Audit Report 2016 PT Integra Indocabinet Tbk

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PT INTEGRA INDOCABINET TBK

DAN ENTITAS ANAKNYA

Laporan Keuangan Konsolidasian

Tanggal 31 Desember 2016, 2015 dan 2014

Dan Untuk Tahun yang Berakhir

Pada Tanggal-tanggal Tersebut

Beserta Laporan Auditor Independen

(Mata Uang Rupiah Indonesia)

PT INTEGRA INDOCABINET TBK

AND ITS SUBSIDIARIES

Consolidated Financial Statements

As of December 31, 2016, 2015 and 2014

And For the Years Then Ended

With Independent Auditors

’

Report

(Indonesian Rupiah Currency)

FINAL DRAFT

Have been reviewed and approved by: Signed

Name

Position

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Daftar Isi

Halaman/

Page Table of Contents

Surat Pernyataan Direksi Directors’ Statement Letter

Laporan Auditor Independen Independent Auditors’ Report

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

Laporan Laba Rugi dan Penghasilan

Komprehensif Lain Konsolidasian ... 2

ConsolidatedStatement of Profit or Loss and ... Other Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian... ₃ ... Consolidated Statement of Changes in Equity

Laporan Arus Kas Konsolidasian ... 4 ... Consolidated Statement of Cash Flows

Catatan atas Laporan Keuangan Konsolidasian .... ₅_–₁₀₇ _{... Financial Statements}Notes to the Consolidated

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Laporan Auditor Independen

Independent Auditors’ Report

Laporan No. 0111/TPC-GA/SBO/AF/2017

Report No. 0111/TPC-GA/SBO/AF/2017

Pemegang Saham, Dewan Komisaris dan

Dewan Direksi

PT INTEGRA INDOCABINET TBK

The Stockholders, Commissioner and the Board

of Directors

PT INTEGRA INDOCABINET TBK

Kami

telah

mengaudit

laporan

keuangan

konsolidasian PT Integra Indocabinet Tbk

dan Entitas Anaknya terlampir, yang terdiri dari

laporan posisi keuangan konsolidasian tanggal 31

Desember 2016, 2015, dan 2014 serta laporan laba

rugi dan penghasilan komprehensif lain, laporan

perubahan

ekuitas,

dan

laporan

arus

kas

konsolidasian untuk tahun yang berakhir pada

tanggal-tanggal 31 Desember 2016, 2015, dan

2014, dan suatu ikhtisar kebijakan akuntansi

signifikan dan informasi penjelasan lainnya.

We have audited the accompanying consolidated

financial statements of PT Integra Indocabinet Tbk

and

its

Subsidiaries,

which

comprise

the

consolidated statement of financial position as of

December 31, 2016, 2015, and 2014 the

consolidated statements of profit or loss and other

comprehensive income, changes in equity, and cash

flows for the years ended on December 31, 2016,

2015, and 2014, and a summary of significant

accounting

policies

and

other

explanatory

information.

Tanggung jawab manajemen atas laporan

keuangan

Management’s responsibility for the financial

statements

Manajemen bertanggung jawab atas penyusunan

dan

penyajian

wajar

laporan

keuangan

konsolidasian tersebut sesuai dengan Standar

Akuntansi Keuangan di Indonesia, dan atas

pengendalian internal yang dianggap perlu oleh

manajemen untuk memungkinkan penyusunan

laporan keuangan konsolidasian yang bebas dari

kesalahan

penyajian

material,

baik

yang

disebabkan oleh kecurangan maupun kesalahan.

Management is responsible for the preparation and

fair presentation of such consolidated financial

statements

in

accordance

with

Indonesian

Financial Accounting Standards, and for such

internal control as management determines is

necessary to enable the preparation of consolidated

financial statements that are free from material

misstatement, whether due to fraud or error.

Tanggung jawab auditor

Auditors’ responsibility

Tanggung jawab kami adalah untuk menyatakan

suatu opini atas laporan keuangan konsolidasian

tersebut

berdasarkan

audit

kami.

Kami

melaksanakan audit kami berdasarkan Standar

Audit yang ditetapkan oleh Institut Akuntan Publik

Indonesia. Standar tersebut mengharuskan kami

untuk

mematuhi

ketentuan

etika

serta

merencanakan dan melaksanakan audit untuk

memperoleh keyakinan memadai tentang apakah

laporan keuangan konsolidasian tersebut bebas dari

kesalahan penyajian material.

Our responsibility is to express an opinion on such

consolidated financial statements based on our

audit. We conducted our audit in accordance with

Standards on Auditing established by the

Indonesian

Institute

of

Certified

Public

Accountants. Those standards require that we

comply with ethical requirements and plan and

perform the audit to obtain reasonable assurance

about

whether

such

consolidated

financial

statements are free from material misstatement.

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penyajian material dalam laporan keuangan, baik

yang

disebabkan

oleh

kecurangan

maupun

kesalahan. Dalam melakukan penilaian risiko

tersebut, auditor mempertimbangkan pengendalian

internal yang relevan dengan penyusunan dan

penyajian wajar laporan keuangan entitas untuk

merancang prosedur audit yang tepat sesuai dengan

kondisinya, tetapi bukan untuk tujuan menyatakan

opini atas keefektivitasan pengendalian internal

entitas. Suatu audit juga mencakup pengevaluasian

atas ketepatan kebijakan akuntansi yang digunakan

dan kewajaran estimasi akuntansi yang dibuat oleh

manajemen, serta pengevaluasian atas penyajian

laporan keuangan secara keseluruhan.

the financial statements, whether due to fraud or

error. In making those risk assessments, the

auditors consider internal control relevant to the

entity’s preparation and fair presentation of the

financial statements in order to design audit

procedures

that

are

appropriate

in

the

circumstances, but not for the purpose of

expressing an opinion on the effectiveness of the

entity’s internal control. An audit also includes

evaluating the appropriateness of accounting

policies used and the reasonableness of accounting

estimates made by management, as well as

evaluating the overall presentation of the financial

statements.

