PT City Retail Developments Tbk dan entitas anaknya/and its subsidiaries

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DAFTAR ISI Halaman/ Page

TABLE OF CONTENTS

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

Laporan Laba Rugi dan Penghasilan Consolidated Statement of Profit or Loss

Komprehensif Lain Konsolidasian ... 4 - 5 ... and Other Comprehensive Income Laporan Perubahan Ekuitas Konsolidasian ... 6 ...Consolidated Statement of Changes in Equity Laporan Arus Kas Konsolidasian ... 7 - 8 ...Consolidated Statement of Cash Flows Catatan Atas Laporan Keuangan Konsolidasian ... 9 - 146 ... Notes to the Consolidated Financial Statements

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ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 986.986.385.269 2e,2u,4,33 1.662.889.729.344 Cash and cash equivalents

Piutang usaha - pihak Trade receivables -

ketiga - neto 128.514.617.528 2u,5,13,33 112.179.452.425 third parties - net

Piutang lain-lain - pihak Other receivables -

ketiga - neto 8.986.762.342 2u,5,33 10.146.629.728 third parties - net

Uang muka 1.973.606.233 8 1.767.990.331 Advances

Persediaan - neto 55.390.809.301 2m,2n,7 55.429.555.708 Inventories - net

Bagian lancar biaya Current portion of

dibayar di muka 35.179.597.923 2g,2h,9 20.643.326.283 prepaid expenses

Pajak dibayar di muka 398.639.029.886 2q,19a 345.122.427.748 Prepaid taxes

2e,2u,

Aset keuangan lancar lainnya 265.075.343.500 6a,13,33 406.125.443.500 Other current financial assets

TOTAL ASET LANCAR 1.880.746.151.982 2.614.304.555.067 TOTAL CURRENT ASSETS

ASET TIDAK LANCAR NON-CURRENT ASSETS

Uang muka 203.006.817.905 8 271.112.278.020 Advances

Pajak dibayar di muka 12.660.668.153 19a 12.660.668.153 Prepaid taxes

Aset tetap - neto 255.772.790.582 2j,2n,10 255.790.949.831 Fixed assets - net

2i,2n,2x

Properti investasi - neto 7.709.481.231.489 11,13 7.065.699.898.486 Investment properties - net

Aset hak-guna 8.406.902.250 2b,2h,2n,14 10.192.193.774 Right-of-use assets

Aset pajak tangguhan 195.325.766 2q,19e 123.181.737 Deferred tax assets

Aset takberwujud - neto 27.448.182.726 2l,12 28.966.804.395 Intangible assets - net

Biaya dibayar di muka - setelah Prepaid expenses - net

dikurangi bagian lancar 52.876.605.936 2g,2h,9 55.403.734.493 of current portion

2e,2u,6b,

Aset keuangan tidak lancar lainnya 497.433.525.129 13,33 294.131.756.585 Other non-current financial assets

Aset tidak lancar lainnya 4.500.000 4.500.000 Other non-current assets

TOTAL ASET TIDAK LANCAR 8.767.286.549.936 7.994.085.965.474 TOTAL NON-CURRENT ASSETS

TOTAL ASET 10.648.032.701.918 10.608.390.520.541 TOTAL ASSETS

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Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.

The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole. 2

LIABILITAS LIABILITIES

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang bank jangka pendek - 2u,13,33 141.050.100.000 Short-term bank loan

Utang usaha - pihak ketiga 51.956.079.162 2u,16,33 105.351.074.948 Trade payable - third parties Utang lain-lain - pihak ketiga 69.342.581.718 2u,17,33 67.682.894.073 Other payables - third parties

Utang pajak 17.117.205.533 2q,19b 16.792.152.934 Taxes payables

Beban akrual 179.174.207.734 2u,18,33 184.718.047.652 Accrued expenses

Liabilitas imbalan Short-term employee

kerja jangka pendek 8.713.593.123 2p,2u,21,33 21.812.983.867 benefits liabilities

Bagian jangka pendek

uang muka penjualan dan Current portion of sales advances

pendapatan diterima di muka 116.169.512.781 2h,20 124.163.448.410 and unearned revenues

Uang jaminan sewa 849.727.296 2u,16,33 849.727.296 Security deposits

Utang jangka panjang yang jatuh

tempo dalam waktu satu tahun: 2u,33 Current portion of long-term debts:

Utang bank jangka panjang 327.927.604.026 13 558.837.481.957 Long-term bank loans

Liabilitas sewa 3.087.378.103 2b,2h,13 4.146.984.916 Lease liabilities

Utang pembiayaan konsumen 2.650.000 37.966.000 Consumer financing payables

Bagian jangka pendek

liabilitas lainnya 10.963.158.220 2u,15 10.963.158.220 Current portion of other liabilities

TOTAL LIABILITAS

JANGKA PENDEK 785.303.697.695 1.236.406.020.273 TOTAL CURRENT LIABILITIES

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Utang jangka panjang - setelah

dikurangi bagian yang jatuh Long-term debts -

tempo dalam waktu satu tahun: 2u,33 net of current portion:

Utang bank jangka panjang 3.118.805.166.951 13 2.554.834.135.695 Long-term bank loans

Liabilitas sewa 6.618.654.346 2b,2h,14 7.028.433.161 Lease liabilities

Utang pembiayaan konsumen - - Consumer financing payables

Uang muka penjualan dan

pendapatan diterima di muka - Sales advances and

setelah dikurangi bagian unearned revenues -

jangka pendek 87.346.643.607 2h,20 71.170.786.891 net of current portion

Uang jaminan sewa 140.338.896.332 2u,16,33 107.455.161.782 Security deposits

Liabilitas pajak tangguhan - neto 5.356.772.627 2q,19e 4.760.191.227 Deferred tax liabilities - net

