2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK...

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PRESERVING SUSTAINABILITY 2014 Annual Report PT TOBA BARA SEJAHTRA Tbk

Transcript of 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK...

Page 1: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

2014 Annual Report

PT TOBA BARA SEJAHTRA TBKWisma Bakrie 2, 16th FloorJl. H.R. Rasuna Said Kav. B-2Jakarta 12920, Indonesiaphone : +6221 5794 5779fax : +6221 5794 5778email : [email protected]

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CONTENTS

74-83HUMAN RESOURCES

1-19OPENING

PRESERVING SUSTAINABILITY 2

FINANCIAL HIGHLIGHTS 4

STOCK HIGHLIGHTS 6

2014 EVENT HIGHLIGHTS 8

AWARDS & CERTIFICATIONS 9

REPORT OF THE PRESIDENT COMMISSIONER 10

REPORT OF THE PRESIDENT DIRECTOR 14

PERSPECTIVES OF THE FOUNDING SHAREHOLDER

19

20-41COMPANY PROFILE

BRIEF HISTORY OF THE COMPANY 20

BUSINESS LINE 22

VISION & MISSION 24

BUSINESS STRATEGY 25

ORGANISATION STRUCTURE 26

PROFILES OF THE BOARD OF COMMISSIONERS 28

PROFILES OF THE BOARD OF DIRECTORS 32

SHAREHOLDERS INFORMATION 36

BRIEF DESCRIPTION OF SUBSIDIARIES 38

CAPITAL MARKET SUPPORTING PROFESSIONALS

40

ADDRESS OF COMPANY AND SUBSIDIARIES

41

42-73MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY OVERVIEW 44

OPERATIONAL REVIEW 54

FINANCIAL REVIEW 62

84-107CORPORATE GOVERNANCE

GENERAL MEETING OF SHAREHOLDERS 88

BOARD OF COMMISSIONERS 90

BOARD OF DIRECTORS 92

AUDIT COMMITTEE 95

CORPORATE SECRETARY 97

INVESTOR RELATIONS 98

LEGAL UNIT 99

COMPANY DATA AND INFORMATION ACCESS 99

INTERNAL AUDIT UNIT 103

PUBLIC ACCOUNTANT 105

RISK MANAGEMENT 105

IMPORTANT MATTERS 106

WHISTLEBLOWING SYSTEM 106

108-118CORPORATE SOCIAL RESPONSIBILITY

CSR ACTIVITIES IN 2014 111

Environment 112

Social Community 112

Employment Practices 117

Product Responsibility 118

119RESPONSIBILITY FOR ANNUAL REPORT

121FINANCIAL REPORT

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OPENING COMPANY PROFILE MANAGEMENT DISCUSSION AND ANALYSIS

HUMAN RESOURCES CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

FINANCIAL REPORT

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 1

PRESERVINGSUSTAINABILITY

After building a solid foundation to support the synergy of Subsidiaries in 2013, PT Toba Bara Sejahtra Tbk (the “Company” or “Toba Bara”) is ready to continue with various initiatives to achieve sustainable business growth. We continually strive to maximize operating costs efficiency, develop competent human capital, strengthen our marketing strategy to acquire quality customers, and maintain production continuity at an optimal level.

We encourage Subsidiaries to continue to improve business processes, leverage assets in a smart way and integrate its resources in order to achieve the best level of efficiency and productivity. Each Subsidiary should have the same passion to achieve operational excellence and be an important contributor to the Company’s profitability.

“Preserving Sustainability” is the theme of the 2014 Annual Report, reflecting our various efforts to maintain sound performance and growth, in order for Toba Bara to be ready to seize the opportunities of increasing global energy demand in the future.

OPENING COMPANY PROFILE MANAGEMENT DISCUSSION AND ANALYSIS

HUMAN RESOURCES CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

FINANCIAL REPORT

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PRESERVING SUSTAINABILITY

EFFICIENCY IMPROVEMENTToba Bara continues to improve cost efficiency through the operational synergy of its three Subsidiaries, improving work effectiveness with contractors, as well as more aggressive marketing to end users to further optimize coal sales price. Synergy of Subsidiaries is continuously improved by optimizing the use of joint production facilities and infrastructure.

SUSTAINING GROWTHToba Bara focuses on maintaining sound growth by keeping production volume at optimum level in generating profit margin. Sales growth is achieved not only through increasing production volume, but also through a marketing strategy that results in medium and long-term contracts with end users at more favorable fixed price.

MAINTAINING COAL RESERVESTo maintain business continuity and anticipate opportunities of increasing energy demand in the future, Toba Bara seeks to maintain its coal reserve through better implementation of mining plan, exploration activities or exploration of the possibility of mining companies acquisition.

HR DEVELOPMENTMore than half of Toba Bara’s employees are young, eager, vigorous, and visionary dynamic people. Each employee is given appropriate responsibility and independence to allow them to have space to develop their creativity and show their best performance. Through various consistent, planned and sustainable training programs, Toba Bara’s employees are well prepared to acquire world-class competency and capability to face existing business challenges.

FOCUS ON CUSTOMERSToba Bara establishes selective business relationships to acquire quality customers. The Company builds an intensive relationship with its customers to understand their preferences and needs and is committed to maintaining consistency of price and product quality.

GROWTH OF CORPORATE VALUE The Company continues to increase its corporate value by maintaining sound levels of growth and profitability. In addition, the Company strives to increase public trust through improvement in principles of transparency, accountability, trustworthiness, responsibility and fairness so that the Company has a strong competitiveness in domestic, regional and international environments.

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OPENING COMPANY PROFILE MANAGEMENT DISCUSSION AND ANALYSIS

HUMAN RESOURCES CORPORATE GOVERNANCE

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FINANCIAL REPORT

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OPENING COMPANY PROFILE MANAGEMENT DISCUSSION AND ANALYSIS

HUMAN RESOURCES CORPORATE GOVERNANCE

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FINANCIALHIGHLIGHTS

(in US$ unless stated otherwise) 2014 2013 2012

Income (Loss)

Sales 499,965,642 421,849,737 396,685,875

Gross Profit 86,201,207 79,552,405 48,150,372

Operating Profit 56,029,248 50,015,314 21,083,331

Profit for The Year Attributable To:

• Equity Holders of The Parent Entity 18,327,272 18,543,538 3,198,832

• Non-controlling Interest 17,473,232 16,060,255 8,733,850

Total Profit for The Year 35,800,504 34,603,793 11,932,682

Basic Earnings per Share 0.0091 0.0092 0.0032

Total Comprehensive Income Attributable to:

• Equity Holders of The Parent Entity 16,180,692 19,919,574 3,269,250

• Non-controlling Interest 15,961,155 16,213,148 8,733,850

Total Comprehensive Income 32,141,847 36,132,722 12,003,100

Balance Sheet

Current Assets 112,496,094 130,198,784 106,512,473

Non-current Assets 188,114,148 181,449,155 155,014,027

Total Assets 300,610,242 311,647,939 261,526,500

Current Liabilities 90,633,530 145,451,672 140,537,280

Non-current Liabilities 67,624,126 35,715,023 10,044,913

Total Liabilities 158,257,656 181,166,695 150,582,193

Total Equity 142,352,586 130,481,244 110,944,307

Total Liabilities and Equity 300,610,242 311,647,939 261,526,500

Financial Ratio

Gross Profit Margin 17.0% 19.0% 12.0%

Operating Profit Margin 11.0% 12.0% 5.0%

Profit For The Year Margin 7.0% 8.0% 3.0%

Return on Assets 0.1 0.1 0.0

Return on Equity 0.3 0.3 0.1

Current Ratio 1.2 0.9 0.8

Total Liabilities to Total Equity 1.1 1.4 1.4

Total Liabilities to Total Assets 0.5 0.6 0.6

Operational Data

Production Volume (in million of tons) 8.1 6.5 5.6

Overburden (x) 13.3 13.4 14.9

Sales Volume (in million of tons) 7.9 6.3 5.5

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Page 7: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

OPENING COMPANY PROFILE MANAGEMENT DISCUSSION AND ANALYSIS

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Sales(in million US$)

18.5%2014

2013

2012

Operating Profit(in million US$)

12.0%2014

2013

2012

Total Assets(in million US$)

(3.5)%2014

2013

2012

Total Liabilities(in million US$)

(12.6)%2014

2013

2012

Total Equity(in million US$)

9.1%2014

2013

2012

Total Profit for The Year(in million US$)

3.5%2014

2013

2012

300,610,242

311,647,939

261,526,500

158,257,656

181,166,695

150,582,193

142,352,586

130,481,244

110,944,307

499,965,642

421,849,737

396,685,875

56,029,248

50,015,314

21,083,331

35,800,504

34,603,793

11,932,682

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STOCKHIGHLIGHTS

SHARE PERFORMANCE 2014

Share Price Volume

1,000

750

500

250

0

3,000,000

2,250,000

1,500,000

750,000

0DecNovOctSepAugJulJunMayAprMarFebJan

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 7

Dividend PolicyBased on Indonesian laws, decision on dividend distribution is made by shareholders through the General Meeting of Shareholders on the recommendation of the Board of Directors. The Company can announce the distribution of dividend annually given positive results. Prior to the closing of a financial year, interim dividend can be distributed, provided that it is permitted by the Company’s Articles of Association, and if the distribution of such interim dividend does not result in the Company’s net assets to fall below the amount of invested and paid-in capital; furthermore, the Company still needs to meet the requirement on provision for compulsory reserves pursuant to Law No. 40 Year 2007 on Limited Liability Company. The distribution of interim dividend is determined by the Board of Directors after securing approval from the Board of Commissioners.

The Company plans to pay cash dividend at least once a year. The amount of dividend is related to the profit of the Company for the respective financial year, with due consideration of the financial condition of the Company, and without diminishing the rights of the General Meeting of Shareholders of the Company to decide

otherwise in accordance with the Company’s Articles of Association and prevailing laws and regulations.

The Company has been aiming to pay dividends in the amount of at least 30% of its consolidated profit for the year (less minority interests and other comprehensive income) since financial year 2012, while observing the compulsory reserve requirements pursuant to the Limited Liability Company Law. The amount of dividends to be distributed by the Company will depend on available cash flows, investment plans, liquidity condition, future business prospects and other factors that are deemed relevant by the Board of Directors as well as restrictions on the payment of dividends based on related agreements.

Shareholders who own the Company’s shares on the listing date, based on prevailing laws, reserve the right to receive dividend, subject to applicable Indonesian income tax.

Dividend PaymentInformation on dividend payment is presented in the Management Discussion and Analysis section on page 71 of this Annual Report.

Share Performance 2013Quarter 1 Quarter 2 Quarter 3 Quarter 4

Highest Price (in Rp) 1,330 920 860 810

Lowest Price (in Rp) 770 720 680 630

Closing Price (in Rp) 880 860 710 740

Transaction Volume* (Unit) 148,771,500 17,548,000 7,246,000 9,487,500

Transaction Value* (in Rp) 149,293,019,320 20,770,194,968 5,073,634,976 6,436,890,000

Share Performance 2014Quarter 1 Quarter 2 Quarter 3 Quarter 4

Highest Price (in Rp) 750 925 900 920

Lowest Price (in Rp) 630 650 800 750

Closing Price (in Rp) 650 835 845 920

Transaction Volume* (Unit) 369,800 16,711,600 5,041,500 7,197,800

Transaction Value* (in Rp) 259,986,734 13,416,843,785 4,308,572,841 6,192,289,152

*Cumulative ValueMarket capitalization as of 31 December 2014 amounted to Rp 1,851 billion.

Page 10: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

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2014EVENT HIGHLIGHTS

March 19, 2014

Signing of Revolving Loan FacilityThe signing of Revolving Loan Facility of US$ 75 million with a period of 4 years from BNP Paribas, Citibank N.A. and Standard Chartered Bank. This facility was used for loan repayment, capital expenditure and working capital financing.

General Meeting of ShareholdersToba Bara held Annual General Meeting of Shareholders (AGMS) at the Indonesia Stock Exchange Building. One of the resolutions of the 2014 AGMS was to approve distribution of dividends for financial year 2013 amounted to US$ 6.49 million or US$ 0.032 per share on July 16, 2014.

May 21, 2014

IHS Coal Market OutlookToba Bara’s Director Pandu Syahrir was a speaker in IHS Coal Market Outlook presenting materials pertaining to coal market situation after the presidential election in Indonesia. Pandu Syahrir was one of the panelists at the meeting to discuss main factors faced by the Asian coal market related to the prospect of demand and supply of Indonesian coal.

August 13, 2014

Macquarie Indonesia Commodities ConferenceToba Bara’s Director Pandu Syahrir was a speaker in Macquarie Indonesia Commodities Conference presenting a topic of “New Paradigm for Coal Producers”. This conference discussed the growing trend of commodities market and its impact on Indonesia.

September 23-24, 2014

November 6, 2014

Asia Pacific Coal Outlook ConferenceIwan Sanyoto, Head of Investor Relations and Ernald Kamil, Marketing Manager of Toba Bara were panelists in Asia Pacific Coal Outlook Conference held in Bali.

Public ExposeToba Bara held a Public Expose at the Seminar Room, Indonesia Stock Exchange Building. Presented materials included company profile, performance in the first 9 months of 2014, initiatives and realization of investment as well as CSR activities.

November 12, 2014

Media Site VisitToba Bara invited 5 journalists from 5 media to visit the mine site in Kutai Kartanegara Regency, East Kalimantan Province. This event, titled “Media Site Visit”, aimed to provide an overview and additional knowledge for the journalists regarding operational activities in coal mines.

November 18-19, 2014

Page 11: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 9

AWARDS ANDCERTIFICATIONS

PT Adimitra Baratama Nusantara was certified ISO 14001: 2004 on Environmental Management System in August 2014.

Blue Rating Certificate in Company Performance Evaluation and Rating Program in Environmental Management was awarded to PT Adimitra Baratama Nusantara by the Governor of East Kalimantan in June 2014.

Blue Rating Certificate in Company Performance Evaluation and Rating Program in Environmental Management was awarded to PT Indomining by the Governor of East Kalimantan in June 2014.

PT Adimitra Baratama Nusantara was certified OHSAS 18001: 2007 on Health and Safety Management System in August 2014.

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REPORT OF THEPRESIDENT COMMISSIONER

Jusman Syafii DjamalPresident Commissioner

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 11

In the depressed coal market condition, the Board of Commissioners appreciates

initiatives taken by Board of Directors to maintain business sustainability and

achieve profitable performance.

DEAR DISTINGUISHED SHAREHOLDERS,

Kindly let me start by giving praise and gratitude to God Almighty for His blessings, that PT Toba Bara Sejahtra Tbk was able to get through a challenging year in 2014 with encouraging performance.

Coal markets continued to be under pressure, with prices steadily deteriorating within the last three years. This condition was due to the economic crisis that mainly affected the United States, Europe and Japan, excessive supply from coal producing countries, as well as a slowdown in the Chinese economy.

To these factors was added the recently rising environmental issues in China. Complaints over air pollution in major cities in China were getting louder. The Government of China, as reported, responded by announcing its intention to increase the use of environmentally friendly energy source while reducing coal consumption to below 65% of the total primary energy demand by the year 2017.

To date, coal supplied more than 70% of the primary energy demand in China. As a major consumer of the world’s coal, the Chinese market absorbs some 200 million tons annually of imported coal. China’s decision undoubtedly has significant impact on the performance of Indonesian coal exports because China is one of the major export destinations of Indonesian coal.

Assessment on Board of Directors’ Performance Observing these conditions, the Board of Commissioners appreciates the initiatives that have been taken by the Board of Directors to reduce dependence on the Chinese market and to seek other potential markets. The Company has successfully repositioned its marketing strategy by expanding its customer base and targeting new export destinations.

In addition to the Chinese market, the Company currently also sells coal to Taiwan, India, South Korea and Japan. Aside from establishing business relationships with some of the world’s leading coal traders, the Company also seeks to reach directly to the end users in order to reduce marketing costs and minimize the risk of the Company’s market being dominated by certain groups.

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With the appropriate marketing strategy supported by efficiency at all operational aspects, in this challenging year Toba Bara could maintain its best performance. The Company was able to increase the volume of coal production by 24.6% to 8.1 million tons in 2014. The Company recorded a comprehensive income for the current year of US$ 35.8 million from a net sales of US$ 500 million, a respective increase by 3.5% and 18.5% from achievement in 2013.

The Board of Commissioners greatly appreciates these achievements by the Management amidst the current unfavorable condition in the coal industry. The Board of Directors, together with the subsidiaries and employees of the Company have effectively overcome the challenges, created opportunities and built a solid foundation to sustain the business.

The View over Business Prospects Prepared by Board of DirectorsLooking ahead, the key to success of a coal mining company is the ability to produce coal at a more competitive cost than other coal producers. In addition, coal companies must develop a synergistic business and add value to their products in order to maintain sustainable business.

Therefore, the Board of Commissioners strongly supports the Company’s plan to expand its business portfolio. The planned expansion into the power generation business is a prospective step that must be supported by all parties and all available resources. The Board of Commissioners has thoroughly examined all risk aspects of the proposed business plan, and cautioned the Board of Directors to undertake careful planning and promote the prudent principle.

With input from all stakeholders, the Board of Commissioners believes that every opportunity needs to be reviewed in order to bring optimal benefits for the Company and all stakeholders. We believe that Toba Bara will be able to achieve sustainable growth in the coming years.

Supervisory RoleThroughout 2014, the Board of Commissioners had performed its supervisory function and given their views on policies and measures taken by Board of Directors in managing the Company. Communication between the Board of Commissioners and Directors is not only done through regular joint meetings, but could also be done at any time through various media. Hence, the Board of Commissioners could be acquainted with and provide guidance and advice on various issues immediately and appropriately in accordance with its authority and responsibility.

Based on evaluation of the coal market condition and the Company’s operational performance, the Board of Commissioners urged the Board of Directors to continue to improve efficiency at all levels in order to maintain operating margin and increase the Company’s market share.

Improved Corporate Governance QualityThe Board of Commissioners continues its efforts to improve the quality and effectiveness of the supervisory function and implementation of good corporate governance. The Audit Committee, formed in early 2013, has fully performed its functions. Throughout 2014, the Audit Committee monitored implementation of risk management policies, implementation of internal audit, ensured the Company’s compliance with applicable laws and regulations, and assisted the Board

REPORT OF THEPRESIDENT COMMISSIONER

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 13

of Commissioners in reviewing the Company’s financial statements and prepared notes as required. The Audit Committee provides guidance and advice to the Internal Audit Unit with regard to preparing the Annual Audit Work Plan, Audit Reports, recommendations and follow-ups.

The Board of Commissioners and Board of Directors are conducting a review to apply a Whistleblowing System in the effort to create a conducive working environment and prevent various types of violations that might lead to financial and non financial losses, including issues that could damage the Company’s reputation. Basically, the Company has long had a complaint mechanism in place through its open door policy.

The Board of Commissioners encourages the Company to continue to improve the quality of GCG implementation, including composing regulations codification, policies and GCG soft structure as needed.

In our opinion, with the increasing scale of the Company, it is time for Toba Bara to establish a governance manual and its derivative policies to guide all the Company’s components in carrying out their roles and obligations according to the applicable regulations, ethics and norms.

Change in Board of Commissioners CompositionIn 2014, there was no change in the composition of the Board of Commissioners of PT Toba Bara Sejahtra Tbk.

Closing RemarksFinally, on behalf of the Board of Commissioners, I would like to express my gratitude for the support and trust given by the shareholders and all stakeholders of PT Toba Bara Sejahtra Tbk. Our sincere appreciation goes to the Board of Directors, Directors of subsidiaries, the management and all employees who have worked earnestly and with dedication in realizing the Company’s best achievements in 2014.

Jusman Syafii DjamalPresident Commissioner

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Justarina S. M. NaiborhuPresident Director

REPORT OF THEPRESIDENT DIRECTOR

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 15

With efforts in efficiency and operational integration of our three Subsidiaries as well as

continuing focus on optimum production growth, Toba Bara managed to maintain business

sustainability and to generate 14.8% increase in EBITDA compared to the previous year.

DEAR DISTINGUISHED SHAREHOLDERS,

Praise and gratitude be to God Almighty for His blessings and grace, that PT Toba Bara Sejahtra Tbk has been able to go through the challenging year of 2014 with a number of significant accomplishments that reinforce our optimism of the Company’s business sustainability in the future. On behalf of the Board of Directors, allow me to report the summary of the Company’s performance for the year ended December 31, 2014.

Global Economy and Coal Market Conditions The global economy in 2014 has yet to show signs of recovery. Although the US economy continued to improve as reflected in the Gross Domestic Product (GDP) and declining unemployment, Europe and Japan however were still experiencing a slowdown. Similarly, China indicated a slowing trend of economic growth.

The slowdown in the world’s major economies that has been going on for at least four or five years prior has resulted in slower international trading activities. Weakening demand, particularly from China, had an impact on mining commodity prices, including coal. In addition to the falling demand, the decrease in coal prices was also caused by the high level of inventories as a result of declining domestic coal prices and almost no control of production levels in the major supplying countries such as Indonesia and Australia.

Coal price in the international market that has continued to decline since the beginning of 2011 reached its lowest point this year. While the reference price of Newcastle (NEWC) Index in 2012 was still in the range of US$ 97.0 per ton, it dropped to US$ 83.3 per ton in 2013 and continued to decline to around US$ 70.8 per ton at the end of 2014. Due to the continuing decline in prices, many Indonesian coal producers have ceased their operations. Only companies with effective and efficient operations can survive and maintain a healthy operating margin.

Strategies and InitiativesIn 2012, Toba Bara embarked on a growth and development program by implementing a number of strategies that focus on efforts to build a foundation of growth and develop the organization. As a responsible public company, Toba Bara is committed to pursuing long-term profitable growth on an ongoing basis.

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In subsequent developments, addressing the continuing depressed coal market conditions, in 2013 the Company has taken important steps in the framework of internal consolidation and integration. The Company made efforts to consolidate its various strengths such as human resources, work procedures, cost efficiency and marketing strategy. Meanwhile, we also strive to integrate the infrastructure and other mining resources in the three coal mining subsidiaries, namely Adimitra Baratama Nusantara (ABN), Indomining (IM) and Trisensa Mineral Utama (TMU).

This strategy of consolidation and integration has succeeded in building a solid foundation to become a company that has a sustainable growth. In 2014, the synergy between the three Subsidiaries was further strengthened, thus improving efficiency and optimum performance.

One of the efficiency measures is in the management of fuel procurement. To obtain a more optimal purchase price, the Company integrated the fuel procurement processes for the needs of all subsidiaries, resulting in a better price from the suppliers compared to what can be obtained if each subsidiary individually negotiated the price with the suppliers. Fuel cost is a significant cost component, representing up to 1/3 of the total mining operating costs.

On the marketing side, since the end of 2013 the Company has implemented several initiatives to secure market share. We established selective business relationships with quality customers, and expanded the coverage of export market.

The Company’s customers are well-known international traders as well as leading power generating companies as end users. We cultivate closer relationship with customers to better understand their wishes and needs. The Company is committed to maintaining its reputation and consistency of product quality. Our strength is coal products with high calorific value and low sulphur content. These types of coal are in great demand in Japan which command higher reference price than the Newcastle reference. With a strong internal marketing team, we are able to sell directly to

well-known end-users in Japan and thus significantly reduce our marketing cost. During 2014, Toba Bara has also expanded its export markets to other Asian countries, including China, Korea, Taiwan, India, and the Philippines.

The Company sold most of the coal production volume in 2014 by prioritizing sales through fixed price contracts secured at the end of 2013. The payment methods among others include partial percentage of the sales contract value to be paid in advance. By applying medium to long-term coal sales contract with fixed price, the Company could secure relatively better sales price based on the agreed contract amid the uncertain market conditions.

A significant impact in terms of infrastructure efficiency has resulted from the use of the new proprietary hauling road which was completed in 2013. The haul road from TMU to Indomining through ABN has reduced TMU’s transportation cost by about US$ 5-7 per ton. Hence, in 2014 TMU was able to double its production to 1.4 million tons with a better profit compared to the previous year.

Performance in 2014The Company’s coal production increased by 24.6% from 6.5 million tons in 2013 to 8.1 million tons as contributed by the three subsidiaries. Stripping ratio (SR) in 2014 decreased by 0.7% from 13.4x to 13.3x, in line with the Company’s strategy for managing cost efficiency to maintain profit margins amid weakening sales price.

The Company recorded an increase in sales by 18.5% from US$ 421.8 million in 2013 to US$ 500 million. Meanwhile the cost of goods sold rose by 20.9% from US$ 342.3 million in 2013 to US$ 413.8 million due to increased production. The Company’s EBITDA increased by 14.8% from US$ 58.6 million in 2013 to US$ 67.3 million. The combination of cost efficiency initiatives, increased sales and marketing activities positively boosted EBITDA margin in 2014. As a result, the Company recorded a total profit for the year of US$ 35.8 million, an increase of 3.5% from US$ 34.6 million in 2013. Overall, the Company could achieve the growth targets set in the Company’s Work Plan and Budget for 2014.

REPORT OF THEPRESIDENT DIRECTOR

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Our ChallengesThe main challenge faced by coal producers in 2014 was the continuously weakening global coal prices. Various energy policies in the largest coal consumer countries that led to a reduction in the use of coal due to health and environmental concerns also put pressure on the coal market. The global coal supply condition that was oversupplied, very competitive, and faced by challenging environmental issues forced every coal industry player to operate in an efficient, effective, and responsive manner to the market demand.

In the midst of such conditions, Toba Bara has had to work hard to perform better in order to provide sustainable benefits to the shareholders, employees, and all other stakeholders. With the ever-increasing production costs, there was no option for the Company other than running its operations more efficiently. The Company sought to maintain a relatively stable costs structure as part of cost efficiency initiatives that began in 2013, while also focusing on production growth that could support the expected profit margin.

Prospects and Future PlansConditions in the coal markets in 2015 are predicted to remain more or less the same as in 2014. The number of surviving coal mining companies is expected to be further reduced. Nevertheless, the Company still has a high optimism in facing such challenging periods. We are of the view that the year 2015 is a good time to invest in business development.

Toba Bara has long-term vertical and horizontal business development plans. Horizontally by adding coal reserves through explorations in the Company’s widespread concession areas as well as through mine acquisition opportunities. Vertically by business development in power generation with coal-fired and alternative energy power plants. Initial assessment has been started by reviewing an opportunity to participate in an IPP (Independent Power Producer) tender conducted by PLN.

Both development plans are parts of efficiency efforts and maintaining business sustainability. By developing power plants, the Company can ensure revenue while increasing profit margin from the synergy of the two business lines.

In the third quarter of 2014, one of our subsidiaries acquired in 2013, PT Perkebunan Kaltim Utama I (PKU), had started the process of developing a palm oil mill with a capacity of 30 tons per hour. With planned operating date at the end of 2015, the plant will generate more revenues for the Company.

Good Corporate GovernanceAs a public company, Toba Bara is committed to conducting business in compliance with the Good Corporate Governance (GCG) principles and business ethics. The values of integrity instilled by the founders of the Company are adopted and applied in all operational activities of the Company. The core values such as honesty and unyielding spirit have become basic characters and behaviors for every employee in carrying out their activities.

Throughout 2014, the Internal Audit Unit (SKAI) performed its functions well with the direction and supervision of the Audit Committee. The Company adopts a risk-based internal audit to ensure that compliance with standard operating procedures, regulations and internal control system is run in accordance with established guidelines. Management also assigned SKAI to develop a Business Continuity Plan (BCP) as a guide to running the Company’s operations during a disaster.

Currently the Company has not yet prepared guidelines and policies (soft structure) related to GCG such as GCG Guidelines, Code of Ethics, Board Manual, and so forth as a reference in performing tasks and activities that fall under authority of each respective function.

The Company is reviewing the need for establishment of whistleblowing system. Nevertheless, to date the Company has applied an open door policy to receive complaints and discuss problems. In essence, the Company would like to continue to build a conducive working atmosphere, among others, by enforcing a good work ethic.

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18 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

Human Resource DevelopmentThe Company understands the importance of employee competence as one of the competitive advantages in the coal industry. Developing human resources (HR) with excellent performance has started from the recruitment process to attract potential employees. Employee development program is conducted through consistent and continuous training activities. Every employee is encouraged to show their best performance and ability to face the existing business challenges. Conversely, the Company provides a fair and transparent promotion opportunity to outstanding employees. Every employee is entitled to achieve their best career.

Most of Toba Bara’s people are young, vigorous, and dynamic people between the age of 26 and 35 years. The Company provides sufficient independence so that they have room to develop their creativity and responsibility.

As an emerging company, the interaction between employees and management is intense. All employees have the same spirit: demonstrate the best performance and teamwork for the Company’s development. Because they realize, in a difficult industry environment, this

Company should not remain stagnant. Toba Bara should continue to grow consistently to achieve business sustainability. In 2014, the recruitment process of the best people in their respective fields continued to be done because the Company is preparing to expand in the coming years.

Change in Board of Directors CompositionIn 2014 there was no change in the composition of the Board of Directors.

AppreciationOn behalf of the Board of Directors, I would like to thank the shareholders, the Board of Commissioners, customers, business partners, central and local governments, and other stakeholders for their continuous support and confidence to the Company. My appreciation goes to all employees of PT Toba Bara Sejahtra Tbk who have demonstrated their hard work so that we could successfully go through the tough year. I believe, with the support of all parties, the Company will continue to sustainably grow so as to increase values for the Shareholders, provide useful contributions to the country and the society as well as achieve the vision of becoming one of the best world-class coal mining companies in Indonesia.

Justarina S. M. NaiborhuPresident Director

REPORT OF THEPRESIDENT DIRECTOR

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 19

PERSPECTIVES OF THEFOUNDING SHAREHOLDER

Gen. (Ret.) Luhut B. Pandjaitan is the founder of PT Toba Sejahtra which holds 71.8%of PT Toba Bara Sejahtra Tbk.

A retired general of the Indonesian National Army (TNI), statesman, former Ambassador Extraordinary and Plenipotentiary of the Republic of Indonesia, businessman and philanthropist, Luhut B. Pandjaitan devotes all his thoughts and efforts to the progress and prosperity of the Indonesian nation that he loves.

As a businessman, his vision is to increase the competitiveness of Indonesian businesses in order to compete regionally and globally.

Regionally, the demand for increased Indonesian competitiveness is already upon us with the inauguration of the ASEAN Free Trade Market in 2015. Whereas globally, Indonesia must improve its industrial strength among the leading industrialised countries in the world – the G-20 Group.

Luhut B. Pandjaitan believes that education is a key to increasing the competitiveness of a nation. Therefore, he founded the DEL Foundation, a non-profit foundation that is actively engaged in community development

in North Sumatra with a focus on education through Informatics Polytechnic DEL, a leading national university in the field of information technology that is accredited by the Ministry of Education of the Republic of Indonesia.

He believes that Indonesia needs to add value to the nation’s riches in natural resources. Therefore, he founded Toba Bara to create added value from the coal mining sector – Indonesia’s main commodity.

“The Social Entrepreneur of the Year” of Ernst & Young Global Entrepreneurship Award 2012, Luhut B. Pandjaitan is keenly aware of the significance of the sustainable development that is built upon the three pillars of economic performance (profit), environmental conservation (planet) and social welfare (people). Therefore, he expects Toba Bara to begin harnessing the principles of sustainable development in every aspect of its business activities.

I believe Toba Bara will be able to maintain a good performance while continuing to provide maximum contribution to the community.

Gen. (Ret.) Luhut B. PandjaitanFounding Shareholder

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BRIEF HISTORY OF THE COMPANY

2004ABN and TMU were

incorporated in 2004.IM was incorporated

in 2005.ABN and IM were granted mining authorization for

exploration.

2005 2006

2010IM and TMU

converted their KPto IUPOP.

TBS acquired 51.0% of ABN, 52.5% of TBE(that controlled IM)and 51.0% of TMU.

Consolidated production of Toba Bara reached more

than 3.9 million tons.

TMU began production.

Consolidatedproduction of TobaBara surpassed 5

million tons.

Toba Bara acquiredadditional shares

of TBE and TMU to99.99% each.

TBS listed its shares on the Indonesia Stock Exchange

(July).

TBS settled the landoverlapping issue

with PKU.

2011 2012

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TMU is poised to increase coal production to 80,000

tons – 100,000 tons/month.

A new CPP has been constructed in IM.

The haul road TMU – IMis operated ahead of

schedule.

PKU began the construction process of oil palm mills with a capacity of 30 tons/hour.

Indomining completed the construction of transfer conveyor belt connecting new CPP with existing

conveyor belt.

Toba Bara consolidated production surpassed 8 million tons/year.

2013 2014

ABN and IM were granted KP for exploitation.

IM began production.

TMU was grantedKP for exploration.

ABN began production.

ABN converted itsKP to IUPOP.

2007 2008 2009

Construction of the second underpass in ABN was

completed.

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BUSINESS LINE

Major city is less than 50 km

Furthest pit to jetty 25 km with closest 1 - ~5 km

Close proximity transhipment point & jetty

Adjacent locations forthree mines

SAMARINDA

~120 Km

Kutai Energy

Major City

Jetty

Transhipment Point

TMU-IM Hauling Road

TMU

IM

ABN

~25 km~5 km

BALIKPAPAN

IM Jetty

ABN Jetty

MAHAKAM RIVER

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MAKASSAR STRAIT

~55 Km (total ~120 Km)

~65 Km

MUARA JAWA

MUARA BERAU

The Company has three Subsidiaries engaged in coal mining with adjacent concession areas

and a subsidiary engaged in palm oil plantation in Sangasanga, Kutai Kartanegara Regency, East

Kalimantan Province.

Coal Products

Concession AreaTM Ash TS Calorific Value (kcl/kg)

(% GAR) (% GAD) (% GAD) GAR GAD

PT ADIMITRA BARATAMA NUSANTARA

ABN 52 23 6 0.8 5,200 5,800

ABN 56-HS 20 6 1.8 5,600 6,100

ABN 56-RS 20 6 0.8 5,600 6,100

ABN 58 19 6 0.8 5,800 6,250

PT INDOMINING

Indomining 19 8 0.9 5,700 6,200

PT TRISENSA MINERAL UTAMA

Trisensa - 47 28 4 0.3 4,700 5,600

Coal Production(in million ton)

2014

2013

2012

147 million tons

Coal Reserves*

236 million tons

Coal Resources*

* Based on Runge report for ABN per December, 31 2011, SMGC report for IM per January, 1 2012, Marston report for TMU per October, 30 2011

8.1

6.5

5.6

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VISION & MISSION

VISIONTo be one of the best-managed world class mining companies in Indonesia with a focus on high growth by building competence through development of our employees, robust financial performance, and solid returns for our shareholders.

MISSION• Creating sustainable shareholder value from

Indonesian mining.• Developing a best-in-class pool of talent. • Investing in our subsidiaries and other related

businesses that will enhance value to shareholders.• Managing competitiveness of mining operations

effectively.• Enhancing integration of coal supply chain to ensure

reliability and efficiency.• Building strong relationship with our business partners

and the financial community.• Being a responsible corporate citizen in promoting

community development and implementing good corporate governance practices.

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The Company’s strategy in 2014 was a continuation of the strategy that has been established in 2012 which was the spirit to grow and develop with various initiatives focused on building a solid growth foundation and developing the organization.

Furthermore, responding to developments in the coal industry, in 2013 the Company took crucial steps to consolidate and integrate its various strengths in order to achieve stronger, more efficient and more competitive performance. Consolidation measures were carried out in the aspect of human resources, work processes, cost structure and marketing strategy. At the same time, integration measures were conducted on infrastructure and other mineral resources in the three Subsidiaries engaged in coal business namely Adimitra Baratama Nusantara (ABN), Indomining (IM) and Trisensa Mineral Utama (TMU).

In 2014, the Company was able to move more dynamically because the consolidation and integration strategy had succeeded in building a solid foundation to become a company that continues to grow in a sustainable manner. The synergy among the three Subsidiaries is reinforced, to achieve better efficiency and more optimal performance improvement.

In terms of operations, the Company optimized its efficiency program through joint mine plan and infrastructure sharing with the following initiatives:• Reduction in stripping ratio and management of

dump distance• Maximizing shared infrastructure such as CPP (Coal

Processing Plant) and jetty• Efficiency in fuel purchase through integrated fuel

procurement• Reducing mining contractor cost

On the marketing side, the Company undertook the following initiatives:• Empowering central marketing for the three

Subsidiaries to establish customer base internally and thus reduce marketing cost

• Improving buyer quality through improvements in sales contract and payment terms supported by prepayment

• Maximizing pricing determination through ideal long-term, medium-term and spot sales contract strategy

• Maximizing pricing determination method through various hedging strategies

• Maintaining product quality and price commitment to create the top of mind brand of the Company’s coals in the global market.

With the aforementioned initiatives, the Company was able to maintain production continuity to achieve a sound profitability level and maintain business sustainability.

BUSINESS STRATEGY

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ORGANISATIONSTRUCTURE

BOARD OF COMMISSIONERS

1. Jusman Syafii DjamalPresident Commissioner

2. Bacelius RuruIndependent Commissioner

3. Farid HariantoIndependent Commissioner

Investor RelationsIwan Sanyoto

Corporate SecretaryPandu P. Syahrir

Legal UnitBima Sinung Widagdo

BOARD OF DIRECTORS

1. Justarina S. M. NaiborhuPresident Director/Unaffiliated Director

2. Pandu P. SyahrirDirector

3. Arthur M. E. SimatupangDirector

4. Sudharmono SaragihDirector

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Government RelationsVacant

Finance & AccountingTries Nainggolan

AUDIT COMMITTEE

1. Bacelius Ruru, SH, LLMHead of the Audit Committee

2. Prof. Dr. Ir. Irwandy Arif, M.Sc Audit Committee Member

3. Aria Kanaka, CA, CPAAudit Committee Member

Internal AuditPria Fardio Syaiful Dinar

Board of Directors PT ADIMITRA BARATAMA NUSANTARA

Board of Directors PT INDOMINING

Board of Directors PT TRISENSA MINERAL UTAMA

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PROFILE OF THEBOARD OF COMMISSIONERS

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1. Jusman Syafii DjamalPresident Commissioner

2. Bacelius RuruIndependent Commissioner

3. Farid HariantoIndependent Commissioner

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v

PROFILE OF THEBOARD OF COMMISSIONERS

01

0302

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v

Jusman Syafii DjamalPresident Commissioner01

Born in Langsa – Nanggroe Aceh Darussalam, July 28, 1954, Jusman Syafii Djamal is a Bachelor in Mechanical Engineer with concentration in Aeronautics from Institut Teknologi Bandung in 1982. Previously, he served, among others, as Minister of Transportation of the First United Indonesia Cabinet (May 2007 – October 2009), Member of the National Evaluation Team of Transportation Safety and Security (January - May 2007), Member of Incubator Technology of BPPT (2003), and Chief Project Engineer of 50 seaters Advanced Turboprop N250 Fly by Wire Airplane, IPTN Indonesia (1990 – 1995). Currently he also serves as President Commissioner of PT Cardig Aero Services Tbk (since July 2011), President Commissioner of PT Telkom Indonesia Tbk (since January 2011), Member of National

Innovation Committee (since May 2010), Chairman of Advisory Council of Entrepreneur of Land Transportation Organization (since January 2010), and Chairman of Matsushita Gobel Foundation (since January 2005) and President Commissioner/ Independent Commissioner of PT Garuda Indonesia Tbk (since 2015). Appointed as President Commissioner of the Company since October 1, 2010.

He was 60 years old by December 31, 2014. He has no affiliation with other members of Board of Commissioners, Board of Directors or shareholders.

Bacelius RuruIndependent Commissioner02 Farid Harianto

Independent Commissioner03Born in Kakaskasen Village, Tomohon – North Sulawesi, June 14, 1948, Bacelius Ruru graduated from School of Law of Universitas Indonesia in 1975 and holds LLM (Master of Laws) from Harvard Law School, United States. Previously, he served, among others, as President Commissioner of PT Perusahaan Pengelola Aset (Persero) (2004 – 2008), President Commissioner of PT Telekomunikasi Indonesia Tbk (2001 – 2004), President Commissioner of PT Bursa Efek Indonesia (2001 – 2008), Secretary of Ministry of State-Owned Enterprises (2001 – 2004), Deputy of State Minister/Deputy of Head of Investment and State-Owned Enterprises Development, Supervision and Control Division, Ministry of State-Owned Enterprises (2000 – 2001), Assistant of Minister/Deputy of Mining Business and Agro Industry, State Ministry of State-Owned Enterprises Utilization (1999 – 2000), Assistant of Minister of State-Owned Enterprises Utilization/Deputy of Competitive Business Sector, Management Board of State-Owned Enterprises (1998 – 1999), Director General of State-Owned Enterprises Development, Ministry of Finance (1995 – 1998), and Head of Indonesian Capital Markets Supervisory Agency, Ministry of Finance (1993 – 1995). Currently he also serves as Independent Commissioner of PT Manulife Aset Manajemen Indonesia (since 2011), Independent Commissioner of PT Agung Podomoro Land Tbk (since 2010), President Commissioner of PT Axle Asia (insurance broker) (since 2008), President Commissioner of PT Jababeka Tbk (since 2007), President Commissioner of PT Tuban Petrochemical Industries (since 2003) and President Commissioner of PT Polychem Indonesia (since 2003). First appointed as Independent Commissioner of the Company on March 30, 2012.

He was 66 years old by December 31, 2014. He has no affiliation with members of Board of Commissioners, Board of Directors or shareholders.

Born in Madiun - East Java, September 4, 1952, Farid Harianto holds a Bachelor of Electrical Engineering from Institut Teknologi Bandung, Master in Applied Economics and Managerial Science and Ph.D in Applied Economics and Managerial Studies from The Wharton School at the University of Pennsylvania, United States. Previously, he served, among others, as Deputy Chairman of Indonesian Bank Restructuring Agency (1998 – 2000), President Director of PT Pemeringkat Efek Indonesia (1995 – 1998), Visiting Professor and Chairman, ASEAN Studies, University of Toronto, Canada (1993 – 1995), and Director, Graduate Programs, Institut PPM (1990 – 1993). Currently he is designated as a member of the President’s Advancement Advisory Council at National University of Singapore (since 2011), Independent Commissioner of PT BATA Indonesia Tbk (since 2011), Special Staff of Vice President of the Republic of Indonesia (since 2009). Risk Monitoring Committee of PT Bank Internasional Indonesia Tbk (since 2007), Independent Commissioner of PT Unggul Indah Cahaya Tbk (since 2005), Independent Commissioner of PT Lippo Karawaci Tbk (since 2004), and Member of Executive Council of Asia, the Wharton School, University of Pennsylvania (since 2000). First appointed as Independent Commissioner of the Company on March 30, 2012.

He was 62 years old by December 31, 2014. He has no affiliation with members of Board of Commissioners, Board of Directors or shareholders.

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1. Justarina S. M. Naiborhu President Director/Unaffiliated Director

2. Pandu P. Syahrir Director

3. Arthur M. E. Simatupang Director

4. Sudharmono Saragih Director

PROFILE OF THE BOARD OF DIRECTORS

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01

03

02

04

PROFILE OF THEBOARD OF DIRECTORS

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Justarina S. M. NaiborhuPresident Director/Unaffiliated Director

01

Born in Jakarta, October 27, 1963, Justarina Sinta Marisi Naiborhu earned her undergraduate degree from Institut Pertanian Bogor, Master in International Securities, Investment and Banking from Reading University, UK, and Master of Management from Universitas Indonesia. Previously she was President Director of PT CIMB-Principal Asset Management (2008 – 2011), Director of PT CIMB-GK Securities Indonesia (2003 – 2008), Vice President of Institutional Business & Advisory PT Kuo Capital Raharja (2001 – 2003), Portfolio Manager of Institutional Asset Management of PT Danareksa Investment Management (1999 – 2001), and Research & Development Analyst then Assistant to President Director of PT Bursa Efek Jakarta (1992 – 1997).

She was 51 years old by December 31, 2014 and first appointed as President Director of PT Toba Bara Sejahtra Tbk on May 5, 2011. She has no affiliation with other members of Board of Directors, Board of Commissioners or shareholders.

Pandu P. SyahrirDirector02

Born in Boston - United States, May 17, 1979, Pandu Patria Syahrir graduated with a Bachelor Degree from the University of Chicago, United States and holds a Master of Business Administration Degree from Stanford Graduate School of Business, United States. Prior to joining the Company, he was Senior Analyst focusing on energy and mining sectors at Matlin Patterson from 2007, Principal at Byun & Co., an Asian alternative energy fund (2002 – 2005) and Analyst at Lehman Brothers (2001 – 2002).. In 2014 he received “Asian Society Young Leaders Awards”, which is an award for young leaders under the age of 40 years from Asia Society.

He was 35 years old by December 31, 2014 and first appointed as Director of PT Toba Bara Sejahtra Tbk on October 1, 2010. He has no affiliation with other members of Board of Directors, Board of Commissioners or shareholders.

Arthur M. E. SimatupangDirector03

Born in Bandung - West Java, February 12, 1973, Arthur Mangaratua Ebenhaezer Simatupang graduated with a Bachelor degree in International Business from University of Seattle, United States, and earned a Master of Commerce in Finance and Accounting from The University of Sydney, Australia. He served as Advertising and Promotion Supervisor at PT Indofood Sukses Makmur Tbk (1998 -2004) and Director and Chief Financial Officer at ABN since 2007.

He was 41 years old by December 31, 2014 and first appointed as Director of PT Toba Bara Sejahtra Tbk on May 5, 2011. He has no affiliation with other members of Board of Directors, Board of Commissioners or shareholders.

Sudharmono SaragihDirector04

Born in Pematang Siantar – North Sumatra, August 2, 1978, Sudharmono Saragih graduated with a Bachelor Degree in Mining Engineerig with concentration in General Mining from Institut Teknologi Bandung. He served as Project Manager at PT Toba Sejahtera (2011-2012), Site Manager of PT Raja Kutai Baru Makmur, Ancora Group (2010 - 2011), Operations Manager of PT Wijaya Karya Aneka Mineral, Harita Group (2009 - 2010), Site General Manager of PT Agrabudi Jasa Bersama, Titan Mining Indonesia Group (2009), Operations General Manager of PT Riau Bara Harum, Andaru Resources Group (2008 - 2009) and Production Inspector at PT Kaltim Prima Coal (2004-2005).

He was 36 years old by December 31, 2014 and first appointed as Director of PT Toba Bara Sejahtra Tbk on June 20, 2012. He has no affiliation with other members of Board of Directors, Board of Commissioners or shareholders.

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36 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

SHAREHOLDERSINFORMATION

Name of Shareholders Numbers of Shares Share Ownership

PT Bara Makmur Abadi 125,755,000 6.25%

Bintang Bara B.V 201,250,000 10.00%

PT Sinergi Sukses Utama 102,700,000 5.10%

PT Toba Sejahtra 1,444,750,000 71.79%

Shareholders Owning More Than 5%

Report of Share Ownership - Directors & Commissioners per 31 December 2014

Name Position Number of Shares Percentage

Jusman Syafii Djamal President Commissioner 0 0.00%

Bacelius Ruru Independent Commissioner 0 0.00%

Farid Harianto Independent Commissioner 0 0.00%

Justarina S. M. Naiborhu President Director 0 0.00%

Pandu P. Syahrir Director 0 0.00%

Arthur M. E. Simatupang Director 0 0.00%

Sudharmono Saragih Director 54,800 0.003%

Total 54,800 0.003%

PT Sinergi Sukses Utama 5.1%

Roby Budi Prakoso 3.6%

PT Toba Sejahtra 71.8%

Davit T. Pandjaitan 0.8%

PT Bara Makmur Abadi 6.2%

Publik 12.5%

Luhut Pandjaitan 99.98%

PT Adimitra Baratama Nusantara 51%

PT Toba Bumi Energi 99.99%

PT Trisensa Mineral Utama 99.99%

PT Perkebunan Kaltim Utama I 90.00%

PT Indomining 99.99%

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 37

Information on the Majority Controlling ShareholderThe Company is majority held by PT Toba Sejahtra (TS), which holds 71.8% shares of the Company, and indirectly owned by Mr. Luhut Pandjaitan, which holds 99.98% shares of Toba Sejahtra.

PT Toba Sejahtra is a limited liability company incorporated under Indonesian law on 6 August 2004, and is currently engaged in the mining, energy and plantation sector. The businesses of TS comprise of, among others, natural resources (thermal coal and oil and gas), power plants (as Independent Power Producer of coal-fired, gas-fired and geothermal power plants), as well as agricultural and plantation resources (oil palm, rubber, sugar cane, and forestry). The TS Group currently comprises of 16 affiliated companies that are engaged in broad ranging industry sectors.

Toba Sejahtra collaborates with leading companies from Indonesia and overseas in developing various assets and natural resources in Indonesia, with the aim of harnessing the Indonesian natural resources in the best possible way to improve the welfare of the Indonesian people.

Chronology of Share ListingThe Company listed its shares on the Indonesia Stock Exchange on July 6, 2012, under challenging conditions for the coal market in general. A total of 210,681,000 common shares at a nominal value of Rp 200 per share were listed on the Exchange, representing 10.47% of the Company’s fully paid and invested capital. The shares offered to the public at the IPO at a price of Rp 1,900 per share generated proceeds of Rp 400,293,900,000 for the Company. It is listed on IDX with the ticker code of TOBA.

Report of Use of Proceeds Per December 2014 (in million Rp)

NoType ofPublic

Offering

EffectiveDate

Realization of Public Offering Plan of Use of Proceeds as Disclosed in Prospectus R Realization of Use of Proceeds as Disclosed in Prospectus

RemainingProceeds

ofIPO

TotalProceeds

fromPublic

Offering

Expensesof PublicOffering

Net Proceeds

Paymentof Loanto BNPParibas

CapitalExpenditures

Acquisition ofCoal MiningConcession,

WorkingCapital and

Operational,and Exploration

Activities

Total

Bayar Pinjaman ke BNP Paribas

CapitalExpenditures

Acquisition ofCoal MiningConcession,

WorkingCapital and

Operational,and Exploration

Activitie

Total

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

1 IPO 6-Jul-12 400,294 38,871 361,423 94,476 189,711 77,236 361,423 94,116 179,396 77,236 350,748 10,675

Total 400,294 38,871 361,423 94,476 189,711 77,236 361,423 94,116 179,396 77,236 350,748 10,675

Notesa. (i) Plan of use of proceeds as disclosed in Prospectus. 7 More or less 26.14% from the net proceeds to be used to repay loan facilities from BNP Paribas. 8 More or less 52.49% from the net proceeds to be used for capital expenditure to support mining activities, infrastructure and facilities development in the

concession areas of the subsidiary entities. 9 More or less 21.37% from the net proceeds to be used as working capital for the Company and subsidiary entities and to finance exploration activities in

the subsidiary entities’ concession areas and to acquire coal mining concessions. (ii) Realisation of use of proceeds as disclosed in Prospectus. 11 Repayment of the loan principal to BNP Paribas amounting to US$9,946,782.69 equivalent to Rp94,116 million. 12 Capital expenditures related to the procurement of fixed assets for the Company and the development of supporting facilities in the concession areas of

subsidiary entities. 13 Financing of working capital and exploration activities in the three subsidiary entities’ concession through loans extended to the subsidiary entities

amounting to Rp18,485 million. Financing of operations and working capital of the Company

b. Fund from the proceeds of the IPO as of 31 December 2014 was deposited in Standard Chartered Bank (non affiliated) with a tenor of one month, earning a Rupiah interest rate of 7.50%.

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38 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

BRIEF DESCRIPTION OF OPERATING SUBSIDIARIES

PT INDOMINING

99.99% PT Indomining is a subsidiary company of PT Toba Bumi Energi, which is wholly controlled by the Company. The Indomining coal concession is located in Sanga-Sanga, Kutai Kartanegara, East Kalimantan, and covers 683 hectares, adjacent to the concession of ABN.

IM has a total estimated coal resources amounting to 37 million tons, and has its own coal mining infrastructures that include a crusher, land conveyor and jetty. IM can transport crushed coal from the ROM stockpile through the overland conveyor directly onto docked barges in the jetty. IM began production in 2007 and in 2013 produced a total of 1.4 million tons of coal.

Board of Commissioners

Paulina Maria Dame Uli Pandjaitan President Commissioner

Imelda The Commissioner

Aurelia Marsaulina Simatupang Commissioner

Soenggoel Pardamean Sitorus Commissioner

Sintong Pandjaitan Commissioner

Board of Commissioners

Godlief Manangkak Timbul Silaen President Commissioner

Roby Budi Prakoso Commissioner

Saswinadi Sasmojo Commissioner

Lutfi Ismail Commissioner

PT ADIMITRA BARATAMA NUSANTARA

51% Percentage Ownership of the Company

PT Adimitra Baratama Nusantara (ABN) is a fast-growing thermal coal producer located in Sanga- Sanga, Kutai Kartanegara, East Kalimantan, Indonesia and covers 2,990hectares. First set up in 2004, ABN has been a majority-owned subsidiary entity of the Company since 2010.

ABN has a total estimated resources of 156 million tons of coal. Currently, ABN produces two varieties of blended thermal coal, ABN 52 and ABN 58. In 2013 it produced 4.2 million tons of coal, with main infrastructures that comprise of coal stockpile, crusher, overland conveyor and jetty. In 2013, more than 80% of ABN production is estimated to be higher than 5,600 GAR. ABN transports its coal from the ROM stockpile through the overland conveyor of less than five kilometers, which directly loads the coal to 300-feet barges at the jetty.

Board of Directors

Arthur M. E. Simatupang President Director

Alvin Sunanda Director

Board of Directors

Hamid Awaluddin President Director

Sudirdjo Widjaja Director

Michael Soerijadji Director

Pandu P. Syahrir Director

Sudharmono Saragih Director

Percentage Ownership of

the Company

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 39

PT TRISENSA MINERAL UTAMA PT PERKEBUNAN KALTIM UTAMA I

99.99% 90% Percentage Ownership of the Company

PT Trisensa Mineral Utama (TMU) is a wholly owned(99.99%) subsidiary of the Company. The TMU concession is located in Kutai Kartanegara, East Kalimantan, and covers 3,414 hectares. Trisensa has completed the construction of a coal-hauling road to IM through ABN in order to use IM’sinfrastructures.

TMU has an estimated total resources of 43 million tons. TMU commenced production in October 2011, and in 2013 produced approximately 925 thousands tons of coal.

PT Perkebunan Kaltim Utama I (PKU) is a subsidiary entity of the Company with a majority share (90%) of PKU, which is engaged in the oil palm plantation business. PKU holds the Rights to Cultivate Oil Palm Plantation (HGU) of a site totalling 8,633 hectares in the Teluk Dalam Bario, Pula Seribu Village, Muara Jasa District, Jawa County, Sanga-Sanga Regency,and in Tani Bhakti Village, Batuah, Loa Janan District, Kutai Kartanegara Regency, East Kalimantan for a period of 30 years.

Board of Commissioners

Tjokro Saputrajaya President Commissioner

Bok Maria Laurensia Commissioner

Salikin Moenits Commissioner

Eddy Kustiwa Koesma Commissioner

Board of Commissioners

Lutfi Ibrahim Nasution President Commissioner

Lutfi Ismail Commissioner

Board of Directors

Suaidi Marasabessy President Director

Elim Khiat Director of Finance

Hartanto Saputrajaya Nyoto Director of Operations

Board of Directors

Suaidi Marasabessy President Director

Elim Khiat Director

Percentage Ownership of

the Company

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40 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

CAPITAL MARKET SUPPORTINGPROFESSIONALS

NoSupportingInstitutions Name of Institutions Address Period

1 Public Accountant KAP Purwantono, Suherman & Surja

Gedung Bursa Efek IndonesiaTower 2, 7th floorJl. Jend. Sudiman Kav. 52-53Jakarta 12190T: (021) 5289 5000F: (021) 5289 4100

2013 - 2014

2 Notary Aryanti Artisari, SH. M. Kn

Menara Sudirman, 18th floorJl. Jend. Sudirman Kav. 60Jakarta 12190T: (021) 520 4778F: (021) 520 4780

-

3 Share Registrar PT Datindo Entrycom

Wisma Diners Club AmexJl. Jend. Sudirman Kav. 34-35Jakarta 10220T: (021) 570 8870F: (021) 570 9026

Since 2012

4 Public Appraisal Firm Jennywati, Kusnanto & Rekan

Plaza Bapindo CitibankTower, 27 th floorJl. Jend. Sudirman Kav. 54-55Jakarta 12190T: (021) 526 0808F: (021) 526 6006

-

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ADDRESS OF COMPANYAND SUBSIDIARIES

PT TOBA BARA SEJAHTRA TBKWisma Bakrie 2,16th floorJl. H.R. Rasuna Said Kav. B-2Jakarta 12920, IndonesiaT: (021) 5794 5779F: (021) 5794 [email protected]

Operating Subsidiaries Office Site

PT ADIMITRA BARATAMA NUSANTARA

Jakarta OfficeWisma Bakrie 2, 11th floorJl. H.R. Rasuna Said Kav. B-2Jakarta 12920, IndonesiaT: (021) 579 42103F: (021) 579 42130

Jl. Habiba RT 04Kelurahan Jawa, Sangasanga 75254Kab. Kutai Kartanegara - SamarindaEast KalimantanIndonesiaT/F: (0541) 671 259

PT INDOMINING

Jakarta OfficeWisma Bakrie 2, 11th floorJl. H.R. Rasuna Said Kav. B-2Jakarta 12920, IndonesiaT: (021) 579 30579F: (021) 579 30580

District 5, Jl. Gajah MadaKel. Sangasanga Dalam, Kec. Sangasanga, Kab. Kutai Kartanegara - Samarinda, East KalimantanIndonesiaT: (0541) 671 387F: (0541) 671 310

PT TRISENSA MINERAL UTAMA

Jakarta OfficeWisma Bakrie 2, 11th floorJl. H.R. Rasuna Said Kav B-2Jakarta 12920, IndonesiaT: (021) 5793 0568/9F: (021) 5793 0570

KM 23 Desa Tani HarapanKecamatan Loa JananKab. Kutai Kartanegara - SamarindaEast KalimantanIndonesiaT/F: (0541) 726 8231

PT PERKEBUNAN KALTIM UTAMA I

Jakarta OfficeWisma Bakrie 2, 11th floorJl. H.R. Rasuna Said Kav B-2Jakarta 12920, IndonesiaT: (021) 5794 5779

Desa Tani HarapanKecamatan Loa JananKab. Kutai Kartanegara - SamarindaEast KalimantanIndonesiaT/F: (0541) 796 4704

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42 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

MANAGEMENTDISCUSSIONAND ANALYSIS

Although the coal market has not moved from its position of oversupply and declining demand, in the long-term, coal demand will continue to increase along with the world energy demand as driven by population growth and increase in Gross Domestic Product (GDP).

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44 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

Indonesia is one of the largest coal producers and exporters in the world. Since the early 1990s, when the coal mining sector was reopened for foreign investment, the Indonesian coal industry has increased rapidly both in terms of production and sales volumes. The domestic use of coal to this day is relatively low compared to the Indonesian coal exports which range between 70% - 80% of the total coal production. Production, exports and domestic sales are expected to grow at least by 10% every year.

Based on the report of BP Statistical Review of World Energy published in 2014, in 2013 Indonesia was in the fifth place of coal producer in the world after China, the USA and Australia.

Country

Production(million Mt)

Consumption(million Mt)

2012 2013 2012 2013

China 3,645.0 3,680.0 1,856.4 1,925.3

United States 922.1 892.6 436.7 455.7

India 606.5 605.1 302.3 324.3

Australia 452.8 478.0 47.3 45.0

Indonesia 386.0 421.0 50.4 54.4

Table: Big five of world coal producers(Source: BP Statistical Review of Wold Energy June 2014)

INDUSTRYOVERVIEW

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From the table above, it shows that although Indonesia was the fourth as a producer, but its domestic consumption was still very low. In contrast, more than 80% of Indonesian coal production entered into the global market that puts Indonesia the world’s largest coal exporter.

Based on data from Indonesian-Investments, most of exported thermal coal consisted of the medium quality type (between 5,100 and 6,100 kcal/kg) and the low quality type (below 5,100 kcal/kg) which were largely absorbed by China and India markets. Moreover, approximately 60% of Indonesia’s total coal reserves consisted of low quality coals that were cheaper (sub-bituminous) containing less than 6,100 kcal/kg. Pertaining to the global coal reserves, Indonesia is currently ranked 10th having approximately 3.1% of total proven global coal reserves according to BP Statistical Review of World Energy 2014.

COAL MARKET CONDITIONS 2014

Entering 2014, the coal industry showed no indication of improvement. The coal market has not moved from its position of oversupply and declining demand since 2011.

China which has been the world’s largest coal importer began to reduce the use of low rank coal for developing environmentally friendly power plants. China’s policy shocked the other exporting countries because in 2013 alone China absorbed coal supply of 1.9 billion tons or 50.3% of total world coal consumption.

In addition, excess supply in global market was also triggered by flooding products from South Africa and the United States. Coal supply increased faster than demand was also due to some new mines commencing production phase. One of the world’s largest thermal coal exporters mentioned that thermal coal shipments

By the end of 2014, global coal prices have declined by 27.8% compared to prices at the end of 2013, as the combined result of weakening demand growth in China and relatively high supply.

2014 Total Coal Production in Indonesia

435 million tons

2014 Exported coal from Total Pro-duction Indonesia

82.5%

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46 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

INDUSTRYOVERVIEW

by sea rose by 22.0% between 2011 and 2013. As a result, the price of thermal coal used in power plants was traded at its lowest level in five years. Meanwhile, metallurgical coal, steel raw materials, was traded almost at the lowest level in seven years.

Newcastle Price Index (NEWC) decreased by 16.2% from US$ 93.2/ton in the first quarter of 2013 to US$ 78.1/ton in the first quarter of 2014. Entering mid-year, the price weakening continued. NEWC Price Index fell to US$ 73.1/ton in the second quarter and the third quarter dropped to US$ 68.4/ton. By the end of the year, coal prices continued to weaken to US$ 63.5/ton on December 31, 2014. Thus, in just a single year, coal prices declined by 26.0% compared to US$ 85.9/ton by the end of 2013.

The main cause of declining coal prices was a combination of weakening demand growth in China and relatively high inventories due to declining domestic coal prices. In addition, uncontrolled production of the major supplying countries like Indonesia and Australia

added up the pressure on world coal prices. Hence, the estimated coal price in short to medium term would be in the same range.

The Indonesian government made an effort to help drive up coal price. Ministry of Energy and Mineral Resources (ESDM) set a coal production quota of 397 million tons in 2014. This enforcement of production quotas was expected to help lift the domestic and international coal prices.

However this production quota is predicted not to run effectively. Large-scale manufacturers continue their coal productions according to the agreements. Many coal producers focus on efficiency by cutting operating costs, reducing labors, delaying capital expenditures for large-scale development and renegotiating contracts. Uncertain market conditions force every coal industry player to operate efficiently, effectively and responsively to market demand.

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FUTURE PROSPECTS

Given the growing energy needs, the coal industry players remain optimistic about the coal future. Quoted from the report of BP Statistical Review of World Energy released in June 2014, coal consumption continued to grow by 3% in 2013. Although the figure was still below the average growth in 10 years of 3.9%, nevertheless coal was the most rapidly-growing fossil fuel.

World energy demand will continue to increase as driven by population growth and increase in Gross Domestic Product (GDP). Economic growth in Asia, which contributes to the world economic growth, strongly affects the world energy demand. According to projections of International Energy Agency (IEA), by 2030 the world energy demand would increase by 45.0%, or an average increase of 1.6% per year. Approximately 80% of the world’s energy needs are met by fossil fuels. Only around 20% comes from renewable energy.