Kami yakin bahwa bukti audit yang telah kami

peroleh adalah cukup dan tepat untuk menyediakan

suatu basis bagi opini audit kami.

We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a

basis for our audit opinion.

Opini

Opinion

Menurut

opini

kami,

laporan

keuangan

konsolidasian terlampir menyajikan secara wajar,

dalam semua hal yang material, posisi keuangan

konsolidasian PT Integra Indocabinet Tbk dan

Entitas Anaknya tanggal 31 Desember 2016, 2015,

2014, dan 1 Januari 2014/ 31 Desember 2013, serta

kinerja keuangan dan arus kas konsolidasiannya

untuk tahun yang berakhir pada tanggal-tanggal 31

Desember 2016, 2015, dan 2014, sesuai dengan

Standar Akuntansi Keuangan di Indonesia

In our opinion, the accompanying consolidated

financial statements present fairly, in all material

respects, the consolidated financial position of PT

Integra Indocabinet Tbk and its Subsidiaries as of

December 31, 2016, 2015, 2014, and 1 January

2014/ December 31, 2013, and their consolidated

financial performance and cash flows for the years

ended December 31, 2016, 2015, and 2014, in

accordance with Indonesian Financial Accounting

Standards.

Penekanan suatu hal

Emphasis of matter

Seperti yang diungkapkan pada Catatan 4 atas

laporan keuangan konsolidasian, mulai tanggal 1

Januari 2016, Perusahaan dan Entitas Anaknya

mengubah mata uang fungsional dari Dolar

Amerika Serikat (USD) ke Rupiah Indonesia

(IDR), dikarenakan terdapat perubahan pada

transaksi, peristiwa, dan kondisi Perusahaan dan

Entitas Anaknya. Perubahan mata uang fungsional

Perusahaan dan Entitas Anaknya adalah sesuai

dengan PSAK 10 (Revisi 2010) mengenai

“Pengaruh Perubahan Kurs Valuta Asing” yang

menyebabkan dilakukannya penyajian kembali

laporan keuangan konsolidasian tanggal 31

Desember 2015, 2014, dan 1 Januari 2014/ 31

Desember 2013 terlampir, oleh Perusahaan dan

Entitas Anaknya sebagaimana dipersyaratkan oleh

Standar Akuntansi Keuangan di Indonesia.

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Auditor

Independen

No.

0015/TPC-GA/SBO/AF/2017 tertanggal 28 Februari 2017 atas

laporan keuangan konsolidasian PT Integra

Indocabinet

dan

entitas

anaknya

tanggal

31 Desember 2016, 2015 dan 2014 dan untuk tahun

yang berakhir pada tanggal-tanggal tersebut.

Seperti yang dijelaskan dalam Catatan 32 atas

laporan keuangan konsolidasian, sehubungan

dengan rencana Perusahaan untuk melakukan

Penawaran Umum Perdana Saham Perusahaan,

Perusahaan telah menerbitkan kembali laporan

posisi

keuangan

konsolidasian

tanggal

31 Desember 2016, 2015 dan 2014 serta laporan

laba rugi dan penghasilan komprehensif lain,

laporan perubahan ekuitas, dan laporan perubahan

arus kas konsolidasiannya untuk tahun yang

berakhir pada tanggal-tanggal tersebut, yang

disertai

perubahan

maupun

tambahan

pengungkapan pada catatan atas laporan keuangan

konsolidasian.

Auditors’ Report No.

0015/TPC-GA/SBO/AF/2017

dated February 28, 2017 on the consolidated

financial statements of PT Integra Indocabinet and

its subsidiaries as of December 31, 2016, 2015 and

2014 and for the years then ended. As stated in

Note 32 of the consolidated financial statements, in

relation to the Company’s plan to conduct Initial

Public Offering, the Company reissued their

consolidated financial statements as of December

31, 2016, 2015, and 2014 and the consolidated

statements

of

profit

or

loss

and

other

comprehensive income, changes in equity, and cash

flows for the years then ended, together with the

changes and additional disclosures in the notes to

the consolidated financial statements.

Kantor Akuntan Publik/

Registered Public Accountants

TERAMIHARDJA, PRADHONO & CHANDRA

Agustina Felisia

Nomor Izin Akuntan Publik/

License of Public Accountant No. AP. 0453

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Catatan atas Laporan Keuangan Konsolidasian terlampir merupakan bagian yang tak terpisahkan dari Laporan Keuangan Konsolidasian ini secara keseluruhan.

The accompanying Notes to the Consolidated Financial Statements form an integral part of these Consolidated Financial Statements taken as a whole. 1

1 Januari 2014/

31 Desember2013/

Catatan/ 31 Desember2016/ 31 Desember2015/ 31 Desember2014/ January 1, 2014/

Notes December 31, 2016 December 31, 2015 December 31, 2014 December 31, 2013

ASET ASSETS

ASET LANCAR CURRENT ASSETS

2e,2f,2g, Cash and cash

Kas dan setara kas 5,26,27 30,449,572,479 116,330,998,235 27,003,675,052 20,371,538,807 equivalents Piutang usaha 2e,2f, Trade receivables Pihak ketiga, bersih 6,26,27 187,911,663,923 103,254,127,607 126,453,215,078 92,894,763,711 Third parties, net Piutang lain-lain 2f,7,27 Other receivables Pihak berelasi 2p,24 9,705,000,000 5,705,000,000 - - Related party Pihak ketiga 69,537,812,441 83,975,605,783 85,975,091,310 35,249,397,253 Third parties Persediaan 2h,8 893,017,247,860 575,780,894,734 370,729,131,373 402,841,557,735 Inventories Pajak dibayar di muka 2r,9 57,865,781,855 86,641,875,124 53,483,073,353 33,970,988,735 Prepaid taxes Biaya dibayar di muka 2i,2p,24 11,996,020,252 8,155,804,028 8,185,548,964 1,450,140,674 Prepaid expenses Uang muka pembelian 10 64,658,888,752 29,251,710,800 38,666,930,986 28,192,884,873 Advances for purchase