Liabilitas imbalan kerja Long-term employee

jangka panjang 24.292.798.403 2o,2p,21 20.941.676.008 benefits liabilities

Liabilitas lainnya -

setelah dikurangi bagian Other liabilities -

jangka pendek 16.467.917.151 2u,15 16.467.917.151 net of current portion

TOTAL LIABILITAS TOTAL NON-CURRENT

JANGKA PANJANG 3.399.226.849.415 2.782.658.301.915 LIABILITIES

TOTAL LIABILITAS 4.184.530.547.110 4.019.064.322.188 TOTAL LIABILITIES

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EKUITAS EQUITY

EKUITAS YANG DAPAT EQUITY ATTRIBUTABLE TO

DIATRIBUSIKAN KEPADA OWNERS OF THE

PEMILIK ENTITAS INDUK PARENT ENTITY

Modal saham - nilai nominal Share capital - par value

Rp100 per saham Rp100 per share

Modal dasar - Authorized -

88.000.000.000 saham 88,000,000,000 shares

Modal ditempatkan dan

disetor penuh - Issued and fully paid -

22.198.871.804 saham 2.219.887.180.400 23 2.219.887.180.400 22,198,871,804 shares Tambahan modal disetor - neto 51.501.761.546 2r,24 51.501.761.546 Additional paid-in capital - net

Difference in value of

Selisih transaksi ekuitas dengan equity transactions with

kepentingan nonpengendali 293.071.543.088 293.071.543.088 non-controlling interests

Saldo laba (defisit) Retained earnings (deficit)

Telah ditentukan penggunaanya 1.000.000.000 1.000.000.000 Appropriated

Belum ditentukan penggunaannya (210.773.105.136) (170.941.138.102 ) Unappropriated

Penghasilan komprehensif lain (19.153.106) (19.153.106 ) Other comprehensive income

TOTAL 2.354.668.226.792 2.394.500.193.826 TOTAL

KEPENTINGAN NON-CONTROLLING

NONPENGENDALI 4.108.833.928.016 22 4.194.826.004.527 INTERESTS

TOTAL EKUITAS 6.463.502.154.808 6.589.326.198.353 TOTAL EQUITY

TOTAL LIABILITAS TOTAL LIABILITIES

DAN EKUITAS 10.648.032.701.918 10.608.390.520.541 AND EQUITY

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Period Ended June 30,

Catatan/

2021 Notes 2020

PENJUALAN DAN SALES AND

PENDAPATAN JASA 367.581.189.814 2s,25 238.716.046.346 SERVICE REVENUES

BEBAN POKOK PENJUALAN COST OF SALES AND

DAN PENDAPATAN JASA 196.718.307.095 2s,26 126.619.952.928 SERVICE REVENUES

LABA BRUTO 170.862.882.719 112.096.093.418 GROSS PROFIT

Beban pemasaran (1.813.012.148) 2s,27 (1.692.842.054) Marketing expenses

General and

Beban umum dan administrasi (78.615.026.208) 2s,28 (77.627.379.467) administrative expenses

Keuntungan dari akuisisi - 1d - Gain on bargain purchase

Keuntungan (kerugian)

selisih kurs - neto 10.582.461.057 2w 47.491.862.559 Gain (loss) on forex - net

Pembalikan atas (kerugian) Reversal of impairment

penurunan nilai - neto - 2n,7,11 - (impairment losses) - net

Pendapatan (beban) lainnya - neto (49.568.304.896) (10.097.533.803) Other income (expenses) - net

LABA USAHA 51.449.000.524 70.170.200.653 INCOME FROM OPERATIONS

Pendapatan keuangan 6.423.017.989 2s,29 31.593.321.690 Finance income

Biaya keuangan (148.122.033.667) 30 (64.584.959.463) Finance costs

LABA SEBELUM INCOME BEFORE

BEBAN PAJAK FINAL DAN FINAL TAX EXPENSES

BEBAN PAJAK PENGHASILAN (90.250.015.154) 37.178.562.880 AND INCOME TAX EXPENSES

Beban pajak final (34.550.747.492) 2q,19c (22.793.166.830) Final tax expenses

LABA (RUGI) SEBELUM INCOME (LOSS) BEFORE

BEBAN PAJAK PENGHASILAN (124.800.762.646) 14.385.396.050 INCOME TAX EXPENSES

Beban pajak penghasilan - neto (1.023.280.899) 2q,19c (661.904.994) Income tax expenses - net

LABA (RUGI) TAHUN BERJALAN (125.824.043.545) 13.723.491.056 PROFIT (LOSS) FOR THE YEAR

PENGHASILAN OTHER COMPREHENSIVE

KOMPREHENSIF LAIN INCOME

Pos yang tidak akan Item that will not be

direklasifikasi ke laba rugi: reclassified to profit or loss:

Pengukuran kembali atas Remeasurements of

program imbalan pasti - 2o - defined benefit plans

Pajak penghasilan terkait - 2q - Related income tax

PENGHASILAN KOMPREHENSIF OTHER COMPREHENSIVE

LAIN TAHUN BERJALAN INCOME

SETELAH PAJAK - - FOR THE YEAR AFTER TAX

TOTAL PENGHASILAN (RUGI)

KOMPREHENSIF TAHUN TOTAL COMPREHENSIVE

BERJALAN (125.824.043.545) 13.723.491.056 INCOME (LOSS) FOR THE YEAR

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Periode yang Berakhir pada tanggal 30 Juni/

Period Ended June 30,

Catatan/

2021 Notes 2020

Laba (rugi) tahun berjalan yang

dapat diatribusikan kepada: Profit (loss) for the year attributable to:

Pemilik entitas induk (39.831.967.034) 23.840.226.232 Owners of the parent entity Kepentingan nonpengendali (85.992.076.511) (10.116.735.176) Non-controlling interests

