pt indal aluminium industry tbk dan entitas anak/ · 2020. 4. 27. · pt indal aluminium industry...

PT INDAL ALUMINIUM INDUSTRY Tbk

Untuk tahun-tahun yang berakhir pada tanggal

Laporan Keuangan Konsolidasian

DAN ENTITAS ANAK/

AND ITS SUBSIDIARIES

31 Desember 2014 dan 2013

Consolidated Financial Statements

For the years ended December 31, 2014 and 2013

ErwruflrumK'PT INDAL ALUMINIUM INDUSTRY TbK.

Head Office : Jl. Kembang Jepun 38-40, Surabaya 60162 Indonesia, Phone: (031)3530333,353'1445,3541040, Fax: (031) 3533055Factory office : Desa Sawotratap, Gedangan, Sidoa io 61254, Indonesia, Phone:(031) 8531 531 , 8536993, Fax: (031) 8532812, Email: ma*[email protected]

STNAT PERIIYATAAN DNEKSI TEIITA$GIAI{GGItr.G JAWAB ATAS LAFORAN IGUATIGAIIKOISIOTIDASAN T'NN'K TAI{'T YAI{G BERAK}IIRPAI'A TI"GIGAL 31 DESE A€R 2O'.4 DAil{ 2O'3PT $trIAL AL{'UIISIAI IMX'SIIIY TbK DAI{ E TIITASA'{AK

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DIRECIORS' SfATESE$IT IET'ER RELA'nIF TOTH€ RESPOITISEIUTY ON THE OOTSOI-IDAIED

FINANCIAL STATE E[I!' FOR THE YEAR EIDEDDECflBER 3A, 201t AiD 2013

PT INDAL AL(N$|rf, II{DUSTRY TbK A'ID ITSSUBSUARIES

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we arc responsibb for ttp preparation andpresentdion of tE corrsdilarcd tirHEidstaieme ts.

T?le mrEdidabd fir|arcid semers tlarre beenprepared and preserfed in accordane withFinancial Accor$ting $andaKl in hdorEsia.

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We are responsi e for the Company and ilssubsidiaries' intemal control q/stem.

This statsnent letter is made truthfutly.

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Dsnfttan perny€han ini dbuat dengan sebenamlra

St'aba)ra, 20 Maret zOfS I Viadclrm,mls

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EMASPPN%ROUP

Dil€*tur, Direc{d

Laporan Auditor Independen / Independent Auditor's Report

Halaman / PageLaporan Keuangan Konsolidasian/ Consolidated Financial Statements

Laporan Posisi Keuangan (Neraca) Konsolidasian/ Consolidated Statements of Financial Position 1-2

Laporan Laba Rugi Komprehensif Konsolidasian/Consolidated Statements of Comprehensive Income 3

Laporan Perubahan Ekuitas Konsolidasian/ Consolidated Statements of Changes in Equity 4

Laporan Arus Kas Konsolidasian/Consolidated Statements of Cash Flows 5

Notes to Consolidated Financial Statements 6-73Catatan atas Laporan Keuangan Konsolidasian/

Daftar Isi / Table of Contents

Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & RekanRegistered Public AccountantsDecrce ol the Finance Minister ofhe Reoublic of Indonesia No. 1198/KM.1/2009

Laporan No. 033/PHAA-S/GA./IIV2015Laporan Auditor Independen

Pemegang Saham, Dewan Komisaris danDireksiPT INDAL ALUMINIUM INDUSTRY TbK

,:*Kami, telah mengaudit laporan keuangankonsolidasian PT Indal Aluminium lndustry Tbk("Entitas") dan entitas anaknya terlampir, yang terdiridari laporan posisi keuangan (neraca) konsolidasiantarggal 31 Desember 2014, serta laporan laba rugikomprehensif, laporan perubahan ekuitas, dan laporanarus kas konsolidasian untuk tahun yang berakhirpada tanggal tersebut, dan suatu ikhtisar kebijakanakmtansi signifikan dan informasi penjelasan lainnya.

Tanggung Jawab Manajeuren atas LaporanKeuangan

Manajemen bertanggung jawab atas pen)rusunan danpenyajian wajar laporan keuangan konsolidasiantersebut sesuai dengan Standar Akuntansi Keuangandi Indonesia, dan atas pengendalian intemal yangdianggap perlu oleh manajemen untuk memungkinkanpenlusunan laporan keuangan konsolidasian yangbebas dari kesalahan penyajian material, baik yangdisebabkan oleh kecurangan maupun kesalahan.

Tanggung Jawab Auditor

Tanggung jawab kami adalah untuk menyatakan suatuopini atas laporan keuangan konsolidasian tersebutberdasarkan audit kami. Kami melaksanakan auditkami berdasarkan Standar Audit yang ditetapkan olehInstitut Akuntan Publik Indonesia. Standar tersebutmengharuskan kami untuk mernatuhi ketentuan etikaserta merencanakan dan melaksanakan audit untukmemperoleh keyakinan memadai tentang apakahlaporan keuangan konsolidasian tersebut bebas darikesalahan penyajian material.

PK7Accountants &business advisers

Report No. 03 3/PIAA-S/GA/III/20 I 5Independent A uditors' Repofi

The Stockholders, Board of Commissionersand Dhectors

PT INDAL ALUMINIUM INDASTRY Tbh

We have audited the accompanying consolidated

Jinancial statements of PT Indal AluminiumIndusny Tbk (the "Entity't) and its subsidiaries,which comprise the consolidated statement of

Jinancial position as of December 31, 2014, and theconsolidated statements of comprehensive income,changes in equity, and cash flows for the year thinended, and a summary of signifcant accountingpolicies and other explanatory information.

Management's Responsibili4t for the FinancialStatements

Management is responsible for the preparation and

fair presentation of such consolidated Jinancialstatements in accordance with Indonesian FinancialAccounting Standards, and for such internal controlas managenent detetmines is necessary to enable thepreparation of consolidated Jinancial statements thatare free from material misstatemen| whether due to

fraud or error.

A uditors' Resp onsibility

Our responsibility is to express an opinion on suchconsolidated financial statements based on our audit.We conducted our audit in accordance withStandmds on Auditing established by the IndonesianInstitute of Certified Public Accountants. Thosestandards require that we comply with ethicalrequiretnmts and plan and perform the audit toobtain reasonable assurance about whether suchconsolidated Jinancial statements are free frommat eria I mi s stateme nt.

Tel. + 6231 501 2161 (hunting) | FaD< + 6231 5o1 2335Email : [email protected] I www.pkfhadiwinata.comPKF I Jl. Ngagel Jaya 90 | Surabaya 60283 | Jawa Timur I Indonesia

Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan is a member firm of PKF International network of legally independent firmswhich does not ac@pt any responsibility or liability for the actions or inactions on the part of any individual member firm or firms.

Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & RekanRegistered Public Accountants

Laporan No. 033/PHAA-S/GA/IIV2015 Qanjutan)Laporan Auditor Independen (lanjutan)

Suatu audit melibatkan pelaksanaan prosedur untukmemperoleh bukti audit tentang angka-angka danpengungkapan dalam laporan keuangan. Proseduryang dipilih bergantung pada pertimbangan auditor,termasirk penilaian atas risiko kesalahan penyajianmaterial dalam laporan keuangan, baik yangdisebabkan oleh kecurangan maupun kesalahan.Dalam melakukan penilaian risiko tersebut, auditormempertimbangkan pengendalian intemal yangrelevan dengan penyusunan dan penyajian wajarlaporan keuangan entitas untuk merancang proseduraudit yang tepat sesuai dengan kondisinya, tetapibukan untuk tujuan menyatakan opini ataskeefektivitasan pengendalian intemal entitas. Suatuaudit juga mencakup pengevaluasian atas ketepatankebijakan akuntansi yang digunakan dan kewajaranestimasi akuntansi yang dibuat oleh manajemen, sertapengevaluasian atas penyajian laporan keuangansecara keseluruhan.

Kami yakin bahwa bukti audit yang telah kamiperoleh adalah cukup dan tepat untuk menyediakansuatu basis bagi opini audit kami.

Opini

Menurut opini kami, laporan keuangan konsolidasianterlampir menyajikan secara wajar, dalam semua halyang material, posisi keuangan konsolidasianPT Indal Aluminium Industry Tbk dar entitasanaknya tanggal 31 Desember 2014, serta kinerjakeuangan dan arus kas konsolidasiannya untuk tahunyang berakhir pada tanggal tersebut, sesuai denganStandar Akuntansi Keuangan di Indonesia.

PK7Accountanls &business advisers

Repolt No. 03 3/PHAA-S/GUIII/20 I 5 (continued)Independent Aadinrs' Repon (continued)

An audit involves performing procedures to obtainaudit evidence about the amounts and disclosures inthe Jinancial statements. The procedwes selecteddepend on the auditors' judgment, including theassessment of the risks of material misstatement ofthe Jinancial statements, whether due to fraud orerror. In making those risk assessments, the auditorsconsider internal control relevant to the ent@'spreparation and fair presentation of the Jinancialstatements in order to design audit procedures thatare appropfiate in the c cumstances, but not for thepurpose of expressing an opinion on the effectivenessof the entity's internal control. An audit also includesevaluating the appropriateness of accounting policiesused and the reasonableness of accounting estimatesmade by managemen4 as well as evaluating theoverall presentation of the financial statements.

We believe that the audit evidence we have obtainedis sfficient and appropriate to provide a basis forour audit opinion.

Opinion

In our opinion, the accompanying consolidated

Jinancial statements present fairly, in all materialrespects, the consolidated Jinancial position ofPT Indal Aluminium Industry Tbk and its subsidiariesas of December 31, 2014, and their consolidated

Jinancial pedormance and cash flows for the yearthen ended, in accordance with Indonesian FinancialAccountins Standards.

Paul Hadiwinaia, Hidaiat, Arsono, Ade Fatma & Rekan is a member firm of PKF International network of legally independent firmswhich does not accept any responsibility or liability for the actions or inactions on the part of any individual member firm or firms.

Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & RekanRegistered Public Accountants

Laporan No. 033/PHAA-S/GA/II72015 (lanjutan)Laporan Auditor Independen (lanjutan)

Penekanan Suatu Hal

Sebagaimana yang diungkapkan dalam Catatan 40atas laporan keuangan konsolidasian terlampir, akundalam. !fuoran posisi keuangan konsolidasian pada.tanggal 31 Desember 2013 telah direklasifikasi agarsesuai- dengan penyajian akun dalam laporankeuangan konsolidasian pada tanggal 31 Desember2014. Penerapan reklasifikasi tersebut hanyaberpengaruh terhadap laporan posisi keuangankonsolidasian per tanggal 31 Desember 2013,sehingga Entitas tidak menyajikan kembali saldolaporan posisi keuangan konsolidasian per tanggal 1Jan'uatt 2013/31 Desember 2012 sebagaimanadipersyaratkan oleh Standar Akrmtansi Keuangan diIndonesia. Opini kami tidak dimodifikasi sehubungandengan hal tersebut,

PK7Accountants &business advisers

Report No. 033/P HAA-S/GA/III/20 I 5 (continued)Independent Auditors' Report (contin ed)

Emphasis of Matter

As disclosed in Note 40 to the accompanyingconsolidated financial statements, the account in theconsolidated statements of fnancial position as ofDecember 31, 2013 has been reclassified to conformwith the presentation of account in the consolidatedstatements of Jinancial position as of December 31,2014. The implementation of such reclassiJicationwill only affect the consolidated statements ofJinancial position as of December 31, 2013, so theEntity does not restate the consolidated statements bffinancial position as of January l, 20l3/December31, 2012 as required by Indonesian FinancialAccounting Standards. Our opinion is not modiJied inrespect of this matter.

Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan

Arsono Laksmana. CPAIzin Akuntan PublikNo./ Public Accountant License No. AP.0341

20 Maxet 2015 / March 20, 2015

Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan is a member tirm of PKF International network of legally independent firmswhich does not accbpt any responsibility or liability for the actions or inactions on the part of any indivldual member firm or firms.

PT INDAL ALUMINIUM INDUSTRY Tbk PT INDAL ALUMINIUM INDUSTRY Tbk

DAN ENTITAS ANAK AND ITS SUBSIDIARIES

LAPORAN POSISI KEUANGAN (NERACA) CONSOLIDATED STATEMENTS OF

KONSOLIDASIAN FINANCIAL POSITION

Per 31 Desember 2014 dan 2013 As of December 31, 2014 dan 2013

(Disajikan dalam Rupiah) (Expressed in Rupiah)Catatan/

Notes 2014 2013

ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 2c, 2e, 2h, 4, 34 16.469.279.608 8.125.442.125 Cash and cash equivalentsSaldo bank yang dibatasi

penggunaannya 2c, 2f, 2h, 5 7.482.046.175 8.952.699.281 Restricted bank accountsInvestasi jangka pendek 2c, 2g, 2h, 6 25.552.905.287 55.219.994.909 Short-term investmentsPiutang usaha Accounts receivable

Pihak ketiga, neto setelah dikurangi Third parties, net of provisioncadangan kerugian penurunan nilai for declining in value ofsebesar Rp 1.904.833.131 Rp 1,904,833,131pada tahun 2014 dan 2013 2c, 2h, 2i, 7 220.338.161.057 158.487.671.528 in 2014 and 2013

Pihak-pihak berelasi 2c, 2h, 2q, 8, 34 3.969.576.972 2.654.454.925 Related partiesPiutang lain-lain Other receivables

Pihak ketiga 2h 634.905.694 467.893.321 Third partiesPihak-pihak berelasi 2h, 2q, 34 309.870.848 598.811.000 Related parties

Persediaan, neto setelah dikurangi Inventories, net of provisioncadangan kerugian penurunan nilai for declining in value ofsebesar Rp 2.373.283.653 Rp 2,373,283,653pada tahun 2014 dan sebesar in 2014 andRp 3.083.261.193 pada tahun 2013 2j, 9 329.435.397.918 278.253.349.270 Rp 3,083,261,193 in 2013

Pajak dibayar dimuka 2r, 21a 22.755.665.422 10.080.231.172 Prepaid taxesUang muka pembelian 2c, 2h, 10 16.965.837.135 18.554.381.607 Advance paymentsBeban dibayar dimuka 2h, 2k 464.455.689 1.839.405.675 Prepaid expensesJUMLAH ASET LANCAR 644.378.101.805 543.234.334.813 TOTAL CURRENT ASSETS

ASET TIDAK LANCAR NON-CURRENT ASSETS

Investasi pada entitas asosiasi 2l, 11, 34 98.973.630.492 85.487.121.671 Investments in associated entityAset tetap, neto setelah dikurangi Fixed assets, net of

akumulasi penyusutan sebesar accumulated depreciation ofRp 173.876.595.447 pada tahun 2014 Rp 173,876,595,447 in 2014dan sebesar Rp 163.117.698.465 and Rp 163,117,698,465pada tahun 2013 2n, 12 103.335.945.534 84.097.628.783 in 2013

Aset pajak tangguhan 2r, 21d 6.799.950.655 4.840.938.533 Deferred tax assetsPiutang pajak 2r, 21b 37.821.716.185 45.559.664.484 Taxes receivablesProperti investasi, neto setelah dikurangi Investment property, net of

akumulasi penyusutan sebesar accumulated depreciation ofRp 286.822.719 pada tahun 2014 dan Rp 286,822,719 in 2014 andRp 358.065.827 pada tahun 2013 2p, 13 5.449.631.624 2.029.039.677 Rp 358,065,827 in 2013

Aset tak berwujud 2n 514.194.960 616.194.960 Intangible assetAset lain-lain 8.486.455 16.486.455 Other assetsJUMLAH ASET TIDAK LANCAR 252.903.555.905 222.647.074.563 TOTAL NON CURRENT ASSETS

JUMLAH ASET 897.281.657.710 765.881.409.376 TOTAL ASSETS

Lihat catatan atas laporan keuangan konsolidasian yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian ini.

See accompanying notes to consolidated financial statements which form an integral part of the

consolidated financial statements1



LAPORAN POSISI KEUANGAN (NERACA) CONSOLIDATED STATEMENTS OF

KONSOLIDASIAN (lanjutan) FINANCIAL POSITION (continued)Per 31 Desember 2014 dan 2013 As of December 31, 2014 dan 2013

(Disajikan dalam Rupiah) (Expressed in Rupiah)Catatan/

Notes 2014 2013

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS LANCAR CURRENT LIABILITIES

Utang usaha Accounts payablePihak ketiga 2c, 2h, 14 112.577.677.004 154.024.450.919 Third partiesPihak-pihak berelasi 2c, 2h, 2q, 15, 34 36.298.424.203 3.741.556.237 Related parties

Utang pajak 2r, 21c 1.323.972.365 3.751.671.573 Taxes payableBeban yang masih harus dibayar 2h, 16 42.107.349.674 32.417.355.001 Accrued expensesUang muka pelanggan 2c, 2h, 17 166.823.987.255 165.644.596.422 Advance receivedPinjaman bank jangka pendek 2c, 2h, 18 214.465.406.176 33.874.650.515 Short term bank borrowingsBagian utang bank jangka panjang yang Current maturity portion of

jatuh tempo dalam waktu satu tahun 2c, 2h, 19 19.630.772.280 44.902.721.569 long-term bank loansUtang lain-lain 2c, 2h 2.108.169.540 1.084.120.318 Other payablesJUMLAH LIABILITAS LANCAR 595.335.758.497 439.441.122.554 TOTAL CURRENT LIABILITIES

LIABILITAS TIDAK LANCAR NON-CURRENT LIABILITIES

Utang bank jangka panjang, setelahdikurangi bagian yang jatuh Long term bank loans, net oftempo dalam satu tahun 2c, 2h, 19 46.074.561.402 105.135.913.554 current maturity portion

Utang kepada pihak-pihakberelasi 2h, 2q, 20, 34 83.600.000.000 73.341.877.480 Payable to related parties

Liabilitas diestimasi atas Estimated liabilities forimbalan kerja karyawan 2s, 30 26.429.233.925 21.644.692.662 employees benefits

JUMLAH LIABILITAS TOTAL NON-CURRENT

TIDAK LANCAR 156.103.795.327 200.122.483.696 LIABILITIES

JUMLAH LIABILITAS 751.439.553.825 639.563.606.250 TOTAL LIABILITIES

EKUITAS EQUITY

Ekuitas yang dapat diatribusikan kepada Equity Attributable to Owners

Pemilik Entitas Induk of the Parent

Modal saham - nilai nominal Capital stock - nominal valueRp 250 per lembar saham Rp 250 of per sharepada tahun 2014 dan in 2014 andRp 500 per lembar saham Rp 500 of per sharepada tahun 2013 in 2013Modal dasar - Authorized capital -616.000.000 saham pada tahun 2014 dan 616,000,000 shares in 2014 and308.000.000 saham pada tahun 2013 308,000,000 shares in 2013Modal ditempatkan dan disetor penuh- Subscribed and paid-up capital316.800.000 saham pada tahun 2014 dan 316,800,000 shares in 2014 and158.400.000 saham pada tahun 2013 22 79.200.000.000 79.200.000.000 158,400,000 shares in 2013

Tambahan modal disetor 23 25.273.586.536 25.273.586.536 Additional paid-in capitalSaldo laba 41.368.517.349 21.844.216.590 Retained earningsJUMLAH EKUITAS 145.842.103.885 126.317.803.126 TOTAL EQUITY

JUMLAH LIABILITAS DAN TOTAL LIABILITIES AND

EKUITAS 897.281.657.710 765.881.409.376 EQUITY

Lihat catatan atas laporan keuangan konsolidasian yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian ini.

See accompanying notes to consolidated financial statements which form an integral part of the

consolidated financial statements2



LAPORAN LABA RUGI KOMPREHENSIF CONSOLIDATED STATEMENTS OF

KONSOLIDASIAN COMPREHENSIVE INCOME

Untuk tahun-tahun yang berakhir pada For the years endedtanggal 31 Desember 2014 dan 2013 December 31, 2014 and 2013

(Disajikan dalam Rupiah) (Expressed in Rupiah)Catatan/ 2014 2013

Notes

PENJUALAN 2d, 25 933.462.438.255 640.702.671.875 SALESBEBAN POKOK PENJUALAN 2d, 26 (822.587.747.306) (543.734.498.617) COST OF GOODS SOLD

LABA KOTOR 110.874.690.949 96.968.173.258 GROSS PROFIT

Beban penjualan 2d, 27 (17.880.493.066) (11.764.259.547) Selling expensesBeban umum dan administrasi 2d, 27 (62.490.405.860) (48.445.621.833) General and administrative expensesKeuntungan penjualan Gain on disposal of

aset tetap, neto 12 2.421.947.868 1.093.545.237 fixed assets, netCadangan kerugian penurunan Provision for declining in value

nilai piutang 2i, 7 - (119.936.307) of accounts receivableRealisasi penurunan Realization for declining

nilai persediaan 2j, 9 751.996.159 138.836.503 in value of inventoriesBeban pajak (275.173.165) (1.633.219.677) Tax expensesPendapatan sewa 34 346.200.000 268.200.000 Rental incomeLain-lain, neto (3.195.834.530) (1.945.968.744) Others, net

LABA USAHA 30.552.928.355 34.559.748.890 OPERATING PROFIT

Pendapatan bunga 2d, 28 1.038.815.362 852.910.431 Interest incomeBeban bunga 2d, 29 (16.245.549.751) (12.537.952.736) Interest expensesKerugian kurs mata uang

asing, neto (1.171.537.575) (29.084.263.634) Loss on foreign exchange, netBagian laba bersih entitas Net profit portion of associated

asosiasi 2l, 11 18.578.097.901 17.571.549.775 entities

LABA SEBELUM BEBAN PAJAK 32.752.754.293 11.361.992.726 INCOME BEFORE TAX

MANFAAT (BEBAN) PAJAK 2r, 21d TAX BENEFIT (EXPENSES)

Pajak kini - final (12.604.933.906) (6.932.568.065) Final - current taxPajak kini - tidak final (48.131.750) (1.032.137.000) Non final - current taxPajak tangguhan 1.959.012.123 1.622.253.070 Deferred tax

LABA BERSIH 22.058.700.759 5.019.540.731 NET INCOME

Pendapatan komprehensif lain, Other comprehensive income,bersih setelah pajak - - net of tax

JUMLAH LABA KOMPREHENSIF BERSIH 22.058.700.759 5.019.540.731 NET COMPREHENSIVE INCOME

Jumlah laba komprehensif yang dapat Total comprehensive income

diatribusikan kepada: attributable to:

Pemilik entitas induk 22.058.700.759 5.019.540.731 Owners of the parentKepentingan non-pengendali - - Non - controlling interest

JUMLAH LABA KOMPREHENSIF BERSIH 22.058.700.759 5.019.540.731 NET COMPREHENSIVE INCOME

LABA BERSIH PER SAHAM DASAR 2t, 33 69,63 31,69 NET INCOME PER SHARE

Lihat catatan atas laporan keuangan konsolidasian See accompanying notes to consolidated financialyang merupakan bagian yang tidak terpisahkan statements, which form an integral part of the dari laporan keuangan konsolidasian ini. consolidated financial statements.

3



LAPORAN PERUBAHAN EKUITAS CONSOLIDATED STATEMENTS OF

KONSOLIDASIAN CHANGES IN EQUITY

Untuk tahun-tahun yang berakhir pada For the years endedtanggal 31 Desember 2014 dan 2013 December 31, 2014 and 2013

(Disajikan dalam Rupiah) (Expressed in Rupiah)

Selisih nilai transaksi Jumlahrestrukturisasi antar sebelum

entitas sepengendali/ kepentinganModal ditempatkan Difference arising non-pengendali/

dan disetor/ Tambahan from restructuring Total Kepentingan Jumlah Subscribed and modal disetor/ transaction of before non-pengendali/ Ekuitas/

Catatan/ paid-up Additional entities under Saldo laba/ non-controlling Non-controlling TotalNotes capital stock paid-in capital common control Retained earnings interest interest Equity

Saldo per 1 Januari 2013 79.200.000.000 3.740.000.000 21.533.586.536 24.744.675.859 129.218.262.395 - 129.218.262.395 Balance as of January 1, 2013

Pembagian deviden - - - (7.920.000.000) (7.920.000.000) - (7.920.000.000) Distribution of dividend

Penerapan Pernyataan Standar Adoption of Statement ofAkuntansi Keuangan 38 Financial Accounting (Revisi 2012) - 21.533.586.536 (21.533.586.536) - - - - Standard 38 (Revised 2012)

Net comprehensive incomeLaba bersih komprehensif tahun berjalan - - - 5.019.540.731 5.019.540.731 - 5.019.540.731

Saldo per 31 Desember 2013 79.200.000.000 25.273.586.536 - 21.844.216.590 126.317.803.126 - 126.317.803.126 Balance as of December 31, 2013

Saldo per 1 Januari 2014 79.200.000.000 25.273.586.536 - 21.844.216.590 126.317.803.126 - 126.317.803.126 Balance as of January 1, 2014

Pembagian deviden - - - (2.534.400.000) (2.534.400.000) - (2.534.400.000) Distribution of dividend

Net comprehensive incomeLaba bersih komprehensif tahun berjalan - - - 22.058.700.759 22.058.700.759 - 22.058.700.759

Saldo per 31 Desember 2014 22,23,24,37 79.200.000.000 25.273.586.536 - 41.368.517.349 145.842.103.885 - 145.842.103.885 Balance as of December 31 , 2014

Lihat catatan atas laporan keuangan konsolidasian yang merupakan See accompanying notes to consolidated financial statements,bagian yang tidak terpisahkan dari laporan keuangan konsolidasian ini. which form an integral part of the consolidated financial statements.

for the current year

for the current year

4



LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS

Untuk tahun-tahun yang berakhir pada For the years endedtanggal 31 Desember 2014 dan 2013 December 31, 2014 dan 2013

(Disajikan dalam Rupiah) (Expressed in Rupiah)Catatan/ 2014 2013

Note

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM

OPERASI OPERATING ACTIVITIES

Penerimaan kas dari pelanggan 888.992.005.525 638.100.870.720 Cash received from customersPembayaran kas kepada pemasok (680.290.940.612) (435.129.110.853) Cash paid to suppliers andPembayaran kas kepada karyawan (120.603.961.430) (107.167.061.366) employeesPenerimaan bunga 1.038.815.362 852.910.431 Interest received

Payment ofPembayaran bunga pinjaman (16.202.239.792) (12.106.886.274) interest and financial expensesPenerimaan hasil restitusi pajak 19.648.024.498 - Received from tax restitutionPembayaran pajak penghasilan (10.666.615.437) (6.795.982.424) Payment of income taxKas bersih diperoleh dari (digunakan Net cash provided by (used in)

untuk) aktivitas operasi 81.915.088.114 77.754.740.234 operating activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM

INVESTASI INVESTING ACTIVITIES

Penempatan deposito berjangka Placement of timedan rekening giro 29.667.089.622 (3.625.154.287) deposit and current account

Hasil penjualan aset tetap 4.381.363.636 1.093.545.237 Proceeds from sale of fixed assetsPenerimaan dividen dari entitas Dividends received from associated

asosiasi 5.091.589.080 5.616.945.210 entitiesPerolehan aset tetap (35.733.668.074) (11.607.840.800) Acquisitions of fixed assetsKas bersih diperoleh dari (digunakan Net cash provided by (used in)

untuk) aktivitas investasi 3.406.374.264 (8.522.504.640) investing activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM FINANCING

PENDANAAN ACTIVITIES

Penambahan utang bank - 87.380.561.495 Proceeds of bank loansPembayaran utang bank (84.333.301.441) (32.575.674.687) Payment of bank loansPenambahan/(pembayaran) utang Proceeds/payments of payable

kepada pihak-pihak berelasi 9.391.249.046 (127.186.215.520) to related partiesPembagian dividen (2.534.400.000) (7.920.000.000) Distribution of devidendKas bersih diperoleh dari (digunakan Net cash provided by (used in)

untuk) aktivitas pendanaan (77.476.452.395) (80.301.328.712) financing activities

KENAIKAN BERSIH NET INCREASE IN

KAS DAN SETARA KAS 7.845.009.983 (11.069.093.118) CASH AND CASH EQUIVALENT

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS ATAWAL TAHUN 7.757.396.151 4.187.699.666 BEGINNING OF YEAR

Dampak perubahan selisih kurs 866.873.474 15.006.835.576 Effect of exchange rate differencesKAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AKHIR TAHUN 16.469.279.608 8.125.442.125 AT END OF YEAR

PENGUNGKAPAN TAMBAHAN: SUPPLEMENTAL DISCLOSURES:

Aktivitas investasi dan pendanaan Non-cash investing and financingyang tidak mempengaruhi arus kas: activities:

Reklasifikasi aset tetap dalam penyelesaian Reclassification on assets in progresske aset tetap 2.300.102.625 9.185.411.834 to fixed assets

Lihat catatan atas laporan keuangan konsolidasian See accompanying notes to consolidated financialyang merupakan bagian yang tidak terpisahkan statements, which form an integral part of the dari laporan keuangan konsolidasian ini. consolidated financial statements.

5



CATATAN ATAS LAPORAN KEUANGAN NOTES TO CONSOLIDATED FINANCIAL

KONSOLIDASIAN STATEMENTS

Untuk tahun-tahun yang berakhir pada tanggal For the years ended31 Desember 2014 dan 2013 December 31, 2014 and 2013


1. UMUM 1. GENERAL

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

Dewan Komisaris dan Dewan Direksi Board of Commissioners and Board of Directors

Presiden Komisaris Angkasa Rachmawati President CommissionerKomisaris Gunardi CommissionerKomisaris Independen Budiprajogo Limanto Independent CommissionerKomisaris Independen Supranoto Dipokusumo Independent Commissioner

In Accordance with articles number 3 of Entity articleassociation, the scope of its activities is mainly to engage inthe manufacture of aluminium sheets, rolling mill, and plantextrusion. The Entity started commercial operations inJanuary 1974.

PT Indal Aluminium Industry Tbk ("Entitas") didirikandalam rangka Undang-Undang Penanaman Modal dalamNegeri No. 6 tahun 1968 jo. Undang-Undang No. 12 tahun1970 berdasarkan akta No. 62 tanggal 16 Juli 1971 dariDjoko Supadmo, S.H., notaris di Jakarta yang kemudiandiubah dengan akta No. 2 tanggal 1 Nopember 1973 dariEliza Pondaag, S.H., notaris di Jakarta. Akta pendiriantersebut telah mendapat pengesahan dari Menteri KehakimanRepublik Indonesia dalam Surat KeputusannyaNo. YA. 5/406/9 tertanggal 14 Desember 1973 sertadiumumkan dalam Berita Negara No. 1 tanggal 2 Januari1974. Anggaran Dasar Entitas telah mengalami beberapa kaliperubahan, terakhir dengan akta No. 83 tanggal 24 Juni 2014dari Bambang Heru Djuwito, S.H., MH, notaris di Surabayamengenai penyesuaian Anggaran Dasar Perseroan denganUndang-Undang No. 40 tahun 2007 tentang PerseroanTerbatas, dan telah mendapat persetujuan Menteri Hukumdan Hak Asasi Manusia Republik Indonesia dalam SuratKeputusannya No. AHU-18780.40.22.2014 dan AHU-04075.40.21.2014 tanggal 10 Juli 2014.

PT Indal Aluminium Industry Tbk (the "Entity") wasestablished within the framework of the Domestic CapitalInvestment Law No. 6 year 1968 as amended by Law No.12year 1970 based on notarial deed No. 62 dated July 16,1971of Djoko Supadmo, S.H., notary in Jakarta which wasamended by notarial deed No. 2 dated November 1, 1973 ofEliza Pondaag, S.H., notary in Jakarta. The deed ofestablishment was approved by the Minister of Justice of theRepublic of Indonesia in his decision letter No.YA.5/406/9dated December 14, 1973 and was published in the StateGazette No.1 dated January 2, 1974. The articles ofassociation of the Company have been amended severaltimes, most recently by notarial deed No.83 dated June 24,2014 of Bambang Heru Djuwito, S.H., MH, notary inSurabaya, concerning the changes in its articles ofassociation to conform with Corporate Law No. 40 year 2007on Limited Companies, and has been approved by theMinister of Regulation and Law in his decision letter No.AHU-18780.40.22.2014 and AHU-04075.40.21.2014 datedJuly 10, 2014.

Kantor pusat Entitas beralamat di Jl. Kembang JepunNo. 38 - 40 Surabaya 60162, dengan pabrik berlokasi diMaspion Unit I Gedangan, Sidoarjo.

The Entity head office is located at Jl. Kembang JepunNo. 38 - 40 Surabaya 60162 and its plants are located inMaspion Unit I Gedangan, Sidoarjo.

Dewan Komisaris/ Board of Commissioners

Hasil produksi Entitas dipasarkan di dalam dan di luarnegeri, termasuk Australia, Asia dan Eropa. Jumlahkaryawan (termasuk karyawan tidak tetap) Entitas danEntitas Anak rata-rata 2.040 dan 1.538 orang pada tahun2014 dan 2013.

The Entity product are marketed both domestically andinternasionally, including Australia, Asia and Europe. TheEntity and Subsidiaries had an average total number ofemployees (including non permanent employees) of 2,040 and1,538 employees in 2014 and 2013.

Entitas tergabung dalam kelompok usaha Maspion. Susunanpengurus Entitas pada tanggal 31 Desember 2014 dan 2013adalah sebagai berikut:

The Entity is part of Maspion group. The Entity managementon December 31, 2014 and 2013, consist of the following:

Sesuai dengan pasal 3 anggaran dasar Entitas, ruang lingkupkegiatan entitas terutama meliputi bidang manufakturaluminium sheets, rolling mill, dan extrusion plant. Entitasmulai berproduksi secara komersial pada bulan Januari 1974.

6




KONSOLIDASIAN (lanjutan) STATEMENTS (continued)Untuk tahun-tahun yang berakhir pada tanggal For the years ended31 Desember 2014 dan 2013 December 31, 2014 and 2013


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

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

Dewan Komisaris dan Dewan Direksi (lanjutan) Board of Commissioners and Board of Directors (continued)

Presiden Direktur Alim Markus President DirectorDirektur Alim Mulia Sastra DirectorDirektur Alim Prakasa DirectorDirektur Welly Muliawan DirectorDirektur Cahyadi Salim Director

Ketua ChiefAnggota MembersAnggota Members

Dewan Komisaris Board of CommissionersDewan Direksi Board of Directors

b. Entitas Anak yang dikonsolidasi b. Consolidated Subsidiaries

Tahunoperasional

Entitas Anak/ Persentase komersial/ Jumlah aset perSubsidiaries kepemilikan/ Start of 31 Desember 2014/

Percentage of commercial Total assets as ofOwnership operations December 31, 2014

Jasa Konstruksi/ 99,99%Construction ServicesInvestasi/ 99,99%InvestmentPerdagangan Umum/ 99,99%General TradingJasa Software/ 99,99%

99,99% dimiliki PT Indal Investindo/ Software Services Owned by PT Indal Investindo

Dewan Direktur/ Board of Directors

Susunan Komite Audit Entitas pada tanggal 31 Desember2014 and 2013 adalah:

The Entity Audit Committee at December 31, 2014 and 2013consist of the following:

Entitas memiliki saham Entitas Anak sebagai berikut:

Jenis usaha/

Surabaya 100.521.364.814

323.110.215.897 1993

DomicileDomisili/

PT Indalex

The Entity has ownership interest in the followingSubsidiaries:

1997

16.285.000

1999

1999

1

Sidoarjo

PT ERP Multisolusi Indonesia Surabaya

Nature of business

Surabaya

PT Indal Investindo

PT Indal Servis Sentra

Salaries and allowances for Board of Commisioners andBoard of Directors for the years ended December 31, 2014and 2013 were as follows:

1.368.576.000 2.923.920.000

Dina Kusumawati

2.286.240.000 31 Des 2013 / Dec 31, 201331 Des 2014 / Dec 31, 2014

Bambang SukristionoDina Kusumawati

Heri Kustiyono RudiantoroBudiprajogo Limanto

31 Des 2013 / Dec 31, 2013

2.256.000.000

Komite Audit/ Audit Committee

31 Des 2014 / Dec 31, 2014Supranoto Dipokusumo

Perincian gaji dan tunjangan untuk Dewan Komisaris danDireksi untuk tahun-tahun yang berakhir pada tanggal31 Desember 2014 dan 2013 adalah sebagai berikut:

7






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

c. Penawaran umum efek Entitas c. Public offering of shares of the Entity

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a. a.

