PT Sawit Sumbermas Sarana Tbk. dan entitas anaknya/and its subsidiaries

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Daftar Isi Table of Contents

Halaman/

Page

Surat Pernyataan Direksi Directors’ Statement Letter

Laporan Auditor Independen Independent Auditors’ Report

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 ... and Other Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian ... 5 .….……… Consolidated Statement of Changes in Equity Laporan Arus Kas Konsolidasian ... 6 - 7 .………. Consolidated Statement of Cash Flows

Catatan atas Laporan Keuangan Notes to the Consolidated

Konsolidasian ... 8 - 138 ... Financial Statements

Lampiran I

Informasi Keuangan Appendix I

PT Sawit Sumbermas Sarana Tbk. PT Sawit Sumbermas Sarana Tbk. (the “Parent

(“Entitas Induk”) ………...………... 139 - 151 ………Entity”) Financial Information

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Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian integral dari laporan

keuangan konsolidasian.

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

financial statements.

31 Desember/ 31 Desember/

December 31, Catatan/ December 31,

2020 Notes 2019

ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 1.907.844.191 2g,2h,5 2.202.460.781 Cash and cash equivalents

Piutang usaha Trade receivables

Pihak berelasi 467.514.975 2g,2v,35a 138.036.140 Related parties

Pihak ketiga 5.874.160 2g,6 10.900.578 Third parties

Piutang lain-lain Other receivables

Pihak berelasi 135.269.082 2g,2v,35a 82.608.802 Related parties

Persediaan 314.888.575 2j,8 255.061.319 Inventories

Aset biologik 243.073.979 2k,10 183.398.456 Biological assets

Pinjaman kepada pihak berelasi 31.450.000 2g,2a,35a 20.851.518 Loans to related parties

Biaya dibayar dimuka 2.222.643 2i,11 4.363.743 Prepayments

Uang muka Advance

Pihak ketiga 18.865.743 12 36.206.745 Third parties

PIhak berelasi 8.831.511 12,35a - Related party

Pajak dibayar dimuka 277.010.243 22a 291.766.063 Prepaid taxes

Aset lancar lainnya - 2g 31.645.715 Other current assets

TOTAL ASET LANCAR 3.415.644.666 3.283.334.037 TOTAL CURRENT ASSETS

ASET TIDAK LANCAR NON-CURRENT ASSETS

Taksiran tagihan restitusi pajak 86.989.681 22b 326.787.066 Estimated claims for tax refund

Pinjaman jangka panjang kepada

pihak berelasi yang dapat Long-term

dikonversi 2.468.538.162 2g,2v,35a 2.507.745.518 convertible loan to a related party Aset tetap dan tanaman produktif 4.531.121.927 2l,13 4.642.393.712 Fixed assets and bearer plants

Aset takberwujud, neto 9.054.784 2m,15 7.161.764 Intangible assets, net

Aset hak guna, neto 8.824.368 2g,14 - Right of use asstes - net

Investasi saham 1.880.331.727 2f,16 816.226.702 Investment in shares

Aset pajak tangguhan, neto 49.140.320 2v,22f 33.553.032 Deferred tax assets, net

Proyek pengembangan usaha 8.001.455 17 8.001.455 Business development project

Piutang plasma Plasma receivables

Setelah dikurangi dengan after net off with

penyisihan penurunan nilai allowance for impairment

Rp866.934 (2019: Rp866.934) 301.717.133 2g,2o,18 203.738.167 Rp866,934 (2019: Rp866,934)

Aset tidak lancar lainnya 16.565.836 19 16.263.204 Other non-current assets

TOTAL ASET TIDAK LANCAR 9.360.285.393 8.561.870.620 TOTAL NON-CURRENT ASSETS

TOTAL ASET 12.775.930.059 11.845.204.657 TOTAL ASSETS

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Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian integral dari laporan

keuangan konsolidasian.

2020 Notes 2019

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang usaha Trade payables

Pihak berelasi 9.771.632 2g,2v,35b 20.822.406 Related parties

Pendapatan diterima dimuka Unearned revenue

Pihak ketiga 249.937 21 14.136.923 Third parties

Pihak berelasi - 21,35b 15.723.870 Related parties

Liabilitas derivatif, neto - 2g,9 20.244.931 Derivative liabilities, net

Utang pajak 143.258.628 2r,22c 54.246.270 Taxes payable

Beban akrual 242.548.253 2g,23 257.735.503 Accrued expenses

Utang lain-lain Other payables

Pihak berelasi 80.010.966 2g,2v,35b 62.473.182 Related parties

Liabilitas sewa jangka pendek 603.855 14 - Short-term lease liabilities

Liabilitas imbalan kerja Short-term employee benefit

karyawan jangka pendek 119.870.688 2g,2n,26 53.335.023 liabilities

Utang bank jangka panjang Current maturities of

jatuh tempo dalam satu tahun 184.581.437 2g,2n,24 143.659.128 long-term bank loan

TOTAL LIABILITAS

JANGKA PENDEK 1.438.666.723 1.308.913.204 TOTAL CURRENT LIABILITIES

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Utang bank jangka panjang -

setelah dikurangi bagian jatuh Long-term bank loan

tempo dalam satu tahun 1.989.173.885 2f,2n,24 2.138.384.692 - net of current maturities

Utang obligasi, neto 4.169.505.994 2f,2n,25 4.083.152.215 Bonds payable, net

Liabilitas sewa jangka panjang 5.175.726 14 - Long-term lease liabilities

Liabilitas imbalan kerja Long-term employee benefit

karyawan jangka panjang 227.238.938 2t,26 174.175.819 liabilites

Liabilitas pajak tangguhan, neto 75.382.373 2t,22f 72.011.455 Deferred tax liabilities, net

TOTAL LIABILITAS TOTAL NON-CURRENT

JANGKA PANJANG 6.466.476.916 6.467.724.181 LIABILITIES

JUMLAH LIABILITAS 7.905.143.639 7.776.637.385 TOTAL LIABILITIES

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Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian integral dari laporan keuangan konsolidasian.