TOTAL (125.824.043.545) 13.723.491.056 TOTAL

Total penghasilan (rugi)

komprehensif tahun berjalan Total comprehensive income (loss)

yang dapat diatribusikan kepada: for the year attributable to:

Pemilik entitas induk (39.831.967.034) 23.840.226.232 Owners of the parent entity Kepentingan nonpengendali (85.992.076.511) (10.116.735.176) Non-controlling interests

TOTAL (125.824.043.545) 13.723.491.056 TOTAL

Laba (rugi) per saham yang dapat Earnings (loss) per share

diatribusikan kepada pemilik attributable to owners of

entitas induk (1,79) 2t,31 1,07 the parent entity

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

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_Penghasilan

Komprehensif Lain/

Other

Selisih Comprehensive

Transaksi Ekuitas Income

dengan

Kepentingan Pengukuran

Modal Saham Nonpengendali/ Saldo Laba (Defisit)/ Kembali

Ditempatkan dan Tambahan Modal Difference Retained Earnings (Deficit) atas Program

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

Issued Additional Transactions with Telah Ditentukan Belum Ditentukan Remeasurements Nonpengendali/

Catatan/ and Fully Paid Paid-in Non-controlling Penggunaannya/ Penggunaannya/ of Defined Total/ Non-controlling Total Ekuitas/ Notes Share Capital Capital - Net Interests Appropriated Unappropriated Benefit Plans Total Interests Total Equity

Saldo, 1 Januari 2020 2.219.887.180.400 51.501.761.546 293.071.543.088 1.000.000.000 (226.722.530.778) 213.156.355 2.338.951.110.611 4.099.369.144.011 6.438.320.254.622 Balance, January 1, 2020

Total rugi komprehensif tahun berjalan - - - - 23.840.226.231 - 23.840.226.231 (10.116.735.176) 13.723.491.055 Total comprehensive loss for the year

Saldo, 30 Juni 2020 2.219.887.180.400 51.501.761.546 293.071.543.088 1.000.000.000 (202.882.304.547) 213.156.355 2.362.791.336.842 4.089.252.408.835 6.452.043.745.677 Balance, June 30, 2020

Saldo, 1 Januari 2021 2.219.887.180.400 51.501.761.546 293.071.543.088 1.000.000.000 (170.941.138.102) (19.153.106) 2.394.500.193.826 4.194.826.004.527 6.589.326.198.353 Balance, January 1, 2021

Total penghasilan komprehensif tahun berjalan - - - - (39.831.967.034) - (39.831.967.034) (85.992.076.511) (125.824.043.545) Total comprehensive income for the year

Saldo, 30 Juni 2021 2.219.887.180.400 51.501.761.546 293.071.543.088 1.000.000.000 (210.773.105.136) (19.153.106) 2.354.668.226.792 4.108.833.928.016 6.463.502.154.808 Balance, June 30, 2021

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Catatan/

2021 Notes 2020

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM

OPERASI OPERATING ACTIVITIES

Penerimaan kas dari pelanggan 392.836.117.718 199.234.401.905 Cash receipts from customers

Pembayaran untuk: Payments for:

Pemasok (182.174.712.262) (112.821.515.678) Suppliers

Beban usaha (48.796.105.628) (90.432.788.628) Operating expenses

Penerimaan dari pendapatan keuangan 6.423.017.989 31.593.321.690 Receipts from finance income Pembayaran beban bunga (148.122.033.667) (64.584.959.463) Payments of interest expenses

Pembayaran pajak (35.368.669.640) (23.590.879.618) Payments of taxes

Kas Neto yang Digunakan untuk Net Cash Used in

Aktivitas Operasi (15.202.385.490) (60.602.419.792) Operating Activities

INVESTASI INVESTING ACTIVITIES

Penerimaan (penempatan) Proceeds from (placement of)

refundable deposit (88.809.650.391) (1.115.272.090) refundable deposit

Perolehan properti investasi (703.361.386.502) 11 (380.596.905.488) Acquisitions of investment properties

Penambahan uang muka Increase in advance for purchase

pembelian tanah dan proyek - 8,35 (1.000.000.000) of land and project

Perolehan aset tetap (69.449.857.299) 10,35 (9.027.289.715) Acquisitions of fixed assets Perolehan aset takberwujud (1.954.168.671) 12,35 (2.825.774.026) Acquisitions of intangible assets

Kas Neto yang Digunakan untuk Net Cash Used in

Aktivitas Investasi (863.575.062.863) (394.565.241.319) Investing Activities

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Catatan/

2021 Notes 2020

PENDANAAN FINANCING ACTIVITIES

Penerimaan utang bank 323.686.591.796 13 166.285.921.485 Proceeds from bank loans Penempatan bank yang

dibatasi penggunaannya - 6,35 - Placement of restricted cash in bank

Pembayaran utang bank (131.675.538.471) 13 (59.356.838.353) Payments of bank loans

Pembayaran biaya transaksi - 13,35 - Payments of transaction costs

Penerimaan liabilitas sewa 280.589.896 14,35 - Proceeds of lease liabilities

Pembayaran utang Payments of consumer

pembiayaan konsumen - (152.743.000) financing payable

Kas Neto yang Diperoleh Dari Net Cash Provided by

Aktivitas Pendanaan 192.291.643.221 106.776.340.132 Financing Activities

PENURUNAN NETO NET DECREASE IN

KAS DAN SETARA KAS (686.485.805.132) (348.391.320.979) CASH AND CASH EQUIVALENTS

PENGARUH PERUBAHAN EFFECT OF CHANGES IN

SELISIH KURS MATA UANG FOREIGN EXCHANGE

ASING TERHADAP KAS RATE ON CASH AND

DAN SETARA KAS 10.582.461.057 2w 47.491.862.559 CASH EQUIVALENTS

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AWAL PERIODE 1.662.889.729.344 2.384.940.859.916 AT BEGINNING OF PERIOD

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AKHIR PERIODE 986.986.385.269 4 2.084.041.401.496 AT END OF PERIOD

Tambahan informasi arus kas diungkapkan dalam Catatan 35.