Estimated claim

Taksiran tagihan pajak 2r,16 2,560,280,979 2,976,593,074 4,381,778,520 5,411,964,756 for tax refund

Jumlah Aset Lancar 1,327,702,268,541 1,012,072,609,385 714,878,444,636 620,383,236,544 Total Current Assets

NON-CURRENT

ASET TIDAK LANCAR ASSETS

Piutang lain-lain 2f - - - 21,570,000,000 Other receivables Uang muka pembelian 2p,10,24 83,412,735,768 32,135,724,826 49,233,418,595 11,671,494,154 Advances for purchase Aset pajak tangguhan 2r,16 3,112,995,737 1,557,777,573 200,573,224 180,186,768 Deferred tax assets Properti investasi 2k,11 15,880,000,000 5,334,000,000 - - Investment property

2j,2m,2o,

Aset tetap – bersih 2q ,11 1,642,859,190,372 954,784,745,618 745,755,613,017 674,898,324,892 Fixed assets – net Aset lain-lain – bersih 2l,2m,12 8,907,020,077 8,587,664,705 11,096,476,681 20,312,497,858 Other assets – net

Total Non-Current

Jumlah Aset Tidak Lancar 1,754,171,941,954 1,002,399,912,722 806,286,081,517 728,632,503,672 Assets

JUMLAH ASET 3,081,874,210,495 2,014,472,522,107 1,521,164,526,153 1,349,015,740,216 TOTAL ASSETS

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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. 1a

As restated (Note 4)

1 Januari 2014/

LIABILITIES AND

LIABILITAS DAN EKUITAS EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Bank and non-bank

Utang bank dan lembaga 2e,2f, financial institution keuangan bukan bank 13,26,27 907,825,110,478 766,860,659,223 592,878,060,190 496,693,792,132 loans Utang usaha 2e,2f, Trade payables Pihak ketiga 14,26,27 72,604,179,566 92,080,340,642 77,986,237,180 66,452,956,850 Third parties Utang lain-lain 2f,15,27 Other payables Pihak ketiga 2f,15,27 5,654,871,991 11,607,525,581 2,203,632,409 21,590,212,524 Third parties Beban akrual 2f,27 11,449,731,647 24,607,397,552 13,492,332,427 4,938,478,582 Accrual expenses Utang pajak 2r,16 43,462,855,487 5,171,757,786 1,307,234,867 3,836,129,976 Taxes payable Uang muka pelanggan 17 24,792,817,188 25,429,552,176 9,153,927,568 14,927,158,259 Advance from customers Utang jangka panjang

yang jatuh tempo dalam Current maturities of waktu satu tahun: long-term liabilities:

Bank and

Utang bank dan lembaga 2e,2f, non-bank financial keuangan bukan bank 13,26,27 26,475,634,258 14,666,943,669 10,647,141,064 105,413,649,771 institution loans

Obligation under

Utang sewa pembiayaan 2o,11 9,093,528,058 8,823,113,862 14,890,374,606 11,718,343,431 finance lease

Jumlah Liabilitas

Jangka Pendek 1,101,358,728,673 949,247,290,491 722,558,940,311 725,570,721,525 Total Current Liabilities

LIABILITAS NON-CURRENT

JANGKA PANJANG LIABILITIES

Utang jangka panjang, setelah

dikurangi bagian yang jatuh Long-term liabilities, net tempo dalam waktu satu tahun: of current maturities:

Bank and

Utang bank dan lembaga 2e,2f, non-bank financial keuangan bukan bank 13,26,27 160,818,401,206 198,219,164,268 2,896,321,840 9,477,036,251 institution loans

Obligation under

Utang sewa pembiayaan 2o,11 9,039,813,743 11,072,193,969 19,039,788,936 5,103,256,605 finance lease Utang lain-lain 2f,15,27 Other payables Pihak berelasi 2p,24 141,314,372,925 82,600,391,671 94,510,018,600 76,122,623,993 Related party Pihak ketiga - 620,400,000 20,470,000,000 - Third parties Liabilitas pajak tangguhan 2r,16 212,078,470,513 46,102,573,417 49,276,052,995 47,058,929,941 Deferred tax liabilities

Employee benefits

Liabilitas imbalan kerja 2s,18 27,231,441,609 19,627,280,409 16,055,031,298 12,656,690,603 liabilities

Jumlah Liabilitas Jangka Total Non-Current

Panjang 550,482,499,996 358,242,003,734 202,247,213,669 150,418,537,393 Liabilities

JUMLAH LIABILITAS 1,651,841,228,669 1,307,489,294,225 924,806,153,980 875,989,258,918 TOTAL LIABILITIES

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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.

1b

EKUITAS EQUITY

Ekuitas yang dapat Equity attributable to

diatribusikan kepada the equity holders of

pemilik entitas induk the parent company

Share capital – par value

Modal saham – nilai nominal of Rp 100 per share

Rp 100 per saham in 2016, and

pada tahun 2016, dan Rp 1,000,000 Rp 1.000.000 per saham per share pada tahun 2015, 2014 in 2015, 2014,

dan 2013 and 2013

Modal dasar – Authorized –

20.000.000.000 20,000,000,000 saham pada tahun 2016, shares in 2016, 250.000 saham pada tahun 250,000 shares in 2015, 2014, dan 2013 2015, 2014, and 2013 Modal ditempatkan dan Issued and fully paid –

disetor penuh – 5,000,000,000

5.000.000.000 shares in

saham pada tahun 2016, 2016, 195,000 195.000 saham pada tahun shares in 2015 and 2015 dan 100.000 saham 100,000 shares pada tahun 2014 dan 2013 19a 500,000,000,000 195,000,000,000 100,000,000,000 100,000,000,000 in 2014 and 2013 Tambahan modal disetor 2d,16,19b 25,093,405,789 24,045,697,456 119,045,697,456 24,045,697,456 Additional paid-in capital