2020 Notes 2019

EKUITAS EQUITY

Ekuitas yang dapat Equity attributable to

diatribusikan kepada owners equity of

pemilik entitas induk the parent entity

Modal saham Share capital

Modal dasar - 32.100.000.000 Authorized -

lembar saham 32,100,000,000 shares

nilai nominal Rp100 at par value per share of

(nilai penuh) per saham Rp100 (full amount)

Modal ditempatkan dan disetor Issued and fully paid -

penuh - 9.525.000.000 lembar 9,525,000,000

saham 952.500.000 27a 952.500.000 shares

Tambahan modal disetor 540.919.171 28 540.919.171 Additional paid-in capital

Selisih transaksi dengan pihak Difference in transactions with

non-pengendali 89.113.603 29 89.113.603 non-controlling parties

Saldo laba Retained earnings

Sudah ditentukan penggunaannya 548.991.755 27d 548.991.755 Appropriated

Belum ditentukan penggunaannya 2.450.426.364 1.872.496.929 Unappropriated

Penghasilan komprehensif lain 575.212.765 45.534.974 Other comprehensive income

Komponen ekuitas lainnya (309.619.637) 35a - Other equity component

Ekuitas yang dapat Equity attributable to

diatribusikan kepada owners of

pemilik entitas induk - neto 4.847.544.021 4.049.556.432 the parent entity - net

Kepentingan non-pengendali 23.242.399 27e 19.010.840 Non-controlling interests

JUMLAH EKUITAS 4.870.786.420 4.068.567.272 TOTAL EQUITY

JUMLAH LIABILITAS TOTAL LIABILITIES

DAN EKUITAS 12.775.930.059 11.845.204.657 AND EQUITY

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For the year Ended December 31,

Catatan/

2020 Notes 2019

PENJUALAN 4.011.130.559 2u,30 3.277.806.795 SALES

BEBAN POKOK PENJUALAN (2.213.911.519) 2u,31 (2.268.335.019) COST OF SALES

LABA BRUTO 1.797.219.040 1.009.471.776 GROSS PROFIT

Beban penjualan (81.699.438) 2u,32 (82.650.007) Selling expenses

General and administrative

Beban umum dan administrasi (606.207.082) 2u,32 (522.937.561) expenses

Keuntungan atas nilai wajar Gains from changes in fair value

aset biologik 59.675.523 2j,10 104.032.329 of biological assets

Pendapatan/(beban) lain-lain, neto 37.423.037 2u,32 (61.549.456) Other income/(expenses), net

LABA USAHA 1.206.411.080 446.367.081 OPERATING PROFIT

Pendapatan keuangan 324.854.893 2u,33 239.147.251 Finance income

Beban keuangan (566.828.280) 2u,33 (513.846.823) Finance costs

Bagian dari kerugian atas Equity in net loss

entitas asosiasi (64.891.759) 2f,16 (17.074.888) of associates entity

LABA SEBELUM PROFIT BEFORE CORPORATE

PAJAK PENGHASILAN BADAN 899.545.934 154.592.621 INCOME TAX

PAJAK PENGHASILAN BADAN (318.690.994) 2r,22d (142.510.662) CORPORATE INCOME TAX

LABA TAHUN BERJALAN 580.854.940 12.081.959 PROFIT FOR THE YEAR

PENGHASILANKOMPREHENSIF OTHER COMPREHENSIVE

LAIN, SETELAH PAJAK INCOME, NET OF TAX

Pos yang tidak akan Item that will not be

direklasifikasi ke laba rugi reclassified to profit or loss

Pengukuran kembali Remeasurements

(kerugian) keuntungan atas liabilitas (loss) gain on liability for

imbalan kerja (223.997) 13.669.249 employee benefits

Penyesuaian nilai wajar atas Fair value adjustment on

investasi saham 162.871.374 - investment in shares

162.647.377 13.669.249

TOTAL LABA KOMPREHENSIF TOTAL COMPREHENSIVE

TAHUN BERJALAN 743.502.317 25.751.208 INCOME FOR THE YEAR

Laba tahun berjalan Profit for the year

diatribusikan kepada: attributable to:

Pemilik entitas induk 576.634.024 11.680.187 Owners of the parent entity

Kepentingan non-pengendali 4.220.916 401.772 Non-controlling interests

580.854.940 12.081.959

Laba komprehensif tahun berjalan Comprehensive income

yang diatribusikan kepada: for the year attributable to:

Pemilik entitas induk 739.270.756 25.295.440 Owners of the parent entity

Kepentingan non-pengendali 4.231.561 27e 455.768 Non-controlling interests

743.502.317 25.751.208

Laba per saham (nilai penuh) 60,54 2w,34 1,23 earnings per share (full amount)

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Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian integral dari laporan keuangan konsolidasian. The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements.

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Transaksi

dengan pihak

Non-pengendali/

Modal Difference

ditempatkan dan in value Penghasilan Komponen Saldo laba/Retained earnings

disetor penuh/ Tambahan of transactions komprehensif ekuitas _Kepentingan

Issued and modal disetor/ with non- lain/Other lainnya/ Ditentukan Belum ditentukan non pengendali/

fully paid Additional controlling comprehensive Other equity penggunaannya/ penggunaannya/ Total/ Non-controlling Total ekuitas/

Share capital paid-in capital interest income component appropriated unappropriated Total interests Total equity

Saldo 31 Desember 2018 952.500.000 540.919.171 89.113.603 32.424.964 - 531.751.065 1.903.918.467 4.050.627.270 18.555.072 4.069.182.342 Balance at December 31, 2018

Cadangan umum

(Catatan 27d) - - - - - 17.240.690 (17.240.690) - - - General reserve (Note 27d)

Dividen didistribusikan oleh Dividend distributed by

Perseroan (Catatan 27b) - - - - - - (25.861.035) (25.861.035 ) - (25.861.035 ) the Company (Note 27b)

Penghasilan

komprehensif lain - - - 13.615.253 - - - 13.615.253 53.996 13.669.249 Other comprehensive income

Efek translasi - - - (505.243) - - - (505.243 ) - (505.243 ) Translation effect

Total laba

tahun yang berakhir pada Total profit for the year ended

tanggal 31 Desember 2019 - - - - - - 11.680.187 11.680.187 401.772 12.081.959 December 31, 2019

Saldo 31 Desember 2019 952.500.000 540.919.171 89.113.603 45.534.974 - 548.991.755 1.872.496.929 4.049.556.432 19.010.840 4.068.567.272 Balance at December 31, 2019

Penyesuaian saldo awal Beginning balance adjustments for

atas penerapan (Catatan 4) implementation of (Note 4):

- PSAK No. 71 - - - 366.125.410 - - - 366.125.410 - 366.125.410 PSAK No. 71 -

- PSAK No. 73 - - - - - - 1.295.411 1.295.411 - 1.295.411 PSAK No. 73 -

Penyesuaian nilai wajar atas

pinjaman kepada

pemegang saham Fair value adjustment of

(Catatan 35) - - - - (309.619.637) - - (309.619.637) - (309.619.637) loan to shareholder (Note 35)

Efek translasi - - - 915.647 - - - 915.647 - 915.647 Translation effect

Penghasilan komprehensif lain - - - 162.636.734 - - - 162.636.734 10.643 162.647.377 Other comprehensive income