Supplemental cash flows information is presented in Note 35.

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a. Pendirian Perusahaan a. Establishment of the Company

PT Nirvana Development Tbk (“Perusahaan”) didirikan berdasarkan Akta Notaris P. Sutrisno A. Tampubolon, S.H., M.Kn., No. 43 tanggal 18 Desember 2003. Akta pendirian ini telah disahkan oleh Menteri Kehakiman 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 Akta Notaris Humberg Lie, S.H., S.E M.Kn., No. 65 tanggal 14 Mei 2018, mengenai perubahan nama Perusahaan dari PT Nirvana Development Tbk menjadi PT City Retail Developments Tbk. Perubahan ini telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU-0010593.AH.01.02 Tahun 2018 tanggal 14 Mei 2018.

PT Nirvana Development Tbk (the

“Company”) was established based on Notarial Deed No. 43 made before P. Sutrisno

A. Tampubolon, S.H., M.Kn., dated

December 18, 2003. The Deed of

establishment had been approved by the Minister of Justice and Human Rights of the Republic of Indonesia in its Decision Letter

No. C-10765.HT.01.01.TH. 2004 dated

April 30, 2004 and was published in the State Gazette of the Republic of Indonesia No. 9848 dated October 1, 2004, Supplement No. 79. Based on Notarial Deed No. 65 of Humberg Lie, S.H., S.E M.Kn., dated May 14, 2018, concerning the changes of Company’s name from PT Nirvana Development Tbk to PT City Retail Developments Tbk. This change has been approved by the Ministry of Law and Human Rights of the Republic of Indonesia in

its Decision Letter No.

AHU-0010593.AH.01.02 Tahun 2018 dated

May 14, 2018. Anggaran Dasar Perusahaan telah mengalami

beberapa kali perubahan, terakhir dengan Akta Notaris Humberg Lie, S.H., M.Kn. No. 16 tanggal 3 Oktober 2018 mengenai penambahan kegiatan usaha Perusahaan. Perubahan ini telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU-0020541.AH.01.02 Tahun 2018 tanggal 3 Oktober 2018.

The Company’s Articles of Association has been amended several times, the latest amended was covered by Notarial Deed of Humberg Lie, S.H., M.Kn. No. 16 dated October 3, 2018 concerning the additional of the Company’s scope of activities. This amendment has been approved by the Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-0020541.AH.01.02 Tahun 2018 dated October 3, 2018.

Berdasarkan Pasal 3 Anggaran Dasar Perusahaan, ruang lingkup kegiatan Perusahaan bergerak dalam bidang pembangunan, jasa, perdagangan, perindustrian dan investasi. Kegiatan usaha Perusahaan, melalui entitas anaknya, bergerak dalam bidang pembangunan, penyewaan, pengelolaan atas pusat perbelanjaan dan pengelolaan hotel.

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, through its subsidiaries, is engaged in building construction, rental and shopping malls and hotel’s management.

Perusahaan berdomisili di Menara Jamsostek lantai 8, Jalan Gatot Subroto Kav. 38, Jakarta Selatan, dan entitas-entitas anak berdomisili di beberapa lokasi antara lain, Jakarta, Cirebon, Cilegon, Cikarang, Sukoharjo, Pangkalan Bun, Ketapang, Sampit, Baturaja, Prabumulih, Cianjur, Sukabumi, Kapuas, Bogor, Gorontalo, Medan dan Palu. Perusahaan mulai beroperasi

The Company is domiciled in Menara Jamsostek, 8th_{floor, Jalan Gatot Subroto}

Kav. 38, South Jakarta, and its subsidiaries are domiciled in several locations, among others, Jakarta, Cirebon, Cilegon, Cikarang,

Sukoharjo, Pangkalan Bun, Ketapang,

Sampit, Baturaja, Prabumulih, Cianjur, Sukabumi, Kapuas, Bogor, Gorontalo, Medan

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a. Pendirian Perusahaan (lanjutan) a. Establishment of the Company (continued)

PT Mega Inti Perdana Utama adalah entitas induk Perusahaan dan juga merupakan entitas induk terakhir dari Perusahaan dan Entitas Anaknya (selanjutnya secara bersama-sama disebut sebagai “Grup”).

PT Mega Inti Perdana Utama is the parent entity of the Company and is also the ultimate parent entity of the Company and its Subsidiaries (collectively referred to hereafter as the “Group”).

b. Penyelesaian Laporan Keuangan

Konsolidasian

b. Completion of the Consolidated Financial Statements

Manajemen bertanggung jawab atas penyusunan dan penyajian laporan keuangan konsolidasian, yang telah diselesaikan dan disetujui untuk diterbitkan oleh Direksi Perusahaan pada tanggal 30 Agustus 2021.

The management is responsible for the preparation and presentation of the consolidated financial statements which were completed and authorized for issuance by the Company’s Directors on August 30, 2021.

