PT NIRVANA DEVELOPMENT Tbk

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D A N / A N D

LAPORAN AUDITOR INDEPENDEN/ INDEPENDENT AUDITORS’ REPORT

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D A F T A R I S I C O N T E N T S

Pernyataan Direksi Directors’ Statement

Laporan Auditor Independen Independent Auditors’ Report

Ekshibit/ Exhibit

Laporan Posisi Keuangan Konsolidasian A Consolidated Statement of Financial Position

Laporan Laba Rugi Komprehensif Konsolidasian B Consolidated Statement of Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian C Consolidated Statement of Changes in Equity

Laporan Arus Kas Konsolidasian D Consolidated Statement of Cash Flows

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PER 31 DESEMBER 2013 AS OF 31 DECEMBER 2013

(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated) 31 Des / 31 Dec Catatan/ 31 Des / 31 Dec

2 0 1 3 Notes 2 0 1 2

A S E T A S S E T S

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 48.224.476.329 2c,2d,2o,4 21.122.803.896 Cash and cash equivalents

Deposito berjangka - 2d,5 86.700.000.000 Time deposits

Investasi tersedia dijual 1.635.381.576 2d,6 1.391.451.401 Available-for-sale investments

Piutang usaha - Pihak ketiga 14.813.132.147 2d,7 15.835.330.787 Trade receivables – Third parties

Piutang lain-lain – Pihak ketiga 15.100.837 2d 65.199.200 Other receivables – Third parties

Persediaan aset real estat 715.513.881.187 2g,8 661.171.757.454 Inventories of real estate assets

Uang muka 15.599.636.361 9 60.164.445.671 Advances

Biaya dibayar di muka 389.335.172 2h 996.305.786 Prepaid expenses

Pajak dibayar di muka 24.105.327.324 15a 11.597.123.264 Prepaid tax

Jumlah Aset Lancar 820.296.270.933 859.044.417.459 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETS

Persediaan aset real estat 916.904.606.394 2g,8 981.731.878.656 Inventories of real estate assets

Properti investasi – setelah dikurangi

akumulasi penyusutan sebesar Investment properties - net of

Rp 16.998.932.315 dan accumulated depreciation of

Rp 6.262.710.498 masing–masing Rp 16,998,932,315 and

pada tanggal 31 Desember 2013 Rp 6,262,710,498 on 31 December

dan 2012 1.212.056.570.666 2j,2l,12 865.603.021.639 2013 and 2012, respectively

Aset tetap – setelah dikurangi akumulasi Property, plant and equipment – net of

penyusutan sebesar Rp 2.307.924.986 accumulated depreciation of

dan Rp 1.578.297.163 Rp 2,307,924,986 and

masing-masing pada tanggal Rp 1,578,297,163 on 31 December

31 Desember 2013 dan 2012 5.423.264.519 2i,2l,11 3.017.303.313 2013 and 2012, respectively

Rekening bank yang dibatasi

penggunaannya - 2c,2d,10 296.794.132 Restricted bank statements

Aset pajak tangguhan - 2p,15f 63.541.955 Deferred tax assets

Aset lain-lain 328.425.400 260.000.000 Other assets

Jumlah Aset Tidak Lancar 2.134.712.866.979 1.850.972.539.695 Total Non-Current Assets

JUMLAH ASET 2.955.009.137.912 2.710.016.957.154 TOTAL ASSETS

Lihat Catatan atas Laporan Keuangan Konsolidasian pada Ekshibit E terlampir yang merupakan bagian tak terpisahkan

dari Laporan Keuangan Konsolidasian secara keseluruhan

See accompanying Notes to the Consolidated Financial Statement on Exhibit E which are an integral part of the Consolidated Financial Statement taken as a whole

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PER 31 DESEMBER 2013 AS OF 31 DECEMBER 2013

(Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated) 31 Des / 31 Dec Catatan/ 31 Des / 31 Dec

2 0 1 3 Notes 2 0 1 2

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang bank jangka pendek 19.891.937.223 2e,2k,13 103.245.833.000 Short-term banks loan

Utang usaha - Pihak ketiga 25.128.470.674 2e,14 21.420.183.264 Trade payables - Third parties

Utang lain-lain Other payables

Pihak ketiga 475.147.253 2e 30.523.110 Third parties

Pihak berelasi 133.201.795.128 2e,2f,26 137.870.000.000 Related party

Utang pajak 20.087.585.717 2p,15b 1.551.040.996 Taxes payables

Biaya masih harus dibayar 17.390.224.344 2e 5.225.003.260 Accrued expenses

Uang muka penjualan dan pendapatan

diterima dimuka 97.935.780.347 2e,2n,16 22.127.628.687 Advance on sales and unearned revenue

Utang bank jangka panjang jatuh tempo Current maturity of

dalam satu tahun 144.012.489.476 2e,2k,13 57.544.369.222 long-term banks loan

Jumlah Liabilitas Jangka Pendek 458.123.430.162 349.014.581.539 Total Current liabilities

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Uang jaminan sewa 9.890.781.098 2e,2n 5.462.892.279 Security deposits

Liabilitas imbalan kerja karyawan 530.269.875 2m,17 376.297.104 Employees’ benefits liabilities

Utang bank jangka panjang – setelah

dikurangi bagian jatuh tempo Long-term banks loan – net of current

dalam satu tahun 636.173.896.732 2e,2k,13 515.299.101.330 maturities

Jumlah Liabilitas Jangka Panjang 646.594.947.705 521.138.290.713 Total Non-Current Liabilities

JUMLAH LIABILITAS 1.104.718.377.867 870.152.872.252 TOTAL LIABILITIES

E K U I T A S E Q U I T Y

Modal saham Share capital

Modal dasar – 40.000.000.000 saham Authorized - 40,000,000,000 shares

dengan nilai nominal par value Rp 100

Rp 100 per saham per share

Modal ditempatkan dan disetor Issued and fully paid -

penuh - 18.026.774.000 saham 18,026,774,000 shares and

dan 18.000.000.000 saham 18,000,000,000 shares

masing-masing pada tanggal in 31 December 2013 and 2012,

31 Desember 2013 dan 2012 1.802.677.400.000 19 1.800.000.000.000 respectively

Tambahan modal disetor - Bersih 12.267.740.000 20 12.000.000.000 Additional paid-in capital - Net

Perubahan nilai wajar investasi tersedia Changes in unrealized fair value of

dijual yang belum direalisasi 281.889.399 2e,6 37.962.248 investments available for sale

Saldo laba 31.743.165.106 25.376.972.522 Retained earnings

Ekuitas pemilik entitas induk 1.846.970.194.505 1.837.414.934.770 Equity to owners of the parent entity

Kepentingan non-pengendali 3.320.565.540 2b,18 2.449.150.132 Non-controlling interest

JUMLAH EKUITAS 1.850.290.760.045 1.839.864.084.902 TOTAL EQUITY

JUMLAH LIABILITAS DAN EKUITAS 2.955.009.137.912 2.710.016.957.154 TOTAL LIABILITIES AND EQUITY Lihat Catatan atas Laporan Keuangan Konsolidasian pada