Pernyataan kepatuhan Statement of compliance

Prinsip penyajian laporan keuangan konsolidasian Basis of preparation of consolidated financial statements

Statement of compliance and basis of preparation of

consolidated financial statements

Pernyataan kepatuhan dan prinsip penyajian laporan

keuangan konsolidasian

Consolidated financial statements prepared in accordancewith Indonesian Financial Accounting Standards ("SAK").The accounting policies adopted are in accordance with thepolicies used to prepare consolidated financial statements asdescribed below.

The consolidated financial statements of PT Indal AluminiumIndustry Tbk and its Subsidiaries were prepared by themanagement in accordance with Indonesian FinancialAccounting Standard and completed on March 20, 2015.

The consolidated financial statements, except for theconsolidated statements of cash flows, have been prepared onaccrual basis of accounting. The reporting currency used inthe preparation of the consolidated financial statements is theRupiah currency while the measurement basis used is thehistorical cost, except for certain accounts which aremeasured on the bases described in the related accountingpolicies.

Laporan keuangan konsolidasian PT Indal AluminiumIndustry Tbk dan Entitas Anak disusun oleh manajemenberdasarkan standar akuntansi keuangan yang berlaku diIndonesia dan diselesaikan pada tanggal 20 Maret 2015.

Pada tanggal 31 Desember 2014 dan 2013, seluruh sahamEntitas sejumlah 316.800.000 dan 158.400.000 lembar sahamtelah dicatatkan pada Bursa Efek Indonesia.

On December 31, 2014 and 2013, all of the Entity sharestotalling to 316,800,000 and 158,400,000 shares are listed inIndonesia Stock Exchange.

Dasar penyusunan laporan keuangan konsolidasian, kecualiuntuk laporan arus kas konsolidasian adalah dasar akrual.Mata uang pelaporan yang digunakan untuk penyusunanlaporan keuangan konsolidasian tersebut adalah mata uangRupiah dan laporan keuangan konsolidasian tersebut disusunberdasarkan nilai historis, kecuali untuk beberapa akuntertentu disusun berdasarkan pengukuran lain sebagaimanadiuraikan dalam kebijakan akuntansi masing-masing akuntersebut.

Pada tanggal 10 Nopember 1994, Entitas memperolehpernyataan efektif dari Ketua Badan Pengawas Pasar Modal(BAPEPAM) dengan suratnya No. S-1848/PM/1994 untukmelakukan penawaran umum atas 13.200.000 saham Entitaskepada masyarakat. Pada tanggal 5 Desember 1994 sahamtersebut telah dicatatkan pada Bursa Efek Indonesia.

On November 10, 1994, the Entity obtained notice ofeffectively from the Chairman of Capital Market SupervisoryAgency (BAPEPAM) in its Letter No. S-1848/PM/1994 for itspublic offering of 13,200,000 shares. On December 5, 1994,these shares were listed in the Indonesia Stock Exchange.

The consolidated financial statements have been prepared inaccordance with Indonesian Financial Accounting Standardsin Indonesia (“SAK”) comprising of the Statements ofFinancial Accounting Standards (PSAK) and InterpretationFinancial Accounting Standards (ISAK) issued by the Boardof Financial Accounting Standards of the Indonesian Instituteof Accountants (DSAK) and Regulation of the FinancialServices Authority ("OJK") (formerly BAPEPAM-LK) for theguidance on financial statements presentation anddisclosures as mentioned by the Decision LetterNo. Kep-347/BL/2012 dated June 25, 2012.

Laporan keuangan konsolidasian telah disusun berdasarkanStandar Akuntansi Keuangan di Indonesia (SAK) yangmencakup Pernyataan Standar Akuntansi Keuangan (PSAK)dan Interpretasi Standar Akuntansi Keuangan (ISAK) yangdikeluarkan oleh Dewan Standar Akuntansi Keuangan IkatanAkuntan Indonesia (DSAK) dan peraturan mengenaipedoman penyajian dan pengungkapan laporan keuanganyang diterbitkan oleh Otoritas Jasa Keuangan ("OJK")(dahulu bernama BAPEPAM-LK) sesuai dengan SuratKeputusan No. Kep-347/BL/2012 tertanggal 25 Juni 2012.

Laporan keuangan konsolidasian ini disusun sesuai denganStandar Akuntansi Keuangan. Kebijakan akuntansi yangdipakai telah sesuai dengan kebijakan yang dipakai untukmenyusun laporan keuangan konsolidasian sebagaimanadijelaskan sebagai berikut.

8






2. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(continued)

a. a.

Prinsip penyajian laporan keuangan konsolidasian Basis of preparation of consolidated financial statements

(lanjutan) (continued)

b. Prinsip Konsolidasian b. Principles of Consolidation

- -

- -

- -

- -

Power to appoint or remove the majority of themembers of the board of directors or equivalentgoverning body and control of the Entity is by thatboard or body; or;Power to cast the majority of votes at meetings of theboard of directors or equivalent governing body andcontrol of the Entity is by that board or body.

Pengendalian juga ada ketika Entitas Induk memilikisetengah atau kurang kekuasaan suara suatu Entitas jikaterdapat:

Kekuasaan yang melebihi setengah hak suara sesuaiperjanjian dengan investor lain;

Entitas Anak dikonsolidasi secara penuh sejak tanggalakuisisi, yaitu tanggal Entitas memperoleh pengendalian,sampai dengan tanggal Entitas Induk kehilanganpengendalian. Pengendalian dianggap ada ketika Entitasmemiliki secara langsung atau tidak langsung melalui EntitasAnak, lebih dari setengah kekuasaan suara Entitas.

The consolidated statements of cash flows have beenprepared using the direct method by classifying cash flows onthe basis of operating, investing and financing activities.

All significant balance and transactions between the Entityand its Subsidiaries have been eliminated.

Kekuasaan untuk menunjuk atau mengganti sebagianbesar direksi atau organ pengatur setara danmengendalikan Entitas melalui direksi atau organtersebut; atau;

Control also exists when the parent owns half of less of thevoting power of an Entity when there is:

Laporan keuangan konsolidasian meliputi laporan keuanganEntitas dan laporan keuangan seluruh Entitas Anak yangberada di bawah pengendalian Entitas (Catatan 1b).

The Entity has adopt PSAK No. 4 (Revised 2009),"Consolidated and Separate Financial Statements". PSAKNo. 4 (Revised 2009) provides for the preparation andpresentation of consolidated financial statements for a groupof entities under the control of a parent, and the accountingfor investments in subsidiaries, jointly controlled entities andassociated entities when separate financial statements arepresented as additional information.

The consolidated financial statements include the Entityfinancial statements and the financial statements of allSubsidiaries that are controlled by the Entity (Note 1b).

Laporan arus kas konsolidasian disajikan denganmenggunakan metode langsung dengan mengelompokkanpenerimaan dan pengeluaran kas dan setara kas ke dalamaktivitas operasi, investasi dan pendanaan.

Kekuasaan untuk memberikan suara mayoritas padarapat dewan direksi atau organ pengatur setara danmengendalikan Entitas melalui direksi atau organtersebut.

Power to govern the financial and operating policiesof the Entity under a statute or an agreement;

Subsidiaries are fully consolidated from the date ofacquisitions, being the date on which the Entity obtainedcontrol, and continue to be consolidated until the date suchcontrol ceases. Control is presumed to exist if the Entityowns, directly or indirectly through Subsidiaries, more thanhalf of the voting power of an Entity.

Kekuasaan yang mengatur kebijakan keuangan danoperasional Entitas berdasarkan anggaran dasar atauperjanjian;

Power over more than half of the voting rights byvirtue of an agreement with other investors;

Seluruh saldo akun dan transaksi yang signifikan antarEntitas dan Entitas Anak telah dieliminasi.

Entitas telah menerapkan PSAK No. 4 (Revisi 2009),"Laporan Keuangan Konsolidasian dan Laporan KeuanganTersendiri". PSAK No. 4 (Revisi 2009) mengaturpenyusunan dan penyajian laporan keuangan konsolidasianuntuk sekelompok entitas yang berada dalam pengendaliansuatu entitas induk, dan akuntansi untuk investasi padaentitas anak, pengendalian bersama entitas dan entitasasosiasi ketika laporan keuangan tersendiri disajikan sebagaiinformasi tambahan.

IKHTISAR KEBIJAKAN AKUNTANSI YANG

PENTING (lanjutan)

Pernyataan kepatuhan dan prinsip penyajian laporan

keuangan konsolidasian (lanjutan)Statement of compliance and basis of preparation of

consolidated financial statements (continued)

9







(continued)

b. Prinsip Konsolidasian (lanjutan) b. Principles of Consolidation (continued)

- -

- - Derecognizes the carrying amount of any NCI;- -

- Mengakui nilai wajar pembayaran yang diterima; - Recognizes the fair value of the consideration received;- Mengakui setiap sisa investasi pada nilai wajarnya; - Recognizes the fair value of any investment retained;- -

- -

c. Penjabaran mata uang asing c. Foreign currency translation

Transaksi dan saldo Transactions and balances

Losses of a non-wholly owned Subsidiary are attributed tothe NCI even if that results in a deficit balance.

In case of loss of control over a Subsidiary, the Entity:

Derecognizes the assets (including goodwill) andliabilities of the Subsidiary;

NCI represents the portion of the profit or loss and netassets of the Subsidiaries not attributable, directly orindirectly, to the Entity, which are presented inconsolidated statements of comprehensive income andunder the equity section of the consolidated statementsof financial position, respectively, separately from thecorresponding portion attributable to the equityholders of the parent Entity.

Derecognizes the cummulative translation differences,recorded in equity, if any;

Reclassifies the parent's share of componentspreviously recognized in other comprehensive incometo the statements of comprehensive income ortransferred to retained earnings, as appropriate.

Pada tanggal laporan posisi keuangan, aset dan liabilitasmoneter dalam mata uang asing dijabarkan ke dalam matauang Rupiah dengan menggunakan kurs tengah yangdikeluarkan oleh Bank Indonesia pada tanggal tersebut.Keuntungan atau kerugian yang timbul sebagai akibat daripenjabaran aset dan liabilitas dalam mata uang asing dicatatdalam laporan laba rugi komprehensif konsolidasian tahunberjalan, termasuk keuntungan atau kerugian sehubungandengan kontrak valuta berjangka.

Mereklasifikasi bagian induk atas komponen yangsebelumnya diakui dalam pendapatan komprehensiflain ke laporan laba rugi komprehensif, ataumengalihkan secara langsung ke saldo laba.

Rugi Entitas Anak yang tidak dimiliki secara penuhdiatribusikan pada KNP bahkan jika hal ini mengakibatkanKNP mempunyai saldo defisit.

Mengakui setiap perbedaan yang dihasilkan sebagaikeuntungan atau kerugian dalam laporan laba rugikomprehensif; dan

Menghentikan pengakuan aset (termasuk setiapgoodwill) dan liabilitas Entitas Anak;

KNP mencerminkan bagian atas laba (rugi) komprehensifdan aset neto dari Entitas Anak yang tidak dapatdiatribusikan secara langsung maupun tidak langsung kepadaEntitas, yang masing-masing disajikan dalam laporan labarugi komprehensif konsolidasian dan dalam ekuitas padalaporan posisi keuangan konsolidasian, terpisah dari bagianyang dapat diatribusikan kepada pemilik Entitas Induk.

Jika kehilangan pengendalian atas suatu Entitas Anak, makaEntitas:

Menghentikan pengakuan akumulasi selisih penjabaranyang dicatat di ekuitas, bila ada;

As of the statements of financial position dates, all foreigncurrency monetary assets and liabilities are adjusted toreflect the rates of exchange prevailing at such dates aspublished by Bank Indonesia. The net foreign exchange gainsor losses arising are recognized in the current yearconsolidated statements of comprehensive income, includinggains or losses arising from forward exchange contract.

Entitas menyelenggarakan pembukuannya dalam mata uangRupiah. Transaksi-transaksi dalam mata uang asingdijabarkan ke dalam mata uang Rupiah dengan menggunakankurs yang berlaku pada saat terjadinya transaksi yangbersangkutan.

The Entity maintain its accounting records in Rupiah andtransactions in foreign currencies are recorded at theprevailing rates of exchange in effect on the date of thetransactions.

Recognizes any surplus or deficit in the statements ofcomprehensive income; and


PENTING (lanjutan)

Menghentikan pengakuan jumlah tercatat setiap KNP;

10







(continued)

c. Penjabaran mata uang asing (lanjutan) c. Foreign currency translation (continued)

United States DollarHongkong DollarSingapore DollarJapanese YenGreat Britain PoundsterlingRen MingbiEuroAustralian DollarNew Taiwan DollarNew Zealand DollarCanadian DollarThailand Bath

d. Pengakuan pendapatan dan beban d. Revenue and expense recognition

Penjualan barang Sale of goods

Penjualan jasa Rendering of services

Bunga Interest

10.734

Penjualan diakui pada saat produk dikirimkan dan risiko sertahak kepemilikan berpindah kepada pelanggan. Beban diakuisesuai manfaatnya pada tahun yang bersangkutan.

Pengakuan pendapatan untuk PT Indalex, Entitas Anak yangbergerak dalam bidang pemberian jasa konstruksimenggunakan metode persentase penyelesaian.

Pendapatan diakui apabila besar kemungkinan manfaatekonomi akan mengalir kepada Entitas dan Entitas Anak danpendapatan tersebut dapat diukur secara andal. Kriteriapengakuan berikut harus dipenuhi sebelum pengakuanpendapatan:

11.44310.021

10.218 10.876392

Kurs yang digunakan pada tanggal 31 Desember 2014 dan2013 adalah sebagai berikut:

Exchange rates used as of December 31, 2014 and 2013 areas follows:


PENTING (lanjutan)

Beban diakui pada saat terjadinya (accrual basis ).

Pendapatan bunga diakui atas dasar proporsi waktu yangmemperhitungkan hasil efektif aset tersebut kecualikolektibilitas diragukan.

378 371

Interest income is recognized as the interest accrues (takinginto account the effective yield on the related asset), unlesscollectibility is in doubt.

Revenue is recognized to the extent when it is probable thatthe economic benefits will flow to the Entity and itsSubsidiaries and the revenue can be reliably measured. Thefollowing specific recognition criteria must also be metbefore revenue is recognized:

Sales are recognized when goods already delivered and alsoits risks and the rights of ownership have been transferred tothe customers. Expenses are recognized when incurred.

The revenue of the PT Indalex, Subsidiary on constructionservices is recognized by using the percentage-of-completionmethod.

Expenses are recognized when incurred (accrual basis).

16.821

104 116

9.762

9.6289.422

19.370 20.097

15.133

408

1.572

1.9992.033

12.440 12.189

31 Des 2014 /

1.604

31 Des 2013 /

This translation is based on the decision letter of theRegulation of the Financial Service Authority ("OJK")(formerly BAPEPAM-LK) No. Kep-347/BL/2012 datedJune 25, 2012, regarding Guidelines of Financial StatementsPresentation and Disclosure.

Dec 31, 2014 Dec 31, 2013

Penjabaran ini berdasarkan Surat Keputusan Otoritas JasaKeuangan ("OJK") (dahulu bernama BAPEPAM-LK)No. Kep-347/BL/2012 tertanggal 25 Juni 2012 tentangPedoman Penyajian dan Pengungkapan Laporan KeuanganEmiten.

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e. Kas dan setara kas e. Cash and cash equivalent

f. Saldo bank yang dibatasi penggunaannya f. Restricted bank accounts

g. Investasi g. Investments

h. Instrumen keuangan h. Financial instrument

Aset keuangan Financial assets

Pengakuan awal Initial recognition

Entitas telah menerapkan PSAK 50 (Revisi 2010),"Instrumen Keuangan: Penyajian", PSAK 55 (Revisi 2011),"Instrumen Keuangan: Pengakuan dan Pengukuran" danPSAK 60, "Instrumen keuangan: Pengungkapan". Entitasmengklasifikasikan instrumen keuangan dalam bentuk asetkeuangan dan liabilitas keuangan.

Kas dan bank, serta deposito jangka pendek yang dimilikihingga jatuh tempo, dicatat sebesar nilai perolehannya dantidak digunakan sebagai jaminan atas liabilitas dan pinjamanlainnya.

Untuk tujuan laporan arus kas konsolidasian, kas dan setarakas terdiri dari saldo kas dan bank, serta deposito jangkapendek yang jangka waktunya kurang dari tiga bulan.

Kas dan setara kas didefinisikan sebagai saldo kas dan bank,deposito dan investasi jangka pendek yang sangat likuid dandengan segera dapat dijadikan kas dalam jumlah yang telahdiketahui tanpa menghadapi risiko perubahan nilai yangsignifikan.

The Entity have adopted PSAK 50 (revised 2010), "FinancialInstruments: Presentation", PSAK 55 (revised 2011),"Financial Instruments: Recognition and Measurement" andPSAK 60, "Financial Instruments: Disclosure". The Entityclassifies its financial instruments in the form of financialassets and financial liabilities.


PENTING (lanjutan)

Financial assets within the scope of PSAK 55 (Revised 2011)are classified as financial assets measured at fair valuethrough consolidated statements of comprehensive income,loans and receivables, held to maturity investments orfinancial assets available for sale, whichever is appropriate.The Entity and its Subsidiaries determine the classification offinancial assets at initial recognition and, where allowed andappropriate, re-evaluate the classification of those assets atthe end of each financial period.

Aset keuangan dalam lingkup PSAK 55 (Revisi 2011)diklasifikasikan sebagai aset keuangan yang diukur pada nilaiwajar melalui laporan laba rugi komprehensif konsolidasian,pinjaman yang diberikan dan piutang, investasi dimilikihingga jatuh tempo, atau aset keuangan tersedia untuk dijual,mana yang sesuai. Entitas dan Entitas Anak menentukanklasifikasi aset keuangan tersebut pada pengakuan awal dan,jika diperbolehkan dan diperlukan, mengevaluasi kembalipengklasifikasian aset tersebut pada setiap akhir periodekeuangan.

Deposito jangka pendek yang jangka waktunya kurang daritiga bulan namun dijaminkan, atau telah ditentukanpenggunaannya dan deposito jangka pendek yang jangkawaktunya lebih dari tiga bulan disajikan sebagai investasijangka pendek dan dicatat sebesar nilai nominal.

Short-term deposits with maturities of less than three monthsbut held for collateral or have a restriction and short-termdeposits with maturities of more than three months arepresented as short-term investments and carried at nominalvalue.

For the purposes of the consolidated statements of cashflows, cash and cash equivalents consist of cash on hand andin banks, and short-term deposits with maturities of less thanthree months.

Cash and cash equivalents are defined as cash on hand andin banks, demand deposits and short-term and highly liquidinvestments readily convertible to known amounts of cashand subject to insignificant risk of changes in value.

Cash on hand and in banks and short-term deposits whichare held to maturity are carried at cost and not pledged ascollateral for liabilities and other borrowings.

Kas dan setara kas yang ditempatkan sebagai setoran jaminanatas fasilitas letter of credit dan bank garansi, disajikansebagai "Kas dan setara kas yang dibatasi penggunaannya".

Cash and equivalent cash which are placed as margindeposits for letter of credit and bank guarantee facilities,classified as "Restricted bank accounts".

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h. Instrumen keuangan (lanjutan) h. Financial instrument (continued)

Aset keuangan (lanjutan) Financial assets (continued)

Pengakuan awal (lanjutan) Initial recognition (continued)

Pengukuran setelah pengakuan awal Measurement after initial recognition

Liabilitas keuangan Financial assets

Pengakuan awal Initial recognition

Aset keuangan Entitas dan Entitas Anak meliputi kas dansetara kas, piutang usaha dan piutang lainnya, instrumenkeuangan yang tidak memiliki kuotasi, dan aset keuanganlancar dan tidak lancar lainnya.

Financial assets at initial recognition are recognized at fairvalue. In the case of financial assets not measured at fairvalue through consolidated statements of comprehensiveincome, the fair value plus transaction costs that are directlyattributable to the acquisition or issuance of these financialassets.

Financial assets of the Entity and its Subsidiaries includecash and cash equivalents, trade accounts receivable andother receivables, financial instruments that withoutquotation, and other current and non-current financialassets.

Loans and receivables are non-derivative financialassets with fixed or determined term of payments thatare not quoted in an active market. Loan andreceivables are initially recognized at fair value plustransaction costs and subsequently measured atamortized cost using the effective interest rate method.

Loans and receivables

The Entity and its Subsidiaries classifies its financial assetsin the category loans and receivables. The classificationdepends on the purpose for which the financial assets wereacquired and determined at initial recognitions.


PENTING (lanjutan)

Aset keuangan pada pengakuan awal diakui sebesar nilaiwajarnya. Dalam hal aset keuangan yang tidak diukur padanilai wajar melalui laporan laba rugi komprehensifkonsolidasian, nilai wajar tersebut ditambah biaya transaksiyang dapat diatribusikan secara langsung dengan perolehanatau penerbitan aset keuangan tersebut.

Entitas dan Entitas Anak mengklasifikasikan asetkeuangannya dalam kategori pinjaman dan piutang.Klasifikasi ini bergantung kepada tujuan akuisisi asetkeuangan tersebut dan ditentukan pada saat pengakuan awal.

Pinjaman yang diberikan dan piutang

Pinjaman yang diberikan dan piutang adalah asetkeuangan non derivatif dengan pembayaran tetap atautelah ditentukan dan tidak mempunyai kuotasi di pasaraktif. Pada saat pengakuan awal, pinjaman yangdiberikan dan piutang diakui pada nilai wajarnyaditambah biaya transaksi dan selanjutnya diukur padabiaya perolehan diamortisasi dengan menggunakanmetode suku bunga efektif.

Financial liabilities within the scope of PSAK 55 (revised2011) could be classified as financial liabilities measured atfair value through consolidated statements of comprehensiveincome, loans and debt, or derivatives that are designated ashedging instruments in an effective hedge, whichever isappropriate. The Entity and its Subsidiaries determine theclassification of their financial liabilities at the time of initialrecognition.

Liabilitas keuangan dalam lingkup PSAK 55 (Revisi 2011)dapat dikategorikan sebagai liabilitas keuangan yang diukurpada nilai wajar melalui laporan laba rugi komprehensifkonsolidasian, pinjaman dan utang, atau derivatif yangditetapkan sebagai instrumen lindung nilai dalam lindungnilai yang efektif, mana yang sesuai. Entitas dan EntitasAnak menentukan klasifikasi liabilitas keuangan merekapada saat pengakuan awal.

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Pengakuan awal (lanjutan) Initial recognition (continued)

Pengukuran setelah pengakuan awal Measurement after initial recognition

Pinjaman dan utang Debt And Payable

Offsetting of financial instruments

Amortized cost of the financial instruments

Saling hapus dari instrumen keuangan

Keuntungan dan kerugian diakui dalam laporan labarugi komprehensif konsolidasian pada saat liabilitastersebut dihentikan pengakuannya melalui prosesamortisasi.

Gains and losses are recognized in the consolidatedstatements of comprehensive income when the liabilityis derecognized through the amortization process.

Aset keuangan dan liabilitas keuangan saling hapus dan nilaibersihnya dilaporkan dalam laporan posisi keuangankonsolidasian jika, dan hanya jika, saat ini memiliki hak yangberkekuatan hukum untuk melakukan saling hapus atasjumlah yang telah diakui dan terdapat niat untukmenyelesaikan secara neto, atau untuk merealisasikan asetdan menyelesaikan liabilitasnya secara simultan.

Financial assets and financial liabilities are offset and the netamount reported in the consolidated statements of financialposition if, and if only, currently owns the rights to performlegal power to offset the amount that has been recognizedand there is an intention to settle on a net basis, or to realizeits assets and settle their liabilities simultaneously.

Financial liabilities at initial recognition are recognized atfair value. In the case of financial liabilities not measured atfair value through consolidated statements of comprehensiveincome, the fair value plus transaction costs that are directlyattributable to the acquisition or issuance of these financialliabilities.

Liabilitas keuangan Entitas dan Entitas Anak meliputi utangusaha dan utang lainnya, beban yang masih harus dibayar,utang jangka panjang, utang pihak-pihak berelasi, danliabilitas keuangan lancar dan tidak lancar lainnya.

Financial liabilities of the Entity and its Subsidiaries includetrade account payables and other payables, accruedexpenses, long-term debt, payable to related parties, andother current and non-current financial liabilities.

Liabilitas keuangan pada pengakuan awal diakui sebesar nilaiwajarnya. Dalam hal liabilitas keuangan yang tidak diukurpada nilai wajar melalui laporan laba rugi komprehensifkonsolidasian, nilai wajar tersebut ditambah biaya transaksiyang dapat diatribusikan secara langsung dengan perolehanatau penerbitan liabilitas keuangan tersebut.


PENTING (lanjutan)

After initial recognition, debt and interest bearingpayable are subsequently measured at amortized costusing the effective interest rate method.

Entitas dan Entitas Anak mengklasifikasikan liabilitaskeuangannya dalam kategori pinjaman dan utang.

The Entity and its Subsidiaries classify its financial liabilitiesas debt and payable.

Setelah pengakuan awal, pinjaman dan utang yangdikenakan bunga diukur pada biaya perolehandiamortisasi dengan menggunakan metode suku bungaefektif.

Biaya perolehan diamortisasi dari instrumen keuangan

Biaya perolehan diamortisasi dihitung dengan menggunakanmetode suku bunga efektif dikurangi dengan penyisihan ataspenurunan nilai dan pembayaran pokok atau nilai yang tidakdapat ditagih. Perhitungan tersebut mempertimbangkanpremium atau diskonto pada saat perolehan dan termasukbiaya transaksi dan biaya yang merupakan bagian yang takterpisahkan dari suku bunga efektif.

Cost amortized calculated using the effective interest methodless any allowance for impairment in value and payment ofprincipal or value that can not be billed. The calculation isconsidered a premium or discount on acquisition andincludes transaction fees and expenses which are an integralpart of the effective interest rate.

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Pengukuran setelah pengakuan awal (lanjutan) Measurement after initial recognition (continued)

Impairment of financial assets

Aset keuangan dicatat pada biaya perolehan Financial assets that recorded at amortized cost

diamortisasi

Penurunan nilai dari aset keuangan


PENTING (lanjutan)

Pada setiap akhir periode pelaporan Entitas dan Entitas Anakmengevaluasi apakah terdapat bukti yang obyektif bahwaaset keuangan atau kelompok aset keuangan mengalamipenurunan nilai.

At the end of each reporting period the Entity and itsSubsidiaries evaluate whether there is objective evidence thatfinancial assets or group of financial assets are impaired.

Asset, which is impaired individually, an theimpairment loss is recognized or still recognized, isnot included in the impairment assessment collectively.If there is objective evidence that an impairment hasoccurred, the losses are measured as the differencebetween the carrying value of assets with a presentvalue of estimated future cash flows (excluding futureexpected credit losses that have not happened). Thepresent value of estimated future cash flows isdiscounted using the initial effective interest rate of thefinancial assets (if the loans and receivables whichhave variable interest rates, the discount rate formeasuring any impairment loss is the current effectiveinterest rate).

Untuk pinjaman yang diberikan dan piutang yangdicatat pada biaya perolehan diamortisasi, Entitas danEntitas Anak pertama kali menentukan apakah terdapatbukti obyektif mengenai penurunan nilai secaraindividual atas aset keuangan yang signifikan secaraindividual, atau secara kolektif untuk aset keuanganyang jumlahnya tidak signifikan secara individual. JikaEntitas dan Entitas Anak menentukan tidak terdapatbukti obyektif mengenai penurunan nilai atas asetkeuangan yang dinilai secara individual, terlepas asetkeuangan tersebut signifikan atau tidak, maka merekamemasukkan aset tersebut ke dalam kelompok asetkeuangan yang memiliki karakteristik risiko kredit yangsejenis dan menilai penurunan nilai kelompok tersebutsecara kolektif.

For loans and receivables that recorded at amortizedcost, the Entity and its Subsidiaries first determinewhether there is objective evidence of individualimpairment of individually significant financial assets,or collectively for financial assets with insignificantbalance individually. If the Entity and its Subsidiariesdetermine that there is no objective evidence onimpairment of financial assets, which are assessedindividually, regardless whether financial assets issignificant or not, then they classify the assets into agroup of financial assets that has similar credit riskcharacteristics and assess the impairment in thatgroup collectively.

Aset yang penurunan nilainya dinilai secara individual,dan untuk itu kerugian penurunan nilai diakui atau tetapdiakui, tidak termasuk dalam penilaian penurunan nilaisecara kolektif. Jika terdapat bukti obyektif bahwakerugian penurunan nilai telah terjadi, jumlah kerugiantersebut diukur sebagai selisih antara nilai tercatat asetdengan nilai kini estimasi arus kas masa datang (tidaktermasuk ekspektasi kerugian kredit masa datang yangbelum terjadi). Nilai kini estimasi arus kas masa datangdidiskonto menggunakan suku bunga efektif awal dariaset keuangan tersebut (jika pinjaman yang diberikandan piutang yang memiliki suku bunga variabel, tingkatdiskonto untuk mengukur kerugian penurunan nilaiadalah suku bunga efektif terkini).

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Pengukuran setelah pengakuan awal (lanjutan) Measurement after initial recognition (continued)

Aset keuangan dicatat pada biaya perolehan Financial assets that recorded at amortized cost

diamortisasi (lanjutan) (continued)

Derecognition of financial assets and liabilities

Aset keuangan

If, on the future period, the impairment loss isincreased or decreased because of an event occurringafter the impairment is recognized, the impairmentlosses previously recognized increased or decreasedby adjusting the allowance account. If the impairmentis then restored, then the recovery is recognized in theconsolidated statements of comprehensive income.

Aset keuangan (atau mana yang lebih tepat, bagian dariaset keuangan atau bagian dari kelompok aset keuanganserupa) dihentikan pengakuannya pada saat: (1) hakuntuk menerima arus kas yang berasal dari aset tersebuttelah berakhir; atau (2) Entitas dan Entitas Anak telahmentransfer hak mereka untuk menerima arus kas yangberasal dari aset atau berkewajiban untuk membayararus kas yang diterima secara penuh tanpa penundaanmaterial kepada pihak ketiga dalam perjanjian “pass-through” ; dan baik (a) Entitas dan Entitas Anak telahsecara substansial mentransfer seluruh risiko danmanfaat dari aset, atau (b) Entitas dan Entitas Anaksecara substansial tidak mentransfer atau tidakmemiliki seluruh risiko dan manfaat suatu aset, namuntelah mentransfer kendali atas aset tersebut.

Financial assets (or whichever is appropriate, part ofa financial asset or part of a group of similar financialassets) are derecognized when: (1) the right to receivecash flows from such asset has expired, or (2) theEntity and its Subsidiaries have transferred their rightsto receive cash flows from an asset or have anobligation to pay cash flows to be received in fullamount without material delay to a third party in the"pass-through" agreement; and either (a) the Entityand its Subsidiaries has transferred substantially allthe risks and benefits of the asset, or (b) the Entity andits Subsidiaries substantially do no transfer or do nothave all the risks and benefits of an asset, but hastransferred control of the asset.

Penghentian pengakuan aset dan liabilitas keuangan

Jika, pada periode berikutnya, jumlah kerugianpenurunan nilai bertambah atau berkurang karena suatuperistiwa yang terjadi setelah penurunan nilai tersebutdiakui, maka kerugian penurunan nilai yangsebelumnya diakui ditambah atau dikurangi denganmenyesuaikan akun penyisihan. Jika penghapusankemudian dipulihkan, maka pemulihan tersebut diakuidalam laporan laba rugi komprehensif konsolidasian.

Nilai tercatat aset tersebut berkurang melaluipenggunaan akun penyisihan dan jumlah kerugiandiakui dalam laporan laba rugi komprehensifkonsolidasian. Pendapatan bunga tetap diakuiberdasarkan nilai tercatat yang telah dikurangi,berdasarkan suku bunga efektif aset tersebut. Pinjamanyang diberikan dan piutang, bersama-sama denganpenyisihan terkait, akan dihapuskan pada saat tidakterdapat kemungkinan pemulihan di masa depan yangrealistik dan semua jaminan telah terealisasi atau telahdialihkan kepada Entitas dan Entitas Anak.

The carrying value of the asset is reduced through useof the allowance account and the loss recognized inthe consolidated statements of comprehensive income.Interest income is recognized based on the carryingvalue of which has been reduced, based on theeffective interest rate of the asset. Loans andreceivables, together with related provisions, will bewritten off when there is no realistic possibility ofrecovery in the future and all collateral has beenrealized or have been transferred to the Entity and itsSubsidiaries.


PENTING (lanjutan)

Financial assets

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i. Piutang usaha i. Accounts receivable

j. Persediaan j. Inventories

Nilai realisasi bersih adalah taksiran harga jual yang wajarsetelah dikurangi dengan taksiran biaya untuk menyelesaikandan menjual barang jadi yang dihasilkan.

Net realizable value is the estimated selling price of areasonable time after deducting the estimated costs tocomplete and sell the finished goods produced.

Inventories are stated at cost or net realizable value,whichever is lower. Cost is determined using the weightedaverage method.

Accounts receivable are recognized and carried at originalinvoice amount less provision for declining in value. Aprovision for declining in value accounts is made whencollection of the full amount is no longer probable. Bad debtsare written off as incurred.

Provision for declining in value of inventory are determinedby the calculation of inventory value by the end of theaccounting period.

Cadangan kerugian penurunan nilai persediaan ditentukanberdasarkan hasil penelaahan terhadap keadaan persediaanpada akhir periode.

Biaya persediaan meliputi semua biaya pembelian, biayakonversi, dan biaya lain yang timbul sampai persediaanberada dalam kondisi dan lokasi yang dikehendaki. Termasukdalam nilai persediaan barang jadi dan barang dalam prosesadalah bahan baku, upah langsung dan beban overheadpabrik tetap maupun variabel.

Persediaan dinyatakan berdasarkan biaya perolehan atau nilairealisasi neto, mana yang lebih rendah. Biaya perolehanditentukan dengan metode rata-rata tertimbang.

Cost is includes all costs of purchase, costs of conversion andother costs incurred in bringing the inventory to its presentlocation and condition. Within inventory value of finishedgoods and goods in process are the raw materials, directwages and the cost of fixed and variable factory overhead.

Piutang usaha diakui dan disajikan sebesar nilai fakturdikurangi cadangan kerugian penurunan nilai piutang.Cadangan kerugian penurunan nilai piutang dibuat apabilaterdapat kemungkinan besar bahwa piutang tersebut tidakdapat diterima seluruhnya. Penghapusan piutang dicatat padasaat terjadinya penghapusan tersebut.

Liabilitas keuangan Financial liabilities


PENTING (lanjutan)

Financial liabilities are derecognized when theliabilities is terminated or canceled or expired.