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

On August 31, 2012, the Company obtained the effective statement from the Chairman of the Capital Market and Financial Institution

Supervisory Agency (“BAPEPAM-LK”),

currently as Financial Services Authority (“OJK”) in its letter No. S-10537/BL/2012 for the initial public offering of 6,000,000,000 shares of the Company with par value of Rp100 per share to public with offering price at Rp105 per share and simultaneously the issuance of 4,200,000,000 Warrants I accompanying the new shares issued, which were granted free as an incentive for the shareholders at an exercise price of Rp110 which is effective starting on March 13, 2013 up to September 11, 2015. These shares were listed on the Indonesia Stock Exchange on September 13, 2012.

d. Struktur Grup d. The Group’s Structure

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

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

Persentase (%)

Mulai Kepemilikan/

Beroperasi/ Percentage (%) Total Aset/

Kegiatan Usaha/ Start of of Ownership Total Assets

Nama Entitas Anak/ Domisili/ Principal Commercial

Name of Subsidiaries Domicile Activity Operations 2021 2020 2021 2020

Kepemilikan saham secara langsung/Direct ownership Belum beroperasi/Non-operating

PT City Malls Indonesia (“CMI”) Jakarta a - 99,99 99,99 10.627.313.250.497 10.605.000.807.541

PT Nuansa Citra Persona (“NCP”) Jakarta d - 99,99 99,99 519.955.000 305.726.000

Kepemilikan saham secara tidak langsung melalui PT City Malls Indonesia/Indirect ownership through PT City Malls Indonesia Belum beroperasi/Non-operating

PT Nirvana Wastu Pratama (“NWP”) Jakarta d - 32,48 32,48 9.981.769.972.846 9.956.565.394.196

PT Nirvana Infrastructure (“NI”) Jakarta d - 99,98 99,98 644.521.992.382 648.434.413.297

Kepemilikan saham secara tidak langsung melalui PT Nuansa Citra Pesona/Indirect ownership through PT Nuansa Citra Pesona Belum beroperasi/Non-operating

PT Wahana Cipta Persadajaya

(15)

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

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

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

Persentase (%)

Kepemilikan saham secara tidak langsung melalui PT Nirvana Infrastructure/Indirect ownership through PT Nirvana Infrastructure Belum beroperasi/Non-operating

PT Genta Nirvana Mahaputra

(“GNM”) Jakarta c - 99,44 99,44 60.092.276.122 59.994.969.238

Beroperasi/Operating

PT Tristar Land (“TL”) Sukoharjo d 2013 99,82 99,82 338.596.024.396 343.221.639.455

PT Narendra Amerta (“NA”) Sukoharjo d 2013 99,99 99,99 13.632.754.928 13.606.696.265

Kepemilikan saham secara tidak langsung melalui PT Nirvana Wastu Pratama/Indirect ownership through PT Nirvana Wastu Pratama Belum beroperasi/Non-operating

NWP Retail Pte., Ltd. (“NWPret”) Singapura n - 100,00 100,00 794.712.232.001 804.459.578.698

PT Nirvana Wastu Kastara

Kasyapi (“NWKK”) Purwakarta d - 100,00 100,00 52.793.147.178 52.463.702.030

PT Prawara Ranajaya

Catra (“PRC”) Jakarta l - 100,00 100,00 711.887.928.634 41.021.144.114

PT Nirvana Wastu Prawara

Radika (““NWPRdk”) Garut d - 100,00 100,00 58.347.289.782 27.462.785.375

PT Nirvana Wastu Gunaadhya

Jayendra (“NWGJ”) Bojonegoro d - 100,00 100,00 27.317.353.717 27.311.559.657

PT Nirvana Wastu Anargya

Kastara (“NWAK”) Bandung d - 100,00 100,00 20.952.857.258 20.318.275.537

PT Bimantara Danar Dipta (“BDD”) Cilacap l - 100,00 100,00 20.170.848.760 19.840.351.348

PT Abhinaya Badasa Badi (“ABB”) Pangkal Pinang l - 100,00 100,00 21.519.097.029 19.645.049.469

PT Yoja Megah Karta (“YJMK”) Yogjakarta l - 100,00 100,00 2.502.520.833 2.505.545.833

PT Wipala Madang Utama

(“WPM”) Bogor l - 100,00 100,00 2.500.000.000 2.500.000.000

PT Yodya Megah Karta (“YDMK”) Yogjakarta o - 100,00 100,00 2.502.520.832 2.480.215.833

PT Anantara Bengawan Harja

(“ABH”) Solo l - 100,00 100,00 2.500.000.000 2.477.420.000

PT Sentrayasa Karya Bilang

(“SKB”) Jakarta l - 100,00 100,00 2.503.015.385 2.477.206.667

PT Narendra Daksa Lestari

(“NDL”) Palangkaraya l - 100,00 100,00 2.685.745.996 2.421.085.707

PT Nirvana Wastu Kencana

(“NWK”) Jakarta g - 99,90 99,90 2.664.679.461 2.154.335.091

PT Nirvana Wastu Manggala

Laksita (“NWML”) Cilegon d - 100,00 100,00 178.099.448 178.359.448

PT Adhinata Sangkara

Pratama (“ASP”) Kapuas e - 100,00 100,00 100.000.000 84.807.693

PT Nirvana Wastu Prasista

Rahardja (“NWPRja”) Jakarta d - 100,00 100,00 79.334.788 79.565.571

PT Nirvana Wastu Mahardika

(“NWM”) Depok d - 100,00 100,00 100.200.000 72.307.693

PT Nirvana Wastu Pastika

Prabadwipa (“NWPP”) Jakarta d - 100,00 100,00 81.419.797 69.660.408

PT Nirvana Wastu Narthana

(“NWN”) Jakarta d - 100,00 100,00 69.390.593 69.631.233

PT Nirvana Wastu Danapati

(16)

Persentase (%)

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

PT Pejaten Semesta Raya (“PSR”) Jakarta l 2020 100,00 100,00 1.443.814.323.345 1.311.735.610.400

PT Primerindo Kencana (“PK”) Gorontalo g 2011 100,00 100,00 945.410.939.190 885.294.714.200