Ekshibit E terlampir yang merupakan bagian tak terpisahkan dari Laporan Keuangan Konsolidasian secara keseluruhan

See accompanying Notes to the Consolidated Financial Statements on Exhibit E which are an integral part of the Consolidated Financial Statements taken as a whole

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UNTUK TAHUN YANG BERAKHIR PADA 31 DESEMBER 2013 FOR THE YEAR ENDED 31 DECEMBER 2013 (Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)

Catatan/

2 0 1 3 Notes 2 0 1 2

PENJUALAN DAN PENDAPATAN JASA 263.489.864.662 2n,21 94.275.918.437 SALES AND SERVICE REVENUE

BEBAN POKOK PENJUALAN DAN COST OF SALES AND

PENDAPATAN JASA 145.358.389.324 2n,22 43.538.865.955 SERVICE REVENUE

LABA BRUTO 118.131.475.338 50.737.052.482 GROSS PROFIT

Beban pemasaran ( 5.506.964.482 ) 2n,23 ( 5.007.205.326 ) Marketing expenses

Beban umum dan administrasi ( 35.621.837.831 ) 2n,24 ( 15.272.392.784 ) General and administrative expenses

Pendapatan keuangan 258.767.813 704.614.763 Financial income

Beban keuangan ( 42.221.020.952 ) 25 ( 5.559.747.178 ) Financial expenses

Lain-lain - Bersih ( 7.519.294.330 ) 767.214.905 Others - Net

LABA SEBELUM MANFAAT (BEBAN) INCOME BEFORE INCOME

PAJAK PENGHASILAN 27.521.125.556 26.369.536.862 TAX BENEFIT (EXPENSE)

MANFAAT (BEBAN) PAJAK PENGHASILAN 2p,15c INCOME TAX BENEFIT (EXPENSE)

Kini ( 20.251.228.633 ) ( 1.236.265.231 ) Current

Tangguhan ( 63.541.955 ) 58.432.543 Deferred

Beban Pajak Penghasilan - Bersih ( 20.314.770.588 ) ( 1.177.832.688 ) Income Tax Expense - Net

LABA TAHUN BERJALAN 7.206.354.968 25.191.704.174 INCOME FOR THE YEAR

PENDAPATAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME

Perubahan nilai wajar investasi tersedia Changes in unrealized fair value of

dijual yang belum direalisasi 243.930.175 2d,6 ( 91.668.665 ) investments available for sale

JUMLAH PENDAPATAN KOMPREHENSIF TOTAL COMPREHENSIVE INCOME

TAHUN BERJALAN 7.450.285.143 25.100.035.509 FOR THE YEAR

Laba yang diatribusikan kepada: Profit attributable to:

Pemilik Entitas Induk 6.366.192.584 24.769.223.315 Owners of the Parent Entity

Kepentingan Non-Pengendali 840.162.384 2b,18 422.480.859 Non-Controlling Interests

J u m l a h 7.206.354.968 25.191.704.174 T o t a l

Jumlah pendapatan komprehensif Total comprehensive

yang dapat diatribusikan kepada: income attributable to:

Pemilik Entitas Induk 6.610.119.735 24.677.567.510 Owners of the Parent Entity

Kepentingan Non-Pengendali 840.165.408 422.467.999 Non-Controlling Interests

J u m l a h 7.450.285.143 25.100.035.509 T o t a l

LABA BERSIH PER SAHAM DASAR 0,35 2q,27 2,69 BASIC EARNINGS PER SHARE

LABA BERSIH PER SAHAM DILUSIAN 0,31 2q,27 2,69 DILUTED EARNINGS PER SHARE

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Perubahan nilai

wajar investasi

tersedia dijual

Modal yang belum

ditempatkan Tambahan direalisasi/

dan disetor modal disetor Changes in Ekuitas pemilik

penuh/ - Bersih/ unrealized entitas induk/ Kepentingan

Issued Additional fair value of Saldo laba/ Equity to owners non-pengendali/

Catatan/ and fully paid - in Investments Retained of the parent Non-controlling Jumlah ekuitas/

Notes paid capital capital - Net available for sale earnings entity interest Total equity

Saldo 1 Januari 2012 1.200.000.000.000 - 129.618.053 607.749.207 1.200.737.367.260 2.024.682.133 1.202.762.049.393 Balance as of 1 January 2012

Setoran modal 19 600.000.000.000 - - - 600.000.000.000 - 600.000.000.000 Paid-in capital

Tambahan setoran modal 20 - 12.000.000.000 - - 12.000.000.000 - 12.000.000.000 Additional paid-in capital

Kepentingan Non-Pengendali dari Non-controlling interest

Entitas Anak yang diakuisisi - - - - - 2.000.000 2.000.000 from acquired Subsidiaries

Jumlah pendapatan komprehensif Total comprehensive income

tahun berjalan - - ( 91.655.805 ) 24.769.223.315 24.677.567.510 422.467.999 25.100.035.509 for the year

Saldo 31 Desember 2012 1.800.000.000.000 12.000.000.000 37.962.248 25.376.972.522 1.837.414.934.770 2.449.150.132 1.839.864.084.902 Balance as of 31 December 2012

Kepentingan Non-Pengendali dari Non-controlling interest

Entitas Anak yang diakuisisi - - - - - 31.250.000 31.250.000 from acquired Subsidiaries

Pelaksanaan waran 20 2.677.400.000 267.740.000 - - 2.945.140.000 - 2.945.140.000 Exercise of warrants

Jumlah pendapatan komprehensif Total comprehensive income

tahun berjalan - - 243.927.151 6.366.192.584 6.610.119.735 840.165.408 7.450.285.143 for the year

Saldo 31 Desember 2013 1.802.677.400.000 12.267.740.000 281.889.399 31.743.165.106 1.846.970.194.505 3.320.565.540 1.850.290.760.045 Balance as of 31 December 2013

Lihat Catatan atas Laporan Keuangan Konsolidasian pada Ekshibit E

terlampir yang merupakan bagian tak terpisahkan dari Laporan Keuangan Konsolidasian secara keseluruhan

See accompanying Notes to the Consolidated Financial Statements on Exhibit E which are an integral part of the Consolidated Financial Statements

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UNTUK TAHUN YANG BERAKHIR PADA 31 DESEMBER 2013 FOR THE YEAR ENDED 31 DECEMBER 2013 (Disajikan dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)

2 0 1 3 2 0 1 2

ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIES

Penerimaan kas dari pelanggan 344.748.103.782 61.889.084.049 Cash receipts from customers

Pembayaran untuk: Payments for:

Pemasok ( 41.255.016.838 ) ( 41.719.646.370 ) Suppliers

Gaji dan tunjangan karyawan ( 12.703.201.158 ) ( 7.745.425.741 ) Salaries and employees’ benefits