According to IEA projections for the period 2006-2030, about 87.0% of the world’s energy demand comes from non-OECD countries. Energy demand growth in China was projected to be the greatest among other areas. India in recent years also showed quite large growth in energy demand, one level below China.

Of the energy growth, coal ranks second after oil as energy supply source. Coal consumption is expected to increase three times by 2030. Approximately 97.0% of coal users are non-OECD countries and China becomes the largest user, which is about 2/3 of the total world consumption. Coal is still needed to meet the demand for power plants construction in a number of areas in line with economic and revenue growth. The coal demand is expected to grow by about 2.0% per year.

Based on the report of World Energy Outlook 2013, in the regional area, coal demand in ASEAN countries is projected to increase three times during the period from 2011 to 2035 with an average growth of 4.7% per year. Strong demand in the entire South Asia is driven by increasing electricity demands.

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48 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

OPERATIONAL OVERVIEW

Toba Bara is the majority controlling shareholder in three coal mining Subsidiaries, namely ABN, IM and TMU. The Company’s business revenue depends entirely on the volume and quality of the coal produced.

Through the Subsidiaries, the Company manufactures a wide range of coal products with different calorific values. These products are the result of each concession area of different seams with various calorific values to generate products with specific characteristics according to customer specifications.

The Company’s products are sub-bituminous coal with following specifications:

Concession Area TM (Total Moisture)

IM(Inherent Moisture)

Ash VM(Volatile Matter)

HGI(Hardgrove Indexs)

TS(Total Sulphur)

CV(Calorific Value)

(%GAR) (%adb) (%adb) (%adb) (%adb)(kcal/kg)

GAD(kcal/kg)

GAR

ABN

ABN 52 23 15 6 40 45 0.8 5,800 5,200

ABN 56-HS 20 13 6 40 45 1.8 6,100 5,600

ABN 56-RS 20 13 6 40 45 0.8 6,100 5,600

ABN 58 19 11 6 40 45 0.8 6,250 5,800

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Concession Area TM (Total Moisture)

IM(Inherent Moisture)

Ash VM(Volatile Matter)

HGI(Hardgrove Indexs)

TS(Total Sulphur)

CV(Calorific Value)

(%GAR) (%adb) (%adb) (%adb) (%adb)(kcal/kg)

GAD(kcal/kg)

GAR

Indomining

Indomining-56 19 13 8 40 45 0.9 6,200 5,700

TMU

Trisensa-47 28 15 4 42 42 0.3 5,600 4,700

OPERATIONAL AND PRODUCTION PERFORMANCE

In the midst of tough coal industry conditions, the Company continues to manage costs carefully in every operational aspect of its three Subsidiaries to maintain production growth to remain stable and profitable.

One of the Company’s advantages is that the three concession areas are located next to each other. Accordingly, the Company can optimize cost efficiency program with a joint mine plan and infrastructure sharing. Undertaken cost efficiency efforts include:• Decrease stripping ratio (SR) and overburden management.• Build hauling road from TMU to IM and maximize the use of shared infrastructure such as CPP (coal processing

unit) and jetty.

One of the Company’s competitive advantages is that the three concession areas are located next to each other, thereby facilitating an optimum cost efficiency program through a joint mine plan and infrastructure sharing.

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50 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

OPERATIONALOVERVIEW

With the completion of the Coal Processing Plant (CPP) facility, coal production capacity in IM increased from 3 million tons per year to 6 million tons per year, in support of the Company’s long-term target of achieving production volume of 16 million ton per year.

Toba Bara’s ProductionVolume in 2014

8.1 million tons

Toba Bara’s Coal Production Growth in 2014

24.6%

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• Fuel efficiency.• Maximize sales through targeted marketing strategies.• Decrease in contractor cost.

In 2014, the Company built new Coal Processing Plant (CPP) facility to increase coal production capacity in IM from 3 million tons per year to 6 million tons per year. The new CPP is also used to process TMU coal thereby creating cost efficiencies and increasing capacity of coal stockpile. Therefore, the total production capacity increased from 13 million tons per year to 16 million tons per year.

The Company’s production volume increased by 24.6% from 6.5 million tons in 2013 to 8.1 million tons. Production volume achievement in 2014 was the highest in the Company’s history, whereby this production exceeded the planned target of 7.2 to 7.8 million tons. The increase in production volume was supported by the increased productions of TMU and IM. The contributions of each Subsidiary were approximately 1.4 million tons from TMU, approximately 2.3 tons from IM and approximately 4.4 million tons from ABN. The significant production increase of TMU was triggered by the completion of hauling road in the second quarter of 2013 which connects TMU and IM via ABN.

ABN remains the major contributor of the three Subsidiaries which was 54.3% of the Company’s total production, although its percentage contribution has decreased from the previous year which reached 64.6% due to the increased contributions of IM and TMU. TMU’s contribution increased from 13.8% in 2013 to 17.3% in 2014. The production volumes of IM and TMU grew by around 64.3% and 55.6% respectively in 2014.

ABN

2014

4.4

2013

4.2

13.9x 14.0x

IM

2014

2.3

2013

1.4

13.2x12.8x

TMU

2014

1.4

2013

0.9

11.8x 11.1x

Production Volume (million tons) SR (x)

Chart: Production and SR (stripping ratio) growth of ABN, IM and TMU

Compared to 2013, SR decreased by 0.7% from 13,4x to 13.3x reflecting the Company’s efforts to improve efficiency in the midst of the weakened condition of the coal price. In line with its strategy to reduce overall costs continually in order to maintain profit margin, the Company maintains SR and Overburden (OB) at a stable position, considering both of these components, including fuel, account for 65-70% of the total cash cost.

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52 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

9.0

8.0

7.0

6.0

5.0

4.0

3.0

2.0

1.0

0.0

16.0x

15.0x

14.0x

13.0x

12.0x

11.0x

10.0x

2012 2013 2014

TMU IM ABN SR (x)

Production Volume & SR

Graph: Production and SR

5.6

14.9

6.5

13.4

8.1

13.3

SRmillion ton

PROFITABILITY

With Newcastle Index price down 17% year-on-year, the Company managed to keep its Average Selling Price (ASP) that only decreased by 4.4% from US$ 66.6 in 2013 to US$ 63.7 in 2014. This could be achieved because the Company obtained sales contracts with

fixed prices from qualified buyers at the end of 2013 for most of the production plan in 2014. The Company could maximize its price structure to anticipate the less favorable coal market condition. Payment mechanism was very beneficial to the Company as most of the buyers prepaid their transactions based on certain percentage of the contract values. The Company booked revenue of US$ 500.0 million, increasing by 18.5% from US$ 421.8 million in 2013.

Chart: Price fluctuation of NEWC Index and Average Selling Price

200

180

160

140

120

100

80

60

40

20

020142013201220112010200920082007

US$ 63.7/tonUS$ 66.6/ton

US$ 72.5/ton

US$ 91.3/ton

US$ 65.5/ton

US$ 50.1/ton

US$ 62.5/ton

US$ 41.5/ton

NEWC Index ASP

US$/ton

OPERATIONALOVERVIEW

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On the cost side, in 2014 the Company was able to reduce FOB cash cost by 3.0% due to cost efficiency efforts supported by better mine plan and lower fuel cost. Overall, the Company managed to increase EBIDTA by 14.8% to US$ 67.3 million compared to US$ 58.6 million in 2013. Profit in 2014 reached US $ 35.8 million, an increase of 3.5% from the profit achievement in 2013. With an average quarterly run-rate production reaching 2.0 million tons, hence EBITDA per ton in 2014 stabilized at US$ 8 - US$ 10 per ton.

Operational 2013 2014 Change

Newc. Index US$/ton 85.3 70.8 (17.0)%

Average Selling Price (ASP) US$/ton 66.6 63.7 (4.4)%

Production Volume Million ton 6.5 8.1 24.6%

Sales Volume Million ton 6.3 7.9 25.4%

Stripping Ratio x 13.4 13.3 (0.7)%

Financial

Sales US$ Million 421.8 500.0 18.5%

EBITDA* US$ Million 58.6 67.3 14.8%

Profit for the Year US$ Million 34.6 35.8 3.5%

*EBITDA = Gross Profit - selling & marketing expenses - G&A expenses + Depreciation and amortization

Table: Key operational indicators

MARKETING

The Company produces coal with diverse characteristics and required by power plants and other users in major export markets, particularly in the Asia Pacific region. Therefore, the Company does not have significant difficulties in marketing their products, as the Company has a strong diversified customer base.

Throughout 2014, the Company sold its products to Asian countries, such as China, Korea, Taiwan, India, and the Philippines. Several internationally well-known traders and end-users such as power plant companies are some of the major customers. The Company maximizes capability of its internal marketing team to acquire new well-known end-users in Japan without spending significant marketing cost.

Integrated marketing strategies applied by the Company are:• Empower central marketing for the three Subsidiaries to build a customer base internally so as to reduce

marketing cost.• Improve buyer quality through refinement of contracts and payment terms supported by prepayment.• Maximize pricing determination through mid and long-term sales contract strategy and ideal spot.• Participate actively in prominent seminars, conferences, and trade shows to enhance the Company’s brand

awareness.

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54 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

South Korea 19.0%China

32.9%

Hong Kong

Taiwan15.2%

Thailand

Vietnam

India16.5%

Japan

Philippines

4700 GAR 16%

5200 GAR 9%

5600 GAR 64%

5800 GAR 1%

5900 GAR 9%

Others 1%

Sales Based on Product(in %)

Sales Based on Countries of Destination(Sales to other countries respectively below 3%)

Total Sales 2014 7.9 million tons

OPERATIONALOVERVIEW

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Sales Based on Countries of Destination (in million tons)

Country of Destination Total Percentage

China 2.6 33%

South Korea 1.5 19%

India 1.3 16%

Taiwan 1.2 15%

Philippines 0.3 4%

Vietnam 0.3 4%

Thailand 0.2 3%

Others 0.5 6%

Total 7.9 100%

INITIATIVES AND DEVELOPMENT

The Company has set a strategy to maintain business sustainability. Therefore, in 2014 the Company focuses on efficiency efforts to obtain positive operating margin in the middle of challenging coal market condition. In accordance with its revised mining plan, the Company sought to reduce stripping ratio in coal mining to reduce stripping cost. This was successfully done, whereby the overall stripping ratio decreased from 13.4x to 13.2x.

In addition to decreasing stripping ratio, the Company sought to optimize its competitive advantages which is having the three adjacent mine locations. The Company designed joint mine plan and infrastructure sharing among ABN, IM and TMU such as the use of overland conveyor, coal crusher, coal transportation and jetty. The Company mines in the borderland between ABN and IM to maximize the reserves and increase overburden disposal capacity. The adjacent location of ABN and IM is optimized so as to shorten overburden disposal distance, thereby reducing overburden transport cost. With coal haul road from TMU to IM via ABN, the Company can maximize the use of shared infrastructure such as CPP (Coal Processing Plant) and jetty owned by ABN or IM.

The Company has built a new CPP in IM, which can increase processing capacity of IM’s coals, accommodate TMU’s coals, increase overburden disposal capacity, reduce transportation cost, and increase stockpile capacity for raw coal and coal products. To shorten overburden disposal distance, the Company has built underpass at ABN’s location.

In 2014, the Company invested in capital expenditure of US$ 11.8 million from the budget of US$ 15.5 million. The capital expenditure was used, among others, for land acquisition financing in TMU and purchase of equipment and operational facilities to support operations at the mine site.

2014

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PROJECTS IN PROGRESS

1. In the third quarter of 2014, Perkebunan Kalimantan Utama I (PKU), a subsidiary engaged in palm oil plantation, commenced the factory construction process starting with preparation of a mill. The palm oil mill capacity is planned to be 30 tons/hour. The construction is expected to be completed by the end of 2015.

2. IM has completed the construction of conveyor belt transfer that connects the new CPP directly with the existing conveyor belt.

OPERATIONALOVERVIEW

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PROFILE OF SUBSIDIARIES

PT Toba Bara Sejahtera Tbk is a coal mining company conducting mining activities in Sangasanga, Kutai Kartanegara Regency, East Kalimantan Province. The Company has mining operational supporting infrastructure such as coal haul road, office, workshop, special coal port and other infrastructure.

The Company has three Subsidiaries engaged in coal mining with adjacent concession areas in Sangasanga, Kutai Kartanegara Regency, East Kalimantan Province. A subsidiary engaged in palm oil plantation is PT Perkebunan Kalimantan Utama I (PKU), which recently started construction of palm oil mills.

The three Subsidiaries in coal mining are:

1. PT Adimitra Baratama Nusantara (ABN) located in Sangasanga, Kutai Kartanegara, East Kalimantan. ABN operates with IUPOP license and began operating in September 2008. ABN has a land area of 2,990 hectares, with an estimated coal resource of 156 million tons.

2. PT Indomining (IM) located in Sangasanga, Kutai Kartanegara, East Kalimantan. IM operates with IUPOP license and began operating in August 2007. IM has a land area of 683 hectares, with an estimated coal resource of 37 million tons.

3. PT Trisensa Mineral Utama (TMU) located in Loa Janan, Muara Jawa and Sangasanga, Kutai Kartanegara, East Kalimantan. TMU operates with IUPOP license and began operating in October 2011. TMU has a land area of 3,414 hectares, with an estimated coal resource of 43 million tons.

Overall, the Company’s total estimated coal resource is currently 236 million tons*.

Balikpapan

East Kalimantan

Central Kalimantan

Malaysia

Major city is less than 50 km

Furthest pit to jetty ~25 km with closest ~5 km

Close proximity transhipmentpoint & jetty

Adjacent locations forthree mines

SAMARINDA

MAKASSAR STRAIT

~55 Km (total ~120 Km)

~65 Km

~120 Km MUARA JAWA

Kutai Energy

MUARA BERAUMajor city

Jetty

Transhipment Point

TMU-IM Hauling Road

TMU

IM

ABN

~25 km~5 km

IM Jetty

BALIKPAPAN

ABN Jetty

MAHAKAM RIVER

* Based on Runge report for ABN per December 31, 2011, SMGC report for IM per January 1, 2012, Marston Report for TMU per October 30, 2011

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58 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

PT ADIMITRA BARATAMA NUSANTARA

PT Adimitra Baratama Nusantara (ABN) which was established in 2006, has a mining area of approximately 2,990 hectares located in Kampung Jawa Village, Sangasanga District and Muara Kembang Village, Muara Jawa District, Kutai Kartanegara Regency, about 30 kilometers to the southeast of Samarinda, the capital of East Kalimantan. ABN’s concession area consists of two distinct regions, East ABN and West ABN. ABN operates under Mining Authority License No. 540/74/KP-Er/DPEIV/VI/2006. Based on the latest JORC report, ABN has a coal resource of about 156 million tons and coal reserve of about 117 million tons. ABN commenced exploration and infrastructure development in 2007, and commercial production in 2008.

Coal production in 2014 reached 4.4 million tons, increased by 4.8% from 4.2 million tons in 2013. ABN’s stripping ratio reached 13.9x, lower than 14.0x in 2013. This is in line with consolidation and cost-efficiency programs launched by the Company since 2013.

ABN’s operational activities provide employment for 2,006 people, consisting of 389 employees of ABN and 1,617 employees of contractors and sub-contractors. Most of employees of ABN and contractors/sub-contractors are local people of Sangasanga and Muara Jawa District, Kutai Kartanegara Regency representing approximately 61% of the total employees. While the remaining 39% come from outside of these two districts.

ABN’s infrastructure capabilities include crusher, overland conveyor and jetty, with a current capacity of approximately 10 million tons per year. Mining is conducted with surface open pit mining system. ABN’s coals have low dust content so that washing process is not required, only crushing process is required. ABN’s mining activities are carried out by two main contractors, namely PT Petrosea Tbk and PT Arkana Apta Pratista.

ABN’s coal products are included in thermal coal group with sub-bituminous and bituminous ranks and quality between 5,200 GAR – 5,800 GAR. ABN’s products are also marketed to several countries in the world, including India, China, Japan, Thailand, and Korea. ABN also supplies domestic needs such as cement and some other industries.

In a relatively short time since it began operating in 2008, ABN for three years in a row in 2011, 2012 and 2013 achieved Green rating and in 2014 earned Blue rating for PROPER, a Government environmental compliance rating program for major industries whose operations could impact on the environment.

Exploration ActivitiesA. Exploration Areas In January to March exploration activities and update

geology model were conducted.

Starting in April exploration activities were prioritized in new pit plan area which still required additional drilling data, especially in sub crop and down dip area. Undertaken exploration activities were:1. Infill drilling in new pit plan in Eastern block, which

is part of pit 1 mining development plan to obtain additional drilling data by pressing drilling space from the previous drilling data.

2. Infill drilling in anticline axis area to determine continuity and potential seam shapes in anticline axis area that could still be optimized.

3. Infill drilling in pit 1 North (active pit) to obtain additional drilling data by pressing drilling space from the previous drilling data to increase continuity confidence of the main seam toward down dip to the lower limit of pit plan.

4. Depressurization drilling to reduce water pressure and stabilize the low wall in pit 1.

5. Infill drilling (phase I) in anticline axis area to determine continuity and shape of potential seam in anticline axis area which could still be optimized.

6. Infill drilling (phase II) in anticline axis area to determine continuity and shape of potential seam in anticline axis area which could still be optimized.

7. In October there was no exploration activity, however there were geological model update and preparation of exploration activities in 2015.

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B. Measurement Methods1. Drilling is carried out using open hole drilling

method and touch coring with HQ and NQ hole diameters at an angle of 90˚ or vertical. Sample core and geophysical logging data are taken at touch coring drilling, while sample cutting and geophysical logging data are taken in at open drilling.

2. The dip in the West area ranged 70˚ - 85˚, therefore exploration drilling activities in the Western block are conducted using slanting drilling method with a slope of 45˚. The drilling system uses open hole method and touch coring. Open hole aims to determine the stratigraphy and continuity of rocks particularly coal seam. Meanwhile touch coring hole aims to take coal samples for coal quality analysis.

3. Geological structure condition in the Eastern block area has a quite flat dip of around 5 ° - 10 ° with this condition, drilling is carried out with vertical drilling method.

4. Drilling hole with size N (76.00 mm) and H (99.70 mm) is carried out with slanting drill system (45˚). For penetration depth of the existing drill types, Koken E-8 unit for 45˚ slanting condition reaches 100 meters, if vertical reaches 150 meters.

5. Crop line drilling uses vertical drilling system and drilling penetration to a depth of 30 meters using rods AW rods with a hole diameter of size N (76.00 mm).

6. Drilling is carried out using open hole drilling method and touch coring with hole diameters HQ and NQ at an angle of 90˚ or vertical. Sample core and geophysical logging data are taken at touch coring drilling, while sample cutting and geophysical logging data are taken in at open drilling.

C. Drilling Monitoring Drilling activities are carried out by drilling contractor

PT Duta Jaya Putrapersada Mining, which operates 3 drilling machines consisting of 2 Jacro 300 units and 1 Jacro 200 units used for infill drilling both open hole and touch coring. These drilling activities are supervised directly by ABN under Geology Section, Engineering Department.

D. Exploration Progress ABN’s area consists of 2 main blocks, namely the

Eastern block and the Western blocks, which are distinguished by oil/gas exclusion zone of PT Pertamina Asset V site Sangasanga in the concession area. During the period from April to July, drilling was carried out in the Eastern block and the Western block. Infill drilling Phase I completed 59 holes of the total planned 56 drilling holes, with a total depth of 5,897.40 meters from 6,167 meters planned.

In August infill drilling phase II activities were carried out in the Eastern block and Western block with a total of 1,295.10 meters (15 drill holes) so that overall, drilling progress has been completed with a total of 72 drill holes, with a total depth of 7,153.45 meters from 7,167 meters planned.

In September there was no exploration activity, but focused on verification and validation of exploration data that has been done.

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PT INDOMINING

PT Indomining (IM) has a concession area covering approximately 683 hectares in Sangasanga District, Kutai Kartanegara Regency, about 38 kilometers to southeast of Samarinda, the capital of East Kalimantan Province. According to the latest JORC report, Indomining has a total coal resource of about 37 million tons and coal reserve of around 22 million tons. IM operates under Production Business License No. 540/004/IUP-OP/MB-PBAT/III/2013 dated March 15, 2013. IM’s production phase began in August 2007, while its commercial production commenced in September 2007.

Coal production in 2014 reached 2.3 million tons, increased by 64.3% from 1.4 million tons in 2013. Stripping ratio (SR) increased to 13.2x compared to 12.8x in 2013. IM’s coal production volume increased significantly with the operation of the new CPP which added IM’s coal production capacity by six million tons per year, in addition to process coals from TMU’s mine.

IM’s operational activities provide employment for 695 people, including contractors and sub-contractors. Approximately 80% of employees come from local people to implement community development program to improve welfare of communities surrounding the mining area. IM’s mining contractor is PT RPP Contractor Indonesia. The mining activity is surface open pit mining with truck and shovel method. The quality of IM’s coal products are between 5,600 GAR with total sulfur of around 1.0%. This product is quite competitive in international and domestic markets.

In terms of environmental compliance, Indomining earned Blue rating for PROPER (Program for Environmental Compliance Performance Rating) from Governor of East Kalimantan in 2012 and 2013 as a reward for compliance with requirements of sound environmental management according to laws and regulations. In 2014, IM again earned Blue rating for PROPER from Ministry of Environment as a reward for environmental preservation compliance by major industry players that have an impact on the natural environment.

Exploration ActivitiesA. Exploration Areas Exploration activities during 2014 were prioritized

in areas that require detailed drilling to obtain geological and hydrological and geotechnical testing data.

Undertaken exploration activities were:1. Measure pit A North and South flats based on

comparison data of pick-up survey and field measurement.

2. Measure coal actual thickness in pit A North and D South for purposes of updating geological models and mining control.

3. Conduct infill drilling activity at some points which less dense spaces.

4. Check sludge material condition in acquired land area to determine sludge material thickness in order to perform geological model up-date.

5. Support the supervision of geotechnical drilling for OLC (Over Line Conveyor) construction plan in sludge area of CPP (Coal Processing Plant).

6. Evaluate geotechnical drilling proposal for high LoM pit A seam A1 coordinating with ABN’s Geological Team.

7. Review geotechnical drilling plan for high LoM pit B 3 (three) points to evaluate the design LoM pit and disposal related to failure issues.

B. Measurement Methods Drilling was conducted using open hole method NQ

type with a maximum depth of 100 meters. For rock description geophysical logging was carried out with descriptions using drilling cutting.

C. Drilling Monitoring Supervision is done directly by Indomining’s

geologists. Drilling tools use 4 drill units owned by CV Moedjiarto Mandiri Utama.

D. Exploration Progress Exploration drilling work reached a total depth of

2,047.50 meters for open hole drilling and 2,007.50 meters for geophysical logging.

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PT TRISENSA MINERAL UTAMA

PT Trisensa Mineral Utama (TMU) has a mining area that is administratively included in the territory of three districts, namely Loa Janan, Sangasanga and Muara Jawa, Kutai Kertanegara Regency. The location is about 40 kilometers to the southeast of Samarinda, the capital of East Kalimantan Province. The total concession area covers 3,414 hectares with area code KTN 2010 3133 OP. TMU obtained approval to conduct mining activities and sell the mined materials as stipulated in Decision of Kutai Kartanegara Regent No. 540/3133/IUP-OP/MB-PBAT/XII/2010 concerning provision of Mining Permit (KTN 2010 3133 OP) dated December 14, 2010. Based on the latest JORC report which only covered an area of 680 hectares of the concession, TMU has coal resource of about 43 million tons and coal reserve of about 8 million tons.

Coal production in 2014 reached a total of 1.4 million tons, increased by 55.6% from 925 thousand tons in 2013. Stripping ratio (SR) rose from 11.1x in 2013 to 11.8x in 2014.

TMU’s operational activities provide employment for 119 people while for contractors and sub-contractors there are 929 people divided in 2 shifts. The mining contractor is PT Surya Teknik Anugrah (STA) and PT Bina Sarana Success (BSS). Mining activities are conducted using surface open pit mining system with truck and shovel method. TMU’s coal products have an average calorie of 4,700 GAR with Total Sulphur (TS) below 1%. This coal quality is sufficient to meet market demand that requires coals with low sulphur. Exploration ActivitiesA. Exploration Areas TMU’s exploration activities in 2014 were crop

line drilling in pit B4D area block 3 and West 5A concentrated on seam D and pit KL area block 4 beginning in January 2014. In July, crop line drilling followed pit movement for Block 3 and 2 areas, which was extend pit B4D to the North and in December crop line drilling in anticline area of east wing in block 3.

B. Measurement Methods Because the dip in the western area ranged 70˚-

85˚ then exploration drilling in west anticline was conducted using 45˚ slanting drilling. There are 2 drilling systems namely open hole and touch coring. Open hole aims to determine Stratigraphy and Continuity of the rocks especially coal seam. Meanwhile touch coring hole aims to conduct coal sampling for coal quality analysis. Drilling holes are of size N (76.00 mm) and H (99.70 mm) with slant drilling system (45˚). To penetrate the depth with the existing drill types, Koken E-8 Unit is for 45˚ slant condition reaching 100 meters, or if vertical reaching 150 meters.

Meanwhile geological structure condition in the eastern block, the dip is relatively flat nearly 5º -10º so that drilling activities in the eastern block area use vertical drilling system and drilling penetration to a depth of 30 meters. The rods used are Aw rods type with a hole diameter of size N (76.00 mm).

C. Drilling Supervision Drill tools which are used are owned by TMU

including 1 power rig unit. Drilling supervision is carried out by TMU’s well site geologist.

D. Exploration Progress Exploration drilling undertaken by TMU throughout

2014 reached 157 holes with a total depth of 3,041.5 meters.

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FINANCIAL REVIEW

The following discussion should be read together with financial and operational data as well as the consolidated financial statements and notes to the financial statements contained in this annual report. This discussion is based on the consolidated financial statements of PT Toba Bara Sejahtra Tbk and Subsidiaries for the years ended December 31, 2014 and 2013, which have been audited by Public Accounting Firm Purwantono, Suherman & Surja (a member of Ernst & Young Global network). All numbers presented in this Financial Review is consolidated financial figures of the Company and its subsidiaries.

INCOME STATEMENTS

(in US$) 2014 2013 Δ

Statement of Comprehensive Income Statement

Sales 499,965,642 421,849,737 18.5%

Cost of Good Sold (413,764,435) (342,297,332) 20.9%

Gross Profit 86,201,207 79,552,405 8.4%

General and administrative expenses (31,205,900) (28,679,546) 8.8%

Selling and marketing expenses (364,698) (528,132) (30.9)%

Foreign Exchange gain (loss) 82,262 (8,205,950) (101.0)%

(Loss) gain on derivative instruments (59,647) 693,712 (108.6)%

Gain on settlement of pre-existing intercompany account - 7,535,475 (100.0)%

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(in US$) 2014 2013 Δ

Other income (expenses) 1,376,024 (352,650) (490.2)%

Operating Profit 56,029,248 50,015,314 12.0%

Finance income 2,511,526 4,067,768 (38.3)%

Finance charge (4,643,549) (3,680,063) 26.2%

Profit Before Tax Expense 53,897,225 50,403,019 6.9%

Tax expense (18,096,721) (15,799,226) 14.5%

Profit For The Year 35,800,504 34,603,793 3.5%

Other comprehensive income

Difference in foreign currency translation of the financial statements of subsidiary - net

260,662 1,528,929 (83.0)%

Effective portion of the fair value change of derivative instruments - cash flows hedge - net

(3,919,319) - 100.0%

Other Comprehensive Income (3,658,657) 1,528,929 (339.3)%

Total Comprehensive Income for The Year 32,141,847 36,132,722 (11.0)%

Profit for The Year Attributable to:

Equity holders of the parent entity 18,327,272 18,543,538 (1.2)%

Non-controlling interest 17,473,232 16,060,255 8.8%

Total 35,800,504 34,603,793 3.5%

Basic Earnings per Share Attributable to Equity Holders of The Parent Entity 0.0091 0.0092

Toba Bara recorded an increase of 18.5% in sales, where 67.0% of total sales were derived from four major customers who have increased their purchase volume significantly compared to the previous year as a reflection of customers’ trust to the quality of the Company’s products.

2014 Sales Value(US$ million)

500.02014 Profit(US$ million)

35.8

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64 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

A. Sales Amidst pressure of coal prices with the Newcastle

Index declining by 17.0%, the Company was able to limit the decline in its Average Selling Price (ASP) by only 4.4%, from US$ 66.6 per ton to US$ 63.7 per ton. This was attributable to successful efforts by the Company to secure fixed price sales contracts with qualified buyers at the end of 2013 for most of the production plan in 2014. With this type of sales contract, the Company was able to maximize the price structure in anticipation of the less favorable coal market condition.

Sales volume in 2014 reached 7.9 million tons, an increase of 25.4% from 6.3 million tons in 2013. The Company recorded sales revenue of US$ 500.0 million, up by 18.5% from US$ 421.8 million in 2013. Approximately 67.0% of total sales were derived from the Company’s four major customers whose purchase volume significantly increased compared to 2013. This reflected the customers’ trust in the Company’s commitment of product quality and delivery.

B. Cost of Goods Sold Cost of goods sold increased by 20.9% from US$

342.3 million in 2013 to US$ 413.8 million in 2014 due to the Company’s increased production volume by 24.6% from 6.5 million tons in 2013 to 8.1 million tons. The percentage increase in COGS was lower than the percentage increase in production volume as a result of the Company’s cost efficiency efforts including stripping ratio and fuel prices reduction. This was reflected in a decrease in cash cost FOB of 3.0% from US$ 52.8/ton in 2013 to US$ 51.3/ton in 2014. FOB cash cost components consisted of cost of goods sold plus royalty and selling and marketing expenses minus depreciation and amortization.

Cost of production increased by 25.5% from US$ 296.7 million in 2013 to US$ 372.3 million as a consequence of the increase in production volume.

C. Gross Profit The Company recorded a gross profit of US$ 86.2

million in 2014, an increase of 8.4% from US$ 79.6 million in 2013 due to increased sales volume accompanied with ongoing cost efficiency strategy. Although the Newcastle Index continued to decline, the Company was able to achieve growth by increasing production volume optimally to meet sales commitments resulting in an increase in gross profit.

Tries Nainggolan

Tries Nainggolan joined the Company in November 2012 as GM-Finance. Previously he worked as a Business Analyst and Financial Planning in the health services sector (Siloam Hospitals Group) and retail sector (Limited Brands, Inc. and Foot Locker, Inc.). Tries holds a Bachelor degree in Finance from Pennsylvania State University and a Masters degree in Public Policy and Management from Ohio State University, the United States.

D. EBITDA and EBITDA Margin Although the global coal market conditions were still

not conducive and coal prices were still weak, the Company recorded an EBITDA of US$ 67.3 million, an increase of 14.8% from US$ 58.6 million in 2013. The combination of increased sales volume, efficiency initiatives and increased sales and marketing activities managed to maintain EBITDA margin at 13.5% compared to 13.9% in 2013.

FINANCIALREVIEW

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E. Selling and Marketing, General and Administrative Expenses

Selling and marketing expenses decreased by 30.9% to US$ 364.7 thousand compared to US$ 528.1 thousand in 2013. Efficiency of selling and marketing expenses was achieved because the Company managed to maximize the capability of its internal marketing team to perform direct approach to new end-user customers, especially from Japan, and thus significantly reduce third party marketing expenses.

General and administrative expenses in 2014 were recorded at US$ 31.2 million, an increase of 8.8% from US$ 28.7 million in 2013, primarily due to tax expense in 2014.

F. Other Income/Expenses Other income/expenses consisted of domestic

market obligation transfer expenses, income/expense from dispatch and demurrage and other income/expenses. Other income - net of US$ 1.4 million mainly consisted of income from dispatch and demurrage.

G. Operating Profit The Company recorded an operating profit of US$

56.0 million in 2014, an increase of 12.0% from US$ 50.0 million in 2013.

H. Profit for the Year After the net tax expense for 2014 which amounted to

US$ 18.1 million, the Company recorded a profit for the year of US$ 35.8 million, an increase of 3.5% from US$ 34.6 in 2013.

I. Other Comprehensive Income In 2014 the Company recorded other comprehensive

income of US$ 3.7 million, mostly representing the effective portion of exchange differences of fair value of derivative instrument – cash flow hedging. In 2013, the Company recorded other comprehensive income from exchange differences arising from translation of financial statements of PKU, a subsidiary, amounted to US$ 1.5 million.

J. Total Comprehensive Income for the Year The Company’s total comprehensive income for the

year in 2014 reached US$ 32.1 million, declining by 11.0% from US$ 36.1 million in 2013.

STATEMENT OF CASH FLOWS

(in US$) 2014 2013 Δ

Net cash provided by operating activities 18,897,029 63,868,001 (70.4)%

Net cash used in investing activities (13,122,972) (2,904,776) 351.8%

Net cash used in financing activities (21,077,976) (28,079,483) (24.9)%

(Decrease) Increase in Cash and Cash Equivalents (15,303,919) 32,883,742 (146.5)%

Cash and Cash Equivalents at Beginning of The Year 63,301,639 36,307,011 74.4%

Effect of foreign exchange rate changes (158,933) (5,889,114) (97.3)%

Cash and Cash Equivalents at End of Year 47,838,787 63,301,639 (24.4)%

Net cash flows provided by operating activitiesNet cash provided by operating activities decreased by 70.4% from US$ 63.9 million in 2013 to US$ 18.9 million. This was mainly due to an increase in payments to suppliers by 27.4% from US$ 324.2 million in 2013 to US$ 413 million, an increase in payments of royalty by 25.8% of from US$ 22.5 million in 2013 to US$ 28.3 million, and payment for corporate income taxes which increased by 110.2% from US$ 8.9 million in 2013 to US$ 18.7 million.

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66 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

Net cash flows used in investing activitiesNet cash used in investing activities increased by 351.8% from US$ 2.9 million in 2013 to US$ 13.1 million in 2014. In 2014, cash used in investing activities were used primarily for acquisition of fixed assets, disbursement for exploration and development expenditures, acquisition of mining assets and advances for fixed assets purchase.

Net cash used in funding activitiesNet cash used in funding activities decreased from US$ 28.1 million in 2013 to US$ 21.1 million in 2014. In 2014, cash used in funding activities were primarily used for payment of dividends.

Overall, at the end of 2014, cash and cash equivalents decreased by US$ 15.3 million. After taking into account the impact of exchange loss of US$ 158.9 thousand in cash and cash equivalents denominated in rupiah, cash and cash equivalents at December 31, 2014 were US$ 47.8 million, or decreased by 24.4% compared to US$ 63.3 million at December 31, 2013.

STATEMENT OF FINANCIAL POSITION

A. Assets Total assets of the Company decreased by 3.5% from US$ 311.6 million at the end of 2013 to US$ 300.6 million as

current assets decreased by 13.6% from US$ 130.2 million in 2013 to US$ 112.5 million while non-current assets increased by 3.7% from US$ 181.4 million in 2013 to US$ 188.1 million.

(in US$) 2014 2013 Δ

Current Assets

Cash and cash equivalents 47,838,787 63,301,639 (24.4)%

Trade receivables

• Third parties 10,721,711 16,598,657 (35.4)%

• Related parties 578,709 1,157,419 (50.0)%

Other receivables

• Third parties 5,968,015 6,398,865 (6.7)%

Inventories 41,963,307 32,389,968 29.6%

Prepaid taxes 12,422 6,791,548 (99.8)%

Prepayments 2,291,105 2,165,661 5.8%

Advances 2,569,730 1,395,027 84.2%

Derivative receivables 552,308 - 100.0%

Total Current Assets 112,496,094 130,198,784 (13.6)%

FINANCIALREVIEW

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 67

(in US$) 2014 2013 Δ

Non-Current Assets

Other receivables – related parties 29,627,761 30,789,323 (3.8)%

Advances 4,435,318 807,083 449.5%

Estimated claims for tax refund - 748,305 (100.0)%

Plantations

• Mature plantations 15,889,338 13,105,673 21.2%

• Immature plantations 67,150 3,710,240 (98.2)%

Fixed assets 47,921,110 49,032,780 (2.3)%

Exploration and evaluation assets 4,846,532 4,842,009 0.1%

Mining properties 74,830,632 71,904,619 4.1%

Goodwill 3,523,795 3,523,795 0.0%

Deferred tax assets 3,257,957 1,495,963 117.8%

Other non-current assets 3,714,555 1,489,365 149.4%

Total Non-Current Assets 188,144,148 181,449,155 3.7%

Total Assets 300,610,242 311,647,939 (3.5)%

• Current Assets Cash and cash equivalents decreased by 24.4% from US$ 63.3 million in 2013 to US$ 47.8 million primarily

due to increased payments to suppliers along with the increase in the Company’s operations during the year 2014, payment of dividends and capital expenditures.

At the end of 2014 the Company recorded trade receivables of US$ 11.3 million, a decrease of 36.4% from US$ 17.8 million in 2013. Trade receivables consisted of trade receivables from third parties and related parties. Trade receivables from third parties were mainly derived from sales contracts that were yet not due amounted to US$ 10.7 million.

The Company inventories increased by 29.6% from US$ 32.4 million in 2013 to US$ 42.0 million at the end of 2014, mainly triggered by a 32.5% increase in coal inventory from US$ 30.9 million in 2013 to US$ 41.0 million due to production volume increase in 2014.

Prepaid taxes decreased by 99.8% from US$ 6.8 million in 2013 due to claim realization of 2014 corporate income tax overpayment.

• Non-current Assets The increase in non-current assets amounted to 3.7%, primarily driven by advances – long-term portion of

US$ 4.4 million which largely consisted of office purchase advance to PT Toba Pengembang Sejahtera amounted to US$ 3.6 million.

The increase in non-current assets was also caused by an increase in mining assets by 4.1% from US$ 71.9 million in 2013 to US$ 74.8 million, and increase in other non-current assets by 149.4% to US$ 3.7 million from US$ 1.1 million in 2013.

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68 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

B. Liabilities and Equity Total liabilities of the Company at the end of 2014 decreased by 12.6% to US$ 158.3 million, compared to US$

181.2 million in 2013. The decrease was primarily due to declining current liabilities by 37.7% from US$ 145.45 million in 2013 to US$ 90.6 million, while non-current liabilities increased by 89.3% from US$ 35.7 million in 2013 to US$ 67.6 million.

Liabilities

(in US$) 2014 2013 Δ

Current Liabilities

Trade payables – third parties 64,087,323 69,265,229 (7.5)%

Other payables – third parties 3,709 1,907 94.5%

Dividends payables 288,289 290,856 (0.9)%

Accrued expenses 4,935,975 6,057,579 (18.5)%

Derivative payables 5,532,509 - 100.0%

Short-term employee benefits liabilities 3,109,951 3,340,583 (6.9)%

Taxes payable 5,326,115 7,227,871 (26.3)%

Advances from customers 6,387,209 24,941,839 (74.4)%

Current maturities of long-term liabilities:

• Bank loans - 33,553,129 (100.0)%

• Finance leases 962,450 772,679 24.6%

Total Current Liabilities 90,633,530 145,451,672 (37.7)%

Non-Current Liabilities

Long-term liabilities – net of current maturities:

• Bank loans 56,114,739 20,183,289 178.0%

• Finance leases 1,062,270 1,348,417 (21.2)%

Advances from customers - 2,964,000 (100.0)%

Other payables to related parties 2,242,526 2,288,701 (2.0)%

Provision for reclamation and mines closure 4,496,413 3,951,817 13.8%

Post employment benefit liabilities 2,840,670 1,943,059 46.2%

Deferred tax liabilities 867,508 3,035,740 (71.4)%

Total Non-Current Liabilities 67,624,126 35,715,023 89.3%

Total Liabilities 158,257,656 181,166,695 (12.6)%

Total Equity 142,352,586 130,481,244 9.1%

Total Liabilities and Equity 300,610,242 311,647,939 (3.5)%

• Current Liabilities The Company’s trade payables decreased by 7.5% from US$ 69.3 million in 2013 to US$ 64.1 million at the end

of 2014. The decrease was mainly due to settlement of Subsidiaries’ overdue trade payables to third parties and shorter payment terms of trade payables.

FINANCIALREVIEW

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 69

Accrued expenses decreased by 18.5% from US$ 6.1 million in 2013 to US$ 4.9 million, primarily due to a decrease of 69.3% in royalty from US$ 4.5 million in 2013 to US$ 1.1 million as the Company made an advance payment for royalty payment obligation.

In 2014 the Company had no current bank loan maturing within one year since 2014, while in 2013 current bank loan reached US$ 33.6 million. This was mainly due to the refinancing of the Company’s syndicated loan and Subsidiaries’ bank loans.

Advances from customers were obtained as down payment on purchases or as part sales contract payment agreement. This amount was classified as the Company’s liabilities before the delivery of the sold coal was completed, and was recognized as revenue after coal delivery. At the end of 2013, the Company recorded sales advances (current and non-current portions) of US$ 27.9 million for the majority of sales contracts to be fulfilled in 2014. In 2014, the Company recorded advances from customers for short-term contracts of US$ 6.4 million.

• Non-Current Liabilities Non-current bank loans increased by 178.0%

from US$ 20.2 million in 2013 to US$ 56.1 million primarily due to the Company obtaining a syndicated loan that would be used, among others, for the purposes of TMU’s capital expenditures, working capital, and investment. The syndicated loan will mature on March 31, 2018.

Provision for environmental and reclamation costs and mines closure refers to the accrued amount for estimated costs of environmental management during the mining period and mines closure that will occur at the end of mining period. Estimates of these costs were calculated internally by management by taking into account the provisions of Law of the Republic of Indonesia No. 4, 2009, dated January 12, 2009 concerning

Mineral and Coal Mining and other relevant regulations. In 2014 this liability increased by 13.8% from US$ 4.0 million in 2013 to US$ 4.5 million.

Long-term employee benefits obligation increased by 46.2% from US$ 1.9 million in 2013 to US$ 2.8 million. The increase in the balance of long-term employee benefits obligation was determined based on calculation performed by an independent actuary using projected unit credit method with assumptions including, among others, discount rates, annual salary increase, annual employee turn-over, disability, retirement age and mortality.

• Equity The Company’s total equity at December 31,

2014, increased by 9.1% from US$ 130.5 million in 2013 to US$ 142.4 million. The increase in equity was mainly due to an increase in the Company’s inappropriated retained earnings in 2014.

DEBTS REPAYMENT CAPABILITY

The Company’s capability to pay debts can be analyzed using three indicators: interest bearing debt to total assets ratio, net debt to EBITDA ratio and EBITDA to interest expense ratio.

2014 2013

Interest bearing debts to total assets Ratio

0.2x 0.2x

Net payables to EBITDA Ratio 0.2x Net cash

EBITDA to interest expenses Ratio

14.5x 15.9x

Interest Bearing Debt to Total Assets RatioInterest bearing debt to total assets ratio in 2014 was 0.2x which showed that 20% of total assets were financed by debt. The Company had a stable interest bearing debt to total assets ratio compared to the previous year. Hence there was no problem for the Company to repay its debt.

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70 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

Net Debt to EBITDA RatioAt December 31, 2014, the Company’s net debt to EBITDA ratio was 0.2x or just 20% of total EBITDA in 2014. This reflected the Company’s ability to repay its debt.

EBITDA to interest expense ratioEBITDA to interest expense ratio in 2014 was 14.5x or slightly decreased from the year 2013 of 15.9x. The Company was able to maintain its ability to repay debt, despite the refinancing of syndicated loan in 2014.

TRADE RECEIVABLES COLLECTABILITY RATE

Trade receivables collectability was influenced by the Company’s ability to collect its trade receivables. At the end of 2014, trade receivables collectability showed a decrease in collection period to 8 days compared to 15 days in 2013.

CAPITAL STRUCTURE

The Company strives to maintain its capital structure and sound capital ratio to support sustainable business growth, as well as to meet its matured financial obligations from time to time.

The Company manages its capital structure and makes adjustments based on changes in economic conditions. To maintain or adjust the capital structure, management can adjust the payment of dividends to shareholders, issue new shares or seek funding through loans.

Liabilities to equity ratio in 2014 was 1.1x and 1.4x for 2013. The Company strives to maintain liabilities to equity ratio at around 1-1.5x.

Description 2014 2013

Total Liabilities 158,257,656 181,166,695

Total Equity 142,352,586 130,481,244

Liability to Equity Ratio

1.1x 1.4x

The Company’s capital structure and shareholders at December 31, 2014 are as follows:

Description Number of Shares Amount (Rp ‘000) Amount (US$) % of Ownership

Authorized Capital (Rp 200 per share) 6,000,000,000 1,200,000,000,000

Issued and Fully Paid Capital

PT Toba Sejahtra 1,444,750,000 288,950,000 31,795,873 71.8%

Bintang Bara B.V. 201,250,000 40,250,000 4,317,555 10.0%

PT Bara Makmur Abadi 125,755,000 25,151,000 2,739,760 6.2%

PT Sinergi Sukses Utama 102,700,000 20,540,000 2,237,473 5.1%

Roby Budi Prakoso 73,355,000 14,671,000 1,598,148 3.6%

Davit Togar Pandjaitan 15,000,000 3,000,000 330,118 0.8%

Public 49,681,000 9,936,200 1,058,958 2.5%

Total 2,012,491,000 402,498,200 44,077,885 100.0%

FINANCIALREVIEW

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 71

net income attributable to equity holders of the Parent Entity for the financial year ended December 31, 2013 amounted to US$ 18,543,538 with the following details:a. US$ 1,500,000 to be used for appropriation of

retained earnings.b. US$ 6,490,238 or 35% of the Company’s income to

be distributed as cash dividends of US$ 0.0032 per share.

c. The remaining amount of US$ 10,553,299 to be used for retained earnings.

Based on decision of the Company’s AGMS dated June 28, 2013, the shareholders approved the use of Company’s net income attributable to equity holders of the Parent Entity for the year ended December 31, 2012 amounted to US$ 3,198,832 with following details:a. US$ 31,988 to be used as appropriated retained

earnings.b. US$ 3,166,844 or 99% of the Company’s income to

be distributed as cash dividends.

In AGMS held on June 28, 2013, the shareholders also approved distribution of cash dividends amounted to US$2,499,135 which was taken from retained earnings balance at the beginning of 2012. So that the total amount of final cash dividends was US$ 5,665,979 or US$ 0.0028 per share.

REALIZATION OF USE OF PROCEEDS FROM INITIAL PUBLIC OFFERING

Realization report of the use of proceeds from the Company’s Initial Public Offering (IPO) dated July 6, 2012 is presented in “Shareholder Information” segment on page 36 of this Annual Report.

INVESTMENT, EXPANSION, DIVESTMENT, ACQUISITION, DEBT RESTRUCTURING

In 2014 there was no activity related to Investment, Expansion, Divestment, Acquisition and Debt Restructuring.

MATERIAL CONTRACT FOR CAPITAL GOODS INVESTMENT

Throughout 2014, the Company did not have material contract for capital goods investment.

DISCLOSURE OF MATERIAL INCREASE/DECREASE IN NET SALES/INCOME

Although the decrease in coal reference price Newcastle Index continued in 2014, the Company did not record any significant increase or decrease in coal sales value which could materially affect the Company’s business continuity.

SUBSEQUENT EVENTS

There was no material information and facts to the Company subsequent to the date of the Company’s Consolidated Financial Statements which were issued on March 9, 2015.

DIVIDEND POLICY - IN THE LAST 2 YEARS

Since 2012, the Company intends to pay dividends at the minimum 30% of its consolidated income for the current year considering the provisions of mandatory reserves as required under Limited Liability Company Law (Company Law). The amount of distributable dividends will depend on cash flow, investment plan, liquidity, future business prospect and other factors considered relevant by Board of Directors as well as the provisions of restricted payment of dividends based on relevant agreements. Once a decision has been made to pay dividends, the dividends will be paid in Rupiah. The Company’s dividend policy is a statement of current intent and is not legally binding because the policy depends on the changes in Board of Directors’ policy.

Based on decision of Annual General Meeting of Shareholders (AGMS) of the Company dated May 21, 2014, the shareholders approved the use of Company’s

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72 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

MATERIAL TRANSACTIONS INVOLVING CONFLICT OF INTEREST

Date, Value and Object of TransactionOn June 30, 2014, the Company and ABN with PT Toba Pengembang Sejahtera (TPS) signed a Final Confirmation Letter of Order for SOPO DEL OFFICE TOWER A Unit related to purchase of office units in SOPO DEL OFFICE TOWER A office building, located at Jalan Mega Kuningan Barat III Lot 10.1-6, Kuningan Timur Village, Setiabudi District, South Jakarta 12950, Indonesia. Overall value of the purchase transaction of office units was Rp 121,704,700,000.

Name of Parties in Transaction and Nature of AffiliationPT Toba Sejahtera is the Company’s major shareholder with ownership of 71.8% of the Company’s issued and fully paid shares. PT Toba Sejahtera is also the major shareholder of TPS with ownership of 99.0% of the Company’s issued and fully paid shares.

Because the Company and TPS have the same major shareholder and controlling entity, which is PT Toba Sejahtera, then the transaction was an affiliated transaction as stipulated in Regulation No. IX.E.1 Attachment of Decision of Chairman of Bapepam-LK No. Kep-412/BL/2009 dated November 25, 2009 concerning Affiliated Transactions and Conflict of Interest in Certain Transactions.

Clarification of the Fairness of the TransactionThe Company appointed Independent Appraisal Firm Jennywati, Kusnanto & Partners as independent consultant to provide an opinion on the fairness of the purchase transaction of office units. According to review of financial impact of the transaction, the Consultant believed that the transaction was fair.

Rationale of the TransactionThe rationale of the purchase transaction of office units was the Company and ABN needed office units with greater capacity, to support their business activities. The existing capacity of current office units rented by the Company and ABN does not allow for space expansion of the office units.

Realization of the Transaction in Current PeriodOn December 31, 2014, the Company recorded an advance of US$ 3.6 million for purchase by order of the office units payable to TPS. This balance was recorded in the Company’s Consolidated Financial Statements per December 31, 2014 as a long-term advance for purchase of assets.

Compliance with Related ProvisionsIn accordance with provision in number 2.a Regulation No. IX.E.1, the Company announced information disclosure on this affiliated transaction to the public and submitted the announcement proof and supporting documents to Financial Services Authority (OJK).

This affiliated transaction has no Conflict of Interest as defined in Regulation No. IX.E.1 and its value was less than 20% of the Company’s equity therefore it was not classified as a material transaction as defined in Bapepam Regulation No. IX.E.2 concerning Material Transactions and Change of Main Business Activities.

IMPACT OF CHANGES IN THE LAWS AND REGULATIONS

In 2014 there were no changes in the laws and regulations that significantly affected the Company’s operations and consolidated financial statements.

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 73

IMPACT OF CHANGES IN ACCOUNTING POLICIES

The Company prepares its consolidated financial statements based on Generally Accepted Accounting Principles in Indonesia and Regulation of Bapepam-LK No. VIII.G.7 concerning Presentation and Disclosure of Financial Statements and Public Companies as an attachment of Decree No. KEP-347/BL/2012. The Company disclosed its significant accounting policies as described in the notes to the consolidated financial statements for the years ended December 31, 2014 and 2013 which are part of this Annual Report.

BUSINESS PROSPECTS

The world’s energy demand will continue to increase driven by population and Gross Domestic Product (GDP) growth. Economic growth in Asia, which provides important contribution to the world’s economic growth, significantly affects the world energy demand. According to projection of International Energy Agency (IEA), by 2030 the world’s energy demand will increase by 45%, or an average increase of 1.6% per year. Approximately 80% of the world’s energy needs will be met by fossil fuels. Only about 20% of it will come from renewable energy.

Concerning the energy growth, coal is the second most important energy source after oil. Coal consumption is expected to increase threefold by 2030. Coal is still needed to meet the demand for power plant construction in a number of areas in line with the economic and revenue growths. Coal demand is expected to grow by about 2% per year.

Entering 2015, the coal market conditions were predicted to be not much different from the year 2014. Nevertheless, the Company is still highly optimistic in facing the challenging times and taking the momentum for business development. The Company has both vertical and horizontal long-term business development plans. Horizontally, the Company plans to add coal reserves through exploration activities in the Company’s widespread concession areas and search for opportunities to acquire mines to increase production. Vertically, the Company plans to develop its business towards power generation sector.

We believe that business development towards power plant is in line with the policy of the Government of Indonesia to develop new power plants to generate 35,000 MW in the next five years, where the majority of the fuel derived from coal. This will also have positive impact on the coal industry particularly the Company, because this policy will increase domestic coal demand, while currently most of Indonesian coal production is aimed for export.

Both development plans are parts of efforts for efficiency and business sustainability. By building power plants, the Company can ensure a more stable income while increasing profit margin from the synergy of the two businesses.

In addition to coal-related business development, the Company diversifies its business through palm oil business through one of its Subsidiaries, namely PT Perkebunan Kaltim Utama I (PKU), which is in the process of plantation development and construction of palm oil mill with a capacity of 30 tons per hour. The palm oil mill which is expected to commence its operations at the end of 2015 will add to the Company’s revenue base.

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HUMANRESOURCES

Systematic and continuous development of human resources’ quality is done as Toba Bara’s effort to keep growing and achieving its vision to be one of Indonesia’s best world class coal mining companies.

Number of Toba Bara’s employee in 2014

Number of training days throughout 2014

979

205

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OPENING COMPANY PROFILE MANAGEMENT DISCUSSION AND ANALYSIS

HUMAN RESOURCES CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

FINANCIAL REPORT

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Human resources are the most important and deciding factor for Toba Bara’s success and continuity. In accordance with its vision to become one of the best world class coal mining companies, one initiative to keep growing is through the continuous development of human resources’ quality. Expertise in human resources, both in mining and plantations, is the key success factor that will support the Company’s growth. With the support of world class human resources, the Company is ready to face challenges presented by commodities markets and become one of the best players in the coal and energy industry in Indonesia in the coming decades.

EMPLOYEES PROFILE

As at the end of 2014, the Company and its Subsidiaries employed 979 employees decreasing slightly from the 1,036 employees employed in 2013,. A total of 28 employees worked in the Holding Company in Jakarta, and the rest worked for the Subsidiaries’ Jakarta office in Jakarta, on-site office, and mine. Various areas of expertise include administrative services, technical services, coal processing and transportation supervision, logistics, health and safety, environmental protection and community development.

More than half of Toba Bara Group employees are within the age range of 18 to 35 years, a group of youth that full of energy, high work ethics, productivity, and challenge-loving. The attitude of “can do” is the basis of Toba Bara employees work ethos which was planted by the founder of the Company.

HUMANRESOURCES

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Employee composition based on employment status

Employment Status 2014 2013*

Full Time 784 802

Contract 195 234

Total 979 1,036

2014 201380.1% Full Time 77.4%

19.9% Contract 22.6%

More than half of Toba Bara Group employees are within the age range of 18 to 35 years, a group of youth that full of energy, high work ethics, productivity, and challenge-loving.

Percentage of Total Employee Age 35 and Below by 2014

54%

Percentage of Total Employee with Diplomas, Undergraduate Degree, and Graduate Degrees by 2014

24%

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Employee composition based on gender

Gender 2014 2013*

Male 836 889

Female 143 147

Total 979 1,036

Employee composition based on position

Position 2014 2013*

Non-Staff 385 465

Staff 258 249

Supervisor 233 224

Assistant Manager/ Superintendent 52 49

Manager 34 32

Senior Manager 0 1

General Manager 7 6

Director 10 10

Total 979 1,036

HUMANRESOURCES

85.4% Male 85.8%

14.6% Female 14.2%2014 2013

39.3% Non-Staff 44.9%

26.4% Staff 24.0%

23.8% Supervisor 21.6%

5.3% Assistant Manager/Superintendent 4.7%

3.5% Manager 3.1%

0.0% Senior Manager 0.1%

0.7% General Manager 0.6%

1.0% Director 1.0%

2014 2013

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Employee composition based on age group

Age (Year) 2014 2013*

18 - 25 99 116

26 - 35 427 445

36 - 45 313 337

46 - 54 116 114

> 55 24 24

Total 979 1,036

Employee composition based on education level

Education level 2014 2013*

Up to High School 748 812

Diploma 52 54

Undergraduate and Graduate Degree 179 170

Total 979 1,036

10.1% 18 - 25 11.2%

43.6% 26 - 35 43.0%

32.0% 36 - 45 32.5%

11.9% 46 - 54 11.0%

2.5% > 55 2.3%

2014 2013

76.4% Up to High School 78.4%

5.3% Diploma 5.2%

18.3% Undergraduate and Graduate Degree 16.4%2014 2013

* Restated

Human Resources Development ConceptHR Development at the Company starts from the recruitment process to select among prospective employee. Then, every employee is given the chance to follow various development programs through consistent and continuous training. Every employee is encouraged to give his/her best performance and to face existing business challenges. This encouragement allows the Company to give outstanding employees fair and transparent promotion opportunities.

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As a company that is still growing, Toba Bara needs many enthusiastic, dynamic, and visionary young people. Every employee is given responsibility and adequate independence to develop his/her creativity and show his/her best performance.

Interactions between employees and management happen intensively. Directors and key management are open to dialogue and input from all employee levels. The Company realizes, in facing the difficult market conditions, that solid teamwork will bring Toba Bara consistent growth and help the Company achieve sustainable business. In 2014, the process of recruiting the best people in the industry was still being conducted, in line with the Company’s plan to expand in the years to come.

RecruitmentThe Company is doing recruitment based on the Company needs, along with the business development and organization growth. The Company maps out HR needs, including the need of fresh graduates as well as accomplished professionals in the mining sector to fill different positions in the ever-growing organization.

The recruitment process is done openly and upholds the principle of equality. The Company opens up equal opportunities for the candidates without any regard for ethnicity, religion, race, groups, as well as gender as long as they fulfill the defined prerequisites. The Company openly announces the available job vacancies through its website www.tobabara.com, as well as other online recruitment websites. Furthermore, the Company prioritizes candidates who come from where the mine is located.

Training and Competency DevelopmentThe Company systematically arranges training and competency development training programs that are tailored to the needs in the field. Employees whose work nature requires them to have competency certificates are sent to government-approved certification agencies. Health, Safety, and Environment (HSE) is a top priority in conducting mining activities so that HSE training is done continuously to increase employee HSE awareness and alertness. The Company does routine training internally as well as externally, and works together with a quality training providers.

In 2014, the Company held training as listed below:

No Type of Training Organizer Dates Location

1 Effective Communication & Interpersonal Skill Dale Carnegie Training January 20-23 Balikpapan

2 HSE Certification Electrical TechnicianINDOTRAIN CONSULTANT

January 21-24 Balikpapan

3 Annual Report Award (ARA) Workshop PT Bursa Efek Indonesia January 29 Jakarta

4 Proceedings Technique in PHIFK HR & ER Kutai Kartanegara

February 12-13 Samarinda

5 Social Security System National WorkshopIndonesian Management Centre (IMAC)

February 21-22 Balikpapan

6Cisco Certified Network Association (CCNA) Fast Track

RootBrain March 3-8 Yogyakarta

7 Certified Human Resources PractitionerBina Insan Mandiri Consulting

March 8-9 Balikpapan

8 Certified Training of Trainer Bexpert Indocunsult March 18-20 Yogyakarta

9 Training Main Operations Supervisor Pusdiklat Minerba March 24-29 Bandung

10 Genset Operation & Maintenance WorkshopIndonesian Management Centre (IMAC)

March 26-27 Balikpapan

HUMANRESOURCES

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No Type of Training Organizer Dates Location

11 Training SIO Opt. Heavy EquipmentPT Megatrain Indonesia Bpn-Riau

April 7-11 Sangasanga

12Hazard Identification & Risk valuation (IBPR)/HIRAC (Gel. I)

HR & HSE Dept. PT Indomining

April 19 Sangasanga

13 Sanitation hygieneDinas Kesehatan Tenggarong

April 19 Sangasanga

14 Effective Technical Report WritingPT Cipta Energi Utama Mandiri

April 20-25 Yogyakarta

15Hazard Identification & Risk valuation (IBPR)/HIRAC (Gel. II)

HR & HSE Dept. PT Indomining

April 26 Sangasanga

16 LOTO ABN/HSE May 6-7 Sangasanga

17 B3 Management and B3 Waste PT Benefita May 8-9 Sangasanga

18 Security TrainingExternal & HR Dept. PT Indomining

May 10 & May 27 Sangasanga

19 Basic Scaffolding CertificationPT Alkon Tainindo Utama

May13-17 Sangasanga

20Certified Information Systems Security Professional

Inixindo May 19-23 Jakarta

21Training “Purchasing and Procurement Management”

SPIN Training & Consulting

May 22-23 Bandung

22 Land National WorkshopIndonesia Management Centre

May 23-24 Balikpapan

23Workshop “Kajian Aspek Hukum Tanah & Penyelesaian Konflik Sengketa Tanah”

IMAC May 23-24 Balikpapan

24 Employment Development (Staff) HR Dept. PT Indomining May 17, 19, 24, & 31 Sangasanga

25 Security TrainingEksternal & HR Dept. PT Indomining

June 7, 14 & 21 Sangasanga

26 Effective Communication & Interpersonal Skills Dale Carnegie Training June 9-12 Balikpapan

27 Emergency Response Team (ERT) BASARNAS June 10-14 Balikpapan

28Technical Guidance Development & Community Empowerment

DISTAMBEN Provinsi Kaltim

June 18-20 Balikpapan

29 K3 Experts General TrainingPT Laden Safety Mandiri/BPJS Ketenagakerjaan

June 20-26 Balikpapan

30 Employment Development (GL-Foreman) HR Dept. PT Indomining June 21 & 28 Sangasanga

31 Training of TrainerPT Megatrain Balikpapan

June 23-25 Balikpapan

32 Lifting For SupervisorPT Alkon Tainindo Utama

June 24-26 Sangasanga

33 Tax PlanningLembaga Manajemen Formasi

June 25-26 Jakarta

34 K3 Basic & Accident investigation ABN/HSE August 5 Sangasanga

35 JSEA & HIRADC ABN/HSE August 6 Sangasanga

36 First Aid Training ABN/HSE August 7 Sangasanga

37 APAR ABN/HSE August 8 Sangasanga

38 Weld & Electricity Certification from BNSPBina Insan Mandiri Consulting

August 11-15 Samarinda

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82 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

No Type of Training Organizer Dates Location

39 Basic Safety & Investigation ABN/HSE August 12 Sangasanga

40 JSEA & HIRADC ABN/HSE August 13 Sangasanga

41Asia Coal Market Outlook: The Future of Indonesia’s Coal Sector

HIS Energy August 13 Jakarta

42Workshop “Economic Outlook Post Election in 2014”

PT Bursa Efek Indonesia August 18 Jakarta

43Social Mapping & Program Formation Company’s CSR

PT Benefita August 21-22 Bandung

44 APAR ABN/HSE August 21 Sangasanga

45 APAR ABN/HSE August 23 Sangasanga

46 Basic Safety Fire ABN/HSE August 25 Sangasanga

47 APAR ABN/HSE August 27 Sangasanga

48 ERT Training ABN/HSE August 31 Sangasanga

49 Corporate Social Responsibility POWERINDO NS September 1-4 Yogyakarta

50 HSE BasicsHR & HSE Dept. PT Indomining

September 6, 13, 20 & 27

Sangasanga

51 Effective Communication & Interpersonal Skills Dale Carnegie Training September 8-11 Balikpapan

52 Xpac Training PT Runge Indonesia September 15-20 Jakarta

53 Certified Professional Human ResourcesBina Insan Mandiri Consulting

September 20-21 Surabaya

54HSE Expert Certification on Young Construction

INDOTRAIN CONSULTANT

September 22-25 Balikpapan

55 Basic Safety, Fire, & First Aid Kit ABN/HSE September 23 Sangasanga

56Preparation Techniques Wage & Profession Certification

Seminarku September 25-26 Jakarta

57 Bimtek & Certification Welding BNSP – BLKI Samarinda October 2, 3, 7 & 8 Samarinda

58 Organic and inorganic waste management Mega Train Indonesia October 3-4 Sangasanga

59Basic Human Resources Management (HRM for Beginner)

PT Menara Kadin Indonesia

October 7-8 Jakarta

60 HSE Electric Certification ExpertsINDOTRAIN CONSULTANT

October 6-18 Balikpapan

61 Implementation AMDAL / UKL-UPL PT BMD Street October 9-10 Jakarta

62 HSE Experts General Mega Train Indonesia October 13-14 Jakarta

63 Bimtek HSEDinas Pertambangan dan Energi

October 14-15 Tenggarong

64 National Workshop on EmploymentIndonesian Management Centre (IMAC)

October 17-18 Balikpapan

65Service Excellence & Skill Management For Security

Bina Insan Mandiri Consulting

October 17-19 Samarinda

66 In-house Training – Supervisory Skills HR PT Indomining October 23-24 Sangasanga

67 Legal Due Diligence Emi Training October 29 Jakarta

68How to be a professional secretary + table manners

PT Solution Centre Indonesia

October 29-31 Denpasar

69 Asia Pacific Coal Outlook Conference HIS Energy 4-6 November Denpasar

HUMANRESOURCES

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No Type of Training Organizer Dates Location

70Implementation of the Transparency and Governance Improvement Efforts Extractive Industries in Indonesia

EITI Indonesia November 11-14 Bandung

71 Hiradc, Basic Safety & JSA ABN/HSE November 16 Sangasanga

72 Incident Investigation ABN/HSE November 21 Sangasanga

73 Technical Inspection ABN/HSE November 21 Sangasanga

74In-house Training – Draught Survey Introduction

HR PT Indomining dan PT Sucofindo

December 9-10 Sangasanga

75Environmental sampling techniques (Water, Air and Land)

ABN/HSE December 10-12 Sangasanga

76Corsec & Corcomm Gathering “Consumer Behavior, Advertising Strategy National Economic Projection 2015”

Idea Group Indonesia December 16 Jakarta

The Company’s total investment on training and employee development programs in 2014 was US$ 152 thousand, up 16.4% from the US$ 130 thousand the year before.