PT Karya Bersama Takarob

(“KBT”) Cirebon f 2008 100,00 100,00 859.099.067.732 674.066.522.645

PT Nirvana Wastu Amerta (“NWA”) Depok g 2020 100,00 100,00 631.447.691.256 594.399.445.110

PT Kalingga Murda (“KM”) Jakarta g 2016 100,00 100,00 963.946.120.856 527.606.360.887

PT Binjai Hatua Makmur (“BHM”) Binjai l 2020 100,00 100,00 405.447.064.032 395.541.488.206

PT Danadipa Aluwung (“DA”) Sampit g 2014 100,00 100,00 381.733.608.900 374.015.161.597

PT Sekala Braha Semesta (“SBS”) Bandar Lampung l 2020 100,00 100,00 256.612.424.435 357.241.776.424

PT Nirvana Wastu Sagara

Bhadrika (“NWSB”) Cilegon d 2019 100,00 100,00 344.795.608.515 351.010.085.981

PT Grahita Dana (“GD”) Cirebon g 2014 100,00 100,00 220.283.044.816 229.938.228.842

PT Dhanika Sejahtera Makmur

(“DSM”) Denpasar l 2020 100,00 100,00 228.077.348.011 229.052.498.804

PT Tarangga Hanasta (“TH”) Ketapang g 2015 100,00 100,00 224.997.528.513 218.734.350.360

PT Nirvana Wastu Pradana

(“NWPR”) Cianjur d 2016 100,00 100,00 284.733.978.282 217.725.268.852

PT Adhiwangsa Satata Ekatra

(“ASE”) Depok l 2020 100,00 100,00 197.788.384.038 197.723.206.966

PT Tunas Mitra Usaha (“TMU”) Cirebon d 2012 100,00 100,00 62.730.633.873 197.562.639.138

PT Palu Graha Sejahtera (“PGS”) Palu b 2014 68,00 68,00 198.547.555.237 197.562.397.995

PT Nirvana Wastu Utama (“NWU”) Sukabumi d 2016 100,00 100,00 142.052.877.967 140.527.096.234

PT Prabangkara Sangkara (“PS”) Kapuas g 2016 100,00 100,00 138.936.010.820 132.174.786.801

PT Buana Baru Prima (“BBP”) Pangkalan Bun g 2013 100,00 100,00 115.809.586.869 114.394.512.028

PT Aneka Jayausaha Maju

Terus (“AJUMT”) Jakarta h 2011 100,00 100,00 60.397.545.496 42.148.610.440

PT Melia Arjuna Bejana (“MAB”) Bogor d 2016 100,00 100,00 29.961.771.473 29.240.699.853

PT Kalingga Kara Daneswara

(“KKD”) Prabumulih m 2020 100,00 100,00 22.497.840.872 23.989.693.467

PT Adhirajasa Hanasta

Pratama (“AHP”) Ketapang e 2019 100,00 100,00 19.878.820.488 21.129.269.958

PT Nirvana Wastu Karya

Pratama (“NWKP”) Cikarang d 2017 100,00 100,00 19.275.153.080 12.656.094.564

Tahap pengembangan/Development stage

PT Nirvana Wastu Jaya

Pratama (“NWJP”) Semarang d - 75,00 75,00 789.120.997.941 589.340.508.041

PT Kalingga Murda Pratama

(“KMP”) Kendari g - 100,00 100,00 226.579.957.595 160.515.683.259

PT Gardapati Sahardaya (“GS”) Tanjung Pinang g - 100,00 100,00 123.415.947.152 123.318.311.263

PT Tirta Anugrah Buana (“TAB”) Bondowoso g - 100,00 100,00 114.781.428.222 113.735.015.961

PT Nirvana Wastu Jaya (“NWJ”) Sorong d - 100,00 100,00 112.567.035.819 109.288.742.396

PT Nirvana Wastu Usaha

Karya (“NWUK”) Tuban g - 100,00 100,00 48.131.839.396 100.972.510.411

PT Anggaraksa Lokeswara (“AL”) Bontang g - 100,00 100,00 119.703.486.797 82.503.111.648

PT Nirvana Wastu Kusuma

(“NWKus”) Cilegon g - 100,00 100,00 40.984.839.858 40.894.999.713

PT Kalingga Murda Raja (“KMR”) Indramayu d - 100,00 100,00 21.709.185.629 21.666.146.050

PT Nirvana Wastu Karya

(17)

Persentase (%)

Kepemilikan saham secara tidak langsung melalui PT Primerindo Kencana/Indirect ownership through PT Primerindo Kencana Belum beroperasi/Non-operating

PT Primerindo Sejahtera (“PSj”) Gorontalo i - 100,00 100,00 599.525.250.562 559.042.190.738

Kepemilikan saham secara tidak langsung melalui PT Primerindo Sejahtera/Indirect ownership through PT Primerindo Sejahtera Beroperasi/Operating

PT Polonia Anugerah Jaya (“PAJ”) Medan k 2018 100,00 100,00 308.035.244.433 306.819.077.608

PT Paramarta Rolas Jaya (“PRJ”) Dumai j 2019 100,00 100,00 296.318.006.129 257.051.113.130

Belum beroperasi/Non-operating

PT Mahawira Rajendra Jaya

(“MRJ”) Dumai j - 99,00 99,00 100.000.000 100.000.000

Keterangan kegiatan usaha entitas anak pada tanggal 30 Juni 2021 dan 31 Desember 2020:/ Description on the principal activities of subsidiaries as of June 30, 2021 and December 31, 2020:

a Pembangunan, penyertaan modal, perdagangan, perindustrian, pengangkutan darat, percetakan dan jasa kecuali di bidang hukum dan pajak/ Construction, investment, trading, industry, land transportation, printing and services, except legal and tax fields

b Pertanian, perindustrian, perdagangan, dan pembangunan/ Agriculture, industry, trading, and construction

c Perdagangan, pembangunan, perindustrian dan jasa/ Trading, construction, industry and service

d Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan, perbengkelan, pertanian dan kehutanan/ Trading, transportation, construction, industry, service, printing, workshop, agriculture and forestry

e Pembangunan dan Pengelolaan Hotel Bintang Dua/ Construction and Management of Two Star Hotel

f Jasa, pembangunan, pengangkutan darat, perbengkelan, percetakan, perdagangan, perindustrian, pertambangan dan pertanian/