Beban usaha lainnya ( 27.679.169.581 ) ( 10.133.840.557 ) Other operating expenses

Arus kas yang diperoleh dari aktivitas operasi 263.110.716.205 2.290.171.381 Cash flows provided by operating activities

Penerimaan pendapatan keuangan 258.767.813 704.614.763 Receipt of financial income

Pembayaran pajak ( 20.094.829.025 ) ( 2.426.097.979 ) Payments of taxes

Pembayaran beban keuangan ( 36.586.611.610 ) ( 5.559.747.178 ) Payment of financial expenses

Arus kas bersih diperoleh dari Net cash flows provided by (used in)

(digunakan untuk) aktivitas operasi 206.688.043.383 ( 4.991.059.013 ) operating activities

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES

Penarikan (penempatan) deposito berjangka 86.700.000.000 ( 86.700.000.000 ) Withdrawal (placement) of time deposits

Penerimaan dari transaksi Proceeds from sales

penjualan dan penyewaan aset kembali 64.100.000.000 - and lease back assets

Perolehan Entitas Anak ( 31.250.000 ) ( 148.000.000 ) Acquisition of Subsidiaries

Pendirian Entitas Anak ( 500.000.000 ) - Establishment of Subsidiaries

Pembelian aset tetap ( 3.135.589.029 ) ( 638.997.485 ) Acquisition of property, plant and equipment

Perolehan aset real estat ( 62.622.781.061 ) ( 105.642.940.536 ) Purchases real estate assets

Perolehan properti investasi ( 386.425.205.867 ) ( 339.484.557.333 ) Purchases investment properties

Uang muka aset real estat dan Advances of real estate assets and

properti investasi - ( 52.405.800.417 ) investment property

Arus kas bersih digunakan untuk Net cash flows used in

aktivitas investasi ( 301.914.825.957 ) ( 585.020.295.771 ) investing activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES

Penerimaan dari utang bank 471.771.755.892 515.114.833.000 Receipts from banks loans

Tambahan modal disetor dari Additional paid-in capital from

pelaksanaan waran 2.945.140.000 - exercise of warants

Penurunan dari utang pihak berelasi ( 4.668.204.872 ) ( 458.470.000.000 ) Decrease from payable to related party

Pembayaran utang bank ( 347.782.736.013 ) ( 89.261.529.448 ) Payment of banks loans

Penerimaan setoran modal - 630.000.000.000 Addition in capital contribution

Pembayaran emisi saham - ( 18.000.000.000 ) Payment of stock issuance

Arus kas bersih diperoleh dari Net cash flows provided by

aktivitas pendanaan 122.265.955.007 579.383.303.552 financing activities

KENAIKAN (PENURUNAN) BERSIH NET INCREASE (DECREASE)

DALAM KAS DAN SETARA KAS 27.039.172.433 ( 10.628.051.232 ) IN CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

PADA AWAL TAHUN 21.122.803.896 31.676.855.128 AT BEGINNING OF YEAR

KAS DAN SETARA KAS ENTITAS ANAK CASH AND CASH EQUIVALENTS

YANG DIAKUISISI 62.500.000 74.000.000 OF SUBSIDIARIES ACQUIRED

KAS DAN SETARA KAS PADA AKHIR TAHUN 48.224.476.329 21.122.803.896 CASH AND CASH EQUIVALENTS AT END OF YEAR

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1. U M U M 1. G E N E R A L

a. Pendirian Perusahaan a. The Company’s Establishment

PT Nirvana Development Tbk (“Perusahaan”) (dahulu PT Adipura Artha Pratama) dan Entitas Anak (secara bersama-sama disebut sebagai “Kelompok Usaha”) 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. Berdasarkan Rapat Umum Pemegang Saham yang telah diaktakan oleh Notaris B. Andy Widyanto, S.H., No. 17 tanggal 27 Mei 2010 yang berisi memutuskan dan menyetujui perubahan seluruh anggaran dasar Perusahaan sesuai dengan Undang-Undang No. 40 Tahun 2007 tentang Perseroan Terbatas. Akta perubahan anggaran dasar ini telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam surat keputusan No. AHU-29783.AH.01.02.Tahun 2010 tanggal 10 Juni 2010. Anggaran dasar Perusahaan telah mengalami beberapa kali perubahan, perubahan terakhir dengan Akta Notaris Humberg Lie, SH, SE, Mkn., No. 47 tanggal 21 Agustus 2013 mengenai perubahan Pasal 3 anggaran dasar perusahaan sesuai ketentuan Bapepam LK IXJ.1. mengenai Pokok–pokok Anggaran Dasar Perseroan yang melakukan Penawaran Umum Efek bersifat Ekuitas dan Perusahaan Publik serta perubahan susunan Dewan Direksi. Akta perubahan ini telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU-51500.AH.01.02.Tahun 2013 tanggal 9 Oktober 2013 serta dicatat dalam Sistem Administrasi Badan Hukum Kementrian Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU-AH.01.10-46103 tanggal 1 Nopember 2013.

PT Nirvana Development Tbk (the “Company”) (formerly PT Adipura Artha Pratama) and Subsidiaries (together mentioned as “The Group”) was established based on Notarial deed No. 43 dated 18 December 2003 of P. Sutrisno A. Tampubolon, S.H., M.Kn. The deed of establishment was approved by the Ministry of Laws and Human Rights of the Republic of Indonesia in its Decision Letter No. C-10765.HT.01.01.TH 2004 dated 30 April 2004 and was published in the State Gazette No. 9848 dated 1 October 2004, Supplement No. 79. Based on General of Shareholders Meeting as covered by Notarial deed No.17 dated 27 May 2010 of B. Andy Widyanto, S.H., regarding of the changes of whole the Company’s articles of association in accordance with Law No. 40 year 2007 of Limited Liability Company. The amendments have been approved by the Ministry of Laws and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-29783.AH.01.02 Tahun 2010 dated 10 June 2010. The Company’s articles of association has been amended several times, the latest changes of the Company’s articles of association was covered by the Notarial Deed No. 47 dated 21 August 2013 of Humberg Lie, SH, SE, Mkn. concerning changes of Article 3 of the Company’s articles of association in accordance to provision of Bapepam LK IXJ.1. regarding to Principals of Articles of Association of the Company's Public Offering of Equity Securities and Public Companies and also changes of the members of Boards of Directors. The Deeds of Amandments was approved by the Ministry of Laws and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-51500.AH.01.02.Tahun 2013 dated 9 October 2013 and also recorded in Legal Entity Administration System of Minister of Law and Human Rights of Republic Indonesia in its Decision Letter No. AHU-AH.01.10-46103 dated 1 November 2013.

Berdasarkan Pasal 3 anggaran dasar Perusahaan, ruang lingkup kegiatan Perusahaan menjadi bergerak dalam bidang pembangunan, jasa, perdagangan, perindustrian dan investasi. Kegiatan usaha Perusahaan dalam bidang pembangunan, perdagangan dan properti investasi melalui Entitas Anak.