Exchange difference

Selisih kurs karena penjabaran due to translation laporan keuangan 2e 141,425,224,187 141,425,224,187 105,769,457,388 100,627,151,865 of financial statements Surplus revaluasi Revaluation surplus aset tetap – bersih 2k,11 640,440,950,720 139,866,947,544 155,811,192,447 159,897,200,803 of fixed assets – net Selisih transaksi nilai Differences equity ekuitas dengan pihak transaction with non- non-pengendali 2c 1,763,749,431 510,692,166 510,692,166 510,692,166 controlling interest Saldo laba 95,685,208,599 165,264,491,867 95,450,012,909 77,972,229,567 Retained earnings

Sub-jumlah 1,404,408,538,726 666,113,053,220 576,587,052,366 463,052,971,857 Sub-total Kepentingan non-pengendali 2c, 20 25,624,443,100 40,870,174,662 19,771,319,807 9,973,509,441 Non-controlling interests

JUMLAH EKUITAS 1,430,032,981,826 706,983,227,882 596,358,372,173 473,026,481,298 TOTAL EQUITY

JUMLAH LIABILITAS DAN TOTAL LIABILITIES

EKUITAS 3,081,874,210,495 2,014,472,522,107 1,521,164,526,153 1,349,015,740,216 AND EQUITY

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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. 2

PENJUALAN BERSIH 2n,21 1,323,388,979,039 1,118,696,671,711 996,105,258,868 NETSALES

COST OF

BEBAN POKOK PENJUALAN 2n,22 ( 865,229,995,699 ) ( 876,991,059,336 ) ( 836,916,693,334 ) GOODS SOLD

LABA BRUTO 458,158,983,340 241,705,612,375 159,188,565,534 GROSS PROFIT

Beban penjualan 2n,23 ( 64,638,717,267 ) ( 45,714,062,523 ) ( 33,182,814,062 ) Selling expenses

General and

2n,2p,2s,11, administrative

Beban umum dan administrasi 18,23,24,30 ( 110,012,317,898 ) ( 79,944,456,088 ) ( 51,363,844,019 ) expenses

Gain on foreign

Laba selisih kurs – bersih 2e 9,466,292,727 7,297,546,317 6,055,309,186 exchange – net

Beban bunga 2n,2p,24 ( 105,943,138,891 ) ( 67,307,212,559 ) ( 61,416,255,732 ) Interest expenses

Bank administration

Beban administrasi bank 2n ( 2,138,867,004 ) ( 3,090,609,915 ) ( 1,212,791,628 ) charges

Penghasilan bunga 2n 893,970,605 749,969,374 222,261,844 Interest income

Loss on disposal of

Rugi pelepasan aset tetap 2j,11 ( 990,036,967 ) ( 18,890,632,216 ) ( 3,074,840,894 ) fixed assets

Lain-lain – bersih 2n 10,285,055,877 8,132,624,499 7,168,537,414 Miscellaneous – net

LABA SEBELUM MANFAAT PROFIT BEFORE TAX

(BEBAN) PAJAK 195,081,224,522 42,938,779,264 22,384,127,643 BENEFIT (EXPENSE)

TAX BENEFIT

MANFAAT (BEBAN) PAJAK 2r,16 (EXPENSE)

Kini ( 58,549,280,250 ) ( 13,771,265,405 ) ( 5,636,464,967 ) Current

Tangguhan 4,549,279,746 9,363,792,298 ( 1,305,018,788 ) Deferred

Jumlah beban Total tax

pajak – bersih ( 54,000,000,504 ) ( 4,407,473,107 ) ( 6,941,483,755 ) expenses – net

PROFIT FOR

LABA TAHUN BERJALAN 141,081,224,018 38,531,306,157 15,442,643,888 THE YEAR

Penghasilan (Kerugian) Other Comprehensive

Komprehensif Lain Income (Loss)

Item that can be

Pos yang dapat direklasifikasi reclassified

ke laba rugi: to profit or loss:

Exchange difference

Selisih kurs karena penjabaran due to translation of

laporan keuangan 2e - 51,980,001,268 8,144,944,662 financial statements

Items that will not be

Pos yang tidak dapat reclassified

direklasifikasi ke laba rugi: to profit or loss:

Increase (decrease) on

Peningkatan (penurunan) revaluation of fixed

revaluasi aset tetap – bersih 2j,11 506,719,066,642 - ( 4,073,415,308 ) assets – net

Remeasurement

on employee

Pengukuran kembali liabilitas benefits

imbalan kerja – bersih 2s,18 190,809,397 1,548,284 ( 236,782,367 ) liabilities – net

TOTAL

JUMLAH PENGHASILAN COMPREHENSIVE

KOMPREHENSIF INCOME FOR

TAHUN BERJALAN 647,991,100,057 90,512,855,709 19,277,390,875 THE YEAR

Laba tahun berjalan Profit for the year

yang dapat diatribusikan attributable to:

kepada: Owners of the

Pemilik entitas induk 140,696,905,072 37,891,275,532 14,738,392,771 parent company

Non-controlling

Kepentingan non-pengendali 384,318,946 640,030,625 704,251,117 interests

JUMLAH 141,081,224,018 38,531,306,157 15,442,643,888 TOTAL

(11)

2a

Catatan/

Notes 2016 2015 2014

Jumlah penghasilan Total comprehensive

komprehensif tahun berjalan income for the year

yang dapat diatribusikan attributable to:

kepada:

Owners of the

Pemilik entitas induk 645,499,410,623 89,526,000,854 18,534,080,509 parent company

Non-controlling

Kepentingan non-pengendali 2,491,689,434 986,854,855 743,310,366 interests

JUMLAH 647,991,100,057 90,512,855,709 19,277,390,875 TOTAL

BASIC AND DILUTIVE

LABA PER SAHAM EARNINGS

DASAR DAN DILUSIAN PER SHARE

YANG DAPAT ATTRIBUTABLE TO

DIATRIBUSIKAN KEPADA OWNERS OF THE

PEMILIK ENTITAS INDUK 2u, 25 43.31 11.05 7.02 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.