Total laba tahun

yang berakhir pada Total profit for the year ended

tanggal 31 Desember 2020 - - - - - - 576.634.024 576.634.024 4.220.916 580.854.940 December 31, 2020

Saldo 31 Desember 2020 952.500.000 540.919.171 89.113.603 575.212.765 (309.619.637) 548.991.755 2.450.426.364 4.847.544.021 23.242.399 4.870.786.420 Balance at December 31, 2020

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Catatan/

2020 Notes 2019

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM

OPERASI: OPERATING ACTIVITIES:

Penerimaan kas dari pelanggan 4.001.236.855 3.526.341.246 Cash received from customers

Pembayaran kas kepada pemasok (2.277.435.525) (2.147.003.679) Cash paid to suppliers

Pembayaran kas kepada karyawan (677.800.442) (617.930.657) Cash paid to employees

Kas yang dihasilkan dari operasi 1.046.000.888 761.406.910 Cash resulting from operations

Penghasilan bunga yang diterima 14.352.032 15.691.647 Interest income received

Pembayaran pajak penghasilan Payments of

badan (241.987.946) (295.782.473) corporate income tax

Beban keuangan yang dibayar (479.051.600) (482.175.465) Finance cost paid

Penerimaan dari restitusi pajak 246.699.806 11.599.232 Cash received from tax restitution

Kas neto yang diperoleh dari Net cash provided by

aktivitas operasi 586.013.180 10.739.851 operating activities

ARUS KAS DARI CASH FLOWS FROM

AKTIVITAS INVESTASI: INVESTING ACTIVITIES:

Pemberian pinjaman kepada Cash paid for loans

pihak berelasi, neto (570.507.903) (387.507.977) to related parties, net

Perolehan aset tetap (98.778.295) 13 (340.170.804) Acquisitions of fixed assets

Penambahan biaya pengembangan Additional development cost of

plasma (107.748.957) (98.283.722) plasma

Perolehan tanaman belum Additions to immature

menghasilkan (7.957.046) (23.901.128) plantations

Penambahan aset tidak berwujud (3.456.692) (814.500) Additions of intangible assets

Penerimaan dana dari Cash received

pembiayaan plasma oleh bank 9.769.991 184.352.009 from plasma refinancing

Pencairan deposito berjangka - 13.992.425 Withdrawal of time deposits

Kas neto yang digunakan untuk Net cash used in

aktivitas investasi (778.678.902) (652.333.697) investing activities

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For the year Ended December 31,

Catatan/

2020 Notes 2019

ARUS KAS DARI CASH FLOWS FROM

AKTIVITAS PENDANAAN: FINANCING ACTIVITIES:

Pembayaran dana Cash paid to

kepada pihak berelasi 17.537.784 (116.684.195) related parties

Pembayaran utang bank (143.659.151) 41 (70.980.995) Repayments of bank loan

Pembayaran liabilitas sewa (1.207.710) - Payments of lease liabilities

Penerimaan utang bank 19.386.268 41 683.702.846 Proceeds from bank loan

Pembayaran dividen kas - (25.861.035) Payments of cash dividend

Pembayaran liabilitas pembiayaan Repayments of consumer

konsumen - (111.704) finance liabilities

Kas neto yang (digunakan untuk)

diperoleh dari Net cash (used in)/ provided by

aktivitas pendanaan (107.942.809) 470.064.917 financing activities

NET DECREASE

PENURUNAN NETO IN CASH AND

KAS DAN SETARA KAS (300.608.531) (171.528.929) CASH EQUIVALENTS

DAMPAK NETO PERUBAHAN NET EFFECT OF CHANGES IN

NILAI TUKAR ATAS KAS DAN EXCHANGES RATES ON CASH

SETARA KAS 5.991.941 69.350.960 AND CASH EQUIVALENSTS

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AWAL TAHUN 2.202.460.781 5 2.304.638.750 AT BEGINNING OF YEAR

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AKHIR TAHUN 1.907.844.191 5 2.202.460.781 AT END OF YEAR

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1. UMUM 1. GENERAL

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

PT Sawit Sumbermas Sarana Tbk. (“Perseroan”) didirikan di Jakarta, berdasarkan Akta No. 51 tanggal 22 November 1995 dari Notaris Enimarya Agoes Suwarko, S.H., Akta pendirian Perseroan telah memperoleh pengesahan dari Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. C2-8176.HT.01.01.TH.96 tanggal 26 Juli 1996, serta selanjutnya diumumkan dalam Berita Negara Republik Indonesia No. 839, Tambahan No. 36 tanggal 22 Februari 2011.

PT Sawit Sumbermas Sarana Tbk. (the “Company”) was established in Jakarta based on the Notarial Deed No. 51 of Enimarya Agoes Suwarko, S.H., dated November 22, 1995. The deed of establishment was approved by Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. C2-8176.HT.01.01.TH.96 dated July 26, 1996 and subsequently published in the Republic of Indonesia State of Gazzette No. 839, Supplement No. 36 dated February 22, 2011.

Anggaran Dasar Perseroan telah mengalami beberapa kali perubahan. Perubahan terakhir berdasarkan Akta No. 68 tanggal 23 April 2015 dari Notaris Aryanti Artisari, S.H., M.Kn. tentang amandemen ruang lingkup kegiatan Perseroan. Perubahan ini telah memperoleh pengesahan dari Kementerian Hukum dan Hak Asasi Manusia dengan Surat Keputusan No.AHU-AH.01.03-09062. Tahun 2015 tanggal 4 Mei 2015, serta selanjutnya diumumkan dalam Berita Negara Republik Indonesia No. 1 tahun 2016, Tambahan No. 182/L tahun 2016.

The Company’s Articles of Association have been amended several times. The latest amendment was legalized under Notarial Deed No. 68 of Aryanti Artisari, S.H., M.Kn. dated April 23, 2015 in relation to the amendment of the Company’s activities. This amendment was approved by Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No.AHU-AH.01.03-09062. Tahun 2015 dated May 4, 2015, and subsequently published in the Republic of Indonesia State of Gazzette No. 1 year 2016, Supplement No. 182/L year 2016.

Perseroan berdomisili di Pangkalan Bun, Kabupaten Kotawaringin Barat, Kalimantan Tengah, Indonesia dengan kantor pusat di Jl. Haji Udan Said No. 47, Pangkalan Bun.

The Company is domiciled in Pangkalan Bun, Kotawaringin Barat, Central Kalimantan, Indonesia, with its head office located on Jl. Haji Udan Said No. 47, Pangkalan Bun.