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

Perusahaan berdomisili di Jakarta Selatan dan Entitas Anak berkedudukan di Jakarta, Cirebon, Sukoharjo, Pangkalan Bun dan Sampit. Perusahaan mulai beroperasi komersial pada tahun 2009.

The Company is domiciled in Jakarta Selatan and its Subsidiaries are domiciled in Jakarta, Cirebon, Sukoharjo, Pangkalan Bun and Sampit. The Company has started operating commercially in 2009.

b. Penyelesaian Laporan Keuangan Konsolidasian b. Completion of The Consolidated Financial

Statements

Direksi Perusahaan bertanggung jawab atas penyusunan dan penyajian laporan keuangan konsolidasian yang telah diselesaikan dan disetujui untuk diterbitkan pada tanggal 27 Maret 2014.

Directors of The Company are responsible for preparation and presentation of the consolidated financial statements which has been finalized and approved for issuance on 27 March 2014.

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

Pada tanggal 31 Agustus 2012, Perusahaan memperoleh pernyataan efektif dari Ketua Badan Pengawas Pasar Modal dan Lembaga Keuangan (BAPEPAM – LK) dengan suratnya No. S-10537/BL/2012 untuk melakukan penawaran umum perdana 6.000.000.000 saham Perusahaan dengan nilai nominal Rp 100 per saham kepada masyarakat dengan harga penawaran sebesar Rp 105 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 Rp 110 yang mulai berlaku mulai tanggal 13 Maret 2013 sampai dengan 11 September 2015. Pada tanggal 13 September 2012, saham tersebut telah dicatatkan pada Bursa Efek Indonesia.

On 31 August 2012, the Company obtained the notice of effectivity from the Chairman of the Capital Market and Financial Institution Supervisory Agency in its letter

No. S-10537/BL/2012 for the public offering of

6,000,000,000 shares with par value of Rp 100 per share with offering price at Rp 105 per share and simultaneously issuing 4,200,000,000 Warants I accompanying the new shares issued, which are to be granted free as an incentive for the shareholders at an exercise price of Rp 110 which is effective starting on 13 March 2013 up to 11 September 2015. These shares were listed on the Indonesia Stock Exchange in 13 September 2012.

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1. U M U M (Lanjutan) 1. G E N E R A L (Continued)

c. Penawaran Umum Efek Perusahaan (Lanjutan) c. The Company’s Public Offering (Continued)

Pada tanggal 13 September 2012, 12.000.000.000 saham Perusahaan milik pemegang saham pendiri telah tercatat pada Bursa Efek Indonesia.

On 13 September 2012, 12,000,000,000 shares of the Company’s shares are listed on the Indonesia Stock Exchange.

Selama tahun 2013, terdapat pelaksanaan waran oleh pemegang saham sebesar 26.774.000 untuk 26.774.000 lembar saham. Sisa waran adalah sebesar 4.173.226.000.

During 2013, shareholders exercised 26,774,000 warrants for 26,774,000 shares. Remaining warrants is equal to 4,173,226,000.

Pada tanggal 31 Desember 2013 dan 2012, seluruh saham Perusahaan masing-masing sebanyak 18.026.774.000 saham dan 18.000.000.000 saham telah tercatat di Bursa Efek Indonesia.

As of 31 December 2013 and 31 December 2012, all of the Company’s 18,026,774,000 shares and 18,000,000,000 shares, respectively, are listed on the Indonesia Stock Exchange.

d. Struktur Kelompok Usaha d. The Group’s Structure

Perusahaan mempunyai kepemilikan saham secara langsung

maupun tidak langsung pada Entitas Anak sebagai berikut: The Company has ownership interest in the following Subsidiaries either directly or indirectly as follows: Persentase

kepemilikan

(langsung dan Mulai

tidak langsung)/ kegiatan

Percentage of usaha/

ownership (direct Start of

Entitas Anak/ and indirect) Bidang usaha/ Kedudukan/ commercial

Subsidiaries 2 0 1 3 2 0 1 2 Scope of activities Domicile operations

Kepemilikan saham secara langsung/ Direct ownership:

Belum operasi / Non-operating

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

perindustrian dan jasa/ Mining, trading, industry and service

Jakarta -

PT Nirvana Retailindo 99,99% 99,99% Perdagangan, pengangkutan,

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

kehutanan/

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

Jakarta -

PT Nirvana Realty 99,99% 99,99% Pembangunan, perdagangan,

perindustrian, jasa, pertambangan, transportasi darat, pertanian, perbengkelan dan percetakan/ Construction, trading, industry, service, mining, transportation, agriculture, workshop and printing

Jakarta -

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

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

kehutanan/

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

Jakarta -

PT Nirvana Hotel & Resort 99,99% 99,99% Jasa perhotelan/

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d. Struktur Kelompok Usaha (Lanjutan) d. The Group’s Structure (Continued)

Persentase kepemilikan

Kepemilikan saham secara tidak langsung / Indirect ownership: Beroperasi / Operating

PT Karya Bersama Takarob

(melalui / through PT Panorama Lubuk Timur)

98,38% 98,38% Jasa, pembangunan, pengangkutan

darat, perbengkelan, percetakan, perdagangan, perindustrian, pertambangan dan pertanian/

Service, construction, transportation, workshop, printing,

trading, industry, mining and agriculture

Cirebon 2008

PT Tunas Mitra Usaha (melalui / through PT Nirvana Infrastructure)

98,67% 98,67% Perdagangan, pengangkutan,

pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian

dan kehutanan/

Trading, transportation, contruction, industry, service, printing, workshop, agriculture and forestry

Jakarta 2012

PT Tristar Land Development

(melalui / through PT Mahardhika Karya Agung)

99,00% 99,00% Pembangunan, jasa, perindustrian

dan perdagangan/ Construction, service, industry and

trading

Sukoharjo 2013

PT Buana Baru Prima

(melalui / through PT Nirvana Realty) 99,58% - pembangunan, perindustrian, jasa, Perdagangan, pengangkutan, percetakan dan pertanian/

Trading, transportation, construction, industry, service,

printing and agriculture

Pangkalan

Bun 2013

PT Narendra Amerta (melalui / through PT Nirvana Infrastructure)

dan kehutanan/ Trading, transportation, construction, industry, service, printing, workshop, agriculture and

forestry

Jakarta 2013

PT Sukses Mandaka Buana

(melalui / through PT Danapati Sukses)

dan kehutanan/ Trading, transportation, construction, industry, service, printing, workshop, agriculture and

forestry

Jakarta -

PT Panorama Lubuk Timur

(melalui / through PT Nirvana Realty) 99,99% 99,99% perindustrian, pertambangan, Pembangunan, perdagangan, pengangkutan darat, pertanian,

percetakan dan jasa/ Construction, trading, industry, mining, transportation, agriculture,

printing and service

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Kepemilikan saham secara tidak langsung / Indirect ownership: Belum operasi / Non-operating