3

Equity attributable to the equity holders of the parent company

Selisih Kurs Selisih Transaksi

Modal Saham karenaPenjabaran Nilai Ekuitas Dengan

Ditempatkan dan Tambahan Laporan Keuangan/ Surplus Revaluasi Pihak Non-Pengendali/ Kepentingan Disetor Penuh/ Modal Disetor/ Exchange Difference Aset Tetap/ Differences Equity Saldo Laba/ Non-Pengendali/ Catatan/ Issued and Additional due to Translation of Revaluation Surplus Transaction With Non- Retained Jumlah/ Non-Controlling Jumlah Ekuitas/

Notes FullyPaid Capital Paid-in Capital Financial Statements of Fixed Assets Controlling Interest Earnings Total Interests Total Equity

Saldo Balance as of

1 Januari 2014 100,000,000,000 24,045,697,456 100,627,151,865 159,897,200,803 510,692,166 77,972,229,567 463,052,971,857 9,973,509,441 473,026,481,298 January 1, 2014

Tambahan Additional

modal disetor 19 - 95,000,000,000 - - - - 95,000,000,000 - 95,000,000,000 paid-in capital

Setoran modal Paid-in capital

kepentingan from non-controlling

non-pengendali 1 - - - - - 9,054,500,000 9,054,500,000 interest

Transferred revaluation

Transfer surplus revaluasi surplus to

ke saldo laba 11 - - - ( 3,012,637,214 ) - 3,012,637,214 - - - retained earning

Laba tahun berjalan - - - - - 14,738,392,771 14,738,392,771 704,251,117 15,442,643,888 Profit for the year

Penghasilan Other comprehensive

komprehensif lain 18 - - 5,142,305,523 ( 1,073,371,142 ) - ( 273,246,643 ) 3,795,687,738 39,059,249 3,834,746,987 income

31 Desember 2014 100,000,000,000 119,045,697,456 105,769,457,388 155,811,192,447 510,692,166 95,450,012,909 576,587,052,366 19,771,319,807 596,358,372,173 December 31, 2014

Reklasifikasi tambahan Reclassification from

modal disetor ke additional paid-in

modal saham 19 95,000,000,000 ( 95,000,000,000 ) - - - - - capital to share capital

Setoran modal Paid-in capital

kepentingan from non-controlling

non-pengendali 1 - - - - - 20,112,000,000 20,112,000,000 interest

komprehensif lain 18 - - 35,655,766,799 16,009,815,441 - ( 30,856,918 ) 51,634,725,322 346,824,230 51,981,549,552 income

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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.

3a

Modal Saham karenaPenjabaran Nilai Ekuitas Dengan

_{Ditempatkan dan} _Tambahan _{Laporan Keuangan/} _{Surplus Revaluasi}_{Pihak Non-Pengendali/} _Kepentingan Disetor Penuh/ Modal Disetor/ Exchange Difference Aset Tetap/ Differences Equity Saldo Laba/ Non-Pengendali/ Catatan/ Issued and Additional due to Translation of Revaluation Surplus Transaction With Non- Retained Jumlah/ Non-controlling Jumlah Ekuitas/

Notes FullyPaid Capital Paid-in Capital Financial Statements of Fixed Assets Controlling Interest Earnings Total Interests Total Equity

31 Desember 2015 195,000,000,000 24,045,697,456 141,425,224,187 139,866,947,544 510,692,166 165,264,491,867 666,113,053,220 40,870,174,662 706,983,227,882 December 31, 2015

Additional paid-in

Tambahan modal disetor 19 90,500,000,000 - - - - - 90,500,000,000 - 90,500,000,000 capital

Penambahan investasi Increase in investments

saham entitas anak yang in shares of

diakuisisi dari a subsidiary acquired

kepentingan non from non controlling

pengendali 1 - - - - - - - ( 16,692,046,113 ) ( 16,692,046,113 ) interest

Selisih transaksi Differences equity

nilai ekuitas dengan transaction with

non-pihak non-pengendali 1 - - - - 1,253,057,265 - 1,253,057,265 ( 1,253,057,265 ) - controlling interest

Pengampunan pajak 16i - 1,047,708,333 - - - - 1,047,708,333 202,991,667 1,250,700,000 Tax amnesty

Dividen saham 19 214,500,000,000 - - - - ( 214,500,000,000 ) - - - Share dividend

komprehensif lain 11,18 - - - 504,621,141,100 - 176,673,736 504,797,814,836 2,112,061,203 506,909,876,039 income

31 Desember 2016 500,000,000,000 25,093,405,789 141,425,224,187 640,440,950,720 1,763,749,431 95,685,208,599 1,404,408,538,726 25,624,443,100 1,430,032,981,826 December 31, 2016

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4

Catatan/

Notes 2016 2015 2014

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM

OPERASI OPERATING ACTIVITIES

Penerimaan kas dari pelanggan 1,238,094,707,735 1,158,171,383,790 956,773,576,810 Receipts from customers Pembayaran kas kepada Cash payments to pemasok, direksi, karyawan suppliers, directors, dan beban operasional employees and other lain-lain ( 1,312,603,447,919 ) ( 1,076,278,614,083 ) ( 886,162,863,406 ) operational expenses

Kas yang diperoleh dari Cash provided by (digunakan untuk) operasi ( 74,508,740,184 ) 81,892,769,707 70,610,713,404 (used in) operations Penghasilan keuangan 893,970,605 749,969,374 222,261,844 Financial income Beban keuangan ( 108,082,005,895 ) ( 82,331,104,454 ) ( 62,629,047,360 ) Financial expense Pembayaran pajak ( 22,814,825,939 ) ( 9,877,880,616 ) ( 8,291,031,939 ) Payments of taxes Penerimaan pajak 416,312,095 1,405,185,446 1,030,186,236 Receipt from taxes Lain-lain – bersih 10,377,755,877 8,132,624,499 7,168,537,414 Others – net