Liabilitas keuangan dihentikan pengakuannya pada saatliabilitas tersebut dihentikan atau dibatalkan ataukadaluwarsa.

Ketika suatu liabilitas keuangan yang ada digantikanoleh liabilitas keuangan lain dari pemberi pinjamanyang sama dengan persyaratan yang berbeda secarasubstantial, atau modifikasi secara substansialpersyaratan dari suatu liabilitas yang saat ini ada,pertukaran atau modifikasi tersebut diperlakukansebagai penghentian pengakuan liabilitas awal danpengakuan liabilitas baru, dan selisih antara nilaitercatat masing-masing liabilitas diakui dalam laporanlaba rugi komprehensif konsolidasian.

When an existing financial liabilities are replaced byother financial liabilities from the same lender withsubstantially different terms, or substantial termsmodification of an liabilities which currently exist, theexchange or modification is treated as a derecognitionof the original liability and recognition of newliabilities, and the difference between the carryingamount of each liability is recognized in theconsolidated statements of comprehensive income.

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k. Beban dibayar dimuka k. Prepaid expenses

l. Investasi pada Entitas Asosiasi l. Investments in Associates

Prepaid expenses are amortized over the periods benefitedusing the straight line method.

Beban dibayar dimuka diamortisasi selama masa manfaatmasing-masing biaya dengan menggunakan metode garislurus.

Investasi pada Entitas Asosiasi dicatat dengan menggunakanmetode ekuitas, dimana jumlah tercatat investasi tersebutditambah atau dikurang untuk mengakui bagian Entitas ataslaba atau rugi dan penerimaan deviden dari Entitas Asosiasisejak tanggal perolehan.

Investments in Associates are accounted for using the equitymethod, whereby the carrying amount of the investment isincreased or decreased to recognize the portion of the profitor loss Entities and Associates receipt of dividends from thedate of acquisition.

Laporan laba rugi komprehensif konsolidasianmencerminkan bagian atas hasil operasi dari Entitas Asosiasi.Bila terdapat perubahan yang diakui langsung pada ekuitasdari Entitas Asosiasi, Entitas mengakui bagiannya atasperubahan tersebut dan mengungkapkan hal ini, jika dapatdipakai, dalam laporan perubahan ekuitas konsolidasian.Laba atau rugi yang belum direalisasi sebagai hasil daritransaksi-transaksi antara Entitas dengan Entitas Asosiasidieliminasi pada jumlah sesuai dengan kepentingan dalamEntitas Asosiasi.

Consolidated statements of comprehensive income reflectsthe share of the results of operations Associates. Where therehas been a change recognized directly in the equity ofAssociates, Entity recognizes its share of any changes anddiscloses this, when applicable, in the consolidatedstatements of changes in equity. Gains or unrealized losses asa result of transactions between Entities with Associates areeliminated to the extent of interest in Associates.

Setelah menerapkan metode ekuitas, Entitas menentukanapakah diperlukan untuk mengakui tambahan rugi penurunannilai atas investasi Entitas dalam Entitas Asosiasi. Entitasmenentukan pada setiap tanggal pelaporan apakah terdapatbukti yang objektif yang mengindikasikan bahwa investasidalam Entitas Asosiasi mengalami penurunan nilai. Dalamhal ini, Entitas menghitung jumlah penurunan nilaiberdasarkan selisih antara jumlah terpulihkan dan nilaitercatatnya dan mengakuinya dalam laporan laba rugikomprehensif konsolidasian.

After applying the equity method, the Entity determineswhether it is necessary to recognize an additional impairmentloss on investment in Associates Entities. Entity determines ateach reporting date whether there is objective evidencewhich indicates that the investment in Associates impaired. Inthis regard, the Entity calculates the amount of impairmentas the difference between the recoverable amount and thecarrying value and recognizes the amount in the consolidatedstatements of comprehensive income.


PENTING (lanjutan)

Entitas menerapkan PSAK No.15 (Revisi 2009), "Investasipada Entitas Asosiasi". PSAK ini mengatur akuntansiinvestasi dalam Entitas Asosiasi dalam hal penentuanpengaruh signifikan, metode akuntansi yang harusditerapkan, penurunan nilai investasi dan laporan keuangantersendiri.

Investasi Entitas pada Entitas Asosiasi diukur denganmenggunakan metode ekuitas. Entitas Asosiasi adalah suatuEntitas dimana Entitas Induk memiliki pengaruh signifikan.

Investments Entity in Associates measured using the equitymethod. Associates is an entity in which the Parent Entity hassignificant influence.

The Entity implemented SFAS 15 (Revised 2009),"Investments in Associates". This revised SFAS appliedretrospectively and organize accounting for investments inAssociates in terms of determination of significant influence,accounting method to be applied, impairment of investmentsand separate financial statements.

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m. Aset tetap m. Fixed asset

Bangunan BuidingMesin-mesin dan peralatan Machineries and equipmentKendaraan VehiclesInventaris Inventory

Aset dalam penyelesaiaan Assets in progress

n. Penurunan nilai aset n. Impairment of assets

At each statements of financial position date, the Entity andits Subsidiaries review whether there is any indication ofassets impairment or not.

Assets in progress is stated at cost. The accumulated cost willbe reclassified to the appropriate fixed assets account whenthe construction is substantially completed and theconstructed assets are ready for its intended use.

Fixed assets and other assets, including intangible assets arereviewed for impairment whenever events or changes incircumstances indicate that the carrying amount may not berecoverable.

The Entity has been implemented PSAK No. 16 "FixedAssets" (Revised 2011) as determined by the IndonesianInstitute of Accountants. The Entity has decided to use costmethod concerned to the fixed assets accounting policy.

Aset dalam penyelesaian dinyatakan sebesar biaya perolehan.Akumulasi biaya perolehan akan dipindahkan ke masing-masing aset tetap yang bersangkutan pada saat selesai dansiap digunakan.

Aset tetap dan aset lain-lain, termasuk aset tak berwujudditelaah untuk mengetahui apakah telah terjadi kerugianakibat penurunan nilai bilamana terdapat kejadian atauperubahan keadaan yang mengindikasikan bahwa nilaitercatat aset tersebut tidak dapat diperoleh kembali.

Setiap tanggal laporan posisi keuangan, Entitas dan EntitasAnak menelaah ada atau tidaknya indikasi penurunan nilaiaset.

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Assets that can not properly classified under current assets,investments, and intangible assets are presented in otherassets.

Tanah dinyatakan berdasarkan biaya perolehan dan tidakdisusutkan.

Beban pemeliharaan dan perbaikan dibebankan pada saatterjadinya, sedangkan pengeluaran yang memperpanjangmasa manfaat atau memberi manfaat ekonomi di masa yangakan datang dalam bentuk peningkatan kapasitas, mutuproduksi, atau peningkatan standar kerja, dikapitalisasi.Apabila suatu aset tetap tidak lagi digunakan atau dijual,maka harga perolehan dan akumulasi penyusutan asettersebut dikeluarkan dari akun aset tetap dan keuntungan ataukerugian yang terjadi diperhitungkan ke laba rugikomprehensif konsolidasian tahun berjalan.

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Land are stated at cost and not depreciated.

The cost of maintenance and repair are charged tooperations as incurred, expenditure which extend the usefullife of the asset or result in increased future economic benefitsuch as in capacity and improvement in the quality of outputor standard of performance are capitalized. When fixedassets are retired or otherwise disposed of, their carryingvalue and the related accumulated depreciation are removedfrom the accounts and any resulting gain or loss is reflectedin current consolidated statements of comprehensive income.

Aset-aset yang tidak dapat secara layak digolongkan dalamaset lancar, investasi, maupun aset tidak berwujud disajikandalam aset lain-lain.

5

Entitas telah menerapkan PSAK No. 16 "Aset Tetap" (Revisi2011) sebagaimana ditetapkan oleh Ikatan AkuntanIndonesia. Entitas telah menetapkan model biaya terhadappengelolaan aset tetapnya.

Depreciation is computed using the straight-line methodbased on their estimated useful lives of the assets except landas follows:

20Tahun/ Years

Aset tetap, kecuali tanah disusutkan dengan menggunakanmetode garis lurus berdasarkan taksiran masa manfaatekonomis aset tetap sebagai berikut:


PENTING (lanjutan)

19







(continued)

n. Penurunan nilai aset (lanjutan) n. Impairment of assets (continued)

o. Aset tak berwujud o. Intangible Assets

p. Properti investasi p. Investment property

q. q.

- -

- -

Related parties

Kerugian akibat penurunan nilai diakui sebesar selisih antaranilai tercatat aset dengan nilai yang dapat diperoleh kembalidari aset tersebut. Nilai yang dapat diperoleh kembali adalahnilai yang lebih tinggi antara harga jual bersih dan nilai pakaiaset. Dalam rangka menguji penurunan nilai, asetdikelompokkan hingga unit terkecil yang menghasilkan aruskas terpisah.

A party is considered to be related party to the Entity and itsSubsidiaries if:

Directly or indirectly through one or moreintermediaries, the party (i) controls, or is controlledby, or is under common control with the Entity and itsSubsidiaries; (ii) has an interest in the Entity and itsSubsidiaries that gives significant influence over theEntity and its Subsidiaries; or (iii) has joint controlover the Entity and its Subsidiaries;

An impairment loss is recognized for the amount by which thecarrying amount of the assets exceeds its recoverableamount, which is the higher of an asset's net selling price andvalue in use. For the purpose of assessing impairment, assetsare grouped at the lowest levels for which there areseparately identifiable cash flows.

Investment property represents land or buildings held by theSubsidiary, rather than for use or sale in the ordinary courseof business. Investment property is stated at book value,which is acquisition cost less accumulated depreciation.

Entitas dan Entitas Anak dalam melakukan usahanyamelakukan transaksi dengan pihak-pihak yang berelasiseperti yang dinyatakan dalam PSAK No. 7 (revisi 2010),"Pengungkapan Pihak-pihak Berelasi". PSAK revisi inimensyaratkan pengungkapan hubungan, transaksi dan saldopihak-pihak berelasi, termasuk komitmen, dalam laporankeuangan konsolidasian dan juga diterapkan terhadap laporankeuangan secara individual. Tidak terdapat dampaksignifikan dari penerapan PSAK yang direvisi tersebutterhadap laporan keuangan konsolidasian.

In the ordinary course of business, the Entity andSubsidiaries has transactions with entities which areregarded as having special relationship as defined underPSAK No. 7 (revised 2010), “Related Party Disclosures”.The revised PSAK requires disclosure of related partyrelationships, transactions and outstanding balances,including commitments, in the consolidated financialstatements. There is no significant impact of the adoption ofthe revised PSAK on the consolidated financial statements.

Intangible asset is a "technical support fee" for the use ofpatent right from GE Aluminum Sash Co., Ltd. Intangibleasset is amortized using straight-line method for 8 years.

The party is an associated of the Entity and itsSubsidiaries;

Langsung atau tidak langsung melalui satu atau lebihperantara, suatu pihak (i) mengendalikan ataudikendalikan oleh, atau berada di bawah pengendalianbersama dengan Entitas dan Entitas Anak; (ii) memilikikepentingan dalam Entitas dan Entitas Anak yangmemberikan pengaruh signifikan atas Entitas danEntitas Anak; atau (iii) memiliki pengendalian bersamaatas Entitas dan Entitas Anak;

Pihak-pihak berelasi

Properti investasi merupakan tanah atau bangunan yangdimiliki Entitas Anak, dan tidak digunakan atau dijual dalamkegiatan operasi. Properti investasi dinyatakan sebesar nilaitercatat, yaitu biaya perolehan setelah dikurangi akumulasipenyusutan.

Suatu pihak dianggap berelasi dengan Entitas dan EntitasAnak jika:

Aset tak berwujud merupakan "technical support fee " ataspenggunaan hak paten dari GE Aluminium Sash Co, Ltd.Aset tak berwujud tersebut diamortisasi menggunakanmetode garis lurus selama 8 tahun.

Suatu pihak yang berelasi dengan Entitas dan EntitasAnak;


PENTING (lanjutan)

20







(continued)

q. q.

- -

- -

- -

- -

- -

r. Pajak penghasilan r. Income tax

A party is considered to be related party to the Entity and itsSubsidiaries if (continued):

Suatu pihak dianggap berelasi dengan Entitas dan EntitasAnak jika (lanjutan):

The party is a member of the key managementpersonnel of the Entity and its Subsidiaries or itsparent;

Suatu pihak adalah Entitas yang dikendalikan,dikendalikan bersama atau dipengaruhi signifikan olehatau untuk dimana hak suara signifikan pada beberapaEntitas, langsung maupun tidak langsung, individuseperti diuraikan dalam butir (d) atau (e); atauSuatu pihak adalah suatu program imbalan pasca kerjauntuk imbalan kerja dari Entitas dan Entitas Anak atauEntitas lain yang terkait dengan Entitas dan EntitasAnak.

The party is an entity that is controlled, jointlycontrolled or significantly influenced by, or for whichsignificant voting power in such entity resides with,directly or indirectly, any individual referred to in (d)or (e); or

Suatu pihak adalah anggota keluarga dekat denganindividu yang diuraikan dalam butir (a) atau (d);

The party is a close member of the family of anyindividual referred to (a) or (d);

The party is a post employment benefit plan for thebenefit of employees of the Entity and its Subsidiaries,or any Entity that is a related party of the Entity andits Subsidiaries.

Seluruh transaksi dan saldo material dengan pihak-pihakberelasi diungkapkan dalam catatan atas laporan keuangankonsolidasian.

Liabilitas pajak tangguhan diakui untuk semua perbedaantemporer kena pajak dan aset pajak tangguhan diakui untukperbedaan temporer yang boleh dikurangkan, sepanjangbesar kemungkinan dapat dimanfaatkan untuk mengurangilaba kena pajak pada masa yang akan datang.

Suatu pihak adalah anggota dari personil manajemenkunci Entitas dan Entitas Anak atau Induk;

The party is a joint venture in which the Entity and itsSubsidiaries is a venturer;

Suatu pihak adalah ventura bersama dimana Entitas danEntitas Anak sebagai venture;

Deferred tax liabilities are recognized for all taxabletemporary differences and deferred tax assets are recognizedfor deductable temporary differences to the extent that it isprobable that taxable income will be available in futureperiods against which the deductible temporary differencescan be utilized.

Aset dan liabilitas pajak tangguhan disajikan di laporanposisi keuangan atas dasar kompensasi sesuai denganpenyajian aset dan liabilitas pajak kini.

Deferred tax assets and liabilities are offset in statements offinancial position, in the same manner of current tax assetsand liabilities are presented.

All significant transactions and balances with related partiesare disclosed in the notes to the consolidated financialstatements.


PENTING (lanjutan)

Beban pajak kini ditetapkan berdasarkan taksiran laba kenapajak tahun berjalan. Aset dan liabilitas pajak tangguhandiakui atas perbedaan temporer antara aset dan liabilitasuntuk tujuan komersial dan untuk tujuan perpajakan setiaptanggal pelaporan. Manfaat pajak di masa mendatang, sepertisaldo rugi fiskal yang belum digunakan, diakui sejauh besarkemungkinan realisasi atas manfaat pajak tersebut.

Deferred tax assets and liabilities are measured at the taxrates that are expected to apply to the period when the assetis realized or the liability is settled, based on tax rates (andtax laws) that have been enacted or substantively enacted atthe statements of financial position date.

Aset dan liabilitas pajak tangguhan diukur denganmenggunakan tarif pajak yang akan berlaku pada saat asetdipulihkan atau liabilitas dilunasi, yaitu dengan tarif pajak(peraturan pajak) yang telah berlaku atau yang telah secarasubstantif berlaku pada tanggal laporan posisi keuangan.

Current tax expense is provided based on the estimatedincome for the year. Deferred tax assets and liabilities arerecognized for temporary differences between the financialand the tax bases of assets and liabilities at each reportingdate. Future tax benefits, such as the carry-forward ofunused tax losses, are also recognized to the extent thatrealization of such benefits is probable.

Pihak-pihak yang berelasi (lanjutan) Related parties (continued)

21







(continued)

s. s.

t. Laba per saham t. Earning per share

PSAK 24 (Revisi 2010) memberikan opsi tambahan dalampengakuan keuntungan (kerugian) aktuarial imbalan pascakerja, dimana keuntungan (kerugian) aktuarial dapat diakuiseluruhnya melalui pendapatan komprehensif lainnya.Namun Entitas tetap memilih menggunakan metode koridordalam perhitungan liabilitas manfaat karyawan.

PSAK 24 (Revised 2010) add another option for recognitionof actuarial gain (losses) from post employment benefits,which is full recognition through other comprehensiveincome. The Entity still use corridor method for its employeebenefit liabilities calculation.

In accordance with PSAK No. 56, "Earning per Share", netbasic earnings per share are computed by dividing netincome by the weighted average number of common stockoutstanding during the period.

The Entity and its Subsidiary provides defined retirementbenefits to their employees in accordance with Labor law No.13/2003 . There is no provision provided for funded pensionplan in relation to the employees' benefit.

Keuntungan dan kerugian ini diakui menggunakan metodegaris lurus atas rata-rata sisa masa kerja karyawan.Selanjutnya, beban jasa lalu atas liabilitas manfaat pasti atauperubahan dari liabilitas imbalan pasti dari program yangtelah ada diamortisasi selama sisa periode sampai imbalantersebut menjadi hak.

Liabilitas diestimasi atas imbalan kerja karyawan Estimated liabilities for employees' benefits

Entitas dan Entitas Anak memberikan imbalan kerjakaryawan, iuran pasti untuk karyawan sesuai dengan Undang-Undang Ketenagakerjaan No. 13/2003 setelahmemperhitungkan program pensiun Entitas. Tidak terdapatpendanaan yang disisihkan oleh Entitas dan Entitas Anaksehubungan dengan imbalan kerja karyawan ini.

These gains or losses are recognized on a straight-line basisover the expected average remaining working lives of theemployees. Further, past-service costs arising from theintroduction of a defined benefit plan or changes in thebenefit payable of an existing plan are required to beamortized over the period until the benefits concernedbecome vested.

The cost of providing employee benefits under the Labor LawNo.13 year 2003 is determined using the projected unit creditmethod. Actuarial gains and losses are recognized as incomeor expenses when the net cumulative unrecognized actuarialgains and losses for each individual plan at the end of theprevious reporting year exceed the greater of 10% of thepresent value of the defined benefit obligation and 10% of thefair value of any plan assets at that date. These gains andlosses are recognized on a straight-line method over theexpected average remaining working lives of the employees.


PENTING (lanjutan)

Beban imbalan kerja karyawan yang dihitung berdasarkanUndang-Undang Ketenagakerjaan No. 13/2003 ditentukandengan metode projected unit credit . Keuntungan ataukerugian aktuarial diakui sebagai pendapatan atau bebanapabila akumulasi keuntungan atau kerugian aktuarial netoyang belum diakui pada akhir periode pelaporan sebelumnyamelebihi jumlah yang lebih besar antara 10% dari nilai kiniliabilitas imbalan pasti dan 10% dari nilai wajar asetprogram pada tanggal tersebut. Keuntungan atau kerugian inidiakui dengan metode garis lurus sepanjang rata-rata sisamasa kerja karyawan.

Sesuai dengan PSAK No. 56, "Laba per Saham", laba bersihper saham dasar dihitung dengan membagi laba bersihdengan rata-rata tertimbang jumlah saham biasa yang beredarpada periode yang bersangkutan.

Laba bersih per saham dilusian dihitung dengan membagilaba bersih dengan rata-rata tertimbang saham biasa yangberedar ditambah dengan rata-rata tertimbang saham yangakan diterbitkan atas konversi efek berpotensi saham yangbersifat dilutif menjadi saham.

Diluted earnings per share are computed by dividing netincome by the weighted average number of common stockadded to the weighted average number of shares adjusted toassume conversion of all diluted potential common stock.

22







(continued)

u. Informasi segmen u. Segment information

v. Perubahan kebijakan akuntansi v. Changes in accounting policies

- -

- -

- -

- PSAK No. 24 (Revisi 2013), "Imbalan Kerja"; - PSAK No. 24 (Revised 2013), "Employee Benefits";

- PSAK No. 46 (Revisi 2013), "Pajak Penghasilan"; - PSAK No. 46 (Revised 2013), "Income Taxes";

- PSAK No. 48 (Revisi 2013), "Penurunan Nilai Aset"; - PSAK No. 48 (Revised 2013), "Impairment of assets";

- -

- -

- -

- PSAK No. 65, "Laporan Keuangan Konsolidasian"; - PSAK No. 65, "Consolidated Financial Statements";

- PSAK No. 66, "Pengaturan Bersama"; - PSAK No. 66, "Joint Arrangements";

- -

- PSAK No. 68, "Pengukuran Nilai Wajar"; - PSAK No. 68, "Fair Value Measurement";

In accordance with PSAK No. 5 (Revised 2009), "OperatingSegments", business segments provide information about thegoods or services which have different risks and returns fromany other segments. Geographical segments provideinformation about the goods or services in certaineconomical geography which have different risks and returnsfrom any other component that operated in the othereconomical geographies.

Pada bulan Desember 2013, Dewan Standar AkuntansiKeuangan Ikatan Akuntan Indonesia telah menerbitkanbeberapa standar akuntansi baru dan revisian yang akanberlaku efektif pada tahun buku yang dimulai 1 Januari 2015.Penerapan dini atas standar-standar tersebut tidakdiperkenankan.


PENTING (lanjutan)

Sesuai PSAK No. 5 (Revisi 2009), "Segmen Operasi",segmen usaha menyajikan informasi produk atau jasa yangmemiliki risiko dan imbalan yang berbeda dengan risiko danimbalan segmen usaha lain. Segmen geografis menyajikaninformasi produk atau jasa pada wilayah ekonomi tertentuyang memiliki risiko dan imbalan yang berbeda dengan risikodan imbalan pada komponen yang beroperasi pada wilayahekonomi lain.

PSAK No. 67, "Disclosure of Interests in OtherEntities";

PSAK No. 67, "Pengungkapan Kepentingan dalamEntitas Lain";

PSAK 55 (revisi 2013) “Instrumen keuangan:Pengakuan dan Pengukuran”;

PSAK 55 (revised 2013) “Financial instrument:Recognition and Measurement";

PSAK No. 4 (Revisi 2013), "Laporan KeuanganTersendiri";

In December 2013, the Accounting Standards Board of TheIndonesian Intitute of Accountants issued a number of newand revised accounting standards that will become effectivefor the annual period beginning January 1, 2015. Earlyadoption of these standards is not permitted.

Pendapatan, beban, aset atau liabilitas segmen ditentukansebelum saldo dan transaksi dalam kelompok entitasdieliminasi dalam proses konsolidasi, kecuali untuk saldo dantransaksi di dalam kelompok entitas yang terjadi antarakelompok entitas yang berada dalam suatu segmen.

Revenue, expense, assets and liabilities of the segments aredetermined before intra-group balances and transactionswithin the group are eliminated as part of the consolidationprocess, except for the intra-group balances and transactionsthat are done within the group in the same segment.

PSAK No. 15 (Revised 2013), "Investments inAssociates and Joint Ventures";

PSAK No. 1 (Revisi 2013), "Penyajian LaporanKeuangan";

PSAK No. 4 (Revised 2013), "Separate FinancialStatements";

PSAK No. 50 (revisi 2013) “Instrumen keuangan:Penyajian”;

PSAK No. 50 (revised 2013) “Financial instrument:Presentation”;

PSAK No. 15 (Revisi 2013), "Investasi pada EntitasAsosiasi dan Ventura Bersama";

PSAK No. 1 (Revised 2013), "Presentation ofFinancial Statements";

PSAK 60 (revisi 2013) “Instrumen keuangan:Pengungkapan”;

PSAK 60 (revised 2013) "Financial instrument:Disclosure”;

23







(continued)

v. Perubahan kebijakan akuntansi (lanjutan) v. Changes in accounting policies (continued)

- -

- ISAK No. 27, "Pengalihan Aset dari Pelanggan"; - ISAK No. 27, "Transfers Assets from Customer";

- -

- -

- -

- -

3. SUMBER ESTIMASI KETIDAKPASTIAN 3. SOURCE OF ESTIMATION UNCERTAINTY

Pertimbangan Judgments

Klasifikasi aset dan liabilitas keuangan Classification of financial assets and liabilities

Pada saat penerbitan laporan keuangan, Entitas masihmempelajari dampak yang mungkin timbul daripenerapan standar baru dan revisi tersebut sertapengaruhnya pada laporan keuangan Entitas.

As at the authorisation date of this financialstatements, the Entity is still evaluating the potentialimpact of these new and revised PSAK and its impactto Entity's financial statement.

Penyusunan laporan keuangan konsolidasian mengharuskanmanajemen untuk membuat pertimbangan, estimasi danasumsi yang mempengaruhi jumlah yang dilaporkan daripendapatan, beban, aset dan liabilitas, dan pengungkapanatas liabilitas kontijensi, pada akhir periode pelaporan.Ketidakpastian mengenai asumsi dan estimasi tersebut dapatmengakibatkan penyesuaian material terhadap nilai tercatatpada aset dan liabilitas dalam periode pelaporan berikutnya.

Pertimbangan berikut ini dibuat oleh manajemen dalamrangka penerapan kebijakan akuntansi yang memilikipengaruh paling signifikan atas jumlah yang diakui dalamlaporan keuangan konsolidasian.

The Entity determines the classifications of certain assets andliabilities as financial assets and financial liabilities byjudging if they meet the definition set forth in PSAK No. 55(Revised 2011). Accordingly, the financial assets andfinancial liabilities are accounted for in accordance with theEntity's accounting policies disclosed in Note 2.h.

Entitas menetapkan klasifikasi atas aset dan liabilitas tertentusebagai aset keuangan dan liabilitas keuangan denganmempertimbangkan bila definisi yang ditetapkan PSAKNo. 55 (Revisi 2011) dipenuhi. Dengan demikian, asetkeuangan dan liabilitas keuangan diakui sesuai dengankebijakan akuntansi Entitas seperti diungkapkan padaCatatan 2.h.

The preparation of the consolidated financial statementsrequires management to make judgments, estimates andassumptions that affect the reported amounts of revenues,expenses, assets and liabilities, and the disclosure ofcontingent liabilities, at the end of the reporting period.Uncertainty about these assumptions and estimates couldresult in outcomes that require a material adjustment to thecarrying amount of the asset and liability affected in futureperiods.

The following judgments are made by management in theprocess of applying the accounting policies that have themost significant effects on the amounts recognized in theconsolidated financial statements.

ISAK No. 28, "Extinguishing Financial Liabilities withEquity Instrument";

ISAK No. 28, "Pengakhiran Liabilitas Keuangandengan Instrumen Ekuitas";

Pencabutan ISAK 7 "Konsolidasi entitas bertujuankhusus";

Withdrawal of ISAK 7 "Consolidation - specialpurpose entities";

Pencabutan ISAK 12 "Pengendalian bersama entitas:Kontribusi non moneter oleh venturer".

Withdrawal of ISAK 12 "Jointly controlled entities:Non monetary contribution by venturers".

ISAK 26 (revisi 2013) “Penilaian ulang derivatifmelekat”;

ISAK 26 (revised 2013) “Revaluation of embeddedderivative”;

Pencabutan PSAK 12 (revisi 2009) “Bagian partisipasiventura bersama”;

Withdrawal of PSAK 12 (revised 2009) “Interest injoint venture”;


PENTING (lanjutan)

24






3. SUMBER ESTIMASI KETIDAKPASTIAN (lanjutan) 3. SOURCE OF ESTIMATION UNCERTAINTY (continued)

Pertimbangan (lanjutan) Judgments (continued)

Cadangan kerugian atas penurunan nilai piutang usaha Provision for declining in value of accounts receivable

Pajak penghasilan Income tax

Estimasi dan asumsi Estimates and Assumptions

Entitas dan Entitas Anak mengevaluasi akun tertentu jikaterdapat informasi bahwa pelanggan yang bersangkutan tidakdapat memenuhi liabilitas keuangannya. Dalam hal tersebut,Entitas dan Entitas Anak mempertimbangkan, berdasarkanfakta dan situasi yang tersedia, termasuk namun tidakterbatas pada, jangka waktu hubungan dengan pelanggan danstatus kredit dari pelanggan berdasarkan catatan kredit pihakketiga yang tersedia dan faktor pasar yang telah diketahui,untuk mencatat provisi spesifik atas pelanggan terhadapjumlah terutang guna mengurangi jumlah piutang yangdiharapkan dapat diterima oleh Entitas dan Entitas Anak.

The Entity and its Subsidiaries evaluate specific accountswhere it has information that certain customers are unable tomeet their financial obligations. In these cases, the Entity andits Subsidiaries use judgment, based on available facts andcircumstances, including but not limited to, the length of itsrelationship with the customer and the customer’s currentcredit status based on any available third party credit reportsand known market factors, to record specific provisions forcustomers against amounts due to reduce its receivableamounts that the Entity and its Subsidiaries expected tocollect.

Pertimbangan signifikan dilakukan dalam menentukanprovisi atas pajak penghasilan badan. Terdapat transaksi danperhitungan tertentu yang penentuan pajak akhirnya adalahtidak pasti sepanjang kegiatan usaha normal. Entitasmengakui liabilitas atas pajak penghasilan badan berdasarkanestimasi apakah akan terdapat tambahan pajak penghasilanbadan.

Asumsi utama masa depan dan sumber utama estimasiketidakpastian lain pada tanggal pelaporan yang memilikirisiko signifikan bagi penyesuaian yang material terhadapnilai tercatat aset dan liabilitas untuk periode/tahunberikutnya diungkapkan di bawah ini. Entitas mendasarkanasumsi dan estimasi pada parameter yang tersedia pada saatlaporan keuangan disusun. Asumsi dan situasi mengenaiperkembangan masa depan mungkin berubah akibatperubahan pasar atau situasi di luar kendali Entitas.Perubahan tersebut dicerminkan dalam asumsi terkait padasaat terjadinya.

Significant judgment is involved in determining the provisionfor corporate income tax. There are certain transactions andcomputation for which the ultimate tax determination isuncertain during the ordinary course of business. The Entityrecognizes liabilities for the corporate income tax based onestimates of whether there will be additional corporateincome tax.

The key assumptions concerning the future and other keysources of estimation uncertainty at the reporting date thathave a significant risk of causing a material adjustment to thecarrying amounts of assets and liabilities within the nextfinancial period/year are disclosed below. The Entity basedits assumptions and estimates on parameters available whenthe financial statements were prepared. Existingcircumstances and assumptions about future developmentsmay change due to market changes or circumstances arisingbeyond the control of the Entity. Such changes are reflectedin the assumptions when they occur.

Provisi spesifik ini dievaluasi kembali dan disesuaikan jikatambahan informasi yang diterima mempengaruhi jumlahcadangan kerugian penurunan nilai piutang. Nilai tercatatdari piutang usaha Entitas dan Entitas Anak sebelumcadangan kerugian penurunan nilai masing-masing padatanggal 31 Desember 2014 dan 2013 sebesarRp 226.212.571.160 dan Rp 163.046.959.584 Penjelasanlebih lanjut diungkapkan dalam catatan 7 dan 8.

These specific provisons are re-evaluated and adjusted asadditional information received affects the amounts ofprovision for declining in value of trade accounts receivable.The carrying amount of the Entity and its Subsidiaries tradeaccounts receivable before provision for declining in valueas of December 31, 2014 and 2013 amounted toRp 226,212,571,160 and Rp 163,046,959,584, respectively.Further details are shown in note 7 and 8.

25







Estimasi dan asumsi (lanjutan) Estimates and Assumptions (continued)

Pensiun dan imbalan kerja Pension and employees' benefits

Penyusutan aset tetap Depreciation of fixed assets

Instrumen keuangan Financial instrument

The determination of the Entity's obligations and cost forpension and employee benefits liabilities is dependent on itsselection of certain assumptions used by the independentactuaries in calculating such amounts. Those assumptionsinclude among others, discount rates, future annual salaryincrease, annual employee turnover rate, disability rate,retirement age and mortality rate.

Penentuan liabilitas dan biaya pensiun dan liabilitas imbalankerja Entitas bergantung pada pemilihan asumsi yangdigunakan oleh aktuaris independen dalam menghitungjumlah-jumlah tersebut. Asumsi tersebut termasuk antaralain: tingkat diskonto, tingkat kenaikan gaji tahunan, tingkatpengunduran diri karyawan tahunan, tingkat kecacatan, umurpensiun dan tingkat kematian.

Entitas mencatat aset dan liabilitas keuangan tertentu padanilai wajar, yang mengharuskan penggunaan estimasiakuntansi. Sementara komponen signifikan atas pengukurannilai wajar ditentukan menggunakan bukti objektif yangdapat diverifikasi, jumlah perubahan nilai wajar dapatberbeda bila Entitas menggunakan metodologi penilaian yangberbeda. Perubahan nilai wajar aset dan liabilitas keuangantersebut dapat mempengaruhi secara langsung laba (rugi)komprehensif konsolidasian Entitas.

Actual results that differ from the Entity's assumptions arerecognized immediately in the consolidated statements ofcomprehensive income as and when they occurred. While theEntity believes that its assumptions are reasonable andappropriate, significant differences in the Entity's actualexperiences or significant changes in the Entity's in theEntity's assumptions may materially affect its estimatedliabilities for pension and employees' benefits and netemployee benefits expenses. The carrying amount of theEntity's estimated liabilities for employee benefits as ofDecember 31, 2014 and 2013 amounted toRp 26,429,233,925 and Rp 21,644,692,662 (Note 30).

The costs of fixed assets are depreciated on a straight-linemethod over their estimated useful lives. Managementestimates the useful lives of these fixed assets to be within5 to 20 years. These are common life expectancies applied inthe industries where the Entity conducts its businesses.Changes in the expected level of usage and technologicaldevelopment could impact the economic useful lives and theresidual values of these assets, and therefore futuredepreciation charges could be revised. The net carryingamount of the Entity's fixed assets as of December 31, 2014and 2013 amounted to Rp 103,335,945,534 andRp 84,097,628,783 (Note 12).

The Entity and its Subsidiaries carry certain financial assetsand liabilities at fair value, which requires the use ofaccounting estimates. While significant components of fairvalue measurement were determined using verifiableobjective evidences, the amount of changes in fair valuewould differ if the Entity and its Subsidiaries utilized adifferent valuation methodology. Any changes in a fair valueof these financial assets and liabilities would directly affectthe Entity's consolidated comprehensive profit or loss.

Hasil aktual yang berbeda dari asumsi yang ditetapkanEntitas langsung diakui dalam laba (rugi) komprehensifkonsolidasian pada saat terjadinya. Sementara Entitasberkeyakinan bahwa asumsi tersebut adalah wajar dan sesuai,perbedaan signifikan pada hasil aktual atau perubahansignifikan dalam asumsi yang ditetapkan Entitas dapatmempengaruhi secara material liabilitas diestimasi ataspensiun dan imbalan kerja dan beban imbalan kerja neto.Nilai tercatat atas liabilitas diestimasi atas imbalan kerjaEntitas pada tanggal 31 Desember 2014 dan 2013 sebesarRp 26.429.233.925 dan Rp 21.644.692.662 (Catatan 30).

Biaya perolehan aset tetap disusutkan dengan menggunakanmetode garis lurus berdasarkan taksiran masa manfaatekonomisnya. Manajemen mengestimasi masa manfaatekonomis aset tetap antara 5 sampai dengan 20 tahun. Iniadalah umur yang secara umum diharapkan dalam industridimana Entitas menjalankan bisnisnya. Perubahan tingkatpemakaian dan perkembangan teknologi dapatmempengaruhi masa manfaat ekonomis dan nilai sisa aset,dan karenanya biaya penyusutan masa depan mungkindirevisi. Nilai tercatat neto atas aset tetap Entitas padatanggal 31 Desember 2014 dan 2013 sebesarRp 103.335.945.534 dan Rp 84.097.628.783 (Catatan 12).