PT Mahardhika Karya Agung

(melalui / through PT Nirvana Realty) 98,67% 98,67% pembangunan, perindustrian, jasa, Perdagangan, pengangkutan, percetakan, perbengkelan, pertanian

dan kehutanan/

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

agriculture and forestry

Jakarta -

PT Jaya Agung Syandhana

(melalui / through PT Nirvana Hotel & Resort)

dan kehutanan/

Jakarta -

PT Bharata Adikarya

dan kehutanan/

Jakarta -

PT Danapati Sukses

(melalui / through PT Nirvana Retailindo)

dan kehutanan/

Jakarta -

PT Semesta Dunia Usaha

99,99% 99,99% Pembangunan, jasa, perindustrian,

pengangkutan darat, pertanian, percetakan dan perdagangan/ Construction, service, industry, transportation, agriculture, printing

and trading

Jakarta -

PT Surya Lima Karya

99,99% 99,99% Pembangunan, jasa, perindustrian,

pengangkutan darat, pertanian, percetakan dan perdagangan/ Construction, service, industry, transportation, agriculture, printing

and trading

(15)

Kepemilikan saham secara tidak langsung / Indirect ownership: Belum operasi / Non-operating

PT Tarangga Hanasta

(melalui / through PT Mahardhika Karya Agung)

100,00% - Pembangunan, perdagangan,

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

and service

Sukoharjo -

PT Prabangkara Sangkara (melalui / through PT Mahardhika Karya Agung)

and service

Jakarta -

PT Kalingga Murda

(melalui / through PT Mahardhika

Karya Agung)

and service

Jakarta -

PT Anggaraksa Lokeswara

Karya Agung)

and service

Jakarta -

PT Gardapati Sahardaya

Karya Agung)

and service

Jakarta -

Tahap pengembangan/ Development stage

PT Danadipa Aluwung

(melalui / through PT Nirvana Realty) 99,00% 99,00% pembangunan, perindustrian, jasa, Perdagangan, pengangkutan, percetakan, perbengkelan, pertanian

dan kehutanan/

Jakarta -

PT Tristar Land

(melalui / through PT Mahardhika Karya Agung)

99,00% 99,00% Pembangunan, jasa, perindustrian dan

perdagangan/

Construction, service, industry and trading

Sukoharjo -

PT Grahita Dana

dan kehutanan/

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Jumlah aset / Total assets

Entitas Anak / Subsidiaries 2 0 1 3 2 0 1 2

Beroperasi / Operating

PT Karya Bersama Takarob

(melalui / through PT Panorama Lubuk Timur) 416.454.461.921 403.879.685.435

PT Tunas Mitra Usaha

(melalui / through PT Nirvana Infrastructure) 10.084.155.416 7.397.931.908

PT Tristar Land Development

(melalui / through PT Mahardhika Karya Agung) 453.646.365.801 315.458.484.941

PT Buana Baru Prima

(melalui / through PT Nirvana Realty) 86.085.500.866 -

PT Narendra Amerta

(melalui / through PT Nirvana Infrastructure) 8.211.201.925 6.223.215.011

Tahap pengembangan / Development stage

PT Danadipa Aluwung

(melalui / through PT Nirvana Realty) 291.545.917.078 187.688.404.686

PT Tristar Land

(melalui / through PT Mahardhika Karya Agung) 422.453.842.210 285.041.813.818

PT Grahita Dana

(melalui / through PT Nirvana Hotel & Resort) 179.729.543.822 109.596.208.210

PT Nirvana Property 1.635.511.576 1.894.744.808

PT Nirvana Retailindo 10.593.995.439 10.591.491.866

PT Nirvana Realty 2.959.185.989.301 2.560.845.047.916

PT Nirvana Infrastructure 18.175.630.332 13.624.138.053

PT Nirvana Hotel & Resort 190.936.229.572 120.789.314.220

PT Sukses Mandaka Buana

(melalui / through PT Danapati Sukses) 75.000.000 75.000.000

PT Panorama Lubuk Timur

(melalui / through PT Nirvana Realty) 462.827.768.808 451.618.399.967

PT Mahardhika Karya Agung

(melalui / through PT Nirvana Realty) 2.152.870.329.596 1.921.377.330.886

PT Jaya Agung Syandhana

PT Bharata Adikarya

PT Danapati Sukses

(melalui / through PT Nirvana Retailindo) 10.592.057.107 10.588.461.889

PT Semesta Dunia Usaha

(melalui / through PT Mahardhika Karya Agung) 9.854.148.774 9.852.331.491

PT Surya Lima Karya

(melalui / through PT Mahardhika Karya Agung) 25.493.699.491 25.493.706.492

PT Tarangga Hanasta

(melalui / through PT Mahardhika Karya Agung) 100.000.000 -

PT Prabangkara Sangkara

PT Kalingga Murda

PT Anggaraksa Lokeswara

PT Gardapati Sahardaya

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Peningkatan Modal Saham Entitas Anak Increase in Subsidiaries’ Capital Stock

PT Nirvana Retailindo PT Nirvana Retailindo

Pada bulan September 2012, PT Nirvana Retailindo (“NRT”), Entitas Anak, meningkatkan modal saham dari Rp 2.000.000.000 menjadi Rp 40.000.000.000 dan meningkatkan modal ditempatkan dan disetor penuh dari Rp 500.000.000 menjadi Rp 10.500.000.000 dengan nominal Rp 100.000. Perusahaan memiliki tambahan 1.000.000 lembar saham sebesar Rp 10.000.000.000, sehingga meningkatkan kepemilikan Perusahaan menjadi 99,99%. Peningkatan modal saham NRT dan modal ditempatkan dan disetor penuh diaktakan berdasarkan akta Notaris Humberg Lie, SH, SE, Mkn., No. 139 tanggal 29 September 2012.

In September 2012, PT Nirvana Retailindo (“NRT”), Subsidiary, increase the share capital from Rp 2,000,000,000 to Rp 40,000,000,000 and increase issued and paid capital from Rp 500,000,000 to Rp 10,500,000,000 with nominal of Rp 100,000. The Company has additional 1,000,000 shares amounted Rp 10,000,000,000 which increase the Company’s ownership to 99.99%. Increase of share capital NRT and issued and fully paid capital notarized by Notarial Deed of Humberg Lie, SH, SE, Mkn., No. 139 dated 29 September 2012.

PT Nirvana Infrastructure PT Nirvana Infrastructure

Pada bulan September 2012, PT Nirvana Infrastructure (“NI”), Entitas Anak, meningkatkan modal saham dari

Rp 2.000.000.000 menjadi Rp 50.000.000.000 dan

meningkatkan modal ditempatkan dan disetor penuh dari Rp 500.000.000 menjadi Rp 12.500.000.000 dengan nominal Rp 100.000. Perusahaan memiliki tambahan 1.200.000 lembar saham sebesar Rp 12.000.000.000, sehingga meningkatkan kepemilikan Perusahaan dari 99,98% menjadi 99,99%. Peningkatan modal saham NI dan modal ditempatkan dan disetor penuh diaktakan berdasarkan akta Notaris Humberg Lie, SH, SE, Mkn., No. 137 tanggal 29 September 2012.