Kas bersih yang diperoleh Net cash flows dari (digunakan untuk) provided by (used in) aktivitas operasi ( 193,717,533,441 ) ( 28,436,044 ) 8,111,619,599 operating activities

ARUS KAS UNTUK AKTIVITAS CASH FLOWS FOR

INVESTASI INVESTING ACTIVITIES

Pembayaran uang muka Payment of advances for pembelian aset tetap ( 57,108,698,965 ) ( 25,755,962,630 ) ( 37,561,924,441 ) purchase of fixed assets Perolehan properti investasi 11 - ( 5,334,000,000 ) - Acquisition of investment property Perolehan aset tetap 11 ( 87,507,070,769 ) ( 202,720,270,784 ) ( 102,242,573,593 ) Acquisition of fixed assets Perolehan aset lain-lain 12 ( 3,498,403,976 ) ( 3,886,429,256 ) ( 2,582,803,591 ) Acquisition of other assets

Proceeds from

Hasil pelepasan aset tetap 10,462,930,601 30,501,435,185 29,341,546,559 disposal of fixed assets

Kas bersih yang digunakan Net cash flows used in untuk aktivitas investasi ( 137,651,243,109 ) ( 207,195,227,485 ) ( 113,045,755,066 ) investing activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM

PENDANAAN FINANCING ACTIVITIES

Pembayaran utang bank dan Payment of bank and lembaga keuangan bukan non-bank financial bank ( 2,011,273,248,985 ) ( 1,146,954,528,710 ) ( 879,788,730,499 ) institution loans Penambahan utang bank dan Additional of bank and lembaga keuangan bukan non-bank financial bank 2,047,335,308,620 1,473,867,038,596 867,031,483,997 institution loans

Payment of obligation

Pembayaran utang sewa ( 11,624,734,676 ) ( 18,394,852,126 ) ( 16,774,083,449 ) under finance lease

Additional of obligation

Penambahan utang sewa 3,169,896,192 - - under finance lease Kenaikan (penurunan) Increase (decrease) utang lain-lain 58,713,981,254 ( 32,379,626,929 ) 38,857,394,607 of other payables Tambahan modal disetor 19 90,500,000,000 - 95,000,000,000 Additional paid-in capital

Additional (divesment) paid-in

Setoran modal (divestasi) oleh capital from kepentingan non-pengendali 1c ( 16,692,046,113 ) 20,112,000,000 9,054,500,000 non-controlling interest

Kas bersih yang diperoleh dari Net cash flows provided by aktivitas pendanaan 160,129,156,292 296,250,030,831 113,380,564,656 financing activities

NET INCREASE

(DECREASE) OF

KENAIKAN (PENURUNAN) CASH AND CASH

BERSIH KAS, SETARA EQUIVALENT

KAS DAN CERUKAN ( 171,239,620,258 ) 89,026,367,302 8,446,429,189 AND OVERDRAFT

NET EFFECT OF

DAMPAK BERSIH PERUBAHAN EXCHANGE RATES

NILAI TUKAR ATAS KAS CHANGES ON CASH

DAN SETARA KAS 2,232,977,883 1,763,848,000 ( 1,027,158,027 ) AND CASH EQUIVALENTS

SELISIH KURS KARENA EXCHANGE DIFFERENCE

PENJABARAN DUE TO TRANSLATION OF

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4a

CASH AND CASH

EQUIVALENTS

AND OVERDRAFT

KAS, SETARA KAS DAN AT BEGINNING

CERUKAN AWAL TAHUN 100,480,596,376 17,261,378,105 13,083,884,977 OF YEAR

CASH AND CASH

EQUIVALENTS

KAS, SETARA KAS DAN AND OVERDRAFTS

CERUKAN AKHIR TAHUN ( 68,526,045,999 ) 100,480,596,376 17,261,378,105 AT END OF YEAR

Kas, setara kas dan cerukan terdiri dari: Cash and cash equivalents and overdrafts consists of:

Kas 1,034,793,898 1,419,886,997 2,272,357,298 Cash on hand Bank 25,514,778,581 62,811,111,238 24,731,317,754 In banks Deposito berjangka 3,900,000,000 52,100,000,000 - Time deposit Cerukan ( 98,975,618,478 ) ( 15,850,401,859 ) ( 9,742,296,947 ) Overdrafts

Jumlah ( 68,526,045,999 ) 100,480,596,376 17,261,378,105 Total

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5

1. UMUM 1. GENERAL

a. Pendirian Perusahaan a. The Company’s Establishment

PT Integra Indocabinet Tbk (“Perusahaan”

atau “ITG”) didirikan berdasarkan akta notaris

Soetjipto, S.H., No. 147 tanggal 19 Mei 1989. Akta pendirian ini telah disahkan oleh Menteri Kehakiman Republik Indonesia dengan Surat

Keputusan No. C2-320.HT.01.01.th’90 tanggal

20 Januari 1990. Anggaran dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir berdasarkan akta notaris Fathiah Helmi, S.H., No. 13 tanggal 7 September 2016 antara lain mengenai perubahan status Perusahaan, penurunan nilai nominal saham, peningkatkan modal dasar, modal ditempatkan dan disetor penuh. Perubahan ini telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. AHU-0016584.AH.01.02.Tahun 2016 tanggal 15 September 2016.