26







Estimasi dan asumsi (lanjutan) Estimates and Assumptions (continued)

Instrumen keuangan (lanjutan) Financial instrument (continued)

Cadangan kerugian penurunan nilai persediaan Provision for declining in value of inventory

Cadangan kerugian penurunan nilai persediaan diestimasiberdasarkan fakta dan situasi yang tersedia, termasuk namuntidak terbatas kepada, kondisi fisik persediaan yang dimiliki,harga jual pasar, estimasi biaya penyelesaian dan estimasibiaya yang timbul untuk penjualan.

Nilai tercatat dari liabilitas keuangan pada nilai wajar dalamlaporan posisi keuangan konsolidasian pada tanggal31 Desember 2014 dan 2013 sebesar Rp 65.705.333.682 danRp 150.038.635.123 (Catatan 19).

The provisions are re-evaluated and adjusted as additionalinformation received which affects the estimated amount. Thecarrying amount of the Entity's inventory before provision fordeclining in value, each Rp 331,808,681,571 in 2014 andRp 281,336,610,463 in 2013, respectively. Further details are shown in note 9.

Provisi dievaluasi kembali dan disesuaikan jika terdapattambahan informasi yang mempengaruhi jumlah yangdiestimasi. Nilai tercatat dari persediaan Entitas sebelumpenyisihan penurunan nilai masing-masing pada tahun 2014sebesar Rp 331.808.681.571 dan tahun 2013 sebesarRp 281.336.610.463. Penjelasan lebih lanjut diungkapkandalam catatan 9.

Provision for declining in value of inventory is estimatedbased on available facts and circumstances, including but notlimited to, physical condition of inventory on hand, theirmarket sales price, the estimated cost of completion and theestimated costs incurred of their sales.

The carrying amount of financial liability carried at fairvalue in the consolidated statement of financial position as ofDecember 31, 2014 and 2013 amounted toRp 65,705,333,682 and Rp 150,038,635,123 (Note 19).

27






4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS

Kas Cash

Setara kas - pihak-pihak berelasi Cash equivalents - related partyRupiah Rupiah

PT Bank Maspion Indonesia PT Bank Maspion Indonesia

Setara kas - pihak ketiga Cash equivalents - third partiesRupiah Rupiah

PT Bank Central Asia Tbk PT Bank Central Asia TbkPT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) TbkPT Bank Muamalat Indonesia Tbk PT Bank Muamalat Indonesia TbkStandard Chartered Bank Standard Chartered BankPT Bank Negara Indonesia PT Bank Negara Indonesia

(Persero) Tbk (Persero) Tbk PT Bank CIMB Niaga Tbk PT Bank CIMB Niaga TbkPT Bank Jawa Timur Tbk PT Bank Jawa Timur TbkPT Bank Danamon Indonesia Tbk PT Bank Danamon Indonesia Tbk

Sub jumlah Sub totalValuta asing Foreign currencyDollar Amerika Serikat United States Dollar

PT Bank Muamalat Indonesia Tbk PT Bank Muamalat Indonesia TbkStandard Chartered Bank Standard Chartered BankPT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) TbkThe Hongkong and Shanghai The Hongkong and Shanghai Banking Corporation Limited Banking Corporation LimitedPT Bank CIMB Niaga Tbk PT Bank CIMB Niaga TbkPT Bank DBS Indonesia PT Bank DBS IndonesiaPT Bank Danamon Indonesia Tbk PT Bank Danamon Indonesia Tbk

Dollar Australia Australian Dollar PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk

Sub jumlah Sub total

Jumlah Total

Tingkat bunga setara kas per tahun: Interest rates of cash equivalents per annum:

Saldo bank Cash in bankRupiah RupiahDollar Amerika Serikat United States Dollar

dan Dollar Australia and Australian Dollar

2014

Penempatan giro bank pada PT Bank Maspion Indonesia(pihak berelasi) dilakukan dengan tingkat bunga, kondisi dansyarat yang sama sebagaimana halnya jika ditempatkan padabank pihak ketiga (Catatan 34).

0%-0,5%

0%-2%

2013

8.125.442.125

110.425.775 160.012.560

476.805.420

Placement of cash in bank at PT Bank Maspion Indonesia(a related party) are done at similar interest rates, terms andconditions as those which are done at third party banks (Note 34).

0%-0,5%

709.532.204

3.277.627.134

533.513.318

5.352.884

3.157.961.712

1.545.309.116

2014

864.743.338

2013

478.753.135

482.176.998

7.642.380

1.251.476.594

467.848.436

109.271.338

16.799.653 962.726.105

1.862.795.069

34.943.974

2.826.376.674

123.908.880

3.311.316.570

27.253.385

138.644.268

248.209.100

4.512.981.707

28.821.511

1.897.269.140

15.544.895

179.298.850

95.081.871 4.335.372.420 12.933.370.730

0%-2%

16.469.279.608

46.394.934

22.322.895

559.308.500

35.468.656

139.225.636

9.270.362

28






5. SALDO BANK YANG DIBATASI PENGGUNAANNYA 5. RESTRICTED BANK ACCOUNTS

Rekening giro Current accountRupiah: Rupiah:

PT Bank Muamalat Indonesia Tbk PT Bank Muamalat Indonesia TbkDollar Amerika Serikat: United States Dollar:

PT Bank Muamalat Indonesia Tbk PT Bank Muamalat Indonesia TbkPT Bank Danamon Indonesia Tbk PT Bank Danamon Indonesia Tbk

Jumlah Total

6. INVESTASI JANGKA PENDEK 6. SHORT-TERM INVESTMENTS

Deposito berjangka Time depositsRupiah Rupiah

Standard Chartered Bank Standard Chartered BankPT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk

Dollar Amerika Serikat: United States Dollar:Standard Chartered Bank Standard Chartered BankPT Bank CIMB Niaga Tbk PT Bank CIMB Niaga TbkPT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk

Jumlah Total

Tingkat bunga deposito berjangka per tahun: Interest rates of time deposits per annum:

Deposito berjangka Time depositsRupiah RupiahDollar Amerika Serikat United States Dollar

Time deposits with PT Bank Mandiri (Persero) Tbk is restricted bythe bank in relation to the bank guarantee and credit quaranteefacilities obtained by PT Indalex (Subsidiary) from the bank(Note 38).

Deposito berjangka pada PT Bank Mandiri (Persero) Tbk,merupakan dana Entitas Anak yang dibatasi penggunaannyasehubungan dengan fasilitas bank garansi dan jaminan kredityang diperoleh PT Indalex (Entitas Anak) dari Bank tersebut(Catatan 38).

0,1% - 5,25%

Time deposits in PT Bank CIMB Niaga Tbk and StandardChartered Bank are used as collateral for bank loans (Note 18and 19).

10.093.890.825 5.108.192.002

Deposito berjangka pada PT Bank CIMB Niaga Tbk danStandard Chartered Bank digunakan sebagai jaminan utangbank (Catatan 18 dan 19).

3,8% - 7,5%0,02% - 2,0%

20132014

192.792.259 7.482.046.175 8.952.699.281

Saldo rekening giro yang dibatasi penggunaannya dijaminkanuntuk penerbitan Letter of Credit (fasilitas L/C) dan atau BankGaransi dari PT Bank Muamalat Indonesia Tbk dan PT BankDanamon Indonesia Tbk dengan jangka waktu kurang dari satutahun (Catatan 18 dan 19).

Restricted current accounts were pledged as security for letter ofcredit (L/C facility) and or Bank Guarantee of PT Bank MuamalatIndonesia Tbk and PT Bank Danamon Indonesia Tbk withmaturities less than 1 year (Note 18 and 19).

-

2013

15.459.014.462 2.566.783.998

2014

2014

Saldo bank yang dibatasi penggunaannya terdiri atas: Restricted bank accounts consist of:

2013

-

4.813.087.800

-

1.267.329.941

6.021.923.975

4,75% - 7,25%

25.552.905.287

4.139.611.481

8.411.596.112

- 2.281.559.448

36.851.863.350

55.219.994.909

29






7. PIUTANG USAHA, PIHAK KETIGA 7. ACCOUNTS RECEIVABLE, THIRD PARTIES

Pihak ketiga: Third parties:PT Mulia Karya Gemilang PT Mulia Karya GemilangYoungman Group Ltd Youngman Group LtdDayco Industries, LLC Dayco Industries, LLCJo. Sahid Megatama Karya Gemilang Jo. Sahid Megatama Karya GemilangPT Duta Anggada Realty PT Duta Anggada RealtyPT Simpruk Arteri Realty PT Simpruk Arteri RealtyJo Ssangyong - Indo Jo Ssangyong - IndoPT Acset Indonusa PT Acset IndonusaPT Ciputra Adigraha PT Ciputra AdigrahaPT Wahana Nusantara PT Wahana NusantaraPT Graha Lintas Properti PT Graha Lintas PropertiPT Sinar Grahamas Lestari Tbk PT Sinar Grahamas Lestari TbkPT Telkom Landmark Tower PT Telkom Landmark TowerLadder Solutions Ltd Ladder Solutions LtdFlextronic Tech (Mly) Flextronic Tech (Mly)PT Graha Emera Abadi PT Graha Emera AbadiNam Bersatu Nam BersatuModern Group Modern GroupYanjin Indonesia Yanjin Indonesia PT MNC Land Tbk PT MNC Land TbkPT Grand Sayla Indonesia PT Grand Sayla IndonesiaPT Jagat Interindo PT Jagat InterindoPT Bank Danamon Indonesia Tbk PT Bank Danamon Indonesia TbkPT Alfa Goldland Realty PT Alfa Goldland RealtySinobec Trading Inc Sinobec Trading IncPT Andika Multi Karya PT Andika Multi KaryaPan Pacific IntTrad Pan Pacific Int.TradPT Balfour Baetty Sakti Indonesia PT Balfour Baetty Sakti IndonesiaPT Grand Indonesia PT Grand IndonesiaPT Pakuwon Jati PT Pakuwon JatiPT Gudang Garam,Tbk PT Gudang Garam,TbkPT Bintang Rajawali Perkasa PT Bintang Rajawali PerkasaSchuco International Ltd Schuco International LtdPT Nusa Konstruksi Enjiniring Tbk PT Nusa Konstruksi Enjiniring TbkPT Wika-Adhi-Pp Kso PT Wika-Adhi-Pp KsoInnomet Inter Ltd Innomet Inter LtdPT Chitatex Peni PT Chitatex PeniPT Sarananeka Indahpancar PT Sarananeka IndahpancarPT Alfindo Mercu Estate PT Alfindo Mercu EstateCapral Aluminium Industry Ltd Capral Aluminium Industry LtdAsteem Products Pte Asteem Products PtePT Wiratara Prima PT Wiratara PrimaPT Para Bandung Propertindo PT Para Bandung PropertindoPT Grahalestari Ciptakencana PT Grahalestari CiptakencanaSri Murni Group Sri Murni Group PT Tatamulia Nusantara Indah PT Tatamulia Nusantara IndahPT Panen GL Indonesia PT Panen GL IndonesiaPT Elite Prima Hutama PT Elite Prima HutamaSub jumlah (dipindahkan) Sub total(total c/f)

2.835.294.504

2.151.088.504 1.550.758.375

1.606.379.509 1.130.634.619

-

106.318.021

756.354.273

126.507.693.880

1.807.254.739 427.067.288

-

1.002.250.000

-

1.654.530.671

4.375.735.658

1.371.359.174

4.302.747.573

2.292.724.683

1.375.082.147

1.195.930.390

5.927.768.980

2.897.073.492 3.558.099.801

3.111.908.257

3.370.498.285

1.988.703.728

1.192.475.845

1.269.907.429

- 2.724.310.455

1.621.626.533

1.259.606.726

4.413.938.700

3.623.226.594

2.264.846.717

1.641.795.625

5.237.638.711

16.148.321.082 7.565.380.881

8.056.678.916

4.528.829.396

6.243.582.783

2013

Accounts receivable due from third parties represent receivableon export and local sales both of finished goods and merchandisegoods with details are as follows:

12.044.739.864

Piutang usaha pada pihak ketiga merupakan tagihan yangtimbul atas penjualan ekspor dan lokal atas barang jadimaupun barang dagangan dengan rincian sebagai berikut:

12.264.468.358

20.114.665.210

14.829.352.044

11.238.325.100

9.412.189.143

-

-

2.926.428.610 3.945.969.105 12.598.565.000

5.809.327.556

2.292.724.683

100.000.000

7.239.737.382

1.466.352.062

1.002.250.000

597.132.030

3.882.109.581

1.049.660.330

2.193.946.680

3.611.353.866

24.598.683.159

2.338.773.055

3.519.689.670

5.017.584.979

2014

1.105.303.580

2.372.508.381

7.431.759.939

4.696.912.219

508.575.440

209.431.356.301

1.113.250.000 1.111.456.070

1.797.951.250

-

-

- - - -

3.165.909.091 2.985.009.926 2.902.389.586

11.920.262.589 -

4.924.620.781

3.882.208.576

3.339.176.222

30






7. PIUTANG USAHA, 7. ACCOUNTS RECEIVABLE,

PIHAK KETIGA (lanjutan) THIRD PARTIES (continued)

Pindahan Total b/f

PT Menara Capital Indonusa PT Menara Capital IndonusaPT Bam Decorient Indonesia PT Bam Decorient IndonesiaPT Hutama Karya (Persero) PT Hutama Karya (Persero)Citra Westlake City Citra Westlake CityLainnya (masing-masing Others (below

dibawah 1 milyar) Rp 1 billion each)Sub jumlah Sub totalCadangan kerugian penurunan nilai Provision for declining in value

Jumlah, neto Total, net

Belum jatuh tempo Not yet dueTelah jatuh tempo Past due

1-30 hari 1-30 days31-60 hari 31-60 days> 60 hari > 60 days

Sub jumlah Sub totalCadangan kerugian penurunan nilai Provision for declining in valueJumlah Total

Rupiah RupiahDollar Amerika Serikat United States DollarDollar Australia Australian DollarEuro EuroDollar Singapura Singapore DollarDollar Taiwan New Taiwan DollarSub jumlah Sub totalCadangan kerugian penurunan nilai Provision for declining in valueJumlah Total

Saldo awal Beginning balancePenambahan AdditionsPenghapusan dan realisasi Write-off and realizationSaldo akhir Ending balance

2013

1.904.833.131

75.274.720.160

160.392.504.659

158.487.671.528

160.392.504.659

72.838.469.091

-

Movement of provision for declining in value are as follows:

84.501.328.449

1.904.833.131 254.729.893

26.852.999

1.784.896.824 -

-

136.960.570.843

49.594.553.719

2014

158.487.671.528

2014

2.264.846.717

220.338.161.057

Piutang usaha di atas termasuk piutang usaha dalam mata uangasing, dengan perincian sebagai berikut:

222.242.994.188 (1.904.833.131)

21.552.300

The above accounts receivable denominated in foreign currencieswith details as follows:

81.305.459.213

-

220.338.161.057

222.242.994.188

2013

12.862.553.684 22.660.677.096

3.450.000.000

222.242.994.188

51.500.000

12.758.637.888 160.392.504.659

(1.904.833.131)

Aging analysis of accounts receivable are as follows:

2013

49.133.179.478

(1.904.833.131)

12.574.342.630

Mutasi cadangan kerugian penurunan nilai piutang adalahsebagai berikut:

Analisa umur piutang usaha adalah sebagai berikut:

2014

(1.904.833.131)

3.273.229.859 -

158.487.671.528

- 5.574.974.811

2013

126.507.693.880 209.431.356.301

17.914.766.518

1.904.833.131

3.671.839.591

23.574.901.237

2.061.602.151 4.214.377.557

787.860.402

220.338.161.057

1.499.999

134.613.149.968

2014

(1.904.833.131)

(134.793.586)

(1.904.833.131)

31






7. PIUTANG USAHA, 7. ACCOUNTS RECEIVABLE,

PIHAK KETIGA (lanjutan) THIRD PARTIES (continued)

8. PIUTANG USAHA, PIHAK BERELASI 8. ACCOUNTS RECEIVABLE, RELATED PARTIES

Pihak-pihak berelasi: Related parties:PT Maspion PT MaspionPT Alumindo Light Metal PT Alumindo Light Metal

Industry Tbk Industry TbkPT UACJ Indal Aluminium PT UACJ Indal AluminiumPT Maspion Elektronik PT Maspion ElektronikLain-lain Others

Jumlah Total


1-30 hari 1-30 days> 60 hari > 60 days

Jumlah Total

Rupiah RupiahDollar Amerika Serikat United States DollarJumlah Total

Cadangan kerugian penurunan nilai untuk piutang usaha padapihak berelasi tidak dibuat karena manajemen Entitasberpendapat bahwa seluruh piutang tersebut dapat ditagih.

3.969.576.972

- 3.969.576.972

2014

406.316.910

2014

296.176.296

Manajemen berpendapat bahwa tidak terdapat risiko yangterkonsentrasi secara signifikan atas piutang pada pihak ketiga.

Tidak ada pemulihan cadangan kerugian penurunan nilaipiutang pada tahun 2014.

Management believes that the provision for declining in value ofreceivables from third parties is adequate to cover possible losseson uncollectible accounts. Management also believes that thereceivable from related parties is collectible, thus, no provisionfor declining in value of accounts receivable was provided.

2013

There's no recovery of the provision for declining in value ofreceivables in 2014

Piutang usaha pada pihak berelasi merupakan piutang ataspenjualan barang jadi maupun barang dagangan dengan rinciansebagai berikut:

2.404.013.636

2.654.454.925

2013

2.483.318.857

92.842.646

Aging analysis of accounts receivable from related parties are asfollows:

Piutang usaha Entitas juga digunakan sebagai jaminan utangbank dari PT Bank Negara Indonesia (Persero) Tbk pada tahun2014 dan 2013 dengan nilai penjaminan masing-masingsebesar Rp 60.000.000.000 (Catatan 19).

2014

69.319.800

Analisa umur piutang usaha kepada pihak berelasi adalahsebagai berikut:

3.969.030.312

2.454.326.504 1.515.250.468

2013

78.293.422

The Entity's receivables are also used as bank loan's collateralfrom PT Bank Negara Indonesia (Persero) Tbk in 2014 and 2013with collateral value amounted to Rp 60,000,000,000, respectively(Notes 19).

3.969.576.972

Manajemen berpendapat bahwa cadangan kerugian penurunannilai piutang kepada pihak ketiga adalah cukup untuk menutupkerugian yang mungkin timbul dari tidak tertagihnya piutangtersebut. Manajemen juga berpendapat bahwa seluruh piutangusaha kepada pihak yang berelasi dapat ditagih seluruhnyasehingga tidak dilakukan cadangan kerugian penurunan nilaipiutang.

24.833.490

250.441.289

- 115.588.920

2.217.856.219

1.239.491.918

546.660

2.139.005.144

Accounts receivable due from related parties representreceivables on sales both of finished goods and merchandisegoods with details are as follows:

2.654.454.925

Piutang usaha kepada pihak berelasi di atas termasuk piutangusaha dalam mata uang asing, dengan perincian sebagaiberikut:

The above accounts receivable from related party denominated inforeign currencies with details as follows:

Management believes that there are no significant concentrationsrisk of third parties receivables.

2.654.454.925

No provision for declining in value of accounts receivable duefrom related parties was provided as Entity's managementbelieves that all such receivables are collectible.

115.443.200

32






9. PERSEDIAAN 9. INVENTORIES

Terdiri dari: Consist of:

Barang dalam proses Work in processBahan baku Raw materialsBahan baku dalam perjalanan Raw materials in transitBahan pembantu Indirect materialsBarang jadi Finished goodsProyek ProjectSuku cadang Spare partSub jumlah Sub totalCadangan kerugian penurunan Provision for declining in value

nilai persediaan of inventoriesJumlah Total

Saldo awal Beginning balancePenambahan AdditionsRealisasi RealizationSaldo akhir Ending balance

4.089.638.378

At December 31, 2014 and 2013, inventories were insured withPT Asuransi Central Asia as lead insurer with the coverage sumof USD 28,418,770 or equivalent with Rp 353,529,502,905 andUSD 28,150,100 or equivalent with Rp 343,121,568,900. Themanagement believes that the insurance coverage is adequate tocover possible losses on the assets insured.

Pada tanggal 31 Desember 2014 dan 2013, terdapat cadangankerugian penurunan nilai persediaan PT Indalex (Entitas Anak)masing-masing sebesar Rp 159.045.579 dan Rp 858.685.157.

2013

Manajemen berpendapat bahwa cadangan kerugian penurunannilai persediaan adalah cukup untuk menutupi kemungkinanmenurunnya persediaan di masa datang.

The Entity's inventories are also used as bank loan's collateralfrom Standard Chartered Bank in 2014 and 2013 with collateralvalue amounted to USD 20,000,000 or equivalent toRp 248,800,000,000 and USD 20,000,000 or equivalent toRp 243,780,000,000 (Notes 18 and 19).

Management believes that the provision for declining in value ofinventories provided are adequate to cover the declining in valueof inventory in the future.

PT . Indalex's inventories (Subsidiary) are used as bank loan'scollateral from PT Bank Mandiri (Persero) Tbk with collateralvalue amounted to nil and Rp 13,000,000,000 in 2014 and 2013(Note 18).

97.486.222.351

2014

63.942.174

19.729.906.220

Movements in provision for declining in value of inventories areas follows:

331.808.681.571

(3.083.261.193)

11.359.016.519

90.041.007.722

24.141.608.913 22.573.593.530

Persediaan Entitas juga digunakan sebagai jaminan utang bankdari Standard Chartered Bank pada tahun 2014 dan 2013dengan nilai penjaminan sebesar USD 20.000.000 atauekuivalen dengan Rp 248.800.000.000 dan USD 20.000.000atau ekuivalen Rp 243.780.000.000 (Catatan 18 dan 19).

329.435.397.918

4.143.763.417

At December 31, 2014 and 2013, there is provision for decliningin value of inventory of PT Indalex (Subsidiary) amounted toRp 159,045,579 and Rp 858,685,157, respectively.

281.336.610.463

3.200.174.141

Recovery of the provision for declining in value of inventories dueto the inventories has been sold in current period, respectively.

278.253.349.270

17.289.773.106 -

55.781.856.998

2.373.283.653

Mutasi cadangan kerugian penurunan nilai persediaan adalahsebagai berikut:

(180.855.122) 3.083.261.193

Pada tanggal 31 Desember 2014 dan 2013, persediaan telahdiasuransikan kepada beberapa entitas asuransi dengan leader PT Asuransi Central Asia, dengan jumlah pertanggunganmasing-masing sebesar USD 28.418.770 atau ekuivalen denganRp 353.529.502.905 dan USD 28.150.100 atau ekuivalendengan Rp 343.121.568.900. Manajemen berpendapat bahwanilai tersebut cukup untuk menutup kemungkinan kerugian atasaset yang dipertanggungkan.

(2.373.283.653)

2013

91.506.615.688 91.012.124.266

83.990.164.924

3.083.261.193

2014

(869.023.119) 159.045.579

Pemulihan cadangan kerugian penurunan nilai persediaankarena persediaan tersebut telah terjual dalam masing-masingperiode berjalan.

Persediaan PT.Indalex (Entitas Anak) digunakan sebagaijaminan utang bank dari PT Bank Mandiri (Persero) Tbkdengan nilai penjaminan sebesar nihil dan Rp 13.000.000.000pada tahun 2014 dan 2013 (Catatan 18).

33






10. UANG MUKA PEMBELIAN 10. ADVANCE PAYMENTS


Bahan MaterialMesin MachinesJumlah Total

Dollar Amerika Serikat United States DollarRupiah RupiahDollar Hongkong Hongkong DollarDollar Singapura Singapore DollarEuro EuroJumlah Total

11. INVESTASI PADA ENTITAS ASOSIASI 11. INVESTMENTS IN ASSOCIATED ENTITY

Metode ekuitas: Equity method:PT UACJ Indal Aluminum PT UACJ Indal Aluminum

2.400 saham yang dimiliki 2,400 shares owned byoleh Entitas Anak Gresik, its Subsidiaries(PT Indal Investindo) East Java (PT Indal Investindo)

PT Weilburger Coatings Indonesia PT Weilburger Coatings Indonesia490 saham yang dimiliki 490 shares owned byoleh Entitas Anak Gresik, its Subsidiaries(PT Indal Investindo) East Java (PT Indal Investindo)

Jumlah Total

Mutasi investasi dengan metode ekuitas:

PT UACJ Indal Aluminum PT UACJ Indal AluminumSaldo awal Beginning balancePenerimaan dividen Dividend receivedBagian laba bersih Net profit portion of

entitas asosiasi associated entitySaldo akhir Ending balance

PT Weilburger Coatings Indonesia PT Weilburger Coatings IndonesiaSaldo awal Beginning balancePenerimaan dividen Dividend receivedBagian laba bersih Net profit portion of

entitas asosiasi associated entitySaldo akhir Ending balance

40%

(4.669.285.210)

(947.660.000)

18.554.381.607

88.835.534.222

16.965.837.135

kedudukan/

49%

88.835.534.221

76.108.092.181

16.971.968.475

2013

(5.091.589.080)

TempatPersentasepemilikan/

Percentage

98.973.630.492

-

85.487.121.671

9.379.029.490

18.554.381.607

7.211.936.223 8.545.965.185 10.008.416.422

2013

9.664.658.889

The above advanced payments denominated in foreign currencieswith details as follows:

2014

76.108.092.181

-

76.108.092.181

9.727.108.191 9.379.029.490

Investasi tersebut di atas dimaksudkan untuk memperolehpotensi keuntungan dalam jangka panjang, karena seluruhEntitas tersebut bergerak dalam industri yang mendukungbidang usaha Entitas dan Entitas Anak.

The investments above are intended to generate potential incomein the long term, since all of the stock investments were placed inthe Entity that are engaged in certain industries to support theEntity and its Subsidiaries business.

759.066.781 10.138.096.271

599.581.299 9.379.029.490

Changes in investments under the equity method:

63.805.408.916

17.819.031.120

10.138.096.270

2014

of Ownership

The Entity and its subsidiaries does not has advance paymentbalance to related party.

- -

Uang muka pembelian di atas termasuk uang muka pembeliandalam mata uang asing, dengan perincian sebagai berikut:

- 18.554.381.607

59.158.737

Entitas dan Entitas Anak tidak mempunyai saldo uang mukapada pihak berelasi.

16.965.837.135

2014

20132014Domicile

978.671.649 15.987.165.486

20.918.581 9.164.705

2013

34






12. ASET TETAP 12. FIXED ASSETS

Biaya Perolehan: Cost:Pemilikan langsung Direct acquisitionsTanah LandBangunan BuildingMesin dan Machineries and

peralatan equipmentKendaraan VehiclesInventaris kantor Office equipmentMatrys MouldsAset dalam penyelesaian Assets in progressMesin dan Machineries and

peralatan equipmentSub jumlah Sub total

Akumulasi penyusutan: Accumulated depreciation:Pemilikan langsung Direct acquisitionsBangunan BuildingMesin dan Machineries and

peralatan equipmentKendaraan VehiclesInventaris kantor Office equipmentMatrys MouldsSub jumlah Sub totalNilai buku Book value

Biaya Perolehan: Cost:

Pemilikan langsung Direct acquisitionsTanah LandBangunan BuildingMesin dan Machineries and

peralatan equipmentKendaraan VehiclesInventaris kantor Office EquipmentMatrys Moulds

Aset dalam penyelesaian Assets in progressMesin dan Machineries and

peralatan equipment

Sub jumlah (dipindahkan) Sub total(total c/f) 247.215.327.248

8.011.585.681

20.768.702.80428.314.715.515

Reklasifikasi/

Deductions

700.000.000

Deductions

38.072.717.312

- -

132.613.046.192

-

-

balance

17.602.418.459-

31 Des 2013/Saldo akhir

Dec 31, 2013

-

-

Penambahan/

-

- 10.758.896.982

9.744.047.636

Additionsbalance

-

9.185.411.834

8.403.277.476

Balance and movement for the year ended December 31, 2013 is:

- 20.768.702.804

-

(1.229.698.192)

-

5.734.302.493

- -

Reclassification Penambahan/

-

236.837.184.640

3.565.074.101

46.500.000

11.607.840.800

16.363.408.476148.110.422.035

(9.185.411.834) 2.300.102.625

- (404.352.955)

160.860.907.970

7.299.783.000 -

-

Pengurangan/ Reclassification

12.428.567.948

-

-

6.378.121.403

Saldo akhir

2.300.102.625

- 277.212.540.981

Reklasifikasi/

31 Des 2014/

Dec 31, 2014

168.156.343.970160.860.907.970

Additions

17.602.418.459 -

-

4.995.333.376

20.768.702.80428.314.715.515

Jan 1, 2014

Beginning


9.758.001.797 28.068.485.804

balance

Saldo awal1 Jan 2014/

Saldo dan mutasi untuk tahun yang berakhir pada tanggal 31Desember 2014 adalah:

Ending

- 9.339.678.877

2.300.102.625 6.378.121.403

11.140.516.513 1.288.051.435

8.403.277.4769.384.197.399

- -

- 446.979.158 418.995.000 8.965.202.399

Ending

7.663.603.820

1 Jan 2013/

7.935.219.771

Beginning

173.876.595.447

2.265.591.500

84.097.628.783

271.615.951 8.956.452.409 338.038.750

103.335.945.534

9.294.491.159 - -

126.017.446.846


163.117.698.465

6.595.599.346 11.605.270.377

balance

1.643.362.938

5.751.211.966

- - 391.691.795

-

(825.345.237) 8.965.202.399

-

Pengurangan/ Jan 1, 2013

28.104.715.515 210.000.000 -

-

18.302.418.459

247.215.327.248

8.850.256.634

(2.300.102.625) - 29.997.213.733

-

Saldo awal

35






12. ASET TETAP (lanjutan) 12. FIXED ASSETS (continued)

Pindahan Total b/f

Akumulasi penyusutan: Accumulated depreciation:Pemilikan langsung Direct acquisitionsBangunan BuildingMesin dan Machineries and

peralatan equipmentKendaraan VehiclesInventaris kantor Office equipmentMatrys Moulds

Sub jumlah Sub totalNilai buku Book value

Nilai buku pelepasan Net book value of disposalsHarga jual Sales priceLaba atas pelepasan aset tetap Gain on disposals of fixed assets

Beban penyusutan dialokasikan sebagai berikut:

Pemilikan langsung: Direct acquisitions:Beban pabrikasi Manufacturing expensesBeban usaha Operating expenses

Jumlah Total

11.140.516.513

-

2013

84.097.628.783

9.564.426.813

(1.229.698.192)

1.959.415.768

Allocation of depreciation expenses as follow:

10.504.536.650

Penambahan aset tetap berupa bangunan sebesarRp 9.758.001.797 merupakan gudang pabrik tahap 2PT Indalex (Entitas Anak) yang berlokasi di Jl. Selayar A1No.7, Bekasi. Gudang tersebut dibangun di atas tanah milikPT Maspion dan sampai sekarang belum ada perjanjian sewatanah dengan PT Indalex (Entitas Anak).

7.460.345.154 203.258.666

153.842.860.007 163.117.698.465

- 8.956.452.409

-

-

2013

- 9.339.678.877

Pengurangan merupakan penjualan aset tetap dengan rinciansebagai berikut:

9.751.091.114 1.389.425.399

2014

Addition of fixed assets such as building amounted toRp 9,758,001,797 is a factory warehouse phase 2 of PT Indalex(Subsidiary) which located at Jl. Selayar A1 No.7, Bekasi. Thosewarehouse was build on a land owned by PT Maspion and untilnow there has been no lease agreement with PT Indalex(Subsidiary).

82.994.324.633

7.663.603.820

1.093.545.237

1.093.545.237

7.609.346.798 126.017.446.846-

-

Disposal represent sales of fixed assets, which can be summarizedas follows:

119.457.650.128 6.559.796.718

balance

-

In 2014, the Entity purchase a land at Sidoarjo with a total areaof 35.861 m2. For this transaction, there is no Sale and PurchaseAgreement yet. The land will be used as industrial area for theexpansion of the Entity.

-

(404.352.955)

Pada tahun 2014 Entitas membeli tanah di Sidoarjo seluas35.861 m2. Atas transaksi ini belum ada Akta Jual Beli nya.Rencananya tanah tersebut akan digunakan sebagai kawasanindustri untuk perluasan Entitas.

10.301.277.984

10.504.536.650

10.487.281.031

The Entity own several parcels of land located in Sidoarjo, withBuilding Rights Titles (Hak Guna Bangunan or HGB) for a periodof 20 years which will mature on 2015 and 2031. The managementbelieves that there will be no difficulty in the extension of thelandrights since all the land were acquired legally and supportedby sufficient evidence of ownership.

Entitas memiliki tanah yang terletak di Sidoarjo, Jawa Timurdengan hak legal berupa Hak Guna Bangunan yang berjangkawaktu 20 tahun yang akan jatuh tempo tahun 2015 dan 2031.Manajemen berpendapat tidak terdapat masalah denganperpanjangan hak atas tanah karena seluruh tanah diperolehsecara sah dan didukung dengan bukti pemilikan yangmemadai.

10.758.896.982

217.370.833

203.258.666

2014

271.615.951

- (825.345.237)

2.134.685.034


2.421.947.868

4.381.363.636


Saldo awal

Additions

Ending

Deductions Reclassification Dec 31, 2013

Saldo akhir1 Jan 2013/ 31 Des 2013/Beginning

236.837.184.640 11.607.840.800 (1.229.698.192) - 247.215.327.248

Penambahan/ Pengurangan/ Reklasifikasi/ balanceJan 1, 2013

36






12. ASET TETAP (lanjutan) 12. FIXED ASSETS (continued)

Aset tetap kendaraan digunakan sebagai jaminan atas utangbank dari PT Bank CIMB Niaga Tbk sebesarRp 7.110.000.000 pada tahun 2014 dan 2013 (Catatan 18).

Pada tanggal 31 Desember 2014 dan 2013, aset tetap kecualitanah telah diasuransikan kepada asuransi sindikasi denganleader PT Asuransi Central Asia dengan jumlahpertanggungan masing-masing sebesar USD 22.104.829 atauekuivalen Rp 274.984.074.502 dan Rp 7.110.000.000 padatahun 2014 dan USD 22.087.300 atau ekuivalenRp 269.222.099.700 pada tahun 2013. Manajemen berpendapatbahwa jumlah tersebut cukup untuk menutup kemungkinankerugian atas aset yang dipertanggungkan.

The Entity's management has been reviewed estimated economicuseful lives, depreciation method and residual value at each theend of reporting period.

Vehicle are used as bank loan's collateral from PT Bank CIMBNiaga Tbk with collateral value amounted to Rp 7,110,000,000 in2014 and 2013 (Note 18).

Manajemen Entitas telah melakukan pengkajian ulang atasestimasi umur ekonomis, metode penyusutan dan nilai residupada setiap akhir pelaporan.

Aset tetap tanah, bangunan dan mesin digunakan sebagaijaminan atas utang bank dari Standard Chartered Bank. Nilaipenjaminan atas tanah dan bangunan sebesar USD 6.000.000atau ekuivalen Rp 74.640.000.000 pada tahun 2014 dansebesar USD 6.000.000 atau ekuivalen Rp 73.134.000.000pada tahun 2013. Nilai penjaminan atas mesin sebesarUSD 13.500.000 atau ekuivalen Rp 167.940.000.000 pada2014 dan sebesar USD 13.500.000 atau ekuivalenRp 164.551.500.000 pada tahun 2013 (Catatan 18 dan 19).