In September 2012, PT Nirvana Infrastructure (“NI”), Subsidiary, increase the share capital from Rp 2,000,000,000 to Rp 50,000,000,000 and increase issued and paid capital from Rp 500,000,000 to Rp 12,500,000,000 with nominal of Rp 100,000. The Company has additional 1,200,000 shares amounted Rp 12,000,000,000 which increase the Company’s ownership from 99.98% to 99.99%. Increase of share capital NI and issued and fully paid capital notarized by Notarial Deed of Humberg Lie, SH, SE, Mkn., No. 137 dated 29 September 2012.

PT Nirvana Hotel & Resort PT Nirvana Hotel & Resort

Pada bulan September 2012, PT Nirvana Hotel & Resort (“NHR”), Entitas Anak, meningkatkan modal saham dari Rp 2.000.000.000 menjadi Rp 100.000.000.000 dan meningkatkan modal ditempatkan dan disetor penuh dari Rp 500.000.000 menjadi Rp 40.500.000.000 dengan nominal Rp 100.000. Perusahaan memiliki tambahan 4.000.000 lembar saham sebesar Rp 40.000.000.000, sehingga meningkatkan kepemilikan Perusahaan menjadi 99,99%. Peningkatan modal saham NHR dan modal ditempatkan dan disetor penuh diaktakan berdasarkan akta Notaris Humberg Lie, SH, SE, Mkn., No. 136 tanggal 29 September 2012.

In September 2012, PT Nirvana Hotel & Resort (“NHR”), Subsidiary, increase the share capital from Rp 2,000,000,000 to Rp 100,000,000,000 and increase issued and paid capital from Rp 500,000,000 to Rp 40,500,000,000 with nominal of Rp 100,000. The Company has additional 4,000,000 shares amounted Rp 40,000,000,000 which increase the Company’s ownership to 99.99%. Increase of share capital NHR and issued and fully paid capital notarized by Notarial Deed of Humberg Lie, SH, SE, Mkn., No. 136 dated 29 September 2012.

PT Nirvana Realty PT Nirvana Realty

Pada bulan September 2012, PT Nirvana Realty (“NR”), Entitas Anak, meningkatkan modal saham dari Rp 2.000.000.000 menjadi Rp 1.000.000.000.000 dan meningkatkan modal ditempatkan dan disetor penuh dari Rp 500.000.000 menjadi Rp 250.500.000.000 dengan nominal Rp 100.000. Perusahaan memiliki tambahan 25.000.000 lembar saham sebesar Rp 250.000.000.000, sehingga meningkatkan kepemilikan Perusahaan menjadi 99,99%. Peningkatan modal saham NR dan modal ditempatkan dan disetor penuh diaktakan berdasarkan akta Notaris Humberg Lie, SH, SE, Mkn., No. 138 tanggal 29 September 2012.

In September 2012, PT Nirvana Realty (“NR”), Subsidiary, increase the share capital from Rp 2,000,000,000 to Rp 1,000,000,000,000 and increase issued and paid capital from Rp 500,000,000 to Rp 250,500,000,000 with nominal of Rp 100,000. The Company has additional 25,000,000 shares amounted Rp 250,000,000,000 which increase the Company’s ownership to 99.99%. Increase of share capital NR and issued and fully paid capital notarized by Notarial Deed of Humberg Lie, SH, SE, Mkn., No. 138 dated 29 September 2012.

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Akuisisi Usaha Bussiness Acquisition

PT Danapati Sukses PT Danapati Sukses

Pada bulan Mei 2012, PT Nirvana Retailindo (“NRT”), Entitas Anak, menandatangani perjanjian dengan Erik Suhendar H, Pihak Ketiga, untuk membeli 98,67% saham PT Danapati Sukses (“DS”) dengan harga pembelian sebesar Rp 74.000.000. Akuisisi atas DS tersebut dicatat dengan metode akuisisi. Nilai wajar aset teridentifikasi mendekati nilai buku pada tanggal akuisisi. Tidak ada

goodwill yang diakui NRT dalam transaksi akuisisi ini.

Kepentingan Non-Pengendali telah diakui sesuai dengan proporsi aset yang diakuisisi.

In May 2012, PT Nirvana Retailindo (“NRT”), Subsidiary, signed agreement with Erik Suhendar H, Third Party, to purchase 98.67% shares of PT Danapati Sukses (“DS”) with purchase price of Rp 74,000,000. Acquisition of DS accounted by the acquisition method. Fair value of identified asset approaching book value at the acquisition date. There is no goodwill recognized by NRT in the acquisition transaction. Non-Controlling Interest was recognized in proportion of the assets acquired.

Rincian akuisisi adalah sebagai berikut: Detail of acquisition are as follow:

2 0 1 2

Harga perolehan melalui pembayaran kas 74.000.000 Cost through cash payment

Nilai wajar aset bersih yang diperoleh (98,67%) ( 74.000.000 ) Fair value of acquired net assets (98.67%)

Goodwill - Goodwill

Rincian aset dan liabilitas yang diperoleh dari akuisisi

adalah sebagai berikut: Detail of assets and liabilities acquired from acquisition are as follow:

2 0 1 2

Kas 75.000.000 Cash

Aset lain-lain - Other asset

Aset bersih yang diperoleh 75.000.000 Acquired net assets

2 0 1 2

Nilai wajar aset bersih yang diperoleh (98,67%) 74.000.000 Fair value of acquired net assets (98.67%)

Dari transaksi ini, tidak terdapat laba (rugi) sebelum akuisisi, oleh karenanya Kelompok Usaha tidak mengakui laba (rugi) sebelum akuisisi dalam laporan keuangan konsolidasian untuk tahun yang berakhir pada tanggal 31 Desember 2012.

There is no gain (loss) before acquisition from this transaction so the Group did not recognize gain (loss) before acquisition in the consolidated financial statements for the year ended 31 December 2012.

PT Sukses Mandaka Buana PT Sukses Mandaka Buana

Pada bulan Nopember 2012, PT Danapati Sukses (“DS”), Entitas Anak, menandatangani perjanjian dengan Erik Suhendar H, Pihak Ketiga, untuk membeli 98,67% saham PT Sukses Mandaka Buana (“SMB”) dengan harga pembelian sebesar Rp 74.000.000. Akuisisi atas SMB tersebut dicatat dengan metode akuisisi. Nilai wajar aset teridentifikasi mendekati nilai buku pada tanggal akuisisi. Tidak ada goodwill yang diakui DS dalam transaksi akuisisi ini. Kepentingan Non-Pengendali telah diakui sesuai dengan proporsi aset yang diakuisisi.