PT Integra Indocabinet Tbk (the “Company or ITG”) was established based on notarial deed No. 147 of Soetjipto, S.H., dated May 19, 1989. The deed of establishment was approved by the Minister of Justice of the Republic of Indonesia in its Decision Letter No. C2-320.HT.01.01.th’90 dated January 20, 1990. The Company’s articles of association has been amended for several times, the latest by notarial deed No. 13 dated September 7, 2016 of Fathiah Helmi, S.H., regarding among others, the change of the Company’s status, decrease of the par value of share, increase in authorized, issued and fully paid capital. This amendment was approved by the Minister of Law and Human Rights of the Republic of Indonesia, in its Decision Letter No. AHU-0016584.AH.01.02.Tahun 2016 dated September 15, 2016.

Sesuai dengan pasal 3 anggaran dasar Perusahaan, maksud dan tujuan Perusahaan adalah berusaha dalam bidang perdagangan, pembangunan, pertambangan, perindustrian, pertanian, pengangkutan, percetakan dan jasa.

Based on article 3 of the Company’s articles of association, the Company’s scope of business activities comprises of trading, development, mining, industrial, agriculture, transportation, printing and service.

Perusahaan berkedudukan di Sidoarjo dan saat ini bergerak dalam bidang produksi mebel berbahan dasar kayu dan produk kayu lainnya.

Perusahaan mulai melakukan kegiatan

operasinya pada tahun 1989.

The Company is located in Sidoarjo and is engaged in the wooden furniture and other wooden product industry. The Company started its operations in 1989.

PT Integra Indo Lestari adalah entitas induk dan entitas induk terakhir Perusahaan.

PT Integra Indo Lestari is the parent entity and ultimate parent entity of the Company.

b. Dewan Komisaris, Direksi dan Karyawan b. The Board of Commissioners, Directors and

Employees

Susunan dewan komisaris dan direksi

Perusahaan pada tanggal 31 Desember 2016 adalah sebagai berikut:

The boards of commissioners and directors of the Company as of December 31, 2016 were as follows:

Dewan Komisaris Board of Commissioners

Komisaris Utama : Hendro Rusli : President Commissioner

Komisaris : Stephanie Kane Ilham : Commissioner

Komisaris Independen : Bing Hartono Poernomosidi : Independent Commissioner

: Heri Sunaryadi :

Direksi Board of Directors

Direktur Utama : Halim Rusli : President Director

Direktur : Widjaja Karli : Directors

: Syany Tjandra :

Direktur Independen : Wang Sutrisno : Independent Director

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6

(Lanjutan) Employees (Continued)

Susunan komisaris dan direksi Perusahaan pada tanggal 31 Desember 2015 dan 2014 adalah sebagai berikut:

The commissioner and directors of the Company as of December 31, 2015 and 2014 were as follows:

Komisaris : Stephanie Kane Ilham : Commissioner

Direktur Utama : Halim Rusli : President Director

Direktur : Widjaja Karli : Directors

Syany Tjandra

Perusahaan dan Entitas Anaknya

(bersama-sama disebut “Kelompok Usaha”) memiliki

2.388, 2.669, dan 1.886 orang karyawan tetap masing-masing pada tanggal 31 Desember 2016, 2015 dan 2014 (tidak diaudit).

The Company and its Subsidiaries (collectively referred to as the “Group”) had 2,388, 2,669, and 1,886 permanent employees on December 31, 2016, 2015 and 2014, respectively (unaudited).

c. Entitas Anak c. Subsidiaries

Pada tanggal 31 Desember 2016, 2015 dan 2014, Perusahaan memiliki Entitas Anak sebagai berikut:

As of December 31, 2016, 2015 and 2014, the Company had the following Subsidiaries:

Jumlah aset sebelum

eliminasi (dalam jutaan rupiah)

Persentase Kepemilikan/ Total assets before

Percentage of Ownership elimination (in million rupiah)

Aktivitas Tahun

Bisnis/ Pendirian/ 31 Desember/ December 31

Entitas Anak/ Domisili/ Business Year of

Subsidiaries Domicile Activity Establishment 2016 2015 2014 2016 2015 2014

Kepemilikan Langsung/ Direct Ownership

PT Narkata Rimba (NKT) Kalimantan Timur /

East Kalimantan a 1978 99% 97% 97% 123,485 100,290 90,200 PT Belayan River Timber (BRT) Kalimantan Timur /

East Kalimantan a 1978 99% 80% 80% 322,969 367,091 256,072 PT Intertrend Utama (ITR) Sidoarjo b 1993 99% 99% 99% 643,789 393,681 310,370 PT Interkraft (ITK) Sidoarjo b 2002 99% 99% 99% 551,351 428,208 229,925 PT Intera Indonesia (INT) Sidoarjo b 2012 99% 98% 98% 171,087 43,291 38,439 PT Integriya Dekorindo (ITD) Sidoarjo c 2013 99% 99% 99% 105,934 73,648 42,556 PT Citra Borneo Lestari (CBL) Sidoarjo b 2013 - 50% 50% - 1,994 2,291 PT Inter Kayu Mandiri (IKM) Sidoarjo d 2015 80% 80% - 75,866 35,856 -

Kepemilikan tidak langsung melalui PT Inter Kayu Mandiri/ Indirect Ownership through PT Inter Kayu Mandiri

PT WoodOne Integra Indonesia (WII) Sidoarjo b 2015 50% 50% - 75,827 35,689 -

Aktivitas Bisnis Entitas Anak / Subsidiaries’s Business Activity

a. Industri Hak Pengelolaan Hutan/ Forest Concession Right Industry

b. Industri Mebel/ Furniture Industry

c. Perdagangan dan Jasa/ Services and Trading

d. Perusahaan Induk/ Holding Company

PT Narkata Rimba PT Narkata Rimba

Berdasarkan akta notaris Dyah Ayu Ambarwati, S.H., M.Kn., No. 8 tanggal 30 Juni 2016, para pemegang saham NKT menyetujui untuk pembagian dividen saham sebesar Rp 14,5 miliar.