Fixed assets of PT Indalex (Subsidiary) such as land and buildingwill be used as bank loan's collateral fromPT Bank Negara Indonesia Tbk with collateral value amounted toRp 48,752,000,000 in 2014. Fixed assets of PT Indalex(Subsidiary) such as land and building used as bank loan'scollateral from PT Bank Mandiri Tbk with collateral valueamounted to Rp 36,162,823,026 (Note 18).

Per tanggal 31 Desember 2014, manajemen Entitasmenyatakan bahwa nilai wajar dari aset tetap Entitas danEntitas Anak sebesar Rp 185.341.755.535.

At December 31, 2014 and December 31, 2013, fixed assets exceptland, were insured to sindicate insurance withPT Asuransi Central Asia as lead insurer for a total coverage ofUSD 22,104,829 or equivalent Rp 274,984,074,502 andRp 7,110,000,000 in 2014 and USD 22,087,300 or equivalentRp 269,222,099,700 in 2013. The management believes that theinsurance coverage is adequate to cover possible losses on theassets insured.

Berdasarkan penelaahan manajemen Entitas dan Entitas Anakterhadap kondisi aset tetap, manajemen berkeyakinan bahwatidak terdapat indikasi adanya penurunan nilai yang signifikanterhadap nilai tercatat aset tetap Entitas dan Entitas Anak padatanggal 31 Desember 2014.

The Entity's management stated that there is no fixed assets withremained book value and discontinue to operate.

Aset tetap PT Indalex (Entitas Anak) berupa tanah danbangunan digunakan sebagai jaminan atas utang bank dariPT Bank Negara Indonesia Tbk dengan nilai penjaminansebesar Rp 48.752.000.000 pada tahun 2014. Aset tetapPT Indalex (Entitas Anak) berupa tanah dan bangunanmerupakan jaminan atas utang bank dari PT Bank Mandiri Tbkdengan nilai penjaminan sebesar Rp 36.162.823.026 pada 2013(Catatan 18).

Manajemen Entitas menyatakan bahwa tidak terdapat aset tetapyang masih memiliki nilai buku namun berhenti beroperasi.

Land, building and machine are used as bank loan's collateralfrom Standard Chartered Bank. Collateral value of land andbuilding amounted to USD 6,000,000 or equivalent toRp 74,640,000,000 in 2014 and amounted to USD 6,000,000 orequivalent to Rp 73,134,000,000 in 2013. Collateral value ofmachineries amounted to USD 13,500,000 or equivalent toRp 167,940,000,000 in 2014 and amounted to USD 13,500,000 orequivalent to Rp 164,551,500,000 in 2013 (Note 18 and 19).

Based on the review of the Entity and its Subsidiaries managementregarding the condition of property, plant and equipment, themanagement believes that there is no significant indication ofimpairment in assets values of the Entity and its Subsidiariesproperty, plant and equipment as of December 31, 2014.

As of December 31, 2014, the Entity's management stated that thefair value of the Entity's fixed assets amounted toRp 185,341,755,535.

Aset dalam penyelesaian merupakan aset mesin dan peralatansebesar Rp 6.378.121.402. Perakitan mesin akan selesai danmulai beroperasi pada bulan Januari 2015 dengan persentasepenyelesaian per 31 Desember 2014 adalah 95%.

Assets in progress are machine and equipment amounted toRp 6,378,121,402. Machine assembly will be finish and start tooperate in January 2015 with percentage of completion as ofDecember 31, 2014 is 95%.

37






13. PROPERTI INVESTASI 13. INVESTMENT PROPERTY


Bangunan BuildingSub jumlah Sub total

Akumulasi penyusutan: Accumulated depreciation:

Bangunan BuildingSub jumlah Sub totalNilai buku Book value


Bangunan BuildingSub jumlah Sub total

Akumulasi penyusutan: Accumulated depreciation:

Bangunan BuildingSub jumlah Sub totalNilai buku Book value

14. UTANG USAHA, PIHAK KETIGA 14. ACCOUNTS PAYABLE, THIRD PARTIES

Pihak ketiga Third partiesHydro Alm Asia Pte Hydro Alm Asia PtePT Batara Surya Semesta PT Batara Surya SemestaDubai Aluminium Dubai AluminiumHans Dinamika Hans DinamikaSub jumlah (dipindahkan) Sub total(total c/f)

5.960.576.466

Dec 31, 2013

358.065.827

Investment property above belong to PT Indalex, Subsidiary, is anapartment for rent to third party. This investment propertydepreciated in 20 years and the depreciation expenses wererecorded as part of general and administrative expenses(Note 27).

2.387.105.504

Saldo dan mutasi untuk tahun yang berakhir pada tanggal31 Desember 2014 adalah:

356.446.628

2.387.105.504

5.736.454.343

Dec 31, 2014

Utang usaha pihak ketiga merupakan liabilitas yang timbul ataspembelian bahan baku dan bahan pembantu dengan rinciansebagai berikut :

3.197.683.238

5.449.631.624


358.065.827 358.065.827 -

8.284.239.735

2.029.039.677

The Entity's management stated that there is no declining in valueof carrying value on investment property.

-

-

Ending balance

119.355.275

Nilai wajar properti investasi diatas pada tahun 2014 dan 2013masing-masing sebesar Rp 5.449.631.624 danRp 3.500.000.000.

Accounts payable due to third parties represent payables on thepurchase of raw and indirect material with details are as follows:

2013

238.710.552

1 Jan 2013/

-

Beginning balance Penambahan/

- 2.387.105.504 -

Additions Deductions

2.387.105.504

Pengurangan/

-

5.736.454.343

Ending balance

Jan 1, 2013

31 Des 2013/

Saldo dan mutasi untuk tahun yang berakhir pada tanggal31 Desember 2013 adalah:

286.822.719 286.822.719

Saldo akhir/

(427.689.736) (427.689.736)

2.387.105.504

Deductions

2.029.039.677

358.065.827 356.446.628

Saldo awal

1 Jan 2014/

Additions

5.736.454.341 2.387.105.504

Penambahan/

5.736.454.341

Jan 1, 2014

(2.387.105.502)

31 Des 2014/


Beginning balance Pengurangan/

Saldo awal Saldo akhir/

(2.387.105.502)

119.355.275

1.422.494.237

Manajemen Entitas menyatakan bahwa tidak terjadi penurunannilai terhadap nilai tercatat properti investasi.

-

7.977.942.784

2.148.394.952

Properti investasi di atas milik PT Indalex, Entitas Anak,merupakan apartemen yang disewakan pada pihak ketiga.Properti investasi ini disusutkan dalam waktu 20 tahun danbeban penyusutannya dicatat sebagai bagian dari beban umumdan administrasi (Catatan 27).

52.643.057.160

2014

Fair value of investment property above in 2014 and 2013amounted to Rp 5,449,631,624 and Rp 3,500,000,000,respectively.

9.706.733.972 69.779.259.649

238.710.552

38






14. UTANG USAHA, PIHAK KETIGA (lanjutan) 14. ACCOUNTS PAYABLE, THIRD PARTIES (continued)

Pindahan Total b/fMulford Indonesia Mulford IndonesiaJotun Powder Coating Jotun Powder CoatingAlm Bahrain Alm BahrainPT Karetindo Supramas PT Karetindo SupramasMaruni Daya Sakti Maruni Daya SaktiBintang Mas Glassolt Bintang Mas GlassoltDSS Baja Raya DSS Baja RayaPT Triyuda Perkasa PT Triyuda PerkasaShanghai Syp Eng Shanghai Syp EngS-Schem S-SchemIndo Karya Anugerah Indo Karya AnugerahJiangmen Syp E.G. Jiangmen Syp E.G.Berdikari - Hendra S Berdikari - Hendra SYoungman Group Ltd Youngman Group LtdAha Advanced Tech. Aha Advanced Tech.UD Rimba Abadi UD Rimba AbadiGreat Wall Great WallPT Sinar Rasa Kencana PT Sinar Rasa KencanaWujiang CSG H Wujiang CSG HVedanta Alm Ltd Vedanta Alm LtdEvery Rich Enterprise Every Rich EnterpriseFoshan Nanhai G.C.T Foshan Nanhai G.C.T Xiamen Ascending Xiamen AscendingPolar Niaga Utama Polar Niaga UtamaFausto Holdings Ltd Fausto Holdings LtdTri Sari Kumpul Tri Sari KumpulHsuin International Hsuin InternationalIntelorg Private Ltd Intelorg Private LtdHongkong Southern Hongkong SouthernPT PPG Indonesia PT PPG IndonesiaShanghai Henry Yijia Shanghai Henry Yijia Lainnya (masing-masing Others (below

dibawah Rp 500juta) Rp 500 million each)Jumlah Total

Dollar Amerika Serikat United States DollarRupiah RupiahPoundsterling Great Britain PoundsterlingDollar Singapura Singapore DollarEuro EuroDollar New Zealand New Zealand DollarDollar Hongkong Hongkong DollarRen Mingbi Ren MingbiDollar Australia Australian DollarDollar Canada Canadian DollarJumlah Total

1.287.355.498

112.577.677.004

Utang usaha di atas termasuk utang usaha dalam mata uangasing, dengan rincian sebagai berikut:

-

-

9.186.690

1.533.993.995

69.779.259.649

61.580.886.167

9.706.733.972

-

-

2013

1.137.990.150

913.133.122

730.218.490

1.019.781.440 1.262.421.028

953.182.418 956.845.450

1.751.041.739

61.162.000

3.646.730.800 7.886.463.196

5.777.522.855

697.913.000

183.639.453 177.780.911

848.546.255

125.304.388

1.009.342.559

8.937.278.732

-

1.003.821.850 -

308.043.877

925.283.318

758.204.556

745.255.396

517.411.734

The above account payable include payables denominated inforeign currencies, with details as follows:

134.158.343.748

516.783.128

719.417.208

122.907.184

-

2014

-

23.179.662.220

1.500.979.059

598.387.308

540.643.000

333.908.653 363.408.947

551.966.400

1.332.104.092 536.198.455

19.291.671.701 17.719.071.197

- 1.085.463.360 -

953.182.418

70.308.428.698 39.936.617.482

2013

154.024.450.919 112.577.677.004

134.165.102

609.903 194.741.662

371.651.953

2014

225.186.170

7.859.600

18.908.528.729

352.173.668

29.720.460

154.024.450.919

-

- 225.425.059

13.731.780

1.683.173.740

-

1.371.566.518 1.362.051.250

5.612.863

776.148.628

1.761.994.738 -

2.576.704.415 1.797.814.700

1.424.515.963 -

39






14. UTANG USAHA, PIHAK KETIGA (lanjutan) 14. ACCOUNTS PAYABLE, THIRD PARTIES (continued)



Jumlah Total

15. UTANG USAHA, PIHAK BERELASI 15. ACCOUNTS PAYABLE, RELATED PARTIES

Pihak berelasi Related partiesPT Alumindo Light Metal PT Alumindo Light Metal Industry Tbk Industry Tbk PT Maspion PT MaspionFung Lam Trading, Co. Ltd Fung Lam Trading, Co. LtdLain-lain (masing-masing Others (below

dibawah Rp 500juta) Rp 500 million each)Jumlah Total

Dollar Amerika Serikat United States DollarRupiah RupiahDollar Taiwan New Taiwan DollarDollar Singapura Singapore DollarRen Mingbi Ren MingbiDollar Hongkong Hongkong DollarDollar Australia Australian DollarJumlah Total



Jumlah Total

174.911.015

Analisa umur utang usaha pihak berelasi adalah sebagai berikut:

292.728.041

1.845.922

126.630.470

2014

Aging analysis of accounts payable due to related parties are asfollows:

36.298.424.203

20.341.728 248.457.063

32.275.502.996

47.893.754

435.707.942

2013

2.771.931.412 35.146.759.502

689.939.325

2014

359.351.135

13.252.466.366

79.310.910.327

154.024.450.919

26.087.434

33.606.698

1.173.235.697

559.718.930

2014

36.298.494.203 3.741.556.237

21.507.372.592

Analisa umur utang usaha adalah sebagai berikut :

2014

59.303.852.582

Tidak ada jaminan yang diberikan Entitas atas utang usahakepada pihak ketiga.

Utang usaha pada pihak berelasi merupakan liabilitas yangtimbul atas pembelian barang jadi, bahan baku dan pembantudengan rincian sebagai berikut:

112.577.677.004

18.513.985.464

1.409.761.579 3.419.266.999

86.275.476

33.723.161.322 614.057.570

684.640.732

62.487.915

780.506.440

Utang usaha pada pihak berelasi di atas termasuk utang usahapada pihak berelasi dalam mata uang asing, dengan rinciansebagai berikut :

36.298.424.203

3.741.556.237

1.249.217.069

3.741.556.237

Aging analysis of accounts payable are as follows:

2013

2013

Accounts payable due to related parties above include payablesdue to related parties denominated in foreign currencies, withdetails as follows :

1.670.038.034

2013

13.188.035.111

Accounts payable due to related parties represent payables on thepurchase of finished goods, raw and indirect material with detailsare as follows:

-

27.732.912.721

33.792.592.760

1.394.544.040

No collateral for account payable from Entity to third parties.

641.405.080

40






16. BEBAN YANG MASIH HARUS DIBAYAR 16. ACCRUED EXPENSES

Terdiri dari: Consists of:

Jaminan dies Dies guaranteeProyek ProjectKlaim ClaimPremi penjualan Sales premiumFee proyek Project FeeListrik, air dan telepon Electricity, water and telephoneRetensi RetentionBeban pegawai Personnel expensesBunga bank Bank interestBunga pinjaman kepada Interest payable to

pihak yang berelasi (Catatan 34) related parties (Note 34)Lain-lain OthersJumlah Total

17. UANG MUKA PELANGGAN 17. ADVANCE RECEIVED

Terdiri dari: Consists of:

Uang muka proyek Project advanceUang muka penjualan Sales advanceJumlah Total

18. PINJAMAN BANK JANGKA PENDEK 18. SHORT-TERM BANK BORROWINGS

Fasilitas Letter of Credit Letter of Credit FacilityStandard Chartered Bank Standard Chartered BankPT Bank Danamon Tbk PT Bank Danamon TbkPT Bank Muamalat Indonesia Tbk PT Bank Muamalat Indonesia Tbk

Sub jumlah Sub totalKredit Modal Kerja Working Capital Credit Facility

Standard Chartered Bank Standard Chartered BankNilai Tercatat Carrying amountDikurangi: Biaya perolehan yang Less:

belum diamortisasi Unamortized costSub jumlah Sub totalKredit Kepemilikan Mobil Car Loan Credit

PT Bank CIMB Niaga Tbk PT Bank CIMB Niaga Tbk Sub jumlah Sub totalJumlah Total

39.222.608.777

1.520.142.378 1.520.142.378

214.465.406.176

-

2014

Uang muka penjualan Entitas pada tahun 2014 merupakanuang muka atas penerimaan tender pekerjaan proyekpengadaan kaca.

919.386.624

2014

6.670.829.605

173.722.655.021

166.823.987.255

2.781.333.916

499.878.120

42.107.349.674

35.767.349.691

2014

710.665.430

- -

33.874.650.515

14.171.138.519

2.548.334.620

38.074.098.069

147.671.323.937

1.418.364.817 2.573.283.563

797.923.088 4.065.351.526

2013

3.976.837.864 3.190.309.887

19.152.663.318

(170.724.556)-

33.874.650.515

Uang muka proyek merupakan uang muka yang diterima olehPT Indalex (Entitas Anak) sehubungan dengan pekerjaanproyek.

99.881.207.261

-

-

39.393.333.333

2013

3.547.956.755

8.065.824.045

162.807.638.058

2013

10.565.665.555

820.522.017

1.167.233.590

25.808.826.470

32.417.355.001

The Entity's sales advance in 2014 is a down payment on receiptof project tender for procurement glass.

165.644.596.422

2.836.958.363

Project advances are advances received by PT Indalex(Subsidiary) regarding project in progress.

4.810.512.796

1.511.054.434 1.101.664.958

3.698.252.688

2.978.204.303

41






18. PINJAMAN BANK JANGKA PENDEK (lanjutan) 18. SHORT-TERM BANK BORROWINGS (continued)

PT Bank CIMB Niaga Tbk PT Bank CIMB Niaga Tbk

a. a.

b. b.

PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk

Standard Chartered Bank Standard Chartered Bank

a. a.

- -

Berdasarkan Akta Fasilitas Perbankan No. 19 Tahun 2013,Entitas memperoleh fasilitas kredit kepemilikan mobil dariPT Bank CIMB Niaga Tbk dengan tingkat bunga sebesar7,44% per tahun pada 2013. Jangka waktu pinjaman selama3 tahun dan jatuh tempo pada Desember 2015.

Fasilitas Import Letter of Credit dengan plafondUSD 21.880.000.

Import Letter of Credit facility with a limit ofUSD 21,880,000.

Fasilitas kredit ini dijamin dengan kendaraan bermotor merkRolls Royce Ghost SWB tahun 2012 atas nama PT IndalAluminium Industry Tbk dengan nilai jaminan sebesarRp 7.110.000.000.

Fasilitas L/C ini dikenakan tingkat bunga 2014 dan 2013sebesar 4,00% dan 3,25% per tahun untuk L/C dalamUSD serta range 9,50% - 11,00% dan 8,15% per tahununtuk fasilitas Trust Receipt dalam IDR.

Berdasarkan Perjanjian Kredit No. SBY/AUA/4325,tertanggal 31 Desember 2014, Entitas memperoleh fasilitaskredit dari Standard Chartered Bank, Surabaya berupa:

Based on Banking Facilities Agreement No.19, 2013, Entityobtained car loan credit facility from PT Bank CIMB NiagaTbk with interest rate at 7,44% per annum in 2013. Term of thisloan is three years and will be due on December 2015.

Tanah bangunan dan peralatan yang terletak di Bekasi atasnama PT Indalex (Entitas Anak) dengan nilai minimalRp 36.162.823.026 akan digunakan sebagai jaminan atas utangbank. Cover note dari Notaris perihal pengurusan agunan fixedasset tersebut kepada PT Bank Mandiri (Persero) Tbk masihdalam proses sehingga per 31 Desember 2013 Entitasmenggantikan jaminan tersebut dengan jaminan depositoberjangka sebesar 100% dari fasilitas yang digunakan.

This credit facility secured by account receivable and stock of theproject that specially paid by using the bank loan, corporateguarantee from PT Indal Aluminium Industry Tbk, and timedeposits at PT Bank Mandiri (Persero) Tbk..

Berdasarkan perjanjian kredit modal kerja nomor16 RCO.SBY/006/PK-KMK/2007 tanggal 27 Maret 2007,PT Indalex (Entitas Anak) memperoleh fasilitas kredit modalkerja transaksional dari PT Bank Mandiri (Persero) Tbk,Jakarta. Perjanjian kredit tersebut terakhir diperpanjang dandiperbaharui sesuai dengan Akta Addendum VII PerjanjianKredit PT Bank Mandiri Tbk No.CBG.CB1/CBS/SPPK.018/2013 tanggal 24 September 2013,dengan limit sebesar Rp 60.000.000.000, switchable denganfasilitas Bank Garansi sebesar Rp 60.000.000.000. Fasilitas iniakan jatuh tempo pada 16 September 2014. Tingkat sukubunga pinjaman sebesar 9,5% pada tahun 2013. Perjanjian initidak diperpanjang.

Interest rate for L/C facility in 2014 and 2013 is at 4,00%and 3,25% per annum for opened L/C in USD also range9,50% - 11,00% and 8,15% per annum for opened TrustReceipt in IDR.

This credit facility is secured by motor vehicle with brandsRolls Royce Ghost SWB 2012 under the name of PT IndalAluminium Industry Tbk with collateral amount ofRp 7,110,000,000.

Based on Credit Agreement No.SBY/AUA/4325, datedDecember 31, 2014, Entity obtained loan facilities fromStandard Chartered Bank, Surabaya as follows :

Land, building and equipment which located in Bekasi in the nameof PT Indalex (Subsidiary) with minimum amount ofRp 36,162,823,026 will be used as bank loan's collateral. Thecover note from the Notary in term of those fixed assets ascollateral to the PT Bank Mandiri (Persero) Tbk is still inprogress therefore in December 31, 2013 the Entity replace thosecollateral with deposits collateral amounted to 100% of the usedfacility.

In accordance with credit agreement No. 16 RCO.SBY/006/PK-KMK/2007 dated on March 27, 2007, PT Indalex (Subsidiary)obtained loan as in working capital credit from PT Bank Mandiri(Persero) Tbk, Jakarta. This agreement has been extended andrenewed with Addendum Letter VII Credit Agreement PT BankMandiri (Persero) Tbk No. CBG.CB1/CBS/SPPK.018/2013 datedSeptember 24, 2013 with the limit of credit facility amounted toRp 60,000,000,000, switchable with bank Guarantee facilityamounted to Rp 60,000,000,000. This renewed agreement will bedue on September 16, 2014 with interest rate 9.5% in 2013. Thisagreement is not renewed.

Fasilitas kredit ini dijamin dengan piutang usaha danpersediaan atas proyek yang dibiayai oleh kredit bank,corporate guarantee dari PT Indal Aluminium Industry Tbk,dan deposito berjangka pada PT Bank Mandiri (Persero) Tbk.

42







Standard Chartered Bank (lanjutan) Standard Chartered Bank (continued)

- - Import Loan facility with a limit of USD 12,000,000.- -

- -

- -

- -

b. b.

c. c.

d. d.

PT Bank Danamon Indonesia Tbk PT Bank Danamon Indonesia Tbk

a a

Entity also obtained Foreign Exchange facility for hedgingpurpose.

Bond and Guarantee facility with a limit ofUSD 12,000,000.

Fasilitas Bond and Guarantee dengan plafondUSD 12.000.000.

Fasilitas Export Invoice Financing dengan plafondUSD 16.000.000.

Shipping Guarantee facility with a limit ofUSD 2,000,000.

L/C loan balance as of December 31, 2014 amounted toUSD 4,331,836 or equivalent Rp 53,888,045,687,EUR 446,014 or equivalent Rp 6,749,646,502 andRp 39,243,515,072. L/C loan balance as of December 31,2013 amounted to nil.

Atas fasilitas Term Loan I diatas, Entitas memperolehkonfirmasi roll over dari Standard Chartered Banktertanggal 6 Maret 2015 untuk mempercepat pelunasan saldoutang dengan tanggal jatuh tempo pada 6 April 2015. Nilaitercatat pokok pada Maret 2015 sebesar USD 2.666.667 atauekuivalen Rp 33.173.333.375 dan bunga sebesarUSD 10.942 atau ekuivalen Rp 136.116.614.

Entitas juga memperoleh fasilitas pertukaran mata uangasing untuk tujuan hedging .Entitas juga memperoleh fasilitas Bond and Guarantee IIdengan plafond Rp 1.000.000.000.Jangka waktu pinjaman atas fasilitas diatas berlaku sejak31 Desember 2014 sampai 28 Februari 2015. Sampaitanggal audit berakhir, perpanjangan perjanjian masih dalamproses.Selain fasilitas pinjaman jangka pendek, Entitas jugamendapat fasilitas pinjaman jangka panjang Term Loan Idari Standard Chartered Bank yang terakhir diperpanjangdan diperbaharui dengan Akta No. SBY/AUA/4324tertanggal 31 Desember 2014. Plafond kredit menjadiUSD 3.833.000 karena pokok utang sudah diangsur.Fasilitas ini akan jatuh tempo pada tanggal 8 Juli 2016.

Entitas juga mendapat fasilitas pinjaman jangka panjang laindari Standard Chartered Bank (Catatan 19).

Berdasarkan perjanjian kredit No.038/PPWK/OTF/CBD/II/2014 tertanggal 14 Januari 2014,Entitas memperoleh fasilitas pembiayaan perdagangan dariPT Bank Danamon Indonesia Tbk sebagai berikut :

Credit Bills Negotiated-Discrepant Facility with a limit ofUSD 3,000,000.

Entity also obtained Bond and Guarantee II facility with a limitof Rp 1,000,000,000.

Fasilitas Credit Bills Negotiated-Discrepant dengan plafond USD 3.000.000.

Atas fasilitas di atas, diberlakukan sebagai sub-limit dariFasilitas Import Letter of Credit sehingga jumlah fasilitasgabungan yang digunakan maksimum USD 21.880.000.

Fasilitas Import Loan dengan plafond USD 12.000.000

Based on credit agreement No. 038/PPWK/OTF/CBD/II/2014dated January 14, 2014, the Entity obtained facilities for tradefinance from PT Bank Danamon Indonesia Tbk such as :

Omnibus Trade facility with a limit of USD 5,000,000 and dueon February 14, 2015. The credit extention is in progress.

For the Term Loan I facility above, the Entity obtained a rollover confirmation from Standard Chartered Bank dated March6, 2015 to accelerate the outstanding balance repayment whichwill be due on April 6, 2015. Carrying amount balance onMarch 2015 amounted to USD 2,666,667 or equivalent toRp 33,173,333,375 and interest amounted to USD 10,942 orequivalent to Rp 136,116,614.

Export Invoice Financing facility with a limit ofUSD 16,000,000.

Those facilities used as sub-limit of Import Letter of Creditfacility with total maximum of facilities amounted toUSD 21,880,000.

Saldo utang L/C pada tanggal 31 Desember 2014 sebesarUSD 4.331.836 atau ekuivalen Rp 53.888.045.687,EUR 446.014 atau ekuivalen Rp 6.749.646.502 danRp 39.243.515.072. Saldo utang L/C pada tanggal31 Desember 2013 sebesar nihil.

Besides short term loans facility, the Entity also received otherlong term loans facility (Note 19).

Term of this loan for the above facilities is effective sinceDecember 31, 2014 until February 28, 2015. Until the end ofaudit, the extention of credit agreement is still in progress.

Besides short term loans facility, the Entity also received longterm loans facility Term Loan I from Standard Chartered Bankwhich has been extended and renewed with Agreement No.SBY/AUA/4324 dated December 31, 2014. Credit limit becomeUSD 3,833,000 because principal amount has been paid ininstallments. This facility will be due on July 8, 2016.

Fasilitas Omnibus Trade dengan plafond sebesarUSD 5.000.000 dan jatuh tempo pada 14 Februari 2015.Perpanjangan kredit masih dalam proses.

Fasilitas Shipping Guarantee dengan plafondUSD 2.000.000.

43







PT Bank Danamon Indonesia Tbk (lanjutan) PT Bank Danamon Indonesia Tbk (continued)

- Fasilitas Sight/Usance LC dengan plafond USD 5.000.000. - Sight/Usance LC facility with a limit of USD 5,000,000.- -

- -

- -

- -

- -

- -

b b

PT Bank Muamalat Indonesia Tbk PT Bank Muamalat Indonesia Tbk

a a

b b

Fasilitas Outgoing Collecting Financing dengan plafondUSD 5.000.000.

Fasilitas kredit ini dijamin dengan cash guarantee sebesar10% cash margin dari penerbitan nilai LC / SKBDN danmemastikan bahwa utang Entitas pada PT Bank DanamonIndonesia Tbk memiliki peringkat yang sama (pari passu)dengan pemberi pinjaman fasilitas modal kerja lainnya.

Fasilitas kredit ini dijamin dengan cash collateral sebesar10% cash collateral dari penerbitan nilai LC.

Saldo utang L/C pada tanggal 31 Desember 2014 sebesarRp 35.767.349.691. Saldo utang L/C pada tanggal31 Desember 2013 sebesar USD 1.697.050 atau ekuivalenRp 20.685.340.500 dan EUR 304.581 atau ekuivalenRp 5.123.485.970.

Fasilitas Bank Garansi/Standby Letter of LC denganplafond USD 2.000.000.Fasilitas Shipping Guarantee dengan plafondUSD 2.000.000

Atas fasilitas di atas, diberlakukan sebagai sub-limit dariFasilitas Omnibus Trade sehingga jumlah fasilitas gabunganyang digunakan maksimum USD 5.000.000.

Fasilitas Sub Limit Al Wakalah Revolving yangdipergunakan untuk penerbitan LC dan atau Trust Receiptdan atau Bank Garansi dengan plafond sebesarUSD 5.000.000. Fasilitas ini akan jatuh tempo pada 21 April2015.

Fasilitas UPAS/Trust Receipt dengan plafondUSD 5.000.000.

Berdasarkan perjanjian kredit yang terakhir diperpanjangdengan No. 012/BMI/SBY-SKN/IV/2014 tanggal 21 April2014, Entitas memperoleh fasilitas pembiayaan perdagangandari PT Bank Muamalat Indonesia Tbk sebagai berikut :

Based on credit agreement which been extended with No.012/BMI/SBY-SKN/IV/2014 dated April 21, 2014, the Entityobtained facilities for trade finance from PT Bank MuamalatIndonesia Tbk such as :

Sub Limit Al Wakalah Revolving facility used for issuance ofLC and or Trust Receipt and or Bank Guarantee with a limit ofUSD 5,000,000. This facility will be due on April 21, 2015.

This credit facility secured by cash collateral amounted to 10%cash collateral of issuance LC.

L/C loan balance as of December 31, 2014 amounted toRp 35,767,349,691. L/C loan balance as of December 31, 2013amounted to USD 1,697,050 or equivalent Rp 20,685,340,500and EUR 304,581 or equivalent Rp 5,123,485,970.

Those facilities used as sub-limit of Omnibus Trade facilitywith total maximum of facilities amounted toUSD 5,000,000.

Shipping Guarantee facility with a limit ofUSD 2,000,000.

This facility credit secured by cash guarantee amounted to 10%cash margin of issuance LC / SKBDN value and ensure thatEntity's loan to PT Bank Danamon Indonesia Tbk have thesame rank (pari passu) with the other working capital facilitieslender.

Outgoing Collecting Financing facility with a limit ofUSD 5,000,000.

Open Account Financing/Trade Supplier Financing facilitywith a limit of USD 5,000,000.

Bank Guarantee/Standby Letter of LC with a limit ofUSD 2,000,000.

Fasilitas Discrepant LC/SKBDN Discounting denganplafond USD 5.000.000.

Discrepant LC/SKBDN facility with a limit ofUSD 5,000,000.

UPAS/Trust Receipt facility with a limit ofUSD 5,000,000.

Saldo utang L/C pada tanggal 31 Desember 2014 sebesarUSD 393.246 atau ekuivalen Rp 4.891.976.135 danRp 33.182.121.934. Saldo utang L/C pada tanggal31 Desember 2013 sebesar USD 661.730 atau ekuivalenRp 8.065.824.045.

Fasilitas Open Account Financing/Trade SupplierFinancing dengan plafond USD 5.000.000.

L/C loan balance as of December 31, 2014 amounted toUSD 393,246 or equivalent Rp 4,891,976,135 andRp 33,182,121,934. L/C loan balance as of December 31, 2013amounted to USD 661,730 or equivalent Rp 8,065,824,045.

44






19. UTANG BANK JANGKA PANJANG 19. LONG-TERM BANK LOANS

Standard Chartered Bank Standard Chartered BankNilai tercatat Carrying amountDikurangi: Biaya perolehan yang Less:

belum diamortisasi Unamortized costSub jumlah Sub totalPT Bank Negara Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk

Nilai tercatat Carrying amountDikurangi: Biaya perolehan yang Less:

belum diamortisasi Unamortized costSub jumlah Sub totalPT Bank CIMB Niaga Tbk PT Bank CIMB Niaga Tbk

Nilai tercatat Carrying amountSub jumlah Sub totalJumlah Total

Bagian yang jatuh tempo dalam satu tahun Current maturity portionStandard Chartered Bank Standard Chartered BankPT Bank Negara Indonesia PT Bank Negara Indonesia

(Persero) Tbk (Persero) TbkPT Bank CIMB Niaga Tbk PT Bank CIMB Niaga Tbk

Jumlah bagian yang jatuh tempo dalam satu tahun Total current maturity portion

Utang bank jangka panjangsetelah dikurangi bagian yang Long-term bank loan,jatuh tempo dalam waktu satu tahun net of current maturity portionStandard Chartered Bank Standard Chartered BankPT Bank Negara Indonesia PT Bank Negara Indonesia

(Persero) Tbk (Persero) TbkPT Bank CIMB Niaga Tbk PT Bank CIMB Niaga Tbk

Jumlah utang bank jangka panjangsetelah dikurangi bagian yang Long-term bank loan,jatuh tempo dalam satu tahun net of current maturity portion

Standard Chartered Bank Standard Chartered Bank

a. a.

105.135.913.554

-

19.630.772.280

-

2014

26.033.590.377

39.897.097.613

1.413.077.966

Saldo utang Term Loan I pada tanggal 31 Desember 2014sebesar USD 3.152.943 atau ekuivalen Rp 39.222.608.777direklasifikasi menjadi pinjaman bank jangka pendek(Catatan 18).

49.875.000.000

- 9.985.549.937

16.163.013.726

46.074.561.402

1.520.142.377

63.718.673.564

150.038.635.123

39.980.000.000

(225.354.308) (835.672.782)

(82.902.387)

25.808.236.069 97.230.414.780

2013

50.000.000.000

(125.000.000)

98.066.087.562

2.933.220.343

In the Agreement No.SBY/AUA/4035, Entity also obtain TermLoan II facility from Standard Chartered Bank with a limit ofUSD 5,000,000. This facility firstly used with amount ofUSD 2,123,557 in June 10, 2013 and will be due onJune 2, 2017. Second used with the amount of USD 1,020,679in December 9, 2013 and will be due on November 29, 2017.

Based on Banking Facilities Agreement No.SBY/AUA/3302,dated May 10, 2011, Entity also obtained Term Loan I facilityfrom Standard Chartered Bank amounted to USD 10,000,000that has been used on July 8, 2011.

65.705.333.682

33.511.741.216

44.902.721.569

9.645.222.343

-

Dalam Akta No.SBY/AUA/4324, Entitas juga memperolehfasilitas Term Loan II dari Standard Chartered Bank denganlimit sebesar USD 5.000.000. Pencairan pertama fasilitas inisebesar USD 2.123.557 pada tanggal 10 Juni 2013 dan jatuhtempo pada 2 Juni 2017. Pencairan kredit kedua sebesarUSD 1.020.679 pada tanggal 9 Desember 2013 dan jatuhtempo pada 29 November 2017.

Berdasarkan Akta Fasilitas Perbankan No. SBY/AUA/3302tertanggal 10 Mei 2011, Entitas juga memperoleh fasilitasTerm Loan I dari Standard Chartered Bank sejumlahUSD 10.000.000 yang dicairkan pada 8 Juli 2011. Perjanjian kredit tersebut diperpanjang dan diperbaharuidengan Akta No. SBY/AUA/4324 tertanggal 31 Desember2014. Jatuh tempo pada 8 Juli 2016 ini dipercepat olehStandard Chartered Bank menjadi 6 April 2015.

29.911.547.676

Term Loan I loan balance as of December 31, 2014 amountedto USD 3,152,943 or equivalent Rp 39,222,608,777 reclassifiedinto short term bank borrowings (Note 18).

39.897.097.613

2.933.220.343

9.977.902.387

The Credit Agreement has been extended and renewed throughAgreement No. SBY/AUA/4324 dated December 31, 2014. Duedate on July 8, 2016 is accelerated by Standard CharteredBank be April 6, 2015.

45






19. UTANG BANK JANGKA PANJANG (lanjutan) 19. LONG-TERM BANK LOANS (continued)

Standard Chartered Bank (lanjutan) Standard Chartered Bank (continued)

b. b.