Performance ManagementThe Company values high performing employees very much. Performance evaluation results are used as input for career development and employee development programs. On the other hand, management also pays attention on employees whose performance is not optimal to be increased through various training programs.

In 2013, the Company had developed a performance evaluation system using a Key Performance Indicators (KPI) throughout all Subsidiaries. The KPI that had been agreed upon became the reference for measured performance targets and work plan that had been harmonized with the Company’s business plan, for both Subsidiaries and employees. The supervisors will always supervise his/her direct subordinate. Performance evaluation is not based on KPI alone, but also on non-KPI factors such as a work ethos, attitude and discipline that is in line with the Company’s values and on weighing individual contributions to the Company outside of the KPI.

Company RemunerationToba Bara implements a competitive remuneration system that weighs salary levels of similar companies, labor laws, regulations on minimum regional wage and minimum provincial wage, and the Company’s capability. The Company ensures that it complies with the federal wage standard. Moreover, there is no remuneration policy that treats male and female employees differently at every level of the Company.

The remuneration amount is decided based on position, work function and achievement. The Company has developed a competency-and-performance-based remuneration system in order that KPI achievements are also used in deciding the amount of remuneration.

The Company gives compensation and benefits for full time as well as contract workers. Other than basic salary, the Company also gives various benefits such as Jamsostek (Social Security) and Holiday Allowance (THR).

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CORPORATE GOVERNANCE

GCG implementation at Toba Bara is aimed at reaching the Company’s vision and mission through responsible, independent, and fair management, as well as ensuring transparency through information disclosure to all stakeholders.

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HUMAN RESOURCES CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

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As a public company, Toba Bara is committed to managing and maintaining the Company’s reputation by applying the best Good Corporate Governance (GCG) practices in all its business activities. GCG implementation at Toba Bara is aimed at reaching the Company’s vision and mission through responsible, independent, and fair management, as well as ensuring transparency through information disclosure to all shareholders and stakeholders.

One of the Company’s mission is “to become a responsible company in helping community development and implementing good corporate governance practices”. Therefore, it is the responsibility and obligation of all parts of the Company to fulfill the mission with high ethical and professional standards, and following all applicable laws.

The principles, policies, and implementation of Toba Bara’s corporate governance refers to the Law Number 40 Year 2007 regarding Limited Liability Companies, Indonesian Good Corporate Governance General Guidelines produced by the National Committee on Governance Policy, Financial Services Authority regulations, as well as common best practices in the industry.

For GCG execution in the work fields, the Company had compiled guidelines and policies, which are periodically renewed to meet current conditions, to conform to changes in the laws and the Company’s Articles of Association and to address dynamics of the business world. Some of those guidelines and policies are:• Audit Committee Charter• Internal Audit Charter• Company Regulations• Standard Operating Procedures in Accounting,

Production, and Civil Construction.

CORPORATEGOVERNANCE

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Gradually, the Company will compile corporate governance guidelines and other policies to complete the GCG codification and increase GCG observance at all organizational levels.

GCG ACTIVITIES IN 2014

Mining activities possess a significant risk of occupational hazard as well as sickness due to work, especially in the production process. High work-related accident rates and health issues cause material and financial loss to a company, but also cultivate an image that a company as not following the best and responsible corporate governance. Thus, to achieve operational excellence, the Company has conducted internalization and socialization of Company regulations as an effort to continually increase work discipline consistency in order to achieve high safety and occupational health results.

CORPORATE GOVERNANCE STRUCTURE

According to the Law on Limited Liability Companies, Toba Bara’s corporate governance structure consists of 3 (three) company bodies which are: General Meeting of Shareholders (GMS), Board of Commissioners, and Board of Directors. The GMS is the highest decision making forum for shareholders. The Board of Commissioners is responsible for the supervision of the Company management, and the Board of Directors is responsible for managing the Company. The Boards of Commissioner and Directors have separate responsibilities and rights based on their functions as regulated in the laws, regulations, and the Articles of Association.

The Audit Committee is tasked to help the Board of Commissioners with its supervisory functions, in fulfilling its obligations and responsibilities, and in joining to formulate policies within the Board of Commissioners’ work scope.

To reach optimal operational performance, Toba Bara has conducted internalization and socialization of Company regulations to increase work discipline consistency in order to achieve high safety and occupational health results.

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Meanwhile, the Board of Directors has supporting bodies that are in charge of controlling, supervising, and being responsible for GCG implementation, namely Internal Audit and the Corporate Secretary.

A. GENERAL MEETING OF SHAREHOLDERSThe General Meeting of Shareholders (GMS) is a forum for shareholders to make decisions related to the capital invested in the Company. The GMS has authority that is not given to the Boards of Commissioners and Directors within the boundaries defined in law and the Articles of Association.

Some of the shareholders’ rights and authorities in the GMS as governed by the Articles of Association and law are:• Accept and authorize the Company’s Annual Report• Decide the use of Company profits including

dividend payment to shareholders• Decide the remuneration for members of the Boards

of Commissioners and Directors• Appoint and dismiss members of the Boards of

Commissioners and Directors • Approve the Company’s corporate actions related to

the management of the Company.

Decisions taken at the GMS are based on the Company’s business interest in the long term. Without reducing the authority and power of the GMS, shareholders cannot interfere with the execution of tasks, functions, and authority of the Boards of Commissioners and Directors in exercising their rights and responsibilities as stated in the Articles of Association and related laws.

The GMS consists of the Annual GMS and Extraordinary GMS. The Annual GMS has to be held at the latest six months after the financial year ends. Meanwhile, an Extraordinary GMS can be held any time necessary as governed in the Articles of Association, and related laws and regulations.

In 2014, Toba Bara held one AGMS and did not hold any EGMS. Below is the description of the AGMS that was held in 2014.

2014 Annual General Meeting of ShareholdersThe Annual General Meeting of Shareholders was held on Wednesday, May 21st, 2014, at the Conference Room - Indonesian Stock Exchange Building, Jl. Jendral Sudirman Kav. 52-53, Jakarta.

Before the AGMS took place, the Company fulfilled its obligations related to the procedure of organizing a GMS based on Financial Service Authority regulation, such as:a) AGMS announcement through Investor Daily dated

April 21, 2014b) Submitted proof of advertisement regarding

announcement of AGMS to Financial Services Authority on April 21, 2014

c) A convener regarding AGMS which was announced through Investor Daily on May 6, 2014

d) Submission of proof of advertisement regarding AGMS’ convener to Financial Services Authority on May 6, 2014.

The summary of decisions taken at AGMS dated May 21, 2014 is as follows:

First Agenda ItemAccepted Annual Report which contained Company’s Consolidated Financial Statement for financial year which ended on December 31, 2013 and ratified Company’s Balance Sheet and Profit and Loss Statement for financial year that ended on December 31, 2013, the statement of which had been audited by Puwantono, Suherman, and Surja Public Accountant Firm (member of Ernst & Young global network), with an opinion of without exception as stated in the Independent Auditor Report dated March 21, 2014 Number: RPC-4902/PSS/2014.

With the acceptance of Company’s Annual Report and the ratification of Balance Sheet and Profit and Loss Calculation for financial year ended December 31, 2013, the shareholders granted the Boards of Commissioners and Directors release and discharge in full (Acquit et de Charge) related to all the management and supervision measures throughout 2013 as long as those management and supervision measures are reflected in the Balance Sheet and Profit and Loss Calculations.

CORPORATEGOVERNANCE

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 89

Second Agenda Item1. Deciding the use of 2013’s net profit that can be

attributed to the owner of Holding Company in the amount of US$ 18,543,538.00 with the details as follows:a) US$ 1,500,000.00 to be used for cash reserves,

in accordance with the provision of Article 70 Constitution No. 40 Year 2007 regarding Limited Liability Companies.

b) US$ 6,490,238.30 or more than 35% of 2013’s net profit to be used to pay final cash dividend. The payment schedule will be announced in 2 (two) national daily newspapers with regard to the applicable law.

c) US$ 10,553,299.70 as retained earnings.

2. Gave authority to the Board of Directors of the Company to set the schedule and procedure of paying the cash dividend with regard to the applicable law.

Third Agenda ItemGave power and authority to the Company’s Board of Directors to appoint Public Accountant Firm which is registered at the Financial Services Authority to audit the Company’s financial statement for the ongoing financial year that will end on December 31, 2014, and approved the giving of power and authority to the Board of Commissioner to decide the amount of fee for said Public Accountant Firm and other requirements.

Fourth Agenda ItemGave authority to the Board of Commissioners to decide the honorarium and/or other allowance for the Board of Commissioners for year 2014 as well as the breakdown of allocation of the distribution for each Commissioner.

Fifth Agenda ItemGave the authority to the Board of Commissioner to set the honorarium and other allowances for the Directors for financial year 2014 and the breakdown of allocation of the distribution for Director.

Sixth Agenda Item Accepted the accounts on the use of the money gathered from the Initial Public Offering until December 31, 2013 that the Company had reported to the Financial Services Authority as well as Indonesian Stock Exchange, LLC, where it had been reported that the net result from

the IPO was Rp. 361,423,000,000.00. The realization details are as follows:a. Payment of Loan to BNP Paribas

Rp. 94,116,000,000.00b. Capital Expenditure Rp. 112,532,000,000.00c. Acquisition of coal mining concession, Working and

Operational Capital, and Exploration activities Rp. 77,236,000,000.00

d. And the remainder, the amount of Rp. 77,539,000,000.00, was saved in the form of a Certificate of Deposit, in accordance with law.

In order to fulfill the provision under the Law of Limited Liability Companies Chapter 68 article (4) and (5), the Company had announced (together with the announcement of the result of AGMS) that Consolidated Cash Flow Position and Comprehensive Consolidated Profit and Loss Statement for the financial year ended on December 31, 2013 as stated in the Company’s Financial Statement, which was ratified in First Meeting Agenda, was the same ash the Consolidated Cash Flow Position and Comprehensive Consolidated Profit and Loss Statement that had been announced through Investor Daily on March 29, 2014.

The decisions taken at the above AGMS were announced in Business Indonesia daily and Investor Daily on May 23, 2014.

Realization and Implementation of AGMS’ ResultsUntil December 31, 2014, all the decisions taken in the AGMS dated May 21, 2014 had been realized well. Those decisions are:1. As agreed in the AGMS, the Company paid final

cash dividend amounting to US$ 6,490,238.30 or US$0.032 per share on July 16, 2014.

2. AGMS gave power and authority to the Board of Commissioners to appoint public accountant firm that would audit the 2014 Financial Statement. Based on that decision, the Board of Commissioners in Toba Bara Sejahtra, LLC Board of Commissioner Circular Decision, as a Replacement of Board of Commissioner Meeting dated October 1, 2014, had appointed Public Accountant Firm Purwantono, Suherman and Surja, a member of Ernst & Young global network, to audit 2014 Financial Statements and gave power and authority to the Board of Directors to decide the fee of the Public Accountant Firm and other requirements as long as this amound did not exceed the limited established by the Board of Commissioners.

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B. BOARD OF COMMISSIONERS

The Board of Commissioner is in charge and responsible collectively and collegially to supervise the execution of tasks and responsibilities of Board of Directors, gives advice to the Board of Directors, and ensures that the Company is implementing GCG principles. The position of each Commissioner, including that of the President Commissioner, is equal. The task of the President Commissioner is to coordinate Board of Commissioners activities.

In accordance with the Company’s Article of Association, the Commissioners are appointed and dismissed by the shareholders through a GMS. The term of office a Commissioners is counted from the date of the GMS in which the Commissioner was appointed until the close of the fourth AGMS from the date of appointment, without discounting the rights of the GMS to dismiss the Commissioner before the stated end of term of office.

The GMS has authority to dismiss a member of the Board of Commissioners before the member’s term ends if said member does not fulfill requirements as a member of the Board of Commissioners, which includes actions that have an adverse effect on the Company or any other reason deemed fit by the GMS.

Board of Commissioners Composition The composition of the Board of Commissioners is as follows:

Board of Commissioners Name

President Commissioner/Independent

Jusman Syafii Djamal

Independent Commissioner Bacelius Ruru

Independent Commissioner Farid Harianto

Information Regarding Independent CommissionerRegarding the Regulation No. IX.I.5 Attachment to the Decision by the Head of Bapepam-LK No: KEP-643/BL/2012 dated December 7,2012 regarding the Creation and Guidelines of Audit Committee Execution of Work, an Independent Commissioner is a member of

the Board of Commissioners who comes from outside the Company and fulfills these requirements:1. Not someone who has worked or had authority and

responsibility to plan, lead, control, or supervise Company activity within the last 6 (six) months;

2. Does not own any shares of the Company, directly or indirectly;

3. Does not have any affiliation with the Company, other Board of Commissioners members, Board of Directors’ members, or the Company’s Major Shareholder; and

4. Does not have any work related relationship, whether directly or indirectly, that is related with the Company’s business activities.

Each Independent Commissioner of the Company has fulfilled the independency requirements stated above.

An Independent Commissioner has an important role as an Independent Commissioner represents the community’s and minority shareholders’ interests in supervising Company’s performance. All members of the Board of Commissioners of the Company are Independent Commissioner who are not affiliated with any shareholders. Therefore, [ed. this statement appears to contradict the 4 requirements listed above. If true, the statement “All members of the Board of Commissioners are Independent Commissioners. Therefore, “ is sufficient. The Company has fulfilled the requirements of Financial Services Authority regarding the number of Independent Commissioner which is minimum 30% of the number of the member of the Board of Commissioners. One of the Independent Commissioners serves as the Head of the Company’s Audit Committee.

Board of Commissioners TasksThe tasks of the Board of Commissioners are to supervise and advise the Directors with good intentions and responsibilities for the Company’s interests. In doing its tasks, the Board of Commissioners conducts:• Supervising the Board of Director’s policies in

managing the Company, including preventive and reparative measures, as well as having leave to temporarily dismiss member of the Board of Directors;

• Supervising the Company’s business risks and the sufficiency of management actions in internal control;

CORPORATEGOVERNANCE

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• Supervising GCG implementation in the Company’s business activities;

• Advising the Directors related to their tasks and responsibilities;

• Giving response and recommendation on Board of Director’s proposals and plans to develop the Company;

• Ensuring that the Board of Directors take stakeholder interests into account.

In contrast to the Board of Directors, Board of Commissioners’ members cannot act alone but only by decision of the Board of Commissioners. In doing its job, the Board of Commissioners cannot be involved in operational decision making. Decisions of the Board of Commissioners regarding the matters that are governed by the Articles of Association and applicable laws are done within its supervisory capacity, so that the operational activities remain Board of Directors responsibilities.

Board of Commissioners RemunerationIn accordance to applicable laws and regulations, salary, honorarium, and other allowances decided at a GMS take into account the recommendations from the Nomination and Remuneration Committee, if such committee has been formed. If the committee has not been formed, the amount of remuneration for the members of Board of Commissioners is decided by the GMS or the authority given by the GMS to the Board of Commissioners to decide the amount of honorarium and/or other allowances for the members of the Board as well as the detailed allocations of distribution for each member of the Board.

The amount of honorarium and bonus for members of the Board of Commissioners is decided with regard to the achievement of business targets, Company’s financial capability, and other relevant factors.

Board of Commissioners MeetingBoard of Commissioners meetings are held at least once every three months and can be held at any other time deemed necessary based on the request of one or more of the members. Meetings are held to do internal consolidation primarily concerned with the discussion

of reports submitted by the Board of Directors. The agenda of meetings includes discussion on monthly performance, annual performance, budget forming, financing, discussion on project progress, and discussion regarding the business of Subsidiaries.

Throughout 2014, the Board of Commissioners held six meetings. The Board’s level of attendance in such meetings in 2014 is as follows:

Attendees PositionAttendance

(%)

Jusman Syafii DjamalPresident

Commissioner/Independent

100%

Bacelius RuruIndependent

Commissioner100%

Farid HariantoIndependent

Commissioner83%

Board of Commissioners Meeting Agenda in 2014 among others included:• Operational and financial performance discussion of

the Subsidiaries and Consolidation year 2013.• Company’s 2014 Work Plan and Budgeting.• Monthly operational and financial performance

discussion.• Quarterly operational and financial performance

discussion.• Quarterly reports from the Audit Committee• GMS and dividend payment plan.• Public Expose plan.• Company’s 2015 Work Plan and Budgeting.

Board of Commissioners Task ExecutionThroughout 2014, Board of Commissioners had fulfilled their supervisory and advisory functions on things related to:• Company management in regards to the global coal

price drop• Implementation of best GCG principles in all

Company activities• Division of profit attained by the Company to all

shareholders.

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Board of Commissioners AccountabilityBoard of Commissioners reports their action on Company management taken by the Board of Directors. That report is delivered to the GMS to be approved. The Board of Commissioners Report to the GMS is a materialization of their accountability on their supervision of Company management with regards to the GCG execution.

Board of Commissioners Performance EvaluationThe Board of Commissioners performance is evaluated every year by the shareholders in the GMS. The performance is decided upon based on the execution of tasks, authority, and responsibilities as included in the Company’s Article of Association and applicable laws.

C. BOARD OF DIRECTORS

The Board of Directors is in charge and responsible collectively and collegially in managing the Company. Based on the Company’s Articles of Association, the President Director and one other Director; or in the case of non-appearance or unavailability of the President Director because of any reason that does not need to be explained to a third party, 2 (two) other members of the Board of Directors; are authorized and have the right to represent the Company inside and outside of court regarding everything and in any circumstances tied the Company with any other party as well as run the management of the Company.

In accordance with the Company’s Articles of Association, Directors are appointed and dismissed by the shareholders through a GMS. The Directors’ term of office is one year from the date that the GMS that appointed them until the close of the fifth AGMS after that, without diminishing the right of the GMS to dismiss any Director before the term of office ends.

The GMS has the authority to dismiss any Director before the term of office ends if the said Director is no longer capable of fulfilling the requirements to be a member of the Board of Directors.

Board of Directors CompositionThe Company’s Board of Directors consists of four people including Independent Director as required in Attached I Indonesian Stock Exchange, LLC. Director Decision No: Kep-00001/BEI/01-2014 dated January 20, 2014. The Independent Director is not affiliated with the Company’s controlling shareholder.

Based on the AGMS dated June 28, 2013, below is the composition of the Company’s Board of Directors:

Directors Name

Independent/President Director Justarina S. M. Naiborhu

Director Pandu P. Syahrir

Director Arthur M. E. Simatupang

Director Sudharmono Saragih

Board of Directors DutiesIn accordance with the Company’s Articles of Association, the Board of Directors is responsible to conduct every activity that is related to the management of the Company to the benefit of the Company and in line with the purpose and objectives of the Company. The Board of Directors also represents the Company inside and outside of court in every matter and every event with special exceptions as set in the Articles of Association and applicable laws.

The duties of the Board of Directors among others are:• To ensure that the Company’s activities are done in

line with its business objectives.• To formulate the Company’s Long Term Business Plan

and prepare Annual Budget Plan to be approved by the Board of Commissioners.

• To execute the Company’s business plans to the best of its ability to achieve the set purpose and target.

• To compile as a form of Board of Directors performance accountability, the Company’s annual report and financial statements as set by the Limited Liability Company Law.

• To prepare the Company’s annual report in compliance with the common accounting standards and submit the Company’s books to a Public Accountant to be audited.

CORPORATEGOVERNANCE

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• To put into place the Company’s organizational structure, and fill each position with competent people.

• To give a report and explanation at the request of the Board of Commissioners.

• To do other responsibilities as set by regulations stated in the Articles of Association and GMS decisions based on applicable laws and regulations.

In doing its duty and responsibilities, the Board of Directors upholds GCG principles, including Corporate Social Responsibilities.

Board of Directors Work Scope and ResponsibilitiesSo that the Board of Directors can do its tasks of managing the Company in a more efficient and effective way, the Board of Directors based on its internal agreement delegates the work in hand based on each Director’s expertise and competence. However, to give a balanced result in very decision making, the delegation of work does not limit their cross-directorate authority as Directors.

Board of Directors RemunerationBased on applicable laws and regulations, the honorarium and other allowances given to Directors is decided in a GMS with regard to the recommendation to the Nomination and Remuneration Committee, if such body has been formed. If the Committee has not been formed, the amount of remuneration is decided in a GMS or GMS appointed authority, in the Company’s case the Board of Commissioners, to decide the amount of honorarium and other allowances, as well as the detailed allocation for each Director.

The amount of remuneration for Directors including salary, bonus, and other allowances is decided by taking into account the achievement of business targets, the Company’s financial condition, and other relevant factors.

Board of Directors MeetingsBoard of Directors meetings are held on a regular basis with a minimum of once a month, and a meeting can be held any time if deemed necessary based on any one or more Director’s request. In general, a Board of Directors meeting discusses business problems and ensures that the Company is following the right path in executing the set business strategy.

In 2014, the Board of Directors held 12 meetings. The level of attendance of the Directors is as follows:

Meeting Attendees PositionAttendance

(%)

Justarina NaiborhuIndependent/President

Director100%

Pandu P. Syahrir Director 100%

Arthur Sumatupang *) Director 42%

Sudharmono Saragih Director 100%

*Attended Lemhanas during April - Oct 2014

Board of Directors Meeting Agenda in 2014 included:• Discussion of operational and financial performance

of Subsidiaries and Holding Company at the end of 2013.

• Company’s 2014 work plan and budget.• Discussion of monthly operational and financial

performance of subsidiaries and holding company.• Discussion of quarterly operational and financial

performance of subsidiaries and holding company.• GMS and dividend payment plan.• Public expose plan.• Company’s 2015 work plan and budget.

Board of Directors AccountabilityThe Board of Directors compiles an account on the management of the Company in the form of annual report, which includes financial statements, activity report, GCG activity report among others to be submitted to the GMS. The annual report has to be approved by the GMS, while the financial statement has to be ratified by the GMS. The Board of Directors account to the GMS is a manifestation of its accountability on Company management in the context of GCG implementation.

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Directors Performance EvaluationDirectors’ performance, individually and collegially, is evaluated by the Board of Commissioners. The evaluation report on the Board of Directors and each Director’s performance is presented to a GMS, and will become inseparable from the consideration on compensation and incentive scheme for the Directors. Individually, a Director’s performance evaluation is one basis of consideration for the shareholders to dismiss or to reappoint the said Director for the next term. The performance evaluation result is a means to evaluate and increase Board of Directors efficiency.

Boards of Commissioners Directors Competency DevelopmentMembers of the Boards of Commissioners and Directors follow industry developments as well as general development in various fields such as management, technology, human resources, finance, and occupational safety and health (OSH). Competency development for Commissioners and Directors are conducted continuously to increase knowledge and support work execution. In 2014, the members of the Board of Directors followed seminars, workshops, and conferences such as:

No Activity Name Dates Location Organizer Role

1Citi Asia Pacific Investor Conference

January 15 - 17 Hongkong Citi Participants

25th Annual Asia Pacific Export & Agency Finance 2014

February 20Grand Hyatt Hotel,

JakartaEuro Money Asia Panelists

34th Annual Corporate Treasury & CFO Summit

February 20 Hotel Mulia, Jakarta Haymarket Asia Panelists

4 12th Annual Coal Markets February 26 Hilton Hotel, Singapore IBC Asia Panelists

5 Coal Trans Asia 2014 June 1-4 Westin Nusa Dua Bali Euro Money Plc Participants

6 IHS Asia Coal Market Outlook August 13 Pullman Hotel, Jakarta IHS Asia Panelists

7Goldman Sachs South of Asia Conference

September 11-12 Singapore Goldman Sachs Participants

8 CLSA Investor Forum September 16 Grand Hyatt Hotel,

HongkongCLSA Participants

9Macquarie Indonesia Commodities Conference

September 23-24 Ritz Carlton Mega

KuninganMacquarie Speaker

10IHS Asia Pacific Coal Outlook Conference

November 4-6 Bali McCloskey Speaker

Company Introduction for New Boards Members ProgramIn 2014, the Company did not conduct any introduction program as there were no new Board members.

Boards of Commissioners and Directors Disclosure Guidelines At this moment, the Company is drawing up the Boards of Commissioners and Directors and Disclosure Guidelines.

Boards of Commissioners and Directors Affiliation Disclosure

Commissioner Independency and AffiliationEvery Commissioner has to act independently, have no conflict of interest and be free from intervention from any Company or third party that can disturb and affect the decisions taken as a Commissioner.

CORPORATEGOVERNANCE

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Every Commissioners does not have any financial, management, shareholding, and/or familial relationship up to the second degree, both vertical and horizontal, nor marital relationship with other Commissioners and/or Shareholders and/or Directors, so that in doing his/her task, the said Commissioner is able to act independently.

Director Independency and AffiliationAll Directors do not have any affiliation with the Board of Commissioners. The Board of Directors independency is required to execute management actions or engage in any relationship with third parties without intervention from other parties or in contrary to the laws and Articles of Association which could materially interfere with the objectivity and independence of the Board of Directors in conducting its duties for the benefit of the Company.

There is no familial relationship up to second degree, both vertical and horizontal, nor marital relationship between other Directors and/or Commissioners.

Boards of Commissioners and Directors Shareholding DisclosureReferring to Regulation No.X.M.1 Attachment on Decision by the Head of Capital Market Regulatory Body No: Kep-82/PM/1997 dated January 17, 1996 about Certain Shareholders Information Transparency, until the end of 2014 there were no Commissioners that held shares in the Company. Meanwhile, one Director, Sudharmono Saragih, owns shares in the amount of which falls within regulation through the ESA program at a time when he had not been appointed as Director.

AUDIT COMMITTEE

The Board of Commissioners formed the Audit Committee in accordance to Regulation No. IX.I.5 Decision of the Chairman of Bapepam-LK No: Kep-643/BL/2012 dated December 7, 2012 regarding the Establishment and Guidelines for Audit Committee’s Work Implementation. The company’s Audit Committee consists of one Independent commissioner and two independent external parties.

Duty and Responsibility of Audit CommitteeThe main function of the Audit Committee is to help the Board of Commissioners in fulfilling their supervisory responsibility. The duty and responsibility of the Audit Committee is regulated in the Audit Committee Charter, detailing the Audit Committee:• To do its duty and responsibility based on Regulation

No. IX.I.5 attachment to Bapepam-LK Decision No. KEP-643/BL/2012 dated December 7, 2012 regarding the Establishment and Guidelines of Audit Committee’s work implementation.

• To supervise the Company’s internal and external audit activities, from planning to execution, findings, and follow ups.

• To give advice to the Board of Commissioners in ensuring the Company’s financial statement integrity.

• To give professional and independent opinion to the Board of Commissioners regarding any report or matters presented by the Directors to the Board of Commissioners and other tasks related to the duty of a Commissioner.

Audit Committee CompositionAs at December 31, 2014, the Audit Committee composition was as follows:

Name Position

Bacelius Ruru, SH, LLMHead of the Audit Committee/

Independent Commissioner

Prof. Dr. Ir. Irwandy Arif, M.Sc. Member

Aria Kanaka, CA, CPA Member

Audit Committee Member Profile

Bacelius Ruru, SH, LLM – Head of the Audit Committee and Independent Commissioner

His profile is presented in the Board of Commissioners Profile Section in this Annual Report.

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Prof. Dr. Ir. Irwandy Arif, M.Sc –Audit Committee Member

Doctor, graduated from Ecole des Mines de Nancy, France; Bachelor of Mine Engineering and Master of Industrial Engineering from ITB. He is an expert in the Indonesian mining industry. Appointed as Audit Committee member in January 2013. Current and past positions among others were audit committee member at PT Adaro Energy Tbk (from 2008), Head of audit committee PT Aneka Tambang Tbk (Persero) (2004-2009), independent commissioner in some companies, and expert researcher in various institution in mining and the mineral technology field. He is still actively teaching in the Mine Engineering College at ITB and researching, as well as writing mining and geotechnical journals.

Aria Kanaka, CA, CPA – Audit Committee Member

Bachelor of Arts in Accounting, and Master of Arts in Accounting from University of Indonesia. He was accepted at the National Registry of Accountants from Republic of Indonesia Ministry of Finance in 2000, and passed the public accountant certification test from the Indonesian Accountants Association in 2003. Appointed as a member of the Audit Committee in January 2013. Positions currently held, among others, are audit committee member at PT Tower Bersama Infrastructure Tbk (since 2010), PT Total Bangun Persada Tbk (since

2014). He is currently a partner at Aria Kanaka and Associates Public Accountant Firm (member of Mazars SCRL) and actively teaches at the College of Economy at the University of Indonesia.

Audit Committee Member IndependencyThe Audit Committee is headed by an Independent Commissioner and has independent members from outside the Company. This is in accordance to Bapepam Regulation No. IX.I.5 regarding Audit Committee Forming and Guidelines of Work Execution. The Audit Committee fulfills its duties and responsibilities independently and professionally.

Duties and ResponsibilitiesThe Audit Committee fulfills its duties and responsibilities according to Regulation No. IX.1.5Decision of the Chairman of Bapepam-LK No.KEP-643/BL/2012 dated December 7, 2012 regarding the Audit Committee Forming and Guidelines of Work Execution. Those duties and responsibilities, among others, are to:a. Review financial information to be disclosed by the

Company to the public and/or the authorities such as financial statements, financial projections, and other reports related to the Company’s financial information.

b. Do reviews on compliance with the laws and regulations related to the Company’s activities.

c. Give independent opinions in case of dissent between management and public accountant regarding the service given.

d. Give recommendations to the Board of Commissioners regarding the appointment of public accountant based on independency, work scope, and fees.

e. Do reviews on audit activities done by internal auditor and to supervise follow up actions done by Directors on the findings.

f. Do reviews on risk management activities done by the Board of Directors.

g. Review reports related to the accounting process and the Company’s financial reports.

h. Review and advise the Board of Commissioners regarding possibilities of conflict of interest.

i. Maintain Company documents, data, and information confidentiality.

CORPORATEGOVERNANCE

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Audit Committee MeetingsIn 2014, the Audit committee held 9 meetings. The level of attendance of the members is as follows:

Meeting Attendees PositionAttendance

(%)

Bacelius Ruru, SH, LLM

Head of the Audit

Committee/Independent

Commissioner

88.9%

Prof. Dr. Ir. Irwandy Arif, M.Sc. Member 100.0%

Aria Kanaka, CA, CPA Anggota 100.0%

Summary of Audit Committee Activities in 2014According to its duty and responsibility, the Audit Committee gave professional and independent opinions to the Board of Commissioners regarding matters presented to the Board of Commissioners by the Board of Directors and other tasks related to the tasks of the Board of Commissioners. This was done through routine meetings and site visits. The focus of the Audit Committee’s work program was on the effort by the Company to increase added value in order to prevent risks associated with operational productivity.

Audit Committee 2014 activities among others were: created Audit Committee work program, discussed 2014 work plan and budget, studied Internal Audit reports, discussed with the external auditor new regulations implementation related to the preparation of financial statement, and Subsidiaries’ performance.

The Audit Committee also reviewed the 2013 annual report and 2014 1st, 2nd, and 3rd quarter reports and gave notes when necessary to be submitted to the Board of Commissioners. As a form of work execution accountability, the Audit Committee created and submitted quarterly reports, an annual activity report, and the 2015 Audit Committee work plan to the Board of Commissioners.

Other than those activities, throughout 2014, the Audit Committee helped with the execution of a timely audit schedule, kept operational and financial performance as well as forward-looking strategy, identified risks regarding the Company’s financial condition, and evaluated the Company’s legal compliance.

Related to the Company’s operational aspects, the Audit Committee evaluated the coal marketing system and strategy concerning the products of the three subsidiaries, evaluated the efforts to increase productivity, supply chain effectiveness, and logistics concerning exports, and supervised the Occupational Safety and Health (OSH) improvement effort.

The Audit Committee was also involved in the discussion about the implementation of the new accounting system, especially ISAK 29 as the replacement of PSAK 33 concerning the process of creating financial statements in accordance to the new accounting policy and new regulation regarding financial statement creation. Other than that, together with Internal Audit, the Audit committee discussed the 2014 audit activity strategy which consisted of supervision of developments that may have an impact on the Company’s business, supervision of the internal audit standard operating procedures and Audit Committee 2015 work plan formation.

CORPORATE SECRETARY

The Corporate Secretary is appointed and accountable directly to the President Director. The duty of the Corporate Secretary is to ensure effective internal Company communication, between the Company and financial services authority and capital market, between the Company and the shareholders and other stakeholders. The Corporate Secretary also has to ensure the Company’s compliance to the applicable laws and regulations including capital market regulations.

The Corporate Secretary is responsible for the administration of documents and information related to the Company’s compliance to capital market laws and regulations, as well as supporting the accountability of operational reporting and Company responsibility to stakeholders.

The Corporate Secretary helps the Company in fulfilling the principles of public disclosure by ensuring the availability of relevant, accurate, and expeditious information to all stakeholders and the public, including the availability of quarterly reports, annual report, and other reports/news regarding the Company.

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Corporate Secretary Profile

Pandu P. Syahrir

From September 27, 2013, the position of Corporate Secretary has been held by Pandu P. Syahrir, who is concurrently one of the Company’s Directors. His profile is available at the Board of Directors profile section in this Annual Report.

In 2014, the activities of the Corporate secretary among others were: coordinated AGMS for financial year 2013, coordinated financial year 2013 dividend payment and financial year 2014 interim dividend payment, hosted annual public expose, 2013 annual report formation, managed Company website, as well as coordinated routine reports to the OJK and Indonesian Stock Exchange such as exploration results, IPO fund usage realization, and quarterly financial reports.

In 2014, the Corporate Secretary hosted a media site visit, in which media were invited to a site visit to a mine in order to give an understanding and explanation of activities in the mining concession, from overburden removal, coal hauling from pit to jetty, as well as CST activities and reclamations.

INVESTOR RELATIONS

The Company believes that adding value for shareholders starts from implementation of GCG principles, including transparency. Because of that, the Company is committed to communicating the Company’s business strategies and activities as clearly as possible to stakeholders. To achieve that, the Company is doing active communication with investors through well-planned investor relations activities.

The Company created an investor relations unit by appointing Iwan Sanyoto as the head of investor relations on February 2013. The Company develops investor relations activities as a part of the Company’s accountability to the shareholders.

Throughout 2014, the Company was active in holding analyst meetings and Company presentations. The Company also held one-on-one meetings with capital market analysts, especially those who covered the Company as a monitored and analyzed public company.

Below are some of the important activities done by Investor Relations throughout 2014:

No Activity Name Dates Location Organizer Role

1 Analyst Meeting January 22 Jakarta Goldman Sachs One-on-One Meeting

2 Analyst Meeting February 14 Jakarta JP Morgan One-on-One Meeting

3 Analyst Meeting April 17 Jakarta Morgan Stanley One-on-One Meeting

4 Analyst Meeting April 21 Jakarta Macquarie One-on-One Meeting

5 Analyst Meeting May 28 Jakarta PT Sucorinvest One-on-One Meeting

6 Analyst Meeting July 3 JakartaPT Trimegah

Securities TbkOne-on-One Meeting

7CIMB Annual Indonesia Conference

Agustus 21-22 Bali CIMB One-on-One Meeting

8Deutsche Bank Fixed Income Meeting

September 17 Hong kong Deutsche Bank One-on-One Meeting

CORPORATEGOVERNANCE

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The Company realizes that capital market communication does not go one way. Feed back from investment community is essential for improving engagement and relation. Because of that, the investor relations unit is open to input through interactions with investors and analysts. The Investor Relations team can be contacted through e-mail: [email protected]

Head of Investor Relations Profile

Iwan Sanyoto

Iwan Sanyoto was appointed as the Head of Investor Relations in February 2013. Since 1993, he has gained experience in international trading, capital markets, and investment with J.M Didier Asia s.c. Belgium, PT. Vickers Ballas Tamara Indonesia, Cargill Financial Services Asia Pte Ltd Singapore, PT DBS Vickers Indonesia, PT Kuo Capital Raharja dan PT CIMB-Principal Asset Management. Iwan holds a Management degree from University of Maryland (European Division), and an MBA from (VUB), Belgium

LEGAL DIVISION

The Company created the Legal division whose responsibility among others is ensuring the Company’s legal compliance. The Legal Division’s duties and responsibilities consist of:• Ensuring all Company activities mitigate risks that

may come up as a by product of the transactions the Company is doing.

• Ensuring that the Company, in its transactions as well as its operational activities, always takes into account applicable laws, related to capital markets, mining, and others.

• Resolving disputes as well as anticipating disputes that may come up between the Company and a third party.

Head of Legal Profile

Bima Sinung Widagdo

Currently, the head of the Legal Division is held by Bima Sinung Widagdo who has been in the position since March 2011. Before that, Bima had a career in the energy and banking sector with PT Adaro Energy Tbk and PT CIMB Niaga Tbk. After finishing his education with a Bachelor of Law from Universitas Indonesia Law School.

COMPANY DATA AND INFORMATION ACCESS

Information Transparency PolicyIn order to fulfill the transparency principle and GCG implementation, the Company discloses non-secretive information to the public through adequate means and facilities. Therefore, the stakeholders can access the information easily without any fees. Information which is time-sensitive to shareholders as well as other stakeholders is delivered through various communication means to facilitate a fast decision making process.

Referring to the Financial Services Authority Regulations and Stock Exchange Regulations, the Company is committed to announce as fast as possible information or facts that may affect share price or investors’ investment decision at the latest two days after the information or facts come to light.

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100 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

Information AccessThe Company routinely publishes an annual report that presents information regarding the Company’s operational and financial performance. Through the Company website www.tobabara.com, shareholders, investors and the public can access various information regarding the Company including annual financial statements, quarterly financial statements, summary of financial performance, stock performance, GCG and CSR activities report, as well as other activities.

The Company is also open access to submission of opinion, complaints, as well as questions by contacting:

PT TOBA BARA SEJAHTRA Tbk.Wisma Bakrie 2, 16th floorJl. H. R. Rasuna Said Kav. B-2Jakarta 12920 – Indonesia

Corporate SecretaryTel: (62 21) 5794 5779Fax: (61 21) 5794 5778E-mail: [email protected]

Below is a list of information published by the Company related to the principle of transparency to the public throughout 2014:

No No. Letter Date Subject Regulation No.

1 002/TBS/I/14 January 10Monthly Report on Exploration Activities Period December 2013

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

2 004/TBS/I/14 January 10Monthly Report on Registration of Securities Holders (IDXnet)

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

3 005/TBS/I/14 January 15Report on the Use of Funds Received from IPO as of31 December 2013

Regulation No. X.K.4, Attachment Rule Chairman ofBapepam No. KEP-27/PM/2003

4 009/TBS/II/14 February 5Performance Guidance 2013 and 2014

Non Regulated

5 011/TBS/II/14 February 10Monthly Report on Registration of Securities Holders (IDXnet)

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

6 012/TBS/II/14 February 12Monthly Report on Exploration Activities Period January 2014

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

7 019/TBS/III/14 March 6Monthly Report on Registration of Securities Holders (IDXnet)

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

8 021/TBS/III/14 March 12Monthly Report on Exploration Activities Period February 2014

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

9 023/TBS/III/14 March 21Disclosure Information of Revolving Loan Facility

Regulation No. X.K.1 Rule of Chairman of BapepamNo. Kep-86/PM/1996 on Disclosure of Information that must be made Public and Rule Number IE, Appendix Decision of Board of Directors of the Jakarta Stock Exchange No. Kep-306 / BEJ / 07-2004 regarding Obligation of Information Submission

CORPORATEGOVERNANCE

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OPENING COMPANY PROFILE MANAGEMENT DISCUSSION AND ANALYSIS

HUMAN RESOURCES CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

FINANCIAL REPORT

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 101

No No. Letter Date Subject Regulation No.

10 025/TBS/III/14 March 28Audited Financial Statements 31 December 2013

Regulation No. X.K.2 Rule of Chairman of Bapepam-LK No.Kep-346/BL/2011 dated Juli 5, 2011 on the Filing of the Periodical Financial Statements of Emitent or Public Company and Rule III.1.6.1.4. Regulation Number I-E Attachment Rule of Board of Directors of PT Bursa Efek Jakarta No. Kep-306/BEJ/07-2004

11 026/TBS/IV/14 April 1Proof of Advertisment for Notice of 2013 Audited Financial Statements

Regulation No. X.K.2 Rule of Chairman of Bapepam-LK No.Kep-346/BL/2011 dated Juli 5, 2011 on the Filing of the Periodical Financial Statements of Emitent or Public Company and Rule III.1.6.1.4. Regulation Number I-E Attachment Rule of Board of Directors of PT Bursa Efek Jakarta No. Kep-306/BEJ/07-2004

12 029/TBS/IV/14 April 1Summary of Financial Analysis and Management’sDiscussion (MDNA)

Non Regulated

13 031/TBS/IV/14 April 7Monthly Report on Registration of Securities Holders (IDXnet)

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

14 032/TBS/IV/14 April 8Monthly Report on Exploration Activities Period March 2014

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

15 037/TBS/IV/14 April 15Report on the Use of Funds Received from IPO as of 31 March 2014

Regulation No. X.K.4, Attachment Rule Chairman ofBapepam No. KEP-27/PM/2003

16 044/TBS/IV/14 April 21Proof of Advertisment for Notice of Annual GMS

Bapepam Regulation No. I.1 IX of the Plan and Implementation of GMS and Securities Listing Regulation No. IE dated July 9, 2014 on the Obligation to Submit Information

17 051/TBS/IV/14 April 24Consolidated Interim Financial Statements Quarter I 2014

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

18 054/TBS/IV/14 April 30 2013 Annual Report

Regulation No. X.K.VI on the requirement for Annual Reportfiling by an Issuer or Public Company, Attachment the Decision of the Chairman of the Capital Market and Financial Institution Supervisory Agency No. KEP-134/BL/2006

19 057/TBS/V/14 May 6Proof of Advertisment for Notice of Annual GMS

Regulation No. IX.XI Decision of the Capital Market Supervisory Board No. Kep-60/PM/1996

20 065/TBS/V/14 May 8Monthly Report on Registration of Securities Holders (IDXnet)

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

21 068/TBS/V/14 May 12Monthly Report on Exploration Activities Period April 2014

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

22074/

TBS/V/2014May 23

Submission Results of AGM 2014

Regulation No. IX.XI Decision of the Capital Market Supervisory Board No. Kep-60/PM/1996

23 077/TBS/VI/14 June 9Monthly Report on Registration of Securities Holders (IDXnet)

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

24 078/TBS/VI/14 June 9Notice of Schedule and Adminstering of Cash Dividends Payment

Decision of the Board of Directors of PT Bursa Efek JakartaNo. Kep-565/BEJ/11-2003

25 082/TBS/VI/14 June 12Monthly Report on Exploration Activities Period Mei 2014

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

26 085/TBS/VII/14 July 2Exchange Rate for Final Cash Dividends

Decision of the Board of Directors of PT Bursa Efek JakartaNo. Kep-565/BEJ/11-2003

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102 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

No No. Letter Date Subject Regulation No.

27 087/TBS/VII/14 July 7Monthly Report on Registration of Securities Holders (IDXnet)

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

28 088/TBS/VII/14 July 10Monthly Report on Exploration Activities Period June 2014

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

29 094/TBS/VII/14 July 15Report on the Use of Funds Received from IPO as of 30 June 2014

Regulation No. X.K.4, Attachment Rule Chairman ofBapepam No. KEP-27/PM/2003

30 095/TBS/VII/14 July 24Consolidated Interim Financial Statements Semester I 2014

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

31 097/TBS/VII/14 July 25Summary of Financial Analysis and Management’sDiscussion (MDNA)

Non Regulated

32 098/TBS/VII/14 July 25Report on the Use of Funds Received from IPO as of 30 June 2014 (Revision)

Regulation No. X.K.4, Attachment Rule Chairman ofBapepam No. KEP-27/PM/2003

33100/TBS/

VIII/14August 7

Monthly Report on Registration of Securities Holders (IDXnet)

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

34102/TBS/

VIII/14August 12

Monthly Report on Exploration Activities Period July 2014

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

35 106/TBS/IX/14 September 2Notice of Schedule and Adminstering of Interim Dividends Payment

Decision of the Board of Directors of PT Bursa Efek JakartaNo. Kep-565/BEJ/11-2003

36 110/TBS/IX/14 September 10Monthly Report on Exploration Activities Period August 2014

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

37 112/TBS/IX/14 September 10Monthly Report on Registration of Securities Holders (IDXnet)

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

38 122/TBS/IX/14 September 25Exchange Rate for Final Interim Dividends

Decision of the Board of Directors of PT Bursa Efek JakartaNo. Kep-565/BEJ/11-2003

39 126/TBS/X/14 October 6Monthly Report on Registration of Securities Holders (IDXnet)

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

40 131/TBS/X/14 October 10Monthly Report on Exploration Activities Period September 2014

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

41 132/TBS/X/14 October 15Report on the Use of Funds Received from IPO as of 30 September 2014

Regulation No. X.K.4, Attachment Rule Chairman ofBapepam No. KEP-27/PM/2003

42 134/TBS/X/14 October 28Consolidated Interim Financial Statements Quarter III 2014

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

43 135/TBS/X/14 October 28Summary of Financial Analysis and Management’sDiscussion (MDNA)

Non Regulated

44 136/TBS/X/14 October 29Notice of the Annual Public Expose 2014 (IDXnet)

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

CORPORATEGOVERNANCE

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OPENING COMPANY PROFILE MANAGEMENT DISCUSSION AND ANALYSIS

HUMAN RESOURCES CORPORATE GOVERNANCE

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FINANCIAL REPORT

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 103

No No. Letter Date Subject Regulation No.

45 138/TBS/X/14 October 30 Disclosure of Information

Regulation No. X.K.1 Rule of Chairman of BapepamNo. Kep-86/PM/1996 on Disclosure of Information that must be made Public and Rule Number IE, Appendix Decision of Board of Directors of the Jakarta Stock Exchange No. Kep-306 / BEJ / 07-2004 regarding Obligation of Information Submission

46 141/TBS/XI/14 November 7Monthly Report on Registration of Securities Holders (IDXnet)

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

47 142/TBS/XI/14 November 7 Public Expose Material 2014Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

48 145/TBS/XI/14 November 11Monthly Report on Exploration Activities Period October 2014

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

49 146/TBS/XI/14 November 12 Siaran Pers Public Expose Non Regulated

50 148/TBS/XI/14 November 17Public Expose Implementation Report 2014 (IDXnet)

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

51 151/TBS/XII/14 December 4Monthly Report on Registration of Securities Holders (IDXnet)

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

52 156/TBS/XII/14 December 12Monthly Report on Exploration Activities Period November 2014

Regulation No. I.E on the Requirement for Information Filingand Attachment Rule of Board of Directors of PT Bursa EfekJakarta No. Kep-306/BEJ/07-2004

INTERNAL AUDIT UNIT

Internal Audit is the management’s partner in achieving Company targets through its audit and consulting functions, independently and objectively. Internal Audit is directly under the President Director. The Head of Internal Audit is appointed by and accountable to the President Director, but his/her appointment has to be approved by the Board of Commissioners.

Functionally, Internal Audit works with the guidance and under the supervision of the Audit Committee. Other than submitting Audit Reports to the President Director, these reports are also submitted to the Audit Committee to be presented to the Board of Commissioners together with the Audit Committee’s professional opinion.

Internal Audit conducts audit activities in accordance with the Annual Audit Plan, which has been comprehensively compiled by considering the risks related to each audited aspect. The audit plan is discussed together with the head of the unit that will be audited and submitted to the Board of Directors

and approved by the Audit Committee. Internal Audit implementation is done on the basis of risk to ensure compliance to standard operating procedure, internal control systems and regulation has complied with the prevailing regulation.

Internal Audit works together, in a consultative way, with Subsidiaries internal audit units to increase internal control in all subsidiaries. Periodically, Internal Audit will do a study on all the Company’s and its subsidiaries’ activities related to financial and operational activities as well as compliance to the applicable laws and regulation. Internal Audit also does internal assessment periodically to study the effectiveness of all aspects of internal audit activities.

Internal Audit CharterInternal Audit unit has an Internal Audit Charter as a guideline. The Internal Audit Charter sets the organizational structure and positions, duties and responsibilities, authority and ethics code for internal auditors, internal audit standards and auditor requirements.

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104 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The internal audit charter is defined by the Board of Directors’ Decision dated May 14, 2012 and was approved by the Board of Commissioners based on the Circular Decision of the Board of Commissioners Meeting As Substitute Board of Commissioners dated May 14, 2012.

Head of Internal Audit Profile

Pria Fardio Syaiful Dinar

The Head of Internal Audit is held by Pria Fardio Syaiful Dinar, who was appointed based on Surat PenunjukanKepala Unit Audit Internal Perseroan Nomor: 043/TBS/V/2012 dated May 14, 2012.

Pria Fardio Syaiful Dinar obtained his Bachelor in Economy from Universitas Indonesia (2008) and Bachelor of Law from Krisnadwipayana University (2006). Currently, Pria is doing his MBA at Gadjah Mada University. Before serving as Head of Internal Audit, Pria served as internal audit and controller at PT ABN, one of the subsidiaries owned by PT Toba Bara SejahtraTbk. Prior to that, he was an external auditor at Tanudiredja Wibisana and Partners Public Accountant Firm (PricewaterhouseCoopers) with his last position as a Senior Association with specialization in energy and mining audits. He also had been a faculty at Islam University Assyafiiyah School of Law from 2007 to 2008.

Internal Audit Activity ReportThe activities done by Internal Audit in 2014 covered the three coal mining subsidiaries, ABN, IM, and TMU. The activities that were done in 2014 are:a. audits on activities related to procurement and

logisticb. audits on activities related to sales and marketingc. audits on reservesd. audits of mining activitiese. investigative audits related to HSE activitiesf. other audits related to Company operational

activities.

2015 Audit PlanActivities that will be done in 2015 cover the three mining subsidiaries ABN, IM, and TMU, as well as PT Perkebunan Kaltim Utama I that is engaged in the palm plantation business.

Below is the audit plan for 2015, including some additions on areas of activities compared to 2014:a. audits on activities related to procurement and

logisticb. audits on activities related to sales and marketingc. audits on reservesd. audits of mining activitiese. investigative audits related to HSE activitiesf. other audits related to Company operational activitiesg. audits on construction progress of Palm Oil Factory at

PKU.

CORPORATEGOVERNANCE

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 105

PUBLIC ACCOUNTANT

Based on AGMS decision dated May 21,2014 that gave the authority to the Board of Commissioners to appoint a Public Accountant Firm which is registered at the Financial Services Authority to audit the Company’s financial statement for financial year 2014, the Board of Commissioners had appointed Purwantoro, Suherman, and Surja Public Accountant Firm, member of Ernst & Young Global Limited, to audit Company’s consolidated financial statement for financial year 2014.

The data on Public Accountant Firm and Accountant who audited the Company’s financial statement as well as the fees for the last three years are:

Audit Period Public Accountant Firm Accountant Audit Fee Audit Service

2014 KAP Purwantoro, Suherman & Surja E. Batara Manurung US$ 128 thousand

Annual Financial Statement Audit

2013 KAP Purwantoro, Suherman & Surja Agung Purwanto US$ 135 thousand

2012 KAP Purwantoro, Suherman & Surja Agung Purwanto US$ 160 thousand

RISK MANAGEMENT

The Company’s business activities are always changing in line with the development of the coal market, resulting in a bigger challenge and risk exposure. Therefore, various methods for risk management are needed.

The initiative for Company’s risk management is basically to provide the most current and comprehensive information for Directors and managements to anticipate risk as soon as possible, and to mitigate the risk. Related to that, the function of risk management in the Company and its subsidiaries is done by each division including operational and non-operational activities. Risk management in the subsidiaries includes identification, evaluation, management, and supervision of risks in a coordinated and integrated way. As a group of companies, there is also a Risk Management Team that studies and approves investment plans.

The Company has identified main risks that have to be managed well so that they will not have a negative and material impact to the Company’s business activities, financial conditions, operational performance, and business prospects. Those risks are:

1. Price Fluctuation Risk The Company’s income is very dependent on the

price accepted when doing sales. The price of coal refers to a world price index that tends to be cyclical and can fluctuate significantly. Facing the price fluctuation risk, the Company has taken mitigating actions as follows:• the Company sells most of its planned production

to high quality buyers on a fixed price. This pricing mechanism is very profitable for the Company because buyers will pay some amount up-front. Therefore, the Company can maximize the price structure to anticipate unfavorable market conditions.

• the Company always try to keep a stable operational costs structure through various efficiency initiatives as well as optimizing operational performance to maintain production levels. The adjacent locations of the three subsidiaries support the effort to maximize efficiency through joint mine plans and infrastructure sharing.

2. Fuel Price Risk The Company faces fuel price risk caused by the

fluctuation of fuel prices and the fluctuation of price of fuel provided by the Company to contractors. Increases in price will have a negative impact to the Company’s profits and margin. To limit the impact of fuel price fluctuations, the Company manages risk by hedging against projected fuel requirements.

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106 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

3. Interest Rate Risks Interest rate risk on cash flow is one risk where future

cash flow will fluctuate because of interest rate changes. Currently, the exposure comes mainly from a long term syndicated loan with floating interest. Loans with floating interest will create risks for the Company’s cash flow.

The Company manages interest rate risks by using a capped interest rate throughout the loan period. Through this mechanism, the Company limits its exposure to the floating interest rate by using a swap interest rate. On December 31, 2014, the Company had signed a swap interest rate agreement with BNP Paribas, and the Company believes that this risk management strategy will have a long term positive impact.

4. Weather Risks Weather conditions in the concession areas can

affect the Company’s mining activities significantly. All concessions of the Company are located in East Kalimantan, which is a location that is greatly affected by seasonal weather. Generally, most of the dry weather happens on second and third quarter, while high rainfall happens between November and March. The Company usually suspends production temporarily in the concession when it is raining because of safety issues.

IMPORTANT MATTERS

In 2014, there were no significant legal matters, either criminal or civil, faced by the Company, member of the Board of Commissioners, as well as members of the Board of Directors.

WHISTLEBLOWING SYSTEM

The Company is still studying the requirements of applying a whistleblowing system as a means to make a report if someone finds instances or actions that may violate the law or the Company’s code of ethics. So far, the Company has implemented an open door policy where the Directors and management teams are open to accept an employee’s grievance and complaint, and to discuss the problem. Basically, the Company wants to build a conducive work environment by enforcing good work ethics.

CORPORATEGOVERNANCE

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OPENING COMPANY PROFILE MANAGEMENT DISCUSSION AND ANALYSIS

HUMAN RESOURCES CORPORATE GOVERNANCE

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 107

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108 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

In aspects of social responsibility, Toba Bara is committed to improve the quality of education, public health and economic self-sufficiency of the community and preserve the environment and ecosystem functions in the surrounding areas of the Company’s operations.

Local workers Recruited by Company 2014

61%

RESPONSIBILITYCORPORATE SOCIAL

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OPENING COMPANY PROFILE MANAGEMENT DISCUSSION AND ANALYSIS

HUMAN RESOURCES CORPORATE GOVERNANCE

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 109

OPENING COMPANY PROFILE MANAGEMENT DISCUSSION AND ANALYSIS

HUMAN RESOURCES CORPORATE GOVERNANCE

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FINANCIAL REPORT

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110 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

Toba Bara understands that long-term sustainability cannot be achieved solely through the fulfillment of operational targets and financial performance. Business success will be achieved if the Company is able to maintain a balance between the achievements of economic performance, social performance and environmental performance (Profit, People, Planet). It is appropriate that the economic value obtained also benefit efforts to improve the quality of education, health and economic self-sufficiency of communities in the area around the Company’s operations as well as to protect the environment through quality and sustainable Corporate Social Responsibility (CSR) programs.

As a mining company with an area managed of more than 7,000 hectares next to the communities in three districts in Kutai Kartanegara Regency, East Kalimantan, the Company is committed to pursuing economic empowerment of communities around the mine site. The Company would like to continue to grow and

develop with the community, build a harmonious relationship in the midst of the preserved environment. The Company also has an obligation and responsibility to restore the environment and ecosystem functions post-mining activities and to ensure that the mined land can be planted with productive crops for the community’s welfare. Thus, the Company’s presence can be of the utmost benefit and meet the expectations of stakeholders, including the community.

The Company’s CSR activities are carried out by its Subsidiaries which interact directly with communities around the mine concessions, namely PT Adimitra Baratama Nusantara (ABN), PT Indomining (IM), PT Trisensa Mineral Utama (TMU), and PT Perkebunan Kaltim Utama I (PKU). The policies and direction of CSR activities are determined by taking into account the most urgent needs of the local community and based on the Subsidiaries’ capabilities.

RESPONSIBILITYCORPORATE SOCIAL

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HUMAN RESOURCES CORPORATE GOVERNANCE

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 111

One of the Company’s CSR policies is prioritizing local community to meet the Company’s manpower needs so that the Company’s presence in the area can provide direct benefits to the community. The Company together with its contractors and sub-contractors have accommodated local labors from Sangasanga, Loa Janan and Muara Jawa Districts, Kutai Kartanegara Regency that represent approximately 61% of the labor needs, while the remaining approximately 39% came from outside these districts.

CSR ACTIVITIES IN 2014

The Company’s CSR activities during 2014 are organized in four areas, namely:1. Environment, comprising the Company’s efforts for

protection and management of the environment, including rehabilitation of mined area and revegetation, monitoring water quality, dust, noise, waste as well as efficiency of energy and other resources.

2. Social community, comprising efforts to improve the quality of public health, improvement of environmental infrastructure, community empowerment and education.

3. Employment practice, comprising efforts to increase awareness and skills of employees to avoid and minimize health risk and occupational accidents.

4. Product responsibility.

One of Toba Bara’s CSR policies is prioritizing local community to meet the manpower needs so that Toba Bara’s presence provides direct benefits to the community.

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The total cost of CSR activities of the Company and its Subsidiaries in 2014 amounted to US$ 6.2 million, an increase of 13.3% compared to US$ 5.5 million for CSR activities in 2013.

1. Environment In every mining activities, the Company always

prioritizes the aspect of environmental conservation. Implementation of mining operations based on the proper technical rules or “green mining” begins at the planning stage that internalizes the prerequisite of occupational safety and environmental preservation. This is managed in an environmental management system that meets the standards of ISO14001:2004 certified by the certification body Lloyd’s Register Quality Assurance Ltd. obtained by ABN on August 28, 2014.

The Company’s commitment to environmental protection is stipulated in the Occupational Safety, Health and Environment (K3LH) issued by the Subsidiaries to declare commitment to implement an integrated and planned K3LH system in order to minimize the risk of any activity. One way to achieve this objective is to preserve the environment and minimize damage and pollution to the environment.

Environmental management activities carried out by the Subsidiaries throughout 2014 are:

• Environmental assessment and monitoring including the following activities:- Monitoring the pH and debit of settling pond

wastewater (daily).- Examination of settling pond wastewater

(monthly).- Soil fertility test (quarterly).- Ambient air test (quarterly).- Exhaust emissions test (quarterly).- Noise test (quarterly).- Water body/river test (quarterly).

All assessment and monitoring activities in 2014 have been implemented as planned (100%).

• Reclamation activity (plantation arrangement) and revegetation (planting) were performed at the mine site including reforestation of mine out area, out-pit dump area, in-pit dump area, and topsoil-stock area. Revegetation may be in form of planting standing trees or covering crops, depending on the conditions of each area being restored. Until 2014, the Company and its Subsidiaries had planted more than 118 thousand trees.

Awards In 2014, two Subsidiaries namely ABN and IM

successfully achieved PROPER (Program for Evaluation of Company Performance in Environment Management) with Blue Rating. PROPER is an award for environmental management provided by Ministry of Environment based on assessment of the Company’s legality and permits (AMDAL, HGU, and so forth), efforts to control air pollution, water and soil, B3 waste management and the Company’s CSR activities. Blue Rating (level: Sufficiently Good) is awarded to companies that have made significant efforts to control environmental pollution or damage to or implemented cleaner production and achieved the results in accordance with the minimum requirements stipulated in the applicable laws and regulations.

2. Social Community The quality of CSR programs in social community has

been gradually improved beyond charity programs to activities that encourage empowerment and self-reliance of the community.

a. Community Empowerment To empower the community and strengthen the

economy in the Company’s surrounding area, IM designs a rolling program of hybrid etawa goat breeding. The pilot project was implemented gradually, involving active participation of villagers in Pendingin Village with the following stages:• Provided material for four sets of goat stall

delivered to the respective RT as program beneficiaries. Each farmer group will built the stalls independently under IM’s guidance on the ideal stall design.

CORPORATE SOCIALRESPONSIBILITY

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 113

• Procurement of goats’ drugs to ensure the animal health in order to promote the breeding of superior offspring. Procurement of drugs is for one year stock and livestock health management is assisted by Department of Animal Health Unit of Sangasanga District.

• Handing over of 24 hybrid etawa goats to farmers consisting of 20 females and 4 males. The program lasted for 3 years wherein at the end of the program, the farmer groups will deliver 24 goats to IM to be rolled to other residents.

• Other than goat meat that can be sold or consumed by the community, IM also bought manure products resulted as the farmers’ by product. The Company bought a maximum of 30 sacks per stall per month. IM used the manure for purposes of planting revegetation trees on reclamation are and other greening activities.

• Then IM plans to provide training for farmer groups to produce fertilizer from livestock manure.

