian, AK dan HT berkewajiban menyediakan tanah dalam keadaan siap untuk dikembangkan dengan luas keseluruhan 430 hektar yang terletak di Kecamatan Maja, Kabupaten Lebak, Banten. Sedangkan CBP berkewajiban mengelola, mengembangkan tanah, menyediakan technical know how dan dukungan keuangan untuk proyek tersebut.

Based on the agreement, AK and HT are obliged to provide land which is ready to be developed with total area of 430 hectares located in the Kecamatan Maja, Kabupaten Lebak, Banten. While CBP is obliged to manage, develop land, provide advisory technical know-how and financial support for the project.

Pembagian keuntungan bersih antara AK dan HT masing-masing adalah sebesar 53% dan 47%, dari pembagian keuntungan 50% dengan CBP.

Net profit sharing between AK and HT amounted to 53% and 47%, respectively, of 50% share profit with CBP.

AK dan HT menyetujui pembayaran atas brand royalty dan management fee kepada CBP masing-masing sebesar 0,75% dan 2% dari penjualan neto, pada saat pembayaran harga pokok tanah kepada AK dan HT.

AK and HT agreed the payment of brand royalty and management fee to CBP amounted to 0.75% and 2% from net revenues, at payment of cost of revenues to AK and HT.

(24)

Berdasarkan Perjanjian Pengalihan Hak dan Kewajiban tanggal 23 September 2016, MMJ mengundurkan diri dari kerjasama operasi dan mengalihkan semua hak dan kewajibannya kepada AK dan HT.

Based on the Transfer Agreement of Rights and Obligation dated September 23, 2016, MMJ resigned from the joint operation and transferred its rights and obligation to AK and HT.

MMJ MMJ

Berdasarkan Akta Notaris Yurisa Martanti, S.H., MH., No. 38 tanggal 22 November 2013, para pemegang saham Perusahaan menyetujui akuisisi atas 3.999 saham MMJ dengan nilai investasi sebesar Rp4.000.000.000.000 yang mewakili 99,99% kepemilikan di MMJ. Transaksi ini dibiayai melalui Penawaran Umum Terbatas III (Catatan 1b) dan telah memperoleh pernyataan efektif dari Dewan Komisioner Otoritas Jasa Keuangan. Transaksi ini termasuk kategori transaksi material dan transaksi afiliasi sebagaimana diatur dalam peraturan BAPEPAM-LK No. IX.E.1 dan No. IX.E.2.

Based on the Notarial Deed of Yurisa Martanti, S.H., MH., No. 38 dated November 22, 2013, the Company’s shareholders have agreed on the acquisition of 3,999 shares of MMJ with investment value of Rp4,000,000,000,000 which represent 99.99% ownership in MMJ. This transaction, financed through Right Issue III (Note 1b) and has obtained the effective statement from the Board of Commissioner of the Financial Services Authority. This transaction is a material and affiliated transaction as regulated by BAPEPAM-LK Rule No. IX.E.1 and No. IX.E.2.

Berdasarkan Akta Berita Acara RUPS LB No. 4 tanggal 3 Maret 2014 oleh Notaris Yurisa Martanti, S.H., M.H., menyetujui:

 Pendirian PML, entitas anak, yang dilakukan oleh MMJ, selaku entitas anak Perusahaan.

 Memberi kuasa kepada Direksi MMJ atas penjualan saham beberapa entitas anak MMJ kepada PML.

 Memberi kuasa kepada Direksi MMJ yang mengatasnamakan entitas anak Perusahaan atas rencana MMJ mengakuisisi 99,99% saham BTJ.

Based on the Notarial Deed of Yurisa Martanti, S.H., M.H., the Extraordinary General Shareholders Meeting No. 4 dated March 3, 2014 has approved:

 The establishment of PML, a subsidiary of MMJ, as a subsidiary of the Company.

 To authorize the Board of Directors of MMJ to sell some shares of MMJ’s subsidiaries’ to PML.

 To authorize the Board of Directors of MMJ to act on behalf of the subsidiaries of the Company to acquire 99.99% shares of BTJ.

Berdasarkan Akta Pernyataan Keputusan Sirkular Para Pemegang Saham MMJ oleh Notaris Anna Maria Ira Kelana,S.H., M.Kn., No. 9, 10, 11, 12, 13, 14 dan 15 pada tanggal 6 Maret 2014 mengenai rencana akan mengalihkan 99% saham CN, BA, GIJA, BMU, PMT dan CT kepada PML.

Based on the Deed of MMJ Shareholders Circular Meeting which has been notarized by Notarial deed No. 9, 10, 11, 12, 13, 14 and 15 on March 6, 2014 by Anna Maria Ira Kelana, S.H., M.Kn., regarding the plan to transfer 99% shares CN, BA, GIJA, BMU, PMT and CT to PML.

Berdasarkan Akta Notaris Liestiani Wang, S.H., M.Kn. No. 3, 4, 5, 6, 7 dan 8 pada tanggal 7 Maret 2014 mengenai pemindahan hak-hak atas 45% saham CN, BA, GIJA, BMU, PMT dan CT kepada PML.

Based on the Notarial Deed of Liestiani Wang, S.H., M.Kn. No. 3, 4, 5, 6, 7 and 8 dated March 7, 2014 about the transfer of rights to 45% of shares CN, BA, GIJA, BMU, PMT and CT to PML.