In November 2012, PT Danapati Sukses (“DS”), Subsidiary, signed agreement with Erik Suhendar H, Third Party, to purchase 98.67% shares of PT Sukses Mandaka Buana (“SMB”) with purchase price of Rp 74,000,000. Acquisition of SMB accounted by the acquisition method. Fair value of identified asset approaching book value at the acquisition date. There is no goodwill recognized by DS in the acquisition transaction. Non-Controlling Interest was recognized in proportion of the assets acquired.

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Akuisisi Usaha (Lanjutan) Bussiness Acquisition (Continued)

PT Sukses Mandaka Buana (Lanjutan) PT Sukses Mandaka Buana (Continued)

2 0 1 2

Nilai wajar aset bersih yang diperoleh ( 74.000.000 ) Fair value of acquired net assets

Rincian aset dan liabilitas yang diperoleh dari akuisisi

adalah sebagai berikut: Detail of assets and liabilities acquired from acquistion are as follow:

2 0 1 2

Kas 75.000.000 Cash

Aset lain-lain - Other assets

Aset bersih yang diperoleh 75.000.000 Acquired net assets

Nilai wajar aset bersih yang diperoleh (98,67%) 74.000.000 Fair value of acquired net assets (98.67%)

PT Buana Baru Prima PT Buana Baru Prima

Pada bulan April 2013, PT Nirvana Realty (“NR”), Entitas

Anak, menandatangani perjanjian dengan Rudy Purnomo dan Liem Sien Lan, Pihak Ketiga, untuk membeli 50,00% saham PT Buana Baru Prima (“BBP”). Harga pembelian atas akuisisi BBP sebesar Rp 31.250.000 dan dicatat dengan metode akuisisi. Nilai wajar aset teridentifikasi dan liabilitas mendekati nilai buku pada tanggal akuisisi. Tidak ada goodwill yang diakui NR dalam transaksi akuisisi ini. Kepentingan Non-Pengendali telah diakui sesuai dengan proporsi aset yang diakuisisi. Selanjutnya pada bulan April 2013, BBP meningkatkan modal saham dari Rp 250.000.000 menjadi Rp 30.000.000.000 dan meningkatkan modal ditempatkan dan disetor penuh dari Rp 62.500.000 menjadi Rp 7.500.000.000 dengan nilai nominal Rp 500. NR memiliki tambahan 14.875.000 lembar saham sebesar Rp 7.437.500.000 sehingga meningkatkan kepemilikan NR dari 50,00% menjadi 99,58%. Peningkatan modal saham BBP dan modal ditempatkan dan disetor penuh diaktakan berdasarkan Akta Notaris Yulia, S.H. No. 36 tanggal 12 April 2013.

In April 2013, PT Nirvana Realty (“NR”), Subsidiary,

signed agreement with Rudy Purnomo and Liem Sien Lan, Third Party, to purchase 50.00% shares of PT Buana Baru Prima (“BBP”). Acquisition of BBP with purchase price of Rp 31,250,000 and accounted by the acquisition method. Fair value of identified asset approaching book value at the acquisition date. There is no goodwill recognized by NR in the acquisition transaction. Non-Controlling Interest was recognized in proportion of the assets acquired. Next, in April 2013, BBP increase capital share from Rp 250,000,000 to Rp 30,000,000,000 and increase issued and fully paid capital from Rp 62,500,000 to Rp 7,500,000,000 with nominal of Rp 500. NR has additional 14,875,000 shares amounted to Rp 7,437,500,000 which increase NR ownership from 50.00% to 99.58%. Increase of share capital BBP and issued and fully paid capital notarized by Notarial Deed of Yulia, S.H. No. 36 dated 12 April 2013.

2 0 1 3

Nilai wajar aset bersih yang diperoleh ( 31.250.000 ) Fair value of acquired net assets

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Pendirian Entitas Anak Establishment of Subsidiaries

PT Tarangga Hanasta PT Tarangga Hanasta

Pada tanggal 30 Oktober 2013, PT Mahardhika Karya Agung (“MKA”), Entitas Anak, mendirikan Entitas Anak baru bernama PT Tarangga Hanasta (“TH”) dengan modal dasar saham sebesar Rp 400.000.000 yang telah ditempatkan dan disetor penuh oleh pemegang saham sebesar Rp 100.000.000. MKA memiliki 99,00% kepemilikan. Pendirian perusahaan ini telah diaktakan berdasarkan Akta Notaris Humberg Lie, S.H., S.E., M.Kn. No. 124 tanggal 30 Oktober 2013 dan telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik

Indonesia dalam Surat Keputusan

No. AHU.56067.AH.01.01. Tahun 2013 tanggal

4 Nopember 2013.

On 30 October 2013, PT Mahardhika Karya Agung (“MKA”), a Subsidiary, established a new Subsidiary named PT Tarangga Hanasta (“TH”) with authorized capital amounted Rp 400,000,000 with issued and fully paid shares amounted Rp 100,000,000. MKA has 99.00% ownership. The establishment of the Company has been notarized by Humberg Lie, S.H., S.E., M.Kn., Notarial Deed No. 124 dated 30 October 2013 and has been approved by the Minister of Law and Human Rights of Republic of Indonesia in its Decision Letter No. AHU. 56067.AH.01.01. Tahun 2013 dated 4 November 2013.

PT Gardapti Sahardaya PT Gardapati Sahardaya

Pada tanggal 30 Oktober 2013, PT Mahardhika Karya Agung (“MKA”), Entitas Anak, mendirikan Entitas Anak baru bernama PT Gardapati Sahardaya (“GS”) dengan modal dasar saham sebesar Rp 400.000.000 yang telah ditempatkan dan disetor penuh oleh pemegang saham sebesar Rp 100.000.000. MKA memiliki 99,00% kepemilikan. Pendirian perusahaan ini telah diaktakan berdasarkan Akta Notaris Humberg Lie, S.H., S.E., M.Kn. No. 126 tanggal 30 Oktober 2013 dan telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik

4 Nopember 2013.

On 30 October 2013, PT Mahardhika Karya Agung (“MKA”), a Subsidiary, established a new Subsidiary named PT Gardapati Sahardaya (“GS”) with authorized capital amounted Rp 400,000,000 with issued and fully paid shares amounted Rp 100,000,000. MKA has 99.00% ownership. The establishment of the Company has been notarized by Humberg Lie, S.H., S.E., M.Kn., Notarial Deed No. 126 dated 30 October 2013 and has been approved by the Minister of Law and Human Rights of Republic of Indonesia in its Decision Letter No. AHU. 56065.AH.01.01. Tahun 2013 dated 4 November 2013.