While the activities related to empowerment of local communities carried out by ABN include:• Routine counseling of Joint Business Group

(KUB) in Jawa and Pendingin Villages.• Socialization of cooperatives establishment in

Jawa and Sangasanga Dalam Villages.• Training in the production of essential oils from

citronella plant, attended by village staff, youth clubs, farmers and mothers of KUB Separi, Jawa Village.

• Donation for packaging tools of processed products of KUB in Sangasanga District. KUB product is a domestic industry made by mothers as additional family income.

• Preparation for product exhibition of KUB in Sangasanga District to be held in January 2015.

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• The pilot project of Bali beef cattle and brahma beef cattle.

• The pilot project of citronella cultivation.• Cultivation of elephant grass for livestock

fodder.• Facilitating technical training and health care for

cattle breeding given by Department of Animal Husbandry.

• Donation for routine operational funds for soccer school Taruna Jaya, Jawa Village.

• Donation for routine operational funds for soccer school Gelora Pantai, Sangasanga Dalam Village.

b. Education In education, IM managed a scholarship program

that consists of college scholarships and scholarships for employees’ children. College scholarships are awarded to five local students in Sangasanga area who are currently studying in colleges. The scholarships amounted to Rp 5,000,000 per semester with a requirement to achieve minimum GPA of 3.0 each semester.

The employees’ children scholarships meanwhile are awarded to employees’ children in elementary to high school level. Scholarships of Rp 600 thousand (elementary school), Rp 900 thousand (junior high school) and Rp 1.2 million (high school) are awarded each semester with a requirement to achieve minimum average score of 7.5.

IM also provides training for kindergarten teachers to improve the quality of kindergarten teachers in the surrounding area of the Company’s operations. Training materials are delivered by Noah Foundation, Jakarta, to participants consisting of teachers in four kindergartens in Pendingin and Sangasanga Dalam Villages.

CORPORATE SOCIALRESPONSIBILITY

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 115

In addition, IM provided support for educational infrastructure such as:• Donation for renovation of TK Mulia, Pendingin

Village wherein IM provided building materials and renovation design, while the renovation work was carried out independently by the school under IM’s supervision.

• Donation for routine operations of Kelompok Bermain Mulia, Pendingin Village amounted to Rp1.9 million per month and donation for teacher salaries to MI Al-Falah, Pendingin Village.

• Donation for five units of outdoor playground equipment for TK APA, Sangasanga Village.

• School bus transport facility for students who lived in Pendingin Village to their schools outside Pendingin Village. Vehicles were provided and operated by local entrepreneurs wherein IM then paid for vehicle rental costs including fuel, maintenance and driver fee.

Meanwhile, ABN’s CSR activities in the education field are more focused on improving non-formal skills. ABN’s CSR activities in the education field include:• Training in graphic design skills conducted in SMK

Muhammadiyah Sangasanga, in collaboration with Vocational Courses and Training Institute (LKDPK) Handayani Center. Until August 2014, there were four training batches. The training aimed to develop the competence of youths in Sangasanga and encourage their interest in entrepreneurship in graphic design such as screen printing, pins, mugs, banners and so forth.

• Training and entrepreneurial motivation in Career Day event organized by ABN.

• Donation for learning tools to TK and PAUD Kartika Kipan A, B, C under the patronage of Yon Infantri 611 Samarinda.

• Building renovation for TK Nuri Bakti and TK Ulil Alban, Jawa Village.

• Scholarships for employees’ children wherein nearly 80% of ABN employees are locals.

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c. Health In the health sector, IM has a monthly program

to help meet the nutritional needs of infants and toddlers who reside in the Company’s surrounding area. The aid consists of supplementary feeding of packaged milk, biscuits and chicken porridge or pureed green beans. In addition, IM also gradually builds the facilities of Posyandu Teratai RT 23, Sangasanga Village to improve the quality of Posyandu’s services.

ABN’s CSR activities in the health sector are conducted regularly and continuously, including:• Free medical treatment in Jawa, Pendingin,

Sangasanga Dalam and Muara Kembang Villages on a monthly basis. The medical examination includes checking of blood pressure, blood sugar, cholesterol and uric acid, as well as administration of free medicines based on medical check results.

• Supplementary food aid and regular health checks performed on a monthly basis at Posyandu in Jawa, Pendingin, Sangasanga Dalam and Muara Kembang Villages.

• Support for health services at Elderly Posyandu in Jawa Village on a monthly basis.

• Posyandu Competition at Jawa Village level with the theme “Skills and Awareness Competition in Serving the Community” which was held to encourage the spirit of Posyandu’s staffers. This activity took place in November 2014.

• Mass circumcision in five villages in Sangasanga District and Muara Kembang Village. In carrying out this activity, ABN cooperated with NGO Gerakan Pemuda Asli Kalimantan (GEPAK) and PT Pertamina E&P Sangasanga.

• PKPR (Youth Care Health Services) Coaching in collaboration with the Health Department of Kutai Kertanegara Regency.

ABN employee stands before Medical Clinic that is being constructed to provide health care facility for people living in the vicinity of the mining site.

CORPORATE SOCIALRESPONSIBILITY

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 117

d. Public Facilities and Infrastructure Donation programs for public facilities and

infrastructure in 2014 carried out by Subsidiaries included construction of clean water installation in Pendingin Village performed by IM in collaboration with local PDAM. In this case IM donated a plot of land in its concession area for the installation of facility built by PDAM.

In addition, IM also provided cash donation for development of badminton courts and renovation of school yard in Pendingin and Sangasanga Dalam Villages, renovation and maintenance of sewers to prevent flooding in RT12/12A, 19, 20, 21,22, 23 Sangasanga Dalam Village, development and maintenance of worship houses as well as activities of national and local holidays in Sangasanga District.

ABN helped with land clearing work in Jawa Village to prevent fire in the long dry season, conducted inspection and maintenance of clean water drilled well in RT 02 Pendingin Village which was also ABN’s aid in the prior period, normalization activities on road and drainage in

public plantations in RT 01 Jawa Village of 1,000 meters as well as communal work to clear the debris following flooding in Jawa Village.

3. Employment Practices Occupational Health and Safety (K3) aspect is one of

the success factors of mining companies’ operations. The Company strives to create a safe working environment to achieve optimum productivity. Therefore, each employee must comply with policies and standard operating procedures related to K3 to minimize occurrence of incidents, accidents, nearmiss and occupational diseases. Every employee is required to create and maintain safety at work, and wear Personal Protective Equipment (APD) and Work Safety Equipment (APL) as required.

To ensure that K3 standard is executed in a disciplined way and to demonstrate commitment to implementation of safe mining activities, ABN adopts K3 management system standard (SMK3) OHSAS 18001:2007 which is accredited by an independent body Lloyd’s Register Quality Assurance on August 28, 2014.

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118 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

Implementation of K3 Program in 2014 In 2014, TMU performed a number of activities

related to K3 such as installing traffic signs in accident-prone areas. In addition, the K3 Team also put up K3 banners in hauling road area as part of K3 socialization. Safety talk is routinely held to encourage awareness and behavior that prioritize occupational safety and health aspect.

To ensure equipment safety, the K3 Team participated in the commissioning of heavy equipment units as a preventive measure against operational problems. Meanwhile, to ensure safety, the Company’s K3 Team periodically tests for SIM-PER (Permit to Operate Corporate Unit) required for each driver/operator of heavy equipment operating in the mining areas. Related to this security issue, security guards and the K3 Team actively take the persuasive approach to local people who enters the Company’s mining area to use the hauling road built by the Company.

4. Product Responsibility The Company implements quality control throughout

the coal production processes from the exploration stage to coal mining, transporting, crushing and loading stage, in order to ensure that the end user receives coal products in accordance with specifications contained in the contract, including the caloric value.

In addition, the coal product is analyzed by an independent laboratory located in each concession area and in the stockpile and barge facility to ensure that the Company’s products confirm to specifications set forth in the contract and are free from impurities. The Company’s laboratory also conducts testing of proximate analysis, total water content, total sulphur content, calorific value, ash content and relative density.

Quality control and sampling are supervised by PT Sucofindo (Persero) which is an independent surveyor and laboratory service provider whose services are generally used by major coal producers in Indonesia. The Company’s coal supply contracts generally include coal specification target.

CORPORATE SOCIALRESPONSIBILITY

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RESPONSIBILITY FOR ANNUAL REPORT

STATEMENT LETTEROf the Board Of Commissioners’ and the Board Of Directors’Responsibilities on the Annual Report 2014 OfPT Toba Bara Sejahtra Tbk.

We, the undersigned, hereby declare that all information in this Annual Report ofPT TOBA BARA SEJAHTRA Tbk. for the year 2013 is presented in full and we attest to the integrity of the contents of the Annual Report of the Company. In witness thereof, this statement is made truthfully.

Jakarta, March16, 2015

Justarina S. M. NaiborhuPresident Director/Director Unaffiliated

Jusman S. DjamalPresident Commissioner/Independent Commissioner

Pandu P. SyahrirDirector

Bacelius RuruIndependent Commissioner

Arthur M. E. SimatupangDirector

Farid HariantoIndependent Commissioner

Sudharmono SaragihDirector

BOARD OF DIRECTORSBOARD OF COMMISSIONERS

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 119

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 121

REPORTFINANCIAL

PT TOBA BARA SEJAHTRA TBKand its subsidiaries

Consolidated financial statements as of December 31, 2014 and for the year then ended with independent auditors’ report

OPENING COMPANY PROFILE MANAGEMENT DISCUSSION AND ANALYSIS

HUMAN RESOURCES CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

FINANCIAL REPORT

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122 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

PT Toba Bara Sejahtra Tbkdan entitas anaknya/and its subsidiaries

Laporan keuangan konsolidasian tanggal 31 Desember 2014 danuntuk tahun yang berakhir pada tanggal tersebutbeserta laporan auditor independen/Consolidated financial statements as of December 31, 2014 andfor the year then endedwith independent auditors’ report

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 123 PT TOBA BARA SEJAHTRA Tbk - Laporan Tahunan 2014 123

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 125

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAKNYA

LAPORAN KEUANGAN KONSOLIDASIANTANGGAL 31 DESEMBER 2014 DAN

UNTUK TAHUN YANG BERAKHIR PADATANGGAL TERSEBUT

BESERTA LAPORAN AUDITOR INDEPENDEN

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTSAS OF

DECEMBER 31, 2014 ANDFOR THE YEAR THEN ENDED

WITH INDEPENDENT AUDITORS’ REPORT

Daftar Isi Table of Contents

Halaman/Pages

Laporan Auditor Independen Independent Auditors’ Report

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

Laporan Laba - Rugi Consolidated Statement ofKomprehensif Konsolidasian ……………………… 4-5 …..……..………………Comprehensive Income

Laporan Perubahan Consolidated StatementEkuitas Konsolidasian ……………………………… 6-7 ….…………………………of Changes in Equity

LaporanArus Kas Konsolidasian ……………………………. 8-9 …………… Consolidated Statement of Cash Flows

Catatan atas Laporan Notes to the Consolidated FinancialKeuangan Konsolidasian…………………………… 10-117 …..……………………..……………..Statements

**************************

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 127

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128 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

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

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

1

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAKNYA

LAPORAN POSISI KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OFFINANCIAL POSITION

As of December 31, 2014(Expressed in United States Dollar,

unless otherwise stated)

31 Desember/ 31 Desember/December 31, Catatan/ December 31,

2014 Notes 2013

ASET ASSETS

ASET LANCAR CURRENT ASSETSKas dan setara kas 47.838.787 2d,2f,4 63.301.639 Cash and cash equivalentsPiutang usaha Trade receivables

Pihak ketiga 10.721.711 5 16.598.657 Third partiesPihak berelasi 578.709 2e,5,35a 1.157.419 Related parties

Piutang lain-lain Other receivablesPihak ketiga 5.968.015 6 6.398.865 Third parties

Persediaan 41.963.307 2h,7 32.389.968 InventoriesPajak dibayar di muka 12.422 2t,17a 6.791.548 Prepaid taxesBiaya dibayar di muka 2.291.105 2g,8a 2.165.661 Prepaid expensesUang muka 2.569.730 2g,8b 1.395.027 AdvancesPiutang derivatif 552.308 2u,34 - Derivative receivables

Total Aset Lancar 112.496.094 130.198.784 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETSPiutang lain-lain - Pihak berelasi 29.627.761 2e,6,35b 30.789.323 Other receivables - Related partiesUang muka 4.435.318 2g,8b,35c 807.083 AdvancesEstimasi tagihan pajak - 2t,17a 748.305 Estimated claims for tax refundTanaman perkebunan Plantations

Tanaman menghasilkan 15.889.338 2m,3,9 13.105.673 Mature plantationsTanaman belum menghasilkan 67.150 2m,3,9 3.710.240 Immature plantations

Aset tetap 47.921.110 2i,3,10 49.032.780 Fixed assetsAset eksplorasi dan Exploration and

evaluasi 4.846.532 2l,11 4.842.009 evaluation assetsAset pertambangan 74.830.632 2l,12 71.904.619 Mine propertiesGoodwill 3.523.795 2b,2k,13 3.523.795 GoodwillAset pajak tangguhan 3.257.957 2t,3,17d 1.495.963 Deferred tax assetsAset tidak lancar lainnya 3.714.555 1.489.365 Other non-current assets

Total Aset Tidak Lancar 188.114.148 181.449.155 Total Non-current Assets

TOTAL ASET 300.610.242 311.647.939 TOTAL ASSETS

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 129

The original consolidated financial statements included herein are in the Indonesian language.

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

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

2

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAKNYA

LAPORAN POSISI KEUANGANKONSOLIDASIAN (lanjutan)Tanggal 31 Desember 2014

(Disajikan dalam Dolar Amerika Serikat,kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OFFINANCIAL POSITION (continued)

As of December 31, 2014(Expressed in United States Dollar,

unless otherwise stated)

31 Desember/ 31 Desember/December 31, Catatan/ December 31,

2014 Notes 2013

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS LIABILITIES

LIABILITAS JANGKA PENDEK SHORT-TERM LIABILITIESUtang usaha - pihak ketiga 64.087.323 14 69.265.229 Trade payables - third partiesUtang lain-lain - pihak ketiga 3.709 15 1.907 Other payables - third partiesUtang dividen 288.289 2e,35d 290.856 Dividend payablesBeban akrual 4.935.975 16 6.057.579 Accrued expensesUtang derivatif 5.532.509 2u,34 - Derivative payablesLiabilitas imbalan Short-term employee

kerja jangka pendek 3.109.951 2r,3,22a 3.340.583 benefits liabilitiesUtang pajak 5.326.115 2t,17b 7.227.871 Taxes payableUang muka pelanggan 6.387.209 18 24.941.839 Advances from customerBagian liabilitas jangka Current maturities

panjang yang jatuh tempo of long-termdalam waktu satu tahun: liabilities:Utang bank - 19 33.553.129 Bank loansSewa pembiayaan 962.450 2j,20 772.679 Finance leases

Total Liabilitas Jangka Pendek 90.633.530 145.451.672 Total Short-term Liabilities

LIABILITAS JANGKA PANJANG LONG-TERM LIABILITIESLiabilitas jangka panjang

- setelah dikurangi bagianyang jatuh tempo Long-term liabilities-dalam waktu satu tahun: net of current maturities:Utang bank 56.114.739 19 20.183.289 Bank loansSewa pembiayaan 1.062.270 2j,20 1.348.417 Finance leases

Uang muka pelanggan - 18 2.964.000 Advances from customerUtang lain-lain kepada Other payables due to

pihak berelasi 2.242.526 2e,15,35e 2.288.701 related partyProvisi untuk reklamasi 2o, 2p Provision for mine

dan penutupan tambang 4.496.413 3, 21 3.951.817 reclamation and mine closureLiabilitas imbalan kerja 2.840.670 2r,3,22b 1.943.059 Employee benefits liabilitiesLiabilitas pajak tangguhan 867.508 2t,3,17d 3.035.740 Deferred tax liabilities

Total Liabilitas Jangka Panjang 67.624.126 35.715.023 Total Long-term Liabilities

TOTAL LIABILITAS 158.257.656 181.166.695 TOTAL LIABILITIES

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130 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

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

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

3

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAKNYA

LAPORAN POSISI KEUANGANKONSOLIDASIAN (lanjutan)Tanggal 31 Desember 2014

(Disajikan dalam Dolar Amerika Serikat,kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OFFINANCIAL POSITION (continued)

As of December 31, 2014(Expressed in United States Dollar,

unless otherwise stated)

31 Desember/ 31 Desember/December 31, Catatan/ December 31,

2014 Notes 2013

LIABILITAS DAN EKUITAS (lanjutan) LIABILITIES AND EQUITY (continued)

EKUITAS EQUITY

Modal saham Share capitalModal saham - nilai nominal Share capital - par value of Rp200

Rp200 per saham per shareModal dasar - 6.000.000.000 saham Authorized - 6,000,000,000 sharesModal ditempatkan dan disetor penuh Issued and fully paid -

- 2.012.491.000 saham 44.077.885 23 44.077.885 2,012,491,000 sharesTambahan modal disetor 129.869.269 24 129.869.269 Additional paid-in capitalSelisih akuisisi kepentingan Difference arising from acquisition

non-pengendali (89.625.730) 26 (89.625.730) of non-controlling interestsSaldo laba Retained earnings

Dicadangkan 1.531.988 31.988 AppropriatedBelum dicadangkan 25.976.233 18.639.199 Unappropriated

Komponen ekuitas lainnya Other components of equitySelisih kurs akibat translasi Exchange difference due to

laporan keuangan 1.610.632 2d 1.376.036 translation of financial statementsKerugian kumulatif atas instrumen Cumulative losses on

derivatif untuk lindung nilai derivative instrumentsarus kas (2.381.176) 2u,27,34 - for cash flows hedges

Total ekuitas yang dapat diatribusikan Total equity attributable to thekepada pemilik entitas induk 111.059.101 104.368.647 owners of the parent

Kepentingan non-pengendali 31.293.485 2b,28 26.112.597 Non-controlling interests

TOTAL EKUITAS 142.352.586 130.481.244 TOTAL EQUITY

TOTAL LIABILITAS TOTAL LIABILITIESDAN EKUITAS 300.610.242 311.647.939 AND EQUITY

Page 133: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 131

The original consolidated financial statements included herein are in the Indonesian language.

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

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

4

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAKNYALAPORAN LABA - RUGI

KOMPREHENSIF KONSOLIDASIANTahun yang Berakhir padaTanggal 31 Desember 2014

(Disajikan dalam Dolar Amerika Serikat)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

CONSOLIDATEDSTATEMENT OF COMPREHENSIVE INCOME

Year EndedDecember 31, 2014

(Expressed in United States Dollar)

Tahun yang berakhir pada tanggal 31 Desember/Year ended December 31,

Catatan/2014 Notes 2013

PENJUALAN 499.965.642 2s,29 421.849.737 SALES

BEBAN POKOK PENJUALAN (413.764.435) 2l,2n,2s,30 (342.297.332) COST OF GOODS SOLD

LABA BRUTO 86.201.207 79.552.405 GROSS PROFITGeneral and administrative

Beban umum dan administrasi (31.205.900) 2s,31 (28.679.546) expensesBeban penjualan dan pemasaran (364.698) 2s,32 (528.132) Selling and marketing expensesLaba (rugi) selisih kurs 82.262 (8.205.950) Foreign exchange gain (loss)Laba (rugi) instrumen Gain (loss) on

derivatif (59.647) 2u,34 693.712 derivative instrumentsKeuntungan atas penyelesaian Gain on settlement of pre-existing

akun pre-existing antar entitas - 2b 7.535.475 intercompany accountPendapatan (beban) lain-lain 1.376.024 33 (352.650) Other income (expense)

LABA OPERASI 56.029.248 50.015.314 OPERATING PROFIT

Pendapatan keuangan 2.511.526 4.067.768 Finance incomeBeban keuangan (4.643.549) (3.680.063) Finance cost

LABA SEBELUM PAJAK 53.897.225 50.403.019 PROFIT BEFORE TAX

BEBAN PAJAK (18.096.721) 2t,17c (15.799.226) TAX EXPENSE

LABA TAHUN BERJALAN 35.800.504 34.603.793 PROFIT FOR THE YEAR

PENDAPATAN OTHER COMPREHENSIVEKOMPREHENSIF LAIN INCOME

Difference in foreign currencySelisih kurs karena penjabaran laporan translation of the financial

keuangan entitas anak 260.662 2b 1.528.929 statements of subsidiariesBagian efektif atas perubahan nilai Effective portion of the fair value

wajar instrumen derivatif - lindung change of derivative instrumentsnilai arus kas (3.919.319) 2u,27 - - cash flows hedge

PENDAPATAN OTHERKOMPREHENSIF LAIN COMPREHENSIVETAHUN BERJALAN (3.658.657) 1.528.929 INCOME FOR THE YEAR

TOTAL PENDAPATAN TOTAL COMPREHENSIVEKOMPREHENSIF TAHUN BERJALAN 32.141.847 36.132.722 INCOME FOR THE YEAR

Laba tahun berjalan yang dapat Profit for the yeardiatribusikan kepada: attributable to:Pemilik entitas induk 18.327.272 18.543.538 Owners of the parentKepentingan non-pengendali 17.473.232 2b,28 16.060.255 Non-controlling interests

35.800.504 34.603.793

Page 134: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

132 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

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

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

5

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAKNYA

LAPORAN LABA-RUGIKOMPREHENSIF KONSOLIDASIAN (lanjutan)

Tahun yang Berakhir padaTanggal 31 Desember 2014

(Disajikan dalam Dolar Amerika Serikat)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

CONSOLIDATEDSTATEMENT OF COMPREHENSIVE INCOME (continued)

Year EndedDecember 31, 2014

(Expressed in United States Dollar)

Tahun yang berakhir pada tanggal 31 Desember/Year ended December 31,

Catatan/2014 Notes 2013

Total laba komprehensif yang dapat Total comprehensive incomediatribusikan kepada: attributable to:Pemilik entitas induk 16.180.692 19.919.574 Owners of the parentKepentingan non-pengendali 15.961.155 2b,28 16.213.148 Non-controlling interests

32.141.847 36.132.722

Laba per saham dasar Basic earningsyang dapat diatribusikan per sharekepada: attributable to:Pemilik entitas induk 0,0091 2v,36 0,0092 Owners of the parent

Page 135: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 133

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Page 136: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

134 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report134 PT TOBA BARA SEJAHTRA Tbk - Laporan Tahunan 2014

Page 137: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 135

The original consolidated financial statements included herein are in the Indonesian language.

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

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

8

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAKNYA

LAPORAN ARUS KAS KONSOLIDASIANTahun yang Berakhir padaTanggal 31 Desember 2014

(Disajikan dalam Dolar Amerika Serikat)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWSYear Ended

December 31, 2014(Expressed in United States Dollar)

Tahun yang berakhir pada tanggal 31 Desember/Year ended December 31,

Catatan/2014 Notes 2013

ARUS KAS DARI AKTIVITAS CASH FLOWS FROMOPERASI OPERATING ACTIVITIESPenerimaan kas dari pelanggan 493.671.367 434.545.061 Cash received from customersPembayaran kepada pemasok (413.032.874) (324.210.355) Payments to suppliersPembayaran kepada karyawan (16.495.672) (21.685.644) Payments to employeesPembayaran royalti (28.290.450) (22.492.790) Payments of royaltyPembayaran pajak penghasilan badan (18.664.740) (8.877.623) Payment for corporate income taxesPenerimaan kelebihan pembayaran Receipt on corporate income tax

pajak penghasilan badan 3.871.257 17e 7.170.260 overpaymentPenerimaan pengembalian Receipt of repayment of

piutang pihak ketiga - 560.575 third parties receivablesPembayaran bunga, beban administrasi Payments of interest,

bank dan beban keuangan (3.475.801) (2.572.076) bank charges and finance costsPenerimaan bunga 1.313.942 1.430.593 Receipt of interest income

Kas Neto yang Diperoleh dari Net Cash Provided byAktivitas Operasi 18.897.029 63.868.001 Operating Activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROMINVESTASI INVESTING ACTIVITIESPenambahan aset eksplorasi Additions to exploration

dan evaluasi (6.552.399) 11,12 (6.124.874) and evaluation assetsPenambahan aset tetap (5.205.264) 10 (12.168.145) Additions to fixed assetsUang muka pembelian aset tetap (3.691.403) 8 - Advance for fixed asset acquisitionHasil pelepasan Proceeds from disposal of

aset tetap 326.094 10 177.837 fixed assetsPenambahan tanaman Additions to immature

belum menghasilkan - (434) plantationsPenerimaan pembayaran pinjaman Receipts of payments

dari pihak berelasi 2.000.000 1.725.384 on related parties receivablesArus kas masuk neto, Net cash inflow

dari akuisisi entitas anak - 13 13.485.456 from acquisition of a subsidiary

Kas Neto yang Digunakan Net Cash Used inuntuk Aktivitas Investasi (13.122.972) (2.904.776) Investing Activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROMPENDANAAN FINANCING ACTIVITIESPembayaran dividen kas (9.490.238) 25a,b (4.665.979) Payment of cash dividendsPenerimaan pinjaman bank 8.981.363 14.654.612 Proceeds from bank loansPembayaran pokok sewa Payments

pembiayaan (1.292.161) (1.608.435) of finance leasesPembayaran pinjaman bank (8.496.673) (21.269.536) Repayment of banks loanPembayaran kepada Payment to

pemegang saham non-controllingnon-pengendali entitas anak (10.780.267) (15.190.145) shareholders of subsidiaries

Kas Neto yang Digunakan untuk Net Cash Used inAktivitas Pendanaan (21.077.976) (28.079.483) Financing Activities

Page 138: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

136 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

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

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

9

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAKNYA

LAPORAN ARUS KAS KONSOLIDASIAN(lanjutan)

Tahun yang Berakhir padaTanggal 31 Desember 2014

(Disajikan dalam Dolar Amerika Serikat)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

CONSOLIDATED STATEMENT OF CASH FLOWS(continued)Year Ended

December 31, 2014(Expressed in United States Dollar)

Tahun yang berakhir pada tanggal 31 Desember/Year Ended December 31,

Catatan/2014 Notes 2013

(PENURUNAN) KENAIKAN NET (DECREASE) INCREASE INNETO KAS DAN SETARA KAS (15.303.919) 32.883.742 CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTSAWAL TAHUN 63.301.639 36.307.011 AT BEGINNING OF YEAR

Dampak perubahan nilai tukar Effect of foreign exchange rateatas kas dan changes on cash andsetara kas (158.933) (5.889.114) cash equivalents

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTSAKHIR TAHUN 47.838.787 4 63.301.639 AT END OF YEAR

Page 139: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 137

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

10

1. UMUM 1. GENERAL

a. Perusahaan a. The Company

PT Toba Bara Sejahtra Tbk (“Perusahaan”)didirikan di Indonesia dengan nama PT BuanaPersada Gemilang berdasarkan Akta No. 1tanggal 3 Agustus 2007 yang dibuat dihadapanTintin Surtini, S.H., M.H., M.Kn, sebagaipengganti dari Surjadi S.H., Notaris di Jakarta,sebagaimana yang telah diubah dengan AktaNo.11 tanggal 14 Januari 2008 yang dibuatdihadapan Surjadi, S.H., Notaris di Jakarta.Akta Pendirian ini telah disahkan oleh MenteriHukum dan Hak Asasi ManusiaRepublik Indonesia melalui Surat KeputusanNo. AHU-04084.AH.01.01.Tahun 2008 tanggal28 Januari 2008.

PT Toba Bara Sejahtra Tbk (the “Company”)was established in Indonesia as PT BuanaPersada Gemilang based on the Deed No. 1dated August 3, 2007 made before Tintin Surtini,S.H., M.H., M.Kn, as a substitute notary ofSurjadi, S.H., Notary in Jakarta, which wasamended based on notarial deed No. 11 datedJanuary 14, 2008 prepared by notary Surjadi,S.H., Notary in Jakarta. The Deed ofEstablishment was approved by the Minister ofLaws and Human Rights of the Republic ofIndonesia through letterNo. AHU-04084.AH.01.01.Tahun 2008 datedJanuary 28, 2008.

Berdasarkan Akta No.173 tanggal 22 Juli 2010yang dibuat dihadapan Notaris Jimmy Tanal,S.H., sebagai pengganti dari Hasbullah AbdulRasyid S.H., M.Kn, Notaris di Jakarta Selatan,para pemegang saham menyetujui perubahannama Perusahaan dari sebelumnya PT BuanaPersada Gemilang menjadi PT Toba BaraSejahtra dan peningkatan modal dasar darisebelumnya Rp20.000.000.000 menjadiRp135.000.000.000 yang seluruhnya telahditempatkan dan disetorkan. Perubahan initelah disetujui oleh Menteri Hukum danHak Asasi Manusia RepublikIndonesia melalui Surat KeputusanNo. AHU-40246.AH.01.02.Tahun 2010 tanggal13 Agustus 2010.

Based on Deed No. 173 dated July 22, 2010made before Jimmy Tanal, S.H., as a substitutenotary of Hasbullah Abdul Rasyid, S.H., M.Kn,Notary in South Jakarta, the Company’sshareholders agreed to change the Company’sname from PT Buana Persada Gemilang toPT Toba Bara Sejahtra and increase theCompany’s authorized capital fromRp20,000,000,000 to Rp135,000,000,000 whichhas been fully subscribed and paid. Thesechanges have been approved by the Minister ofLaws and Human Rights of the Republic ofIndonesia through letterNo. AHU-40246.AH.01.02.Tahun 2010 datedAugust 13, 2010.

Berdasarkan Akta No. 154 tanggal23 Desember 2011 yang dibuat dihadapanNotaris Jimmy Tanal, S.H., sebagai penggantidari Hasbullah Abdul Rasyid S.H., M.Kn,Notaris di Jakarta, para pemegang sahammenyetujui peningkatan modal dasarPerusahaan dari sebelumnyaRp135.000.000.000 menjadiRp1.200.000.000.000 serta peningkatan modaldisetor dari sebelumnya Rp135.000.000.000menjadi Rp300.000.000.000. Peningkatantersebut telah mendapat persetujuan dariMenteri Hukum dan Hak Asasi ManusiaRepublik Indonesia, melalui suratkeputusannya No. AHU-64523.AH.01.02.Tahun2011 tertanggal 29 Desember 2011.

Based on the Deed No. 154 datedDecember 23, 2011 made before Jimmy Tanal,S.H., as substitute notary of Hasbullah AbdulRasyid, S.H., M.Kn, Notary in Jakarta, theCompany’s shareholders agreed to increase theCompany’s authorized capital fromRp135,000,000,000 to Rp1,200,000,000,000and increase the paid in capital fromRp135,000,000,000 to Rp300,000,000,000. Theincrease has been approved by the Ministerof Laws and Human Rights of theRepublic of Indonesia through letterNo. AHU-64523.AH.01.02.Tahun 2011 datedDecember 29, 2011.

Berdasarkan Akta No. 65 tanggal 30 Maret 2012tentang Pernyataan Persetujuan BersamaSeluruh Pemegang Saham PT Toba BaraSejahtra, yang dibuat di hadapan Dina Chozie,S.H., kandidat Notaris, pengganti dari FathiahHelmi, S.H., Notaris di Jakarta, seluruhpemegang saham Perusahaan menyetujui antaralain, perubahan status Perusahaan menjadiPerusahaan Terbuka, dan perubahan nilainominal saham Perusahaan dari Rp1.000.000per lembar menjadi Rp200 per lembar.

Based on the Deed No. 65 dated March 30, 2012on the Statements of PT Toba Bara Sejahtra’sShareholders’ Approval which were made beforeDina Chozie, S.H., candidate Notary, as asubstitute notary of Fathiah Helmi, S.H., a Notaryin Jakarta, all of the Company’s shareholdersapproved, among others, the change in thestatus of the Company to a Public Company, andchange in the nominal value of the Company’sshares from Rp1,000,000 per share to Rp200 pershare.

Page 140: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

138 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

11

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

a. Perusahaan (lanjutan) a. The Company (continued)

Perubahan tersebut telah disetujui oleh MenteriHukum dan Hak Asasi Manusia RepublikIndonesia melalui Surat KeputusanNo. AHU-17595.AH.01.02.Tahun 2012tertanggal 5 April 2012 dan telah didaftarkanpada Daftar Perseroan denganNo. AHU-0029340.AH.01.09.Tahun 2012tanggal 5 April 2012.

Such changes have been approved by theMinister of Laws and Human Rights of theRepublic of Indonesia through Decision LetterNo. AHU-17595.AH.01.02.Tahun 2012 datedApril 5, 2012 and has been registered in the Listof Companies No. AHU-0029340.AH.01.09. Year2012 dated April 5, 2012.

Berdasarkan Akta No. 44 tanggal 17 Oktober2012 tentang Pernyataan PersetujuanBersama Seluruh Pemegang Saham PT TobaBara Sejahtra Tbk yang dibuat di hadapanFathiah Helmi, S.H., Notaris di Jakarta, seluruhpemegang saham Perusahaan menyetujui danmenegaskan kembali jumlah modalditempatkan dan disetor Perusahaan dankomposisi pemegang saham Perusahaansetelah Penawaran Umum Saham Perdanayang telah dilakukan oleh Perusahaan.Pemberitahuan perubahan tersebut telahditerima oleh Menteri Hukum dan Hak AsasiManusia Republik Indonesia berdasarkanSurat Penerimaan Pemberitahuan PerubahanAnggaran Dasar PT Toba Bara Sejahtra TbkNo. AHU-AH.01.10-40345 tertanggal14 November 2012 dan telah didaftarkan padaDaftar Perseroan dengan No. AHU-0098418.AH.01.09.Tahun 2012 tanggal14 November 2012.

Based on the Deed No. 44 dated October 17,2012 on the Statements of PT Toba BaraSejahtra Tbk’s Shareholders’ Approval whichwere made before Fathiah Helmi, S.H., aNotary in Jakarta, all of the Company’sshareholders approved and confirmed theCompany’s issued and fully paid shares andthe shareholders’ composition after InitialPublic Offering was executed. Notification ofsuch changes have been received by theMinistry of Laws and Human Rights of theRepublic of Indonesia through the Letter ofAcknowledgement of PT Toba Bara SejahraTbk‘s Amendment of Articles of AssociationAHU-AH.01.10-40345 dated November 14,2012 and has been registered in the List ofCompanies No. AHU-0098418.AH.01.09.Tahun2012 dated November 14, 2012.

Pada tanggal 27 Juni 2012, Perusahaanmemperoleh pernyataan efektif dari BadanPengawas Pasar Modal dan LembagaKeuangan untuk melakukan penawaran umumkepada masyarakat sebanyak 210.681.000saham. Saham yang ditawarkan merupakan10,47% dari 2.012.491.000 lembar sahamyang ditempatkan dan disetor penuh. Sejaktanggal 6 Juli 2012, saham Perusahaan telahdicatatkan di Bursa Efek Indonesia.

On June 27, 2012, the Company obtainedapproval from the Capital Market and FinancialInstitution Supervisory Agency to conductpublic offering of 210,681,000 shares. Theoffered shares represent 10.47% of the2,012,491,000 shares issued and fully paid.Since July 6, 2012, the Company’s shareshave been listed on the Indonesia StockExchange.

Berdasarkan Pasal 3 Anggaran DasarPerusahaan, ruang lingkup kegiatanPerusahaan adalah di bidang pembangunan,perdagangan, perindustrian, pertambangan,pertanian dan jasa.

Under the Article 3 of the Company’s Articles ofAssociation, the scope of its activities isconstruction, trading, industrial, mining,agriculture and services.

Kegiatan utama Perusahaan saat ini adalahinvestasi di bidang pertambangan batubaradan perkebunan kelapa sawit melalui entitasanak.

Currently, the Company’s main activity isinvestment in coal mining and palm oilplantation through its subsidiaries.

Page 141: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 139

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

12

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

a. Perusahaan (lanjutan) a. The Company (continued)

Perusahaan dan entitas anak (secara kolektifdisebut sebagai “Kelompok Usaha”) tergabungdalam kelompok usaha milikPT Toba Sejahtra (“TS”) sebagai entitaslangsung dan terakhir.

The Company and its subsidiaries (collectivelyreferred to as the “Group”) are members of thegroup of companies owned byPT Toba Sejahtra (“TS”) as the direct andultimate parent.

Perusahaan memulai kegiatan komersialnya ditahun 2010, yaitu setelah akuisisi entitas anakdari PT Toba Sejahtra.

The Company commenced its commercialoperation in 2010, following the acquisition ofthe subsidiaries from PT Toba Sejahtra.

b. Dewan Komisaris, Direksi, Personilmanajemen kunci dan Karyawan

b. Boards of Commissioners, Directors, Keymanagement personnel and Employees

Dewan Komisaris dan Direksi Perusahaanpada tanggal 31 Desember 2014 dan 2013adalah sebagai berikut:

The Company’s Board of Commissioners andDirectors as of December 31, 2014 and 2013are as follows:

Presiden KomisarisKomisaris IndependenKomisaris Independen

Presiden DirekturDirekturDirekturDirektur

Jusman Syafii DjamalFarid HariantoBacelius Ruru

Justarina Sinta Marisi NaiborhuPandu Patria SyahrirSudharmono Saragih

Arthur M. E. Simatupang

President CommissionerIndependent CommissionerIndependent Commissioner

President DirectorDirectorDirectorDirector

Dewan komisaris dan direksi Perusahaanmerupakan personil manajemen kunciPerusahaan.

The Company’s Boards of commissioners anddirectors are the key management personnelof the Company.

Susunan Komite Audit Perusahaan padatanggal 31 Desember 2014 dan 2013 adalahsebagai berikut:

The composition of the Company’s AuditCommittee as of December 31, 2014 and2013 is as follows:

KetuaAnggota

Bacelius RuruIrwandy ArifAria Kanaka

ChairmanMembers

Kelompok Usaha mempunyai jumlah karyawantetap masing-masing 796 dan 821 (tidakdiaudit) pada tanggal-tanggal 31 Desember2014 dan 2013.

The Group had a total of 796 and 821permanent employees (unaudited) as ofDecember 31, 2014 and 2013, respectively.

c. Entitas anak c. Subsidiaries

Perusahaan mengkonsolidasikan entitas anakdi bawah ini karena mempunyai kepemilikansaham lebih dari 50%.

The Company consolidates the followingsubsidiaries due to its more than 50% equityownerships.

Kantor pusat Perusahaan berlokasi di WismaBakrie 2 Lantai 16, Jl. H.R. Rasuna SaidKav. B-2, Jakarta Selatan.

The Company’s head office is located at 16th

Floor of Wisma Bakrie 2, Jl. H.R. Rasuna SaidKav. B-2, South Jakarta.

Page 142: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

140 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

13

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

c. Entitas anak (lanjutan) c. Subsidiaries (continued)

Entitas anak/Subsidiaries

Domisili dan Tahunoperasi komersial

dimulai/ Domicile andYear of

commercialoperations started

Jenis Usaha/Nature of Business

Persentasekepemilikan/Percentage

ofownership

Total Aset sebelum Eliminasi/Total Assets before Elimination

31 Desember/December 312014 2013

Kepemilikan langsung/Direct ownership:

1. PT Adimitra Baratama Kalimantan Timur/ Pertambangan 51% 128.147.594 126.356.682Nusantara (“ABN”) East Kalimantan/2008 batu bara/Coal mining

2. PT Trisensa Mineral Kalimantan Timur/ Pertambangan 99% 40.911.845 45.992.009Utama (“TMU”) East Kalimantan/2011 batu bara/Coal mining

3. PT Toba Bumi Energi Kalimantan Timur/ Investasi di bidang pertambangan/ 99% 70.365.459 72.391.501(“TBE”) dan entitas East Kalimantan/2007 Investment in coal mininganaknya/and itssubsidiary

4. PT Perkebunan Kaltim Kalimantan Timur/ Perkebunan kelapa sawit/ 90% 14.768.091 13.231.385*Utama (“PKU”) East Kalimantan/2011 Palm oil plantation

Kepemilikan tidak langsung melalui TBE/Indirect ownership through TBE:

5. PT Indomining (“IM”) Kalimantan Timur/ Pertambangan 99% 64.913.677 76.348.489East Kalimantan/2007 batu bara/Coal mining

* Sebelum penyesuaian nilai wajar

Kepemilikan Perusahaan terhadap ABN, TMUdan TBE diperoleh pada tahun 2010 melaluitransaksi kombinasi bisnis entitassepengendali (Catatan 24b).

The Company’s ownership over ABN, TMU andTBE is acquired in 2010 through a businesscombination among entities under commoncontrol (Note 24b).

Ijin pertambangan Mining licenses

ABN memiliki ijin Usaha PertambanganOperasi Produksi (“IUP-OP”) sesuai dengankeputusan Bupati Kutai KartanegaraNo. 540/1691/IUP-OP/MB-PBAT/XII/2009tertanggal 1 Desember 2009. IUP-OP tersebutberlaku untuk jangka waktu 20 tahun sampaitanggal 1 Desember 2029 dan dapatdiperpanjang 2 kali.

ABN has a Production Operation Mining Permit(“IUP-OP”) as stipulated in Bupati KutaiKartanegara’s decree No. 540/1691/IUP-OP/MB-PBAT/XII/2009 dated December 1,2009. Such IUP-OP is valid for 20 yearsthrough December 1, 2029 and can beextended 2 times.

ABN memiliki wilayah tambang seluas 2.990hektar berlokasi di Kecamatan Sanga-sanga -Kalimantan Timur.

ABN has mining area of 2,990 hectareslocated in Sanga-sanga Sub-district - EastKalimantan.

TMU memiliki IUP-OP atas wilayah seluas3.414 hektar di wilayah Kecamatan Loa Janan,Muara Jawa dan Sanga-sanga, KabupatenKutai Kartanegara, Provinsi Kalimantan Timursesuai dengan keputusan Bupati KutaiKartanegara No. 540/3133/IUP-OP/MB-PBAT/XII/2010 tanggal 14 Desember 2010.IUP-OP tersebut berlaku untuk jangka waktu13 tahun sampai tanggal 14 Desember 2023dan dapat diperpanjang 2 kali.

TMU has an IUP-OP over an area of 3,414hectares located in Loa Janan, Muara Jawaand Sanga-sanga Sub-districts, KutaiKartanegara Regency, East KalimantanProvince as stipulated in Bupati KutaiKartanegara’s decree No. 540/3133/IUP-OP/MB-PBAT/XII/2010 dated December 14,2010. Such IUP-OP is valid for 13 yearsthrough December 14, 2023 and can beextended 2 times.

Page 143: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 141

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

14

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

c. Entitas anak (lanjutan) c. Subsidiaries (continued)

Ijin pertambangan (lanjutan) Mining licenses (continued)

IM memiliki IUP-OP sesuai dengan keputusanBupati Kutai Kartanegara No. 540/1410/IUP-OP/MB-PBAT/VI/2010 tertanggal 22 Juni 2010.IUP-OP tersebut berlaku untuk jangka waktu 3tahun sampai tanggal 22 Juni 2013 dan dapatdiperpanjang 2 kali. Berdasarkan keputusanBupati Kutai Kartanegara Nomor 540/004/IUP-OP/MB-PBAT/III/2013, IUP-OP IM telahdiperpanjang sampai dengan tanggal 15 Maret2023 dan dapat diperpanjang 1 kali.

IM has an IUP-OP as stipulated in Bupati KutaiKartanegara’s decree No. 540/1410/IUP-OP/MB-PBAT/VI/2010 dated June 22, 2010.Such IUP-OP is valid for 3 years throughJune 22, 2013 and can be extended 2 times.Based on Bupati Kutai Kartanegara’s decreeNo. 540/004/IUP-OP/MB-PBAT/III/2013, IM’sIUP-OP has been extended until March 15, 2023and can be extended 1 time.

IM memiliki wilayah pertambangan seluas 683hektar yang berlokasi di Kecamatan Sanga-Sanga - Kalimantan Timur.

IM has a mining area of 683 hectares locatedin Sanga-Sanga Sub-district - East Kalimantan.

d. Persetujuan penerbitan laporan keuangankonsolidasian

d. Authorization to issue the consolidatedfinancial statements

Laporan keuangan konsolidasian inidiselesaikan dan mendapat persetujuan untukditerbitkan dari Direksi Perusahaan padatanggal 9 Maret 2015.

These consolidated financial statements werecompleted and authorized for issuance by theCompany’s Directors on March 9, 2015.

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN 2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES

Berikut ini adalah kebijakan akuntansi signifikanyang diterapkan dalam penyusunan laporankeuangan konsolidasian Perusahaan dan entitasanaknya (“Kelompok Usaha”).

Presented below are the significant accountingpolicies adopted in preparing the consolidatedfinancial statements of the Company and itssubsidiaries (the “Group”).

a. Dasar Penyajian Laporan KeuanganKonsolidasian

a. Basis of Preparation of the ConsolidatedFinancial Statements

Laporan keuangan konsolidasian telah disusundan disajikan sesuai dengan StandarAkuntansi Keuangan di Indonesia (“SAK”),yang mencakup Pernyataan Standar AkuntansiKeuangan (“PSAK”) dan Interpretasi StandarAkuntansi Keuangan (“ISAK”) yang dikeluarkanoleh Dewan Standar Akuntansi KeuanganIkatan Akuntan Indonesia dan peraturan-peraturan serta pedoman penyajian danpengungkapan laporan keuangan yangditerbitkan oleh Otoritas Jasa Keuangan (OJK).

The consolidated financial statements havebeen prepared and presented in accordancewith Indonesian Financial AccountingStandards (“SAK”), which comprise theStatements of Financial Accounting Standards(“PSAK”) and Interpretations to FinancialAccounting Standards (“ISAK”) issued by theFinancial Accounting Standards Board of theIndonesian Institute of Accountants and theregulations and the guidelines on financialstatements presentation and disclosures issuedby Capital Market and Financial InstitutionSupervisory Agency.

Page 144: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

142 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

15

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

a. Dasar Penyajian Laporan KeuanganKonsolidasian (lanjutan)

a. Basis of Preparation of the ConsolidatedFinancial Statements (continued)

Sebagaimana dijelaskan dalam Catatan 2q,manajemen telah menerapkan ISAK No. 29yang berlaku untuk tahun pelaporan yangdimulai pada tanggal 1 Januari 2014.

As disclosed further in Note 2q, managementhas implemented the ISAK No. 29, which iseffective for the financial reporting year beginningon January 1, 2014.

Laporan keuangan konsolidasian disusunberdasarkan konsep akrual kecuali untuklaporan arus kas konsolidasian, danmenggunakan konsep biaya perolehan,kecuali untuk beberapa akun yang dinyatakanmenggunakan dasar pengukuran lain,sebagaimana dijelaskan pada kebijakanakuntansi dari akun tersebut.

The consolidated financial statements have beenprepared on the accrual basis except for theconsolidated statements of cash flows, and usingthe historical cost concept of accounting, exceptfor certain accounts which have been stated onanother measurement basis as explained in theaccounting policies for such accounts.

Laporan arus kas menyajikan penerimaan danpengeluaran kas dan setara kas yangdiklasifikasikan menurut aktivitas operasi,investasi dan pendanaan. Arus kas dariaktivitas operasi disajikan denganmenggunakan metode langsung.

The consolidated statements of cash flowspresent the receipts and payments of cash andcash equivalents classified into operating,investing and financing activities. The cash flowsfrom operating activities are presented using thedirect method.

Laporan keuangan konsolidasian disajikandalam Dolar Amerika Serikat (“AS$”), yangmerupakan mata uang fungsional Perusahaan.

The consolidated financial statements arepresented in the United States Dollar (“US$”),which is the Company’s functional currency.

Mata uang fungsional ABN, TBE, IM dan TMUadalah Dolar Amerika Serikat, sedangkan PKUadalah Rupiah.

The functional currency of ABN, TBE, IM andTMU is the United States Dollar while PKU is theRupiah.

b. Prinsip-prinsip Konsolidasian b. Principles of Consolidation

Laporan keuangan konsolidasian meliputiakun-akun Kelompok Usaha sepertidisebutkan pada Catatan 1.c (secara langsungmaupun tidak langsung) dengan kepemilikansaham lebih dari 50%.

The consolidated financial statements include theaccounts of the Group as described in Note 1.c,in which the Company maintains (directly orindirectly) equity ownership of more than 50%.

Laporan keuangan konsolidasian disusundengan menggunakan kebijakan akuntansiyang sama untuk transaksi dan peristiwa laindalam keadaan yang serupa. Jika anggotaKelompok Usaha menggunakan kebijakanakuntansi yang berbeda untuk transaksi danperistiwa dalam keadaan yang serupa, makapenyesuaian dilakukan atas laporankeuangannya dalam penyusunan laporankeuangan konsolidasian.

The consolidated financial statements have beenprepared using uniform accounting policies fortransactions and other events in similarcircumstances. If a member of the Group usesaccounting policies other than those adopted inthe consolidated financial statements fortransactions and events in similar circumstances,appropriate adjustments are made to its financialstatements in preparing the consolidated financialstatements.

Seluruh saldo akun dan transaksi yangsignifikan antara Perusahaan dengan EntitasAnak telah dieliminasi.

All significant intercompany accounts andtransactions between the Company andSubsidiaries have been eliminated.

Page 145: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 143

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

16

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

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

Entitas anak dikonsolidasi sejak tanggalakusisi, yaitu tanggal dimana Kelompok Usahamemperoleh pengendalian, dan tetapdikonsolidasi sampai pengendalian tersebutberhenti. Pengendalian dianggap ada apabilaKelompok Usaha memiliki, baik secaralangsung atau tidak langsung melalui entitasanak, lebih dari 50% hak suara dari suatuentitas.

Subsidiaries are fully consolidated from the datesof acquisition, being the date on which the Groupobtained control, and continue to be consolidateduntil the date such control ceases. Control ispresumed to exist if the Group owns, directly orindirectly through its subsidiaries, more than 50%of the voting power of an entity.

Kerugian entitas anak diatribusikan kepadakepentingan non-pengendali bahkan jika hal inimengakibatkan kepentingan non-pengendalimempunyai saldo defisit.

Losses of a non-wholly owned subsidiary areattributed to the non-controlling interest even ifsuch losses resulted in a deficit balance for thenon-controlling interest.

Kepentingan non-pengendali merupakanbagian atas laba atau rugi dan aset neto darientitas anak yang tidak dapat diatribusikankepada entitas induk secara langsung atautidak langsung yang disajikan di dalam laporanlaba rugi komprehensif konsolidasian dansebagai bagian dari ekuitas di dalam laporanposisi keuangan konsolidasian yang terpisahdari ekuitas pemilik entitas induk.

Non-controlling interest represents the portion ofthe profit or loss and net assets of thesubsidiaries not attributable directly or indirectlyto parent’s company, which are presented in theconsolidated statements of comprehensiveincome and under the equity section of theconsolidated statements of financial position,respectively, separately from the correspondingportion attributable to the equity holders of theparent entity.

Perubahan dalam bagian kepemilikan entitasinduk pada entitas anak yang tidakmengakibatkan hilangnya pengendalian dicatatsebagai transaksi ekuitas. Dalam keadaandemikian, nilai tercatat kepentingan pengendalidan non-pengendali disesuaikan untukmencerminkan perubahan bagian kepemilikanterkait atas entitas anak. Selisih antara jumlahkepentingan non-pengendali disesuaikan dannilai wajar imbalan yang diberikan atauditerima, diakui sebagai bagian dari ekuitas dandiatribusikan kepada pemilik entitas induk.

Changes in a parent’s ownership interest in asubsidiary that do not result in a loss of control areaccounted for as equity transactions. In suchcircumstances, the carrying amounts of thecontrolling and non-controlling interests areadjusted to reflect the changes in their relativeinterests in the subsidiary. Any difference betweenthe amount by which the non-controlling interestsare adjusted and the fair value of the considerationpaid or received is recognised directly in equity andattributed to the owners of the parent entity.

Manajemen menerapkan metode akuisisi untukmencatat setiap kombinasi bisnis. Imbalan yangdialihkan untuk mengakuisisi entitas anakadalah nilai wajar seluruh aset yang dialihkan,liabilitas yang diakui oleh Kelompok Usahakepada pemilik sebelumnya dari entitas yangdiakuisisi dan kepentingan ekuitas yangditerbitkan oleh Kelompok Usaha. Imbalan yangdialihkan termasuk nilai wajar setiap aset danliabilitas yang dihasilkan dari suatukesepakatan imbalan kontinjensi. Asetteridentifikasi dan liabilitas dan liabilitaskontinjensi yang diambil alih, yang diperolehdalam kombinasi bisnis diukur pada awalnyasebesar nilai wajar tanggal akuisisi. Biayaterkait akuisisi diakui dan dicatat sebagai bebanpada saat terjadinya.

Management applies the acquisition method toaccount for business combinations. Theconsideration transferred for the acquisition of asubsidiary is the fair values of the assetstransferred, the liabilities incurred to the formerowners of the acquiree and the equity interestsissued by the Group. The considerationtransferred includes the fair value of any asset orliability resulting from a contingent considerationarrangement. Identifiable assets acquired andliabilities and contingent liabilities assumed in abusiness combination are measured initially attheir fair values at the acquisition date. Theacquisition costs are recognized and recorded asexpenses as incurred.

Page 146: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

144 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

17

2. IKHTISAR KEBIJAKAN AKUNTANSISIGNIFIKAN (lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

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

Jika kombinasi bisnis mengakibatkanpenyelesaian hubungan yang ada sebelumnya,maka manajemen mengakui keuntungan ataukerugian atas penyelesaian hubungan tersebut.

If the business combination in effect settles a pre-existing relationship, the Group recognizes a gainor loss arising from such settlements.

Manajemen mengakui kepentingan non-pengendali pada pihak yang diakuisisi baiksebesar nilai wajar atau sebesar bagianproporsional kepentingan non-pengendali atasaset neto teridentifikasi pihak yang diakuisisi.Kepentingan non-pengendali disajikan diekuitas dalam laporan posisi keuangankonsolidasian, terpisah dari ekuitas pemilikentitas induk.

Management recognizes any non-controllinginterest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of theacquiree’s identifiable net assets. Non-controllinginterest is reported as equity in the consolidatedstatement of financial position, separate from theowner of the parent’s equity.

Selisih lebih antara imbalan yang dialihkan,jumlah setiap kepentingan non-pengendalidalam pihak yang diakuisisi, dan nilai wajarpada tanggal akuisisi dari kepemilikan ekuitasyang sebelumnya dimiliki oleh KelompokUsaha pada pihak yang diakuisisi,dibandingkan dengan nilai wajar bagianKelompok Usaha atas aset bersihteridentifikasi yang diakuisisi, dicatat sebagaigoodwill. Jika jumlah tersebut lebih kecil darinilai wajar atas aset bersih teridentifikasientitas anak yang diakuisisi dan pengukuranatas seluruh jumlah tersebut telah ditelaah,dalam hal pembelian dengan diskon, selisihtersebut diakui secara langsung dalam labarugi.

The excess of the consideration transferred, theamount of any non-controlling interests in theacquiree and the acquisition-date fair value ofany previous equity interest in the acquiree overthe fair value of the Group’s share of theidentifiable net assets acquired is recorded asgoodwill. If those amounts are less than the fairvalue of the net identifiable assets of thesubsidiary acquired and the measurement of allamounts has been reviewed, in the case of abargain purchase, the difference is recogniseddirectly in the profit or loss.

Setelah pengakuan awal, goodwill diukursebesar biaya perolehan dikurangi denganakumulasi penurunan nilai.

After initial recognition, goodwill is measured atcost less any accumulated impairment losses.

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 145

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

18

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

c. Transaksi Kombinasi Bisnis entitassepengendali

c. Business Combination transaction amongentities under common control

Transaksi kombinasi bisnis entitassepengendali bukan merupakan perubahankepemilikan dalam arti substansi ekonomi,sehingga transaksi tersebut tidak dapatmenimbulkan laba atau rugi bagi kombinasibisnis secara keseluruhan ataupun bagi entitasindividual dalam kombinasi bisnis. Oleh karenaitu, transaksi tersebut diakui pada jumlahtercatat berdasarkan metode penyatuankepemilikan.

Business combination transactions amongentities under common control are not changes ineconomic substance of the ownership, thereforesuch transactions would not result in a gain orloss to the Group or to the individual entity withinthe same group. Therefore, such transactions arerecognized at carrying value as a businesscombination using the pooling-of-interestsmethod.

Dalam kombinasi bisnis entitas sepengendali,manajemen mengakui selisih antara jumlahimbalan yang dialihkan dan jumlah tercatat dariaset neto yang diterima (liabilitas yang diambilalih), yang disajikan dalam pos tambahanmodal disetor dalam laporan posisi keuangankonsolidasian.

In business combination among entities undercommon control, management recognized thedifference between the amount of considerationgiven and the carrying values of the net assetsreceived (liabilities assumed) which is presentedas additional paid-in capital in the consolidatedstatements of financial position.

d. Transaksi dan Saldo dalam Mata Uang Asing d. Foreign Currency Transactions and Balances

(i) Transaksi & Saldo (i) Transactions & Balances

Manajemen menentukan mata uangfungsional Perusahaan adalah DolarAmerika Serikat.

Management determined that the Company’sfunctional currency is the United StatesDollar.

Transaksi dalam mata uang asing dicatatdalam mata uang fungsional berdasarkankurs yang berlaku pada saat transaksidilakukan. Pada akhir tahun pelaporan,aset dan liabilitas moneter dalam matauang asing dijabarkan ke dalam mata uangfungsional berdasarkan kurs tengah yangditerbitkan oleh Bank Indonesia padatanggal terakhir transaksi perbankan padatahun tersebut. Laba atau rugi kurs yangterjadi dikreditkan atau dibebankan padalaba rugi tahun berjalan.

Transactions involving foreign currencies arerecorded in functional currency at the rates ofexchange prevailing at the time thetransactions are made. At the end of reportingyear, monetary assets and liabilitiesdenominated in foreign currencies aretranslated to the functional currency based onthe middle rates published by Bank Indonesiaat the last banking transaction date in thereporting year. The resulting gains or lossesare credited or charged to the current year’sprofit or loss.

Nilai kurs yang digunakan pada akhir tahunlaporan adalah sebagai berikut:

The rates of exchange used at the end ofreporting year were as follows:

AS$1/ US$1

2014 2013

1.000 Rupiah 0,0804 0,0821 1,000 Rupiah1 Dolar Australia 0,8214 0,8923 1 Australian Dollar1 Euro 1,2169 1,3801 1 Euro1 Yen 0,0084 0,0095 1 Yen

Seluruh selisih kurs yang timbul diakuidalam pendapatan komprehensif lainnya.

All of the resulting exchange differences arerecognized in other comprehensive income.

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146 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

19

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

d. Transaksi dan Saldo dalam Mata Uang Asing(lanjutan)

d. Foreign Currency Transactions and Balances(continued)

(ii) Kelompok Usaha (ii) Group

Untuk tujuan konsolidasi, laporan keuanganentitas anak yang mata uang fungsionalnyaadalah selain Dolar Amerika Serikatdijabarkan ke dalam Dolar Amerika Serikatdengan menggunakan:

For consolidation purposes, the financialstatements of subsidiaries with functionalcurrencies other than US Dollar aretranslated into US Dollar using the following:

Akun/Accounts Kurs/Exchange Rates

Aset dan liabilitas/ Kurs penutup tanggal laporan posisi keuangan konsolidasian tersebut/Assets and liabilities The closing rate at the date of that consolidated statement of financial position

Pendapatan dan beban/ Rata-rata tertimbang dari kurs tengah Bank Indonesia perbulan untuklaporan laba rugi komprehensif/

Revenues and expenses Monthly weighted-average middle exchange rate of Bank Indonesia during the year in thestatements of comprehensive income

e. Transaksi dengan pihak berelasi e. Transactions with related parties

Dalam menjalankan aktivitasnya, KelompokUsaha melakukan transaksi dengan pihakberelasi.

During its activities, the Group entered intotransactions with its related parties.

Kriteria pihak berelasi sesuai dengan PSAKNo. 7 (Revisi 2010) adalah sebagai berikut:

The criteria of a related party in accordance withPSAK No. 7 (Revised 2010) are as follows:

a. Orang atau anggota keluarga terdekatmempunyai relasi dengan Kelompok Usahajika orang tersebut:

a. A person or a close member of that person'sfamily is related to the Group if that person:

i. Memiliki pengendalian ataupengendalian bersama atas KelompokUsaha;

i. Has control or joint control over the Group;

ii. Memiliki pengaruh signifikan atasentitas pelapor; atau

ii. Has significant influence over the reportingentity; or

iii. Personel manajemen kunci KelompokUsaha atau entitas induk KelompokUsaha.

iii. Is a member of the key managementpersonnel of the Group or of a parent ofthe Group.

b. Suatu entitas berelasi dengan KelompokUsaha jika memenuhi salah satu halberikut:

b. An entity is related to the Group if any of thefollowing conditions applies:

i. Entitas dan Kelompok Usaha adalahanggota dari kelompok usaha yangsama (artinya entitas induk, entitasanak, dan entitas anak berikutnyaterkait dengan entitas lain);

i. The entity and the Group are members ofthe same group (which means that eachparent, subsidiary and fellow subsidiary isrelated to the others);

ii. Satu entitas adalah entitas asosiasiatau ventura bersama dari entitas lain(atau entitas asosiasi atau venturabersama yang merupakan anggotasuatu kelompok usaha, yang manaentitas lain tersebut adalahanggotanya);

ii. One entity is an associate or joint ventureof the other entity (or an associate or jointventure of a member of a group of whichthe other entity is a member);

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 147

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

20

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

e. Transaksi dengan pihak berelasi (lanjutan) e. Transactions with related parties (continued)

Kriteria pihak berelasi sesuai dengan PSAKNo. 7 (Revisi 2010) adalah sebagai berikut(lanjutan):

The criteria of a related party in accordance withPSAK No. 7 (Revised 2010) are as follows(continued):

b. Suatu entitas berelasi dengan KelompokUsaha jika memenuhi salah satu halberikut: (lanjutan)

b. An entity is related to the Group if any of thefollowing conditions applies: (continued)

iii. Kedua entitas tersebut adalah venturabersama dari pihak ketiga yang sama;

iii. Both entities are joint ventures of thesame third party;

iv. Satu entitas adalah ventura bersamadari entitas ketiga dan entitas yang lainadalah entitas asosiasi dari entitasketiga;

iv. One entity is a joint venture of a thirdentity and the other entity is an associateof the third entity;

v. Entitas tersebut adalah suatu programimbalan pascakerja untuk imbalan kerjadari Kelompok Usaha atau entitasterkait dengan Kelompok Usaha. JikaKelompok Usaha adalah entitas yangmenyelenggarakan program tersebut,maka entitas sponsor juga berelasidengan Kelompok Usaha;

v. The entity is a post-employment benefitplan for the benefit of employees of eitherthe Group or an entity related to theGroup. If the Group is itself such a plan,the sponsoring employers are alsorelated to the Group;

vi. Entitas yang dikendalikan ataudikendalikan bersama oleh orang yangdiidentifikasi dalam huruf (a);

vi. The entity is controlled or jointly controlledby a person identified in (a);

vii. Orang yang diidentifikasi dalam huruf(a) (i) memiliki pengaruh signifikan atasentitas atau personil manajemen kuncientitas (atau entitas induk dari entitas).

vii. A person identified in (a)(i) has significantinfluence over the entity or is a member ofthe key management personnel of theentity (or of a parent of the entity).

Transaksi dengan pihak berelasi dilakukanberdasarkan persyaratan yang disetujui olehkedua belah pihak, dimana persyaratantersebut mungkin tidak sama dengan transaksilain yang dilakukan dengan pihak ketiga.