- -

- -

- -

- -

- -

- -

PT Bank Negara Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk

a. a.

b. b.

20. UTANG KEPADA PIHAK BERELASI 20.

Utang PayablesPT Maspion PT MaspionPT Alumindo Light Metal PT Alumindo Light Metal

Industry Tbk Industry TbkJumlah Total

Corporate Guarantee from PT Maspion (the 'Guarantor') tocover Trade Facility and Term Loans Facility.

PAYABLE TO RELATED PARTIES

2013

Credit facility from Standard Chartered Bank, Surabaya issecured by:

Fiducia Transfer Ownership over machinery for the securedamount up to USD 8,000,000 to cover Term Loan I Facility.

Jaminan Entitas dari PT Maspion (Penjamin) untukmenjamin Fasilitas Trade dan Fasilitas Term Loans .

Based on Banking Facilities Agreement No. SBM/1/0527/R,dated Desember 6, 2013, Entity obtained Working CapitalTerm Loan facility from PT Bank Negara Indonesia (Persero)Tbk amounted to Rp 50,000,000,000. Term of this loan is fiveyears and will be due on December 6, 2018.

Fasilitas kredit ini dijamin dengan tanah dan bangunandengan sertifikat SHGB no 262, 263, 266, 276, 278 atasnama PT Indalex (Entitas Anak), SHGB yang dalam prosesbalik nama dari PT Bekasi Fajar Industrial Estate kePT Indalex (Entitas Anak), dan IMB no 503/229/A/BPPTtertanggal 26 Juni 2012 atas nama PT Indalex (EntitasAnak) dan fiducia piutang usaha Entitas senilaiRp 60.000.000.000.

Fiducia Transfer Ownership over machinery for the securedamount up to USD 5,500,000 to cover Term Loan II Facility.

Pledge of cash deposit, 10% of outstanding Trade Facility andBond and Guarantee facility.

Fiducia atas persediaan dengan nilai jaminan sampai denganUSD 20.000.000 untuk menjamin Fasilitas Trade .

This credit facility is secured with land and building withcertificate SHGB no 262, 263, 266, 276, 278 under the name ofPT Indalex (Subsidiary), SHGB which in the process of nametransfer from PT Bekasi Fajar Industrial Estate to PT Indalex(Subsidiary), and IMB no 503/229/A/BPPT dated June 26, 2012under the name of PT Indalex (Subsidiary) and fiduciary overreceivable of the Entity amounted to Rp 60,000,000,000.

Fasilitas kredit dari Standard Chartered Bank, Surabayadijamin dengan:

Fiducia atas mesin dengan nilai jaminan sampai denganUSD 5.500.000 untuk menjamin Fasilitas Term Loan II .

Interest rate for Term Loan I and Term Loan II facility in 2014and 2013 was 4,1% - 5,0% and 4,5% - 4,7% per annum.

2014

Berdasarkan Akta Fasilitas Perbankan No. SBM/1/0527/Rtertanggal 6 Desember 2013, Entitas memperoleh fasilitasKredit Modal Kerja Term Loan dari PT Bank NegaraIndonesia (Persero) Tbk sebesarRp 50.000.000.000. Jangka waktu pinjaman selama 5 tahundan jatuh tempo pada tanggal 6 Desember 2018.

Fiducia Transfer Ownership over stocks for the secured amount up to USD 20,000,000 to cover Trade Facility.

Fiducia atas mesin dengan nilai jaminan sampai denganUSD 8.000.000 untuk menjamin Fasilitas Term Loan I .

First Rank of Hypothec over land and building plant for themortgage amount up to USD 6,000,000, located on KompleksMaspion Unit I, Bangah Village, Gedangan, Sidoarjo to coverTerm Loan I Facility.

83.600.000.000 73.341.877.480

Bunga atas fasilitas Term Loan I dan Term Loan II pada2014 dan 2013 sebesar 4,1% - 5,0% per tahun dan 4,5% -4,7% per tahun.

63.564.000.000

Hipotek peringkat pertama atas tanah dan bangunan pabrikdengan nilai jaminan sampai dengan USD 6.000.000,berlokasi di Kompleks Maspion Unit I, Desa Bangah,Gedangan, Sidoarjo untuk menjamin Fasilitas Term Loan I .

Agunan atas deposito, 10% dari nilai utang Fasilitas Trade dan Bond and Guarantee .

20.036.000.000 -

Utang kepada pihak berelasi merupakan pinjaman dana yangdigunakan untuk pembelian bahan baku dan bahan penolong.Pada tahun 2014 dan 2013 utang ini dikenakan bunga masing-masing sebesar 9,75% - 10,25% dan 9% - 9,75% per tahununtuk saldo Rupiah dimana dilakukan tanpa jaminan dan tidakditentukan jadwal pembayarannya.

The payable to related parties represent fund loan facility used forpurchasing raw materials and indirect materials. The interestrates per annum in 2014 and 2013 were 9,75% - 10,25% and 9% -9,75% for balance in Rupiah which this account payable have nocollateral and have no definite terms of repayment.

73.341.877.480

46






21. PERPAJAKAN 21. TAXATION

a. Pajak dibayar dimuka a. Prepaid taxes

Pajak Pertambahan Nilai Value Added TaxPPh 4 (2) Article 4 (2)PPh 21 Article 21

Jumlah Total

b. Piutang pajak b. Taxes receivable

Lebih bayar Overpayment ofpajak penghasilan badan corporate income tax

Angsuran SKPKB SKPKB installmentLebih bayar Overpayment of

pajak pertambahan nilai value added taxJumlah Total

c. Utang pajak c. Taxes Payable

Pajak penghasilan Income taxesPasal 23 Article 23Pasal 21 Article 21Pasal 25/29 Article 25/29

Pajak Pertambahan Nilai Value Added TaxLain-lain Others

Jumlah Total

d. Pajak penghasilan badan d. Corporate income tax

Beban pajak penghasilantahun berjalan: Current income tax expense:

Entitas Anak Subsidiary Sub jumlah Sub total

Manfaat pajak tangguhan: Deferred tax benefit :Entitas The Entity

Jumlah Total

Pajak kini Current tax

Laba konsolidasian sebelum Consolidated income beforepajak penghasilan badan corporate income tax

Ditambah (dikurangi): Add (less):Laba Entitas Anak Subsidiaries gainEliminasi Elimination

Laba Entitas sebelum Entity's income beforepajak penghasilan badan corporate income tax(dipindahkan) (total c/f)

11.361.992.726

10.080.231.172

17.388.550.138

3.397.287.661

4.376.648

(12.653.065.656)(12.653.065.656)

227.065.505

21.930.918.421 34.529.308.466

20.099.688.637

513.663.131

2014

33.744.064.871

2014

2014

37.821.716.185

5.831.838

4.077.651.314

19.252.676

562.360.973

2.977.698.257 19.772.135.327

2014

-

- 22.755.665.422

(34.583.984.077)

2013

5.651.371.278

32.752.754.293

4.428.859.894

24.093.463.032 4.077.651.314

45.559.664.484

1.323.972.365

1.630.080

1.622.253.070 1.959.012.123

(42.494.013.531)

1.959.012.123

2014

1.622.253.070

461.860.018

(7.964.705.065)

2013

(7.964.705.065)

2013

2013

947.320.657

1.285.544.642

1.052.569.608

3.751.671.573

2013

47






21. PERPAJAKAN (lanjutan) 21. TAXATION (continued)

d. Pajak penghasilan badan (lanjutan) d. Corporate income tax (continued)

Pajak kini (lanjutan) Current tax (continued)

Laba Entitas sebelum Entity's income beforepajak penghasilan badan corporate income tax(pindahan) (total b/f)

Perbedaan temporer Temporary differencesPerbedaan penyusutan komersial Difference between commercial

dan fiskal and fiscal depreciationImbalan kerja karyawan Employees benefitsRealisasi cadangan kerugian Realization for declining

penurunan nilai piutang in value of accounts receivableLaba penjualan aset tetap Gain on sale of fixed asset

Jumlah Total

Perbedaan tetap: Permanent differences:Kenikmatan karyawan Employee welfareBeban pajak Tax expensesRepresentasi dan sumbangan Representation and donationPendapatan yang telah Income already subjected

dipotong pajak penghasilan final to final income taxNet profit portion of

Bagian laba bersih entitas asosiasi associated entitiesPenyusutan 50% 50% depreciation

Rugi fiskal Fiscal lossRugi fiskal tahun lalu Fiscal loss prior year

Jumlah rugi fiskal Total fiscal lossPajak dibayar dimuka: Prepaid taxes:

Pajak penghasilan pasal 22 Income tax article 22Pajak penghasilan pasal 23 Income tax article 23

Lebih bayar Overpayment of corporatepajak penghasilan badan income tax

6.772.931.126

825.345.237

The Entity will report its 2014 annual tax return (SPT) based onthe corporate income tax as stated above.

In 2014, the Entity has received Overpayment Tax Assessment(SKPLB) on Corporate Income Tax No. 00091/406/12/054/14dated June 20, 2014 for the audit year 2012. Based on theseSKPLB, Entity confirming an overpayment of Corporate IncomeTax amounted to Rp 2,290,152,689 with fiscal gain at the amountof Rp 10,819,269,296. According to SKPLB above, the Entitysubmits an Objection Letter No. 117/ACC/IAI/IX/2014 datedSeptember 18, 2014 to the Office of Kanwil DJP Jakarta Khusus.The objection is still in progress.

4.339.260.730

1.274.139.091

148.125.000

-

(2.318.509.889)

1.206.927.590

(203.219.229)

8.661.982.976

17.862.897

10.666.615.437

4.255.655.973

(21.930.918.421)

10.648.752.540

(37.160.848.632)

(357.885.204)

4.811.689.503

- 2.759.237.829

2.043.616.038

(92.339.287)

2.493.179.614

1.577.662.982

(28.498.865.655)

(34.529.308.466)

23.071.298

(12.966.304.268)

851.718.750 (24.194.544.363)

Entitas akan menyampaikan Surat Pemberitahuan PajakTahunan (SPT) tahun 2014 sesuai dengan perhitungan pajakpenghasilan badan yang dinyatakan di atas.

Pada tahun 2014, Entitas mendapat Surat Ketetapan PajakLebih Bayar (SKPLB) Pajak Penghasilan BadanNo. 00091/406/12/054/14 tanggal 20 Juni 2014 ataspemeriksaan tahun pajak 2012. Berdasarkan surat tersebut,Entitas dinyatakan lebih bayar pajak penghasilan badan sebesarRp 2.290.152.689 dengan laba fiskal sebesarRp 10.819.269.296. Atas SKPLB tersebut, Entitas telahmengajukan Surat Keberatan No. 117/ACC/IAI/IX/2014tanggal 18 September 2014 kepada Kantor Kanwil DJP JakartaKhusus. Pengajuan keberatan ini masih dalam proses.

(37.160.848.631)

(2.313.028.851)

2013

1.381.530.768

-

2014

6.796.002.424

20.099.688.637 3.397.287.661

48








The overpayment amount of SKPLB No. 00091/406/12/054/14above compensated with tax payable from Tax Collection Letter(STP) on Value Added Tax No. 00150/107/11/054/13 dated June28, 2013 for the month January - December 2011 whichconfirming a penalty charge amounted to Rp 1,274,139,091.The remaining balance of Rp 1,016,013,598 has been received bythe Entity dated on August 31, 2014.

Entitas juga menerima Surat Tagihan Pajak atas PajakPertambahan Nilai No. 00150/107/11/054/13 tanggal 28 Juni2013 masa pajak Januari - Desember 2011. Berdasarkan surattersebut, Entitas ditagih sanksi denda sebesarRp 1.274.139.091. STP ini merupakan bagian dari SKPKBPajak Pertambahan Nilai di atas yang dalam proses keberatan.Nilai STP telah dipotongkan dengan SKPLB PajakPenghasilan Badan No. 00091/406/12/054/14 tanggal 20 Juni2014 atas pemeriksaan tahun pajak 2012 diatas.

Pada tahun 2012, Entitas mendapat Surat Ketetapan PajakLebih Bayar (SKPLB) Pajak Penghasilan BadanNo. 00100/406/10/054/12 tanggal 22 Juni 2012 ataspemeriksaan tahun pajak 2010. Berdasarkan surat tersebut,Entitas dinyatakan lebih bayar pajak penghasilan badan sebesarRp 4.774.470.390 dengan rugi fiskal sebesarRp 11.707.821.456. Dengan memperhitungkan kompensasibeberapa jenis utang pajak sebesarRp 486.478.375, maka kelebihan pajak yang diterima Entitaspada tanggal 27 Agustus 2012 sebesar Rp 4.287.992.015.

Nilai lebih bayar dari SKPLB No. 00091/406/12/054/14 diatasdikompensasikan dengan utang pajak dari Surat Tagihan Pajakatas Pajak Pertambahan Nilai No. 00150/107/11/054/13tanggal 28 Juni 2013 untuk masa pajak Januari - Desember2011 yang ditagih sanksi denda sebesar Rp 1.274.139.091.Sisanya sebesar Rp 1.016.013.598 telah diterima Entitas padatanggal 31 Agustus 2014.

Entitas juga mendapat beberapa Surat Ketetapan Pajak KurangBayar (SKPKB) Pajak Pertambahan Nilai tertanggal 28 Juni2013 atas pemeriksaan masa pajak Januari - Desember 2011.Berdasarkan surat tersebut, Entitas dinyatakan kurang bayarpajak pertambahan nilai sebesar Rp 6.907.112.662. AtasSKPKB tersebut, Entitas telah mengajukan Surat Keberatantanggal 11 September 2013 kepada Kantor Kanwill DJPJakarta Khusus dan ditolak. Entitas mengajukan Surat Bandingtanggal 6 November 2014 dan masih dalam proses.

Pada tahun 2013, Entitas mendapat Surat Ketetapan PajakKurang Bayar (SKPKB) Pajak Penghasilan BadanNo. 00031/206/11/054/13 tanggal 28 Juni 2013 ataspemeriksaan tahun pajak 2011. Berdasarkan surat tersebut,Entitas dinyatakan kurang bayar pajak penghasilan badansebesar Rp 14.888.727.984. Atas SKPKB tersebut, Entitastelah mengajukan Surat Keberatan No. 108/ACC/IAI/IX/2013tanggal 11 September 2013 kepada Kantor Kanwil DJP JakartaKhusus dan ditolak pada tanggal 17 September 2014. Entitasmengajukan Surat Banding No. 290/ACC/IAI/XI/2014 tanggal6 November 2014. Pengajuan banding ini masih dalam proses.

The Entity also received Tax Collection Letter (STP) on ValueAdded Tax No. 00150/107/11/054/13 dated June 28, 2013 for themonth January - December 2011. Based on these STP, Entityconfirming a penalty charge amounted to Rp 1,274,139,091.The STP is part of the SKPKB on Value Added Tax above whichstill in the process of objection. The STP amount has beendeducted to SKPLB on Corporate Income TaxNo. 00091/406/12/054/14 dated June 20, 2014 for the audit year2012 above.

In 2012, the Entity has received Overpayment Tax Assessment(SKPLB) on Corporate Income Tax No. 00100/406/10/054/12dated June 22, 2012 for the audit year 2010. Based on theseSKPLB, Entity confirming an overpayment of Corporate IncomeTax amounted to Rp 4,774,470,390 with fiscal loss at the amountof Rp 11,707,821,456. By taking into account the compensation ofsome types of tax debt amounting to Rp 486,478,375,the overpayment tax received by the Entity dated on August 27,2012 amounted to Rp 4,287,992,015.

The Entity also received Underpayment Tax Assessment (SKPKB)on Value Added Tax No. 00369/207/11/054/13 dated June 28,2013 for the month March 2011. Based on these SKPKB, Entityconfirming an underpayment of Value Added Tax amounted toRp 575,592,730. According to SKPKB above, the Entity submitsan Objection Letter No. 111/ACC/IAI/IX/2013 dated September11, 2013 to the Office of Kanwill DJP Jakarta Khusus and denied.The Entity submit an Appeal Letter dated November 6, 2014 andstill in progress.

In 2013, the Entity has received Underpayment Tax Assessment(SKPKB) on Corporate Income Tax No. 00031/206/11/054/13dated June 28, 2013 for the audit year 2011. Based on theseSKPKB, Entity confirming an underpayment of Corporate IncomeTax amounted to Rp 14,888,727,984. According to SKPKB above,the Entity submits an Objection Letter No. 108/ACC/IAI/IX/2013dated September 11, 2013 to the Office of Kanwil DJP JakartaKhusus and denied on September 17, 2014. The Entity submit anAppeal Letter No. 290/ACC/IAI/XI/2014 dated November 6, 2014.The appeal is still in progress.

49








Beberapa jenis utang pajak yang diterima Entitas pada tahun2012 terdiri dari Surat Ketetapan Pajak Kurang Bayar(SKPKB) dan Surat Tagihan Pajak (STP) atas PajakPertambahan Nilai, Pajak Penghasilan Pasal 26, PajakPenghasilan Pasal 21 Final, Pajak Penghasilan Pasal 23, danPajak Penghasilan Pasal 21 dengan total tagihan sebesarRp 486.478.375. Jumlah kurang bayar ini dikompensasiseluruhnya dengan Surat Ketetapan Lebih Bayar (SKPLB)Pajak Penghasilan Badan di atas.

Atas SKPKB tersebut, Entitas telah mengajukan SuratKeberatan No. 027/IAI/ACC/VIII/2009 tanggal 14 September2009 kepada Kantor Kanwil DJP Jakarta Khusus, yangkemudian ditolak. Untuk masalah perpajakan tersebut, padatanggal 30 April 2010, Entitas mengajukan PermohonanBanding kepada Pengadilan Pajak dan ditolak. Entitasmengajukan Surat Peninjauan Kembali dan sampai31 Desember 2014 masih dalam proses.

Pada tahun 2010, PT Indalex (Entitas Anak), mendapatkanSurat Ketetapan Pajak Kurang Bayar (SKPKB) PajakPenghasilan Badan atas pemeriksaan tahun 2008. Atas kurangbayar PPh 29 tahun 2008 sebesar Rp 11.322.015.241, EntitasAnak sudah melakukan pembayaran sebesar Rp 4.682.823.451pada tanggal 20 Januari 2011. Namun, Entitas Anak masihmengajukan Surat Keberatan pada tanggal 24 Januari 2011menjadi lebih bayar sebesar Rp 2.761.424.930. Atas SuratKeberatan tersebut, Entitas telah menerima Surat KeputusanDirektur Jenderal Pajak No. KEP-123/WPJ.24/2012 tanggal20 Januari 2012 yang menyatakan bahwa kurang bayar PPh 29tahun 2008 menjadi Rp3.916.048.729 dan Entitas telahmenerima pengembalian kelebihan pembayaran pajak sebesarRp 766.774.722 berdasarkan SKPKPPNo. KEP-007.PPH/WPJ.24/KP.0803 /2012 tanggal 9 Februari2012. Pada tahun 2012, Entitas Anak mengajukan banding atasSurat Keputusan Keberatan tersebut sehingga nilai lebih bayarmenjadi Rp 808.457.630, namun sampai dengan 31 Desember2014 belum ada keputusan atas hasil banding tersebut.

According to SKPKB above, the Entity submits an ObjectionLetter No. 027/IAI/ACC/VIII/2009 dated September 14, 2009 tothe Office of Kanwil DJP Jakarta Khusus, which later was denied.For that case, on April 30, 2010, the Entity submitted an AppealLetter to the Tax Court and denied. The Entity submitted aReconsideration Review Request and until December 31, 2014 thereview is still in progress.

Some types of tax debt received by the Entity in 2012 consist ofUnderpayment Tax Assessment (SKPKB) and Tax CollectionLetter (STP) on Value Added Tax, Income Tax Art 26, FinalIncome Tax Art 21, Income Tax Art 23, and Income Tax Art 21with total billing amounted to Rp 486.478.375. The underpaymentamount has been compensated with the Overpayment TaxAssessment (SKPLB) on Corporate Income Tax above.

In 2009, the Entity has received Underpayment Tax Assessment onCorporate Income Tax (SKPKB) No. SKP00013/206/07/054/09dated July 14, 2009 for tax audit year 2007. Based on theseSKPKB, Income tax payable is Rp 10,262,577,200 andUnderpayment for Tax Income in 2007 amounted toRp 6,274,530,095 from Overpayment of Rp 5,660,920,792.

Pada tahun 2009, Entitas mendapat Surat Ketetapan PajakKurang Bayar (SKPKB) Pajak Penghasilan BadanNo. SKP00013/206/07/054/09 tanggal 14 Juli 2009 ataspemeriksaan tahun pajak 2007. Berdasarkan SKPKB tersebutterdapat PPh Terutang Rp 10.262.577.200 dan Kurang Bayaratas PPh 29 tahun 2007 menjadi sebesar Rp 6.274.530.095 dariLebih Bayar sebesar Rp 5.660.920.792.

In 2010, PT Indalex (Subsidiary) has received Underpayment TaxAssessment (SKPKB) on Corporate Income Tax for tax audit year2008. For underpayment of income tax art 29 in 2008 amounted toRp 11,322,015,241, Subsidiary has paid with total amount ofRp 4,682,823,451 on January 20, 2011. However, on January 24,2011, PT Indalex (Subsidiary) submitted an Objection Letter tooverpayment amounted to Rp 2,761,424,930. For the ObjectionLetter, Entity has received the Directorat General of TaxationDecision Letter No. KEP-123/WPJ.24/2012 on January 20, 2012which stated underpayment of income tax art 29 in 2008 amountedto Rp 3,916,048,729 and the Entity has received overpayment taxamounted to Rp 766,774,722 based on SKPKPPNo. KEP-007.PPH/WPJ.24/KP.0803/2012 on February 9, 2012.In 2012, the Subsidiary submitted an Appeal for the ObjectionDecision Letter with the total overpayment amounted toRp 808,457,630, however until December 31, 2014 there is nodecision of the appeal result yet.

50







Pajak Tangguhan Deferred tax

Aset pajak tangguhan - Entitas: Deferred tax assets - the Entity:Imbalan kerja karyawan Employees' benefitsCadangan kerugian penurunan Provision for declining in value

nilai piutang of account receivablesCadangan kerugian penurunan Provision for declining in value

nilai persediaan of inventoriesRugi fiskal Fiscal loss

Jumlah aset pajak tangguhan Total deferred tax assetsLiabilitas pajak tangguhan - Entitas: Deferred tax liabilities - the Entity:

Aset tetap Fixed assetsJumlah liabilitas pajak tangguhan Total deferred tax liabilitiesJumlah aset pajak Net deferred tax assets

tangguhan Entitas, neto Entity, netJumlah aset pajak tangguhan Total consolidated

konsolidasian, neto deferred tax aset, net

Laba sebelum pajak penghasilan - Income before income tax -Entitas the Entity

Manfaat pajak dengan tarif Taxes benefit atyang berlaku affective tax rates

25%x Rp 20.099.688.637 25%x Rp 20.099.688.63725%x Rp 3.397.287.661 25%x Rp 3.397.287.661

Sub jumlah Sub totalPengaruh pajak atas penghasilan Tax effect of nondeductible

yang tidak dapat diperhitungkan expensesmenurut fiskal: (nontaxable income):Kenikmatan karyawan Employee welfareBeban pajak Tax expenseRepresentasi dan sumbangan Representation and donationPendapatan yang telah Income subjected to final

dipotong pajak penghasilan final income taxNet profit portion of

Bagian laba bersih entitas asosiasi associated entitiesPenyesuaian atas rugi fiskal Fiscal loss adjustmentPenyusutan DepreciationKoreksi DPP atas rugi fiskal Correction taxable base of fiscal loss

Manfaat pajak Entitas Corporate tax benefitBeban pajak Entitas Anak Subsidiaries tax expensesBeban pajak konsolidasian Consolidated tax expenses

498.732.003

(6.048.636.091) 5.482.729.605

3.397.287.661

2014

6.799.950.655

1.335.717.220

(849.321.915)

104.034.526

(12.653.065.656)

(212.929.688)

498.732.003

(5.024.922.159)

12.710.653.350

Rekonsiliasi antara beban pajak dan hasil perkalian labasebelum pajak dengan tarif pajak penghasilan badan yangberlaku adalah sebagai berikut:

932.443.613

(7.964.705.065) 1.622.253.070

8.632.327.117

(37.031.250)

A reconciliation between the total tax expense and the amountscomputed by applying the effective tax rates to income before taxas follows:

2.165.495.744

Income from construction service is non deductible income tax inaccordance to the government legislation No. 51 datedJuli 20, 2008 under Ministry of Treasury legislation No.187/PMK.03/2008 dated November 20, 2008.

1.959.012.123

(10.694.053.533) (6.342.451.995)

(1.063.913.993)

89.471.301

(394.415.745)(318.534.773)

4.840.938.533

20.099.688.637

2013

-

(5.910.702.695) (3.087.451.409) (5.910.702.695) (3.087.451.409)

(345.382.692)(510.904.010)

(301.731.897)

6.799.950.655

(5.024.922.159) - (849.321.915)

50.804.807

3.241.576.067

4.084.047.346

104.034.526

7.124.716.414

4.983.170.408

7.928.389.942

2014

4.840.938.533

2013

Atas penghasilan dari jasa konstruksi dikenakan pajakpenghasilan yang bersifat final berdasarkan PeraturanPemerintah Republik Indonesia No. 51 tanggal 20 Juli 2008yang dilaksanakan dengan Peraturan Menteri Keuangan No.187/PMK.03/2008, tanggal 20 Nopember 2008.

51






22. MODAL SAHAM 22. CAPITAL STOCK

Nama pemegang saham Name of stockholders

PT Husin Investama PT Husin InvestamaHaiyanto HaiyantoPT Marindo Investama PT Marindo InvestamaPT Maspion PT MaspionPT Mulindo Investama PT Mulindo InvestamaPT Prakindo Investama PT Prakindo InvestamaPT Guna Investindo PT Guna InvestindoMasyarakat (masing-masing Public

kurang dari 5%) (below 5% each)Jumlah Total

Nama pemegang saham Name of stockholders

PT Husin Investama PT Husin InvestamaPT Marindo Investama PT Marindo InvestamaHaiyanto HaiyantoPT Mulindo Investama PT Mulindo InvestamaPT Prakindo Investama PT Prakindo InvestamaPT Guna Investindo PT Guna InvestindoPT Maspion PT MaspionMasyarakat (masing-masing Public

kurang dari 5%) (below 5% each)Jumlah Total

6,27%

6.210.000.000

8.490.750.000

Jumlah modal disetor/ Total paid-up capital

26.082.000.000

6,27%4.968.000.000

9.936.000

10,72%16.981.500 6,27%

8.490.750.000

The Entity submits a letter to Indonesia Stock Exchange onJanuary 16, 2014 regarding the approval of the application for astock split schedule that has requested approval at the GeneralMeeting of Shareholders as set out in the notarial deed No. 53dated September 20, 2013 from Bambang Heru Djuwito, SH., MH,notary in Surabaya. Changes in the Entity's value of stock (stocksplit) at a ratio of 1 : 2, in which the origin nominal value ofRp 500 per share become Rp 250 per share.

Based on letter no S-00243/BEI.PPR/01-2014, Indonesia StockExchange given out a stock split schedule and the stocks officiallyoutstanding with new nominal value of Rp 250 per share sinceFebruary 17, 2014.

158.400.000

Entitas mengajukan surat kepada Bursa Efek Indonesia padatanggal 16 Januari 2014 perihal permohonan persetujuan atasjadwal stock split yang telah dimintakan persetujuannya dalamRapat Umum Pemegang Saham seperti tertuang dalam AktaNo. 53 tanggal 20 September 2013 dari Bambang HeruDjuwito, SH., MH, notaris di Surabaya. Perubahan nilainominal saham Entitas (stock split) dengan rasio 1 : 2, dimananilai nominal dari Rp 500 per lembar saham menjadi Rp 250per lembar saham.

4.968.000.000 9.936.000

12.420.000

4.968.000.000

Berdasarkan surat no S-00243/BEI.PPR/01-2014, Bursa EfekIndonesia memberikan jadwal stock split dan saham resmiberedar dengan nilai nominal baru sebesar Rp 250 per lembarsaham sejak 17 Februari 2014.

9.936.000

6,27%

24.840.000

6,27%

Berdasarkan daftar pemegang saham yang dikeluarkan olehBiro Administrasi Efek, PT Sirca Datapro Perdana, susunanpemegang saham Entitas pada tanggal 31 Desember 2013adalah sebagai berikut:

Jumlah saham/ Number of shares

Persentase kepemilikan/

Percentage of ownership

7,84%

100,00% 79.200.000.000

22,01%100,00%

23,42%37.090.500

33.963.000

4.968.000.000

4.968.000.000

Jumlah saham/ Number of shares

Berdasarkan daftar pemegang saham yang dikeluarkan olehBiro Administrasi Efek, PT Sirca Datapro Perdana, susunanpemegang saham Entitas pada tanggal 31 Desember 2014adalah sebagai berikut:

26.123.800.000

Persentase kepemilikan/

Percentage of ownership

10,72%7,84%

Based on the list of shareholders issued by the SecuritiesAdministration Bureau, PT Sirca Datapro Perdana, the Entity'sshareholders and their ownership interest as of December 31,2014 are as follows:

7,62%

Jumlah modal disetor/ Total paid-up capital

32,98%

69.736.000

104.495.200

19.872.000 19.872.000

316.800.000

Based on the list of shareholders issued by the SecuritiesAdministration Bureau, PT Sirca Datapro Perdana, the Entity'sshareholders and their ownership interest as of December 31,2013 are as follows:

18.545.250.000

24.149.800

32,93%

6.037.450.000 6,27%

4.968.000.000

17.434.000.000

19.872.000

79.200.000.000

9.936.000

52.164.000 6.210.000.000

4.968.000.000 6,27%

52






23. TAMBAHAN MODAL DISETOR 23. ADDITIONAL PAID-IN CAPITAL

Penjualan saham entitas melaluipenawaran umum saham kepada Sale of Entity's share through publicmasyarakat tahun 1994 offering in 1994

Jumlah yang diterima untuk pengeluaran Total proceeds from the issuance13.200.000 saham of 13,200,000 shares

Jumlah yang dicatat sebagai modal Amount recorded as paid-updisetor, neto capital, net

Pembagian saham bonus tahun 1996 Distribution of bonus shares in 1996Penerapan PSAK 38 (Revisi 2012) Adoption of PSAK 38 (Revised 2012)Saldo akhir tahun Ending balance

Pengalihan tanah dan bangunan Land and buiding transferred

Jenis aset/ Harga perolehan/ Akumulasi penyusutan/ Nilai tercatat/Type of fixed assets Cost aquisiton Accumulated depreciation Book value

HGB 17, HGB 1177, HGB 1178Bangunan/ BuildingNilai buku/ Book valueHarga pengalihan/ Transferred valueSub jumlah/ Sub total

38.940.000.000

The difference on transferred of fixed asset Gypsum Division areas follows:

52.140.000.000

3.080.443.690 2

No.

1

38.940.000.000

Based on notary deed of Tirtayanti Karsodikromo,S.H. No. 19Dated June 28, 2007, notary in Gresik, the Entity has settled aTightening Agreement of Sell and Buy with PT Maspion IndustrialEstate (Under Common Control) in the form of land with BuildingRight Titles (HGB) No. 17 located on Manyarsidomukti Village,with a total area of 18,505 m2, Building Rights Titles No.1177located on Sukomulyo Village, with a total area of 21,401 m2 andalso other parcels of land with Building Rights Titles No.1178located on Sukomulyo Village with total area of 1,698 m2.The agreement was a done-deal amounted to Rp 19,558,140,000.

Selisih nilai transaksi pengalihan aset tetap Divisi Gypsumadalah sebagai berikut:

Based on notary deed of Tirtayanti Karsodikromo,S.H. No. 19dated June 28, 2007, notary in Gresik, the Entity has settled aTightening Agreement of Sell and Buy with PT Maspion IndustrialEstate (Entity Under Common Control) in the form of allmachines and tools listed belongs to the Entity - 5th unit ofMaspion, Gypsum Division which installed on plant located onAlpha Maspion Blok L7 Street, Gresik and Manyar Sidomukti,Manyar District, Gresik Residence, East Java. Both partiesagreed to settle the price of acquisition at Rp 10,441,860,000.

- 4.932.514.671 2.025.637.092

52.140.000.000

(35.200.000.000)

25.273.586.536

(13.200.000.000)

21.533.586.536 25.273.586.536

(35.200.000.000)

20132014

13.570.818.731

3.080.443.690

(13.200.000.000)

Berdasarkan akta notaris Tirtayanti Karsodikromo, S.H. No.19pada tanggal 28 Juni 2007, notaris di Gresik, Entitas telahmelakukan Perjanjian Pengikatan Jual Beli denganPT Maspion Industrial Estate (Entitas Sepengendali) berupasebidang tanah Hak Guna Bangunan No. 17 yang terletak diDesa Manyarsidomukti, seluas 18.505 m2, sebidang tanah HakGuna Bangunan Nomor 1177 yang terletak di DesaSukomulyo, seluas 21.401 m2 serta sebidang tanah Hak GunaBangunan Nomor 1178 yang terletak di Desa Sukomulyo,seluas 1.698m2. Jual beli ini dilakukan dengan harga sebesarRp 19.558.140.000.

21.533.586.536

Berdasarkan akta notaris Tirtayanti Karsodikromo, S.H. No.19pada tanggal 28 Juni 2007, notaris di Gresik, Entitas telahmelakukan Perjanjian Pengikatan Jual Beli denganPT Maspion Industrial Estate (Entitas Sepengendali) berupamesin-mesin milik Entitas sebagaimana diuraikan dalamDaftar Mesin-Mesin dan Perlengkapan Entitas - unit GypsumMaspion Unit V yang berlokasi di Jalan Alpha Maspion L7Desa Sukomulyo dan Manyar Sidomukti, Kecamatan Manyar,Kabupaten Gresik, Jawa Timur. Kedua belah pihak sepakatuntuk melakukan jual beli seharga Rp 10.441.860.000.

5.987.321.269 2.906.877.579

19.558.140.000

53






23. TAMBAHAN MODAL DISETOR (lanjutan) 23. ADDITIONAL PAID-IN CAPITAL (continued)

Pengalihan mesin-mesin Machines transferred

Jenis aset/ Harga perolehan/ Akumulasi penyusutan/ Nilai buku/Type of fixed assets Cost aquisiton Accumulated depreciation Book value

Mesin/ MachinePerlengkapan Electrik/ Electric equipmentInstalasi air/ Water installationAlat kerja/ Working toolsKendaraan/ VehiclesInventaris/ EquipmentNilai buku/ Book valueJaminan instalasi listrik/ Guarantee of electricity installationHarga pengalihan/ Transferred valueSub jumlah/ Sub totalJumlah/ TotalPenerapan PSAK 38 (Revisi 2012) / Adoption of PSAK 38 (Revised 2012)Saldo 31 Desember 2013 / Balance as of December 31, 2013

24. DIVIDEN 24. DIVIDENDS

25. PENJUALAN 25. SALES

Lokal LocalBarang jadi aluminium Aluminium finished goodsJasa konstruksi Construction servicesBahan baku Raw material

Ekspor ExportBarang jadi aluminium Aluminium finished goods

Jumlah Total

420.164.463.526

640.702.671.875

2014

In 2014 and 2013, there is no sales transactions which valueexceeds 10% of the total net sales.

1.101.653.186

1.61% and 2.15% in 2014 and 2013 of the above total sales weremade to related parties (Note 34).