Service, construction, land transportation, workshop, printing, trading, industry, mining and agriculture g Perdagangan, pengangkutan, pembangunan, perindustrian, jasa, percetakan dan pertanian/

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

h Perdagangan, jasa, perindustrian, percetakan, perbengkelan, kehutanan, perkebunan, pertanian, perikanan, pembangunan, perumahan, pengangkutan darat, bahan kimia, restoran, pergudangan, pasar swalayan, garmen dan mebel/

Trading, service, industry, printing, workshop, forestry, plantations, agriculture, fishery, construction, real estate, land transportation, chemical, restaurant, warehousing, supermarkets, garment and furniture

i Perdagangan, keagenan, jasa, perindustrian, pemborongan bangunan, konsultan, percetakan, pengangkutan, perbengkelan, real estat, restoran, garmen,

pertanian dan pertambangan/

Trading, agency, service, industry, building contractor, consultant, printing, transportation, workshop, real estate, restaurant, garment, agriculture and mining

j Pemborongan, real estat, pembangunan, jasa dan konsultasi, perdagangan dan perindustrian/

Contractor, real estate, construction, service and consultation, trading and industry

k Pembangunan, real estat, jasa, perdagangan, pengangkutan, perindustrian, percetakan, perbengkelan, pertanian dan kehutanan/ Construction, real estate, service, trading, transportation, industry, printing, workshop, agriculture and forestry

l Real estate yang dimiliki sendiri atau disewa/

Owned or leased real estate m Perhotelan/

Hospitality n Entitas induk lainnya/

Other holding companies

o Pembangunan dan Pengelolaan Hotel Bintang Lima/ Construction and Management of Five Star Hotel

(18)

Kombinasi Bisnis Business Combination

Pembelian Bisnis Pusat Perbelanjaan Purchase of Shopping Center Business

PT Pejaten Semesta Raya PT Pejaten Semesta Raya

Berdasarkan Akta Jual Beli tanggal 30 Juli 2020 yang diaktakan oleh Notaris Jose Dima Satria S.H., M.Kn., PSR setuju untuk membeli bisnis pusat perbelanjaan Pejaten Village yang dimiliki oleh PT Panca Permata Pejaten.

Based on Sale and Purchase Deed dated July 30, 2020 which was notarized by Jose Dima Satria S.H., M.Kn., PSR agreed to purchase Pejaten Village shopping center that was owned by PT Panca Permata Pejaten. Nilai wajar dari aset dan liabilitas dari bisnis

Pejaten Village yang dapat diidentifikasi pada tanggal akuisisi adalah sebagai berikut:

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

Nilai Wajar pada Tanggal Akuisisi/

Fair Value at Acquisition Date

Persediaan 82.078.400 Inventories

Pajak dibayar dimuka 4.988.551.510 Prepaid taxes

Properti investasi 1.117.097.000.000* Investment properties

Total aset 1.122.167.629.910 Total assets

Pendapatan diterima di muka 49.885.515.096 Unearned revenue

Uang jaminan sewa 27.193.942.665 Security deposit

Total liabilitas 77.079.457.761 Total liabilities

Aset neto pada tanggal akuisisi 1.045.088.172.149 Net assets at acquisition date

Aset neto yang diakuisisi 1.045.088.172.149 Net assets acquired

Keuntungan dari akuisisi 219.139.865.595 Gain on bargain purchase

Total imbalan yang dibayarkan 825.948.306.554 Total consideration paid

Arus Kas/ Cash flows

Total imbalan yang dibayarkan 825.948.306.554 Total consideration paid

Total imbalan yang dibayarkan Total consideration paid

dicatat sebagai recorded in

utang lain-lain (Catatan 17) (11.567.523.844) other payables (Note 17)

Kas yang dibayarkan untuk Total cash paid for

akuisisi bisnis 814.380.782.710 business acquisition

Keuntungan dari akuisisi dicatat neto dengan biaya terkait akusisi sebesar Rp60.370.804.105 dalam laporan laba rugi dan penghasilan komprehensif lain konsolidasian pada tanggal yang berakhir 31 Desember 2020.

Gain on bargain purchased is presented net with acquisition related costs amounting to Rp60,370,804,105 in the consolidated statement of profit or loss and other comprehensive income for the year ended December 31, 2020.

*) Berdasarkan hasil penilaian yang dilakukan oleh KJPP Rengganis, Hamid & Rekan penilai independen, dalam laporannya yang bertanggal 18 Maret 2021.

*) Based on valuation performed by KJPP Rengganis, Hamid & Rekan, an independent appraiser on its report dated March 18, 2021.

(19)

Kombinasi Bisnis (lanjutan) Business Combination (continued)

Pembelian Bisnis Pusat Perbelanjaan (lanjutan) Purchase of Shopping Center Business (continued)

PT Binjai Hatua Makmur PT Binjai Hatua Makmur

Berdasarkan Akta Jual Beli tanggal 3 Agustus 2020 yang diaktakan oleh Notaris Muchairani S.H., M.Kn., BHM setuju untuk membeli bisnis pusat perbelanjaan Binjai Super Mall yang dimiliki oleh PT Amanda Cipta Utama.