Sesuai dengan Pasal 3 Anggaran Dasar Perseroan, ruang lingkup kegiatan Perseroan adalah pertanian, perdagangan, dan industri.

As stated in Article 3 of the Company’s Articles of Association, the scope of the Company’s activities is in agriculture, trade, and industry.

Perseroan mulai beroperasi secara komersial pada tahun 2005. Perseroan dan kelompok usaha terutama bergerak di bidang perkebunan kelapa sawit dan pabrik kelapa sawit yang memproduksi minyak kelapa sawit dan inti sawit dengan kapasitas produksi 540 MT tandan buah segar (“TBS”) per jam (tidak diaudit). Perkebunan kelapa sawit dan kedua pabrik kelapa sawit berlokasi di Kalimantan Tengah.

The Company commenced its commercial operations in 2005. The Company and its Group are primarily involved in the operations of oil palm plantations and a palm oil mill which produces crude palm oil and palm kernel with production capacities of 540 MT of fresh fruit bunches (“FFB”) per hour (unaudited). The oil palm plantation and both palm oil mills are located in Central Kalimantan.

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

a. Pendirian dan informasi umum (lanjutan) a. Establishment and general information

(continued)

Berdasarkan akta notaris No. 18 Notaris Citra Buana Tungga, S.H., M.Kn. tanggal 16 Oktober 2017 dan telah disetujui oleh Kementerian Hukum dan Hak Asasi Manusia

melalui Surat keputusan

No:AHU-0021410.AH.01.02 Tahun 2017 tertanggal 16 Oktober 2017, PT Citra Borneo Indah (CBI) merupakan pemegang saham pengendali per tanggal 31 Desember 2020 dan 2019. Pemegang saham terakhir Perseroan adalah perorangan.

Based on notarial deed No. 18 Notary of Citra Buana Tungga, S.H., M.Kn. dated October 16 2017 and has been approved by Indonesian Ministry of Law and Human Right through his decree No:AHU-0021410.AH.01.02 Tahun 2017 dated October 16, 2017, PT Citra Borneo Indah (CBI) is the Company’s controlling shareholder

as of December 31, 2020 and 2019. The ultimate shareholder of the Company is an

individual.

b. Penawaran umum saham perseroan dan tindakan perseroan lainnya

b. Public offering of the company’s shares and other corporate actions

Pada tanggal 29 November 2013, Perseroan memperoleh Surat Pernyataan Efektif dari Dewan Komisioner Otoritas Jasa Keuangan (“OJK”) dengan suratnya No. S-393/D.04/2013 untuk melakukan penawaran umum saham perdana sejumlah 1.500.000.000 saham biasa atas nama dengan nilai nominal Rp100 (angka penuh) setiap lembar saham yang ditawarkan kepada masyarakat dengan harga penawaran Rp670 (angka penuh) setiap saham. Termasuk di dalam jumlah saham umum perdana kepada masyarakat adalah saham yang telah dialokasikan sehubungan dengan Program Alokasi Saham Karyawan (Employee Stock

Allocation atau “ESA”) sejumlah 150.000.000

saham berdasarkan Surat Keputusan Direksi No. Dir.Kom/IPO-ESA/001/VIII/2013 tanggal 19 September 2013. Pada tanggal 12 Desember 2013, seluruh saham tersebut telah dicatat di Bursa Efek Indonesia.

On November 29, 2013, the Company obtained the Effective Statement Letter from Board of Commissioners of Financial Services Authority (“OJK”) through its Letter No. S-393/D.04/2013 for the Company’s initial public offering of 1,500,000,000 common shares to the public with a par value of Rp100 (full amount) per share at an offering price of Rp670 (full amount) per share. Included in the number of initial public shares offered to the Public are shares that have been allocated in connection with Employee Stock Allocation Program ("ESA") of 150,000,000 shares based on the Director

Decision Letter No.

Dir.Kom/IPO-ESA/001/VIII/2013 dated September 19, 2013. These shares were listed on the Indonesia Stock Exchange on December 12, 2013.

Perusahaan melalui anak perusahaan, SSMS Plantation Holding Pte. Ltd., menerbitkan obligasi global senilai AS$300.000.000 dengan bunga 7,75%. Obligasi bertenor 5 tahun dan akan jatuh tempo pada tahun 2023 tersebut tercatat dan diperdagangkan di The Singapore Exchange Securities Trading Ltd (“SGX”) pada tanggal 24 Januari 2018. Dalam penerbitan obligasi tersebut, The Bank of New York Mellon, Cabang London, bertindak sebagai wali amanat.

The Company through its subsidiary, SSMS Plantation Holding Pte. Ltd., issued global bonds worth US$300,000,000 with an interest of 7.75%. The 5-year bonds which will mature in 2023 are listed and traded on The Singapore Exchange Securities Trading Ltd (“SGX”) on January 24, 2018. In issuing these bonds, The Bank of New York Mellon, London Branch, acts as trustee.

Pada tanggal 31 Desember 2020 dan 31 Desember 2019, seluruh saham Perseroan tercatat di Bursa Efek Indonesia.

As of December 31, 2020 and December 31, 2019, all of the Company’s shares are listed in the Indonesia Stock Exchange.

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c. Manajemen kunci dan informasi lainnya c. Key management and other informations

Susunan Dewan Komisaris dan Direksi Perseroan pada tanggal 31 Desember 2020 adalah sebagai berikut:

The compositions of the Company’s Boards of

Commissioners and Directors as of

December 31, 2020 are as follows:

Dewan Komisaris Board of Commissioners

Komisaris Utama Bungaran Saragih President Commissioner

Komisaris Independen Ito Warsito Independent Commissioner

Komisaris Marzuki Usman Commissioner

Komisaris Rimbun Situmorang Commissioner

Direksi Board of Directors

Direktur Utama Vallauthan Subraminam President Director

Direktur Ramzi Sastra Director

Direktur Nasarudin Bin Nasir Director

Susunan Dewan Komisaris dan Direksi Perseroan pada tanggal 31 Desember 2019 adalah sebagai berikut:

The compositions of the Company’s Boards of

Commissioners and Directors as of

December 31, 2019 are as follows:

Dewan Komisaris Board of Commissioners

Komisaris Utama Bungaran Saragih President Commissioner

Komisaris Independen Ito Warsito Independent Commissioner

Komisaris Marzuki Usman Commissioner

Komisaris Rimbun Situmorang Commissioner

Direksi Board of Directors

Direktur Utama Vallauthan Subraminam President Director

Direktur Tidak Terafiliasi Nicholas Justin Whittle Non-Affiliated Director

Direktur Ramzi Sastra Director

Direktur Nasarudin Bin Nasir Director

Perseroan menunjuk Swasti Kartikaningtyas sebagai Sekretaris Perseroan.