Pada tahun 2014 dan 2013, tidak ada penjualan yang nilainyamelebihi 10% dari jumlah penjualan bersih.

312.310.414.896 209.050.374.433

228.862.436

Berdasarkan Akta no 82 mengenai Berita Acara Rapat UmumPemegang Saham Tahunan Entitas pada tanggal 24 Juni 2014,pemegang saham telah menyetujui pembagian dividen tunaidari laba bersih Entitas tahun buku 2013 sebesarRp 2.534.400.000 atau sebesar Rp 8 per saham.

61.150.752.454

1.659.195.451

Based on Deed no. 82 of the Minutes of the Annual GeneralMeeting of Shareholders of the Entity on the date of June 24,2014, shareholders approved cash dividends from the net profitEntity for the financial year 2013 amounted to Rp 2,534,400,000or Rp 8 per share.

2.483.279.896

No.

543

11.792.212.421 1

231.085.602.152

1,61% dan 2,15% dari jumlah penjualan masing-masing padatahun 2014 dan 2013 dilakukan dengan pihak yang berelasi(Catatan 34).

2

7.331.929.989

193.234.765.300

211.574.008

276.310.283

2.059.387.995

255.996.671

2013

(21.533.586.536) -

7.962.767.805

1.080.462.179

4.187.701

199.885.906.647

10.441.860.000

17.288.428

60.051.600

21.533.586.536

300.677.592

70.290.275 20.313.612

933.462.438.255

1.358.517.859

9.732.824.426 44.729.606 15.321.994

54






26. BEBAN POKOK PENJUALAN 26. COST OF GOODS SOLD

Details of cost of goods sold were as follows:

Bahan baku dan pembantu Raw and indirectyang digunakan materials used

Upah langsung Direct laborBeban pabrikasi Manufacturing expensesJumlah beban produksi Total manufacturing costPersediaan barang dalam proses Work in process

awal tahun at beginning of yearakhir tahun at end of year

Beban pokok produksi Cost of goods manufacturedPersediaan barang jadi Finished good

awal tahun at beginning of yearakhir tahun at end of year

Beban pokok penjualan barang jadi Cost of goods sold of finished goodsBeban pokok penjualan Cost of goods sold of merchandise

barang dagangan inventoryBeban pokok penjualan bahan baku Cost of goods sold of raw materialJumlah Total

Industri aluminium Aluminium industryJasa konstruksi Construction servicesBeban pokok penjualan Cost of goods sold

Dubai Aluminium Dubai AluminiumHydro Aluminium Asia Hydro Aluminium AsiaAlm. Bahrain B.S.C Alm. Bahrain B.S.CFausto Holdings Ltd Fausto Holdings LtdPT Maspion PT MaspionVedanta Aluminium Ltd Vedanta Aluminium LtdMitsubishi Corp Mitsubishi CorpJumlah Total

3.731.489.522

74.012.231.158 -

10.99% and 10.07% of the total purchase of raw and indirectmaterials in 2014 and 2013, respectively, were made to relatedparties.

84.802.739.949

Berikut ini adalah rincian pembelian bahan baku yang melebihi10% dan dari jumlah pembelian bersih masing-masing padatahun 2014 dan 2013:

Details of cost of goods sold based on type of product were asfollows:

Rincian beban pokok penjualan berdasarkan jenis produkadalah sebagai berikut:

17.606.987.683

2.756.015.606

(91.012.124.266)

Rincian beban pokok penjualan adalah sebagai berikut:

2014

10,99% dan 10,07% dari jumlah pembelian bahan baku danbahan pembantu masing-masing pada tahun 2014 dan 2013dilakukan dengan pihak-pihak berelasi.

2014

13.412.476.077

62.562.101.596 178.929.336.204

307.336.518.889

51.352.383.506

-

543.734.498.617

184.664.771.976 462.674.033.187 359.069.726.640

822.587.747.306

359.913.714.119

18.952.910.884

(17.289.773.106) 17.289.773.106

519.035.112.735

804.980.148.010

802.540.014.896

536.929.778.912

537.246.993.488 (19.729.906.220)

(90.041.007.722)

124.132.629.375 125.265.042.335

20132014

556.553.592.844

805.951.264.554 83.932.097.850

90.041.007.722

350.300.274.936

26.152.376.130 48.568.960.359

2013

2013

243.761.217.921

1.094.821.526

-

1.080.221.506

822.587.747.306 543.734.498.617

Purchases of raw materials in 2014 and 2013 include purchasefrom the following suppliers which represent more than 10% ofthe total purchases of the respective years:

42.563.347.558 25.163.909.802

27.300.392.914

107.935.673.898

55






27. BEBAN USAHA 27. OPERATING EXPENSES


Beban penjualan Selling expensesPengangkutan FreightGaji dan tunjangan Salaries and allowanceEkspor ExportPremi penjualan Sales premiumPromosi, contoh dan iklan Promotion, samples and advertisingLain-lain Others`

Sub jumlah Sub totalBeban umum dan administrasi General and administrative expenses

Gaji dan tunjangan Salaries and allowanceRepresentasi dan sumbangan Representation and donationImbalan kerja karyawan Employees' benefits

(Catatan 30) (Note 30)Perjalanan dinas Business travellingSewa (Catatan 34) Rental (Note 34)Beban kantor Office expensesPemeliharaaan dan perbaikan Repair and maintenancePenyusutan (Catatan 12 dan 13) Depreciation (Note 12 and 13)Telepon dan komunikasi Telephone and communicationLain-lain Others

Sub jumlah Sub totalJumlah Total

28. PENDAPATAN BUNGA 28. INTEREST INCOME


Deposito berjangka Time deposits(Catatan 6) (Note 6)

Jasa giro (Catatan 4) Interest income (Note 4)Jumlah Total

29. BEBAN BUNGA 29. INTEREST EXPENSE


Beban bunga dari: Interest expense from:Utang kepada pihak berelasi Payables to related parties

(Catatan 34) (Note 34)Utang bank (Catatan 18 dan 19) Bank loans (Note 18 and 19)

Jumlah Total

30. LIABILITAS DIESTIMASI 30. ESTIMATED LIABILITIES

ATAS IMBALAN KERJA KARYAWAN FOR EMPLOYEES BENEFITS

2.110.014.536

1.137.407.989 1.920.562.866 1.942.800.666

2.094.682.568

1.571.419.919

2014

9.606.211.456

322.613.941

16.245.549.751

5.601.301.495

1.261.850.399

27.178.377.023 14.443.002.285

295.181.494 1.343.724.840

Entitas dan Entitas Anak membukukan imbalan kerjakaryawan, iuran pasti untuk karyawan sesuai dengan Undang-Undang Ketenagakerjaan No. 13/2003 tahun 2003. Jumlahkaryawan yang berhak atas imbalan kerja karyawan masing-masing sebesar 756 dan 761 orang pada tahun 2014 dan 2013.

2014

6.639.338.295

3.507.248.216 62.490.405.860

1.038.815.362

664.558.932

1.235.155.847

80.370.898.926

6.430.615.119

17.880.493.066

772.285.568

2013

3.425.310.237

The Entity and its Subsidiaries provides employees' benefits for itsqualified employees in accordance with Labor Law No 13/2003year 2003. The number of employees entitled to the benefits is 756peoples and 761 peoples each in 2014 and 2013, respectively.

242.262.332

2013

628.062.578 250.170.738

1.645.550.391

80.624.864

2013

60.209.881.381

6.987.028.611

30.775.966.975

1.163.914.722

1.593.061.943

11.764.259.547

2014

3.351.313.931

4.606.321.190 3.901.798.647 3.165.722.048

1.026.851.902

12.537.952.736

4.409.302.730

28.577.624

48.445.621.833

5.392.907.234

8.128.650.006

852.910.431

374.256.430

56






30. LIABILITAS DIESTIMASI 30. ESTIMATED LIABILITIES

ATAS IMBALAN KERJA KARYAWAN (lanjutan) FOR EMPLOYEES BENEFITS (continued)

Entitas EntityBeban bunga Interest costBeban jasa kini Current service costKerugian aktuaria bersih yang diakui Recognized loss actuarial, netBeban jasa lalu Past service cost

Sub jumlah Sub TotalEntitas Anak SubsidiariesJumlah Total

Nilai kini liabilitas Present value of benefit obligationKerugian aktuaria yang

belum diakui Unrecognized actuarial lossBeban jasa lalu yang belum diakui - Unrecognized past services costs -

yang belum menjadi hak non vestedSaldo akhir tahun Balance at end of the year

Saldo pada awal tahun Beginning balanceBeban tahun berjalan Expenses during the periodJumlah TotalPembayaran tahun berjalan Payments during the periodSaldo pada akhir tahun Ending balance

Tingkat Diskonto Discount RateTingkat Kenaikan Gaji Salary Increment RateTingkat Kematian Mortality RateTingkat Cacat Disability RateUsia Pensiun Normal Normal Pension Age

Nilai kini kewajiban Present valueimbalan pasti of obligation

Defisit program Deficit in the planPenyesuaian asumsi Experience adjustments

liabilitas program on plan liabilities

2011

Perhitungan imbalan kerja karyawan dihitung oleh independenaktuaria, PT Prima Bhaksana Lestari. Asumsi utama yangdigunakan dalam menentukan pengakuan aktuarial adalahsebagai berikut:

28.075.307.781

2.410.004.984

(19.772.056.173)

21.644.692.662

4.811.689.503

Rincian liabilitas diestimasi atas imbalan kerja karyawanadalah sebagai berikut:

2014

4.339.260.730 62.089.196

46.911.239.051

(792.437.256)

5.601.301.495

62.089.196

1.618.925.616

(13.297.220.766)

2014

Movements of estimated liabilities for employees' benefits are asfollows:

18.036.171.188

2013

6.430.615.119

532.323.171 1.807.272.152

Rincian beban imbalan kerja karyawan adalah sebagai berikut:

The cost provided for employees' benefits was calculated byindependent actuary, PT Prima Bhaksana Lestari. The actuarialvaluation was carried out using the following key assumptions:

21.644.692.662

18.392.800.244

5% TMI - 2011

Details of estimated liabilities for employees benefits are asfollows:

8,175 % p.a

2013

26.429.233.925

35.734.350.684

The five year history of experience adjustment was as follows:

30.999.326.217 37.922.167.979

Penyesuaian program untuk periode lima tahun adalah sebagaiberikut:

2013

18.392.800.244

23.637.472.683

2014

5.601.301.495

26.429.233.925

46.911.239.051

6.430.615.119

1.262.040.765

(709.948.953)

37.922.167.979

5% TMI - 2011

2013

(3.558.670.761)

2013

35.734.350.684

9,047 % p.a

2014

2012

10 % p.a

2014

30.999.326.217

TMI - 2011

55 tahun/ years

46.911.239.051

(8.482.653.982)

975.085.233

Mutasi liabilitas diestimasi atas imbalan kerja karyawan adalahsebagai berikut:

TMI - 2011

2010

55 tahun/ years

(1.816.283.858) (8.905.373.206) (4.564.856.454)

35.734.350.684

10 % p.a

1.607.455.430

(1.646.073.856)

21.644.692.662

Details of employees benefits expenses are as follows:

(1.992.780.021)

1.694.630.871

57






31. NILAI WAJAR DARI INSTRUMEN KEUANGAN 31. FAIR VALUE OF FINANCIAL INSTRUMENTS

a. a.

b. b.

c. c.

Aset keuangan Financial assets

Kas dan setara kas Cash and cash equivalentSaldo bank yang dibatasi

penggunaannya Restricted bank accountsInvestasi jangka pendek Short-term investmentsPiutang usaha Accounts receivableAset keuangan lancar lainnya Other financial current assetsUang muka pembelian Advance paymentsBeban dibayar dimuka Prepaid expensesInvestasi pada entitas asosiasi Investments in associated entityJumlah aset keuangan Total financial assets340.387.876.041

1.066.704.32118.554.381.607 18.554.381.607

85.487.121.671

If one or more of the significant inputs is not based on observablemarket data, the instrument is included in level 3.

Entitas tidak mempunyai aset dan liabilitas yang diukur dandiakui pada nilai wajar (tingkat 1 dan 2).

16.965.837.135

Input selain harga kuotasian yang termasuk dalam tingkat 1yang dapat diobservasi untuk aset atau liabilitas, baik secaralangsung (misalnya harga) atau secara tidak langsung(misalnya deviasi dari harga) (tingkat 2), dan;

391.160.668.957

98.973.630.492

Nilai wajar untuk instrumen keuangan yang diperdagangkan dipasar aktif ditentukan berdasarkan kuotasi nilai pasar padatanggal pelaporan. Instrumen keuangan ini termasuk dalamtingkat 1.

16.965.837.135

2014

Fair value

391.160.668.957

55.219.994.909

Quoted prices (unadjusted) in active markets for identicalassets or liabilities (level 1);

161.142.126.4531.066.704.321

8.125.442.125

Nilai wajar instrumen keuangan yang tidak diperdagangkan dipasar aktif ditentukan dengan menggunakan teknik penilaiantertentu. Teknik tersebut menggunakan data pasar yang dapatdiobservasi sepanjang tersedia, dan seminimal mungkinmengacu pada estimasi. Apabila seluruh input signifikan atasnilai wajar dapat diobservasi, instrumen keuangan ini termasukdalam tingkat 2.

Harga kuotasian (tidak disesuaikan) dalam pasar aktif untukaset atau liabilitas yang identik (tingkat 1);

25.552.905.287

Nilai wajar/

25.552.905.287 224.307.738.029

944.776.541 224.307.738.029

7.482.046.175

944.776.541

16.469.279.608

98.973.630.492 464.455.689

16.469.279.608

Carrying value

161.142.126.453

Carrying value

1.839.405.6751.839.405.675464.455.689 85.487.121.671

PSAK 60, "Instrumen Keuangan: Pengungkapan",mensyaratkan pengungkapan atas pengukuran nilai wajardengan tingkat hirarki nilai wajar sebagai berikut:

Inputs other than quoted prices included within level 1 that areobservable for the asset or liability, either directly (as prices)or indirectly (derived from prices) (level 2), and;

Nilai tercatat/

Jika satu atau lebih input yang signifikan tidak berdasarkandata pasar yang dapat diobservasi, maka instrumen tersebutmasuk ke dalam tingkat 3.

Nilai tercatat/2013

The fair value of financial instruments that are not traded in anactive market is determined using valuation techniques. Thesevaluation techniques maximize the use of observable market datawhere it is available and rely as little as possible on estimates. Ifall significant inputs required to fair value an instrument areobservable, the instrument is included in level 2.

Nilai wajar aset dan liabilitas keuangan diestimasi untukkeperluan pengakuan dan pengukuran atau untuk keperluanpengungkapan.

PSAK 60, "Financial Instruments: Disclosures", requiresdisclosure of fair value measurements by level of the followingfair value measurement hierarchy:

The Entity does not have asset and liability which is measured andrecognized on fair value (level 1 and 2).

Fair valueNilai wajar/

8.125.442.125

The fair value of financial instruments traded in active markets isbased on quoted markets prices at the reporting date. Theseinstruments are included in level 1.

The following table sets out of the Entity's financial assets andliabilities as of December 31, 2014 and 2013.

340.387.876.041

Tabel berikut menyajikan aset dan liabilitas keuangan Entitaspada tanggal 31 Desember 2014 dan 2013.

The fair value of financial assets and financial liabilities must beestimated for recognition and measurement or for disclosurepurposes.

Inputs for the asset and liability that are not based onobservable market data (unobservable inputs) (level 3).

7.482.046.175

Input untuk aset atau liabilitas yang bukan berdasarkan datapasar yang dapat diobservasi (input yang tidak dapatdiobservasi) (tingkat 3).

55.219.994.9098.952.699.2818.952.699.281

58






31. NILAI WAJAR DARI INSTRUMEN KEUANGAN 31. FAIR VALUE OF FINANCIAL INSTRUMENTS

Liabilitas keuangan Financial liabilities

Utang usaha Accounts payableBeban yang masih harus dibayar Accrued expensesUang muka pelanggan Advance receivedPinjaman bank jangka pendek Short term bank borrowingsLiabilitas keuangan lancar Other financial current

lainnya liabilitiesUtang pihak yang berelasi Related parties payableLiabilitas dicatat pada Liability that recorded

biaya perolehan diamortisasi at amortized cost

Bagian utang bank jangka panjangyang jatuh tempo dalam waktu Current maturity portion ofsatu tahun long-term bank loans

Utang bank jangka panjang, setelahdikurangi bagian yang jatuh Long term bank loans, net oftempo dalam satu tahun current maturity portion

Jumlah liabilitas keuangan Total financial liabilities

32. ASET DAN LIABILITAS DALAM MATA UANG ASING 32. ASSETS AND LIABILITIES IN FOREIGN CURRENCIES

Aset AssetsKas dan setara USD Cash and cash

AUD equivalentSaldo bank yang dibatasi Restricted

penggunaannya USD bank accountsInvestasi jangka Short-term

pendek USD investmentPiutang usaha, USD Accounts receivable,

pihak ketiga AUD third partiesEURO

Piutang usaha, Accounts receivable,pihak berelasi USD related parties

Uang muka pembelian USD Advance paymentsHKDSGDEURAUDJPY

GBPJumlah aset (dipindahkan) Total assets (total b/f)

The following table sets out of the Entity's financial assets andliabilities as of December 31, 2014 and 2013 (continued).

2013

Nilai wajar/

95.081.871

397.764

84.000

2.264.846.717

Nilai wajar/Fair value Carrying value

1.897.269.140

-

Carrying value

-

2014

73.341.877.480

4.848.343.446

Mata uang asing/

6.535.809 412.437

687.497

614.167.242.015

208.249

878.270 10.925.675.816

15.459.014.462 1.242.686

8.743

9.664.658.889 20.547

2.061.602.151

5.975.754

821.102

695.112.605

8.888

250.441.289

325.232

106.875.801.223

96.658.471 1.898.849.397

787.860.402

The fair value of most of the financial assets and liabilitiesapproximates their carrying amount, as the impact of discountingis not significant.

Ekuivalen Rupiah/

4.214.377.557

46.074.561.402

81.305.459.213 72.838.469.091

8.379.902.030

Equivalent Rupiah

2013

Foreign currency

614.167.242.015

105.135.913.554 105.135.913.554

165.644.596.42233.874.650.515

32.417.355.001 165.644.596.422

1.084.120.318 83.600.000.000 73.341.877.480

Tabel berikut menyajikan aset dan liabilitas keuangan Entitaspada tanggal 31 Desember 2014 dan 2013 (lanjutan).

Nilai tercatat/

148.876.101.207

Ekuivalen Rupiah/ Mata uang asing/

46.837

-

Fair value

19.630.772.280

157.766.007.156

214.465.406.176 166.823.987.255 166.823.987.255

121.805

148.876.101.207

83.600.000.000

185.675

723.686.347.534

Nilai tercatat/2014

2.108.169.540 2.108.169.540

42.107.349.674

33.874.650.515

9.758.179

Foreign currency

1.515.250.468

Equivalent Rupiah

723.686.347.534

2.548 51.212.242

42.107.349.674

44.902.721.569

Nilai wajar atas aset dan liabilitas keuangan mendekati nilaitercatat karena dampak pendiskontoan yang tidak signifikan.

511.237.578

112.883

10.008.416.422

133.347.265.953

20.918.581

-

-

59.158.737

-

2.220 9.164.705

72.197

776.902

606

36.889

157.766.007.156

339.619 6.214.716.234

19.630.772.280

46.074.561.402

136.230

4.139.611.481 499.575

32.417.355.001

1.084.120.318

44.902.721.569

214.465.406.176

59






32. ASET DAN LIABILITAS DALAM MATA UANG ASING 32. ASSETS AND LIABILITIES IN FOREIGN CURRENCIES

(lanjutan) (continued)

Jumlah aset (pindahan) Total assets (c/f)Liabilitas Liabilities

Utang usaha, USD Account payable,pihak ketiga SGD third parties

EURGBPAUDCADNZDRMBHKD

Utang usaha, USD Account payable frompihak berelasi SGD related parties

HKDNTDRMB

Pinjaman bank Short termjangka pendek USD bank borrowings

EURUang muka pelanggan USD Advance receivedBagian utang bank Current maturity

jangka panjang yang portion ofjatuh tempo dalam long termsatu tahun USD bank loans

Utang bank jangka panjangsetelah dikurangi bagian yang Long term portionyang jatuh tempo dalam of long termsatu tahun USD bank loans

Jumlah liabilitas Total liabilitiesJumlah liabilitas, neto Total liabilities, net

33. LABA BERSIH PER SAHAM DASAR 33. BASIC NET INCOME PER SHARE

Laba per saham Net income per share

Jumlah rata-rata tertimbang Weighted average numbersaham yang beredar of outstanding shares

a. Termasuk pos tidak berulang a. Including non-recurring itemLaba untuk perhitungan Earning for computation

Laba per saham dasar basic earning per shareLaba per saham dasar Basic Earning per Share

b. Tidak termasuk pos tidak berulang b. Excluding non-recurring itemLaba untuk perhitungan Earning for computation

Laba per saham dasar Basic earning per shareLaba per saham dasar Basic earning per share

5.000

225.186.170

Mata uang asing/Foreign currency

20.936

1.200

134.165.102

Equivalent Rupiah

106.875.801.223

Ekuivalen Rupiah/

23.389 11.006.509

2013

134.158.343.748

6.676

-

Ekuivalen Rupiah/Equivalent Rupiah

953.182.418

2.749.343

269.627.675.218

97.409

13.731.780

124.277

5.123.485.970

63.718.673.564

6.749.646.502

194.741.662

2.358.780

7.859.600

446.014

Management believe that there is no need to hedge because thereenough assets to repayment liabilities in foreign currency.

20.341.728

359.351.135

2.113

2.733

1.335.169.530

-

(162.751.873.995)

33.606.698

371.651.953

174.911.015

- 29.720.460

352.173.668

70.308.428.698

1.409.761.579

609.903

248.457.063

28.751.164.545

880.741

109.539

133.347.265.953

776.148.628

31,69

5.019.540.731

23.091 225.425.059 -

5.651.803

Foreign currency

-

Mata uang asing/

- 49.208

82.375

2014

24.559

7.878.025

1.968.323

69,63

9.645.222.343

24.485.934.727

31,69

Manajemen memandang belum perlu melakukan lindung nilaikarena aset yang tersedia cukup untuk melunasi liabilitasdalam mata uang asing.

158.400.000

29.865

115.659

98.002.630.599

292.728.041 21.379 47.893.754

18.564

(127.217.552.749)

1.299.278 260.564.818.701

16.163.013.726

3.500

5.227.555

2.594.494

86.275.476 42.437

5.612.863

775.339

747.022

304.581

69,63

The computation of basic net income per share is based on thefollowing data:

2014

Berikut ini adalah data yang digunakan untuk perhitungan labaper saham dasar:

22.058.700.759

2013

32.275.502.996

316.800.000

22.058.700.759

33.511.741.216

300

5.019.540.731

60






33. LABA BERSIH PER SAHAM DASAR (lanjutan) 33. BASIC NET INCOME PER SHARE (continued)

Laba per saham dilusian Diluted earnings per shares

34. SALDO DAN TRANSAKSI 34. BALANCE AND TRANSACTIONS

DENGAN PIHAK YANG BERELASI WITH RELATED PARTIES

a. a.

PT Maspion

PT Bank Maspion Indonesia

PT Alumindo Light Metal Industry Tbk

Alim Brothers, Pte. Ltd.

PT Aneka Kabel Ciptaguna

PT Ishizuka Maspion Indonesia

PT Alaskair Maspion Indonesia

PT Indal Steel Pipe

PT Trisulapack Indonesia

Fung Lam Trading, Co. Ltd(d/h Chin Fung Co, Ltd)

PT Maspion Elektronik

PT Dovechem Maspion Terminal

PT Maxim Maspion

PT Maspion Industrial Estate

Taiwan Concorde

PT Cashew Grebe Indonesia

PT Weilburger Coatings Indonesia

PT UACJ - Indal Aluminum

Entitas yang sahamnya dimiliki sebesar 49% oleh Entitas Anak (PT Indal Investindo) / Related parties which shares are owned by the Subsidiary (PT Indal Investindo).

Kelompok Entitas telah melakukan beberapa transaksi denganpemegang saham dan pihak-pihak berelasi yang meliputitransaksi penjualan, pembelian dan transaksi lainnya.

Pemegang saham atau anggota manajemen kunci yang sama dengan Entitas / Shareholders or thesame key management personnel as the Entity.Pemegang saham atau anggota manajemen kunci yang sama dengan Entitas / Shareholders or thesame key management personnel as the Entity.

Anggota manajemen kunci yang sama dengan Entitas / The same key management personnel as theEntity.

The Entity did not compute earnings per share since the Entitydoes not have any transaction of potential dilutive effect toordinary shares.


Hubungan / Relationship

Pemegang saham atau anggota manajemen kunci yang sama dengan Entitas / Shareholders or thesame key management personnel as the Entity.

Anggota manajemen kunci yang sama dengan Entitas dan sahamnya dimiliki oleh perusahaanasosiasi / The same key management personnel as the Entity and share are owned by the AssociatedEntity.

Pemegang saham dan anggota manajemen kunci yang sama dengan Entitas / Shareholders and thesame key management personnel as the Entity

Entitas yang sahamnya dimiliki sebesar 40% oleh Entitas Anak (PT Indal Investindo) / Related parties which shares are owned by the Subsidiary (PT Indal Investindo).




Entitas tidak menghitung laba per saham dilusi karena Entitastidak memiliki transaksi berpotensi dilusi terhadap sahambiasa.

Pihak Berelasi /Related Parties



The Entity's group has various transactions with its shareholdersand related parties, included sales, purchase and othertransactions.




The nature of relationships with related parties were asfollows:

Sifat hubungan dengan pihak-pihak berelasi adalah sebagaiberikut:

Pemegang saham dan anggota manajemen kunci yang sama dengan Entitas / Shareholders and thesame key management personnel as the Entity.

61







DENGAN PIHAK YANG BERELASI (lanjutan) WITH RELATED PARTIES (continued)

b. b. Material related party balances are as follows:

Setara kas Cash equivalentsPT Bank Maspion Indonesia PT Bank Maspion Indonesia

Piutang usaha Account ReceivablesPT Maspion PT MaspionPT Alumindo Light Metal PT Alumindo Light Metal

Industry Tbk Industry TbkPT Cashew Grebe Indonesia PT Cashew Grebe IndonesiaPT UACJ Indal Aluminum PT UACJ Indal AluminumPT Maspion Elektronik PT Maspion ElektronikPT Alaskair Maspion Indonesia PT Alaskair Maspion IndonesiaPT Ishizuka Maspion Indonesia PT Ishizuka Maspion IndonesiaPT Weilburger Coating Indonesia PT Weilburger Coating IndonesiaPT Aneka Kabel Ciptaguna PT Aneka Kabel CiptagunaLain-lain Others

Piutang lain-lain Other ReceivablesPT Weilburger Coating Indonesia PT Weilburger Coating IndonesiaPT UACJ Indal Aluminum PT UACJ Indal Aluminum

Investasi saham Stock investmentsPT UACJ Indal Aluminum PT UACJ Indal AluminumPT Weilburger Coatings Indonesia PT Weilburger Coatings Indonesia

Jumlah Aset Total Assets

Persentase jumlah aset pihak berelasi Percentage of total assets involvingdengan jumlah aset related parties to total assets

Utang usaha ` Account PayablePT Alumindo Light Metal PT Alumindo Light Metal

Industry Tbk Industry TbkPT Maspion PT MaspionFung Lam Trading, Co. Ltd Fung Lam Trading, Co. Ltd

(d/h Chin Fung Co. Ltd) (d/h Chin Fung Co. Ltd)Taiwan Concorde Taiwan ConcordeAlim Brothers, Pte. Ltd. Alim Brothers, Pte. Ltd.PT Trisulapack Indonesia PT Trisulapack IndonesiaPT Aneka Kabel PT Aneka KabelLain-lain Others

Utang lain-lain Other PayablePT Maspion PT MaspionPT Alumindo Light Metal PT Alumindo Light Metal

Industry Tbk Industry TbkJumlah liabilitas Total liabilities

Persentase jumlah liabilitas pihak berelasi Percentage of total liabilitas involvingdengan jumlah liabilitas related parties to total liabilities

c. c.

-

24.833.490

7.218.860

14.226.296

115.443.200

-

1.239.491.918

-

308.880 24.903.670

1.249.217.069

19.635.000

292.728.041

1.862.795.069

378.000 13.750.000

69.319.800

268.200.000

359.351.135174.911.015

61.829.688

Saldo material dengan pihak-pihak berelasi adalah sebagaiberikut:

2.217.856.219

10.932.955

346.200.000

2.139.005.144

1.251.476.594

2013

- 1.550.000

597.261.000

10.138.096.270

-

Angkasa Rachmawati dan Gunardi adalah pemegang sahamdan pengurus PT Husin Investama, PT Guna Investindo,PT Marindo Investama, PT Mulindo Investama, danPT Prakindo Investindo.

16%

104.178.309.513

- 122.550.515.827

Angkasa Rachmawati and Gunardi are the management and the stockholder of PT Husin Investama, PT Guna Investindo,PT Marindo Investama, PT Mulindo Investama, andPT Prakindo Investindo.

80.991.959.658

88.835.534.222

13%

641.405.080

76.108.092.181

40.333.516

20.036.000.000

63.564.000.000

135.536.988

73.341.877.480

1.394.544.040

20.341.728

12%

109.080.05130.612.500

90.603.182.664

12%

614.057.5701.173.235.697

115.588.920

9.379.029.490

2014

33.723.161.322

62








Transaksi-transaksi dengan pihak yang berelasi: Transactions with related parties:

a. a.

PT Maspion PT MaspionPT Alumindo Light Metal PT Alumindo Light Metal

Industry Tbk Industry Tbk.PT UACJ Indal Aluminum PT UACJ Indal AluminumPT Maspion Elektronik PT Maspion ElektronikLain-lain OthersJumlah Total

b. b.

PT Alumindo Light Metal PT Alumindo Light MetalIndustry Tbk Industry Tbk

PT Maspion PT MaspionPT Maspion Stainless Steel PT Maspion Stainless SteelTaiwan Concorde Taiwan ConcordeAlim Brothers, Pte. Ltd. Alim Brothers, Pte. Ltd.Fung Lam Trading, Co. Ltd Fung Lam Trading, Co. Ltd

(d/h Chin Fung Co. Ltd) (d/h Chin Fung Co. Ltd)PT Trisulapack Indonesia PT Trisulapack IndonesiaPT UACJ Indal Aluminum PT UACJ Indal AluminumMaspion Kencana Maspion KencanaLain-lain OthersJumlah Total

60.175.313

Dalam kegiatan usahanya, Entitas dan Entitas Anak melakukantransaksi tertentu dengan pihak-pihak yang berelasi yangmeliputi, antara lain:

2013

-

In the normal course of business, the Entity and its Subsidiariesentered into certain transactions with related parties, includingthe following:

Rincian pembelian bahan baku dan bahan pembantu kepadapihak berelasi sebagai berikut:

340.101.537

The details of sales to related parties are as follows:Rincian penjualan kepada pihak-pihak yang berelasi sebagaiberikut:

654.383.239

1,61% dan 2,15% dari jumlah penjualan bersih masing-masing pada tahun 2014 dan 2013, merupakan penjualankepada pihak yang berelasi. Menurut manajemen, transaksipenjualan dilakukan dengan tingkat harga dan syarat-syaratnormal sebagaimana halnya bila dilakukan dengan pihakketiga. Pada tanggal neraca, piutang penjualan tersebutdicatat sebagai bagian dari piutang usaha, yang meliputi0,44% dan 0,35% dari jumlah aset masing-masing padatanggal 31 Desember 2014 dan 2013.

637.402.413

2014

1.61% and 2.15% of the total net sales in 2014 and 2013,respectively, were made to related parties. According tomanagement, the sales transactions were made at normal termsand conditions as those done with third parties. At balancesheet date, the receivables from these sales were presented aspart of receivable, which presented 0.44% and 0.35% fromtotal assets as of December 31, 2014 and 2013, respectively.

Details of purchase of raw material and indirect material torelated parties are as follows:

4.393.461.200

1.273.971.986

222.741.334 439.473.600

38.207.465.253

5.002.805.780 1.001.667.761

34.050.982.764 57.170.350.280

20.985.000 995.801.110

1.524.940.477

608.446.308 723.886.360

-

555.585.157

13.767.005.703

10.99% and 10.07% of the total net purchase of raw andindirect materials in 2014 and 2013, respectively, were made torelated parties. According to management, the purchasetransactions were made at normal terms and conditions asthose done with third parties. At balance sheet date, thepayables from these purchases were presented as part ofaccounts payable, which presented 4.83% and 0,59% from totalliabilities as of December 31, 2014 and 2013, respectively.

10.119.740.348

23.352.000

-

12.572.027.237

10,99% dan 10,07% dari jumlah pembelian bahan baku danbahan pembantu masing-masing pada tahun 2014 dan 2013,merupakan pembelian dari pihak berelasi. Menurutmanajemen, transaksi pembelian dilakukan dengan tingkatharga dan syarat-syarat normal sebagaimana halnya biladilakukan dengan pihak ketiga. Pada tanggal neraca, utangatas pembelian tersebut dicatat sebagai bagian dari utangusaha, yang meliputi 4,83% dan 0,59% dari jumlah liabilitasmasing-masing pada tanggal 31 Desember 2014 dan 2013.

27.304.182.414

162.630.900

41.436.150

-

2014

202.296.980 703.363.487

12.248.110.550

2013

15.052.095.148

63








c. c.

d. d.

e. e.

f. f

g g

35. INFORMASI SEGMEN 35. SEGMENT INFORMATION

Segmen Usaha Business Segment

Interest expense on payables to related parties amounted toRp 6,639,338,295 and Rp 8,128,650,006 in December 31, 2014and 2013, respectively, recorded as part of other expenses(Note 29).

General trading and investments, trading for aluminium productssuch as stairs, water tanks and aluminium profiles and long-terminvestments in companies which are also in aluminium andcoating industries.

Jasa-konstruksi - jasa pembangunan properti khususnya kulitluar gedung, supply dan instalasi.

Jasa software - penjualan software ERP dan pemeliharaan danperbaikan.

Buliding rental expenses to PT Maspion amounted toRp 1,942,800,666 and Rp 1,920,562,866 in December 31, 2014and 2013, respectively, recorded as part of general andadministrative expenses (Note 27).

For management reporting purposes, the Entity and itsSubsidiaries are currently organized into four operating divisions -manufacturing of aluminium, construction services, softwareservices and general trading and investments. These divisions arethe basis on which the Entity and its Subsidiaries report theirprimary segment information.

Interest income from receivables from related parties amountedto nil in Desember 31, 2014 and 2013, respectively (Note 28).

Software services - sale of ERP software and maintenance andrepair.

Kegiatan utama divisi tersebut terdiri dari:

Bidang industri - memproduksi dan distribusi barang darialuminium.

The principal activities of these divisions consist of:

Land and building rental income from PT Cashew GrebeIndonesia amounted to Rp 346,200,000 and Rp 268,200,000 inDecember 31, 2014 and 2013, respectively, recorded as part ofother income.The Entity and its Subsidiaries entered into non-tradetransactions with related parties as described in Notes 4 and21.

Pendapatan sewa atas tanah dan bangunan dari PT CashewGrebe Indonesia sebesar Rp 346.200.000 danRp 268.200.000 pada tanggal 31 Desember 2014 dan 2013,dicatat sebagai bagian dari pendapatan lain-lain.