PT Anggaraksa Lokeswara PT Anggaraksa Lokeswara

Pada tanggal 30 Oktober 2013, PT Mahardhika Karya Agung (“MKA”), Entitas Anak, mendirikan Entitas Anak baru bernama PT Anggaraksa Lokeswara (“AL”) dengan modal dasar saham sebesar Rp 400.000.000 yang telah ditempatkan dan disetor penuh oleh pemegang saham sebesar Rp 100.000.000. MKA memiliki 99,00% kepemilikan. Pendirian perusahaan ini telah diaktakan berdasarkan Akta Notaris Humberg Lie, S.H., S.E., M.Kn. No. 125 tanggal 30 Oktober 2013 dan telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik

On 30 October 2013, PT Mahardhika Karya Agung (“MKA”), a Subsidiary, established a new Subsidiary named PT Anggaraksa Lokeswara (“AL”) with authorized capital amounted Rp 400,000,000 with issued and fully paid shares amounted Rp 100,000,000. MKA has 99.00% ownership. The establishment of the Company has been notarized by Humberg Lie, S.H., S.E., M.Kn., Notarial Deed No. 125 dated 30 October 2013 and has been approved by the Minister of Law and Human Rights of Republic of Indonesia in its Decision Letter No. AHU. 56066.AH.01.01. Tahun 2013 dated 4 November 2013.

PT Prabangkara Sangkara PT Prabangkara Sangkara

Pada tanggal 30 Oktober 2013, PT Mahardhika Karya Agung (“MKA”), Entitas Anak, mendirikan Entitas Anak baru bernama PT Prabangkara Sangkara (“PS”) dengan modal dasar saham sebesar Rp 400.000.000 yang telah ditempatkan dan disetor penuh oleh pemegang saham sebesar Rp 100.000.000. MKA memiliki 99,00% kepemilikan. Pendirian perusahaan ini telah diaktakan berdasarkan Akta Notaris Humberg Lie, S.H., S.E., M.Kn. No. 123 tanggal 30 Oktober 2013 dan telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik

On 30 October 2013, PT Mahardhika Karya Agung (“MKA”), a Subsidiary, established a new Subsidiary named PT Prabangkara Sangkara (“PS”) with authorized capital amounted Rp 400,000,000 with issued and fully paid shares amounted Rp 100,000,000. MKA has 99.00% ownership. The establishment of the Company has been notarized by Humberg Lie, S.H., S.E., M.Kn., Notarial Deed No. 123 dated 30 October 2013 and has been approved by the Minister of Law and Human Rights of Republic of Indonesia in its Decision Letter No. AHU. 56620.AH.01.01. Tahun 2013 dated 6 November 2013.

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Pendirian Entitas Anak (Lanjutan) Establishment of Subsidiaries (Continued)

PT Kalingga Murda PT Kalingga Murda

Pada tanggal 30 Oktober 2013, PT Mahardhika Karya Agung (“MKA”), Entitas Anak, mendirikan Entitas Anak baru bernama PT Kalingga Murda (“KM”) dengan modal dasar saham sebesar Rp 400.000.000 yang telah ditempatkan dan

disetor penuh oleh pemegang saham sebesar

Rp 100.000.000. MKA memiliki 99,00% kepemilikan.

Pendirian perusahaan ini telah diaktakan berdasarkan Akta Notaris Humberg Lie, S.H., S.E., M.Kn. No. 122 tanggal 30 Oktober 2013 dan telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republlik Indonesia dalam Surat Keputusan No. AHU.56068.AH.01.01. Tahun 2013 tanggal 4 Nopember 2013.

On 30 October 2013, PT Mahardhika Karya Agung (“MKA”), a Subsidiary, established a new Subsidiary named PT Kalingga Murda (“KM”) with authorized capital amounted Rp 400,000,000 with issued and fully paid shares amounted Rp 100,000,000. MKA has 99.00% ownership. The establishment of the Company has been notarized by Humberg Lie, S.H., S.E., M.Kn., Notarial Deed No. 122 dated 30 October 2013 and has been approved by the Minister of Law and Human Rights of Republic of Indonesia in its Decision Letter No. AHU.56068.AH.01.01. Tahun 2013 dated 4 November 2013.

e. Susunan Komisaris, Direksi dan Karyawan e. Board of Commisioners, Directors and Employees

Anggota Dewan Komisaris dan Direksi pada tanggal 31 Desember 2013 dan 2012 adalah sebagai berikut:

Members of Board of Commisioners and Directors as of 31 December 2013 and 2012 are as follows:

2 0 1 3 2 0 1 2

Komisaris Utama (Independen) Pingki Elka Pangestu Pingki Elka Pangestu President Commisioner (Independent)

Komisaris Hasan Hasan Commisioner

Direktur Utama Frederick Rompas Andreas Kartawinata President Director

Direktur Sie Paula Ratna Dewi Frederick Rompas Director

Direktur (Tidak terafiliasi) Erwin Kusnadi Budiarto Winarto Director (Not affiliate)

Direktur - Sie Paula Ratna Dewi Director

Gaji dan remunerasi untuk Dewan Komisaris dan Direksi untuk tahun-tahun yang berakhir pada tanggal 31 Desember 2013 dan 2012 adalah sebagai berikut:

Salaries and remuneration for Board of Commisioners and Directors for the years ended 31 December 2013 and 2012 are as follows:

2 0 1 3 2 0 1 2

Dewan Komisaris 235.000.000 139.000.000 Board of Commisioners

Dewan Direksi 1.535.000.000 1.244.490.600 Board of Directors

Kelompok Usaha mempunyai sekitar 54 dan 31 karyawan tetap masing-masing pada tanggal 31 Desember 2013 dan 2012 (Tidak diaudit).

The Group has approximately 54 and 31 permanent employees as of 31 December 2013 and 2012, respectively (Unaudited).

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

Prinsip kebijakan akuntansi yang diterapkan dalam penyusunan laporan keuangan konsolidasian adalah seperti dijabarkan dibawah ini. Kebijakan ini telah diterapkan secara konsisten untuk semua tahun yang disajikan, kecuali dinyatakan lain.

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

a. Dasar Penyajian a. Basis of Presentation

Laporan keuangan konsolidasian telah disusun sesuai dengan Standar Akuntansi Keuangan di Indonesia (“SAK”) dan peraturan Badan Pengawas Pasar Modal dan Lembaga Keuangan (BAPEPAM-LK) Indonesia No. VIII.G.7 tentang Pedoman Penyajian Laporan Keuangan dan SE-02/PM/2002 yang dipertegas oleh Surat Edaran Ketua Bapepam-LK No. E-03/BL/2011 tanggal 13 Juli 2011 tentang Pedoman Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik Real Estat dan surat keputusan

No. KEP-347/BL/2012 tentang Perubahan Peraturan

No. VIII.G.7.

The consolidated financial statements have been prepared in accordance with Indonesian Financial Accounting Standards (“FAS”) and the rules of the Capital Market and Financial Institution Supervisory Agency (BAPEPAM–LK) Indonesia No. VIII.G.7 about the Guidelines on Financial Statements Presentation and SE-02/PM/2002 which is pronounced by

the Decision Decree of Chairman of Bapepam-LK

No. E-03/BL/2011 dated 13 July 2011 related to the

Guidelines on Financial Statements Presentation and Disclosures for Real Estate Public Company and decision letter No. KEP 347/BL/2012 regarding to the Changes in Regulation No. VIII.G.7.