The Company appointed Swasti

Kartikaningtyas as the Company’s Corporate Secretary.

Berdasarkan surat keputusan dari Dewan Komisaris tanggal 19 Juni 2019, Perseroan telah mengangkat Bapak Ito Warsito sebagai anggota Komite Audit. Susunan Komite Audit pada tanggal 31 Desember 2020 dan 2019 adalah sebagai berikut:

Based on decision letter from Board of Commisioners dated June 19, 2019, the Company appointed Mr. Ito Warsito as a member of the Company’s Audit Committee. The composition of the Audit Committee as of December 31, 2020 and 2019 is as follow:

Ketua Marzuki Usman Chairman

Anggota Ito Warsito Member

Anggota Wahyudi Susanto Member

(18)

1. UMUM (lanjutan) 1. GENERAL (continued) c. Manajemen kunci dan informasi lainnya

(lanjutan)

c. Key management and other informations

(continued)

Personil manajemen kunci Perseroan meliputi Dewan Komisaris dan Direksi. Kompensasi imbalan kerja jangka pendek yang dibayarkan kepada personil manajemen kunci Perseroan untuk tahun yang berakhir pada tanggal 31 Desember 2020 dan 2019 masing-masing adalah sebesar Rp17.282.925 dan Rp17.677.705. Tidak terdapat kompensasi dalam bentuk imbalan pascakerja, imbalan kerja jangka panjang lainnya, pesangon pemutusan kontrak kerja dan pembayaran berbasis saham.

Key management personnel of the Company are the Boards of Commissioners and Directors. Short-term compensation paid to the key management personnel of the Company for the year ended December 31, 2020 and

2019 amounted to Rp17,282,925 and

Rp17,677,705, respectively. There is no compensation of post-employment benefit, other long-term benefit, termination benefits, and share-based payment for the key management personnel.

Pada tanggal 31 Desember 2020, Perseroan dan entitas anaknya memiliki 7.260 karyawan tetap (31 Desember 2019: 6.762 karyawan tetap) (tidak diaudit).

As of December 31, 2020, the Company and its subsidiaries have 7,260 permanent employees (December 31, 2019: 6,762 permanent employees) (unaudited).

d. Penyelesaian laporan keuangan

konsolidasian

d. Completion of consolidated financial

statements

Laporan keuangan konsolidasian Perseroan dan entitas anak tanggal 31 Desember 2020 dan untuk tahun yang berakhir pada tanggal tersebut diselesaikan dan diotorisasi untuk terbit oleh Direksi Perseroan pada tanggal 30 Maret 2021. Direksi Perseroan yang menandatangani Surat Pernyataan Direksi bertanggung jawab atas penyusunan dan kewajaran penyajian laporan keuangan konsolidasian tersebut.

The Company and its subsidiaries’

consolidated financial statements as of December 31, 2020 and for the year then ended are completed and authorized for issuance by the Company’s Directors on March 30, 2021. The Company’s Directors who signed the Directors’ Statement are responsible for the fair preparation and presentation of such consolidated financial statements.

e. Entitas anak dan entitas asosiasi e. Subsidiaries and associated entities

Kepemilikan Perseroan pada entitas anak yang dikonsolidasi baik secara langsung maupun tidak langsung (selanjutnya secara bersama-sama disebut “Kelompok Usaha”) adalah sebagai berikut:

The Company’s ownership interests directly or indirectly in the consolidated subsidiaries (hereinafter collectively referred to as the “Group”) are as follows:

Mulai

Beroperasi Secara Persentase Kepemilikan/ Komersial/ Percentage of Ownership Interest

Kegiatan Usaha/ Commencement

Nama Entitas Anak/ Domisili/ Nature of Business of Commercial 31 Desember 2020/ 31 Desember 2019/

Name of Subsidiaries Domicile Activities Operations December 31, 2020 December 31, 2019

Pemilikan langsung/

Direct ownership

PT Kalimantan Sawit Kotawaringin Perkebunan dan pabrik 2005 99% 99% Abadi (“KSA”) Barat kelapa sawit/

Oil palm plantations and palm oil mill

(19)

e. Entitas anak dan entitas asosiasi (lanjutan) e. Subsidiaries and associated entities

(continued)

Kepemilikan Perseroan pada entitas anak yang dikonsolidasi baik secara langsung maupun tidak langsung (selanjutnya secara bersama-sama disebut “Kelompok Usaha”) adalah sebagai berikut: (lanjutan)

The Company’s ownership interests directly or indirectly in the consolidated subsidiaries (hereinafter collectively referred to as the “Group”) are as follows: (continued)

Mulai

Beroperasi Secara Persentase Kepemilikan/ Komersial/ Percentage of Ownership Interest

Pemilikan langsung/

Direct ownership

PT Mitra Mendawai Kotawaringin Perkebunan dan pabrik 2008 99% 99% Sejati (“MMS”) Barat kelapa sawit dan inti

sawit//Oil palm plantations, Palm oil mill and

Kernel crushing plant SSMS Plantation Perusahaan Holding Pte.Ltd. jasa pendukung bisnis/

(“SPH”) Singapore Company 2018 100% 100% bussiness support service

Sawit Sumbermas Perusahaan International Pte.Ltd. penjual produk kelapa sawit/

(“SSI”) Singapore Company 2018 100% 100% Whole sale of palm oil

Pemilikan tidak langsung melalui KSA/

Indirect ownership through KSA

PT Tanjung Sawit Kotawaringin Perkebunan dan pabrik 2012 99% 99% Abadi (“TSA”) Barat kelapa sawit/

PT Sawit Multi Kotawaringin Perkebunan dan pabrik 2012 99% 99% Utama (“SMU”) Barat Kelapa sawit/

Oil palm plantations

and palm oil mill

Pemilikan tidak langsung melalui MMS/

Indirect ownership through MMS

PT Mirza Pratama Lamandau Perkebunan dan pabrik 2011 99% 99% Putra (“MPP”) kelapa sawit/

PT Menteng Kencana Pulang Pisau Perkebunan dan pabrik 2010 99% 99% Mas (“MKM”) kelapa sawit/

Oil palm plantations and palm oil mill Pemilikan tidak langsung melalui SPH/

Indirect ownership through SPH

SSMS Plantation Singapore Singapore Jasa konsultasi dan 2018 100% 100%

International Pte.Ltd. perdagangan/ (“SPI”) Consultancy services and trading

(20)

(continued)

Total aset pada entitas anak yang dikonsolidasi baik secara langsung maupun tidak langsung (selanjutnya secara bersama-sama disebut “Kelompok Usaha”) adalah sebagai berikut:

Total assets of subsidiaries directly or indirectly in the consolidated subsidiaries (hereinafter collectively referred to as the “Group”) are as follows:

Mulai Total Aset Sebelum Eliminasi (dalam Beroperasi Secara Jutaan Rupiah)/ Total Assets Before

Komersial/ Elimination (in millions of Rupiah)

Pemilikan langsung/ Direct ownership

PT Kalimantan Sawit Kotawaringin Perkebunan dan pabrik 2005 2.030.418 2.023.179 Abadi (“KSA”) Barat kelapa sawit/

PT Mitra Mendawai Kotawaringin Perkebunan dan pabrik 2008 2.684.927 2.549.673 Sejati (“MMS”) Barat kelapa sawit dan inti

sawit//Oil palm plantations, Palm oil mill an

Kernel crushing plant

SSMS Plantation Singapore Perusahaan 2018 426.396 4.233.694 Holding Pte.Ltd jasa pendukung bisnis/

(“SPH”) Company bussiness support service

Sawit Sumbermas Perusahaan

International Pte.Ltd. penjual produk kelapa sawit/

(“SSI”) Singapore Company 2018 10 10 Whole sale of palm oil

Pemilikan tidak langsung melalui KSA/ Indirect ownership through KSA

PT Tanjung Sawit Kotawaringin Perkebunan dan pabrik 2012 2.072.742 1.947.434 Abadi (“TSA”) Barat kelapa sawit/

PT Sawit Multi Kotawaringin Perkebunan dan pabrik 2012 1.830.014 2.521.956 Utama (“SMU”) Barat kelapa sawit/

Oil palm plantations

and palm oil mill

Pemilikan tidak langsung melalui MMS/

Indirect ownership through MMS

PT Mirza Pratama Lamandau Perkebunan/ 2011 430.428 381.029 Putra (“MPP”) Oil palm plantations

PT Menteng Kencana Pulang Pisau Perkebunan/ 2010 1.103.730 1.047.338 Mas (“MKM”) Oil palm plantations

Pemilikan tidak langsung melalui SPH/

Indirect ownership through SPH

SSMS Plantation Singapore Jasa konsultasi dan 2018 4.304.451 4.238.721 International Pte.Ltd. perdagangan/

(“SPI”) Consultancy services and trading

(21)

(continued)

KSA dan MMS memiliki pabrik pengolahan kelapa sawit yang berlokasi di Kotawaringin Barat, Kalimantan Tengah dengan total kapasitas produksi masing-masing sebesar 60 MT TBS per jam untuk KSA dan 60 MT TBS per jam untuk MMS (tidak diaudit). MMS memiliki pabrik inti sawit yang berlokasi di Kotawaringin Barat dengan total kapasitas produksi sebesar 150 MT inti sawit (“PK”) per hari (tidak diaudit).

KSA and MMS have palm oil mills located at Kotawaringin Barat, Central Kalimantan, with processing capacities of 60 MT FFB per hour for KSA and 60 MT FFB per hours for MMS (unaudited), respectively. MMS has kernel crushing plant located in Kotawaringin Barat with total processing capacity of 150 MT of palm kernel (“PK”) per day (unaudited).

KSA dan entitas anaknya (TSA dan SMU) memiliki lahan tanaman menghasilkan sebesar 30.532 Ha dan 32.391 Ha pada 31 Desember 2020 dan 2019 dan tidak terdapat area tanaman belum menghasilkan (tidak diaudit)

KSA and its subsidiaries (TSA and SMU) owned 30.532 Ha and 32,391 Ha of mature plantations area and no immature plantations area (unaudited) as of December 31, 2020 and 2019.

TSA dan SMU bergerak di bidang perkebunan kelapa sawit dan pabrik kelapa sawit yang memproduksi minyak kelapa sawit dan inti sawit yang keduanya berlokasi di Lamandau dan dengan kapasitas produksi masing-masing 60 MT TBS per jam untuk TSA dan 75 MT TBS per jam untuk SMU (tidak diaudit).

TSA and SMU involves in operations of oil palm plantations and operations of palm oil mill located at Lamandau which produces crude palm oil and palm kernel with production capacities of 60 MT of FFB per hour for TSA and 75 MT of FFB per hour for SMU (unaudited).

MMS dan entitas anaknya (MKM dan MPP) memiliki lahan tanaman menghasilkan sebesar 18.554 Ha dan area tanaman belum menghasilkan sebesar 128 Ha (tidak diaudit) pada tanggal 31 Desember 2020.

MMS and its subsidiaries (MKM and MPP) owned 18.554 Ha of mature plantations area and 128 Ha of immature plantations area (unaudited) as of December 31, 2020.

MKM dan MPP bergerak di bidang perkebunan kelapa sawit dan pabrik kelapa sawit yang memproduksi minyak kelapa sawit dan inti sawit yang keduanya berlokasi di Pulang Pisau dan Lamandau dengan kapasitas produksi masing-masing 60 MT TBS per jam (tidak diaudit).

MKM and MPP involves in operations of oil palm plantations and operations of palm oil mill located at Pulang Pisau and Lamandau which produces crude palm oil and palm kernel with production capacities each of 60 MT of FFB per hour (unaudited).

Akuisisi entitas asosiasi di tahun 2020 Acquisition of associated company in 2020

Berdasarkan Perjanjian Akta Notaris No74 Notaris Dr. Tintin Surtini, S.H., MH., Mkn. pada tanggal 29 Desember 2020, Perseroan mengakuisisi 13% saham PT Citra Borneo Utama (CBU), dengan total harga akuisisi sebesar Rp600.000.000. Perseroan mengakuisisi saham CBU melalui mekanisme konversi pinjaman jangka panjang yang dapat dikonversi (Catatan 35) PT Citra Borneo Indah (CBI) dengan saham CBI pada pada CBU. CBU bergerak di bidang pengolahan minyak kelapa sawit. Perseroan telah mencatat penyesuaian nilai wajar atas investasi pada CBU sebelum akuisisi kepemilikan 13% lembar saham sebesar Rp162.871.374. (Catatan 16)

Based on the Notarial Deed No. 74 Notary of Dr. Tintin Surtini, S.H., MH., MKn. Dated December 29, 2020, the Company acquired 13% share ownership in PT Citra Borneo Utama (CBU) with acquisition price of Rp600,000,000. The Company acquired shares ownership in CBU through conversion of PT Citra Borneo Indah (CBI)’s long term convertible loan (Note 35) to the Company become the Company’s share ownership in CBU. CBU are engaged in processing of palm oil. The Company recorded a fair value adjustment on the investment in CBU prior to the acquisition of 13% share ownership amounting to Rp162,871,374. (Note 16)