The transactions with related parties are madebased on terms agreed by the parties, wherebysuch terms may not be the same as thosetransactions with third parties.

Seluruh transaksi dan saldo yang materialdengan pihak-pihak berelasi diungkapkandalam catatan atas laporan keuangankonsolidasian yang relevan.

All significant transactions and balances withrelated parties are disclosed in the relevantnotes to the consolidated financialstatements.

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148 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

21

f. Kas dan setara kas f. Cash and cash equivalents

Kas dan setara kas terdiri dari saldo kas kecildan kas di bank serta deposito berjangka yangakan jatuh tempo dalam waktu tiga bulan dantidak dibatasi penggunaannya.

Cash and cash equivalents consist of cash onhand and in banks and time deposits withmaturities of less than three months and whichare not restricted in use.

g. Biaya dibayar di muka dan uang muka g. Prepayments and advances

Biaya dibayar di muka diamortisasi selamaperiode masa manfaatnya denganmenggunakan metode garis lurus.

Prepayments are amortized over the periodsbenefited using the straight-line method.

h. Persediaan h. Inventories

Persediaan dinilai berdasarkan nilai terendahantara harga perolehan atau nilai realisasineto. Harga perolehan ditentukan denganmetode biaya rata-rata tertimbang (weightedaverage) yang terjadi selama periode berjalandan mencakup alokasi komponen tenagakerja, penyusutan dan bagian biaya tidaklangsung yang berhubungan dengan aktivitaspertambangan/perkebunan.

Inventory is valued at the lower of cost or netrealizable value. Cost is determined based onthe weighted average cost incurred during theperiod and includes an appropriate portion oflabor, depreciation and overheads related tomining/plantation activities.

Nilai realisasi neto merupakan estimasi hargajual dalam kegiatan usaha normal dikurangiestimasi biaya penyelesaian dan estimasibiaya yang diperlukan untuk membuatpenjualan.

Net realizable value represents the estimatedselling price in the ordinary course of businessless the estimated cost of completion and theestimated costs necessary to make the sale.

Persediaan bahan bakar dinilai pada hargaperolehan, ditentukan berdasarkan metoderata-rata tertimbang (weighted average),dikurangi dengan penyisihan untuk persediaanusang. Penyisihan untuk persediaan usangditentukan berdasarkan estimasi penggunaanatau penjualan masing-masing jenispersediaan pada masa mendatang. Bahanpendukung pemeliharaan dicatat sebagaibeban produksi pada saat periode digunakan.

Fuel is valued at cost, determined on aweighted average method, less provision forobsolete items. Provision for obsoleteinventory is determined on the basis ofestimated future usage or sale of individualinventory items. Supplies of maintenancematerials are charged to production costs inthe period in which they are used.

i. Aset tetap i. Fixed assets

Aset tetap kecuali tanah, dinyatakan sebesarbiaya perolehan dikurangi akumulasipenyusutan dan cadangan penurunan nilai.Biaya perolehan termasuk biaya penggantianbagian aset tetap saat biaya tersebut terjadi,jika memenuhi kriteria pengakuan; danestimasi awal biaya pembongkaran danpemindahan aset.

Fixed assets except land, are stated at cost lessaccumulated depreciation and allowance forimpairment losses. Such cost includes the cost ofreplacing part of the fixed assets when that costis incurred, if the recognition criteria are met; andthe initial estimate of the costs of dismantling andremoving the assets.

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 149

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

22

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

i. Aset tetap (lanjutan) i. Fixed assets (continued)

Penyusutan aset dimulai pada saat asettersebut siap untuk digunakan, yaitu pada saataset tersebut berada pada lokasi dan kondisiyang diinginkan agar aset siap digunakansesuai dengan keinginan dan maksudmanajemen.

Depreciation of an asset begins when it isavailable for use i.e. when it is in the location andcondition necessary for it to be capable ofoperating in the manner intended bymanagement.

Penyusutan dihitung dengan menggunakanmetode garis lurus selama masa yang lebihpendek antara estimasi masa manfaatekonomis aset tetap yang bersangkutan ataujika relevan, masa IUP-OP, sebagai berikut:

Depreciation is computed using the straight-linemethod over the shorter of the estimated usefullives of the assets or if applicable, the IUP-OPperiod, as follows:

Tahun/Years

Bangunan 4-20 BuildingMesin dan peralatan berat 4-8 Machinery and heavy equipmentKendaraan 4-8 VehiclesPerabotan dan peralatan kantor 4 Office furnitures and equipmentJalan dan jembatan 10-19 Roads and bridgesTempat timbunan batubara 19 Stockpile baseFasilitas pelabuhan 19 Port facilitiesConveyor 4-19 Conveyor

Biaya pengurusan legal hak atas tanah (HGU)yang dikeluarkan ketika tanah diperolehpertama kali diakui sebagai bagian dari biayaperolehan tanah pada akun “Aset Tetap” dantidak diamortisasi. Biaya pengurusanperpanjangan atau pembaruan legal hak atastanah diakui sebagai beban tangguhan dandiamortisasi sepanjang umur hukum hak atauumur ekonomis tanah, mana yang lebihpendek.

The legal cost of land rights (HGU) incurredwhen the land was acquired initially arerecognized as part of the cost of the land under“Fixed Assets” account and not amortized. Thelegal cost incurred to extend or renew the landrights are recorded as deferred charges andamortized over the shorter of the rights’ legal lifeor land’s economic life.

Beban pemeliharaan dan perbaikandibebankan pada laporan laba rugikomprehensif konsolidasian pada saatterjadinya. Pengeluaran yang memperpanjangmasa manfaat atau memberi tambahanmanfaat ekonomis di masa yang akan datang,seperti dalam bentuk peningkatan kapasitas,mutu produksi atau peningkatan standarkinerja, dikapitalisasi. Aset tetap yang dijualdikeluarkan dari kelompok aset tetap berikutakumulasi penyusutannya. Keuntungan ataukerugian dari penjualan aset tetap tersebutdibukukan dalam laporan laba rugikomprehensif konsolidasian.

Maintenance and repairs expense is charged tothe consolidated statements of comprehensiveincome as incurred. Expenditures which extendthe useful life of the asset or result in theincrease of the future economic benefits, suchas an increase in capacity and improvement inthe quality of output or standard ofperformance, are capitalized. When assets aredisposed of, their carrying values and therelated accumulated depreciation are removedfrom the accounts. Any resulting gain or loss isreflected in the consolidated statements ofcomprehensive income.

Jumlah tercatat aset tetap dihentikanpengakuannya pada saat dilepaskan atau saattidak ada manfaat ekonomis masa depan yangdiharapkan dari penggunaan ataupelepasannya. Laba atau rugi yang timbul daripenghentian pengakuan aset dilaporkan dalamlaporan laba rugi komprehensif konsolidasianpada tahun aset tersebut dihentikanpengakuannya.

An item of fixed asset is derecognized upondisposal or when no future economic benefits areexpected from its use or disposal. Any gain orloss arising on derecognition of the asset isreported in the consolidated statements ofcomprehensive income in the year the asset isderecognized.

Page 152: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

150 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

23

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

i. Aset tetap (lanjutan) i. Fixed assets (continued)

Biaya konstruksi aset dikapitalisasi sebagai asetdalam penyelesaian. Biaya konstruksi inidireklasifikasi ke akun aset tetap pada saat proseskonstruksi atau pemasangan selesai.

The costs of the construction of assets arecapitalized as construction in progress. Thesecosts are reclassified into fixed asset accountswhen the construction or installation iscompleted.

Nilai residu, umur manfaat dan metodepenyusutan dievaluasi setiap akhir tahun dandisesuaikan secara prospektif jika diperlukan.

The asset residual values, useful lives anddepreciation method are reviewed at each yearsend and adjusted prospectively if necessary.

j. Sewa j. Leases

Penentuan apakah dalam suatu perjanjianmengandung sewa pembiayaan adalahberdasarkan isi dari perjanjian awal dan apakahisi dari perjanjian tersebut bergantung darikegunaan dari aset yang spesifik dan memilikihak penuh atas aset tersebut. Sewa yang tidakmengalihkan secara substansial seluruh risikodan manfaat yang terkait dengan kepemilikanaset kepada pihak penyewa diklasifikasikansebagai sewa operasi.

The determination of whether an arrangementis, or contains a finance lease is based on thesubstance of the arrangement at inceptiondate and whether the fulfillment of thearrangement is dependent on the use of aspecific assets and the arrangement conveysfull rights over the asset. Leases which do nottransfer substantially all of the risks andrewards incidental to ownership of the leaseditem to the lessee are classified as operatingleases.

Dalam sewa pembiayaan, Kelompok Usahasebagai pihak penyewa disyaratkan untukmengakui aset dan liabilitas dalam laporan posisikeuangan konsolidasian sebesar nilai wajar asetsewaan atau sebesar nilai kini dari pembayaransewa minimum, jika nilai kini lebih rendah dari nilaiwajar, penilaian ditentukan pada awal kontrak.Pembayaran sewa minimum dibagi rata antarabeban keuangan yang timbul dan penurunanliabilitas sewa. Beban keuangan dialokasikan padasetiap periode selama masa sewa sehinggamenghasilkan tingkat bunga periodik yang konstanselama sisa saldo liabilitas sewa.

Under a finance lease, the Group as lessee arerequired to recognize assets and liabilities inthe consolidated statements of financialposition at amounts equal to the fair value ofthe leased property or, if lower, the presentvalue of the minimum lease payments, eachdetermined at the inception of the lease.Minimum lease payments are apportionedbetween finance charges and the reduction ofthe outstanding lease liability. Finance chargesare allocated to each period during the leaseterm so as to produce a constant periodic rateof interest over the remaining balance of thelease liability.

Aset sewa yang dikapitalisasi dimasukkan kedalam aset tetap dan disusutkan selama estimasidari umur manfaat aset tersebut atau masa sewa,mana yang lebih pendek, jika tidak terdapat tingkatkeyakinan yang memadai bagi Kelompok Usahauntuk mendapatkan kepemilikan atas aset tersebutpada akhir masa sewa.

Capitalized leased assets are accounted for asfixed assets and are depreciated over theshorter of the estimated useful lives of theassets or the lease terms, in the event thatthere is no reasonable certainty that the Groupwill obtain ownership of the assets by the endof the lease term.

Dalam sewa operasi, Kelompok Usaha mengakuipembayaran sewa sebagai beban yang dibagisecara rata-rata (straight-line) sepanjang masasewa.

Under an operating lease, the Grouprecognizes lease payments as an expense ona straight-line method over the lease terms.

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 151

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

24

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

k. Penurunan nilai aset non-keuangan k. Impairment of non-financial assets

Pada setiap akhir tahun pelaporan, manajemenmenilai apakah terdapat indikasi suatu asetmengalami penurunan nilai. Jika terdapatindikasi tersebut, atau pada saat pengujianpenurunan nilai aset diperlukan, makamanajemen membuat estimasi jumlahterpulihkan aset tersebut.

At the end of reporting years, managementassesses whether there is an indication that anasset may be impaired. If any such indicationexists, or when annual impairment testing foran asset is required, management makes anestimate of the asset’s recoverable amount.

Jumlah terpulihkan suatu aset adalah jumlahyang lebih tinggi antara nilai wajar dari aset atauUnit Penghasil Kas (UPK) tersebut dikurangibiaya untuk menjual, dan nilai pakainya, nilaitersebut ditentukan untuk aset individual, kecualiaset tersebut tidak menghasilkan arus kasmasuk yang sebagian besar independen dariaset lainnya atau kelompok aset lain. Jika nilaitercatat aset lebih besar dari nilai terpulihkannya,maka aset tersebut dianggap mengalamipenurunan nilai dan nilai tercatat aset tersebutditurunkan menjadi sebesar nilai terpulihkan.Rugi penurunan diakui dalam laporan laba rugikomprehensif konsolidasian sebagai “rugipenurunan nilai”.

An asset’s recoverable amount is the higher ofthe asset’s fair value or Cash Generating Unit(CGU)’s less costs to sell and its value in use,and is determined for an individual asset,unless the asset does not generate cashinflows that are largely independent of thosefrom other assets or groups of assets. Wherethe carrying amount of an asset exceeds itsrecoverable amount, the asset is consideredimpaired and is written down to its recoverableamount. Impairment losses are recognized inthe consolidated statements of comprehensiveincome as “impairment losses”.

Dalam menghitung nilai pakai, estimasi arus kasneto masa depan didiskontokan menggunakantingkat diskonto sebelum pajak yangmenggambarkan penilaian pasar kini dari nilaiwaktu uang dan risiko spesifik atas aset. Jika haltersebut tidak dapat ditentukan, manajemenmenggunakan model valuasi untuk menentukannilai wajar aset. Perhitungan tersebut digabungkandengan penilaian atau indikator nilai wajar lainnya.

In assessing the value in use, the estimated netfuture cash flows are discounted to their presentvalue using a pre-tax discount rate that reflectscurrent market assessments of the time value ofmoney and the risks specific to the asset. If suchtransactions cannot be identified, managementused an appropriate valuation model todetermine the fair value of the assets. Thesecalculations are corroborated by valuationmultiples or other available fair value indicators.

Manajemen melakukan penilaian pada setiap akhirtahun pelaporan apakah terdapat indikasi bahwarugi penurunan nilai yang telah diakui dalamperiode sebelumnya untuk aset selain goodwillmungkin tidak ada lagi atau mungkin telahmenurun.

Management made an assessment at the end ofeach reporting years as to whether there is anyindication that previously recognized impairmentlosses for an asset other than goodwill may nolonger exist or may have decreased.

Jika indikasi yang dimaksud ditemukan, makamanajemen mengestimasi jumlah terpulihkanaset tersebut. Rugi penurunan nilai yang telahdiakui dalam periode-periode sebelumnya untukaset selain goodwill dibalik jika, dan hanya jika,terdapat perubahan estimasi yang digunakanuntuk menentukan jumlah terpulihkan asettersebut sejak rugi penurunan nilai terakhirdiakui. Jika demikian, jumlah tercatat asetdinaikkan ke jumlah terpulihkannya. Jumlahtercatat aset yang meningkat yang disebabkanpembalikan rugi penurunan nilai, tidak bolehmelebihi jumlah nilai terpulihkannya maupun nilaitercatat seandainya aset tidak mengalami rugipenurunan nilai di tahun-tahun sebelumnya.

If such indication exists, management estimatesthe recoverable amount of the related asset.Previously recognized impairment loss for anasset other than goodwill is reversed only, andif only there has been a change in theassumptions used to determine the asset’srecoverable amount since the last impairmentloss was recognized. If that is the case, thecarrying amount of the asset is increased to itsrecoverable amount. The reversal is limited sothat the carrying amount of the asset does notexceed its recoverable amount, nor exceed thecarrying amount that would have beendetermined had no impairment loss beenrecognized for the asset in prior years.

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152 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

25

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

k. Penurunan nilai aset non-keuangan (lanjutan) k. Impairment of non-financial assets(continued)

Pembalikan rugi penurunan nilai untuk asetdiakui segera dalam laporan laba rugikomprehensif konsolidasian. Setelah pembalikanrugi penurunan nilai diakui, penyusutan yangdibebankan ke aset tersebut harus disesuaikandi tahun mendatang untuk mengalokasikanjumlah tercatat aset yang direvisi, dikurangi nilaisisanya (jika ada), dengan dasar yang sistematikselama sisa umur manfaatnya.

Reversal of an impairment loss is recognized inthe consolidated statement of comprehensiveincome. After such a reversal, the depreciationcharge on the said asset is adjusted in futureyear to allocate the asset’s revised carryingamount, less any residual value, on asystematic basis over its remaining useful life.

Untuk tujuan uji penurunan nilai, goodwill yangdiperoleh dalam kombinasi bisnis sejak tanggalakuisisi dialokasikan pada setiap unit penghasilkas Kelompok Usaha yang diekspektasikanmemberi manfaat dari kombinasi bisnis tersebut,terlepas apakah aset atau liabilitas dari pihakyang diakuisisi ditempatkan dalam unit ataukelompok unit tersebut. Namun jika alokasi awalgoodwill tersebut tidak dapat diselesaikansebelum berakhirnya periode tahunan ketikakombinasi bisnis berdampak, maka alokasi awaltersebut diselesaikan sebelum akhir periodetahunan pertama setelah tanggal akuisisi.

For the purpose of impairment testing, goodwillacquired in a business combination is, from theacquisition date, allocated to each of theGroup’s CGUs that are expected to benefit fromthe combination, irrespective of whether otherassets or liabilities of the acquiree are assignedto those units. If the initial allocation of suchgoodwill cannot be completed before the end ofthe annual period in which the businesscombination is effected, that initial allocationshall be completed before the end of the firstannual period beginning after the acquisitiondate.

l. Pengeluaran eksplorasi, evaluasi danpengembangan

l. Exploration, evaluation and developmentexpenditure

Beban sebelum diperolehnya ijin Pre-licence costs

Pengeluaran yang terjadi sebelum diperolehnyaijin dibebankan pada tahun terjadi.

Pre-license costs are expensed in the year inwhich they are incurred.

Aset eksplorasi dan evaluasi Exploration and evaluation assets

Setelah hak legal untuk eksplorasi diperoleh,pengeluaran untuk eksplorasi dan evaluasi untuksuatu area of interest dibebankan didalamlaporan laba rugi komprehensif konsolidasianpada saat terjadinya, kecuali jika manajemenmenyimpulkan bahwa kemungkinan besarmanfaat ekonomis masa datang daripengeluaran tersebut dapat terealisasi.Pengeluaran tersebut mencakup biayaperolehan hak eksplorasi, kajian topografi,geologi, biaya pengeboran eksplorasi dan lain-lain.

Once the legal right to explore has beenacquired, exploration and evaluationexpenditure for an area of interest is charged tothe consolidated statement of comprehensiveincome as incurred, unless the managementconcludes that a future economic benefit ismore likely than not to be realized. Theseexpenditures include acquisition of explorationlicense cost, topographic and geology study,drilling exploration costs and others.

Dalam melakukan evaluasi apakah suatupengeluaran memenuhi kriteria untukdikapitalisasi, beberapa sumber informasi yangberbeda digunakan. Informasi yang digunakanuntuk menentukan kemungkinan manfaat masadepan tergantung kepada sifat dari kegiataneksplorasi dan evaluasi yang sudah dilakukan.

In evaluating if expenditures meet the criteria tobe capitalized, several different sources ofinformation are utilized. The information that isused to determine the probability of futurebenefits depends on the extent of explorationand evaluation that has been performed.

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 153

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

26

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

l. Pengeluaran eksplorasi, evaluasi danpengembangan (lanjutan)

l. Exploration, evaluation and developmentexpenditure (continued)

Aset eksplorasi dan evaluasi (lanjutan) Exploration and evaluation assets(continued)

Hingga saat penetapan suatu cadangan yangmemenuhi ketentuan JORC (saat dimanamanajemen mempertimbangkan bahwakemungkingan besar manfaat ekonomis akandapat direalisasikan), manajemenmengkapitalisasi pengeluaran evaluasi lanjutanyang terjadi sebagai aset eksplorasi dan evaluasiuntuk suatu ijin hingga saat dimana cadanganyang memenuhi ketentuan JORC ditetapkan.

Upon the establishment of a JORC compliantresource (at which point, Management considersit probable that economic benefits will berealized), management capitalises any furtherevaluation costs incurred for the particularlicence to exploration and evaluation assets upto the point when a JORC compliant reserve isestablished.

Setelah penetapan suatu cadangan telahmemenuhi ketentuan JORC dan pengembangandilakukan, aset ekplorasi dan evaluasi dilakukanpengujian penurunan nilai dan ditransfer ke akun“Tambang dalam konstruksi”. Tidak adaamortisasi dibebankan selama tahap eksplorasidan evaluasi.

Once JORC compliant reserves are establishedand development is sanctioned, exploration andevaluation assets are tested for impairment andtransferred to ‘Mines under construction’. Noamortization is charged during the explorationand evaluation phase.

Aset eksplorasi dan evaluasi untuk setiap area ofinterest ditelaah pada setiap akhir tahunpelaporan. Aset eksplorasi dan evaluasi yangterkait dengan suatu area of interest yang telahditinggalkan, atau yang telah diputuskan tidaklayak secara ekonomis oleh manajemen,dihapuskan pada tahun dimana keputusantersebut dibuat.

Exploration and evaluation assets on each areaof interest is reviewed at the end of reportingyears. Exploration and evaluation assets inrespect of an area of interest which has beenabandoned, or for which a decision has beenmade by the management against itscommercial viability are written-off in the year inwhich the decision is made.

Tambang dalam konstruksi Mines under construction

Pada saat transfer akun “Aset eksplorasi danevaluasi” ke akun “Tambang dalam konstruksi”,semua pengeluaran untuk konstruksi, instalasiatau penyelesaian fasilitas infrastrukturdikapitalisasi dalam akun “Tambang dalamkonstruksi”. Pengeluaran untuk pengembangandilaporkan setelah dikurangi hasil penjualaninsidentil batu bara yang dihasilkan selama tahappengembangan. Setelah produksi dimulai,semua aset dalam akun “Tambang dalamkonstruksi” ditransfer ke akun “Tambangproduksi”.

Upon transfer of ‘Exploration and evaluationassets’ into ‘Mines under construction’, allsubsequent expenditure on the construction,installation or completion of infrastructurefacilities is capitalized within “Mines underconstruction”. Development expenditure is netof proceeds from all but the incidental sale ofcoal extracted during the development phase.After production starts, all assets included in‘Mines under construction’ are transferred to‘Producing mines’.

Pada saat penyelesaian konstruksi tambang, aset-aset ditransfer ke akun “Aset tetap” atau “Asetpertambangan”.

Upon completion of mine construction, the assetsare transferred into “Fixed assets” or “Mineproperties”.

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154 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

27

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

l. Pengeluaran eksplorasi, evaluasi danpengembangan (lanjutan)

l. Exploration, evaluation and developmentexpenditure (continued)

Aset Pertambangan Mine properties

Pada saat proyek konstruksi tambangdipindahkan ke tahap produksi, kapitalisasipengeluaran tertentu untuk konstruksi tambangdihentikan dan pengeluaran tersebut dicatatsebagai persediaan atau dibebankan, kecuali jikabiaya tersebut memenuhi syarat dikapitalisasisehubungan dengan penambahan ataupeningkatan aset tambang, atau pengembangancadangan yang dapat ditambang.

When a mine construction project moves intothe production stage, the capitalization ofcertain mine construction costs ceases andcosts are either regarded as inventory orexpensed, except for costs which qualify forcapitalization relating to mining asset additionsor improvements, or mineable reservedevelopment.

Akumulasi biaya pengembangan tambangdiamortisasi dengan menggunakan metode unitproduksi terhadap estimasi cadangan yangsecara ekonomis dapat ditambang sampaidengan akhir masa berlaku ijin atas area ofinterest yang bersangkutan. Tarif amortisasi perunit produksi untuk amortisasi biayapengembangan tambang termasuk pengeluaranyang terjadi sampai saat ini.

Accumulated mine development costs areamortized on a unit-of-production basis over theeconomically recoverable reserves until the endof license over the area of interest concern. Theunit-of-production rate for the amortization ofmine development costs takes into accountexpenditures incurred to date.

m. Tanaman perkebunan m. Plantations

Tanaman belum menghasilkan dinyatakansebesar harga perolehan yang meliputi biayapersiapan lahan, penanaman, pemupukan danpemeliharaan termasuk kapitalisasi biayapinjaman yang digunakan untuk membiayaipengembangan tanaman belum menghasilkandan biaya tidak langsung lainnya yangdialokasikan berdasarkan luas hektar tertanam.

Immature plantations are stated at acquisitioncosts which include costs incurred for fieldpreparation, planting, fertilizing andmaintenance, including the capitalization ofborrowing costs incurred on loans used tofinance the development of immatureplantations and allocation of other indirect costsbased on planted hectares.

Pada saat tanaman sudah menghasilkan,akumulasi harga perolehan tersebut akandireklasifikasi ke akun Tanaman menghasilkan.

When the plantations are mature, theaccumulated costs are reclassified to Matureplantations account.

Amortisasi tanaman menghasilkan dimulai padatahun dimana tanaman tersebut menghasilkandengan menggunakan metode garis lurusselama estimasi masa manfaat ekonomis yaitu20 tahun. Secara umum, tanaman kelapa sawitdinyatakan menghasilkan bila telah berumur tigasampai dengan empat tahun.

Amorization of mature plantations commencesin the year when the plantations are matureusing the straight-line method over theestimated useful life of 20 years. Generally, oilpalm plantations are considered mature withinthree to four years after planting.

n. Beban tangguhan n. Deferred charges

Beban yang timbul untuk perpanjangan hak atastanah ditangguhkan dan diamortisasi denganmetode garis lurus selama periode hak atastanah.

Costs incurred in association with the extensionof land rights are deferred and amortised usingthe straight-line method over the period of theland rights.

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 155

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

28

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

o. Provisi o. Provisions

Provisi diakui jika Kelompok Usaha memilikikewajiban kini (baik bersifat hukum maupunbersifat konstruktif), yang diakibatkan peristiwa dimasa lalu, besar kemungkinannya yang manapenyelesaian kewajiban tersebut mengakibatkanarus keluar sumber daya yang mengandungmanfaat ekonomi dan estimasi yang andalmengenai jumlah kewajiban tersebut dapatdibuat.

Provisions are recognized when the Group hasa current obligation (legal or constructive)where, as a result of a past event, it is probablethat an outflow of resources embodyingeconomic benefits will be required to settle theobligation and a reliable estimate can be madeof the amount of the obligation.

Provisi ditelaah pada setiap akhir tahun pelaporandan disesuaikan untuk mencerminkan estimasikini terbaik. Jika tidak terdapat lagi kemungkinanarus keluar sumber daya yang mengandungmanfaat ekonomi untuk menyelesaikan kewajibantersebut, maka provisi tersebut akan dibalik.

Provisions are reviewed at the end of reportingyears and adjusted to reflect the current bestestimate. If it is no longer probable that anoutflow of resources embodying economicbenefits will be required to settle the obligation,the provision will be reversed.

p. Biaya pengelolaan lingkungan hidup p. Environmental expenses

Pengeluaran yang terkait dengan pemulihan,rehabilitasi, dan lingkungan yang timbul selamatahap pengembangan diakui sebagai aset.

Restoration, rehabilitation and environmentalexpenditures incurred during the developmentphase are recognized as asset.

Pengeluaran yang terkait dengan pemulihan,rehabilitasi, dan lingkungan yang timbul selamatahap produksi dibebankan sebagai beban pokokpenjualan pada saat terjadinya.

Restoration, rehabilitation and environmentalexpenditures incurred during the productionphase are charged to cost of goods sold asincurred.

Untuk hal-hal yang berkaitan dengan lingkunganyang mungkin tidak berkaitan dengan penarikanaset, dimana Kelompok Usaha merupakan pihakyang bertanggung jawab atas liabilitas tersebutdan liabilitas tersebut ada dan jumlahnya bisadiukur, manajemen mencatat estimasi liabilitastersebut. Dalam menentukan keberadaanliabilitas yang berkaitan dengan lingkungantersebut, manajemen mengacu pada kriteriapengakuan kewajiban sesuai dengan standarakuntansi yang berlaku.

For environmental issues that may not involvethe retirement of an asset, where the Group isresponsible parties and it is determined that aliability exists, and amounts can be quantified,management accrues the estimated liability. Indetermining whether a liability exists in respectof such environmental issues, managementapplies the criteria for liability recognition underthe applicable accounting standards.

q. Biaya pengupasan lapisan tanah q. Stripping cost

Efektif 1 Januari 2014 Kelompok Usahamenerapkan secara prospektif ISAK No. 29:Biaya Pengupasan Lapisan Tanah TahapProduksi pada Pertambangan Terbuka.

Effective as of 1January 1, 2014, the Groupprospectively applies ISAK No. 29: StrippingCosts in the Production Phase of a SurfaceMining.

Tidak ada penyesuaian transisi atas saldo awalbiaya pengupasan tangguhan dan saldo labaawal pada permulaan periode sajian terawalsehubungan dengan penerapan ISAK ini.

There is no transitional adjustment on thebeginning balance of deferred stripping cost andthe opening retained earnings at the beginningof the earliest period presented arising from theapplication of this ISAK.

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156 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

29

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

q. Biaya pengupasan lapisan tanah (lanjutan) q. Stripping costs (continued)

Menurut ISAK ini, aktivitas pengupasan tanahpenutup yang dilakukan selama tahap produksidapat menghasilkan dua manfaat: yang pertamaberupa produksi persediaan dan yang keduaberupa pembukaan akses menuju material yangakan ditambang dimasa depan. Jika manfaattersebut berupa persediaan, maka perlakuanatas biaya pengupasan tanah penutup tersebutmengikuti ketentuan PSAK No. 14: Persediaan.Jika manfaatnya berupa peningkatan aksesmenuju material yang akan ditambang dimasadepan, maka jika memenuhi kriteria berikut:

Under this ISAK, stripping activity undertakenduring the production phase may create twobenefits: the first being the production ofinventory and the second being improvedaccess to ore to be mined in the future. Wherethe benefits are realized in the form of inventoryproduced, the production stripping costs mustbe accounted for in accordance with PSAKNo. 14: Inventories. Where the benefit isimproved access to ore to be mined in thefuture, these costs must be recognized as anon-current asset, if the following criteria aremet:

a) besar kemungkinan bahwa manfaatekonomis masa depan (peningkatan aksesmenuju lapisan batu bara yang terkaitdengan aktivitas pengupasan lapisan tanahakan mengalir;

b) entitas dapat mengidentifikasi komponenlapisan batu bara yang aksesnya telahditingkatkan; dan

c) biaya yang terkait dengan aktivitaspengupasan lapisan tanah dengankomponen tersebut dapat diukur secaraandal

a) future economic benefits (being improvedaccess to the coal seams) are probable;

b) the component of the coal seams for whichaccess will be improved can be accuratelyidentified; and

c) the costs associated with the improvedaccess can be reliably measured

Interpretasi ini merujuk aset tidak lancar tersebutsebagai “Aset aktivitas pengupasan lapisantanah”.

This interpretation refers such non-currentassets as “Stripping activity asset”.

Aset aktivitas pengupasan lapisan tanah padaawalnya diukur pada biaya perolehan, yaituakumulasi biaya yang secara langsung terjadiuntuk melakukan aktivitas pengupasan lapisantanah yang meningkatkan akses terhadapkomponen batu bara, ditambah alokasi biayaoverhead yang diatribusikan langsung. Jikaterjadi operasi insidentil pada saat bersamaandengan aktivitas pengupasan lapisan tanah,namun operasi tersebut tidak harus ada untukmelanjutkan aktivitas pengupasan lapisan tanahsebagaimana direncanakan, biaya operasitersebut tidak dimasukkan sebagai biayaperolehan aset pengupasan lapisan tanah.

The stripping activity asset is initially measuredat cost, which is the accumulation of costsdirectly incurred to perform the stripping activitythat improves access to the identifiedcomponent of coal, plus an allocation of directlyattributable overhead costs. If incidentaloperations are occurring at the same time asthe production stripping activity, but are notnecessary for the production stripping activity tocontinue as planned, these costs are notincluded in the cost of the stripping activityasset.

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 157

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

30

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

q. Biaya pengupasan lapisan tanah (lanjutan) q. Stripping costs (continued)

Ketika biaya perolehan persediaan dan asetaktivitas pengupasan lapisan tanah yangdiproduksi tidak dapat diidentifikasikan secaraterpisah, dasar alokasi berdasarkan ukuranproduksi yang relevan digunakan untukmengalokasikan biaya pengupasan lapisantanah antara persediaan yang diproduksi danaset aktivitas pengupasan lapisan tanah. Ukuranproduksi tersebut dihitung untuk komponenbadan batubara yang teridentifikasi, dandigunakan sebagai patokan untukmengidentifikasi sejauh mana aktivitas tambahanyang menciptakan manfaat di masa depan telahterjadi. Kelompok Usaha menggunakanperkiraan volume limbah yang diperolehdibandingkan dengan volume aktual produksibatu bara untuk masing-masing komponen.

If the costs of the inventory produced and thestripping activity asset are not separatelyidentifiable, a relevant production measure isused to allocate the production stripping costsbetween the inventory produced and thestripping activity asset. This production measureis calculated for the identified component of thecoal and is used as a benchmark to identify theextent to which the additional activity of creatinga future benefit has taken place. The Groupuses the expected volume of waste extractedcompared with the actual volume for a givenvolume of coal production of each component.

Aset aktivitas pengupasan lapisan tanahdiperhitungkan sebagai penambahan kepada, ataupeningkatan dari suatu aset, yaitu aset tambang,dan disajikan sebagai Aset pertambangan padalaporan posisi keuangan konsolidasian. Hal inimerupakan bagian dari jumlah investasi padasuatu unit penghasil kas, yang ditelaah untukpenurunan nilai jika kejadian atau perubahankeadaan mengindikasikan bahwa nilai tercatatnyamungkin tidak terpulihkan.

The stripping activity asset is accounted for asan addition to, or an enhancement of, anexisting asset, being the mine asset, and ispresented as part of ’Mine properties’ in theconsolidated statement of financial position.This forms part of the total investment in therelevant cash generating units, which arereviewed for impairment if events or changes ofcircumstances indicate that the carrying valuemay not be recoverable.

Aset aktivitas pengupasan lapisan tanahdiamortisasi menggunakan metode unit produksi,selama umur manfaat ekspektasian darikomponen badan batu bara yang teridentifikasiyang menjadi lebih mudah diakses sebagai hasildari aktivitas pengupasan lapisan tanah.Cadangan yang dapat dipulihkan secaraekonomis, terdiri dari cadangan proven danprobable, digunakan untuk menentukan umurmanfaat dari komponen batu bara identifikasian.Aset aktivitas pengupasan lapisan tanah di catatsebesar harga perolehan dikurangi akumulasiamortisasi dan rugi penurunan nilai.

The stripping activity asset is subsequentlyamortized using the units of production methodover the life of the identified component of thecoal body that became more accessible as aresult of the stripping activity. Economicallyrecoverable reserves, which comprise provenand probable reserves, are used to determinethe expected useful life of the identifiedcomponent of the coal body. The strippingactivity asset is then carried at cost lessaccumulated amortization and any impairmentlosses.

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158 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

31

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

r. Liabilitas imbalan kerja r. Employee benefit liabilities

Imbalan kerja jangka pendek Short - term employee benefits

Imbalan kerja jangka pendek adalah imbalankerja yang jatuh tempo dalam jangka waktu duabelas bulan setelah akhir tahun pelaporan dandiakui pada saat pekerja telah memberikan jasakerjanya.

Short - term employee benefits are employeebenefits which are due for payment withintwelve months after the reporting year andrecognized when the employees haverendered this related service.

Imbalan kerja jangka panjang Long - term employee benefits

Perhitungan estimasi liabilitas untuk imbalankerja yang memenuhi kriteria sebagai imbalanmanfaat pasti ditentukan dengan menggunakanmetode aktuarial Projected Unit Credit.

The calculation of estimated liability foremployment benefits which meet the criteriaas defined benefit is determined using theProjected Unit Credit Actuarial Method.

Keuntungan atau kerugian aktuarial diakuisebagai pendapatan atau beban apabilaakumulasi keuntungan atau kerugian aktuarialneto yang belum diakui pada akhir tahunpelaporan sebelumnya melebihi 10% dari nilaikini liabilitas imbalan pasti pada tanggal tersebut.Keuntungan atau kerugian ini diakui atas dasarmetode garis lurus selama perkiraan rata-ratasisa masa kerja karyawan.

Actuarial gains or losses are recognized asincome or expense when the net cumulativeunrecognized actuarial gains or losses at theend of the previous reporting year exceed 10%of the present value of defined benefit obligationat that date. These gains or losses arerecognized on a straight-line method over theexpected average remaining service years ofthe employees.

Biaya jasa kini diakui sebagai beban tahunberjalan. Biaya jasa lalu dibebankan langsungpada laporan laba rugi komprehensifkonsolidasian, kecuali bila perubahan terhadapmanfaat tergantung pada status kepegawaianpekerja di masa yang akan datang (periodevesting). Dalam hal ini, biaya jasa laludiamortisasikan secara garis lurus sepanjangperiode vesting.

Current service cost is expensed in the currentyear. Past service costs are recognizedimmediately in the consolidated statements ofcomprehensive income, unless the changes tothe benefit are conditional on the employeesremaining in service for a specified period oftime (the vesting period). In this case, pastservice costs are amortized on a straight-linemethod over the vesting period.

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

Pendapatan dari penjualan Revenue from sale

Pendapatan dari penjualan diakui pada saatterjadi pemindahan risiko kepada pelanggan, dan

Revenue from sales is recognized when therisk has been transferred to the customers,and

• Besar kemungkinan manfaat ekonomi yangterkait dengan transaksi tersebut akanmengalir ke Kelompok Usaha;

• It is probable that economic benefitsassociated with the transaction will flow tothe Group;

• Kuantitas dan kualitas dari produk dapatditentukan secara wajar dan akurat;

• The quantity and quality of the product canbe determined with reasonable andaccuracy;

• Barang sudah dikirim kepada pelanggan dantidak lagi berada dalam pengendalian fisikKelompok Usaha (atau kepemilikan atasproduk diserahkan kepada pelanggan); dan

• The product has been dispatched to thecustomer and is no longer under thephysical control of the Group (or ownershipof the product has earlier passed to thecustomer); and

• Harga jual dan biaya terkait dapat diukursecara andal.

• The selling price and related costs can bedetermined with reasonable accuracy.

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 159

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

32

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

s. Pengakuan pendapatan dan beban (lanjutan) s. Revenue and expense recognition(continued)

Pendapatan bunga Interest income

Untuk semua instrumen keuangan yang diukurpada biaya perolehan diamortisasi, pendapatanatau biaya bunga dicatat dengan menggunakanmetode Suku Bunga Efektif (“SBE”), yaitu sukubunga yang secara tepat mendiskontokan estimasipembayaran atau penerimaan kas di masa datangselama perkiraan umur dari instrumen keuangan,atau jika lebih tepat, digunakan periode yang lebihsingkat, terhadap nilai tercatat neto dari asetkeuangan atau liabilitas keuangan.

For all financial instruments measured atamortized cost, interest income or expense isrecorded using the Effective Interest Rate(“EIR”), which is the rate that exactly discountsthe estimated future cash payments or receiptsthrough the expected life of the financialinstrument or a shorter period, whereappropriate, to the net carrying amount of thefinancial asset or liability.

Beban diakui pada saat terjadinya dengan basisakrual.

Expenses are recognized as incurred on theaccrual basis.

t. Perpajakan t. Taxation

Pajak kini Current tax

Aset dan liabilitas pajak kini untuk tahun berjalandan lalu diukur sebesar jumlah yang diharapkandapat direstitusi dari atau dibayarkan kepadaotoritas perpajakan. Tarif pajak dan peraturanpajak yang digunakan untuk menghitung jumlahtersebut adalah yang telah berlaku atau secarasubstantif telah berlaku pada tanggal pelaporan.

Current income tax assets and liabilities for thecurrent and prior year are measured at theamount expected to be recovered from or paid tothe tax authority. The tax rates and tax laws usedto compute the amount are those that have beenenacted or substantively enacted at the reportingdates.

Penghasilan kena pajak berbeda dengan labayang dilaporkan dalam laba rugi karenapenghasilan kena pajak tidak termasuk bagiandari pendapatan atau beban yang dikenakanpajak atau dikurangkan di tahun-tahun yangberbeda, dan juga tidak termasuk bagian-bagianyang tidak dikenakan pajak atau tidak dapatdikurangkan.

Taxable profit differs from profit as reported in theprofit or loss because it excludes items of incomeor expense that are taxable or deductible in otheryears and it further excludes items that are nevertaxable or deductible.

Koreksi terhadap liabilitas perpajakan dicatatsaat surat ketetapan pajak diterima atau apabiladilakukan banding, ketika hasil banding sudahdiputuskan.

Amendments to taxation obligations are recordedwhen an assessment is received or if appealedagainst, when the results of the appeal aredetermined.

Kekurangan/kelebihan pembayaran pajakpenghasilan disajikan sebagai bagian dari “BebanPajak Kini” dalam laporan laba rugi komprehensifkonsolidasian. Kelompok Usaha juga menyajikanbunga/denda, jika ada, sebagai bagian dari “BebanPajak Kini”.

The underpayment/overpayment of income tax ispresented as part of “Tax Expense - Current” in theconsolidated statement of comprehensive income.The Group also presented interest/penalty, if any,as part of “Tax Expenses - Current”.

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160 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

33

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

t. Perpajakan (lanjutan) t. Taxation (continued)

Pajak tangguhan Deferred tax

Pajak tangguhan diakui dengan menggunakanmetode liabilitas atas perbedaan temporer padatanggal pelaporan antara dasar pengenaanpajak aset dan liabilitas dan jumlah tercatatnyauntuk tujuan pelaporan keuangan pada tanggalpelaporan.

Deferred tax is provided using the liability methodon temporary differences at the reporting datebetween the tax bases of assets and liabilitiesand their carrying amounts for financial reportingpurposes at the reporting date.

Liabilitas pajak tangguhan diakui untuk semuaperbedaan temporer yang kena pajak dan asetpajak tangguhan diakui untuk perbedaantemporer yang boleh dikurangkan dan rugi fiskalyang belum terpakai, sepanjang besarkemungkinan besar laba kena pajak akantersedia sehingga perbedaan temporer yangboleh dikurangkan dan rugi fiskal yang belumterpakai tersebut dapat dimanfaatkan.

Deferred tax liabilities are recognized for alltaxable temporary differences and deferred taxassets are recognized for deductible temporarydifferences and unused tax losses to the extentthat it is probable that taxable income will beavailable in future years against which thedeductible temporary differences and unused taxlosses can be utilized.

Aset pajak tangguhan diakui untuk seluruhperbedaan temporer yang boleh dikurangkandan akumulasi rugi pajak yang belumdikompensasikan, bila kemungkinan besar labakena pajak akan tersedia sehingga perbedaantemporer dapat dikurangkan tersebut dan rugipajak belum dikompensasikan tersebut dapatdimanfaatkan.

Deferred tax assets are recognized for alldeductible temporary differences and carryforward of unused tax losses to the extent that itis probable that taxable profits will be availableagainst which the deductible temporarydifferences and carry forward of unused taxlosses can be utilized.

Liabilitas pajak tangguhan dan aset pajaktangguhan (jika memenuhi kriteria) diakui atasperbedaan temporer kena pajak terkait denganinvestasi pada entitas anak, kecuali yang waktupembalikannya dapat dikendalikan dankemungkinan besar perbedaan temporertersebut tidak akan dibalik di masa depan yangdapat diperkirakan.

Deferred tax liabilities and assets (providedfulfilling recognition criteria) are recognized inrespect of taxable temporary differencesassociated with investments in subsidiaries,except where the timing of the reversal of thetemporary differences can be controlled and it isprobable that the temporary differences will notreverse in the foreseeable future.

Jumlah tercatat aset pajak tangguhan ditelaahpada setiap tanggal pelaporan dan nilai tercatataset pajak tangguhan tersebut diturunkanapabila laba kena pajak mungkin tidak memadaiuntuk mengkompensasi sebagian atau semuamanfaat aset pajak tangguhan. Aset pajaktangguhan yang belum diakui sebelumnyaditelaah pada setiap tanggal pelaporan dandiakui sepanjang laba kena pajak yang akandatang kemungkinan besar akan tersedia untukdipulihkan.

The carrying amount of deferred tax assets isreviewed at each reporting date and reduced tothe extent that it is no longer probable thatsufficient taxable income will be available toallow all or part of the benefit of the deferred taxassets to be utilized. Unrecognized deferred taxassets are reassessed at each reporting dateand are recognized to the extent that it hasbecome probable that future taxable income willallow the deferred tax assets to be recovered.

Aset dan liabilitas pajak tangguhan diukurberdasarkan tarif pajak yang diharapkan akandipakai pada tahun saat aset direalisasikan atauliabilitas diselesaikan berdasarkan tarif pajak danperaturan perpajakan yang berlaku atau yangtelah secara substantif berlaku pada tanggalpelaporan.

Deferred tax assets and liabilities are measuredat the tax rates that are expected to apply to theyear when the asset is realized or the liability issettled based on the tax rates and tax laws thathave been enacted or substantively enacted asat the reporting date.

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 161

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

34

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

t. Perpajakan (lanjutan) t. Taxation (continued)

Pajak tangguhan (lanjutan) Deferred tax (continued)

Perubahan nilai tercatat aset dan liabilitas pajaktangguhan yang disebabkan perubahan tarifpajak dibebankan pada tahun berjalan, kecualiuntuk transaksi-transaksi yang sebelumnya telahlangsung dibebankan atau dikreditkan keekuitas.

Changes in the carrying amount of deferred taxassets and liabilities due to a change in tax ratesare charged to current year operations, exceptto the extent that they relate to items previouslycharged or credited to equity.

Pajak tangguhan sehubungan dengan bagianyang diakui di luar laba atau rugi diakui di luarlaba atau rugi. Pajak tangguhan tersebut diakuiberkaitan dengan transaksi baik yang ada dipendapatan komprehensif lainnya atau langsungdibebankan ke ekuitas.

Deferred tax relating to items recognized outsideof profit or loss is recognized outside profit orloss. Deferred tax items are recognized incorrelation to the underlying transaction either inother comprehensive income or directly inequity.

Aset pajak tangguhan dan liabilitas pajaktangguhan disaling-hapuskan jika terdapat haksecara hukum untuk melakukan saling hapusatas aset pajak kini terhadap liabilitas pajak kiniatau aset dan liabilitas pajak tangguhan padaentitas yang sama, atau kelompok usaha yangbermaksud untuk menyelesaikan aset danliabilitas lancar berdasarkan jumlah neto.

Deferred tax assets and deferred tax liabilitiesare offset when a legally enforceable right existsto offset current tax assets against current taxliabilities, or the deferred tax assets anddeferred tax liabilities relate to the same taxableentity, or the group intends to settle its currentassets and liabilities on a net basis.

u. Instrumen keuangan u. Financial instruments

1. Aset Keuangan 1. Financial assets

Aset keuangan dalam ruang lingkup PSAKNo. 55 (Revisi 2011) diklasifikasikan sebagai(i) aset keuangan yang diukur pada nilaiwajar melalui laba rugi, (ii) pinjaman yangdiberikan dan piutang, (iii) investasi dimilikihingga jatuh tempo, (iv) aset keuangantersedia untuk dijual, atau (v) sebagaiderivatif yang ditetapkan sebagai instrumenlindung nilai dalam lindung nilai yang efektif.Manajemen menentukan klasifikasi asetkeuangan tersebut pada pengakuan awaldan, jika diperbolehkan dan sesuai, akanmengevaluasi kembali pengklasifikasian asettersebut pada setiap akhir tahun pelaporan.

Financial assets within the scope of PSAKNo. 55 (Revised 2011) are classified as (i)financial assets at fair value through profit orloss, (ii) loans and receivables, (iii) held-to-maturity investments, (iv) available-for-salefinancial assets, or (v) as derivativesdesignated as hedging financial instrumentsin an effective hedge, as appropriate.Management determines the classification ofits financial assets at initial recognition and,where allowed and appropriate, re-evaluatethe designation of such assets at the end ofreporting years.

Kelompok Usaha tidak memiliki asetkeuangan selain aset keuangan yangdiklasifikasikan sebagai pinjaman yangdiberikan, piutang dan piutang derivatif(Catatan 39).

The Group has no financial asset other thanthose classified as loans, receivables andand derivative receivables (Note 39).

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162 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

35

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

u. Instrumen keuangan (lanjutan) u. Financial instruments (continued)

1. Aset Keuangan (lanjutan) 1. Financial assets (continued)

Pengakuan awal Initial recognition

Pada saat pengakuan awal, aset keuangandiukur pada nilai wajarnya. Dalam hal asetkeuangan tidak diukur pada nilai wajar melaluilaba rugi, nilai wajar tersebut ditambah biayatransaksi yang dapat diatribusikan secaralangsung dengan perolehan atau penerbitanaset keuangan tersebut.

When financial assets are recognizedinitially, they are measured at fair value. Inthe case of financial assets not measured atfair value through profit or loss, the fair valueplus transaction costs that are directlyattributable to the acquisition or issuance ofthese financial assets.

Pengukuran setelah pengakuan awal Subsequent measurement

Pengukuran aset keuangan setelahpengakuan awal tergantung pada klasifikasiaset keuangan tersebut sebagai berikut:

The subsequent measurement of financialassets depends on their classification, whichare as follows:

Pinjaman yang diberikan dan piutang adalahaset keuangan non-derivatif denganpembayaran tetap atau telah ditentukan, yangtidak mempunyai kuotasi di pasar aktif. Asetkeuangan tersebut diukur sebesar biayaperolehan diamortisasi (amortized cost)dengan menggunakan metode SBE.

Loans and receivables are non-derivativefinancial assets with fixed or predeterminedpayments that are not quoted in an activemarket. These financial assets are measuredat amortized cost using the EIR method.

Keuntungan dan kerugian diakui dalamlaporan laba rugi komprehensif konsolidasianpada saat pinjaman yang diberikan danpiutang dihentikan pengakuannya ataumengalami penurunan nilai, demikian jugapada melalui proses amortisasi.

Gains and losses are recognized in theconsolidated statements of comprehensiveincome when the loans and receivables arederecognized or impaired, as well as throughthe amortization process.

2. Liabilitas Keuangan 2. Financial liabilitiesLiabilitas keuangan diklasifikasikan sebagai (i)liabilitas keuangan yang diukur pada nilaiwajar melalui laba rugi, (ii) pinjaman danutang, atau (iii) derivatif yang ditetapkansebagai instrumen lindung nilai dalam lindungnilai yang efektif. Manajemen menentukanklasifikasi liabilitas keuangan pada saatpengakuan awal.

Financial liabilities are classified as (i)financial liabilities at fair value through profitor loss, (ii) loans and borrowings, or (iii)derivatives that are designated as hedginginstruments in an effective hedge, asappropriate. Management determines theclassification of its financial liabilities at initialrecognition.

Kelompok Usaha tidak memiliki liabilitaskeuangan selain liabilitas keuangan yangdiklasifikasikan sebagai pinjaman, utang danutang derivatif (Catatan 39).

The Group has no financial liabilities otherthan those classified as loans, borrowingsand derivative payables (Note 39).

Pengakuan awal Initial recognition

Liabilitas keuangan diakui pada awalnyasebesar nilai wajar dan, dalam hal pinjamandan utang, termasuk biaya transaksi yangdapat diatribusikan secara langsung.

Financial liabilities are recognized initially atfair value and, in terms of loans and debt,including directly attributable transactioncosts.

Pengukuran setelah pengakuan awal Subsequent measurement

Pinjaman dan utang selanjutnya diukur padabiaya perolehan diamortisasi denganmenggunakan metode SBE.

Loans and borrowings are subsequentlymeasured at amortized cost using the EIRmethod.

Page 165: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 163

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

36

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

u. Instrumen keuangan (lanjutan) u. Financial instruments (continued)

2. Liabilitas Keuangan (lanjutan) 2. Financial liabilities (continued)

Pengukuran setelah pengakuan awal(lanjutan)

Subsequent measurement (continued)

Keuntungan dan kerugian diakui dalamlaporan laba rugi komprehensif konsolidasianpada saat liabilitas dihentikan pengakuannyaserta melalui proses amortisasi.

Gains and losses are recognized in theconsolidated statements of comprehensiveincome when the liabilities are derecognizedas well as through the amortization process.

3. Saling hapus dari instrumen keuangan 3. Offsetting of financial instruments

Aset keuangan dan liabilitas keuangan salinghapus dan nilai netonya disajikan dalam laporanposisi keuangan konsolidasian jika, dan hanyajika, Kelompok Usaha saat ini memiliki hak yangberkekuatan hukum untuk melakukan salinghapus atas jumlah yang telah diakui dan berniatuntuk menyelesaikan secara neto, atau untukmerealisasikan aset dan menyelesaikanliabilitasnya secara bersamaan.

Financial assets and financial liabilities areoffset and the net amount reported in theconsolidated statements of financial position if,and only if, the Group currently has the rightsof legal force to offset recognized amount andthere is an intention to settle on a net basis, orto realize the asset and settle the liabilitiessimultaneously.

4. Nilai wajar instrumen keuangan 4. The fair value of financial instruments

Nilai wajar instrumen keuangan yangdiperdagangkan secara aktif di pasar keuanganyang terorganisasi ditentukan dengan mengacupada kuotasi harga penawaran atau permintaan(bid or ask prices) di pasar aktif padapenutupan perdagangan pada akhir periodepelaporan. Untuk instrumen keuangan yangtidak memiliki pasar aktif, nilai wajar ditentukandengan menggunakan teknik penilaian. Teknikpenilaian mencakup penggunaan transaksipasar terkini yang dilakukan secara wajar olehpihak-pihak yang berkeinginan dan memahami(recent arm’s length market transactions);penggunaan nilai wajar terkini instrumen lainyang secara substansial sama; analisa arus kasyang didiskonto; atau model penilaian lain.

The fair value of financial instruments that areactively traded in organized financial markets isdetermined by reference to quoted bid prices ordemand in active markets at the close ofbusiness at the end of reporting period. Forfinancial instruments that have no activemarket, fair value is determined using valuationtechniques. Such valuation techniques mayinclude the use of the latest markettransactions conducted properly by the partiesthat desire and understand (recent arm's lengthmarket transactions); the use of the current fairvalue of another instrument which issubstantially the same, discounted cash flowanalysis, or other valuation models.

5. Biaya perolehan diamortisasi instrumenkeuangan

5. Amortized cost of financial instruments

Biaya perolehan diamortisasi dihitung denganmenggunakan metode suku bunga efektifdikurangi dengan penyisihan atas penurunannilai dan pembayaran pokok atau nilai yangtidak dapat ditagih. Perhitungan tersebutmempertimbangkan premium atau diskontopada saat perolehan dan termasuk biayatransaksi dan biaya yang merupakan bagianyang tak terpisahkan dari suku bunga efektif.

Amortized cost is computed using the effectiveinterest rate method less any allowance forimpairment and repayment of principal oruncollectible amount. The calculation takesinto account any premium or discount onacquisition and includes transaction costs andfees that are integral part of the effectiveinterest rate.

Page 166: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

164 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

37

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

u. Instrumen keuangan (lanjutan) u. Financial instruments (continued)

6. Penurunan nilai aset keuangan 6. Impairment of financial assets

Pada setiap akhir tahun pelaporan,manajemen mengevaluasi apakah terdapatbukti yang objektif bahwa aset keuangan ataukelompok aset keuangan mengalamipenurunan nilai.

At the end of reporting years, managementassesses whether there is objective evidencethat a financial asset or group of financialassets is impaired.

Untuk pinjaman yang diberikan dan piutangyang dicatat pada biaya perolehandiamortisasi, manajemen pertama kalimenentukan apakah terdapat bukti objektifmengenai penurunan nilai secara individualatas aset keuangan yang signifikan secaraindividual, atau secara kolektif untuk asetkeuangan yang jumlahnya tidak signifikansecara individual.

For loans and receivables carried at amortizedcost, management first assesses whetherobjective evidence of impairment existsindividually for financial assets that areindividually significant, or collectively forfinancial assets that are not individuallysignificant.

Jika manajemen menentukan tidak terdapatbukti objektif mengenai penurunan nilai atasaset keuangan yang dinilai secara individual,terlepas aset keuangan tersebut signifikan atautidak, maka aset tersebut dimasukkan kedalam kelompok aset keuangan yang memilikikarakteristik risiko kredit yang sejenis danmenilai penurunan nilai kelompok tersebutsecara kolektif. Aset keuangan yangpenurunan nilainya dinilai secara individual,dan untuk itu kerugian penurunan nilai diakuiatau tetap diakui, tidak termasuk dalampenilaian penurunan nilai secara kolektif.

If management determines that no objectiveevidence of impairment exists for anindividually assessed financial asset, whethersignificant or not, they include the asset in agroup of financial assets with similar credit riskcharacteristics and collectively assess them forimpairment. Financial assets that areindividually assessed for impairment and forwhich an impairment loss is, or continues to berecognized, are not included in a collectiveassessment of impairment.

Jika terdapat bukti objektif bahwa kerugianpenurunan nilai telah terjadi, jumlah kerugiantersebut diukur sebagai selisih antara nilaitercatat aset dengan nilai kini estimasi arus kasmasa datang (tidak termasuk ekspektasikerugian kredit masa datang yang belumterjadi). Nilai kini estimasi arus kas masadatang didiskonto menggunakan suku bungaefektif awal dari aset keuangan tersebut. Jikapinjaman yang diberikan dan piutang memilikisuku bunga variabel, tingkat diskonto untukmengukur setiap kerugian penurunan nilaiadalah suku bunga efektif terkini.

If there is objective evidence that animpairment loss has occurred, the amount ofthe loss is measured as the difference betweenthe carrying value of assets and the presentvalue of estimated future cash flows (excludingfuture expected credit losses that have not yetbeen incurred). The present value of theestimated future cash flows is discounted atthe financial asset’s original effective interestrate. If a loan and receivable has a variableinterest rate, the discount rate for measuringimpairment loss is the current effective interestrate.

Page 167: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 165

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

38

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

u. Instrumen keuangan (lanjutan) u. Financial instruments (continued)

6. Penurunan nilai aset keuangan (lanjutan) 6. Impairment of financial assets (continued)

Nilai tercatat aset keuangan yang berkurangmelalui penggunaan akun penyisihan danjumlah kerugian diakui dalam laporan laba rugikomprehensif konsolidasian. Pendapatanbunga tetap diakui berdasarkan nilai tercatatyang telah dikurangi, berdasarkan suku bungaefektif aset tersebut. Pinjaman yang diberikandan piutang, bersama-sama denganpenyisihan terkait, akan dihapuskan pada saattidak terdapat kemungkinan pemulihan di masadepan yang realistis dan semua jaminan telahterealisasi atau telah dialihkan kepadaKelompok Usaha. Jika pada periodeberikutnya, jumlah estimasi kerugianpenurunan nilai bertambah atau berkurangkarena suatu peristiwa yang terjadi setelahpenurunan nilai tersebut diakui, maka kerugianpenurunan nilai yang sebelumnya diakuiditambah atau dikurangi denganmenyesuaikan akun penyisihan. Jikapenghapusan kemudian dipulihkan, makapemulihan tersebut diakui dalam laporan labarugi komprehensif konsolidasian.

The carrying amount of the financial asset isreduced through the use of an allowanceaccount and the amount of the loss isrecognized in the consolidated statements ofcomprehensive income. Interest incomecontinues to be accrued on the reducedcarrying amount based on the original effectiveinterest rate of the asset. Loans andreceivables, together with the associatedallowance, are written off when there is norealistic prospect of future recovery and allcollateral has been realized or has beentransferred to the Group. If, in a subsequentperiod, the amount of the estimatedimpairment loss increases or decreasesbecause of an event occurring after theimpairment was recognized, the previouslyrecognized impairment loss is increased orreduced by adjusting the allowance account. Ifa future write-off is later recovered, therecovery is recognized in the consolidatedstatements of comprehensive income.

7. Penghentian pengakuan aset dan liabilitaskeuangan

7. Derecognition of financial assets andliabilities

Aset keuangan Financial assets

Aset keuangan (atau apabila dapatditerapkan, bagian dari aset keuangan ataubagian dari kelompok aset keuangan serupa)dihentikan pengakuannya pada saat: (1) hakuntuk menerima arus kas yang berasal dariaset tersebut telah berakhir; atau (2)Kelompok Usaha telah mentransfer hakmereka untuk menerima arus kas yangberasal dari aset atau berkewajiban untukmembayar arus kas yang diterima secarapenuh tanpa penundaan material kepadapihak ketiga dalam perjanjian yang memenuhi“pass-through”; dan (a) Kelompok Usaha telahsecara substansial mentransfer seluruh risikodan manfaat dari aset, atau (b) KelompokUsaha secara substansial tidak mentransferatau tidak memiliki seluruh risiko dan manfaatsuatu aset, namun telah mentransfer kendaliatas aset tersebut.

A financial asset (or where applicable, a part ofa financial asset or part of a group of similarfinancial assets) is derecognized when: (1) therights to receive cash flows from the asset haveexpired; or (2) the Group has transferred itsrights to receive cash flows from the asset orhave assumed an obligation to pay thereceived cash flows in full without materialdelay to a third party under a “pass-through”arrangement; and either (a) the Group hastransferred substantially all the risks andrewards of the asset, or (b) the Group hasneither transferred nor retained substantially allthe risks and rewards of the asset, but hastransferred control of the asset.

Page 168: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

166 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

39

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

u. Instrumen keuangan (lanjutan) u. Financial instruments (continued)

7. Penghentian pengakuan aset dan liabilitaskeuangan (lanjutan)

7. Derecognition of financial assets andliabilities (continued)

Liabilitas keuangan Financial liabilities

Liabilitas keuangan dihentikan pengakuannyapada saat liabilitas tersebut dihentikan ataudibatalkan atau kadaluwarsa.

A financial liability is derecognized when therelated obligation is discharged or cancelledor has expired.

Ketika sebuah liabilitas keuangan ditukardengan liabilitas keuangan lain dari pemberipinjaman yang sama atas persyaratan yangsecara substansial berbeda, atau bilapersyaratan dari liabilitas keuangan tersebutsecara substansial dimodifikasi, pertukaranatau modifikasi persyaratan tersebut dicatatsebagai penghentian pengakuan liabilitaskeuangan awal dan pengakuan liabilitaskeuangan baru, dan selisih antara nilaitercatat masing-masing liabilitas keuangantersebut diakui dalam laporan laba rugikomprehensif konsolidasian.

When an existing financial liability is replacedby another from the same lender onsubstantially different terms, or the terms ofan existing liability are substantially modified,such an exchange or modification is treatedas a derecognition of the original liability andthe recognition of a new liability, and thedifference in the respective carrying amountsis recognized in the consolidated statementsof comprehensive income.

8. Akuntansi lindung nilai 8. Hedge accounting

Akuntansi untuk perubahan nilai wajar suatuinstrumen derivatif bergantung pada apakahinstrumen derivatif tersebut ditujukan untukdan memenuhi kriteria sebagai lindung nilai,serta jenis hubungan lindung nilai

The accounting for changes in the fair valueof a derivative instrument depends onwhether it has been designated and qualifiesas part of a hedging and further, on the typeof hedging relationship.

Untuk instrumen derivatif yang memenuhipersyaratan akuntansi lindung nilai,Kelompok Usaha harus menetapkan jenislindung nilai atas instrumen tersebut, apakahsebagai lindung nilai atas nilai wajar ataulindung nilai arus kas, sesuai denganeksposur yang dilindung nilai. KelompokUsaha secara formal mendokumentasikanseluruh hubungan antara instrumen lindungnilai dan transaksi yang dilindung nilai,termasuk tujuan dan strategi manajemenrisiko untuk melakukan berbagai transaksitersebut. Pada saat pengakuan awal dansekurang-kurangnya setiap triwulan,Kelompok Usaha secara formal menelaahkembali apakah derivatif yang digunakandalam transaksi lindung nilai terjadi salinghapus yang sangat efektif dengan perubahandalam nilai wajar atas arus kas dari transaksiyang dilindung nilai. Jika tidak terjadi salinghapus dengan sangat efektif, makaKelompok Usaha menghentikan akuntansilindung nilai secara prospektif.