Based on Sale and Purchase Deed dated August 3, 2020 which was notarized by Muchairani S.H., M.Kn., BHM agreed to purchase Binjai Super Mall shopping center that was owned by PT Amanda Cipta Utama. Nilai wajar dari aset dan liabilitas dari bisnis

Binjai Super Mall yang dapat diidentifikasi pada tanggal akuisisi adalah sebagai berikut:

The fair value of the identifiable assets and liabilities of Binjai Super Mall business as of the acquisition date were as follow:

Pajak dibayar dimuka 1.010.514.528 Prepaid taxes

Properti investasi 295.906.000.000* Investment properties

Aset tidak lancar lainnya 330.130.000 Other non-current assets

Total aset 297.332.837.439 Total assets

Aset neto pada tanggal akuisisi 280.419.671.684 Net assets at acquisition date

Aset neto yang diakuisisi 280.419.671.684 Net assets acquired

Total imbalan yang dibayarkan Total consideration paid

dicatat sebagai recorded in

utang lain-lain (Catatan 17) (2.984.791.547) other payables (Note 17)

Gain on bargain purchased is presented net with acquisition related costs amounting to Rp17,355,380,510 in the consolidated statement of profit or loss and other comprehensive income for the year ended

(20)

PT Adhiwangsa Satata Ekatra PT Adhiwangsa Satata Ekatra

Berdasarkan Akta Jual Beli tanggal 10 Agustus 2020 yang diaktakan oleh Notaris Pria Takari Utama S.H., M.Kn., ASE setuju untuk membeli bisnis pusat perbelanjaan Cimanggis Square Depok yang dimiliki oleh PT Surya Asri Lestari.

Based on Sale and Purchase Deed dated August 10, 2020 which was notarized by Pria Takari Utama S.H., M.Kn., ASE agreed to purchase Cimanggis Square Depok shopping center that was owned by PT Surya Asri Lestari.

Nilai wajar dari aset dan liabilitas dari bisnis Cimanggis Square Depok yang dapat diidentifikasi pada tanggal akuisisi adalah sebagai berikut:

The fair value of the identifiable assets and liabilities of Cimanggis Square Depok business as of the acquisition date were as follow:

Pajak dibayar dimuka 207.031.288 Prepaid taxes

Pengurang imbalan yang dibayarkan Total consideration paid

dicatat sebagai deduction recorded

piutang lain-lain 35.987.976 in other receivables

(21)

PT Dhanika Sejahtera Makmur PT Dhanika Sejahtera Makmur

Berdasarkan Akta Jual Beli tanggal 11 Agustus 2020 yang diaktakan oleh Notaris I Ketut Damanta S.H., DSM setuju untuk membeli bisnis pusat perbelanjaan Duta Plaza Bali yang dimiliki oleh PT Mega Duta Persada.

Based on Sale and Purchase Deed dated August 11, 2020 which was notarized by I Ketut Damanta S.H., DSM agreed to purchase Duta Plaza Bali shopping center that was owned by PT Mega Duta Persada. Nilai wajar dari aset dan liabilitas dari bisnis

Duta Plaza Bali yang dapat diidentifikasi pada tanggal akuisisi adalah sebagai berikut:

The fair value of the identifiable assets and liabilities of Duta Plaza Bali business as of the acquisition date were as follow:

Pendapatan diterima di muka 817.139.660 Unearned revenue

piutang lain-lain 4.022.191.152 in other receivables

Gain on bargain purchased is presented net with acquisition related costs amounting to

Rp8,446,426,033 in the consolidated

statement of profit or loss and other comprehensive income for the year ended December 31, 2020.

(22)

PT Sekala Braha Semesta PT Sekala Braha Semesta

Berdasarkan Akta Jual Beli tanggal 11 September 2020 yang diaktakan oleh Notaris Edwin S.H., M.Kn., SBS setuju untuk membeli bisnis pusat perbelanjaan Central Plaza Lampung yang dimiliki oleh PT Prima Gerbang Persada.

Based on Sale and Purchase Deed dated September 11, 2020 which was notarized by Edwin S.H., M.Kn., SBS agreed to purchase Central Plaza Lampung shopping center that was owned by PT Prima Gerbang Persada. Nilai wajar dari aset dan liabilitas dari bisnis

Sentra Plaza Lampung yang dapat diidentifikasi pada tanggal akuisisi adalah sebagai berikut:

The fair value of the identifiable assets and liabilities of Sentra Plaza Lampung business as of the acquisition date were as follow: Nilai Wajar pada

Tanggal Akuisisi/ Fair Value at Acquisition Date

Beban akrual 2.000.000.000 Accrued expenses

piutang lain-lain 2.721.167.223 in other receivables

(23)

PT Nirvana Wastu Sagara Bhadrika PT Nirvana Wastu Sagara Bhadrika Berdasarkan Akta Jual Beli tanggal

29 Oktober 2019 yang diaktakan oleh Notaris Ratna Sari Utama, S.H., M.Kn., M.M., NWSB setuju untuk membeli bisnis pusat perbelanjaan Cilegon Supermall yang dimiliki oleh PT Griyapesona Mentari.

Based on Sale and Purchase Deed dated October 29, 2019 which was notarized by Ratna Sari Utama, S.H., M.Kn., M.M., NWSB agreed to purchase Cilegon Supermall shopping center that was owned by PT Griyapesona Mentari.

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

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

Beban akrual 4.000.000.000 Accrued expense

Total imbalan yang dibayarkan Consideration paid recorded in

dicatat sebagai other payables

utang lain-lain (Catatan 17) (4.368.536.119) (Note 17)

*) Berdasarkan hasil penilaian yang dilakukan oleh KJPP Willson dan Rekan, penilai independen, dalam laporannya yang bertanggal 23 Maret 2020.

*) Based on valuation performed by KJPP Willson dan Rekan, an independent appraiser on its report dated March 23, 2020.