(22)

(continued) Akuisisi entitas asosiasi di tahun 2019

(lanjutan)

Acquisition of associated company in 2019 (continued)

Pada tanggal 15 April 2019, Perseroan dan PT Surya Borneo Industri (SBI), pihak berelasi, menandatangani perjanjian konversi saham menjadi ekuitas. SBI akan menerbitkan saham senilai saldo terhutang kepada Perseroan pada tanggal efektif setelah memenuhi beberapa syarat tertentu. (Catatan 35)

On April 15, 2019, the Company and PT Surya Borneo Industri (SBI), signed a debt to equity agreement. SBI will issue share capital at the value of outstanding debts to the Company at effective date after fullfilling the several requirements. (Note 35)

Pada tanggal 14 Agustus 2019, Semua syarat efektif penukaran pinjaman Perseroan kepada SBI telah terpenuhi. Sejak tanggal 14 Agustus 2019, kepemilikan saham Kelompok usaha pada SBI menjadi 49% setelah konversi pinjaman dan piutang Kelompok usaha kepada SBI sebesar Rp738.301.579 menjadi modal saham SBI.

As of August 14, 2019, all effective requirements on the Company’s loan exchange has been fulfilled. As of August 14, 2019, the Group’s share ownersip in SBI become 49% after the conversion of the

Group’s loans and receivables of

Rp738,301,579 become share capital in SBI.

Pembentukan entitas anak di tahun 2018 Establishment of subsidiaries in 2018

Sawit Sumbermas International Pte. Ltd. (“SSI”)

Pada tanggal 13 Desember 2018, Perseroan telah membentuk entitas anak yaitu SSI yang berdomisili di Singapura. Pendirian entitas anak tersebut untuk mendukung kegiatan usaha Kelompok Usaha.

On December 13, 2018, the Company established a subsidiary, SSI which domiciles in Singapore. The establishment of the subsidiary is to support the Group bussiness.

Pembentukan entitas anak di tahun 2017 Establishment of subsidiaries in 2017

SSMS Plantation Holding Pte. Ltd. (“SPH”) dan SSMS Plantation International Pte. Ltd. (“SPI”)

SSMS Plantation Holding Pte. Ltd. (“SPH”) and SSMS Plantation International Pte. Ltd. (“SPI”)

Pada tanggal 12 Juli 2017, Perseroan telah membentuk dua entitas anak yaitu SPH dan SPI yang berdomisili di Singapura. Pendirian entitas anak tersebut sehubungan dengan penerbitan efek utang di Bursa Efek Singapura. Perseroan memiliki 100% saham pada kedua perusahaan tersebut.

On July 12, 2017, the Company established two subsidiaries, SPH and SPI which domiciles in Singapore. The establishment of the subsidiaries is related with the issuance of debt securities in Singapore Stock Exchange. The Company has 100% ownership interest in both companies.

(23)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Laporan keuangan konsolidasian telah disusun dan disajikan sesuai dengan Standar Akuntansi Keuangan di Indonesia (“SAK”), yang mencakup Pernyataan Standar Akuntansi Keuangan (”PSAK”) dan Interpretasi Standar Akuntansi Keuangan (”ISAK”) yang dikeluarkan oleh Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia, serta Peraturan Badan Pengawas Pasar Modal dan Lembaga Keuangan (“BAPEPAM-LK”) No. VIII.G.7 Lampiran Keputusan Ketua BAPEPAM-LK No. KEP-347/BL/2012 tanggal 25 Juni 2012 mengenai Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik.

The consolidated financial statements have been prepared and presented in accordance with Indonesian Financial Accounting Standards (“SAK”), which comprise the Statements of Financial Accounting Standards (“PSAK”) and Interpret to Financial Acccounting Standards (“ISAK”) issued by the Financial Accounting Standards Board of the Indonesian Institute of Accountants, and Regulation of Capital Market and Financial Institution Supervisory Agency (“BAPEPAM-LK”) No. VIII.G.7 Attachment of Chairman of BAPEPAM-LK’s decision No. KEP-347/BL/2012 dated June 25, 2012 regarding Presentation and Disclosure of the Financial Statements of Issuers or Public Company.

Laporan keuangan konsolidasian telah disusun sesuai dengan PSAK No. 1 (Revisi 2013), “Penyajian Laporan Keuangan”.

The consolidated financial statements are prepared in accordance with PSAK No.1 (Revised 2013), “Presentation of Financial Statements”.

Kebijakan akuntansi signifikan yang diterapkan secara konsisten dalam penyajian laporan keuangan konsolidasian untuk tahun yang berakhir pada tanggal 31 December 2020 dan 2019 adalah sebagai berikut:

The significant accounting policies that were applied consistently in the preparation of the consolidated financial statements for the year ended December 31, 2020 and 2019 are as follows:

a. Dasar penyusunan laporan keuangan konsolidasian

a. Basis of preparation of consolidated

financial statements

Laporan keuangan konsolidasian disusun berdasarkan konsep akrual, kecuali untuk laporan arus kas konsolidasian, dan menggunakan konsep biaya historis, kecuali seperti yang disebutkan dalam catatan atas laporan keuangan konsolidasian yang relevan.

The consolidated financial statements have been prepared on the accrual basis, except for the consolidated statement of cash flows, and using the historical cost concept of accounting, except as disclosed in the relevant notes to the consolidated financial statements.

Laporan arus kas konsolidasian yang disajikan dengan menggunakan metode langsung, menyajikan penerimaan, dan pengeluaran kas dan setara kas yang diklasifikasikan sebagai aktivitas operasi, investasi, dan pendanaan.

The consolidated statements of cash flows, which have been prepared using the direct method, present receipts, and disbursements of cash and cash equivalents classified into operating, investing, and financing activities.

Perseroan memilih untuk menyajikan laporan laba rugi dan penghasilan komprehensif lainnya dalam satu laporan.

The Company has elected to present the consolidated of profit or loss and other comprehensive income in one linked statement.

Mata uang penyajian yang digunakan dalam laporan keuangan konsolidasian adalah Rupiah yang merupakan mata uang fungsional Perseroan dan entitas anaknya.

The presentation currency used in the consolidated financial statements is Rupiah which is the Company’s and its subsidiaries functional currency.

Seluruh angka dalam laporan keuangan konsolidasian ini, kecuali dinyatakan lain, dinyatakan dalam dan dibulatkan menjadi ribuan Rupiah.

All figures in the consolidated financial statements are rounded to, and stated in, thousands of Rupiah, unless otherwise stated.