For derivative instruments that aredesignated and qualify as a hedginginstrument, the Group must designate thehedging instrument as a fair value hedge orcashflow hedge based on the exposure beinghedged. The Group formally documents allrelationship between hedging instrumentsand hedged items, as well as its riskmanagement objectives and strategies forundertaking various transactions. Both atinception and at least quarterly thereafter, theGroup formally assesses whether thederivatives that are used in hedgingtransactions are highly effective in offsettingchanges in either the fair value or cashflowsof the hedged item. If a derivative ceases tobe a highly effective hedge, the Groupdiscontinues hedge accounting prospectively.

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 167

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

40

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

u. Instrumen keuangan (lanjutan) u. Financial instruments (continued)

8. Akuntansi lindung nilai (lanjutan) 8. Hedge accounting (continued)

Untuk lindung nilai arus kas, bagian efektifperubahan nilai wajar atas instrumen derivatifdicatat sebagai laba atau rugi belumdirealisasi atas perubahan nilai wajarinstrumen derivatif untuk tujuan lindung nilaiarus kas pada ekuitas, dan diakui dalam labarugi pada saat transaksi yang dilindung nilaitersebut mempengaruhi laba. Bagian yangtidak efektif, termasuk bagian yang timbuldari kemungkinan bahwa transaksi yangdiperkirakan tidak akan terjadi, diakui segeradalam laba rugi.

For cash flow hedges, the effective portion ofchanges in the fair value of the derivativesinstruments are recorded as unrealized gainor loss from change in fair value of cash flowhedges derivative instruments in equity, andare recognized in profit or loss when therelated hedged items affect income. Anyportion considered to be ineffective includingthat arising from the unlikelihood of ananticipated transaction to occur, is recognizedimmediately in profit or loss.

Untuk instrumen derivatif yang tidakmemenuhi persyaratan akuntansi lindungnilai atau tidak ditetapkan untuk tujuanlindung nilai, perubahan nilai wajar atasinstrumen derivatif diakui sebagai laba ataurugi dalam laba rugi tahun berjalan.

For derivative instruments which do notqualify for hedge accounting or which are notdesignated as hedges, changes in fair valueof the derivative instruments are recognizedin profit or loss for the year.

v. Laba per saham dasar v. Earnings per shareLaba per saham dasar dihitung dengan membagilaba tahun berjalan yang dapat diatribusikankepada pemilik entitas induk dengan jumlah rata-rata tertimbang saham yang beredar dalam satutahun.

Basic earnings per share is calculated bydividing profit for the year attributable to equityholders of the parent entity by the weighted-average number of shares outstanding duringthe year

w. Segmen Operasi w. Operation SegmentSegmen operasi dilaporkan dengan cara yangkonsisten dengan pelaporan internal yangdiberikan kepada pengambil keputusanoperasional. Direksi merupakan pengambilkeputusan operasional yang bertanggung jawabuntuk mengalokasikan sumber daya dan menilaikinerja segmen operasi dan membuat keputusanstrategis.

Operating segments are reported in a mannerconsistent with the internal reporting provided tothe chief operating decision-maker. TheDirectors are operating decision-maker who isresponsible for allocating resources andassessing performance of the operatingsegments and making strategic decision.

x. Biaya Penerbitan Emisi Efek Ekuitas x. Stock Issuance Costs

Biaya emisi efek ekuitas disajikan sebagaipengurang “Modal Disetor Lainnya” sebagaibagian dari ekuitas pada laporan posisikeuangan konsolidasian.

Stock issuance costs are presented asdeduction from “Other Paid-in Capital” in theequity section in the consolidated statements offinancial position.

y. Kapitalisasi Biaya Pinjaman y. Capitalization of Borrowing Costs

Biaya pinjaman yang dapat diatribusikanlangsung dengan perolehan, pembangunanatau pembuatan aset kualifikasian dikapitalisasisebagai bagian biaya perolehan aset tersebut.Biaya pinjaman lainnya diakui sebagai bebanpada saat terjadi. Biaya pinjaman terdiri daribiaya bunga dan biaya lain yang ditanggungoleh Kelompok Usaha sehubungan denganpeminjaman dana.

Borrowing costs that are directly attributable tothe acquisition, construction and production of aqualifying asset are capitalized as part of thecost of the related assets. Otherwise, borrowingcosts are recognized as expenses whenincurred. Borrowing costs consist of interestsand other financing charges that the Groupincurs in connection with the borrowing of funds.

Page 170: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

168 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

41

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

y. Kapitalisasi Biaya Pinjaman (lanjutan) y. Capitalization of Borrowing Costs(continued)

Kapitalisasi biaya pinjaman dimulai pada saataktivitas yang diperlukan untuk mempersiapkanaset agar dapat digunakan sesuai denganmaksudnya, dan pengeluaran untuk asetkualifikasian dan biaya pinjamannya telahterjadi. Kapitalisasi biaya pinjaman dihentikanpada saat selesainya secara substansi seluruhaktivitas yang diperlukan untuk mempersiapkanaset kualifikasian agar dapat digunakan sesuaidengan maksudnya.

Capitalization of borrowing costs commenceswhen the activities to prepare the qualifyingasset for its intended use are in progress andthe expenditures for the qualifying asset andthe borrowing costs have been incurred.Capitalization of borrowing costs ceases whensubstantially all the activities necessary toprepare the qualifying assets are completedfor their intended use.

z. Standar Akuntansi Keuangan (“SAK”) yangtelah Diterbitkan namun belum Berlaku Efektif

z. Financial Accounting Standards (“SAK”) thathave been Issued but not yet Effective

Berikut ini adalah beberapa SAK yang telahditerbitkan oleh Dewan Standar AkuntansiKeuangan Ikatan Akuntan Indonesia yangnamun baru berlaku efektif pada atau setelahtanggal 1 Januari 2015:

The following are several published SAK by theIndonesian Financial Accounting StandardsBoard of the Indonesia Institute of Accountantsbut will only be effective on or after January 1,2015:

• PSAK No. 1 (2013): Penyajian LaporanKeuangan, yang diadopsi dari IAS 1, berlakuefektif 1 Januari 2015.

PSAK ini mengubah penyajian kelompokpos-pos dalam Penghasilan KomprehensifLain. Pos-pos yang akan direklasifikasi kelaba rugi disajikan terpisah dari pos-posyang tidak akan direklasifikasi ke laba rugi.

• PSAK No. 1 (2013): Presentation of FinancialStatements, adopted from IAS 1, effectiveJanuary 1, 2015.

This PSAK changes the grouping of itemspresented in Other Comprehensive Income.Items that could be reclassified to profit orloss would be presented separately fromitems that will never be reclassified.

• PSAK No. 4 (2013): Laporan KeuanganTersendiri, yang diadopsi dari IAS 27,berlaku efektif 1 Januari 2015.

• PSAK No. 4 (2013): Separate FinancialStatements, adopted from IAS 27, effectiveJanuary 1, 2015.

PSAK ini hanya mengatur persyaratanakuntansi ketika entitas induk menyajikanlaporan keuangan tersendiri sebagaiinformasi tambahan. Pengaturan akuntansiuntuk laporan keuangan konsolidasian diaturdalam PSAK No. 65.

This PSAK prescribes only the accountingrequirements when a parent entity preparesseparate financial statements as additionalinformation. Accounting for consolidatedfinancial statements is determined in PSAKNo. 65.

• PSAK No. 15 (2013): Investasi pada EntitasAsosiasi dan Ventura Bersama, yangdiadopsi dari IAS 28, berlaku efektif1 Januari 2015.

• PSAK No. 15 (2013): Investments inAssociates and Joint Ventures, adopted fromIAS 28, effective January 1, 2015.

PSAK ini mengatur penerapan metodeekuitas pada investasi ventura bersama danjuga entitas asosiasi.

This PSAK describes the application of theequity method to investments in jointventures in addition to associates.

• PSAK No. 24 (2013): Imbalan Kerja, yangdiadopsi dari IAS 19, berlaku efektif1 Januari 2015.

• PSAK No. 24 (2013): Employee Benefits,adopted from IAS 19, effectiveJanuary 1, 2015.

PSAK ini, antara lain, menghapusmekanisme koridor dan pengungkapan atasinformasi liabilitas kontinjensi untukmenyederhanakan klarifikasi danpengungkapan.

This PSAK, among other, removes thecorridor mechanism and contingent liabilitydisclosures to simple clarifications anddisclosures.

Page 171: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 169

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

42

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

z. Standar Akuntansi yang telah Diterbitkannamun belum Berlaku Efektif (lanjutan)

z. Accounting Standards that have beenPublished but not yet Effective (continued)

• PSAK No. 46 (2013): Pajak Penghasilan,berlaku efektif 1 Januari 2015.

• PSAK No. 46 (2013): Income Taxes,effective January 1, 2015.

PSAK revisi ini mengatur perlakuan akuntansiuntuk pajak penghasilan. Isu utama dalamperlakuan akuntansi untuk pajak penghasilanadalah bagaimana menghitung konsekuensipajak kini dan masa depan untuk: (a) pemulihan(penyelesaian) masa depan jumlah tercatat aset(liabilitas) yang diakui dalam laporan posisikeuangan entitas; dan (b) transaksi danperistiwa lain pada periode berjalan yang diakuidalam laporan keuangan entitas. PSAK ini jugamengatur pengakuan aset pajak tangguhanyang timbul dari rugi pajak belum dikompensasiatau kredit pajak belum dimanfaatkan, penyajianpajak penghasilan dalam laporan keuangan,dan pengungkapan informasi yang terkaitdengan pajak penghasilan.

The revised PSAK prescribes the accountingtreatment for income taxes. The principalissues in accounting treatment for incometaxes are how to account for the current andfuture tax consequences of: (a) the futurerecovery (settlement) of the carrying amountof assets (liabilities) recognized in an entity’sstatement of financial position; and (b)transactions and another events in the currentperiod which recognized in an entity’s financialstatement. This PSAK also deals with therecognition of deferred tax assets arise fromunused tax loss ot unused tax credits, thepresentation of income taxes in the financialstatements and the disclosure of informationrelating to income taxes.

• PSAK No. 48 (2014): Penurunan Nilai Aset,yang diadopsi dari IAS 36. PSAK inimemberikan tambahan persyaratanpengungkapan untuk setiap asset individualatau unit penghasil kas yang mana kerugianpenurunan nilai telah diakui atau dibalik selamaperiode.

• PSAK No. 48 (2014): Impairment of Assets,adopted from IAS 36. This PSAK providesadditional disclosure terms for each individualasset (including goodwill) or a cash-generating unit, for which an impairment losshas been recognized or reversed during theperiod.

• PSAK No. 50 (2014): Instrumen Keuangan:Penyajian, yang diadopsi dari IAS 32. PSAK inimengatur lebih dalam kriteria mengenai hakyang dapat dipaksakan secara hukum untukmelakukan saling hapus atas jumlah yang telahdiakui dan kriteria penyelesaian secara neto.

• PSAK No. 50 (2014): Financial Instruments:Presentation, adopted from IAS 32. ThisPSAK provides more deep about criteria onlegally enforceable right to set off therecognized amounts and criterion to settle ona net basis.

• PSAK No. 55 (2014): Instrumen Keuangan:Pengakuan dan Pengukuran, yang diadopsi dariIAS 39. PSAK ini, antara lain, menambahpengaturan kriteria instrumen lindung nilai yangtidak dapat dianggap telah kedaluarsa atautelah dihentikan, serta ketentuan untukmencatat instrumen keuangan pada tanggalpengukuran dan pada tanggal setelahpengakuan awal.

• PSAK No. 55 (2014): Financial Instruments:Recognition and Measurement, adopted fromIAS 39. This PSAK, among other, providesadditional provision for the criteria of not anexpiration or termination of the hedginginstrument, and provision to account financialinstruments at the measurement date andafter initial recognition.

Page 172: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

170 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

43

2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

z. Standar Akuntansi yang telah Diterbitkannamun belum Berlaku Efektif (lanjutan)

z. Accounting Standards that have beenPublished but not yet Effective (continued)

• PSAK No. 60 (2014): Instrumen Keuangan:Pengungkapan, yang diadopsi dari IFRS 7.PSAK ini, antara lain, menambah pengaturanpengungkapan saling hapus dengan informasikuantitatif dan kualitatif, serta pengungkapanmengenai pengalihan instrumen keuangan.

• PSAK No. 60 (2014): Financial Instruments:Disclosures, adopted from IFRS 7. ThisPSAK, among other, provides additionalprovision on offsetting disclosures withquantitative and qualitative information, anddisclosures on transfers of financialinstruments.

• PSAK No. 65: Laporan KeuanganKonsolidasi, yang diadopsi dari IFRS 10,berlaku efektif 1 Januari 2015.

• PSAK No. 65: Consolidated FinancialStatements, adopted from IFRS 10, effectiveJanuary 1, 2015.

PSAK ini menggantikan porsi PSAK No. 4 (2009) yang mengenai pengaturan akuntansiuntuk laporan keuangan konsolidasian,menetapkan prinsip penyusunan danpenyajian laporan keuangan konsolidasianketika entitas mengendalikan satu atau lebihentitas lain.

This PSAK replaces the portion of PSAKNo. 4 (2009) that addresses the accountingfor consolidated financial statements,establishes principles for the presentationand preparation of consolidated financialstatements when an entity controls one ormore other entities.

• PSAK No. 66: Pengaturan bersama, yangdiadopsi dari IFRS 11, berlaku efektif1 Januari 2015.

• PSAK No. 66: Joint Arrangements, adoptedfrom IFRS 11, effective January 1, 2015.

PSAK ini menggantikan PSAK No. 12 (2009)dan ISAK 12. PSAK ini menghapus opsimetode konsolidasi proporsional untukmencatat bagian ventura bersama.

This PSAK replaces PSAK No. 12 (2009)and ISAK 12. This PSAK removes the optionto account for jointly controlled entities usingproportionate consolidation.

• PSAK No. 67: Pengungkapan Kepentingandalam Entitas Lain, yang diadopsi dariIFRS 12, berlaku efektif 1 Januari 2015.

• PSAK No. 67: Disclosure of Interest in OtherEntities, adopted from IFRS 12, effectiveJanuary 1, 2015.

PSAK ini mencakup semua pengungkapanyang diatur sebelumnya dalam PSAK No. 4 (2009), PSAK No. 12 (2009) dan PSAKNo. 15 (2009). Pengungkapan ini terkaitdengan kepentingan entitas dalam entitas-entitas lain.

This PSAK includes all of the disclosures thatwere previously in PSAK No. 4 (2009), PSAKNo. 12 (2009) and PSAK No. 15 (2009). Thisdisclosures relate to an entity’s interests inother entities.

• PSAK No. 68: Pengukuran Nilai Wajar, yangdiadopsi dari IFRS No. 13 PSAK inimemberikan panduan tentang bagaimanapengukuran nilai wajar ketika nilai wajardisyaratkan atau diizinkan.

• PSAK No. 68: Fair Value Measurement,adopted from IFRS No. 13 This PSAKprovides guidance on how to measure fairvalue when fair value is required or permit

Manajemen sedang mengevaluasi danbelum menentukan dampak dari Standaryang direvisi dan yang baru tersebutterhadap laporan keuangan konsolidasianKelompok Usaha.

Management is presently evaluating and hasnot yet determined the effects of theserevised and new Standards on the Group’sconsolidated financial statements.

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 171

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

44

3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN

3. SIGNIFICANT ACCOUNTING JUDGMENTS,ESTIMATES AND ASSUMPTIONS

Pertimbangan Judgments

Klasifikasi aset dan liabilitas keuangan Classification of financial assets and liabilities

Manajemen menetapkan klasifikasi atas aset danliabilitas tertentu sebagai aset keuangan dan liabilitaskeuangan dengan mempertimbangkan apakahdefinisi yang ditetapkan PSAK No. 55 dipenuhi.Dengan demikian, aset dan liabilitas keuangan diakuisesuai dengan kebijakan akuntansi sepertidiungkapkan pada Catatan 2u.

Management determines the classifications ofcertain assets and liabilities as financial assets andfinancial liabilities by judging if they meet thedefinition set forth in PSAK No. 55. Accordingly, thefinancial assets and liabilities are accounted for inaccordance with the accounting policies disclosedin Note 2u.

Alokasi harga beli dalam kombinasi bisnis Purchase price allocation in business combination

Akuntansi akuisisi mengharuskan penggunaanestimasi akuntansi secara ekstensif dalammengalokasikan biaya perolehan kepada nilai pasarwajar yang dapat diandalkan atas aset dan liabilitasyang diakuisisi, termasuk aset tak berwujud. SesuaiPSAK No. 22 (Revisi 2010), “Kombinasi Bisnis”,goodwill tidak diamortisasi dan dilakukan pengujianatas penurunan nilai setiap tahunnya. Nilai tercatatgoodwill pada tanggal 31 Desember 2014 dan 2013AS$3.523.795. Penjelasan lebih rinci diungkapkandalam Catatan 13.

Acquisition accounting requires extensive use ofaccounting estimates to allocate the purchase priceto the reliable fair market values of the assets andliabilities purchased, including intangible assets.Under PSAK No. 22 (Revised 2010), “BusinessCombinations”, goodwill is not amortized and issubject to an annual impairment testing. Thecarrying amount of goodwill as ofDecember 31,2014 and 2013 was US$3,523,795.Further details are disclosed in Note 13.

Pembuatan estimasi arus kas masa depan dalammenentukan nilai wajar tanaman perkebunan padatanggal akuisisi melibatkan estimasi yang signifikan.Walaupun manajemen berkeyakinan bahwa asumsiyang digunakan adalah tepat dan masuk akal,perubahan signifikan pada asumsi tersebut dapatmempengaruhi secara material evaluasi atas nilaiterpulihkan dan dapat menimbulkan penurunan nilaisesuai PSAK No. 48, “Penurunan Nilai Aset.”

The preparation of estimated future cash flows indetermining the fair values of plantations at thedate of acquisition involves significant estimations.While the management believes that itsassumptions are appropriate and reasonable,significant changes in its assumptions maymaterially affect its assessment of recoverablevalues and may lead to future impairment chargesunder PSAK No. 48, “Impairment of Assets.”

Penyusunan laporan keuangan konsolidasianKelompok Usaha mengharuskan manajemen untukmembuat pertimbangan, estimasi dan asumsi yangmempengaruhi jumlah yang dilaporkan daripendapatan, beban, aset dan liabilitas, danpengungkapan atas liabilitas kontijensi, pada akhirtahun pelaporan. Ketidakpastian mengenai asumsidan estimasi tersebut dapat mengakibatkanpenyesuaian material terhadap nilai tercatat padaaset dan liabilitas dalam tahun pelaporan berikutnya.

The preparation of the Group’s consolidatedfinancial statements requires management to makejudgments, estimates and assumptions that affectthe reported amounts of revenues, expenses,assets and liabilities, and the disclosure ofcontingent liabilities, at the end of the reportingyear. Uncertainty about these assumptions andestimates could result in outcomes that require amaterial adjustment to the carrying amount of theasset and liability affected in future years.

Pertimbangan berikut ini dibuat oleh manajemendalam rangka penerapan kebijakan akuntansiKelompok Usaha yang memiliki pengaruh palingsignifikan atas jumlah yang diakui dalam laporankeuangan konsolidasian:

The following judgments are made by managementin the process of applying the Group’s accountingpolicies that have the most significant effects on theamounts recognized in the consolidated financialstatements:

Page 174: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

172 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

45

3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN (lanjutan)

3. SIGNIFICANT ACCOUNTING JUDGMENTS,ESTIMATES AND ASSUMPTIONS (continued)

Pertimbangan (lanjutan) Judgments (continued)

Estimasi dan asumsi Estimates and assumptions

Manajemen mendasarkan asumsi dan estimasi padaparameter yang tersedia pada saat laporan keuangankonsolidasian disusun. Asumsi dan situasi mengenaiperkembangan masa depan, mungkin berubah akibatperubahan pasar atau situasi di luar kendalimanajemen. Perubahan tersebut tercermin dalamasumsi terkait pada saat terjadinya. Sehubungandengan adanya ketidakpastian yang melekat dalammembuat estimasi, hasil aktual yang dilaporkan dimasa mendatang dapat berbeda dengan hasilestimasi yang dilaporkan tersebut.

Management based its assumptions and estimateson parameters available when the consolidatedfinancial statements were prepared. Existingcircumstances and assumptions about futuredevelopments, may change due to market changesor circumstances arising beyond the control of themanagement. Such changes are reflected in theassumptions as they occur. Due to inherentuncertainty in making estimates, actual resultsreported in future periods may differ from thoseestimates.

Asumsi utama masa depan dan sumber utamaestimasi ketidakpastian lain pada akhir tahunpelaporan yang memiliki risiko signifikan bagipenyesuaian yang material terhadap nilai tercatataset dan liabilitas untuk tahun berikutnya,diungkapkan di bawah ini.

The key assumptions concerning the future andother key sources of estimation uncertainty at theend of reporting year that have a significant risk ofcausing a material adjustment to the carryingamounts of assets and liabilities within the nextfinancial year are disclosed below.

Liabilitas imbalan kerja Employee benefit liabilities

Penentuan liabilitas dan beban imbalan pascakerjakaryawan bergantung pada pemilihan asumsi yangdigunakan oleh manajemen dalam menghitungjumlah-jumlah tersebut. Asumsi tersebut termasuk,antara lain, tingkat diskonto, kenaikan gaji tahunan,pengunduran diri karyawan tahunan, kecacatan,umur pensiun dan kematian. Sementara manajemenberkeyakinan bahwa asumsi tersebut adalah wajardan sesuai, perbedaan signifikan pada hasil aktualatau perubahan signifikan dalam asumsi yangditetapkan manajemen dapat mempengaruhi secaramaterial atas liabilitas dan beban imbalanpascakerja. Nilai tercatat atas estimasi liabilitasimbalan pascakerja karyawan pada akhir tahunpelaporan diungkapkan dalam Catatan 22.

The determination of the obligations and cost forpost-employment benefits is dependent on itsselection of assumptions used by the managementin calculating such amounts. Those assumptionsinclude, among others, discount rates, annualsalary increase, annual employee turn-over,disability, retirement age and mortality. While themanagement believes that its assumptions arereasonable and appropriate, significant differencesin the actual results or significant changes in theassumptions may materially affect its estimatedliabilities for post-employment benefits and netemployee benefits expense. The carrying amountof the estimated liabilities for post-employmentbenefits at the end of reporting years are disclosedin Note 22.

Penentuan Mata Uang Fungsional Determination of Functional Currency

Mata uang fungsional adalah mata uang darilingkungan ekonomi primer dimana Perusahaanberoperasi. Manajemen mempertimbangkan matauang yang paling mempengaruhi pendapatan danbeban dari jasa yang diberikan sertamempertimbangkan indikator lainnya dalammenentukan mata uang yang paling tepatmenggambarkan pengaruh ekonomi dari transaksi,kejadian dan kondisi yang mendasari.

The functional currency is the currency of theprimary economic environment in which theCompany operates. Management considered thecurrency that mainly influences the revenue andcost of rendering services and other indicators indetermining the currency that most faithfullyrepresents the economic effects of the underlyingtransactions, events and conditions.

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 173

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

46

3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN (lanjutan)

3. SIGNIFICANT ACCOUNTING JUDGMENTS,ESTIMATES AND ASSUMPTIONS (continued)

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

Amortisasi tanaman menghasilkan Amortization of mature plantations

Biaya perolehan tanaman menghasilkandiamortisasi dengan menggunakan metode garislurus berdasarkan taksiran masa manfaatekonomisnya. Manajemen mengestimasi masamanfaat ekonomis tanaman menghasilkan selama20 tahun, yang merupakan masa manfaat ekonomisyang secara umum diharapkan dalam industriperkebunan kelapa sawit. Penjelasan lebih rincidiungkapkan dalam Catatan 9.

The costs of mature plantation are amortized on astraight-line basis over their estimated useful lives.Management properly estimates the useful lives ofthese mature plantation to be 20 years. These arecommon life expectancies adopted in the palm oilplantation business. Further details are disclosedin Note 9.

Penyusutan aset tetap Depreciation of fixed assets

Biaya perolehan aset tetap disusutkan denganmenggunakan metode garis lurus berdasarkan masayang lebih pendek antara estimasi masa manfaatekonomisnya atau masa ijin pertambangan.Manajemen mengestimasi masa manfaat ekonomisaset tetap antara 4 tahun sampai dengan 20 tahun,yang merupakan umur yang secara umumdiharapkan dalam industri pertambangan batubara.Perubahan tingkat pemakaian dan perkembanganteknologi dapat mempengaruhi masa manfaatekonomis dan nilai sisa aset, dan karenanya biayapenyusutan masa depan mungkin direvisi. Nilaitercatat dan beban penyusutan aset tetapdiungkapkan dalam Catatan 10.

The costs of fixed assets are depreciated on astraight-line method over the shorter of theirestimated useful lives or mine life permits.Management properly estimates the useful lives ofthese fixed assets to be within 4 to 20 years. Theseare common life expectancies applied in the coalmining industries. Changes in the expected level ofusage and technological development could impactthe economic useful lives and the residual valuesof these assets, and therefore future depreciationcharges could be revised. The net carrying amountof the fixed assets and the related depreciationexpenses are disclosed in Note 10.

Provisi untuk reklamasi dan penutupan tambang Provision for mine reclamations and mine closure

Manajemen menilai provisi ini pada setiap akhir tahunpelaporan. Estimasi dan asumsi yang signifikandigunakan dalam penentuan provisi karena banyakfaktor yang mempengaruhi besarnya jumlah akhiryang terutang. Faktor tersebut diantaranya adalahestimasi ruang lingkup dan biaya aktivitas rehabilitasi,perubahan teknologi, peraturan, kenaikan biayakarena terjadinya inflasi dan perubahan tingkatdiskonto. Ketidakpastian ini dapat menyebabkanpengeluaran aktual dimasa mendatang tidak samadengan jumlah provisi yang diakui pada saat ini.Saldo provisi pada akhir tahun pelaporan merupakanestimasi terbaik manajemen mengenai nilai kini atasbiaya rehabilitasi yang akan terjadi di masamendatang.

Management assesses this provision at the end ofeach reporting years. Significant estimates andassumptions are made in determining thisprovision as there are numerous factors that willaffect the ultimate liability payable. These factorsinclude estimates of the extent and costs ofrehabilitation activities, technological changes,regulatory changes, cost increases as compared tothe inflation rates, and changes in discount rates.These uncertainties may result in future actualexpenditure differing from the amounts currentlyprovided. The provision at end reporting yearsrepresents management’s best estimate of thepresent value of the future rehabilitation costsrequired.

Perubahan atas estimasi biaya yang akan terjadi dimasa mendatang diakui di dalam laporan posisikeuangan konsolidasian dengan mengakui kenaikanatau penurunan provisi dan aset, jika pada saatpengakuan awal provisi ini diakui sebagai bagiandari aset yang diukur sesuai dengan PSAK No. 16(Revisi 2011), “Aset Tetap”. Penurunan terhadapsaldo provisi tidak boleh melebihi nilai tercatat asettetap tersebut. Jika terjadi, maka kelebihan tersebutdiakui segera di dalam laporan laba rugikomprehensif konsolidasian.

Changes to estimated future costs are recognized inthe consolidated statements of financial position byeither increasing or decreasing the provision andasset if the initial estimate was originally recognizedas part of an asset measured in accordance withPSAK No. 16 (Revised 2011), “Fixed Asset”. Anyreduction in the rehabilitation liability and thereforeany deduction from the rehabilitation asset may notexceed the carrying amount of that asset. If it does,any excess over the carrying value is takenimmediately to consolidated statements ofcomprehensive income.

Page 176: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

174 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

47

3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN (lanjutan)

3. SIGNIFICANT ACCOUNTING JUDGMENTS,ESTIMATES AND ASSUMPTIONS (continued)

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

Provisi untuk reklamasi dan penutupan tambang(lanjutan)

Provision for mine reclamations and mine closure(continued)

Jika perubahan estimasi menyebabkan kenaikanliabilitas rehabilitasi dan penambahan nilai tercatataset terkait, manajemen mempertimbangkan apakahini merupakan indikasi penurunan nilai aset secarakeseluruhan, dan melakukan pengujian ataspenurunan nilai sesuai dengan PSAK No. 48.

If the change in estimate results in an increase inthe rehabilitation liability and therefore an addition tothe carrying value of the asset, managementconsiders whether this is an indication of impairmentof the asset as a whole, and test for impairment inaccordance with PSAK No. 48.

Untuk tambang yang sudah siap, jika nilai asettambang yang telah direvisi dan provisi untukrehabilitasi neto melebihi nilai yang dipulihkan,sebagian dari kenaikan tersebut dibebankanlangsung ke dalam biaya. Untuk tambang yangsudah ditutup, perubahan estimasi biaya diakuisecara langsung di laporan laba rugi komprehensifkonsolidasian. Liabilitas rehabilitasi yang munculsebagai akibat dari fase produksi suatu areatambang, juga harus dibebankan pada saatterjadinya. Nilai tercatat atas estimasi liabilitas inipada akhir tahun pelaporan diungkapkan dalamCatatan 21.

For mature mines, if the revised mine assets net ofrehabilitation provisions exceeds the recoverablevalue, that portion of the increase is charged directlyto expense. For closed sites, changes to estimatedcosts are recognized immediately in consolidatedstatements of comprehensive income. Also,rehabilitation obligations that arose as a result of theproduction phase of a mine, should be expensed asincurred. The carrying amount of these estimatedliabilities at the end of reporting years are disclosed inNote 21.

Estimasi cadangan dan sumber daya batubara Coal reserve and resource estimates

Cadangan batubara merupakan estimasi atasjumlah mineral tambang yang dapat secaraekonomis dan legal ditambang dari area tambangKelompok Usaha. Manajemen memperkirakanjumlah cadangan mineral tambang dan sumber dayamineral berdasarkan informasi mengenai datageologis terhadap ukuran, kedalaman dan susunanbebatuan yang dikompilasi oleh orang yang memilikikualifikasi yang memadai, dan mengharuskanpertimbangan geologis yang rumit untukmenerjemahkan data tersebut.

Coal reserves are estimates of the amount of ore thatcan be economically and legally extracted from theGroup’s mining area. Management estimates its orereserves and mineral resources based on informationcompiled by appropriately qualified persons relatingto the geological data on the size, depth and shape ofthe ore body, and requires complex geologicaljudgments to interpret the data.

Page 177: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 175

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

48

3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN (lanjutan)

3. SIGNIFICANT ACCOUNTING JUDGMENTS,ESTIMATES AND ASSUMPTIONS (continued)

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

Estimasi cadangan dan sumber daya batubara(lanjutan)

Coal reserve and resource estimates (continued)

Estimasi cadangan yang dapat dipulihkanberdasarkan beberapa faktor seperti estimasi nilaitukar mata uang asing, harga komoditi, kebutuhaninvestasi di masa mendatang, dan biaya produksiserta asumsi geologis dan pertimbangan yangdiambil dalam memperkirakan ukuran dan kualitascadangan mineral tambang. Perubahan dalamestimasi cadangan dan sumber daya mineral dapatmempengaruhi nilai tercatat aset tetap, asetpertambangan, goodwill, provisi untuk reklamasi danpenutupan tambang dan pengakuan aset pajaktangguhan.

The estimation of recoverable reserves is basedupon factors such as estimates of foreignexchange rates, commodity prices, future capitalrequirements, and production costs along withgeological assumptions and judgments made inestimating the size and grade of the ore body.Changes in the reserve or resource estimates mayimpact upon the carrying value of fixed assets,mine properties, goodwill, provision for reclamationcosts and mine closure, and recognition ofdeferred tax assets.

Pengeluaran untuk biaya eksplorasi dan evaluasi Exploration and evaluation expenditures

Penerapan kebijakan akuntansi untuk biayaeksplorasi dan evaluasi memerlukan pertimbangandalam menentukan apakah terdapat manfaatekonomi masa depan yang dihasilkan baik darieksploitasi atau penjualan tambang di masa depanatau dimana kegiatan belum mencapai tahap yangmemungkinkan penilaian yang wajar ataskeberadaan cadangan.

The application of the accounting policy forexploration and evaluation expenditures requiresjudgment in determining whether it is likely thatfuture economic benefits are likely either fromfuture exploitation or sale or where activities havenot reached a stage which permits a reasonableassessment of the existence of reserves.

Penentuan sumber daya Joint Ore ReservesCommittee (JORC) merupakan proses estimasi yangmembutuhkan berbagai tingkat ketidakpastiantergantung pada sub-klasifikasi, perkiraan iniberdampak langsung terhadap saat penangguhanbiaya eksplorasi dan evaluasi.

The determination of a Joint Ore ReservesCommittee (JORC) resource is itself an estimationprocess that involves varying degrees ofuncertainty depending on sub-classification, theseestimates directly impact the point of deferral ofexploration and evaluation expenditures.

Kebijakan penangguhan mengharuskan manajemenuntuk membuat estimasi dan asumsi tertentu tentangkejadian atau keadaan di masa yang akan datang,khususnya mengenai apakah kegiatan ekstraksiekonomis yang dapat dijalankan. Estimasi danasumsi yang dibuat dapat berubah jika informasi barutersedia. Jika, setelah pengeluaran dikapitalisasi,terdapat informasi baru yang menunjukkan bahwapemulihan pengeluaran tersebut tidak dimungkinkan,jumlah yang telah dikapitalisasi akan dihapus kedalam laporan laba rugi komprehensif konsolidasiandi periode dimana informasi baru tersebut tersedia.

The deferral policy requires management to makecertain estimates and assumptions about futureevents or circumstances, in particular whether aneconomically viable extraction operation can beestablished. Estimates and assumptions made maychange if new information becomes available. If,after expenditure is capitalized, informationbecomes available suggesting that the recovery ofexpenditure is unlikely, the amount capitalized iswritten off in consolidated statements ofcomprehensive income in the period when the newinformation becomes available.

Page 178: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

176 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

49

3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN (lanjutan)

3. SIGNIFICANT ACCOUNTING JUDGMENTS,ESTIMATES AND ASSUMPTIONS (continued)

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

Aset aktivitas pengupasan lapisan tanah Stripping activity assets

Biaya pengupasan tanah yang timbul selama tahapproduksi, jika memenuhi kriteria, diakui sebagaiaset. Kriteria pengakuan antara lain memerlukanpenggunaan pertimbangan dan estimasi sepertiperkiraan manfaat selama periode penambangandan cadangan ekonomis dapat diekstraksi dari suatukomponen. Perubahan dalam umur dan disaintambang dari suatu komponen biasanya akanmengakibatkan perubahan jumlah yang harus diakuisebagai aset. Perubahan ini dicatat secaraprospektif.

Stripping costs incurred during the production stageof operations, if meet the criteria, is recognised asasset. The recognition criteria among other requiresthe use of judgments and estimates such asestimates of benefits during the remaining life of themining area and economically recoverable reservesextracted of the respective component. Changes ina component mine’s life and design will usuallyresult in changes to the expected aset to berecognized. These changes are accountedprospectively.

Instrumen keuangan Financial instruments

Ketika nilai wajar dari aset dan liabilitas keuangandicatat dalam laporan posisi keuangankonsolidasian tidak dapat diambil dari pasar yangaktif, maka nilai wajarnya ditentukan denganmenggunakan teknik penilaian termasuk modeldiscounted cash flow. Masukan untuk modeltersebut dapat diambil dari pasar yang dapatdiobservasi, tetapi apabila hal ini tidakdimungkinkan, sebuah tingkat pertimbangandisyaratkan dalam menetapkan nilai wajar.Pertimbangan tersebut mencakup penggunaanmasukan seperti risiko likuiditas, risiko kredit danvolatilitas. Perubahan dalam asumsi mengenaifaktor-faktor tersebut dapat mempengaruhi nilaiwajar dari instrumen keuangan yang dilaporkan.

When the fair value of financial assets and liabilitiesrecorded in the consolidated statements of financialposition cannot be derived from active markets,their fair value is determined using valuationtechniques including the discounted cash flowmodel. The inputs to these models are taken fromobservable markets where possible, but where thisis not feasible, a degree of judgment is required inestablishing fair values. The judgments includeconsiderations of inputs such as liquidity risk, creditrisk and volatility. Changes in assumptions aboutthese factors could affect the reported fair value offinancial instruments.

Pajak penghasilan Income tax

Pertimbangan signifikan dilakukan dalammenentukan provisi atas pajak penghasilan badan.Terdapat transaksi dan perhitungan tertentu yangpenentuan pajak akhirnya adalah tidak pasti dalamkegiatan usaha normal. Manajemen mengakuiliabilitas atas pajak penghasilan badan berdasarkanestimasi apakah akan terdapat tambahan pajakpenghasilan badan.

Significant judgment is involved in determining theprovision for corporate income tax. There arecertain transactions and computation for which theultimate tax determination is uncertain during theordinary course of business. Managementrecognizes liabilities for expected corporate incometax issues based on estimates of whetheradditional corporate income tax will be due.

Page 179: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 177

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

50

3. PERTIMBANGAN, ESTIMASI DAN ASUMSIAKUNTANSI SIGNIFIKAN (lanjutan)

3. SIGNIFICANT ACCOUNTING JUDGMENTS,ESTIMATES AND ASSUMPTIONS (continued)

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

Aset pajak tangguhan Deferred tax assets

Aset pajak tangguhan diakui atas seluruhperbedaan temporer yang dapat dikurangkan,sepanjang besar kemungkinannya bahwapenghasilan kena pajak akan tersedia sehinggaseluruh perbedaan temporer tersebut dapatdigunakan. Estimasi signifikan oleh manajemendisyaratkan dalam menentukan jumlah aset pajaktangguhan yang dapat diakui, berdasarkan saatpenggunaan dan tingkat penghasilan kena pajakdan strategi perencanaan pajak masa depan.

Deferred tax assets are recognized for alldeductible temporary differences to the extent that itis probable that taxable profit will be availableagainst which the deductible temporary differencescan be utilized. Significant management estimatesare required to determine the amount of deferredtax assets that can be recognized, based upon thelikely timing and the level of future taxable profits,together with future tax planning strategies.

Penurunan nilai aset non-keuangan Impairment of non-financial assets

Sesuai dengan kebijakan akuntansi KelompokUsaha, setiap aset atau unit penghasil kasdievaluasi pada setiap tahun pelaporan untukmenentukan ada tidaknya indikasi penurunan nilaiaset. Jika terdapat indikasi tersebut, akan dilakukanperkiraan atas nilai aset yang dapat kembali dankerugian akibat penurunan nilai akan diakui sebesarselisih antara nilai tercatat aset dengan nilai yangdapat dipulihkan kembali dari aset tersebut. Jumlahnilai yang dapat dipulihkan kembali dari sebuah asetatau kelompok aset penghasil kas diukurberdasarkan nilai yang lebih tinggi antara nilai wajardikurangi biaya untuk menjual dan nilai pakai aset.

In accordance with the Group’s accounting policy,each asset or cash generating unit is evaluatedevery reporting years to determine whether thereare any indications of impairment. If any suchindications exists, a formal estimate of therecoverable amount is performed and animpairment loss recognized to the extent that thecarrying amount of an asset or cash generating unitof a group of assets is measured at the higher offair value less costs to sell and value in use.

Aset yang memiliki masa manfaat yang tidakterbatas, seperti goodwill yang belum siap untukdigunakan, tidak diamortisasi dan diuji setiap tahununtuk penurunan nilai. Jumlah nilai yang dapatdiperoleh kembali dari unit penghasil kas ditentukanberdasarkan perhitungan nilai pakai.

Assets that have an indefinite useful-life, forexample goodwill not ready to use, are not subjectto amortization and are tested annually forimpairment. The recoverable amounts of cashgenerating units have been determined based onvalue-in-use calculations.

Penentuan nilai wajar dan nilai pakai membutuhkanmanajemen untuk membuat estimasi dan asumsiatas produksi yang diharapkan dan volumepenjualan, harga komoditas (mempertimbangkanharga saat ini dan masa lalu, tren harga dan faktor-faktor terkait), cadangan (lihat “Estimasi cadangandan sumber daya batubara” di atas), biaya operasi,biaya pembongkaran dan restorasi serta belanjamodal di masa depan. Estimasi dan asumsi initerpapar risiko dan ketidakpastian; sehingga adakemungkinan perubahan situasi dapat mengubahproyeksi ini, yang dapat mempengaruhi nilai asetyang dapat dipulihkan kembali. Dalam keadaanseperti itu, sebagian atau seluruh nilai tecatat asetmungkin akan mengalami penurunan nilai lebihlanjut atau terjadi pengurangan rugi penurunan nilaiyang dampaknya akan dicatat dalam laba-rugi.

The determination of fair value and value in userequires management to make estimates andassumptions about expected production and salesvolumes, commodity prices (considering currenthistorical prices, price trends and related factors),reserves (see “Coal reserve and resourcesestimates” above), operating costs,decommissioning and site restoration cost, andfuture capital expenditure. These estimates anassumptions are subject to risk and uncertaintyhence there is a possibility that changes incircumtances will alter these projections, whichmay impact the recoverable amount of the assets.In such circumtances, some or all of the carryingvalue of the assets may be further impaired, or theimpairment charge reduced, with the impactrecorded in the profit or loss.

Page 180: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

178 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

51

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

31 Desember/December 31,

2014 2013

Kas Cash on handRupiah 12.586 14.990 RupiahDolar Amerika Serikat 6.101 4.016 United States Dollar

18.687 19.006

Kas di bank Cash in banksDolar Amerika Serikat United States Dollar

PT Bank BNP Paribas Indonesia 22.174.346 20.430.164 PT Bank BNP Paribas IndonesiaCitibank N.A. Indonesia 2.875.924 34.229 Citibank N.A. IndonesiaPT Bank CIMB Niaga Tbk 2.639.881 4.845.585 PT Bank CIMB Niaga TbkPT Bank Negara Indonesia PT Bank Negara Indonesia

(Persero) Tbk 536.132 5.452 (Persero) TbkPT Bank Internasional PT Bank Internasional

Indonesia Tbk 370.139 19.784 Indonesia TbkThe Hongkong and Shanghai The Hongkong and Shanghai

Banking Corporation. Ltd 351.827 5.713.941 Banking Corporation. LtdPT Bank ANZ Indonesia 341.864 474.702 PT Bank ANZ IndonesiaPT Bank Mandiri (Persero) Tbk 155.613 143.110 PT Bank Mandiri (Persero) TbkPT Bank DBS Indonesia 105.277 - PT Bank DBS IndonesiaStandard Chartered Standard Chartered

Bank 61.931 2.209.108 BankBNP Paribas - Cabang Singapura 49.190 22.001 BNP Paribas - Singapore BranchPT Bank Central Asia Tbk 9.210 16.902 PT Bank Central Asia Tbk

29.671.334 33.914.978

Rupiah RupiahStandard Chartered Standard Chartered

Bank 1.126.642 4.317 BankPT Bank CIMB Niaga Tbk 330.251 227.443 PT Bank CIMB Niaga TbkPT Bank Mandiri (Persero) Tbk 161.862 232.707 PT Bank Mandiri (Persero) TbkPT Bank Negara Indonesia PT Bank Negara Indonesia

(Persero) Tbk 132.791 15.279 (Persero) TbkPT Bank Rakyat Indonesia PT Bank Rakyat Indonesia

(Persero) Tbk 122.381 8.732 (Persero) TbkPT Bank Central Asia Tbk 81.667 158.453 PT Bank Central Asia TbkPT Bank Muamalat Indonesia 27.960 - PT Bank Muamalat IndonesiaPT BPD Kalimantan Timur 10.549 8.530 PT BPD Kalimantan TimurThe Hongkong and Shanghai The Hongkong and Shanghai

Banking Corporation. Ltd - 13 Banking Corporation. Ltd

1.994.103 655.474

Deposito berjangka Time depositsDolar Amerika Serikat United States Dollar

PT Bank CIMB Niaga Tbk 8.100.000 - PT Bank CIMB Niaga TbkBNP Paribas - Cabang Singapura 2.500.000 3.400.000 BNP Paribas - Singapore BranchPT Bank Mega Tbk - 1.300.000 PT Bank Mega Tbk

10.600.000 4.700.000

Page 181: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 179

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

52

4. KAS DAN SETARA KAS (lanjutan) 4. CASH AND CASH EQUIVALENTS (continued)

31 Desember/December 31,

2014 2013

Deposito berjangka (lanjutan) Time deposits (continued)Rupiah Rupiah

Bank Muamalat Indonesia 3.456.592 - Bank Muamalat IndonesiaPT Bank ANZ Indonesia 1.125.402 - PT Bank ANZ IndonesiaPT Bank Mega Tbk 803.859 6.012.265 PT Bank Mega TbkPT Bank Mandiri (Persero) Tbk 168.810 - PT Bank Mandiri (Persero) TbkPT Bank CIMB Niaga Tbk - 17.999.916 PT Bank CIMB Niaga Tbk

5.554.663 24.012.181

Total 47.838.787 63.301.639 Total

Pada tanggal 31 Desember 2014, kas di bank dandeposito berjangka pada BNP Paribas cabangSingapura, PT Bank BNP Paribas Indonesia,Citibank N.A. dan Standard Chartered Bank diPerusahaan, IM dan TMU dijaminkan sehubungandengan fasilitas pinjaman yang diperoleh dari banktersebut (Catatan 19a).

As at December 31, 2014, cash in banks and timedeposit in BNP Paribas - Singapore Branch, PTBank BNP Paribas Indonesia, Citibank N.A. andStandard Chartered Bank in the Company, IM andTMU are pledged as collateral in relation to theborrowing facilities obtained from these banks(Note 19a).

Pada tanggal 31 Desember 2013, kas di bank dandeposito berjangka pada BNP Paribas cabangSingapura, PT Bank BNP Paribas Indonesia danStandard Chartered Bank dijaminkan sehubungandengan fasilitas pinjaman yang diperoleh dari banktersebut (Catatan 19a dan 19b).

As at December 31, 2013, cash in banks and timedeposit in BNP Paribas - Singapore Branch, PTBank BNP Paribas Indonesia and StandardChartered Bank are pledged as collateral inrelation to the borrowing facilities obtained fromthese bank (Notes 19a and 19b).

Kisaran suku bunga tahunan deposito berjangkaadalah sebagai berikut:

The range of annual interest rates on time depositsare as follows:

31 Desember/December 31,

2014 2013

Rupiah 4,0%-10,5% 4,35%-10,5% RupiahDolar Amerika Serikat 0,12%-3,5% 0,13%-3,25% United States Dollar

Semua rekening bank dan deposito ditempatkanpada bank pihak ketiga.

All bank accounts and time deposits were placedwith third parties banks.

Page 182: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

180 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

53

5. PIUTANG USAHA 5. TRADE RECEIVABLES

31 Desember/December 31,

2014 2013

Pihak ketiga - Dolar Amerika Serikat Third parties - United States DollarMercuria Energy Group Ltd 3.704.170 - Mercuria Energy Group LtdGlencore International AG 2.349.945 2.789.724 Glencore International AGVitol Asia Pte. Ltd 1.958.085 - Vitol Asia Pte. LtdMitsui & Co. Ltd 1.870.012 - Mitsui & Co. LtdPT Trafigura 663.001 707.860 PT TrafiguraDragon Energy Corporation - 6.153.189 Dragon Energy CorporationTohoku Electric Company - 4.431.655 Tohoku Electric CompanyPT Pinang Export Indonesia - 2.271.772 PT Pinang Export IndonesiaLain-lain (di bawah AS$500.000) 176.498 244.457 Others (below US$500,000)

Sub - total 10.721.711 16.598.657 Sub - total

Pihak berelasi (Catatan 35a) 2.314.838 2.314.838 Related parties (Note 35a)Dikurangi: Less:Penyisihan atas penurunan nilai Allowance for individual

secara individual (1.736.129) (1.157.419) impairment losses

Sub - total 578.709 1.157.419 Sub - total

Total 11.300.420 17.756.076 Total

Analisis umur piutang usaha adalah sebagaiberikut:

The aging analysis of trade receivables is asfollows:

31 Desember/December 31,

2014 2013

Lancar dan tidak mengalami Neither past duepenurunan nilai 10.628.787 16.541.880 nor impaired

Telah jatuh tempo namun tidak Past due butmengalami penurunan nilai: not impaired:

Kurang dari 30 hari 67.840 - Less than 30 days31 sampai 60 hari 25.084 46.069 31 to 60 days61 sampai 90 hari - - 61 to 90 dayslebih dari 90 hari 578.709 1.168.127 more than 90 days

Telah jatuh tempo dan Past duemengalami penurunan nilai: and impaired

lebih dari 90 hari 1.736.129 1.157.419 more than 90 days

13.036.549 18.913.495Dikurangi: Less:Penyisihan atas penurunan nilai Allowance for individual

secara individual (1.736.129) (1.157.419) impairment losses

11.300.420 17.756.076

Piutang usaha dengan jumlah sebesarAS$2.349.945 (31 Desember 2013: AS$5.026.403)dijaminkan sehubungan dengan fasilitas pinjamanyang diperoleh dari bank (Catatan 19a dan 19b).

Trade receivables totalling to US$2,349,945(December 31, 2013: US$5,026,403) are pledgedas collateral in relation to the borrowing facilitiesobtained from banks (Notes 19a and 19b).

Piutang usaha tidak berbunga dan pada umumnyaberjangka waktu 7-30 hari.

Trade receivables are non-interest bearing andgenerally due for collection in 7-30 days.

Page 183: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 181

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

54

5. PIUTANG USAHA (lanjutan) 5. TRADE RECEIVABLES (continued)

Kelompok Usaha tidak menyediakan penyisihankerugian penurunan nilai untuk piutang dari pihakketiga dikarenakan manajemen berkeyakinanbahwa seluruh piutang usaha tersebut dapattertagih.

The Group did not provide an allowance forimpairment losses on receivables from third partiesas management believes that such receivables arefully collectible.

Kelompok Usaha mencatat penyisihan kerugianpenurunan nilai piutang dari pihak berelasi padatanggal 31 Desember 2014 dan 2013 karena pihakberelasi tersebut saat ini dalam keadaan kesulitankeuangan.

The Group recognized allowance for impairmentlosses of receivable from a related party as ofDecember 31, 2014 and 2013 which is currently infinancial difficulties.

Perubahan saldo penyisihan atas penurunan nilaiadalah sebagai berikut:

The movements in the balance of allowance forimpairment are as follows:

31 Desember/December 31,

2014 2013

Saldo awal tahun 1.157.419 - Balance at beginning of yearPenyisihan tahun berjalan 578.710 1.157.419 Allowance for the year

Saldo akhir tahun 1.736.129 1.157.419 Balance at end of year

Berdasarkan hasil penelaahan atas masing-masingakun piutang usaha pada akhir tahun, manajemenberkeyakinan bahwa nilai penyisihan penurunannilai telah memadai untuk menutup kemungkinankerugian atas tidak tertagihnya piutang.

Based on a review of the status of the individualtrade receivable accounts at year end,management believes that the allowance forimpairment losses is adequate to cover possiblelosses from the non-collection of the accounts.

6. PIUTANG LAIN-LAIN 6. OTHER RECEIVABLES

31 Desember/December 31,

2014 2013

Aset lancar Current AssetsPihak ketiga Third parties

PT Baraventura Pratama 2.940.888 3.232.504 PT Baraventura PratamaBpk. Roby Budi Prakoso 2.372.089 2.565.688 Mr. Roby Budi PrakosoLain-lain 655.038 600.673 Others

Sub - total 5.968.015 6.398.865 Sub - total

Aset tidak lancar Non-current AssetsPihak berelasi (Catatan 35b) 30.519.438 31.385.350 Related parties (Note 35b)Dikurangi: Less:Penyisihan atas penurunan nilai Allowance for individual

secara individual (891.677) (596.027) impairment losses

Sub - total 29.627.761 30.789.323 Sub - total

Total 35.595.776 37.188.188 Total

Saldo piutang Bpk. Roby Budi Prakoso, pemegangsaham non-pengendali, dan PT BaraventuraPratama terdiri dari pinjaman yang diberikan entitasanak yang jatuh tempo pada Desember 2015.

Receivable balances of Mr. Roby Budi Prakoso,non-controlling shareholder, and PT BaraventuraPratama consist of borrowings provided by asubsidiary, which were due in December 2015.

Page 184: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

182 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

55

6. PIUTANG LAIN-LAIN (lanjutan) 6. OTHER RECEIVABLES (continued)

Pada tanggal-tanggal pelaporan, tidak ada piutanglain-lain yang dijadikan sebagai jaminan.

As of the reporting dates, there are no otherreceivables which were pledged as collateral.

Berdasarkan mata uang By currencies

31 Desember/December 31,

2014 2013

Pihak ketiga - aset lancar Third parties - current assetsDolar Amerika Serikat 5.369.923 5.799.815 United States DollarRupiah 598.092 599.050 Rupiah

Sub - total 5.968.015 6.398.865 Sub - total

Pihak berelasi - aset tidak lancar Related parties - non-current assetsDolar Amerika Serikat 26.980.969 28.006.818 United States DollarRupiah 3.538.469 3.378.532 Rupiah

30.519.438 31.385.350Dikurangi: Less:Penyisihan atas penurunan nilai Allowance for individual

secara individual (891.677) (596.027) impairment losses

Sub - total 29.627.761 30.789.323 Sub - total

Total 35.595.776 37.188.188 Total

Kelompok Usaha mencatat penyisihan penurunannilai piutang dari pihak berelasi pada tanggal31 Desember 2014 dan 2013 karena pihak berelasitersebut saat ini dalam keadaan kesulitankeuangan.

As of December 31, 2014 and 2013, the Grouprecognized allowance for impairment losses ofreceivable from a related party that is currently infinancial difficulties.

Berdasarkan hasil penelaahan atas masing-masingakun piutang lain-lain pada akhir tahun,manajemen berkeyakinan bahwa nilai penyisihanpenurunan nilai telah memadai untuk menutupkemungkinan kerugian atas tidak tertagihnyapiutang.

Based on a review of the status of the individualreceivable accounts at year end, managementbelieves that the allowance for impairment lossesis adequate to cover possible losses from the non-collection of the accounts.

7. PERSEDIAAN 7. INVENTORIES

31 Desember/December 31,

2014 2013

Harga perolehan: At acquisition costsBatubara: Coal:

Industri 31.852.485 24.046.991 IndustrialBaku 9.110.216 6.858.180 Raw

Suku Cadang 680.668 570.472 SparepartsBahan Bakar 203.233 850.867 Fuel

Lain-lain 116.705 63.458 Others

41.963.307 32.389.968

Page 185: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 183

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

56

7. PERSEDIAAN (lanjutan) 7. INVENTORIES (continued)

Pada tanggal 31 Desember 2014 dan 2013, tidakterdapat persedian tandan buah segar karenasudah terjual semua.

As of December 31, 2014 and 2013, there is nofresh fruit bunch inventory as it has been sold out.

Berdasarkan hasil penelaahan manajemen, tidakdiperlukan penyisihan persediaan usang untukmenutup kemungkinan kerugian atas persediaanyang usang.

Based on management’s assessment, noallowance for inventory obsolescence is required tobe provided to cover possible losses from obsoleteinventories.

ABN telah mengasuransikan persediaan terhadaprisiko kerugian untuk periode dari tanggal 1 Mei2014 sampai tanggal 1 Mei 2015 berdasarkansuatu paket polis dengan nilai pertanggungansebesar AS$7.000.000.

ABN covered the inventories by insurance againstlosses for the period from May 1, 2014 throughMay 1, 2015 under blanket policies amounting toUS$7,000,000.

IM telah mengasuransikan persediaan terhadaprisiko kerugian untuk periode 31 Desember 2013sampai 31 Desember 2014 yang tergabung dalamasuransi risiko kerusakan material (Catatan 10).

IM covered the inventories by insurance againstlosses for period December 31, 2013 throughDecember 31, 2014 under material damagesinsurance (Note 10).

Manajemen berpendapat bahwa persediaan padatanggal 31 Desember 2014 dan 2013 telahdiasuransikan secara memadai.

Management believes that the inventories as atDecember 31, 2014 and 2013 have beenadequately insured.

8. BIAYA DIBAYAR DI MUKA DAN UANG MUKA 8. PREPAID EXPENSES AND ADVANCES

a. Biaya dibayar di muka a. Prepaid expenses

31 Desember/December 31,

2014 2013

Sewa dibayar di muka 995.913 1.032.454 Prepaid rentAsuransi dibayar di muka 239.954 227.715 Prepaid insuranceBiaya dibayar muka lainnya 1.055.238 905.492 Other prepayments

Total 2.291.105 2.165.661 Total

b. Uang muka b. Advances

31 Desember/December 31,

2014 2013

Jangka pendek Current portionUang muka royalti 1.625.745 - Advance for royaltyUang muka pembelian 505.717 676.835 Advance for purchaseUang muka pekerjaan 99.351 90.036 Advance for workLain - lain 338.917 628.156 Others

Sub - total 2.569.730 1.395.027 Sub - total

Page 186: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

184 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

57

]

8. BIAYA DIBAYAR DI MUKA DAN UANG MUKA(lanjutan)

8. PREPAID EXPENSES AND ADVANCES(continued)

b. Uang muka (lanjutan) b. Advances (continued)

31 Desember/December 31,

2014 2013

Jangka panjang Long-term portionPihak ketiga Third parties

Uang muka pembelian aset 63.011 72.294 Advance for purchase of assetsUang muka pekerjaan - 95.653 Advance for workUang muka pembelian lahan - 81.866 Advance for land acquisitionLain - lain 225.597 15.164 Others

Sub - total 288.608 264.977 Sub - total

Pihak berelasi (Catatan 35c) Related party (Note 35c)Uang muka pembelian aset 3.628.392 - Advance for purchase of assetsLain - lain 518.318 542.106 Others

Sub-total 4.146.710 542.106 Sub-total

4.435.318 807.083

Uang muka pembelian aset di tahun 2014adalah uang muka untuk pembelian denganmelakukan pemesanan unit kantor yangdibayarkan kepada PT Toba PengembangSejahtra.

The advance for purchase of assets in 2014represents advance for the purchase order foroffice unit paid to PT Toba PengembangSejahtra.

9. TANAMAN PERKEBUNAN 9. PLANTATIONS

31 Desember/December 31, 2014

Saldo Awal/ Saldo Akhir/Beginning Akuisisi/ Penambahan/ Pengurangan/ Reklasifikasi/ Translasi/ EndingBalance Acquisition Additions Deduction Reclassification Translation Balance

Harga perolehan Acquisition costsTanaman Mature

menghasilkan 13.796.334 - - - 3.842.056 (613.690) 17.024.700 plantationsTanaman belum Immature

menghasilkan 3.710.240 - 197.611 - (3.842.056) 1.355 67.150 plantations

17.506.574 - 197.611 - - (612.335) 17.091.850

Akumulasi Accumulatedamortisasi amortization

Tanaman Maturemenghasilkan (690.661) - (479.905) - - 35.204 (1.135.362) plantations

16.815.913 15.956.488

Page 187: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 185

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

58

9. TANAMAN PERKEBUNAN (lanjutan) 9. PLANTATIONS (continued)

31 Desember/December 31, 2013

Saldo Awal/ Saldo Akhir/Beginning Akuisisi/ Penambahan/ Pengurangan/ Reklasifikasi/ Translasi/ EndingBalance Acquisition Additions Deduction Reclassification Translation Balance

Harga perolehan Acquisition costsTanaman Mature

menghasilkan - 15.505.379 - - - (1.709.045) 13.796.334 plantationsTanaman belum Immature

menghasilkan - 4.357.036 226.653 - - (873.449) 3.710.240 plantations

- 19.862.415 226.653 - - (2.582.494) 17.506.574

Akumulasi Accumulatedamortisasi amortization

Tanaman Maturemenghasilkan - (622.208) (187.711) - - 119.258 (690.661) plantations

- 16.815.913

Beban amortisasi tanaman menghasilkandibebankan sebagai beban pokok penjualan.

Amortization of mature plantation is charged to costof goods sold.

Luas area tanaman kelapa sawit adalah sebagaiberikut:

The total area of palm oil plantations is as follows:

2014(Hektar/Hectares)

(Tidak Diaudit/Unaudited)

Tanaman telah menghasilkan 2.772 Mature plantationsTanaman belum menghasilkan 2 Immature plantations

Total 2.774 Total

Selama tahun yang berakhir pada tanggal31 Desember 2014 dan 2013, total beban pinjamanyang dikapitalisasi ke tanaman belummenghasilkan masing-masing sebesar AS$162.151dan AS$173.588 (Catatan 43). Tarif kapitalisasiyang digunakan adalah 11% dan 26,8% masing-masing untuk tahun yang berakhir pada tanggal31 Desember 2014 dan 2013.

During the years ended December 31, 2014 and2013, total borrowing costs capitalized to immatureplantations amounted to US$162,151 andUS$173,588 respectively (Note 43). Thecapitalisation rates used were 11% and 26.8% foryears ended December 31, 2014 and 2013,respectively.

Tanaman perkebunan digunakan sebagai jaminanatas pinjaman yang diperoleh dari bank(Catatan 19c).

The plantations are used as collateral to secureloan obtained from bank (Note 19c).

Pada tanggal 31 Desember 2014 dan 2013,tanaman perkebunan belum diasuransikanterhadap risiko kerugian atas kebakaran dan risikolainnya.

As of December 31, 2014 and 2013, theplantations has not covered by insurance againstlosses from fire and other risks.

Page 188: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

186 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

59

9. TANAMAN PERKEBUNAN (lanjutan) 9. PLANTATIONS (continued)

PKU telah memperoleh hak kepemilikan atas tanahperkebunan dalam bentuk sertifikat “Hak GunaUsaha” (“HGU”) mencakup wilayah perkebunansebagai berikut:

PKU has obtained the titles of ownership of thePlantation land (“landrights”) under “Hak GunaUsaha” (“HGU”) certificates covering its plantationarea as follows:

Nomor HGU/ Hektar/ Lokasi/ Tanggal kadaluarsa/HGU Number Hectares Location Expiration date

32 524 Loa Janan, Kutai Kartanegara 30 Juli/July 30, 2044

33 1.543 Loa Janan, Kutai Kartanegara 30 Juli/July 30, 2044

34 807 Loa Janan, Kutai Kartanegara 30 Juli/July 30, 2044

35 2.460 Sanga-sanga, Kutai Kartanegara 30 Juli/July 30, 2044

36 55 Sanga-sanga dan Muara Jawa, Kutai 30 Juli/July 30, 2044Kartanegara

37 3.244 Muara Jawa, Kutai Kartanegara 30 Juli/July 30, 2044

Manajemen berpendapat bahwa hak kepemilikanatas tanah dapat diperpanjang pada saat jatuhtempo.

Management believes that the landrights can beextended upon their expiration.

Hak atas kepemilikan tanah perkebunandijaminkan untuk fasilitas pinjaman yang diperolehdari bank (Catatan 19c).

Landrights are pledged as collateral for loanfacilities obtained from bank (Note 19c).