Beban bunga atas utang kepada pihak yang berelasi sebesarRp 6.639.338.295 dan Rp 8.128.650.006 pada tanggal31 Desember 2014 dan 2013, dicatat sebagai bagian daribeban lain-lain (Catatan 29).

Pendapatan bunga atas piutang kepada pihak yangberelasi sebesar nihil pada tanggal 31 Desember 2014 dan2013 (Catatan 28).

Beban sewa bangunan kepada PT Maspion sebesarRp 1.942.800.666 dan Rp 1.920.562.866 pada tanggal31 Desember 2014 dan 2013, dicatat sebagai bagian daribeban umum dan administrasi (Catatan 27).

Entitas dan Entitas Anak juga mempunyai transaksi diluarusaha dengan pihak-pihak yang berelasi seperti yang telahdiungkapkan pada Catatan 4 dan 21.

Untuk tujuan pelaporan manajemen, saat ini Entitas danEntitas Anak dibagi dalam empat divisi industri aluminium,jasa konstruksi, jasa software serta perdagangan umum daninvestasi. Divisi - divisi tersebut menjadi dasar pelaporaninformasi segmen primer Entitas dan Entitas Anak.

Perdagangan umum dan investasi, perdagangan barang-barangdari aluminium seperti tangga, tandon air dan aluminiumprofile serta melakukan investasi jangka panjang pada entitasyang bergerak dalam industri aluminium dan cat.

Construction services - constructing services, especially forfaçade design, supply and installation.

Manufacturing industry - manufacturing and distributing ofaluminium product.

64






35. INFORMASI SEGMEN (lanjutan) 35. SEGMENT INFORMATION (continued)

Industri aluminium/Manufacturing of

Hasil Result

Penjualan Sales

Penjualanekstern External sales

Penjualan antar Inter-segmentsegmen sales

Jumlahpenjualan Total sales

Laba (rugi) Income (loss) fromusaha operations

Penghasilanbunga Interest income

Beban bunga Interest expensesKeuntungan kurs

mata uang Gain on foreignasing, neto exchage, net

Bagian laba bersih Net profit portion ofentitas associatedasosiasi entities

Laba sebelumbeban pajak Income before tax

Manfaat (Beban) Tax benefit pajak (expenses)

Laba bersih Net income

Informasi lainnya Other information

Aset Assets

Aset segmen Segment assetsInvestasi pada Investments in

entitas associatedasosiasi entity

Total aset yang Consolidated totaldikonsolidasi assets

Liabilitas Liabilities

Liabilitas segmen yang Consolidated segmentdikonsolidasi liabilities

Pengeluaran Capitalmodal expenditure

Penyusutan Depreciation

1.914.898.724

-

304.904.889.476

-

(106.358.927.098) 751.439.553.825

18.578.097.901(21.930.918.421)

933.462.438.255

(1.227.914.663)

-

18.578.097.901

(48.692.469)

-

(1.171.537.575)

1.038.815.362

(25.415.034.311)

16.285.000

29.997.213.734

-

32.752.754.292

-

1.547.734.322

-

323.110.215.896

17.483.796.027

1.959.012.123 -

(98.973.630.492)

549.286.992.711

323.110.215.896

22.058.700.759

- -

19.793.998.103

7.140.932.447- (12.653.065.656)

-

18.274.101.861-

11.865.797.451

420.164.463.526

- -

(255.395.032)

services

-

Jasa kontruksi/Jasa

420.164.463.526

1.393.272.710 (16.437.771.353)

30.552.928.35522.219.939.262

873.365.853

-

-

-

(16.245.549.751)

Eliminations

(212.618.865.793)

Segment information based on business segment is presentedbelow:

31 Desember 2014 / December 31, 2014

General tradingdan investasi/

933.462.438.255

Construction

Berikut ini adalah informasi segmen berdasarkan segmenusaha:

Perdagangan umum

725.916.840.522

aluminium services and investments

513.297.974.729

-

Konsolidasi/Consolidated

Eliminasi/sofware/

Software

212.618.865.793

-

1.227.914.663

(3.484.115.889)

-

-

91.462 (1.035.693.062)

1.347.471.407 -

(10.694.053.533)

(2.263.613.950)

21.930.918.421

20.099.688.637

16.285.000

18.274.101.861 (25.415.034.311)

695.129.097.747

8.869.386.436

100.521.364.814

-

996.255.288.202695.129.097.747

12.513.417.7071.889.510.546 -

1.691.700.013

(122.521.675.255)

-

- -

10.758.896.982

(98.973.630.492)

897.281.657.710(122.521.675.255)

22.058.700.759

(212.618.865.793)

-

-

65







Industri aluminium/Manufacturing of

Penjualan Sales

Penjualan ekstern External salesPenjualan antar Inter-segment

segmen salesJumlah

penjualan Total sales

Hasil Result

Laba (rugi) Income fromusaha operations

Penghasilan bunga Interest incomeBeban bunga Interest expensesKeuntungan kurs

mata uang Gain on foreignasing, neto exchage, net

Bagian laba bersih Net profit portion ofentitas associatedasosiasi entities

Laba sebelumbeban pajak Gain before tax

Manfaat (Beban) Tax benefit pajak (expenses)

Laba bersih Net income

Informasi lainnya Other information

Aset Assets

Aset segmen Segment assetsInvestasi pada Investments in

entitas associatedasosiasi entity

Total aset yang Consolidated totaldikonsolidasi assets

Liabilitas Liabilities

Liabilitas segmen yang Consolidated segmentdikonsolidasi liabilities

Pengeluaran Capitalmodal expenditure

Penyusutan Depreciation

-

umum dan

Software

-

Perdagangan

investasi/

31 December 2013 / December 31, 2013

Segment information based on business segment is presentedbelow (continued):

640.702.671.875

(104.675.689.796) -

(104.675.689.796)

21.088.807.535

17.571.549.775

1.690.402.013

17.952.456.893- (36.565.119.852)

-

26.577.368.024

-

-

(93.851.577.282)

-

15.158.843.281

-

1.576.379.318

- 590.373.619.097

464.055.815.968

254.200.524.280

1.622.253.0705.019.540.731 18.612.662.959

-

-

-

Jasasofware/

trading and

231.085.602.152

(30.305.266.465)

- 514.292.759.519 -

(16.577.834.705) -

104.675.689.796

aluminiumConstruction

services

409.617.069.723 231.085.602.152

Eliminations

Jasa kontruksi/

-

services

-

Berikut ini adalah informasi segmen berdasarkan segmen usaha(lanjutan):

investments

-

Konsolidasi/

640.702.671.875

-

(4.128.548.635)

(2.035.811.386) 15.547.861.136 -

4.778.202.440 203.219.229

- 799.024.716

34.529.308.466

3.397.287.661

1.191.369.90710.504.536.650- - - 11.607.840.800-

(45.318.742.035)

765.881.409.376

851.368.531.047

-

639.563.606.249

11.361.992.726

17.571.549.775

(85.487.121.671)

(6.342.451.995)5.019.540.732

(34.529.308.466)

(93.851.577.282)

852.910.431

34.559.748.890

(12.537.952.736)

-

421.978.116 (29.084.263.634)

37.397

(41.108.394)

4.128.548.635

-

(88.666.667) -

General

ConsolidatedEliminasi/

17.952.456.893

8.928.157.332

254.200.524.280

-

590.373.619.097

219.136.130.303

10.416.470.893

-

- - (7.964.705.065) -

(36.565.119.852)

100.645.964.952

(85.487.121.671)

66







Segmen geografis Geographical segments

Penjualan berdasarkan pasar geografis Sales by geographical market

Lokal LocalJawa Timur East JavaJawa Barat West Java

Ekspor (Jepang,Hongkong, Export (Japan, HongkongThailand, Singapura, Thailand, Singapore, USAAmerika Serikat, Australia Australia and other countriesdan negara lain di Asia) in Asia)

Jumlah Total

Jawa Timur East JavaJawa Barat West JavaJumlah Total

36. MANAJEMEN RISIKO KEUANGAN 36. FINANCIAL RISK MANAGEMENT

1. Risiko mata uang asing 1. Foreign currency risk

640.702.671.875

200.566.695.290

20132014

Nilai buku aset segmen dan tambahan aset tetap dan aset takberwujud berdasarkan wilayah geografis atau lokasi asettersebut:

ASET DAN TAMBAHAN ASET TETAP DAN ASET TAK

BERWUJUD BERDASARKAN WILAYAH GEOGRAFIS

Entitas dan Entitas Anak beroperasi di dua wilayah geografisutama, yaitu Jawa Timur dan Jawa Barat.

Berikut ini adalah jumlah penjualan bersih Entitas dan EntitasAnak berdasarkan pasar geografis tanpa memperhatikan tempatproduksinya:

209.050.374.433

Risiko mata uang adalah risiko fluktuasi nilai instrumenkeuangan yang disebabkan perubahan nilai tukar mata uangasing.

20142013

17.483.796.027

2014

29.997.213.734

511.680.885.096 12.513.417.707

574.171.441.813

Risiko keuangan utama yang dihadapi oleh Entitas adalahrisiko mata uang asing, risiko tingkat suku bunga, risiko kredit,dan risiko likuiditas. Entitas mencoba untuk meminimalkanpotensi dampak negatif dari risiko-risiko di atas denganmenggunakan manajemen risiko.

The main financial risks faced by the Entity are currency risk,interest rate risk, credit risk, and liquidity risk. Entities try tominimize the potential negative impact of risks on using riskmanagement.

2013

1.191.369.907

Book value of segment assets

323.110.215.897

Dalam kegiatan usahanya, Entitas menggunakan mata uangasing baik untuk pembayaran maupun penerimaan. Risikoyang timbul terutama disebabkan pembelian yangpembayarannya menggunakan sistem kredit serta pinjamandari lembaga keuangan untuk investasi maupun modal kerjalainnya.

765.881.409.375 254.200.524.280

231.085.602.152

ASSETS AND ADDITIONS TO FIXED ASSETS AND

INTANGIBLE ASSETS BY GEOGRAPHICAL AREA

Nilai buku aset segmen/

In the normal course of business, the Entity uses foreigncurrency for payments and receipts. The risks arise mainly dueto the purchase, which its payment using a credit system, aswell as loans from financial institutions for investment andother working capital.

897.281.657.710 11.607.840.800

Penambahan aset tetap/

Currency risk is the risk of fluctuations in the value of financialinstruments due to changes in foreign exchange.

200.987.559.833

933.462.438.255

The following table shows the carrying amount of segment assetsand additions to fixed assets and intangible assets bygeographical area in which the assets are located:

10.416.470.893

Additions to fixed assets

The Entity and its Subsidiaries operations are located in twoprincipal geographic areas such as East Java and West Java.

The following table shows the distribution of the Entity and itsSubsidiaries sales by geographical market, regardless of wherethe goods were produced:

420.164.463.526

312.310.414.896

67






36. MANAJEMEN RISIKO KEUANGAN (lanjutan) 36. FINANCIAL RISK MANAGEMENT (continued)

1. Risiko mata uang asing (lanjutan) 1. Foreign currency risk (continued)

\Berikut saldo mata uang asing Entitas terdiri dari: The foreign currency balances of the Entity consist of:

Aset AssetsKas dan setara USD Cash and cash

AUD equivalentSaldo bank yang dibatasi Restricted

penggunaannya USD bank accountsInvestasi jangka Short-term

pendek USD investmentPiutang usaha, USD Accounts receivable,

pihak ketiga AUD third partiesEURO

Piutang usaha, Accounts receivable,pihak berelasi USD related parties

Uang muka pembelian USD Advance paymentsHKDSGDEURAUDJPY

GBPJumlah aset Total assets

Liabilitas LiabilitiesUtang usaha, USD Account payable,

pihak ketiga SGD third partiesEURGBPAUDCADNZDRMBHKD

Utang usaha, USD Account payable frompihak berelasi SGD related parties

HKDNTDRMB

Pinjaman bank Short termjangka pendek USD bank borrowings

EURUang muka pelanggan USD Advance receivedBagian utang bank Current maturity

jangka panjang portion ofyang jatuh tempo long termdalam satu tahun USD bank loans

Jumlah liabilitas (dipindahkan) Total liabilities (total c/f)

124.277 248.457.063 880.741

86.275.476 747.022

5.000 3.500

1.968.323

115.659

446.014

21.379

953.182.418

23.091 225.425.059 -

42.437

7.878.025

47.893.754 29.865

244.401.804.975

98.002.630.599 2.358.780

205.909.001.654

28.751.164.545

1.335.169.530

359.351.135

24.485.934.727 6.749.646.502

292.728.041

9.645.222.343

5.123.485.970

1.409.761.579 174.911.015 2.113 20.341.728

33.606.698

32.275.502.996

33.511.741.216

2.594.494 18.564

304.581

775.339 2.749.343

300 97.409 194.741.662 609.903 7.859.600 5.612.863

134.165.102 6.676

-

29.720.460 -

- - 1.200 13.731.780 -

134.158.343.748

2.733

24.559 371.651.953 20.936 352.173.668 49.208

-

5.651.803 70.308.428.698 11.006.509

-

2.220

8.888

20.918.581 606

36.889 59.158.737

Mata uang asing/Equivalent RupiahEkuivalen Rupiah/

821.102

9.164.705

106.875.801.221

121.805

787.860.402

1.515.250.468

72.197 1.898.849.397

9.758.179

325.232 695.112.605

23.389 82.375 776.148.628

109.539

96.658.471

225.186.170

8.379.902.030

Foreign currency

10.925.675.816

20.547

-

133.347.265.953

412.437

250.441.289

136.230

1.242.686 397.764

84.000

112.883

-

185.675

Equivalent RupiahEkuivalen Rupiah/

Entitas mengusahakan agar ada kesesuaian antarapembayaran dan penerimaan (ekspor) dalam mata uangasing. Sedangkan untuk sisanya Entitas tidak melakukanlindung nilai khusus karena Entitas menetapkan harga jualdomestik juga berdasarkan harga internasional sertaperubahannya mengikuti pergerakan nilai tukar, sehinggasecara jangka panjang kebijakan ini juga merupakan lindungnilai alami.

Foreign currency

6.214.716.234 339.619

Mata uang asing/

1.897.269.140

2.264.846.717 5.975.754

2.061.602.151

72.838.469.091 4.214.377.557

6.535.809

Entity are looking forward to the compatibility betweenpayments and receipts (exports) in foreign currency. For othertransactions,the Entity does not hedge specifically since thedomestic selling price is also based on international prices,which the changes following the fluctuation of exchange rates,thus, in the long term this policy is also a natural hedging.

8.743

81.305.459.213

878.270

4.139.611.481

2013

95.081.871

499.575

- 2.548

687.497

2014

-

10.008.416.422 511.237.578

9.664.658.889

51.212.242

15.459.014.462 4.848.343.446

776.902

208.249 46.837

68







1. Risiko mata uang asing (lanjutan) 1. Foreign currency risk (continued)

Jumlah liabilitas (pindahan) Total liabilities (total b/f)Utang bank jangka panjang

setelah dikurangi bagian Long term portionyang jatuh tempo dalam of long termsatu tahun USD bank loans

Jumlah liabilitas Total liabilitiesJumlah liabilitas, bersih Total liabilities, net

2. Risiko tingkat suku bunga 2. Interest rate risk

Liabilitas keuangan terdiri dari: Financial liabilities consist of:

Pinjaman bank jangka pendek Short term bank borrowingsBagian utang bank jangka panjang yang Current maturity portion of

jatuh tempo dalam waktu satu tahun long-term bank loansUtang bank jangka panjang, setelah

dikurangi bagian yang jatuh Long term bank loans, net oftempo dalam satu tahun current maturity portion

Utang kepada pihak-pihak berelasi Payable to related parties

Per 31 Desember 2014, apabila USD menguat/melemahsebesar 5% terhadap Rupiah dengan asumsi variabel lainnyatidak mengalami perubahan, maka laba setelah pajakkonsolidasi akan turun/naik sebesar Rp 5,5 milliar, hal initerutama diakibatkan keuntungan/kerugian selisih kurs yangdicatat di laba rugi.

As of December 31, 2014, if the USD hadstrengthened/weakened by 5% against Rupiah with all othervariables held constant, the consolidated profit after tax woulddecrease/increase by Rp 5,5 billion, arising mainly fromforeign exchange gain/loss charged to profit or loss.

Mata uang asing/

(127.217.552.749)

244.401.804.975

16.163.013.726

(162.751.873.997)

Mata uang asing/ Ekuivalen Rupiah/Foreign currency

269.627.675.218

205.909.001.654

5.227.555 63.718.673.564

Equivalent Rupiah

260.564.818.701

Equivalent Rupiah

2014

1.299.278

Foreign currencyEkuivalen Rupiah/

2013

As of December 31, 2014, if interest rates on floating interestrate borrowings had been 100 basis points higher/lower withall other variables held constant, the consolidated profit aftertax for the year would have decreased/increased by Rp 67million as a result of interest expenses changes that charged toprofit or loss.

83.600.000.000 73.341.877.480

Informasi mengenai suku bunga pinjaman yang dikenakankepada Entitas dijelaskan pada Catatan 4, 5, 6, 18, 19 dan20.

33.874.650.5152014

Untuk modal kerja, utang dan pinjaman investasi, Entitasdan Entitas Anak berusaha dengan mengurangi risiko tingkat suku bunganya dengan cara mendapatkan struktur pinjamandengan suku bunga kompetitif.

46.074.561.402

Risiko tingkat suku bunga Entitas dan Entitas Anakterutama timbul dari pinjaman untuk tujuan modal kerja daninvestasi. Pinjaman pada berbagai tingkat suku bungavariabel menunjukkan Entitas dan Entitas Anak kepada nilaiwajar risiko tingkat suku bunga.

For working capital, investment loans and borrowing, theEntity and Subsidiaries may seek to mitigate its interest raterisk by obtaining loans with floating interest rates.

2013

Information related to interest rate loan to the Entity hasexplained on Notes 4, 5, 6, 18, 19 and 20.

The Entity and Subsidiaries interest rate risk mainly arisesfrom loans for working capital and investment purposes. Loansat variable rates expose the Entity and Subsidiaries to fairvalue interest rate risk.

214.465.406.176

19.630.772.280 44.902.721.569

Per 31 Desember 2014, apabila tingkat suku bunga ataspinjaman dengan tingkat suku bunga mengambang lebihtinggi atau lebih rendah 100 basis poin dengan asumsivariabel lainnya tidak mengalami perubahan, maka labasetelah pajak konsolidasian untuk tahun berjalan akanturun/naik sebesar Rp 67 juta sebagai hasil dari perubahanbeban bunga yang dicatat di laba rugi.

105.135.913.554

69







3. Risiko kredit 3. Credit risk

Saldo bank dan piutang terdiri dari: The accounts of bank and receivable consists of:

Bank BankSaldo bank yang dibatasi Restricted

penggunaannya bank accountsPiutang usaha Account receivables

Pihak ketiga Third partiesPihak berelasi Related parties

Piutang lain Other receivablesPihak ketiga Third partiesPihak berelasi Related parties

4. Risiko likuiditas 4. Liquidity risk

Liabilitas keuangan terdiri dari: Financial liabilities consist of:

Liabilitas LiabilityUtang usaha Accounts payable

Pihak ketiga Third partiesPihak-pihak berelasi Related parties

Beban yang masih harus dibayar Accrued expensesLiabilitas keuangan lancar Other financial current

lainnya liabilitiesUtang pihak Payable to

yang berelasi related partiesUang muka pelanggan Advance received

Short termPinjaman bank jangka pendek bank borrowingsBagian utang bank jangka panjang Current maturity

yang jatuh tempo portion of long-termdalam waktu satu tahun bank loans

Utang bank jangka panjang, setelah Long term bank loans,dikurangi bagian yang jatuh net of currenttempo dalam satu tahun maturity portion

Jumlah Total

Carrying amount More than 1 years

112.577.677.004

158.487.671.528

Arus kas kontraktual/2014

23.771.375.764

Kurang dari 1 tahun/

3.969.576.972

Lebih dari 1 tahun/Jumlah tercatat/

2.654.454.925

467.893.321

Merupakan tanggung jawab manajemen bahwa Entitasmampu memenuhi kebutuhan pendanaan, baik kebutuhanoperasional, liabilitas keuangan maupun pengembanganusaha. Entitas memiliki anggaran perhitungan arus kassetiap tahun, dan melakukan evaluasi setiap saat bila adaperubahan. Selain itu, sebagai bagian dari sebuah kelompokusaha yang besar, Entitas mendapat dukungan, disampingadanya komitmen dari para pemegang saham untuk masalahlikuiditas.

309.870.848

166.823.987.255

19.630.772.280

723.686.347.534

166.823.987.255

46.074.561.402 609.838.831.595

123.423.975.369

35.696.857.316 42.107.349.674

Less than 1 year

-

2.108.169.540 2.108.169.540

- 83.600.000.000

723.686.347.534 113.847.515.939

19.630.772.280

214.465.406.176

46.074.561.402

214.465.406.176 - 214.465.406.176

-

42.107.349.674

7.646.688.990

2.108.169.540

88.806.301.240 112.577.677.004

83.600.000.000

36.298.424.203

83.600.000.000

46.074.561.402

Contractual cash flow

2013

The Entity has run the business for decades so that the entityalso has a specific policy to manage both payables andreceivables. In terms of payables, the Entity has a revenuebudget to ensure that the Entity is able to meet all its debtobligations. As for receivables, the Entity also has a policy ofgranting loans based on several considerations, among whichis the length of business relationships, credibility, credit limitand overall evaluation from time to time.

598.811.000634.905.694

220.338.161.057

201415.759.747.404

Entitas telah menjalankan kegiatan usaha selama puluhantahun sehingga Entitas juga mempunyai kebijakan tertentuuntuk mengelola baik utang maupun piutang. Dari sisiutang, Entitas telah mempunyai anggaran penerimaan yangmenjamin bahwa Entitas dapat memenuhi semua liabilitasutangnya. Sedangkan mengenai piutang, Entitas jugamempunyai kebijakan pemberian utang dengan berbagaipertimbangan, di antaranya adalah lamanya hubungan usaha, kredibilitas, pemberian limit utang dan evaluasi umum dariwaktu ke waktu.

-

42.107.349.674 36.298.424.203

-

7.482.046.175 8.952.699.281

601.566.887

It is the responsibility of management that the Entity is able tomeet funding needs, in term of operational needs, financialobligations and business development. The Entity has a budgetcalculations of cash flows every year, and conduct evaluationsat any time when there are changes. In addition, as part of alarge business group, the Entity always supports, in addition tothe commitments, from the shareholders to its liquidityproblems.

43.400.011.886

19.630.772.280

70







4. Risiko likuiditas (lanjutan) 4. Liquidity risk (continued)

Liabilitas LiabilityUtang usaha Accounts payable

Pihak ketiga Third partiesPihak-pihak berelasi Related parties

Beban yang masih harus dibayar Accrued expensesLiabilitas keuangan lancar Other financial current

lainnya liabilitiesUtang pihak Payable to

yang berelasi related partiesUang muka pelanggan Advance received

Short termPinjaman bank jangka pendek bank borrowingsBagian utang bank jangka panjang Current maturity

yang jatuh tempo portion of long-termdalam waktu satu tahun bank loans

Utang bank jangka panjang, setelah Long term bank loans,dikurangi bagian yang jatuh net of currenttempo dalam satu tahun maturity portion

Pendapatan diterima dimuka Unearned RevenueJumlah Total

37. PENGELOLAAN MODAL 37. CAPITAL MAINTENANCE

-

1.084.120.318

33.874.650.515

Contractual cash flow

3.741.556.237 2.998.870.054

165.644.596.422

44.902.721.569

429.775.496.501 -

-

164.071.071.972

742.686.183

-

More than 1 years

-

-

Less than 1 year

73.341.877.480

32.417.355.00132.417.355.001

154.024.450.919

105.135.913.554

Kurang dari 1 tahun/Arus kas kontraktual/

150.426.707.072

32.417.355.001

154.024.450.9193.741.556.237

2013Lebih dari 1 tahun/Jumlah tercatat/

1.084.120.318 1.084.120.318 -

Entitas disyaratkan untuk memelihara tingkat permodalantertentu oleh perjanjian pinjaman. Persyaratan permodalaneksternal tersebut telah dipenuhi oleh Entitas terkait padatanggal 31 Desember 2014 dan 2013. Selain itu, Entitas jugadipersyaratkan oleh Undang-undang No. 40 Tahun 2007tentang Perseroan Terbatas untuk mengalokasikan sampaidengan 20% dari modal saham diterbitkan dan dibayar penuhke dalam dana cadangan yang tidak boleh didistribusikan.Persyaratan permodalan eksternal tersebut masihdipertimbangkan oleh Entitas.

The Entity is required under their respective loan agreements tomaintain the level of exiting share capital. This externally imposed capital requirement has been complied with by the relevantEntities as of December 31, 2014 and 2013. In addition, TheEntity is also required by the Law No. 40 Year 2007 regardingLimited Liability Entities to allocate and maintain a nondistributable reserve fund until the said reserve reaches 20% ofthe issued and fully paid share capital. This externally imposedcapital requirements still under consideration by the Entity.

44.902.721.569

3.597.743.847

-

The primary objective of the Entity capital management is toensure that it maintains healthy capital ratios in order to supportits business and maximize return to shareholder.

- 614.167.242.015

0105.135.913.554

73.341.877.480

Entitas mengelola struktur permodalan dan melakukanpenyesuaian, bila diperlukan, berdasarkan perubahan kondisiekonomi. Untuk memelihara dan menyesuaikan strukturpermodalan, Entitas dapat menyesuaikan pembayaran devidenkepada pemegang saham atau mengusahakan pendanaanmelalui pinjaman. Tidak ada perubahan atas tujuan, kebijakanmaupun proses selama tahun-tahun yang berakhir pada tanggal31 Desember 2014 dan 2013.

The Entity manage theirs capital structure and makes adjustmentsto it, if necessary, in light of changes in economic conditions. Tomaintain of or adjust the capital structure, the Entity may adjustthe divident payment to shareholders or raise debt financing. Nochanges were made in objectives, policies or processes during theyears ended December 31, 2014 and 2013.

111.049.868.034

33.874.650.515

105.135.913.554

33.874.650.515

1.573.524.450

Carrying amount

165.644.596.422

-

44.902.721.569

Tujuan utama pengelolaan modal Entitas adalah untukmemastikan pemeliharaan rasio modal yang sehat untukmendukung usaha dan memaksimalkan imbalan bagipemegang saham.

614.167.242.015

71






37. PENGELOLAAN MODAL (lanjutan) 37. CAPITAL MAINTENANCE (continued)

Pinjaman bank jangka pendek Short term bank borrowingsBagian utang bank jangka panjang yang Current maturity portion of

jatuh tempo dalam waktu satu tahun long-term bank loansUtang bank jangka panjang, setelah

dikurangi bagian yang jatuh Long term bank loans, net oftempo dalam satu tahun current maturity portion

Utang kepada pihak-pihak berelasi Payable to related partiesJumlah pinjaman yang berdampak bunga Total interest bearing loansJumlah ekuitas Total equityRasio pengungkit Gearing ratio

38. IKATAN 38. COMMITMENTS

a. a.

b. b.

19.630.772.280

105.135.913.554

126.317.803.126

2014 2013214.465.406.176 33.874.650.515

145.842.103.885

83.600.000.000

44.902.721.569

46.074.561.402

363.770.739.858

Entitas mengawasi modal dengan menggunakan rasiopengungkit, dengan membagi jumlah pinjaman yangberdampak bunga dengan total ekuitas yang dapatdiatribusikan kepada pemilik entitas induk. Kebijakan Entitasadalah menjaga rasio pengungkit dalam kisaran dari entitasterkemuka di Indonesia untuk mengamankan akses terhadappendanaan pada biaya yang rasional. Termasuk dalam totalpinjaman berdampak bunga adalah pinjaman bank jangkapendek, bagian pinjaman jangka panjang yang jatuh tempodalam waktu satu tahun, utang bank jangka panjang setelahdikurangi bagian yang jatuh tempo dalam satu tahun dan utangkepada pihak berelasi.

Rasio pengungkit pada tanggal 31 Desember 2014 dan 2013adalah sebagai berikut:

The Entity monitor its capital using gearing ratios, by dividinginterest bearing loan to total equity attributable to equity holdersof parent entity. The Entity's policy is to maintain its gearing ratiowithin the range of gearing ratio of the leading entities inIndonesia in order to secure access to finance at reasonable cost.Including in interest bearing loan are short-term bankborrowings, current maturity portion of long-term loans, long-term loans net of current maturity portion, and payable to relatedparties.

Based on the lease agreement between the Entity andPT Maspion (a related party) as stated in notarial deedNo. 127, dated August 8, 1994, executed before Mrs. Lilia DeviIndrawati, SH., and further ratified by notarial deed No.12dated on September 27, 1994 of the same notary, the Entityleased its land with HGB No. 6 covering an area of 27,260 m2located at Maspion Unit I, Gedangan-Sidoarjo fora value of Rp54,520,000 to PT Maspion (related party) for aperiod of 40 years. As additional compensation, the Entity isentitled to use part of the land owned byPT Maspion, as well as the public facilities including theaccess road and lighting for use in Entity's operations(Note 34).

2,49

Since 1994, Entity entered into a land lease agreement witha related party as stated in notarial deed No.154, 155 and 156,dated on August 22,1994 of Soetjipto, S.H., Entity leased theland from PT Maspion with an area of 13,760 square metersfor a period of 30 years and with a value of Rp 100,000,000annually. The land is located at Desa Sawotratap under SHMNo.11, 12 and 13 and is used for the operations of Entity(Note 34).

Sejak tahun 1994 berdasarkan perjanjian sewa menyewatanah seperti tercantum dalam akta dari notaris Soetjipto,S.H., No.154, 155 dan 156 tanggal 22 Agustus 1994, Entitasmenyewa tanah milik PT Maspion (pihak berelasi) seluas13.760 m2 dengan jangka waktu 30 tahun dengan bebansewa sebesar Rp 100.000.000 per tahun. Tanah dengan SHM No.11, 12 dan 13 tersebut terletak di Desa Sawotratap,Gedangan - Sidoarjo dan digunakan untuk operasi Entitas(Catatan 34).

2,04

Berdasarkan perjanjian pinjam pakai antara Entitas denganPT Maspion (pihak berelasi) seperti tercantum dalam aktaNo.127 tanggal 8 Agustus 1994 dari notaris Ny. Lilia DeviIndrawati, SH., yang telah diratifikasi dengan akta notarisNo. 12 tanggal 27 September 1994 dari notaris yang sama,Entitas telah menyewakan tanah Hak Guna BangunanNo. 6 seluas 27.260 m2 terletak di Maspion Unit I,Gedangan - Sidoarjo senilai Rp 54.520.000 kepadaPT Maspion (pihak yang berelasi) selama 40 tahun. Sebagaiimbalan tambahannya Entitas berhak untuk menggunakansebagian tanah milik PT Maspion, beserta fasilitas umumtermasuk akses jalan dan lampu untuk kepentingan operasiEntitas (Catatan 34).

The gearing ratio as of December 31, 2014 and 2013 were asfollows:

257.255.163.11873.341.877.480

72






38. IKATAN (lanjutan) 38. COMMITMENTS (continued)

c. c.

d. c.

39. KEPENTINGAN NON-SEPENGENDALI 39. NON-CONTROLLING INTEREST

40. REKLASIFIKASI AKUN 40. RECLASSIFICATION OF ACCOUNTS

Rincian akun tersebut adalah sebagai berikut: The account details are as follows:

31 Desember 2013/December 31, 2013

Kas dan setara kas/ Sesuai dengan sifat transaksi/Cash and cash equivalents Based on mature of the transaction

Based on Bank Guaratee Agreement No. 16RCO.SBY/07/PK-GB/2007, dated March 27, 2007, PT Indalex (Subsidiary)obtained facility of Bank Guarantee from PT Bank Mandiri(Persero) Tbk, amounted to Rp 20,000,000,000. This agreementhas been renewed with Addendum VII Bank GuaranteeAgreement PT Bank Mandiri Tbk (Persero)No. TOP.CRO/CLA.548/ADD/2012 on November 14, 2012 withplafond amounted Rp 40,000,000,000 and effective sinceSeptember 17, 2012 until September 16, 2013. This agreementhas expired and not renewed.

Berdasarkan Perjanjian Penerbitan Bank Garansi Nomor16RCO.SBY/07/PK-GB/2007, tanggal 27 Maret 2007,PT Indalex (Entitas Anak) memperoleh fasilitas bankgaransi dari PT Bank Mandiri (Persero) Tbk dengan plafondfasilitas bank garansi sebesar Rp 20.000.000.000. Perjanjiantersebut terakhir diperpanjang dan diperbaharui dengan AktaAddendum VII Perjanjian Penerbitan Bank GaransiPT Bank Mandiri Tbk No. TOP.CRO/CLA.548/ADD/2012tanggal 14 November 2012 dengan plafond sebesarRp 40.000.000.000 dan berlaku sejak tanggal 17 September2012 sampai dengan 16 September 2013. Perjanjian ini telahberakhir dan tidak diperpanjang.

Penyertaan pemegang saham non-pengendali pada EntitasAnak pada 31 Desember 2014 dan 2013 sebesar 0,01% ataumasing-masing sebesar Rp 1.819.679 dan Rp 3.506.439, tidakdiakui dalam laporan keuangan konsolidasian pada tanggal31 Desember 2014 dan 2013 karena jumlahnya tidak material.

Restricted bank accounts

Berdasarkan Perjanjian Pemberian Fasilitas Bank GaransiNo 37 tertanggal 9 Oktober 2013, PT Indalex (Entitas Anak)memperoleh fasilitas bank garansi dari PT Bank MuamalatIndonesia Tbk. Perjanjian tersebut terakhir diperpanjang dandiperbaharui dengan Perjanjian No 85 tertanggal25 November 2013 dengan plafond sebesarRp 80.000.000.000 dan jatuh tempo pada 9 Oktober 2015.

Based on Bank Guaratee Facility Agreement No. 37 datedOctober 9, 2013, PT Indalex (Subsidiary) obtained facility ofBank Guarantee from PT Bank Muamalat Indonesia Tbk. Thisagreement has been extended and renewed with AgreementNo. 85 dated November 25, 2013 with plafond amounted toRp 80,000,000,000 and will be due on October 9, 2015.

8.952.699.281

Amount

Akun dalam laporan posisi keuangan konsolidasian padatanggal 31 Desember 2013 telah direklasifikasi agar sesuaidengan penyajian akun dalam laporan keuangan konsolidasianpada tanggal 31 Desember 2014.

The account in the consolidated statements of financial position asof December 31, 2013 has been reclassified to conform with thepresentation of account in the consolidated statements of financialposition as of December 31, 2014.

The interest of non-controlling shareholders in Subsidiary of0.01% on 31 December 2014 and 2013 or amounted toRp 1,819,679 and Rp 3,506,439 are not recognized in theconsolidated financial statement as of December 31, 2014 and2013, respectively, due to the immateriality of these amount.

As previously reportedDilaporkan sebelumnya/

Saldo bank yang dibatasi penggunaannya/

Diklasifikasikan kembali/As reclassified

Total / Alasan /Reason

Penerapan reklasifikasi tersebut hanya berpengaruh terhadaplaporan posisi keuangan konsolidasian per tanggal31 Desember 2013, sehingga Entitas tidak menyajikan kembalisaldo laporan posisi keuangan konsolidasian per tanggal1 Januari 2013/ 31 Desember 2012.

The implementation of such reclassification will only affect theconsolidated statements of financial position as of December 31,2013, so the Entity does not restate the consolidated statements offinancial position as of January 1, 2013/ December 31, 2012.

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