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7

1. UMUM (Lanjutan) 1. GENERAL (Continued)

c. Entitas Anak (Lanjutan) c. Subsidiaries (Continued)

PT Narkata Rimba (Lanjutan) PT Narkata Rimba (Continued)

Berdasarkan akta notaris Dyah Ayu Ambarwati, S.H., M.Kn., No. 5 tanggal 21 Juli 2016, para pemegang saham NKT menyetujui untuk meningkatkan modal dasar, modal ditempatkan dan disetor dari Rp 30 miliar menjadi Rp 44,5 miliar. Akta tersebut telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan

No. AHU-001378.AH.01.02.Tahun 2016

tanggal 1 Agustus 2016.

Berdasarkan akta notaris Dyah Ayu Ambarwati, S.H., M.Kn., No. 17 tanggal 5 September 2016, para pemegang saham milik NKT menyetujui authorized, issued and fully paid capital capital from Rp 30 billion to Rp 44.5 billion. This amendment was approved by the Minister of Law and Human Rights of the Republic of Indonesia, in its Decision Letter No. AHU-001378.AH.01.02.Tahun 2016 dated August 1, 2016.

PT Belayan River Timber PT Belayan River Timber

Berdasarkan akta notaris Siti Nurul Yuliami, S.H., M.Kn., No. 51 tanggal 15 Desember 2014, para pemegang saham BRT menyetujui peningkatan modal dasar, ditempatkan dan disetor penuh dari Rp 16,407 miliar menjadi sebesar Rp 56,407 miliar atau sebanyak 564.070 lembar saham dengan komposisi Perusahaan sebesar Rp 45.125.600.000 atau sebesar 451.256 lembar saham dan PT Integra Indo Lestari (IIL) sebesar Rp 11.281.400.000 atau sebesar 112.814 lembar saham.

Based on the notarial deed No. 51 of Siti Nurul Yuliami, S.H., M.Kn., dated December 15, 2014, the shareholders of BRT agreed to increase the authorized, issued and fully paid capital stock from Rp 16.407 billion to Rp 56.407 billion consisting of 564,070 shares divided to the Company amounting to Rp pemegang saham BRT menyetujui untuk pembagian dividen saham sebesar Rp 11,5 miliar.

Based on the notarial deed No. 6 of Dyah Ayu Ambarwati S.H., M.Kn., dated June 30, 2016, BRT’s shareholders approved the distribution of share dividend amounting to Rp 11.5 billion.

Berdasarkan akta notaris Dyah Ayu Ambarwati, S.H., M.Kn., No. 4 tanggal 21 Juli 2016, para pemegang saham BRT menyetujui untuk meningkatkan modal dasar, modal ditempatkan dan disetor dari Rp 56,407 miliar menjadi Rp 67,907 miliar. Akta tersebut telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan

No. AHU-0013769.AH.01.02.Tahun 2016 S.H., M.Kn., No. 16 tanggal 5 September 2016, para pemegang saham BRT menyetujui pengalihan saham BRT sebesar 129.024 lembar saham dari IIL ke Perusahaan.

Based on the notarial deed No. 16 of Dyah Ayu Ambarwati S.H., M.Kn., dated September 5, 2016, BRT’s shareholders approved the transfer of ownership of 129,024 shares from IIL to the Company.

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8

PT Intertrend Utama PT Intertrend Utama

Berdasarkan akta notaris Siti Nurul Yuliami, S.H., M.Kn., No. 78 tanggal 28 April 2015, para pemegang saham ITR menyetujui peningkatan modal ditempatkan dan disetor penuh dari Rp 35 miliar menjadi sebesar Rp 55 miliar atau sebanyak 55.000 lembar saham. Peningkatan tersebut telah disetor oleh Perusahaan sebesar pemegang saham ITR menyetujui untuk pembagian dividen saham sebesar Rp 36 miliar.

Based on the notarial deed No. 2 of Dyah Ayu Ambarwati S.H., M.Kn., dated June 30, 2016 ITR’s shareholders approved the distribution of share dividend amounting to Rp 36 billion.

Berdasarkan akta notaris Dyah Ayu Ambarwati, S.H., M.Kn., No. 3 tanggal 30 Juni 2016, para pemegang saham ITR menyetujui untuk meningkatkan modal ditempatkan dan disetor dari Rp 55 miliar menjadi Rp 91 miliar.

Based on the notarial deed No. 3 of Dyah Ayu meningkatkan modal ditempatkan dan disetor dari Rp 91 miliar menjadi Rp 155,006 miliar.

Based on the notarial deed No. 8 of Dyah Ayu Ambarwati S.H., M.Kn., dated September 2, 2016, ITR’s shareholders agreed to increase the issued and fully paid capital from Rp 91 billion to Rp 155.006 billion.

PT Interkraft PT Interkraft

Berdasarkan akta notaris Siti Nurul Yuliami, S.H., M.Kn., No. 63 tanggal 23 April 2015, para pemegang saham ITK menyetujui peningkatan modal ditempatkan dan disetor penuh dari Rp 20 miliar menjadi sebesar Rp 65 miliar atau sebanyak 65.000 lembar saham. Peningkatan tersebut telah disetor oleh Perusahaan sebesar Rp 44,55 miliar.

Based on the notarial deed No. 63 of Siti Nurul Yuliami, S.H., M.Kn., dated April 23, 2015, the pemegang saham ITK menyetujui untuk pembagian dividen saham sebesar Rp 53 miliar.

Based on the notarial deed No. 4 dated June 30, 2016 of Dyah Ayu Ambarwati S.H., M.Kn., ITK’s shareholders approved the distribution of share dividend amounting to Rp 53 billion.

Berdasarkan akta notaris Dyah Ayu Ambarwati, S.H., M.Kn., No. 5 tanggal 30 Juni 2016, para pemegang saham ITK menyetujui untuk meningkatkan modal dasar dari Rp 80 miliar menjadi Rp 118 miliar dan modal ditempatkan dan disetor dari Rp 65 miliar menjadi Rp 118 miliar. Akta tersebut telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan

No. AHU-0013760.AH.01.02.Tahun 2016

tanggal 1 Agustus 2016