10. ASET TETAP 10. FIXED ASSETS

31 Desember/December 31, 2014

Saldo Awal/ Saldo Akhir/Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Translasi/ EndingBalance Additions Deduction Reclassification Translation Balance

Harga perolehan Acquisition costsKepemilikan Direct

langsung OwnershipTanah 1.926.202 - - - (33.225) 1.892.977 LandBangunan 6.050.160 417.916 (384.955) 1.791.389 (11.174) 7.863.336 BuildingsMesin dan Machinery and

peralatan berat 8.426.899 406.744 (1.078.710) 4.930.634 (4.226) 12.681.341 heavy equipmentKendaraan 1.325.177 79.152 (195.992) 183.522 (3.408) 1.388.451 VehiclesPerabot dan Office furniture and

peralatan kantor 2.478.138 150.725 (3.133) - (1.086) 2.624.644 equipmentJalan dan jembatan 16.546.695 454.787 - 13.458 (32.497) 16.982.443 Roads and bridgesTempat timbunan

batubara 219.154 - - - - 219.154 Stockpile baseFasilitas pelabuhan 439.061 - - - - 439.061 Port facilitiesConveyor 16.947.674 695.834 - (116.053) - 17.527.455 ConveyorAset dalam Construction

penyelesaian 5.698.343 3.500.939 - (6.594.774) (47.657) 2.556.851 in progress

60.057.503 5.706.097 (1.662.790) 208.176 (133.273) 64.175.713

Aset sewa pembiayaan Leased assetsMesin dan Machinery and

peralatan berat 2.984.206 1.064.552 - (140.707) - 3.908.051 heavy equipmentKendaraan 874.605 177.751 - (183.522) - 868.834 Vehicles

3.858.811 1.242.303 - (324.229) - 4.776.885

Sub-total 63.916.314 6.948.400 (1.662.790) (116.053) (133.273) 68.952.598 Sub-total

Page 189: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 187

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

60

10. ASET TETAP (lanjutan) 10. FIXED ASSETS (continued)

31 Desember/December 31, 2014

Saldo Awal/ Saldo Akhir/Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Translasi/ EndingBalance Additions Deduction Reclassification Translation Balance

Akumulasi penyusutan Accumulated depreciationKepemilikan Direct

langsung OwnershipBangunan (1.156.382) (529.359) 194.286 - 5.919 (1.485.536) BuildingsMesin dan Machinery and

peralatan berat (3.507.670) (1.726.258) 644.135 (52.765) 3.541 (4.639.017) heavy equipmentKendaraan (677.546) (169.903) 132.155 (73.525) 1.682 (787.137) VehiclesPerabot dan Office furniture and

peralatan kantor (1.287.379) (507.609) 510 - 2.158 (1.792.320) equipmentJalan dan jembatan (2.553.498) (1.260.216) - - 23.241 (3.790.473) Roads and bridgesTempat timbunan

batubara (37.542) (15.593) - - - (53.135) Stockpile baseFasilitas pelabuhan (154.696) (27.984) - - - (182.680) Port facilitiesConveyor (5.210.430) (2.318.955) - - - (7.529.385) Conveyor

(14.585.143) (6.555.877) 971.086 (126.290) 36.541 (20.259.683)

Aset sewa pembiayaan Leased assetsMesin dan Machinery and

peralatan berat (94.415) (439.381) - 52.765 - (481.031) heavy equipmentKendaraan (203.976) (160.323) - 73.525 - (290.774) Vehicles

(298.391) (599.704) - 126.290 - (771.805)

Sub-total (14.883.534) (7.155.581) 971.086 - 36.541 (21.031.488) Sub-total

Nilai tercatat neto 49.032.780 47.921.110 Net carrying amount

Total nilai penambahan aset tetap selama tahun2014 sebesar AS$6.948.400 termasuk penambahanyang berasal dari transaksi non-kas sejumlahAS$1.743.136 (lihat Catatan 43).

The total addition of fixed assets in 2014amounting to US$6,948,400 includes additioninvolving non-cash transactions amounting toUS$1,743,136 (Note 43).

Aset tetap dengan nilai tercatat pada tanggal31 Desember 2014 sebesar AS$11.274.598dijaminkan sehubungan dengan fasilitas pinjamanyang diperoleh dari bank (Catatan 19a dan 19c).

Fixed asset with carrying amount as ofDecember 31, 2014 totaling to US$11,274,598 arepledged as collateral in relation to the borrowingfacilities obtained from bank (Notes 19a and 19c).

31 Desember/December 31, 2013

Saldo Awal/ Saldo Akhir/Beginning Penambahan/ Akuisisi/ Pengurangan/ Reklasifikasi/ Translasi/ EndingBalance Additions Acquisition Deduction Reclassification Translation Balance

Harga perolehan Acquisition costsKepemilikan Direct

langsung OwnershipTanah - 1.570 2.021.505 - 277.941 (374.814) 1.926.202 LandBangunan 4.518.548 250.202 636.794 (6.150) 768.837 (118.071) 6.050.160 BuildingsMesin dan Machinery and

peralatan berat 5.021.522 1.488.945 274.403 (65.852) 1.758.759 (50.878) 8.426.899 heavy equipmentKendaraan 1.822.703 49.774 140.728 (611.230 ) (50.706 ) (26.092) 1.325.177 VehiclesPerabot dan Office furniture and

peralatan kantor 1.889.233 285.542 59.619 (41.380) 296.182 (11.058) 2.478.138 equipmentJalan dan jembatan 9.473.494 76.930 1.977.222 (54.390) 5.440.043 (366.604) 16.546.695 Roads and bridgesTempat timbunan

batubara 257.361 77.926 - (116.133) - - 219.154 Stockpile baseFasilitas pelabuhan 378.175 3.996 - - 56.890 - 439.061 Port facilitiesConveyor 16.114.249 790.925 - - 42.500 - 16.947.674 ConveyorAset dalam Construction

penyelesaian 1.183.815 11.406.124 18.214 - (6.906.433) (3.377) 5.698.343 in progress

40.659.100 14.431.934 5.128.485 (895.135) 1.684.013 (950.894) 60.057.503

Page 190: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

188 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

61

10. ASET TETAP (lanjutan) 10. FIXED ASSETS (continued)

31 Desember/December 31, 2013

Saldo Awal/ Saldo Akhir/Beginning Penambahan/ Akuisisi/ Pengurangan/ Reklasifikasi/ Translasi/ EndingBalance Additions Acquisition Deduction Reclassification Translation Balance

Aset sewa pembiayaan Leased assetsMesin dan Machinery and

peralatan berat 1.941.965 2.843.500 - - (1.801.259 ) - 2.984.206 heavy equipmentKendaraan 592.893 164.466 - - 117.246 - 874.605 Vehicles

2.534.858 3.007.966 - - (1.684.013) - 3.858.811

Sub-total 43.193.958 17.439.900 5.128.485 (895.135) - (950.894) 63.916.314 Sub-total

Akumulasi penyusutan Accumulated depreciationKepemilikan Direct

langsung OwnershipBangunan (512.075) (409.329) (283.851) 26 (3.783 ) 52.630 (1.156.382) BuildingsMesin dan Machinery and

peralatan berat (1.893.192) (700.701) (219.670) 49.416 (784.253) 40.730 (3.507.670) heavy equipmentKendaraan (683.038) (196.567) (63.057) 300.185 (46.761 ) 11.692 (677.546) VehiclesPerabot dan Office furniture and

peralatan kantor (760.991) (516.884) (45.620) 27.658 - 8.458 (1.287.379) equipmentJalan dan jembatan (860.601) (804.280) (1.090.881) - - 202.264 (2.553.498) Roads and bridgesTempat timbunan

batubara (36.597) (11.521) - 10.576 - - (37.542) Stockpile baseFasilitas pelabuhan (123.725) (30.971) - - - - (154.696) Port facilitiesConveyor (3.598.768) (1.615.445) - - 3.783 - (5.210.430) Conveyor

(8.468.987) (4.285.698) (1.703.079) 387.861 (831.014) 315.774 (14.585.143)

Aset sewa pembiayaan Leased assetsMesin dan Machinery and

peralatan berat (576.684) (301.984) - - 784.253 - (94.415) heavy equipmentKendaraan (94.804) (155.933) - - 46.761 - (203.976) Vehicles

(671.488) (457.917) - - 831.014 - (298.391)

Sub-total (9.140.475) (4.743.615) (1.703.079) 387.861 - 315.774 (14.883.534) Sub-total

Nilai tercatat Net carryingneto 34.053.483 49.032.780 amount

Total nilai penambahan aset tetap selama tahun2013 sebesar AS$17.439.900 termasukpenambahan yang berasal dari transaksi non kassejumlah AS$5.270.894.

The total addition of fixed assets in 2013 amountingto US$17,439,900 includes addition involving non-cash transactions amounting to US$5,270,894.

Aset tetap dengan nilai tercatat pada tanggal31 Desember 2013 sebesar AS$12.004.739dijaminkan sehubungan dengan fasilitas pinjamanyang diperoleh dari bank (Catatan 19b dan 19c).

Fixed asset with carrying amount as ofDecember 31, 2013 totaling to US$12,004,739 arepledged as collateral in relation to the borrowingfacilities obtained from bank (Notes 19b and 19c).

Aset tetap ABN telah diasuransikan terhadap risikokebakaran dan risiko lainnya berdasarkan suatupaket polis tertentu untuk periode dari tanggal 1 Mei2014 sampai tanggal 1 Mei 2015 dengan nilaipertanggungan maksimal sebesar AS$13.000.000untuk setiap kejadian yang dipertanggungkan.

ABN’s fixed assets have been insured against riskof fire and other risks under blanket policies for aperiod from May 1, 2014 through May 1, 2015 witha maximum sum insured of US$13,000,000 perincident.

Page 191: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 189

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

62

10. ASET TETAP (lanjutan) 10. FIXED ASSETS (continued)

Aset tetap IM telah diasuransikan terhadap semuarisiko kerusakan, berdasarkan suatu paket polistertentu untuk periode dari tanggal 31 Desember 2013hingga 31 Desember 2014, dengan nilaipertanggungan maksimal sebesar AS$16.000.000untuk setiap kejadian terhadap risiko bisnis dan nilaipertanggungan maksimal sebesar AS$23.500.000untuk setiap kejadian terhadap risiko kerusakanmesin, alat dan persediaan (Catatan 19a).

IM’s fixed assets have been insured against allrisks of damage, under blanket policies for a periodfrom December 31, 2013 through December 31,2014, with total coverage of US$16,000,000 forbusiness interruption risks and with total coverageof US$23,500,000 for machinery breakdown,material and inventory damages (Note 19a).

Aset tetap TMU telah diasuransikan terhadapsemua risiko berdasarkan suatu paket polis tertentuuntuk periode dari tanggal 6 Maret 2012 sampaitanggal 19 November 2015 dengan nilaipertanggungan maksimal sebesar AS$195.397untuk setiap kejadian yang dipertanggungkan(Catatan 19a).

TMU’s fixed assets have been insured against allrisks under blanket policies for a period fromMarch 6, 2012 through November 19, 2015 with amaximum sum insured of US$195,397 per incident(Note 19a).

Manajemen berpendapat bahwa nilaipertanggungan tersebut telah cukup untuk menutupikemungkinan kerugian yang timbul dari risiko-risikotersebut.

Management believes that the insurance coverageis adequate to cover possible losses which mayarise from such risks.

Sejak bulan Maret 2014, hasil klaim atas polisasuransi aset tetap IM dan TMU (2013: ABN)dijaminkan sehubungan dengan fasilitas pinjamandari bank sindikasi (Catatan 19a).

Effective in March, 2014, the proceeds of claim byIM and TMU (2013: ABN) on the above insuranceis pledged as collateral in relation to the borrowingfacility from syndicated banks (Note 19a).

Pada tanggal-tanggal 31 Desember 2014 dan 2013,manajemen berkeyakinan bahwa tidak ada indikasipenurunan nilai aset tetap.

As of December 31, 2014 and 2013, managementbelieves that there was no indication of impairmentin the value of fixed assets.

Selama tahun 2014 dan 2013, tidak ada bebanbunga yang dikapitalisasi ke aset dalampenyelesaian.

During 2014 and 2013, there was no interestexpense capitalized to the construction inprogress.

Rincian aset dalam penyelesaian adalah sebagaiberikut:

The details of construction in progress are asfollows:

31 Desember/December 31, 2014

Rata-rata Persentase AkumulasiPenyelesaian*/ Biaya/

Average Percentage of Accumulated Tanggal Estimasi Penyelesaian/Completion* Cost Estimated Completion Date

Bangunan/Building 55% 26.019 April 2015/April 2015Pabrik kelapa sawit/ Desember 2015/

Palm oil mill 10% 1.288.622 December 2015Mesin dan peralatan berat/ Februari – Oktober 2015/

Machinery and heavy equipment 80%-90% 1.242.210 February – October 2015

Total 2.556.851 Total

Page 192: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

190 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

63

10. ASET TETAP (lanjutan) 10. FIXED ASSETS (continued)

31 Desember/December 31, 2013

Rata-rata Persentase AkumulasiPenyelesaian*/ Biaya/

Average Percentage of Accumulated Tanggal Estimasi Penyelesaian/Completion* Cost Estimated Completion Date

Bangunan/Building 10% 268.943 April 2014/April 2014Workshop/Workshop 98% 639.545 Februari 2014/February 2014Mesin dan peralatan berat/

Machinery and heavy equipment 95% 4.789.855 Agustus 2014/August 2014

Total 5.698.343 Total

* dihitung sebagai perbandingan akumulasi biaya terhadapanggaran

* determined as proportionate of accumulated cost against thebudget

Pengurangan aset tetap pada tahun 2014 termasukpenjualan kendaraan, perabot kantor dan alat beratdengan nilai penjualan sebesar AS$326.094 danpenghapusan aset tetap bangunan dengan nilaibuku sebesar AS$190.669. Nilai perolehan asetyang dijual adalah sebesar AS$1.277.835 denganakumulasi penyusutan sebesar AS$776.800. Nilaiperolehan aset yang dihapuskan adalahAS$384.955 dengan akumulasi penyusutansebesar AS$194.286.

Deductions of fixed assets in 2014 included sale ofvehicles, office furniture and heavy equipment witha sales value of US$326,094 and write-off ofbuildings with net book value of US$190,669. Theacquisition cost of the assets sold amounted toUS$1,277,835 with accumulated depreciation ofUS$776,800. The acquisition cost of the assetsdisposed amounted to US$384,955 withaccumulated depreciation of US$194,286.

Pengurangan aset tetap pada tahun 2013 termasukpenjualan kendaraan, perabot kantor dan alat beratdengan nilai penjualan sebesar AS$177.837. Nilaiperolehan aset yang dijual adalah sebesarAS$718.856 dengan akumulasi penyusutansebesar AS$377.187.

Deductions of fixed assets in 2013 included sale ofvehicles, office furniture and heavy equipment witha sales value of US$177,837. The acquisition costof the assets sold amounted to US$718,856 withaccumulated depreciation of US$377,187.

Aset tetap yang dihentikan dari penggunaan aktifdan tidak diklasifikasikan sebagai tersedia untukdijual sebagian besar terdiri dari peralatan kantordengan total nilai tercatat pada tanggal31 Desember 2014 dan 2013 sebesar AS$30.639.Aset tetap yang tidak dipakai sementara terdiri darialat berat dengan nilai tercatat pada tanggal31 Desember 2014 sebesar AS$548.822 (2013:AS$384.675).

Fixed assets discontinued from operations and notclassified as available-for-sale mostly consist ofoffice equipment with total carrying value as ofDecember 31, 2014 dan 2013 of US$30,639. Fixedassets which are temporarily unused consist ofheavy equipment with the total carrying value as ofDecember 31, 2014 of US$548,822 (2013:US$384,675).

Jumlah harga perolehan tercatat aset tetap yangtelah disusutkan penuh dan masih digunakan per31 Desember 2014 sebesar AS$3.884.154 (2013:AS$566.594).

The acquisition costs of fixed assets which havebeen fully depreciated but still in use perDecember 31, 2014 amounted to US$3,884,154(2013: US$566,594).

Page 193: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 191

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

64

10. ASET TETAP (lanjutan) 10. FIXED ASSETS (continued)

Pengalokasian beban penyusutan adalah sebagaiberikut:

The allocation of depreciation expense is asfollows:

Tahun yang berakhirpada tanggal 31 Desember/Year ended December 31,

2014 2013

Beban pokok penjualan (Catatan 30) 5.991.211 3.621.997 Cost of goods sold (Note 30)Beban umum dan administrasi General and administrative

(Catatan 31) 1.142.370 1.104.592 expenses (Note 31)Tanaman belum menghasilkan 22.000 24.692 Immature plantationsEfek translasi - (7.666) Translation effect

Total 7.155.581 4.743.615 Total

11. ASET EKSPLORASI DAN EVALUASI 11. EXPLORATION AND EVALUATION ASSETS

Total/ABN IM TMU Total

Saldo Balance as of31 Desember 2012 - - 8.897.455 8.897.455 December 31, 2012

Penambahan selama 2013 - - 730.137 730.137 Additions during 2013Transfer ke Aset Pertambangan- Transfer to Mine Properties-

“Tambang dalam “Mine underKonstruksi” - - (4.785.583) (4.785.583) Construction”

Saldo Balance as of31 Desember 2013 - - 4.842.009 4.842.009 December 31, 2013

Penambahan selama 2014 - - 4.523 4.523 Additions during 2014Transfer ke Aset Pertambangan- Transfer to Mine Properties-

“Tambang dalam “Mine underKonstruksi” - - - - Construction”

Saldo Balance as of31 Desember 2014 - - 4.846.532 4.846.532 December 31, 2014

Berdasarkan analisa manajemen, tidak terdapatfakta dan kondisi yang mengindikasikan bahwanilai tercatat aset eksplorasi dan evaluasi melebihinilai terpulihkannya pada tanggal 31 Desember2014 dan 2013.

Based on management’s analysis, there were no factsand circumstances suggested that the carryingamount of exploration and evaluation assets mayexceed its recoverable amount as of December 31,2014 and 2013.

Page 194: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

192 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

65

12. ASET PERTAMBANGAN 12. MINE PROPERTIES

AsetTambang aktivitas

dalam Tambang pengupasankonstruksi/ produksi/ tanah/Mine under Producing Stripping asset Total/

Construction Mines activity Total

Saldo 1Januari 2014 17.439.910 41.635.046 24.369.648 83.444.604 Balance as of January 1, 2014Penambahan selama 2014 3.639.057 2.990.685 18.917.713 25.547.455 Additions during 2014Transfer dari “Aset Eksplorasi Transfer from “Exploration and

dan Evaluasi” - - - - Evaluation assets”Transfer (8.987.163) 8.987.163 - - Transfer

12.091.804 53.612.894 43.287.361 108.992.059Dikurangi: Less:

Akumulasi amortisasi - (14.741.144) (19.420.283) (34.161.427) Accumulated amortization

Balance as ofSaldo 31 Desember 2014 12.091.804 38.871.750 23.867.078 74.830.632 December 31, 2014

AsetTambang aktivitas

dalam Tambang pengupasankonstruksi/ produksi/ tanah/Mine under Producing Stripping asset Total/

Construction Mines activity Total

Saldo 1 Januari 2013 13.063.461 35.831.181 14.249.141 63.143.783 Balance as of January 1, 2013Penambahan selama 2013 2.303.463 3.091.268 10.120.507 15.515.238 Additions during 2013Transfer dari “Aset Eksplorasi Transfer from “Exploration and

dan Evaluasi” 4.785.583 - - 4.785.583 Evaluation assets”Transfer (2.712.597) 2.712.597 - - Transfer

17.439.910 41.635.046 24.369.648 83.444.604Dikurangi: Less:

Akumulasi amortisasi - (9.155.967) (2.384.018) (11.539.985) Accumulated amortization

Balance as ofSaldo 31 Desember 2013 17.439.910 32.479.079 21.985.630 71.904.619 December 31, 2013

Beban amortisasi aset aktivitas pengupasan tanahdilaporkan sebagai bagian beban pengupasantanah dalam beban produksi (Catatan 30).

Amortization expense for stripping asset activity isreported as part of overburden removal in theproduction costs (Note 30).

Pada tanggal-tanggal 31 Desember 2014 dan 2013,manajemen berkeyakinan bahwa tidak ada indikasipenurunan nilai aset pertambangan.

As of December 31, 2014 and 2013, managementbelieves that there was no indication of impairmentin the value of mine properties.

13. GOODWILL 13. GOODWILL

31 Desember/December 31,

2014 2013

Saldo awal 3.523.795 25.017 Beginning balancePenambahan: Addition:

Akuisisi PKU - 3.498.778 Acquisition of PKU

Total 3.523.795 3.523.795 Total

Page 195: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 193

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

66

13. GOODWILL (lanjutan) 13. GOODWILL (continued)

Sejak tanggal akuisisi hingga tanggal 31 Desember2013, PKU memiliki kontribusi nilai penjualansebesar AS$265.065 dan rugi bersih sebesarAS$1.188.328 kepada Kelompok Usaha. Jikaakuisisi dilaksanakan pada tanggal 1 Januari 2013,laporan laba rugi komprehensif konsolidasianKelompok Usaha termasuk penjualan dan rugibersih PKU masing-masing sebesar AS$489.632dan AS$1.935.860.

From the date of acquisition throughDecember 31, 2013, PKU has contributed salesamounting to US$265,065 and net loss ofUS$1,188,328 to the Group. If the acquisition hadbeen completed on January 1, 2013, the Group’sconsolidated statement of comprehensive incomewould have been included sales and net loss ofPKU amounting to US$489,632 andUS$1,935,860, respectively.

Goodwill sebesar AS$3.498.778, berasal dariakuisisi 90% saham PKU yang dilakukan padabulan Juni 2013 yang dilaporkan dalam laporankeuangan konsolidasian Kelompok Usaha tanggal31 Desember 2013 dengan mengunakan jumlahsementara sebagaimana yang diatur dalam PSAKNo. 22 (Revisi 2010).

Goodwill amounting to US$3,498,778 arose fromthe acquisition of 90% PKU’s shares in June 2013was reported in the consolidated statement offinancial position as of December 31, 2013 usingprovisional amount as stipulated in PSAK No. 22(Revised 2010).

Sampai tanggal 30 Juni 2014 (saat periodepengukuran berakhir), tidak terdapat fakta dankeadaan yang ada pada tanggal 30 Juni 2013,yang berdampak pada pengukuran jumlah yangdiakui pada tanggal tersebut. Dengan demikian,manajemen menetapkan bahwa nilai wajar yangdilaporkan dalam laporan posisi keuangankonsolidasian tanggal 31 Desember 2013 adalahfinal, dengan demikian tidak ada perubahanterhadap saldo goodwill yang timbul dari akuisisitersebut.

Through June 30, 2014 (cut off for measurementperiod), there is no facts and circumstances thatexisted as of June 30, 2013 that would haveaffected the measurements of the amountsrecognised as of that date. Accordingly,management determined that the fair value asreported in the consolidated statement of financialposition as of December 31, 2013 is final,therefore there is no change in the goodwillbalance arising from such acquisition.

Nilai wajar dari aset dan liabilitas PKU yang dapatdiidentifikasi pada tanggal akuisisi adalah sebagaiberikut:

The fair value of the identifiable assets andliabilities of PKU as of the date of acquisitionwere:

Nilai wajar/Fair value

ASET ASSETSKas dan bank 13.485.456 Cash and banksAset lancar lainnya 230.321 Other current assetsTanaman belum menghasilkan (Catatan 9) 4.357.036 Immature plantations (Note 9)Tanaman menghasilkan (Catatan 9) 14.883.171 Mature plantations (Note 9)Aset tetap (Catatan 10) 3.425.406 Fixed assets (Note 10)Aset tidak lancar lainnya 3.267 Other non-current assets

36.384.657

LIABILITAS LIABILITIESUtang usaha 32.658 Trade payablesUtang pajak dan akrual 25.694 Taxes payable and accrualUtang jangka pendek lain-lain 112.928 Other current payablesUtang bank 13.425.320 Bank loanUtang lain-lain jangka panjang 23.664.881 Other long-term payablesLiabilitas imbalan pasca kerja 83.489 Post-employment benefits liabilitiesLiabilitas pajak tangguhan 1.653.138 Deferred tax liabilities

38.998.108

Page 196: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

194 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

67

13. GOODWILL (lanjutan) 13. GOODWILL (continued)

Nilai wajar/Fair value

Nilai wajar liabilitas neto teridentifikasi (2.613.451) Fair value of identifiable net liabilitiesKepentingan non-pengendali 261.343 Non-controlling interestGoodwill yang timbul dari kombinasi bisnis 3.498.778 Goodwill arising from business combination

Imbalan yang dialihkan 1.146.670 Purchase consideration

Nilai wajar aset dan liabilitas PKU yang dapatdiidentifikasi tersebut diatas ditentukanberdasarkan penilaian yang dilakukan olehmanajemen.

The fair value of the identifiable assets and liabilitiesof PKU are determined based on calculationperformed by management.

Kepentingan non-pengendali telah diakui sesuaidengan proporsi aset yang diakuisisi.

The non-controlling interest has been recognized asa proportion of the net assets acquired.

Goodwill sebesar AS$3.498.778 merupakanmanfaat yang diharapkan timbul dari akuisisi antaralain melalui perolehan operasional kegiatantambang yang lebih efisien dan ekonomis misalnyapenggunaan tanah milik PKU sebagai areadumping serta jalur hauling operasi tambang.

Goodwill amounting to US$3,498,778 representsthe expected benefits which will arise from theacquisition including through efficient and economicmining operation such as usage of PKU’s land asdumping area as well as hauling lane for miningoperation.

Goodwill tersebut tidak diharapkan dapatdikurangkan untuk tujuan pelaporan pajak.

Goodwill is not expected to be deductible for taxpurposes.

Uji penurunan nilai terhadap Goodwill Impairment test on Goodwill

Berdasarkan pengujian yang dilakukanmanajemen, tidak terdapat penurunan nilai goodwillpada tanggal 31 Desember 2014 dan 2013.

Based on impairment test performed bymanagement, there is no impairment on goodwill asof December 31, 2014 and 2013.

Untuk tujuan uji penurunan nilai, goodwill tersebutdialokasikan ke UPK yang diperkirakan menerimamanfaat dari sinergi kombinasi bisnis ini danmerupakan tingkat dimana manajemen melakukanmonitoring dan pengelolaan goodwill. UPK tersebutadalah aset pertambangan ABN dan TMU, sertatanaman perkebunan PKU.

For impairment testing purposes, goodwill has beenallocated to CGUs that are expected to benefit fromthe synergies of the business combination andrepresents the level at which management willmonitor and manage the goodwill. The CGUsconsist of mine properties of ABN and TMU, andPKU’s plantation.

Nilai terpulihkan aset pertambangan ABN dan TMUserta goodwill yang dialokasikan ke UPK tersebutditentukan dengan menggunakan nilai pakai yangdihitung dengan menggunakan arus kasdiskontoan. Sedangkan nilai terpulihkan tanamanperkebunan PKU dan goodwill yang dialokasikanke UPK tanaman perkebunan menggunakan “nilaiwajar dikurangi biaya untuk menjual”. Nilai wajarditentukan berdasarkan rata-rata nilai transaksiuntuk pembelian suatu perkebunan sawit.

The recoverable amounts of mine properties of ABNand TMU, also the allocated goodwill weredetermined using value in use which are calculatedbased on discounted cash flows. While therecoverable amount of PKU’s plantation and theallocated goodwill is the “fair value less cost to sell”.The fair value is based on the average transactionson purchase of oil palm plantation.

Page 197: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 195

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

68

13. GOODWILL (lanjutan) 13. GOODWILL (continued)

Uji penurunan nilai terhadap Goodwill (lanjutan) Impairment test on Goodwill (continued)

Dalam menguji apakah penurunan nilai UPKdiperlukan, nilai tercatat masing-masing UPKdibandingkan dengan nilai terpulihkan UPK. Nilaiterpulihkan adalah jumlah yang lebih besar antaranilai wajar UPK dikurangi biaya untuk menjual dannilai pakai.

In assessing whether impairment on CGU isrequired, the carrying value of the respective CGUsis compared with CGU’s recoverable amounts. Therecoverable amount is the higher of the CGU’s fairvalue less costs to sell and value in use.

Jumlah terpulihkan UPK ditentukan berdasarkanperhitungan nilai pakai yang dihitung bedasarkanproyeksi arus kas dari rencana usaha yang telahdisetujui oleh manajemen senior mencakup periode5 tahun. Arus kas yang diproyeksikanmencerminkan perkembangan harga terkini batubara.

The recoverable amount of CGU has beendetermined based on a value in use calculation usingcash flow projections from the business planapproved by senior management covering 5-yearsperiod. The projected cash flows reflect the coal’scurrent prices.

Asumsi yang digunakan Key assumptions used

Perhitungan nilai pakai untuk aset pertambangansangat sensitif terhadap asumsi-asumsi di bawah ini:

a. Harga batu barab. Tingkat diskontoc. Volume produksi

The calculation of value in use for mine properties ismost sensitive to the following assumptions:

a. Coal pricesb. Discount ratesc. Production volume

Harga batubara: Harga perkiraan batubaradidasarkan pada data pasar yang tersedia danestimasi manajemen.

Coal prices: Forecasted coal prices is based onavailable market data and management’s estimates.

Tingkat diskonto: Tingkat diskonto sebelum pajakyang digunakan dalam kisaran 11% yang dihitungdengan mengacu kepada Biaya Modal Rata-rataTertimbang (WACC) setelah pajak.

Discount rates: The pre-tax discount rates used isappriximately 11% which derived from the post-taxweighted average cost of capital (WACC).

Volume produksi: Estimasi volume produksi yangdigunakan dalam perhitungan dihitung berdasarkanrencana tambang. Masing-masing UPK memilikikarakteristik cadangan dan ekonomis yangberbeda.

Production volume: The estimated production volumeis based on the mine plan. Each CGU has specificreserve characteristic and economic circumstances.

Perubahan terhadap asumsi yang digunakan olehmanajemen dalam menentukan jumlah terpulihkan,khususnya tingkat diskonto, dapat berdampaksignifikan pada hasil pengujian. ManajemenKelompok Usaha berkeyakinan bahwa tidakterdapat kemungkinan yang beralasan bahwaasumsi utama tersebut di atas dapat berubahsehingga nilai tercatat masing-masing UPKmenjadi lebih tinggi dari nilai yang terpulihkansecara material.

Changes to the assumptions used by themanagement to determine the recoverable amount,in particular the discount rate, can have significantimpact on the result of the impairment assessment.Management is of the opinion that there was noreasonably possible change in any of the keyassumptions stated above that would cause thecarrying amount of the goodwill allocated to the CGUto materially exceed its recoverable amount.

Page 198: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

196 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

69

14. UTANG USAHA 14. TRADE PAYABLES

31 Desember/December 31,

2014 2013

Pihak ketiga: Third parties:PT Petrosea Tbk 32.910.426 25.823.893 PT Petrosea TbkPT Arkananta Apta Pratista 8.272.910 5.987.610 PT Arkananta Apta PratistaPT Bina Sarana Sukses 6.462.943 5.728.977 PT Bina Sarana SuksesPT RPP Contractors Indonesia 5.888.940 6.523.972 PT RPP Contractors IndonesiaPT Solaris Prima Energy 2.571.771 - PT Solaris Prima EnergyPT Surya Teknik Anugerah 2.105.525 5.650.854 PT Surya Teknik AnugerahPT Indobeta 1.573.890 2.673.890 PT IndobetaPT Pelayaran Kartika Samudra Adijaya 353.765 2.675.668 PT Pelayaran Kartika Samudra AdijayaLain-lain (di bawah AS$2.500.000) 3.947.153 14.200.365 Others (below US$2,500,000)

64.087.323 69.265.229

Utang usaha terutama timbul dari transaksipembelian barang dan jasa oleh entitas anak.

The trade payables primarily arose from thepurchase of goods and services by thesubsidiaries.

Utang usaha berdasarkan mata uang terdiri dari: Trade payables based on currency consist of:

31 Desember/December 31,

2014 2013

Pihak ketiga Third partiesDolar Amerika Serikat 61.908.237 65.163.485 United States DollarRupiah 2.178.564 4.098.134 RupiahYen 522 - YenEuro - 3.610 Euro

64.087.323 69.265.229

Rincian umur utang usaha adalah sebagai berikut: Aging of trade payables is as follows:

31 Desember/December 31,

2014 2013

Belum jatuh tempo 36.341.487 33.985.353 CurrentLewat jatuh tempo Overdue

Kurang dari 30 hari 20.803.576 25.849.439 Less than 30 days31 sampai 60 hari 3.624.996 5.577.930 31 to 60 days61 sampai 90 hari 500.694 43.153 61 to 90 days91 sampai 360 hari 221.196 833.846 91 to 360 daysLebih dari 360 hari 2.595.374 2.975.508 Over than 360 days

64.087.323 69.265.229

Page 199: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 197

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

70

15. UTANG LAIN-LAIN 15. OTHER PAYABLES

31 Desember/December 31,

2014 2013

Liabilitas jangka pendek Current liabilitiesPihak ketiga Third parties

Lain-lain 3.709 1.907 Others

3.709 1.907

Liabilitas jangka panjang Non-current liabilitiesPihak berelasi (Catatan 35e) 2.242.526 2.288.701 Related party (Note 35e)

2.242.526 2.288.701

Total 2.246.235 2.290.608 Total

Utang lain-lain berdasarkan mata uang terdiri dari: Other payables based on currency consist of:

31 Desember/December 31,

2014 2013

Pihak ketiga Third partiesDolar Amerika Serikat 2.648 1.907 United States DollarRupiah 1.061 - Rupiah

Sub - total 3.709 1.907 Sub - total

Pihak berelasi Related partyRupiah 2.242.526 2.288.701 Rupiah

Sub - total 2.242.526 2.288.701 Sub - total

2.246.235 2.290.608

16. BEBAN AKRUAL 16. ACCRUED EXPENSES

31 Desember/December 31,

2014 2013

Royalti (Catatan 42a) 1.060.874 3.452.598 Royalty (Note 42a)Pengangkutan 1.059.958 79.443 BargingJasa profesional 410.679 288.819 Professional feePemasaran 141.917 - MarketingInfrastruktur 105.461 108.313 InfrastructureAkrual pengalihan Accruals for

kuota DMO (Catatan 42b) - 622.724 DMO transfer (Note 42b)Lain-lain 2.157.086 1.505.682 Others

4.935.975 6.057.579

Page 200: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

198 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

71

17. PERPAJAKAN 17. TAXATION

a. Pajak dibayar di muka a. Prepaid taxes

31 Desember/December 31,

2014 2013

Jangka pendek Current portionEntitas anak: Subsidiaries:

Pajak Pertambahan Nilai 12.422 12.422 Value Added TaxPajak penghasilan badan - 6.779.126 Corporate income tax

12.422 6.791.548Jangka panjang Non-current portionEntitas anak: Subsidiaries:

Estimasi tagihan pajak - 748.305 Estimated claims for tax refund

12.422 7.539.853

b. Utang pajak b. Taxes payable

31 Desember/December 31,

2014 2013

Perusahaan: The Company:Pasal 4(2) 273 1.701 Article 4(2)Pasal 21 56.995 30.788 Article 21Pasal 23 996 717 Article 23Pasal 26 15.522 - Article 26

73.786 33.206

Entitas Anak: Subsidiaries:Pasal 4(2) 12.195 788.869 Article 4(2)Pasal 15 21.382 15.246 Article 15Pasal 21 903.902 759.261 Article 21Pasal 23 403.788 168.777 Article 23Pasal 29 3.533.908 4.648.847 Article 29Pajak Pertambahan Nilai 19.111 165.798 Value Added TaxPajak Bumi dan Bangunan 358.043 647.867 Tax on land and building

5.252.329 7.194.665

5.326.115 7.227.871

c. Beban pajak c. Tax expense

Rekonsiliasi antara laba sebelum beban(manfaat) pajak penghasilan yang ditunjukkandalam laporan laba rugi komprehensifkonsolidasian dengan estimasi rugi fiskalPerusahaan, dan beban pajak kini Perusahaanuntuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2014 dan 2013 danestimasi utang pajak penghasilan badan padatanggal-tanggal tersebut adalah sebagaiberikut:

The reconciliation between profit before taxexpense (benefit) as shown in the consolidatedstatements of comprehensive income and theCompany’s estimated taxable loss, and theCompany’s current income tax expense for theyears ended December 31, 2014 and 2013, andthe estimated corporate income tax payable asof those dates are as follows:

Page 201: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 199

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

72

17. PERPAJAKAN (lanjutan) 17. TAXATION (continued)

c. Beban pajak (lanjutan) c. Tax expense (continued)

Tahun yang berakhirpada tanggal 31 Desember/Year ended December 31,

2014 2013

Laba konsolidasiansebelum beban (manfaat) Consolidated profit beforepajak penghasilan 53.897.225 50.403.019 tax expense (benefit)

Laba sebelum beban pajak Profit before tax expense- Entitas anak (58.957.757) (55.166.554) - Subsidiaries

Penyesuaian lainnya 15.424.092 16.474.335 Other adjustments

Laba sebelum beban pajak Profit before tax expense- Perusahaan 10.363.560 11.710.800 - the Company

Beda temporer: Temporary differences:Penyisihan penurunan Allowance for impairment losses

nilai piutang 295.650 596.027 on receivablesLiabilitas imbalan kerja Short-term employee

jangka pendek - 449.158 benefits liabilitiesLiabilitas imbalan kerja Long-term employee

jangka panjang 95.734 45.866 benefits liabilitiesSewa pembiayaan (18.504) 5.977 Finance lease

Beda tetap: Permanent differences:Beban jamuan 40.925 28.172 Entertainment expensesDividen dari entitas anak (13.884.749) (20.007.824) Dividend from subsidiaryPenghasilan yang telah

dikenakan pajak final (998.196) (1.090.563) Income subject to final taxLain-lain 303.892 196.771 Others

Estimasi rugi fiskal - Perusahaan (3.801.688) (8.065.616) Estimated tax loss - Company

Analisa akumulasi rugi fiskal Perusahaanadalah sebagai berikut:

The analysis of the Company’s tax lossescarried forward is as follows:

31 Desember/December 31,

2014 2013

Tahun pajak: Fiscal Years:2010 (327.244) (327.244) 20102011 (2.514.937) (2.514.937) 20112012 (5.570.123) (5.570.123) 20122013 (8.065.616) (8.065.616) 20132014 (3.801.688) - 2014

Akumulasi rugi fiskal (20.279.608) (16.477.920) Tax losses carried forward

Utang pajak penghasilan Income tax payablesPerusahaan - - The CompanyEntitas anak Subsidiaries

ABN 2.746.304 4.648.847 ABNIM 787.604 - IM

Utang pajak penghasilan 3.533.908 4.648.847 Income tax payable

Page 202: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

200 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

73

17. PERPAJAKAN (lanjutan) 17. TAXATION (continued)

c. Beban pajak (lanjutan) c. Tax expense (continued)

Rekonsiliasi antara beban pajak neto yangtercermin di dalam laporan laba rugikomprehensif konsolidasian dengan hasilperkalian laba sebelum beban (manfaat) pajakdengan tarif pajak yang berlaku adalahsebagai berikut:

The reconciliation between tax expense, net asshown in the consolidated statement ofcomprehensive income and the theoretical taxamount on the profit before tax expense(benefit) is as follows:

Tahun yang berakhirpada tanggal 31 Desember/Year ended December 31,

2014 2013

Laba sebelum beban pajak Profit before tax expense- Perusahaan 10.363.560 11.710.800 - The Company

Beban pajak dengan tarif Tax expense computedpajak yang berlaku 2.590.890 2.927.700 using the prevailing tax ratePengaruh pajak Tax effect of

atas beda tetap (3.634.532) (5.218.360) permanent differencesPenambahan penyisihan Additional valuation allowance

atas aset pajak tangguhan 1.043.642 2.290.660 for deferred tax assets

Beban pajak penghasilan Tax expenses of thePerusahaan - - Company

Beban/(manfaat) pajak Tax expense/(benefit) ofentitas anak the subsidiariesKini Current

Pajak penghasilan kini 17.002.204 12.569.360 Current income taxPenyesuaian atas pajak kini Adjustments in respect of

tahun sebelumnya 3.726.182 855.356 prior years current tax

20.728.386 13.424.716Tangguhan (2.631.665) 2.374.510 Deferred

Beban pajak - neto 18.096.721 15.799.226 Tax expense - net

Jumlah estimasi rugi fiskal Perusahaan untuktahun 2014 seperti yang disebutkan di atasakan dilaporkan oleh manajemen dalam SuratPemberitahuan Tahunan (“SPT”) PPh badanPerusahaan tahun 2014 ke Kantor PelayananPajak.

The amounts of the Company’s estimated taxloss as stated in the foregoing will be reportedby management in the Company’s 2014 annualincome tax return (“SPT”) to be submitted to thetax office.

Page 203: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 201

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

74

17. PERPAJAKAN (lanjutan) 17. TAXATION (continued)

c. Beban pajak (lanjutan) c. Tax expense (continued)

Rincian beban (manfaat) pajak tangguhanadalah sebagai berikut:

The details of deferred tax expense (benefit)are as follows:

Tahun yang berakhirpada tanggal 31 Desember/

Year ended December 31,

2014 2013

Perusahaan The CompanyAkumulasi rugi fiskal 950.422 2.016.404 Tax losses carried forward

Allowance for impairment lossesPenyisihan penurunan nilai piutang 73.913 149.007 on receivablesLiabilitas imbalan kerja Short-term employee

jangka pendek - 112.290 benefits liabilitiesSewa pembiayaan (4.626) 1.492 Finance leaseLiabilitas imbalan kerja Long - term employee

jangka panjang 23.934 11.467 benefits liabilitiesPenambahan penghapusan Write off of unrecognized

atas aset pajak tangguhan (1.043.643) (2.290.660) deferred tax assets

Sub - total - - Sub - totalEntitas anak 2.631.665 (2.374.510) Subsidiaries

Manfaat/(beban) pajak tangguhan 2.631.665 (2.374.510) Deferred tax benefit/(expense)

d. Aset/(liabilitas) pajak tangguhan d. Deferred tax assets/(liabilities)

31 Desember/December 31,

2014 2013

Perusahaan: The Company:Aset pajak tangguhan 260.084 - Deferred tax assets

Entitas anak: The Subsidiaries:Aset pajak tangguhan: Deferred tax assets:

ABN 1.569.586 536.571 ABNTBE 97.321 79.309 TBEIM 849.976 - IMTMU 480.990 880.083 TMU

Total 2.997.873 1.495.963 Total

Liabilitas pajak tangguhan: Deferred tax liabilities:IM - (1.382.602) IMPKU (867.508) (1.653.138) PKU

Total (867.508) (3.035.740) Total

Aset pajak tangguhan - neto 3.257.957 1.495.963 Deferred tax assets - net

Liabilitas pajak tangguhan - neto (867.508) (3.035.740) Deferred tax liabilities - net

Jumlah perbedaan temporer yang dapatdikurangkan dan rugi pajak belumdikompensasi yang tidak diakui sebagai asetpajak tangguhan dalam laporan keuangankonsolidasian sebesar AS$7.246.770 (2013:AS$6.235.187).

The amount of deductible temporarydifferences and unused tax losses for which nodeferred tax asset is recognized in theconsolidated statement of financial position isUS$7,246,770 (2013: US$6,235,187)

Page 204: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

202 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

75

17. PERPAJAKAN (lanjutan) 17. TAXATION (continued)

e. Surat Ketetapan Pajak e. Tax AssessmentsPada bulan Oktober 2014, TBE menerima SuratKetetapan Pajak (“SKP”) kurang bayar atasPPh 23 atas bulan Mei - September danDesember 2011 sejumlah Rp812.240.507(AS$67.227) dan PPh 4 (2) atas bulanDesember 2011 sejumlah Rp403.114.731(AS$33.364). Jumlah tersebut sudah dicatatsebagai beban umum dan administrasi padalaporan laba rugi konsolidasian tahun 2014.

On October 2014, TBE received assessmentletters (“SKP”) for underpayment of WitholdingIncome Tax Article 23 of May - September andDecember 2011 fiscal year amounting toRp812,240,507 (US$67,227) and WitholdingIncome Tax Article 4 (2) of December 2011amounting to Rp403,114,731 (US$33,364). Theamount has been recorded as other expenses inthe 2014 consolidated statement ofcomprehensive income.

Dalam bulan Januari 2014 IM menerima suratPembetulan atas Surat Keputusan KeberatanSecara Jabatan atas pajak penghasilan badantahun 2008. Surat ini menambah jumlah kurangbayar IM sebesar Rp7.335.670.090 (setaradengan AS$636.115). IM menerima keputusanini dan membebankan jumlah kurang bayartersebut pada pada laporan laba rugikomprehensif konsolidasian tahun 2014sebagai beban pajak kini.

In January 2014, IM received “Pembetulan atasSurat Keputusan Keberatan Secara Jabatan” ofcorporate income tax for 2008 fiscal year. Thisletter increase IM’s underpayment amounting toRp7,335,670,090 (equivalent to US$636,115). IMaccepted the decision and charged theunderpayment as current tax expense to the2014 consolidated statement of comprehensiveincome.

IM menerima SKP Lebih Bayar dalam bulanApril 2014 atas pajak penghasilan badan tahun2012 sejumlah AS$5.348.823, jumlah ini lebihrendah dari jumlah tercatat lebih bayar tahun2012 sebesar AS$6.779.126. IM menerimakeputusan ini serta menerima pengembaliandalam bulan Mei 2014 (setelahmemperhitungkan kompensasi utang pajak) danmembebankan selisihnya sebesarAS$1.430.303 pada pada laporan laba rugikomprehensif konsolidasian tahun 2014sebagai beban pajak kini.

IM received SKP for overpayment of corporateincome tax for 2012 fiscal year amounting toUS$5,348,823 in April 2014, which is lower thanoverpayment that was recorded in 2012amounting to US$6,779,126. IM accepted theSKP and received the refund of such amount inMay 2014 (after compensating tax payable) andcharged the difference of US$1,430,303 ascurrent tax expense to the 2014 consolidatedstatement of comprehensive income.

Sehubungan dengan koreksi yang dibuatDirektorat Jenderal Pajak (“DJP”) atasperhitungan pajak penghasilan badan tahun2012 diatas, IM melakukan revisi atas SPTTahun 2011 yang menyebabkan tambahanpajak penghasilan badan tahun 2011 sebesarAS$356.836, yang sudah dilunasi oleh IM padabulan Desember 2014. Jumlah yang dibayaroleh IM tersebut telah dbebankan pada laporanlaba rugi komprehensif konsolidasian tahun2014 sebagai beban pajak kini.

In connection with correction made by theDirectorate General of Taxes (“DGT”) on the2012 corporate income tax, IM revised itscorporate income tax for 2011 fiscal year whichleads to an underpayment of US$356,836, whichwas paid by IM in December 2014. Theunderpayment was charged as current taxexpense to the 2014 consolidated statement ofcomprehensive income.

Page 205: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 203

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

76

17. PERPAJAKAN (lanjutan) 17. TAXATION (continued)

e. Surat Ketetapan Pajak (lanjutan) e. Tax Assessments (continued)

Selanjutnya, pada tahun 2014 IM menghapustagihan pajak penghasilan badan tahun 2013sebesar AS$748.308 untuk menyesuaikandengan SPT pajak penghasilan badan tahun2013 yang dilaporkan kepada DJP, yangmelaporkan kurang bayar sebesar AS$422.038.Jumlah tagihan pajak penghasilan yangdihapuskan dan jumlah kurang bayar pajakpenghasilan badan tersebut telah dibebankanpada laporan laba rugi komprehensifkonsolidasian tahun 2014 sebagai beban pajakkini.

Furthermore, in 2014 IM write-off its estimatedclaim for tax refund for 2013 fiscal yearamounting to US$748,308 in order to align withits 2013 Tax Return that was submitted to theDGT which reported an underpayment ofUS$422,038. The write-off and underpaymentbalances were charged as current tax expense tothe 2014 consolidated statement ofcomprehensive income.

Pada bulan November 2014, IM menerima SKPkurang bayar atas PPh 21 untuk tahun fiskal2010 - 2011 sejumlah AS$528.375. Jumlahtersebut sudah dicatat sebagai beban umumdan administrasi pada laporan laba rugikomprehensif konsolidasian tahun 2014.

On November 2014, IM received SKP forunderpayment of Income Tax Article 21 of 2010 -2011 fiscal years amounting to US$528,375. Theamount has been recorded as general andadministrative expenses in the 2014 consolidatedstatement of comprehensive income.

Sampai dengan tanggal penyelesaian laporankeuangan konsolidasian ini, TMU sedang dalamproses audit oleh DJP atas pajak penghasilanbadan untuk tahun pajak 2011 sampai dengan2013.

As of the completion date of these consolidatedfinancial statements, TMU are being audited bythe DGT on corporate income tax for the 2011up to 2013 fiscal years.

Dalam bulan September 2013, ABN menerimaSKP Lebih Bayar atas pajak penghasilan badantahun 2012 sejumlah AS$7.170.260, jumlah inilebih rendah dari jumlah tercatat lebih bayartahun 2012 sebesar AS$7.816.811. SKPtersebut juga menambah penghasilan kenapajak ABN untuk tahun 2012 dariAS$25.151.304 menjadi sebesarAS$27.737.507. ABN menerima keputusan iniserta menerima pengembalian dalam bulanOktober 2013 dan membebankan selisihnyapada laporan laba rugi komprehensifkonsolidasian tahun 2013.

In September 2013, ABN received SKP foroverpayment of corporate income tax for 2012fiscal year amounting to US$7,170,260, which islower than US$7,816,811 overpayment that wasrecorded by ABN in 2012. Such SKP alsoincreased ABN’s taxable income for 2012 fiscalyears, from US$25,151,304 to US$27,737,507.ABN accepted the SKP and received the refundof such amount in October 2013 and charged thedifference to the 2013 consolidated statement ofcomprehensive income.

Dalam bulan Nopember 2013, ABN menerimaSKP Kurang Bayar atas pajak penghasilanbadan tahun 2009 sejumlah AS$126.555. ABNmenerima keputusan ini dan membayarkekurangan tersebut berikut denda sebesarAS$82.250 dalam bulan Desember 2013 sertamembebankannya pada laporan laba rugikomprehensif konsolidasian tahun 2013.

In November 2013, ABN received SKP forunderpayment of corporate income tax for 2009fiscal year amounting to US$126,555. ABNaccepted the SKP and paid such amount as wellas a penalty of US$82,250 in December 2013and charged the amount to the 2013consolidated statement of comprehensiveincome.

Selanjutnya, pada tahun 2014 ABN mencatattambahan beban pajak penghasilan badantahun 2013 sebesar AS$132.582 untukmenyesuaikan dengan SPT pajak penghasilanbadan tahun 2013 yang dilaporkan kepadaDJP. Jumlah tersebut telah dibebankan padalaporan laba rugi komprehensif konsolidasiantahun 2014 sebagai beban pajak kini.

Furthermore, in 2014 ABN recorded additionalcorporate income tax expense for 2013 fiscalyear amounting to US$132,582 in order to alignwith its 2013 Tax Return that was submitted tothe DGT. The amount was charged as currenttax expense to the 2014 consolidated statementof comprehensive income.

Page 206: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

204 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

77

17. PERPAJAKAN (lanjutan) 17. TAXATION (continued)

f. Administrasi f. AdministrationPerusahaan dan entitas anak selain PKU telahmemperoleh persetujuan dari DirektoratJenderal Pajak untuk menyelenggarakanpembukuannya dalam mata uang DolarAmerika Serikat sejak tahun pajak 2012.

The Company and its subsidiaries except forPKU have obtained approval from theDirectorate General of Taxes to maintain theirbookkeeping in U.S Dollar currency effectivesince fiscal year 2012.

Berdasarkan peraturan perpajakan Indonesia,Direktorat Jenderal Pajak (“DJP”) dapatmenetapkan dan mengubah kewajiban pajakyang berasal dari tahun pajak sebelum 2008dalam batas waktu sepuluh tahun sejaktanggal terutangnya pajak, atau sampaidengan akhir tahun 2013, mana yang lebihdulu. Berdasarkan peraturan pajak yangberlaku mulai tahun 2008, DJP dapatmenetapkan dan mengubah kewajiban pajakdalam batas waktu lima tahun sejak tanggalterutangnya pajak.

Under the taxation laws of Indonesia, theDirectorate General of Taxes (“DGT”) mayassess or amend taxes for years prior to 2008within ten years from the date the tax becamedue, or until the end of year 2013, whichever isearlier. Based on taxation laws which becameapplicable starting in year 2008, the DGT mayassess and amend taxes within five years fromthe date the tax becomes due.

18. UANG MUKA PELANGGAN 18. ADVANCES FROM CUSTOMER

31 Desember/December 31,

2014 2013

Batubara CoalVitol Asia Pte., Ltd 2.189.524 7.000.000 Vitol Asia Pte., LtdGlencore International AG 2.000.000 463.500 Glencore International AGMercuria Energy Group Ltd 1.442.371 6.627.778 Mercuria Energy Group LtdPevensey Indonesia 401.929 - Pevensey IndonesiaPT Trafigura 340.200 2.650.999 PT TrafiguraDragon Energy Corporation - 8.318.000 Dragon Energy CorporationAvra - 2.362.500 AvraPT Pinang Export Indonesia - 459.375 PT Pinang Export Indonesia

Sub - total 6.374.024 27.882.152 Sub - total

Tandan buah segar Fruit fresh bunchesUD Sawit Jaya 13.185 - UD Sawit JayaPT Agro Kaltim Utama - 23.687 PT Agro Kaltim Utama

6.387.209 27.905.839Dikurangi: Less:Bagian Jangka Pendek (6.387.209) (24.941.839) Current Maturities

Bagian Jangka Panjang - 2.964.000 Long-term Portion

Page 207: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 205

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

78

19. UTANG BANK 19. BANK LOANS

31 Desember/December 31,

2014 2013

Utang Perusahaan The Company’s BorrowingBank Sindikasi 43.978.803 27.711.419 Syndicated banks

Utang Entitas Anak Subsidiaries’ BorrowingStandard Chartered Bank - 14.722.820 Standard Chartered BankPT Bank Rakyat Indonesia PT Bank Rakyat Indonesia

(Persero) Tbk 12.135.936 11.302.179 (Persero) Tbk

56.114.739 53.736.418Dikurangi: Less:Bagian Jangka Pendek - (33.553.129) Current Maturities

Bagian Jangka Panjang 56.114.739 20.183.289 Long-term Portion

Kisaran suku bunga kontraktual atas utang banktersebut diatas selama tahun 2014 adalah3,4% - 4,4% (2013: 3,4% - 5,6%) per tahun untukutang dalam mata uang AS$ dan 11% - 12%(2013:10%) per tahun untuk utang dalam matauang Rupiah.

The contractual interest rates on the above bankloans for 2014 ranged from 3.4% - 4.4% (2013: 3.4%- 5.6%) per annum on loans repayable in US$ and11% - 12% (2013: 10%) per annum on loanrepayable in Rupiah.

a. Bank Sindikasi a. Syndicated banks

Perjanjian tertanggal 2 Agustus 2011 Agreement dated August 2, 2011

Pinjaman sindikasi merupakan utangPerusahaan yang diperoleh berdasarkanPerjanjian Fasilitas (“Perjanjian”) tertanggal2 Agustus 2011, antara Perusahaan, ABNdengan beberapa pihak, antara lain BNPParibas, cabang Singapura (“BNP Singapore”)yang bertindak sebagai agen sehubungandengan pemberian fasilitas pinjaman revolvingsebesar AS$35.000.000 kepada Perusahaan.Perjanjian tersebut di atas telah beberapa kalidiubah, perubahan terakhir dituangkan di dalamPerjanjian Perubahan tertanggal18 November 2011 untuk menaikkan jumlahfasilitas menjadi AS$70.000.000 dan masuknyaPT ANZ Panin Indonesia (“ANZ”) dan CitibankN.A. (“Citibank”), sebagai pemberi pinjaman.

Syndicated banks borrowing represents theCompany’s borrowing which was obtainedunder a Facility Agreement (“the Agreement”)dated August 2, 2011, between the Company,ABN and several parties, among others, BNPParibas, Singapore Branch (“BNP Singapore”)acting as an agent in relation to a revolvingborrowing facility of US$35,000,000 provided tothe Company. This Agreement has beenamended several times, with the latestamendment dated November 18, 2011increasing the facility to US$70,000,000 andthe inclusion of PT ANZ Panin Indonesia(“ANZ”) and Citibank N.A. (“Citibank”), aslenders.

Perjanjian tersebut berakhir pada tanggal31 Desember 2014, namun pada bulan Maret2014, Perusahaaan telah melunasi jumlah yangterutang dengan menggunakan sebagian danapencairan pinjaman yang diperoleh berdasarkanPerjanjian tertanggal 19 Maret 2014.

The Agreement expire on December 31, 2014,however, the Company has fully paid theoutstanding amounts in March 2014, using aportion of loan proceed obtained under theAgreement dated March 19, 2014.

Page 208: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

206 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

79

19. UTANG BANK (lanjutan) 19. BANK LOANS (continued)

a. Bank Sindikasi (lanjutan) a. Syndicated banks (continued)

Perjanjian tertanggal 2 Agustus 2011(lanjutan)

Agreement dated August 2, 2011(continued)

Sebagaimana disebutkan dalam Perjanjian,pinjaman ini digunakan untuk pendanaan:

As stated in the Agreement, this borrowing willbe used for:

1. Pinjaman kepada TMU untuk keperluanbelanja modal.

1. On-loaned to TMU for the capitalexpenditures requirement.

2. Pinjaman kepada TS. 2. On-loaned to TS.

3. Modal kerja, akuisisi serta proyek lainnyayang disetujui oleh agen.

3. Working capital, acquisition or otherprojects as approved by the agent.

Dengan batasan maksimal untuk penggunaansebagai pinjaman ke TMU dan TS masing-masing tidak melebihi AS$20.000.000 danAS$50.000.000.

Provided that the amount for borrowing to TMUand TS individually shall not exceedUS$20,000,000 and US$50,000,000,respectively.

Sejak tanggal 30 Maret 2012, BNP Singaporetelah mengalihkan kepesertaannya padasindikasi ini kepada PT Bank BNP ParibasIndonesia (“BNP Indonesia”).

Effective on March 30, 2012, BNP Singaporehas transferred its participation in this sydicatedto PT Bank BNP Paribas Indonesia (“BNPIndonesia”).

Pinjaman ini dikenakan bunga tahunan sebesarLondon Interbank Offered Rate (“LIBOR”)ditambah persentase tertentu.

This borrowing is charged annual interest at theLondon Interbank Offered Rate (“LIBOR”) plusa certain percentage.

Beban bunga atas pinjaman ini yang dibebankanke dalam laporan laba rugi komprehensifkonsolidasian untuk tahun yang berakhir padatanggal 31 Desember 2014 adalah sebesarAS$565.880 (2013: AS$2.414.439).

Interest expense on this borrowing which ischarged to the consolidated statements ofcomprehensive income for the year endedDecember 31, 2014 amounted to US$565,880(2013: US$2,414,439).

Berdasarkan ketentuan di dalam Perjanjiantersebut, Perusahaan dan ABN harusmemenuhi beberapa persyaratan, antara lain(i) menjaminkan secara fidusia sahamPerusahaan di ABN (ii) menjaminkan secarafidusia semua klaim asuransi ABN (iii)menjaminkan secara fidusia semua piutangkualifikasian ABN, serta (iv) menjaminkan asetABN dengan nilai perolehan diatasAS$1.000.000 yang diperoleh setelah tanggalPerjanjian.

Under the provisions of the Agreement, theCompany and ABN are required to fulfillseveral requirements, including (i) fiduciarytransfer of the Company’s ownership in ABN (ii)fiduciary transfer of all of ABN’s insuranceclaim (iii) fiduciary transfer of ABN’s qualifiedreceivables and (iv) pledging of ABN’s assetswith value of more than US$1,000,000 whichare acquired subsequent to the date of theAgreement.

Sebagai salah satu persyaratan Perjanjiantersebut, pada tanggal 2 Agustus 2011,Perusahaan dan ABN mengadakan PerjanjianPengelolaan Kas dan Rekening (“PerjanjianPengelolaan”) dengan PT Bank BNP ParibasIndonesia. Berdasarkan PerjanjianPengelolaan tersebut Perusahaan dan ABNmembuka beberapa rekening di PT Bank BNPParibas Indonesia dan BNP Paribas CabangSingapura.

As one of the Agreement’s condition, onAugust 2, 2011, the Company and ABNentered into a Cash and Account ManagementAgreement (the “Management Agreement”)with PT Bank BNP Paribas Indonesia. Underthe provisions of this Management Agreement,the Company and ABN are required to openseveral accounts in PT Bank BNP ParibasIndonesia and BNP Paribas - SingaporeBranch.

Page 209: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 207

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

80

19. UTANG BANK (lanjutan) 19. BANK LOANS (continued)

a. Bank Sindikasi (lanjutan) a. Syndicated banks (continued)

Perjanjian tertanggal 2 Agustus 2011(lanjutan)

Agreement dated August 2, 2011(continued)

Tidak ada pembatasan dalam penggunaandana dari rekening tersebut kecuali kewajibanuntuk menjaga saldo salah satu rekeningminimum sebesar AS$5.000.000 jika ABNakan melakukan pembayaran kepadapemegang sahamnya. ABN dapatmenggunakan saldo AS$5.000.000 tersebutuntuk keperluan operasionalnya sepanjangABN atau Perusahaan tidak dalam keadaanwanprestasi (default).

There is no restriction in using the funds in thesuch accounts except requirement to maintaina minimum balance of US$5,000,000 in anybank account if ABN wants to make paymentto its shareholders. ABN can use theUS$5,000,000 for its operational requirementsprovided ABN or the Company is not in defaultcondition.

Berdasarkan Perjanjian, Perusahaan dan ABNharus menjaga beberapa rasio keuangantertentu. Perusahaan dan ABN juga diharuskanuntuk memenuhi beberapa syarat danketentuan tertentu mengenai kegiatan usaha,dividen, aksi korporasi, kegiatan pembiayaandan lainnya.

Under the Agreement, the Company and ABNhas to maintain certain financial ratios. TheCompany and ABN are also required to complywith certain terms and conditions relating to thenature of business, dividends, corporateactions, financing activities and other matters.

Pada tanggal 31 Desember 2013, tidak adapelanggaran terhadap persyaratansebagaimana yang ditetapkan dalam Perjanjian.

As of December 31, 2013, there was noincompliance to the requirements as stipulatedin the Agreement.

Pada tahun 2014 Perusahaan telah membayarpokok pinjaman sebesar AS$7.000.000(2013:AS$13.803.217).

During 2014 the Company has paid the loanprincipal amounted to US$7,000,000(2013:US$13,803,217).

Perjanjian tertanggal 19 Maret 2014 Agreement dated March 19, 2014

Pada tanggal 19 Maret 2014, Perusahaan,ABN, IM, TBE dan TMU menandatanganiperjanjian revolving loan facility denganbeberapa pihak, antara lain BNP Paribas,Citigroup dan Standard Chartered Bank (SCB),dengan fasilitas pinjaman sebesarAS$75.000.000 (“Perjanjian FasilitasRevolving”).

On March 19, 2014, the Company, ABN, IM,TBE and TMU entered into revolving loanfacility with several parties, among others, BNPParibas, Citigroup and Standard CharteredBank (SCB) on loan facility of US$75,000,000(the “Revolving Facility Agreement”).

Hasil pinjaman akan ini digunakan untukpendanaan kembali pinjaman sindikasi yangdiperoleh berdasarkan Perjanjian tanggal2 Agustus 2011, pendanaan kembali pinjamanIM ke SCB (Catatan 19b), belanja modal TMU,investasi, serta pembiayaan modal kerja.

The proceeds of this borrowing will be used forthe refinancing of syndicated banks borrowingunder Agreement dated August 2, 2011,refinancing of IM’s borrowing to SCB (Note19b), TMU’s capital expenditures, investments,and working capital.

Pinjaman ini akan jatuh tempo pada tanggal31 Maret 2018 dan dikenakan bunga tahunansebesar London Interbank Offered Rate(LIBOR) ditambah persentase tertentu.

This borrowing will be due on March 31, 2018and is charged annual interest at LondonInterbank Offered Rate (LIBOR) plus a certainpercentage.