(24)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN (lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

b. Perubahan Kebijakan Akuntansi (lanjutan) b. Changes of Accounting Principles

(continued)

Kelompok Usaha telah menerapkan sejumlah standar baru dan amandemen standar akuntansi yang relevan dengan pelaporan keuangan dan efektif untuk periode tahunan yang dimulai pada atau setelah 1 Januari 2020, yang tidak menyebabkan perubahan signifikan atas kebijakan akuntansi Kelompok Usaha dan tidak memberikan dampak yang material terhadap jumlah yang dilaporkan di laporan keuangan konsolidasian tahun berjalan :

The Group has implemented a number of new standard and amendments to accounting standards that are relevant to its financial reporting and effective for annual period beginning on or after January 1, 2020, which did not result in substantial changes to the Group’s accounting policies and had no material effect on the amounts reported for the current year consolidated financial statements:

· PSAK 25 (Amandemen 2019) tentang “Kebijakan Akuntansi, Perubahan Estimasi Akuntansi, dan Kesalahan tentang Definisi Material”.

· PSAK 1 (Penyesuaian dan Amandemen 2019) tentang "Penyajian Laporan Keuangan"

· PSAK 72 tentang “Pendapatan dari Kontrak dengan Pelanggan”.

· PSAK 25 (2019 Amendments)

“Accounting Policies, Changes in Accounting Estimates, and Errors in Material Definitions”.

· PSAK 1 (2019 Adjustments and

Amendments) "Presentation of Financial Statements".

· PSAK 72 “Revenue from Contracts with Customers”.

Penerapan dari perubahan standar akuntansi berikut, yang berlaku efektif sejak tanggal 1 Januari 2020, relevan bagi Kelompok Usaha dan menyebabkan perubahan signifikan atas kebijakan akuntansi Kelompok Usaha serta memberikan dampak yang material terhadap jumlah yang dilaporkan di laporan keuangan konsolidasian tahun berjalan:

The application of the following revised accounting standards, which are effective from January 1, 2020, is relevant for the Group, and resulted in substantial changes to the Group’s accounting policies and had material effect on the amounts reported for the current year consolidated financial statements:

· PSAK 71 tentang “Instrumen Keuangan”. · PSAK 71 “Financial Instrument”.

· PSAK 73 tentang ”Sewa”. · PSAK 73 ”Lease”.

c. Prinsip-prinsip konsolidasi c. Basis of consolidation

Laporan keuangan konsolidasian meliputi laporan keuangan Perseroan dan entitas anaknya.

The consolidated financial statements include the financial statements of the Company and its subsidiaries.

Entitas anak adalah suatu entitas dimana Kelompok Usaha memiliki pengendalian. Kelompok Usaha mengendalikan entitas lain ketika Kelompok Usaha terekspos atau memiliki hak atas imbal hasil variabel dan keterlibatannya dengan entitas dan memiliki kemampuan untuk mempengaruhi imbal hasil tersebut melalui kekuasaannya atas entitas. Metode akuisisi digunakan untuk mencatat akuisisi entitas anak oleh Kelompok Usaha. Biaya perolehan termasuk nilai wajar imbalan kontinjensi pada tanggal akuisisi.

Subsidiaries are entities over which the Group has control. The group controls an entity when the Group is exposed or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost includes the fair value of any contingent consideration at acquisition date.

(25)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN (lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

c. Prinsip-prinsip konsolidasi (lanjutan) c. Basis of consolidation (continued)

Perubahan dalam bagian kepemilikan entitas induk pada entitas anak yang tidak mengakibatkan hilangnya pengendalian dicatat sebagai transaksi ekuitas. Ketika pengendalian atas entitas anak hilang, bagian kepemilikan yang tersisa di entitas tersebut diukur kembali pada nilai wajarnya dan keuntungan atau kerugian yang dihasilkan diakui dalam laba rugi.

Changes in parent’s ownership interest in subsidiary that do not result in the loss of control are accounted for as equity transactions. When control over a subsidiary is lost, any remaining interest in the entity is remeasured at fair value and the resulting gains or losses is recognized in profit or loss.

Seluruh transaksi, saldo, keuntungan dan kerugian intra Kelompok Usaha yang belum direalisasi dan material telah dieliminasi.

All material intercompany transactions, balances, unrealized surpluses and deficits on transactions between Group companies are eliminated.

Setiap akhir periode pelaporan, Kelompok Usaha melakukan penelaahan ketika terdapat bukti objektif bahwa investasi pada ventura bersama dan entitas asosiasi mengalami penurunan nilai.

At the end of each reporting period, the Group assesses when there is objective evidence that an investment in joint ventures and associates is impaired.

Kepentingan nonpengendali (“KNP”) merupakan proporsi atas hasil usaha dan aset neto entitas anak yang tidak diatribusikan pada pemilik entitas induk.

Non-controlling interests (“NCI”) represent the proportion of the results and net assets of subsidiaries not attributable to the owners of the parent entity.

Kelompok Usaha mengakui kepentingan nonpengendali pada pihak yang diakuisisi sebesar bagian proporsional kepentingan nonpengendali atas aset neto pihak yang diakuisisi. Kepentingan nonpengendali disajikan di ekuitas dalam laporan posisi keuangan konsolidasian, terpisah dari ekuitas pemilik entitas induk.

The Group recognizes any non-controlling interests in the acquiree at the non-controlling interest’s proportionate share of acquiree’s net assets. Non-controlling interest is reported as equity in the consolidated statement of financial position, separate from the owners of the parent’s entity equity.

Hasil usaha entitas anak, dimasukkan atau dikeluarkan dari dalam laporan keuangan konsolidasian masing-masing sejak tanggal efektif akuisisi atau tanggal pelepasan.

The results of subsidiaries, are included in or excluded from the consolidated financial statements from their effective dates of acquisition or disposal respectively.

Kebijakan akuntansi yang digunakan dalam penyusunan laporan keuangan konsolidasian ini telah diterapkan secara konsisten, kecuali jika dinyatakan lain.

The accounting policies adopted in preparing the consolidated financial statements have been consistently applied, unless otherwise stated.

Untuk tujuan konsolidasi, akun entitas anak dalam mata uang selain Rupiah, dijabarkan ke dalam Rupiah dengan dasar sebagai berikut:

For purposes of consolidation, the accounts of subsidiary, which are denominated in currencies other than Rupiah, are translated into Rupiah on the following basis:

· Seluruh aset dan liabilitas dijabarkan ke dalam mata uang Rupiah dengan menggunakan kurs yang berlaku pada tanggal laporan posisi keuangan konsolidasian;

· All assets and liabilities are translated into Rupiah at the exchange rates prevailing on the consolidated statement of financial position dates;