Page 210: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

208 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

81

19. UTANG BANK (lanjutan) 19. BANK LOANS (continued)

a. Bank Sindikasi (lanjutan) a. Syndicated banks (continued)

Perjanjian tertanggal 19 Maret 2014(lanjutan)

Agreement dated March 19, 2014(continued)

Beban bunga atas pinjaman ini yang dibebankanke dalam laporan laba rugi komprehensifkonsolidasian untuk tahun yang berakhir padatanggal 31 Desember 2014 adalah sebesarAS$1.804.189 (2013: Nihil).

Interest expense on this borrowing which ischarged to the consolidated statements ofcomprehensive income for the year endedDecember 31, 2014 amounted toUS$1,804,189 (2013: Nil).

Pinjaman ini dijamin dengan gadai atasrekening bank milik Perusahaan, IM dan TMUdi bank sindikasi, piutang kualifikasian, aset IMdan TMU, klaim asuransi, gadai atas sahamPerusahaan di ABN, TBE dan TMU danjaminan debitur.

This loan is collateralized by the syndicatedbank accounts of the Company, IM and TMU,qualified receivables, pledging of IM and TMU’sassets, insurance claim, the Company’sownership in ABN, TBE and TMU and borrowerguarantee.

Berdasarkan Perjanjian Fasilitas Revolving,Perusahaan, ABN, IM dan TMU harus menjagabeberapa rasio keuangan tertentu antara laindebt service cover ratio yang tidak bolehkurang dari 1,5 : 1. Perusahaan jugadiharuskan untuk memenuhi beberapa syaratdan ketentuan tertentu mengenai kegiatanusaha, dividen, aksi korporasi, kegiatanpembiayaan dan lainnya.

Under the Revolving Facility Agreement, theCompany, ABN, IM and TMU have to maintaincertain financial ratios such as debt servicecover ratio shall at no time be less than 1.5 : 1.The Company is also required to comply withcertain terms and conditions relating to thenature of business, dividends, corporateactions, financing activities and other matters.

Pada tanggal 31 Desember 2014, tidak adapelanggaran terhadap persyaratansebagaimana yang ditetapkan dalamPerjanjian Fasilitas Revolving.

As of December 31, 2014, there was noincompliance to the requirements as stipulatedin the Revolving Facility Agreement.

Nilai nominal pinjaman pada tanggal31 Desember 2014 adalah AS$45.500.000(2013: Nihil).

The nominal amount of loan as ofDecember 31, 2014 amounted toUS$45,500,000 (2013: Nil).

Pada tanggal 24 Desember 2014, IM dan TMUmemperoleh fasilitas pinjaman modal kerja danbank garansi dengan jumlah totalAS$10.000.000 berdasarkan PerjanjianFasilitas untuk Fasilitas Modal Kerja danFasilitas Bank Garansi sebesarUS$10.000.000 (“Perjanjian FasilitasIM/TMU”). Perjanjian Fasilitas IM/TMU inimemiliki syarat dan ketentuan serta jaminanyang sama dengan perjanjian revolving loanfacility yang ditandatangani tanggal 19 Maret2014. Sampai dengan tanggal 31 Desember2014, IM dan TMU belum memanfaatkanfasilitas ini.

On December 24, 2014, IM and TMU obtainedworking capital and bank guarantee facilityamounting to US$10,000,000 based on FacilityAgreement relating to a Working CapitalFacility and Bank Guarantee Facility ofUS$10,000,000 (“Facility Agreement IM/TMU”).This Facility Agreement IM/TMU has sameterm and conditions with the revolving loanfacility signed on March 19, 2014. UntilDecember 31, 2014, IM and TMU has notuntilized this facility.

b. Standard Chartered Bank - CabangSingapura

b. Standard Chartered Bank - SingaporeBranch

IM memperoleh pinjaman ini berdasarkanFacility Agreement tertanggal 17 Juni 2013antara IM dengan SCB, cabang Singapuradimana SCB, cabang Singapura memberikanfasilitas pinjaman sebesar AS$15.000.000.Pinjaman ini dikenakan bunga tahunan sebesarLIBOR ditambah persentase tertentu.

IM obtained this borrowing based on FacilityAgreement dated June 17, 2013 between IMand SCB, Singapore Branch whereby SCB,Singapore Branch provides loan facilityamounted to US$15,000,000. This borrowing ischarged annual interest at LIBOR plus a certainpercentage.

Page 211: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 209

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

82

19. UTANG BANK (lanjutan) 19. BANK LOANS (continued)

b. Standard Chartered Bank - CabangSingapura (lanjutan)

b. Standard Chartered Bank - SingaporeBranch (continued)

Pinjaman ini dijamin dengan gadai atasrekening bank mata uang Rupiah dan DolarAmerika Serikat milik IM pada SCB, piutangdan aset tetap, klaim asuransi, serta CorporateGuarantee dari Perusahaan.

This borrowing is collateralized by Rupiah andU.S. Dollar bank accounts belonging to IM atSCB, receivable and fixed assets, insuranceclaim, and Corporate Guarantee issued by theCompany.

Tidak ada pembatasan dalam penggunaandana dari rekening IM yang dijaminkan tersebutdiatas.

There is no restriction in using the funds in theIM’s accounts that are collateralized asmentioned above.

Pinjaman ini sudah dilunasi Kelompok Usahapada bulan Mei 2014.

This loan has been fully repaid by the Group inMay 2014.

Beban bunga atas pinjaman ini yangdibebankan ke dalam laporan laba rugikomprehensif konsolidasian untuk tahun yangberakhir pada tanggal 31 Desember 2014adalah sebesar AS$258.016 (2013:AS$319.161).

Interest expense on this borrowing to which ischarged to the consolidated statements ofcomprehensive income for the year endedDecember 31, 2014 amounted to US$258,016(2013: US$319,161).

c. PT Bank Rakyat Indonesia (Persero), Tbk(“BRI”)

c. PT Bank Rakyat Indonesia (Persero), Tbk(“BRI”)

PKU memperoleh pinjaman ini berdasarkanperjanjian fasilitas kredit investasi dan bungaselama masa konstruksi untuk kebun danpabrik minyak kelapa sawit tertanggal 25 Maret2013 antara PKU dan BRI dengan fasilitaspinjaman seluruhnya berjumlah sebesarRp351.100.000.000 untuk kredit investasi danRp86.400.000.000 untuk kredit bunga selamamasa konstruksi, sebagaimana yang telahdiubah dengan Perubahan Pertama tertanggal27 Juni 2013 yang mengubah syarat penarikankredit (“Perjanjian”).

PKU obtained this borrowing based on aninvestment credits and interest duringconstructions facilities agreement for palm oilplantation and palm oil mill dated March 25,2013 between PKU and BRI with total loanfacilities of Rp351,100,000,000 for investmentscredit and Rp86,400,000,000 for interest duringconstruction facilities, which has beenamended with the first amendment datedJune 27, 2013 regarding the change of theutilization requirements (the “Agreement”).

Sesuai dengan ketentuan dalam Perjanjian,penarikan pinjaman kredit investasi untukkebun dilakukan secara bertahap selamatahun pertama hingga tahun ke 5, sedangkankredit investasi untuk pabrik minyak kelapasawit dilakukan pada tahun ke 2 dan tahun ke3. Jatuh tempo angsuran I terjadi pada tahunke 5. Jangka waktu kredit ini adalah sebelastahun sejak perjanjian ditandatangani.

In accordance with the provision of theAgreement, the drawdown of facility for palm oilplantation can be executed in stages during thefirst year through the 5th year, while for palm oilmill can be executed on the 2nd year and 3rd

year. The first installment will be due on the 5th

year. The term of these borrowings are elevenyears since the signing date of the agreement.

Fasilitas ini dijamin dengan bidang tanahdengan sertifikat HGU No. 32, 33, 34, 35, 36,dan 37 yang terdaftar atas nama PKU, besertasemua yang ada diatas tanah tersebut yaituantara lain berupa tanaman dan CorporateGuarantee dari Perusahaan.

These borrowings are secured with lots of landunder HGU certificates No.32, 33, 34, 35, 36,and 37 which are registered under the name ofPKU, including all on the land which includepalm oil plants and Corporate Guaranteeissued by the Company.

Page 212: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

210 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

83

19. UTANG BANK (lanjutan) 19. BANK LOANS (continued)

c. PT Bank Rakyat Indonesia (Persero), Tbk(“BRI”) (lanjutan)

c. PT Bank Rakyat Indonesia (Persero), Tbk(“BRI”) (continued)

Fasilitas pinjaman ini membatasi PKU untuk,antara lain namun tidak terbatas pada,membagi keuntungan atau pembayarandividen tunai, melunasi atau menurunkanposisi utang kepada pemegang saham kecualiantara lain pelunasan utang kepadaPerusahaan terkait dengan refinancing kebun,maksimal sebesar Rp133.300.000.000.

This facility restricts PKU to, among others,distribute earnings or cash dividend payments,settle or reduce the balance of its loan toshareholder except but not limited to settle itsloan to the Company in relation to plantationrefinancing at maximum amount ofRp133,300,000,000.

Bunga atas pinjaman ini untuk tahun yangberakhir pada tanggal 31 Desember 2014adalah setara dengan AS$1.391.801 (2013:AS$646.772). Dari jumlah tersebut, sebesarAS$1.229.650 (2013: AS$462.097) dibebankanke dalam laporan laba rugi komprehensifkonsolidasian, sebesar AS$162.151 (2013:AS$173.588) dikapitalisasi menjadi hargaperolehan tanaman belum menghasilkan.

Interest on this borrowing for the year endedDecember 31, 2014 amounted toUS$ 1,391,801 (2013: US$646,772). Out of thetotal amount, US$1,229,650 (2013:US$462,097) is charged to the consolidatedstatements of comprehensive income,US$162,151 (2013: US$173,588) is capitalizedto acquisition cost of immature plantation.

20. SEWA PEMBIAYAAN 20. FINANCE LEASES

Liabilitas sewa pembiayaan merupakan perjanjiansewa antara Perusahaan dan entitas anak denganperusahaan-perusahaan sebagai berikut:

Finance lease payables represent leasearrangements between the Company andsubsidiaries with following companies:

31 Desember/December 31,

2014 2013

PT JA Mitsui Leasing Indonesia 1.832.553 1.800.575 PT JA Mitsui Leasing IndonesiaPT BCA Finance 161.663 293.667 PT BCA FinancePT Toyota Astra Financial Services 28.768 - PT Toyota Astra Financial ServicesPT Adira Dinamika Multifinance - 12.279 PT Adira Dinamika MultifinanceLain-lain 1.736 14.575 Others

2.024.720 2.121.096Dikurangi: Less:Bagian Jangka Pendek (962.450) (772.679) Current Maturities

Bagian Jangka Panjang 1.062.270 1.348.417 Long-term portion

Liabilitas sewa pembiayaan berdasarkan jenis asetsebagai berikut:

Finance lease payables based on type of assets:

31 Desember/December 31,

2014 2013

Mesin dan peralatan berat 1.828.602 1.825.194 Machinery and heavy equipmentKendaraan 196.118 295.902 Vehicles

Total 2.024.720 2.121.096 Total

Bunga yang dikenakan atas sewa pembiayaandalam kisaran 4,96% per tahun sampai dengan7,95% per tahun.

Interest charged on finance leases ranged from4.96% per annum to 7.95% per annum.

Page 213: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 211

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

84

20. SEWA PEMBIAYAAN (lanjutan) 20. FINANCE LEASES (continued)

Pembayaran sewa pembiayaan minimum masadatang berdasarkan perjanjian sewa pembiayaanpada setiap akhir periode pelaporan adalahsebagai berikut:

The minimum finance lease payments based onthe finance lease arrangements at the end of thereporting periods are as follows:

31 Desember/December 31,

2014 2013

Jatuh tempo dalam satu tahun 1.060.659 809.096 Due in one yearJatuh tempo lebih dari satu tahun Due in two years until

hingga lima tahun 1.105.640 1.482.179 five yearsJatuh tempo setelah lima tahun - - Due after five years

Pembayaran sewa pembiayaan Future minimumminimum masa datang 2.166.299 2.291.275 finance leases payments

Dikurangi: Less:Jumlah yang merupakan bunga (141.579) (170.179) Amount representing interest

Nilai kini pembayaran sewa Present value of net minimumpembiayaan minimum 2.024.720 2.121.096 finance leases payment

Dikurangi: Less:Bagian jangka pendek Current maturities of liabilities

liabilitas sewa pembiayaan (962.450) (772.679) under finance leases

Bagian jangka panjang Long-term portion of liabilitiesliabilitas sewa pembiayaan 1.062.270 1.348.417 under finance leases

Sehubungan dengan perjanjian sewa, Perusahaandan entitas anak sebagai lessee harus mematuhipembatasan-pembatasan antara lain:

In relation to the above lease agreements,Company and subsidiaries as a lessee has tocomply with certain restrictions which include asfollows:

1. Lessee dilarang untuk mengalihkan/menjualbarang yang menjadi objek sewa guna usahaserta hak dan kewajiban guna usaha yang ada didalam perjanjian sewa pembiayaan tanpapersetujuan dari pihak Lessor ;

1. Lessee may not transfer/sell the leased objectsand the related rights and obligation under thelease agreement without approval from theLessors;

2. Lessee wajib untuk memberitahukan adanyaperubahan anggaran dasar atau susunandireksinya kepada pihak Lessor;

2. Lessee has to declare to the Lessors if there arechanges in the articles of association or themembers of board of directors;

3. Dalam hal terjadi wanprestasi (default), makaLessor berhak untuk menyita objek sewapembiayaan dan memutuskan perjanjian secarasepihak;

3. In the event of default, the Lessors retain theright to foreclose the leased objects andterminate the agreements without approval fromLessee;

4. Dalam hal terjadi perubahan kondisi ekonomi,pihak Lessor berhak untuk melakukanpenyesuaian atas tingkat suku bunga; dan

4. In the event of changes in the economicscondition, the Lessors retain the right to adjustthe interest rates; and

5. Selama periode sewa pembiayaan, hak milikdari objek sewa pembiayaan masih ada ditangan Lessor.

5.During the lease terms, the Lessors have theownership of the leased objects.

Page 214: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

212 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

85

21. PROVISI UNTUK REKLAMASI DANPENUTUPAN TAMBANG

21. PROVISION FOR MINE RECLAMATION ANDMINE CLOSURE

Provisi untuk reklamasi dan penutupan tambangmerupakan jumlah yang masih harus dibayar atasestimasi biaya pengelolaan lingkungan selamamasa tambang dan penutupan tambang yang akanterjadi pada akhir umur tambang.

Provision for mine reclamation and mine closurerelates to the accrued portion of the environmentalduring the mine’s life and estimated closure coststo be incurred at the end of a mine’s life.

Estimasi untuk biaya ini dihitung secara internaloleh manajemen dengan mempertimbangkanketentuan perundangan yaitu Undang-UndangRepublik Indonesia No. 4 Tahun 2009 tanggal12 Januari 2009 Tentang Pertambangan Mineraldan Batubara dan peraturan relevan lainnya.

The current estimated costs were internallycalculated by management which consider theprovisions of regulations i.e. the Republic ofIndonesia’s Law No. 4 Year 2009 datedJanuary 12, 2009 on Mining Ore and Coal andother relevant regulations.

Dalam menentukan saldo provisi biaya penutupantambang, manajemen menggunakan tingkatdiskonto dalam kisaran 5,50% - 8,97% per tahun,tergantung pada masa jatuh tempo provisipenutupan masing-masing tambang.

In determining the balance for mine closuresprovision, the management uses discount ratesranging from 5.50% - 8.97% p.a., subject to thedue dates of the respective mine closuresprovision.

Manajemen yakin bahwa akumulasi provisi telahcukup untuk menyelesaikan semua liabilitas yangberhubungan dengan kewajiban pengelolaan danreklamasi lingkungan hidup dan penutupantambang yang timbul dari kegiatan tambangsampai dengan setiap akhir periode pelaporan.

Management believes that the currentaccumulated provision is sufficient to cover allliabilities relating to the environmental andreclamation costs and mine closure arising frommining activities up to the end of the reportingperiods.

Mutasi penyisihan untuk provisi reklamasi danpenutupan tambang adalah sebagai berikut:

The movements in the provision for minereclamation and mine closure were as follows:

31 Desember/December 31,

2014 2013

Saldo awal 3.951.817 4.410.627 Beginning balancePenambahan selama Addition

tahun berjalan 887.183* 696.514** during the yearPengurangan - (176.672) DeductionPengaruh selisih kurs (198.922) (887.520) Foreign exchange effectRealisasi selama tahun berjalan (143.665) (91.132) Realization during the year

Saldo akhir 4.496.413 3.951.817 Ending balance

* Termasuk akresi provisi pembongkaran aset pada saat penutupan tambang sebesar AS$79.845 di tahun 2014 yang dibebankan dalam laporan laba rugikomprehensif 2014/ Including the accretion of provision for assets retirement obligation upon the mine closure amounted to US$79,845 which isexpensed in the statement of comprehensive income in 2014.

**Termasuk penambahan provisi pembongkaran aset pada saat penutupan tambang sebesar AS$222.557 di tahun 2013 yang dikapitalisasi sebagaibagian aset /Including the addition of provision for assets retirement obligation upon the mine closure amounted to US$222,557 which is capitalized as apart of fixed asset in 2013.

Sehubungan dengan provisi di atas, per tanggal31 Desember 2009, ABN telah melakukanpenyetoran uang jaminan reklamasi sebesarRp2.135.946.000 ke kas negara. Di tahun 2014,ABN menempatkan deposito berjangka sebagaijaminan penutupan tambang sebesarRp976.378.542. Jumlah ini dilaporkan sebagaibagian dari aset tidak lancar lainnya di dalamlaporan posisi keuangan konsolidasian tanggal-tanggal 31 Desember 2014 dan 2013.

In relation to the above provision, as ofDecember 31, 2009, ABN has made payments forreclamation guarantee amounting toRp2,135,946,000 to the state treasury. In 2014,ABN has placed time deposit for mine closureguarantee amounting to Rp976,378,542. Thisamount is reported as part of other non-currentassets in the consolidated statements of financialposition as of December 31, 2014 and 2013.

Page 215: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 213

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

86

21. PROVISI UNTUK REKLAMASI DANPENUTUPAN TAMBANG (lanjutan)

21. PROVISION FOR MINE RECLAMATION ANDMINE CLOSURE (continued)

Sehubungan dengan provisi di atas, per tanggal31 Desember 2011 dan 2007, IM telahmenyetorkan uang jaminan reklamasi masing-masing sebesar Rp3.329.272.000 danRp732.904.000 ke kas negara. Di tahun 2013, IMtelah menempatkan deposito berjangka sebesarRp1.158.610.195 dan Rp2.444.407.849, masing-masing untuk jaminan reklamasi tahun 2012 dan2013. Selanjutnya, di tahun 2014 IM telahmenempatkan deposito berjangka masing-masingsebesar Rp2.344.329.366 dan Rp208.570.882sebagai jaminan reklamasi dan penutupantambang. Jumlah ini dilaporkan sebagai bagian dariaset tidak lancar lainnya di dalam laporan posisikeuangan konsolidasian tanggal-tanggal31 Desember 2014 dan 2013.

In relation to the above provision, as ofDecember 31, 2011 and 2007, IM has madepayments for reclamation guarantee amounting toRp3,329,272,000 and Rp732,904,000 to the statetreasury. In 2013, IM has placed time depositsamounting to Rp1,158,610,195 andRp2,444,407,849, respectively, for 2012 and 2013reclamation guarantee. Subsequently, in 2014, IMhas placed time deposits amounting toRp2,344,329,366 and Rp208,570,882, respectivelyas reclamation and mine closure guarantee. Theseamounts are reported as part of other non-currentassets in the consolidated statement of financialposition as of December 31, 2014 and 2013.

Sehubungan dengan provisi di atas, per tanggal31 Desember 2011, TMU telah menempatkandeposito berjangka senilai Rp1.480.691.000 sebagaijaminan reklamasi. Di 2014, TMU telahmenempatkan deposito berjangka senilaiRp7.133.000.000 yang terdiri dari Rp5.540.000.000untuk reklamasi tambang dan Rp1.593.000.000untuk penutupan tambang. Deposito tersebutdilaporkan sebagai bagian dari aset tidak lancarlainnya di dalam laporan posisi keuangankonsolidasian tanggal-tanggal 31 Desember 2014dan 2013.

In relation to the above provision, as ofDecember 31, 2011, TMU has placed time depositin the amount of Rp1,480,691,000 as collateral forreclamation. In 2014, TMU has placed time depositamounting Rp7,133,000,000 which consists ofRp5,540,000,000 for mine reclamation andRp1,593,000,000 for mine closure.This time depositis reported as part of other non-current assets in theconsolidated statements of financial position as ofDecember 31, 2014 and 2013.

22. LIABILITAS IMBALAN KERJA 22. EMPLOYEE BENEFITS LIABILITIES

Liabilitas imbalan kerja tanggal 31 Desember 2014,dan 2013 terdiri dari:

The employee benefits liabilities as ofDecember 31, 2014 and 2013 consist of:

a. Liabilitas imbalan kerja jangka pendek a. Short-term employee benefits liabilities

31 Desember/December 31,

2014 2013

Bonus 2.835.176 2.986.855 BonusesTunjangan pegawai lainnya 274.775 353.728 Other employee allowances

3.109.951 3.340.583

Page 216: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

214 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

87

22. LIABILITAS IMBALAN KERJA (lanjutan) 22. EMPLOYEE BENEFITS LIABILITIES (continued)

b. Liabilitas imbalan kerja jangka panjang b. Long-term employee benefits liabilities

Rincian saldo liabilitas imbalan kerja jangkapanjang yang diakui pada tanggal-tanggal31 Desember 2014 and 2013 adalah sebagaiberikut:

The analysis of long-term employee benefitsliabilities recognized as of December 31, 2014and 2013 are as follows:

31 Desember/December 31,

2014 2013

Perusahaan 243.338 147.603 The CompanyEntitas anak Subsidiaries

ABN 1.105.568 696.239 ABNTBE/IM 948.393 745.546 TBE/IMTMU 391.405 256.955 TMUPKU 151.966 96.716 PKU

2.840.670 1.943.059

Saldo ini merupakan liabilitas imbalan kerjajangka panjang berdasarkan Undang-undangKetenagakerjaan No. 13 tahun 2003.

The balance represents long-term employeebenefits liabilities in accordance with theprovisions of Labor Law No. 13 year 2003.

Saldo liabilitas imbalan kerja jangka panjangPerusahaan per tanggal 31 Desember 2014 dan2013 diatas berdasarkan perhitungan yangdilakukan oleh PT Sentra Jasa Aktuaria,aktuaris independen, tertanggal 28 Januari2015 dan 18 Februari 2014.

The balances of the long-term employeebenefits liabilities as of December 31, 2014 and2013 above is based on a calculation performedby PT Sentra Jasa Aktuaria, independentactuaries, as of January 28, 2015 andFebruary 18, 2014.

Perhitungan aktuaria Kelompok Usahamenggunakan metode Projected Unit Creditdengan asumsi-asumsi sebagai berikut:

The actuarial valuations were carried out usingthe Projected Unit Credit method with thefollowing assumptions:

31 Desember/December 31,

2014 2013

Tingkat diskonto per tahun 7,9%-8,5% 8,1%-9,1% Annual discount ratesTingkat kenaikan Salary increment

gaji per tahun 8%-10% 6%-8% rates per annumUsia pensiun normal 55-56 55-56 Normal pension ageTingkat kematian TMI’11 TMI'99 & TMI’11 Mortality rates

Rekonsiliasi nilai kini liabilitas imbalan kerjajangka panjang dengan jumlah liabilitas yangdilaporkan dalam laporan posisi keuangankonsolidasian tanggal-tanggal 31 Desember2014 dan 2013 adalah sebagai berikut:

The reconciliation between the present valueof long-term employee benefits liability andliability reported in the consolidatedstatements of financial position as ofDecember 31, 2014 and 2013 are as follows:

31 Desember/December 31,

2014 2013

Nilai kini liabilitas Present value of long-termimbalan kerja jangka panjang 3.385.562 1.879.080 employee benefits liability

(Rugi)/Laba aktuarial yang belumdiakui (215.137) 67.107 Unrecognized actuarial (losses)/gain

Beban jasa lalu yang belum Unrecognized past service costdiakui - non vested (329.755) (3.128) - non vested

Liabilitas 2.840.670 1.943.059 Liability

Page 217: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 215

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

88

22. LIABILITAS IMBALAN KERJA (lanjutan) 22. EMPLOYEE BENEFITS LIABILITIES (continued)

b. Liabilitas imbalan kerja jangka panjang(lanjutan)

b. Long-term employee benefits liabilities(continued)

Mutasi liabilitas imbalan kerja jangka panjangadalah sebagai berikut:

Movement in the long-term employee benefitsliability are as follows:

31 Desember/December 31,

2014 2013

Saldo awal 1.943.059 1.729.660 Beginning balanceAkuisisi - 83.489 AcquisitionBeban 1.019.559 762.993 ExpensePembayaran manfaat (82.751) (260.141) Benefit paymentPengaruh selisih kurs (39.197) (372.942) Foreign exchange effect

Liabilitas yang diakui di Liability recognized in thelaporan posisi keuangan consolidated statements ofkonsolidasian 2.840.670 1.943.059 financial position

Beban imbalan kerja jangka panjang karyawanyang diakui dalam laporan laba rugikomprehensif konsolidasian adalah sebagaiberikut:

The long-term employee benefits expensesrecognized in the consolidated statements ofcomprehensive income consist of the following:

Tahun yang berakhir pada tanggal31 Desember/

Year ended December 31,

2014 2013

Beban jasa kini 741.681 662.987 Current services costBeban bunga 197.938 96.239 Interest cost(Keuntungan) kerugian aktuarial Net actuarial (gain)/losses

neto yang diakui (7.172) 2.860 recognizedBeban jasa lalu - non vested 87.112 239 Past service cost - non vestedAmortisasi beban jasa lalu - 668 Past service cost - amortization

1.019.559 762.993

Perubahan satu poin persentase asumsi tingkatdiskonto akan memiliki dampak terhadapliabilitas imbalan kerja efek sebagai berikut:

A one percentage point change in the assumeddiscount rate would have the following effectson the employee benefits liabilities as follows:

2014

Kenaikan (335.700) IncreasePenurunan 210.307 Decrease

Jumlah-jumlah dalam tahun ini dan 4 tahunsebelumnya sebagai berikut:

Amounts for the current and previous 4years are as follows:

2014 2013 2012 2011 2010

Nilai kini liabilitas aktuaria Present value of actuarial3.385.561 1.879.080 1.971.814 1.277.950 720.165 liability

Penyesuaian liabilitas Experience adjustmentprogram 240.425 118.571 49.077 798 (81.408) on liability

Page 218: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

216 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

89

23. MODAL SAHAM 23. SHARE CAPITAL

Pemegang saham Perusahaan dan persentasekepemilikan pada tanggal-tanggal 31 Desember2014 dan 2013 adalah sebagai berikut:

The Company’s shareholders and the ownershipas of December 31, 2014 and 2013 were asfollows:

Total saham/ % kepemilikan/ Nilai/ Nilai/Pemegang Saham/ Number of % of Amount AmountShareholders shares ownership (Rp’000) (US$)

PT Toba Sejahtra 1.444.750.000 71,79% 288.950.000 31.795.873Bintang Bara B.V. 201.250.000 10,00% 40.250.000 4.317.555PT Bara Makmur Abadi 125.755.000 6,25% 25.151.000 2.739.760PT Sinergi Sukses Utama 102.700.000 5,10% 20.540.000 2.237.473Roby Budi Prakoso 73.355.000 3,64% 14.671.000 1.598.148Davit Togar Pandjaitan 15.000.000 0,75% 3.000.000 330.118Masyarakat/Public 49.681.000 2,47% 9.936.200 1.058.958

Total 2.012.491.000 100,00% 402.498.200 44.077.885

Seluruh saham Perusahaan yang diterbitkantercatat pada Bursa Efek Indonesia.

All the Company’s issued shares are listed on theIndonesia Stock Exchange.

Pengelolaan Modal Capital Management

Tujuan utama pengelolaan modal Perusahaanadalah untuk memastikan terpeliharanya rasio modalyang sehat untuk mendukung usaha danmemaksimalkan imbalan bagi pemegang saham.

The primary objective of the Company’s capitalmanagement is to ensure that healthy capitalratios are maintained in order to support itsbusiness and maximize shareholders’ value.

Manajemen mengelola struktur permodalanPerusahaan dan melakukan penyesuaian,berdasarkan perubahan kondisi ekonomi. Untukmemelihara atau menyesuaikan struktur permodalan,manajemen dapat menyesuaikan pembayarandividen kepada pemegang saham, menerbitkansaham baru atau mengusahakan pendanaan melaluipinjaman. Tidak ada perubahan atas tujuan,kebijakan maupun proses selama tahun penyajian.

Managemet manages the Company’s capitalstructure and makes adjustments to it, in light ofchanges in economic conditions. To maintain oradjust the capital structure, management mayadjust the dividend payment to shareholders,issue new shares or raise debt financing. Nochanges were made in the objectives, policies orprocesses during the years presented.

Kebijakan manajemen adalah mempertahankanstruktur permodalan yang sehat untuk mengamankanakses terhadap pendanaan pada biaya yang wajar.

Management’s policy is to maintain a healthycapital structure in order to secure access tofinancing at a reasonable cost.

24. TAMBAHAN MODAL DISETOR 24. ADDITIONAL PAID-IN CAPITAL

Akun ini terdiri dari: This accounts consist of:

31 Desember/December 31,

2014 2013

Paid-in capitalAgio saham 132.176.790 132.176.790 in excess of par valueSelisih nilai transaksi kombinasi Difference arising from business

bisnis entitas combination transaction amongsepengendali (2.307.521) (2.307.521) entities under common control

129.869.269 129.869.269

Page 219: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 217

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

90

24. TAMBAHAN MODAL DISETOR (lanjutan) 24. ADDITIONAL PAID-IN CAPITAL (continued)

a. Agio saham a. Paid-in capital in excess of par value

Akun ini merupakan selisih lebih nilai setoranmodal yang dilakukan oleh PT Bara MakmurAbadi, Bpk. Roby Budi Prakoso, PT SinergiSukses Utama dan Penawaran Umum SahamPerdana Perusahaan, terhadap nilai nominalsaham, setelah dikurangi dengan biaya emisisaham.

This account represents the excess of capitalcontributions made by PT Bara MakmurAbadi, Mr. Roby Budi Prakoso, PT SinergiSukses Utama and the Intial Public Offeringof the Company, compared to the nominalvalue of the shares, net of the share issuancecosts.

Biaya emisi saham merupakan biaya-biaya yangberkaitan langsung dengan penerbitan sahambaru Perusahaan yang dilakukan melaluiPenawaran Umum Saham Perdana.

Share issuance costs represent costs directlyattributable to the issuance of new shares ofthe Company in respect of the Initial PublicOffering.

b. Selisih transaksi kombinasi bisnis entitassepengendali

b. Difference arising from the businesscombination among entities under commoncontrol

Akun ini merupakan selisih antara jumlahimbalan yang dialihkan dan jumlah tercatat asetneto yang diterima dari transaksi kombinasibisnis pada tahun 2010 antara Perusahaandengan TS sehubungan dengan akuisisi ABN,TBE dan TMU masing-masing sebesarAS$1.671.407, AS$508.448 dan AS$127.666.

This account represents the differencebetween the amount of considerationtransferred and the net carrying amounts ofnet assets acquired arising from businesscombination transactions in 2010 between theCompany and TS in relation to theacquisitions of ABN, TBE and TMUamounting to US$1,671,407, US$508,448and US$127,666, respectively.

25. DIVIDEN KAS 25. CASH DIVIDENDS

a. Berdasarkan keputusan Dewan Direksi danDewan Komisaris yang dituangkan dalamSirkuler Dewan Direksi dan Sirkuler DewanKomisaris tertanggal 29 Agustus 2014, telahdisetujui pembayaran dividen tunai interimuntuk tahun 2014 sebanyak-banyaknyasejumlah AS$3.000.000. Dividen tunai interimtersebut telah dibayarkan pada bulan Oktober2014 sebesar AS$3.000.000.

a. Based on the decisions of the Company’s Boardof Directors and Board of Commissioners statedin the Board of Directors’ circular resolution andBoard of Commissioners’ circular resolutiondated August 29, 2014, a total interim cashdividends for 2014 at a maximum ofUS$3,000,000, was approved. Such interimcash dividends were paid in October 2014amounted to US$3,000,000.

b. Berdasarkan keputusan Rapat UmumPemegang Saham Tahunan Perusahaantanggal 21 Mei 2014, pemegang sahammenyetujui penggunaan laba bersihPerusahaan yang dapat diatribusikan kepadapemilik entitas induk untuk tahun buku yangberakhir pada tanggal 31 Desember 2013sebesar AS$18.543.538 sebagai berikut:

b. Based on decisions of the Company’s AnnualGeneral Shareholders’ Meeting held on May 21,2014, the shareholders approved the distributionof the profit attributable to the owner of theCompany for the year ended December 31,2013 amounting to US$18,543,538 as follows:

i. Sebesar AS$1.500.000 digunakan sebagaipenyisihan cadangan sesuai denganketentuan Pasal 70 Undang-Undang No.40 Tahun 2009.

ii. Sebesar AS$6.490.238 dibagikan sebagaidividen tunai.

i. Amounting to US$1,500,000 is used forappropriation of retained earnings inaccordance with Article 70 of Law No. 40Year 2009.

ii. Amounting to US$6,490,238 is distributed ascash dividends.

Page 220: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

218 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

91

25. DIVIDEN KAS (lanjutan) 25. CASH DIVIDENDS (continued)

c. Berdasarkan Surat Edaran Keputusan DewanKomisaris Perusahaan sebagai penggantiRapat Dewan Komisaris Perusahaan, tanggal16 Maret 2012, Dewan Komisaris menyetujuipembagian dividen sementara sebesarRp41.500.000.000 (setara denganAS$4.521.683). Sampai tanggal 31 Desember2012, Perusahaan telah membayarRp9.165.000.000 (setara denganAS$1.000.000).

c. Based on the Circular Decision of theCompany’s Board of Commissioners in lieu ofthe Board Commissioners Meeting dated March16, 2012, Board of Commissioners agreed todistribute interim dividends amounting toRp41,500,000,000 (equivalent toUS$4,521,683). Until December 31, 2012 theCompany has paid Rp9,165,000,000 (equivalentwith US$1,000,000).

d. Berdasarkan keputusan Rapat UmumPemegang Saham Tahunan Perusahaantanggal 28 Juni 2013, pemegang sahammenyetujui penggunaan laba bersihPerusahaan yang dapat diatribusikan kepadapemilik entitas induk untuk tahun buku yangberakhir pada tanggal 31 Desember 2012sebesar AS$3.198.832 sebagai berikut:

d. Based on decisions of the Company’s AnnualGeneral Shareholders’ Meeting held on June 28,2013, the shareholders approved the distributionof the profit attributable to the owner of theCompany for the year ended December 31,2012 amounting to US$3,198,832 as follows:

i. Sebesar AS$31.988 digunakan sebagaipenyisihan cadangan sesuai denganketentuan Pasal 70 Undang-UndangNo. 40 Tahun 2009.

ii. Sebesar AS$3.166.844 dibagikan sebagaidividen tunai.

i. Amounting to US$31,988 is used forappropriation of retained earnings inaccordance with Article 70 of Law No. 40Year 2009.

ii. Amounting to US$3,166,844 is distributed ascash dividends.

Dalam Rapat Umum Pemegang SahamTahunan Perusahaan tanggal 28 Juni 2013,pemegang saham juga menetapkanpembagian dividen tunai sebesarAS$2.499.135 yang diambil dari saldo labaditahan awal tahun 2012.

In the Company’s Annual General Shareholders’Meeting held on June 28, 2013, theshareholders also approved the distribution ofcash dividends amounting to US$2,499,135which is taken from the balance of retainedearnings at the beginning of 2012.

Dividen yang diterima oleh PT Toba Sejahtradi tahun 2013 telah dikurangkan dengandividen interim sebesar AS$1.000.000 yangtelah diterimanya di tahun 2012.

The dividend that was received by PT TobaSejahtra in 2013 is deducted with interimdividends of US$1,000,000 which was receivedin 2012.

26. SELISIH AKUISISI KEPENTINGAN NON-PENGENDALI

26. DIFFERENCE ARISING FROM ACQUISITIONNON-CONTROLLING INTERESTS

Akun ini merupakan selisih antara jumlah tercatatkepentingan non-pengendali pada tanggaltransaksi dengan nilai wajar imbalan yang diberikanPerusahaan sehubungan dengan transaksipembelian saham TBE dan TMU dari pemegangsaham non-pengendali entitas anak pada tahun2012, masing-masing sebesar AS$60.440.297 danAS$29.185.433.

This account represents the difference between thecarrying amount of the non-controlling interests asof the transactions date and the fair value of theconsideration paid by the Company in relation tothe acquisition of TBE and TMU’s shares from thenon-controling shareholders of the subsidiaries in2012, amounting to US$60,440,297 andUS$29,185,433, respectively.

Page 221: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 219

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

92

27. KERUGIAN KUMULATIF ATAS INSTRUMENDERIVATIF UNTUK LINDUNG NILAI ARUS KAS

27. CUMULATIVE LOSSES ON DERIVATIVEINSTRUMENTS FOR CASH FLOW HEDGES

Pada tahun 2014, Kelompok Usaha melakukanlindung nilai arus kas atas perkiraan transaksi-transaksi pembelian bahan bakar untuk keperluanoperasi peralatan tambang dengan menggunakaninstrumen keuangan derivatif (Catatan 34). Lindungnilai ini dilakukan untuk mengelola risiko fluktuasiharga bahan bakar yang mungkin terjadi akibatperkiraan transaksi pembelian bahan bakar.

In 2014, the Group entered into cash flow hedgesfor forecasted transactions of fuel purchases foroperating of mining equipment using derivativefinancial instruments (Note 34). These hedgingtransactions were entered into to manage the riskof fluctuations in fuel prices that may occur as aresult of forecasted fuel purchase transactions.

Hasil pengujian efektivitas lindung nilai arus kas diatas secara prospektif dan retrospektif terbuktisangat efektif. Sehingga, selisih harga yang timbuldari instrumen lindung nilai derivatif tersebut diakuidalam akun ”kerugian kumulatif atas instrumenderivatif untuk lindung nilai arus kas” sebagaibagian ekuitas. Selisih harga tersebut akan diakuisebagai bagian dari harga perolehan bahan bakaryang dilindung nilai. Jumlah selisih harga bahanbakar yang dicatat di dalam akun “KerugianKumulatif Atas Instrumen Derivatif Untuk LindungNilai Arus Kas” pada per tanggal 31 Desember2014 adalah sebesar AS$2.381.176.

The results of prospective and retrospective test ofthe hedge effectiveness of the above mentionedcash flows hedge were proven to be highlyeffective. As a result, the fuel price differencesarising from the derivative hedging instruments arerecognized in "cumulative losses on derivativeinstruments for cash flow hedges" account underthe equity. These price differences will berecognized as part of acquisition costs of the fuelbeing hedged. Total price differences recognizedunder "Cumulative Losses On DerivativeInstruments For Cash Flow Hedges" account as ofDecember 31, 2014 amounted US$2,381,176.

28. KEPENTINGAN NON-PENGENDALI 28. NON-CONTROLLING INTERESTS

Mutasi kepentingan non-pengendali untuk masing-masing periode pelaporan adalah sebagai berikut:

Movement of non-controlling interest during therespective reporting periods are as follows:

31 Desember/December 31,______________ ______________________________________________________________

2014

Pendapatankomprehensif

Saldo lain/ Bagian atas Bagian atas Saldo1 Jan. 2014/ Other laba/(rugi) neto/ dividen/ 31 Des. 2014/

Balance Akuisisi/ comprehensive Share in net Share in BalanceJan. 1, 2014 Acquisition income profit/(loss) dividend Dec. 31, 2014

ABN 26.342.709 - (1.538.143) 17.691.649 (10.780.000) 31.716.215 ABNTBE 756 - - 199 (267) 688 TBETMU 28.135 - - 35 - 28.170 TMUPKU (259.003) - 26.066 (218.651) - (451.588) PKU

Total 26.112.597 - (1.512.077) 17.473.232 (10.780.267) 31.293.485 Total

31 Desember/December 31,______________ ______________________________________________________________

2013

Pendapatankomprehensif

Saldo lain/ Bagian atas Bagian atas Saldo1 Jan. 2013/ Other laba/(rugi) neto/ dividen/ 31 Des. 2013/

Balance Akuisisi/ comprehensive Share in net Share in BalanceJan. 1, 2013 Acquisition income profit/(loss) dividend Dec. 31, 2013

ABN 25.322.163 - - 16.210.546 (15.190.000) 26.342.709 ABNTBE 709 - - 192 (145) 756 TBETMU 28.065 - - 70 - 28.135 TMUPKU - (261.343) 152.893 (150.553) - (259.003) PKU

Total 25.350.937 (261.343) 152.893 16.060.255 (15.190.145) 26.112.597 Total

Page 222: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

220 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

93

29. PENJUALAN 29. SALES

Tahun yang berakhirpada tanggal 31 Desember/Year ended December 31,

2014 2013

Pihak ketiga Third partiesLuar negeri 498.244.912 419.701.764 ExportLokal 1.720.730 2.147.973 Local

Total 499.965.642 421.849.737 Total

Selama tahun 2014 dan 2013, tidak terdapatpenjualan kepada pihak berelasi.

During 2014 and 2013, there is no sales to relatedparties.

Rincian pelanggan dengan nilai penjualan melebihi10% dari total penjualan adalah sebagai berikut:

The details of customers with sales of more than10% from the total sales are as follows:

Tahun yang berakhirpada tanggal 31 Desember/Year ended December 31,

2014 2013

Total: Total:Glencore International AG 93.258.363 51.769.202 Glencore International AGMercuria Energy Group Ltd 89.826.338 42.300.192 Mercuria Energy Group LtdVitol Asia Pte, Ltd 82.189.589 4.468.929 Vitol Asia Pte, LtdDragon Energy Corporation 70.115.075 87.529.504 Dragon Energy CorporationPT Pinang Export Indonesia - 70.996.932 PT Pinang Export IndonesiaEagle Power Corporation - 51.345.866 Eagle Power Corporation

Sub-total 335.389.365 308.410.625 Sub-total

Persentase: Percentage:Glencore International AG 19% 12% Glencore International AGMercuria Energy Group Ltd 18% 10% Mercuria Energy Group LtdVitol Asia Pte, Ltd 16% 1% Vitol Asia Pte, LtdDragon Energy Corporation 14% 21% Dragon Energy CorporationPT Pinang Export Indonesia - 17% PT Pinang Export IndonesiaEagle Power Corporation - 12% Eagle Power Corporation

Persentase terhadap Percentage from thetotal penjualan 67% 73% total sales

Page 223: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 221

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

94

30. BEBAN POKOK PENJUALAN 30. COST OF GOODS SOLD

Tahun yang berakhirpada tanggal 31 Desember/Year ended December 31,

2014 2013

Biaya produksi: Production costs:Pengupasan tanah 300.361.274 235.795.399 Overburden removalPengangkutan dan

penambangan batubara 23.992.703 18.450.303 Coal extraction and coal haulingSewa mesin, peralatan Machineries, equipment and

dan kendaraan 14.562.148 14.519.897 vehicle rentalBahan bakar 7.636.292 6.448.649 FuelPenyusutan (Catatan 10) 5.991.211 3.621.997 Depreciation (Note 10)Gaji, upah dan Salaries, wages and

tunjangan karyawan 5.564.220 5.544.004 employee allowanceAmortisasi aset Amortization of mine

pertambangan (Catatan 12) 5.585.177 3.576.234 properties (Note 12)Perawatan dan pemeliharaan 3.943.634 2.353.710 Repairs and maintenancesPengelolaan dan reklamasi Environmental and

lingkungan hidup dan penutupan reclamation costs and minetambang 807.338 473.957 closure

Pemindahan lumpur 489.985 2.986.933 Mud removalLain-lain 3.411.551 2.887.858 Others

Total biaya produksi 372.345.533 296.658.941 Total production cost

Pembelian batubara - 520.000 Coal purchasedPengangkutan dan crane 26.990.187 26.230.600 Barging and craneRoyalti (Catatan 42a) 24.486.245 21.538.984 Royalty (Note 42a)Barang dalam proses: Work- in- process:

Batubara baku Raw CoalAwal tahun 6.858.180 7.865.000 Beginning of yearAkhir tahun (9.110.216) (6.858.180) End of year

Barang jadi: Finished Goods:Batubara industri Industrial CoalAwal tahun 24.046.991 20.388.978 Beginning of yearAkhir tahun (31.852.485) (24.046.991) End of year

Beban pokok penjualan 413.764.435 342.297.332 Cost of goods sold

Beban pokok penjualan tersebut diatas termasukbeban pokok penjualan tanda buah segar untuktahun yang berakhir pada tanggal 31 Desember2014 sebesar AS$1.440.787 (2013: AS$640.168).

The above cost of goods sold include cost of goodsold of fress fruit bunch for the year endedDecember 31, 2014 amounted to US$1,440,787(2013: US$640,168)

Page 224: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

222 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

95

30. BEBAN POKOK PENJUALAN (lanjutan) 30. COST OF GOODS SOLD (continued)

Pembelian barang dan jasa dari pihak ketiga yangnilainya secara individual melebihi 10% dari totalpenjualan adalah sebagai berikut:

Purchases of materials and services from thirdparties which individually exceed 10% of total salesare as follows:

Tahun yang berakhirpada tanggal 31 Desember/Year ended December 31,

2014 2013

PT Petrosea Tbk 163.137.098 76.104.786 PT Petrosea TbkPT Pro Energy 6.771.522 64.262.138 PT Pro Energy

Total 169.908.620 140.366.924 Total

PT Petrosea Tbk 33% 18% PT Petrosea TbkPT Pro Energy 1% 15% PT Pro Energy

Total 34% 33% Total

31. BEBAN UMUM DAN ADMINISTRASI 31. GENERAL AND ADMINISTRATIVE EXPENSES

Tahun yang berakhirpada tanggal 31 Desember/Year ended December 31,

2014 2013

Gaji, upah, bonus dan Salaries, wages, bonuses,kesejahteraan karyawan 13.981.792 13.722.135 and employee benefits

Program tanggung jawab sosial Corporate social responsibilitydan lingkungan perusahaan 6.230.081 5.497.245 and environment program

Biaya pajak 1.484.672 446.675 Tax expensesPerlengkapan dan peralatan kantor 1.393.135 1.230.793 Office supplies and utilitiesSewa kantor dan kendaraan 1.235.630 857.813 Office and vehicle rentPenyusutan (Catatan 10) 1.142.370 1.104.592 Depreciation (Note 10)Perjalanan dinas 862.103 760.429 Business travelPajak Bumi dan Bangunan 837.999 772.026 Land and building taxJasa profesional 764.814 578.036 Professional feesPenyisihan kerugian penurunan Provision for impairment

nilai piutang 874.360 1.753.446 losses on receivableRepresentasi dan jamuan 385.781 442.040 Representation and entertainmentLain-lain 2.013.163 1.514.316 Others

Total beban umum Total general and adminsitrativedan administrasi 31.205.900 28.679.546 expenses

Page 225: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 223

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

96

32. BEBAN PENJUALAN DAN PEMASARAN 32. SELLING AND MARKETING EXPENSES

Tahun yang berakhirpada tanggal 31 Desember/Year ended December 31,

2014 2013

Komisi 141.917 365.273 CommissionBeban pemasaran 50.291 44.893 Marketing expenseLain-lain 172.490 117.966 Others

Total beban penjualan Total sellingdan pemasaran 364.698 528.132 and marketing expenses

33. PENDAPATAN (BEBAN) LAIN-LAIN-NETO 33. OTHER INCOME (EXPENSES)-NET

Tahun yang berakhirpada tanggal 31 Desember/Year ended December 31,

2014 2013

Pendapatan atas Income fromselisih waktu berlabuh, neto 1.996.287 181.895 dispatch and demurrage, net

Kerugian penjualan dan penghapusan Loss on sale and disposal ofaset tetap (365.610) (163.832) fixed assets

Beban pengalihan kewajiban Domestic market obligation transferpemenuhan kebutuhan dalam negeri - (745.907) expenses

Lain-lain (254.653) 375.194 Miscellaneous

Total 1.376.024 (352.650) Total

34. INSTRUMEN DERIVATIF 34. DERIVATIVE INSTRUMENTS

Kelompok Usaha menghadapi risiko kerugian yangdapat timbul dari fluktuasi harga jual batu baradan/atau harga beli bahan bakar dan menggunakaninstrumen keuangan derivatif untuk mengurangirisiko tersebut.

The Group faces exposures on risk of lossesarising from the fluctuations in the selling price ofcoal and purchase price of fuel and manages toreduce the risks by entering into financial derivativeinstruments.

Berdasarkan perkiraaan untuk 12 bulan ataskebutuhan komoditas bahan bakar, KelompokUsaha melakukan lindung nilai menggunakantransaksi swap atas perjanjian pembelian komoditastersebut. Transaksi swap komoditas bahan bakartidak dihasilkan dari penyerahan komoditas bahanbakar secara fisik, melainkan ditujukan sebagailindung nilai arus kas untuk saling hapus atas efekperubahan komoditas bahan bakar.

Based on a 12-month forecast of the required gasoil supply, the Group hedges the purchase priceusing swap transaction on commodity purchasecontract. The swap contract transaction do notresult in physical delivery of gas oil commodities,but are designated as cash flow hedges to offsetthe effect of price changes in gas oil commodities.

Kelompok Usaha juga menghadapi risiko kerugianyang dapat timbul dari fluktuasi tingkat bunga pasarsehubungan dengan bunga atas pinjaman banksindikasi dan menggunakan instrumen keuanganderivatif untuk mengurangi risiko tersebut.

The Group faces exposures on risk of lossesarising from the fluctuations in the market interestrates in relation to interest on syndicated loan andmanages to reduce the risks by entering intofinancial derivative instruments.

Berikut ini adalah kontrak instrumen keuanganderivatif yang dimiliki Kelompok Usaha untuk tahunyang berakhir pada tanggal-tanggal 31 Desember2014 dan 2013:

The following is the Group‘s contracts derivativefinancial instruments for the years endedDecember 31, 2014 and 2013:

Page 226: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

224 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

97

34. INSTRUMEN DERIVATIF (lanjutan) 34. DERIVATIVE INSTRUMENTS (continued)

2014 2014

a. ABN a. ABN

Dalam bulan April dan November 2014, ABNmenandatangani beberapa perjanjian yangterpisah dengan BNP Paribas sehubungan dengantransaksi swap komoditas bahan bakar denganrincian sebagai berikut:

In April and November 2014, ABN has enteredinto several separate agreements with BNPParibas in relation to the swap contracttransactions for gas oil commodities, which areas follows:

Pihak lawan/Counterparty: BNP ParibasJumlah

kuantitas ABN membayarTanggal Tanggal nosional/ Harga atau menerimaefektif/ Terminasi/ Total tetap/ harga tetap/

No./ Effective Termination notional Fixed ABN pays orNo. date date quantity price receives fixed price Referensi harga/Commodity reference

1. 01 Mei 2014/ 31 Desember 2014/ 60.000/ 118/ Membayar/ GAS OIL-0.05 SINGAPORE-PLATTS ASIA-PACIFICMay 01, 2014 December 31, 2014 60,000 118 Pay

2. 01 January 2015/ 31 Desember 2015/ 144.000/ 95/ Membayar/ GAS OIL-0.05 SINGAPORE-PLATTS ASIA-PACIFICJanuary 01, 2015 December 31, 2015 144,000 95 Pay

3. 01 January 2015/ 31 Desember 2015/ 60.000/ 90/ Membayar/ GAS OIL-0.05 SINGAPORE-PLATTS ASIA-PACIFICJanuary 01, 2015 December 31, 2015 60,000 90 Pay

Sehubungan dengan transaksi swap komoditasbahan bakar, untuk kontrak yang selesai dalamtahun 2014, Kelompok Usaha mencatat kerugianneto sebesar AS$611.955 dalam laba rugi tahun2014 dengan utang derivatif sebesar AS$306.750pada tanggal 31 Desember 2014.

In relation to the commodity swap for gas oilwhich has been terminated in 2014, Grouprecognized a net loss amounting toUS$611,955 in the profit or loss for 2014 withderivative liability amounting to US$306,750 asof December 31, 2014.

Perubahan nilai wajar kontrak tersebut diatas padatanggal 31 Desember 2014 adalah sebesarUS$4.185.424, yang dilaporkan sebagai Utangderivatif pada laporan posisi keuangankonsolidasian tanggal 31 Desember 2014(Catatan 27).

The change in fair value of the above contractsas of December 31, 2014 amounting toUS$4,185,424 is reported as Derivativepayables in the statement of consolidatedfinancial position as of December 31, 2014(Note 27).

b. TBS b. TBS

(i) Suku Bunga Cap (i) Interest Rate Cap

Pihak lawan/Counterparty: BNP ParibasTBS membayar

Tanggal Tanggal Nilai Bunga atau menerimaefektif/ Terminasi/ nosional/ tetap/ bunga tetap/

Effective Termination Notional Fixed TBS pays or receivesdate date amount interest fixed interest Referensi bunga/Interest reference

30 September 2014/ 30 Maret 2018/ 35.000.000/ 577.500/ Membayar/ USD-LIBOR-BBASeptember 30, 2014 March 30, 2018 35,000,000 577,500 Pay

Perubahan nilai wajar kontrak tersebut di ataspada tanggal 31 Desember 2014 adalahsebesar AS$552.308 sebagai keuntungan yangdiakui dalam laporan laba rugi komprehensifkonsolidasian.

The change in fair value of the abovecontract as at December 31, 2014 isamounting to US$552,308 as gainrecognized in the consolidated statement ofcomprehensive income.

Page 227: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 225

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

98

34. INSTRUMEN DERIVATIF (lanjutan) 34. DERIVATIVE INSTRUMENTS (continued)

2014 (lanjutan) 2014 (continued)

b. TBS (lanjutan) b. TBS (continued)

(ii) Swap Komoditas (ii) Commodity Swap

Dalam bulan Oktober dan November 2014,TBS menandatangani beberapa perjanjian yangterpisah dengan Standard Charteredsehubungan dengan transaksi swap komoditasbahan bakar untuk keperluan kegiatanoperasional tambang IM dan TMU denganrincian sebagai berikut:

In October and November 2014, TBS hasentered into several separate agreementswith Standard Chartered in relation to theswap contract transactions for gas oilcommodities for the purpose of miningoperations of IM and TMU, which are asfollows:

Pihak lawan/Counterparty: Standard Chartered

Jumlahkuantitas TBS membayar

Tanggal Tanggal nosional/ Harga atau menerimaefektif/ Terminasi/ Total tetap/ harga tetap/

No./ Effective Termination notional Fixed TBS pays orNo. date date quantity price receives fixed price Referensi harga/Commodity reference

1. 1 Desember 2014/ 30 November, 2015/ 18.000/ 101.400/ Membayar/ GAS OIL-SINGAPORE-PLATTS ASIA-PACIFIC December 1, 2014 November 30, 2015 18,000 101,400 Pay

2. 1 December 2014/ 30 November 2015/ 18.000/ 100.500/ Membayar/ GAS OIL-SINGAPORE-PLATTS ASIA-PACIFICDecember 1, 2014 November 30, 2015 18,000 100,500 Pay

Perubahan nilai wajar kontrak tersebut diataspada tanggal 31 Desember 2014 adalah sebesarAS$1.040.335, yang dilaporkan sebagai Utangderivatif pada laporan posisi keuangankonsolidasian tanggal 31 Desember 2014(Catatan 27).

The change in fair value of the abovecontracts as of December 31, 2014amounting to US$1,040,335, which isreported as Derivative payables in thestatement of consolidated financial positionas of December 31, 2014 (Note 27).

2013 2013

ABN ABN

Dalam bulan November 2013, ABN menandatanganibeberapa perjanjian yang terpisah dengan Australiaand New Zealand Banking Group Limited dan BNPParibas sehubungan dengan transaksi swapkomoditas gas oil dengan rincian sebagai berikut :

In November 2013, the ABN has entered intoseveral separate agreements with Australia andNew Zealand Banking Group Limited, and BNPParibas in relation to the swap contracttransactions for gas oil commodities, which are asfollows:

Pihak lawan/Counterparty: Australia and New Zealand Banking Group Limited

Jumlahkuantitas ABN membayar

Tanggal Tanggal nosional/ Harga atau menerimaefektif/ Terminasi/ Total tetap/ harga tetap/

No./ Effective Termination notional Fixed ABN pays orNo. date date quantity price receives fixed price Referensi harga/Commodity reference

1. 02 Januari 2014/ 31 Desember 2014/ 90.000/ 117,23/ Membayar/ GAS OIL-0.05 SINGAPORE-PLATTS ASIA-PACIFIC January 02, 2014 December 31, 2014 90,000 117.23 Pay

Pihak lawan/Counterparty: BNP ParibasJumlah

kuantitas ABN membayarTanggal Tanggal nosional/ Harga atau menerimaefektif/ Terminasi/ Total tetap/ harga tetap/

No./ Effective Termination notional Fixed ABN pays orNo. date date quantity price receives fixed price Referensi harga/Commodity reference

1. 01 Januari 2014/ 31 Desember 2014/ 90.000/ 117,00/ Membayar/ GAS OIL-0.05 SINGAPORE-PLATTS ASIA-PACIFICJanuary 01, 2014 December 31, 2014 90,000 117.00 Pay

Page 228: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

226 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

99

34. INSTRUMEN DERIVATIF (lanjutan) 34. DERIVATIVE INSTRUMENTS (continued)

2013 (lanjutan) 2013 (continued)

ABN (lanjutan) ABN (continued)

Dalam tahun 2013, ABN melakukan penyelesaianawal terhadap perjanjian swap komoditas gas oildengan Australia and New Zealand Banking GroupLimited dan BNP Paribas, dimana ABN mencatatkeuntungan sebesar AS$693.712 dan diakui dalamlaporan laba rugi komprehensif konsolidasian tahun2013.

In 2013, ABN early terminated commodity swapfor gas oil with the Australia and New ZealandBanking Group Limited and BNP Paribas,whereby ABN recognized a gain amounting toUS$693,712, which is recorded in theconsolidated statement of comprehensive incomefor 2013.

Transaksi swap gas oil di atas adalah untukmelindungi risiko fluktuasi harga bahan bakar yangtimbul dari transaksi pembelian bahan bakar ABNuntuk memproduksi batu bara dalam rangkamemenuhi komitmen penjualan ABN.

The gas oil swap transactions is to hedge riskagainst gas oil purchase of ABN for producingcoal in order to fulfill ABN’s sales commitments.

Perjanjian sehubungan dengan kontrak derivatifdiatas sesuai dengan ISDA Master Agreement 2002dan tidak ada persyaratan tambahan pentinglainnya.

The agreements on the above derivative contracsare based on ISDA Master Agreement 2002 andno other additional significant conditions.

Tidak ada transaksi derivatif yang dilakukan olehKelompok Usaha selain untuk tujuan lindung nilai.

There is no derivative transactions for which themanagement entered into other than for hedgingpurposes.

35. TRANSAKSI DAN SALDO PIHAK BERELASI 35. RELATED PARTY TRANSACTIONS ANDBALANCES

Dalam kegiatan usaha normalnya, KelompokUsaha melakukan transaksi dengan pihak berelasi.

In the ordinary course of business, the Groupengaged into transactions with related parties.

Sifat transaksi dan hubungan dengan pihakberelasi adalah sebagai berikut:

The nature of transactions and relationships withrelated parties are as follows:

Pihak berelasi/ Hubungan/ Sifat transaksi/Related parties Relationship Nature of transactions

PT Toba Sejahtra Pemegang saham pengendali/ Pinjaman modal kerja, uang mukaControlling shareholder dividen dan pembayaran lainnya/

Working capital loan, advance dividendsand other payment

PT Kutai Energi Anggota dari kelompok usaha yang sama/ Pinjaman modal kerja/Member of the same group Working capital loan

PT Kimco Armindo Anggota dari kelompok usaha yang sama/ Pinjaman modal kerja/Member of the same group Working capital loan

PT Toba Pengembang Anggota dari kelompok usaha yang sama/ Uang muka pembelian aset/Sejahtra Member of the same group Advances for purchase of assets

Bpk. Davit Togar Pandjaitan Anggota keluarga terdekat pemegang Dividen/saham mayoritas TS/ DividendsImmediate family member of the majorityshareholder of TS

Page 229: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 227

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

100

35. TRANSAKSI DAN SALDO PIHAK BERELASI(lanjutan)

35. RELATED PARTY TRANSACTIONS ANDBALANCES (continued)

Saldo dengan pihak berelasi adalah sebagaiberikut:

Balances with related parties are as follows:

a. Piutang usaha a. Trade receivables

31 Desember/December 31,

2014 2013

Piutang usaha Trade receivablesAset Lancar Current assets

Anggota dari kelompok usaha Member of theyang sama: same group:

PT Kimco Armindo 2.314.838 2.314.838 PT Kimco ArmindoDikurangi: Less:Penyisihan kerugian Allowance for

penurunan nilai (1.736.129) (1.157.419) impairment losses

578.709 1.157.419

Persentase terhadap total aset 0,2% 0,4% As a percentage to total assets

b. Piutang lain-lain b. Other receivables

Piutang lain-lain - aset tidak lancar Other receivables - non-current assets

31 Desember/December 31,

2014 2013

Piutang lain-lain Other receivablesAset tidak lancar Non-current assets

Pemegang saham pengendali: Controlling shareholder:PT Toba Sejahtra 25.427.191 26.487.401 PT Toba Sejahtra

Anggota dari kelompok usaha Member of theyang sama: same group:

PT Kutai Energi 3.731.828 3.585.614 PT Kutai EnergiPT Kimco Armindo 1.360.419 1.312.335 PT Kimco Armindo

Total 30.519.438 31.385.350 TotalDikurangi: Less:Penyisihan kerugian Allowance for

penurunan nilai (891.677) (596.027) impairment losses

29.627.761 30.789.323

Persentase terhadap total aset 9,8% 9,9% As a percentage to total assets

Page 230: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

228 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

101

35. TRANSAKSI DAN SALDO PIHAK BERELASI(lanjutan)

35. RELATED PARTY TRANSACTIONS ANDBALANCES (continued)

Saldo dengan pihak berelasi adalah sebagaiberikut: (lanjutan)

Balances with related parties are as follows:(continued)

c. Uang muka - jangka panjang c. Advances - long-term portion

31 Desember/December 31,

2014 2013

Uang muka - jangka panjang Advances - long-term portionAset tidak lancar Non-current assets

Anggota dari kelompok usaha Member of theyang sama: same group:

PT Toba Pengembang Sejahtra 3.628.392 - PT Toba Pengembang SejahtraPT Kutai Energi 518.318 542.106 PT Kutai Energi

4.146.710 542.106

Persentase terhadap total aset 1,4% 0,2% As a percentage to total assets

Saldo piutang lain - lain kepada PT TobaSejahtra terutama merupakan pinjaman modalkerja dengan bunga tahunan sebesar 3,75%-4,25% di atas LIBOR untuk 3 bulan. Pengenaanbunga ini mulai berlaku semenjak tanggal22 Agustus 2011. Piutang bunga yang dicatatpada tanggal 31 Desember 2014 sebesarAS$3.268.764 (2013:AS$2.341.730)

Other receivable balances from PT TobaSejahtra mainly represents working capital loangranted by the Company with an interest at3.75%-4.25% above the LIBOR for 3 months.This interest is effective since August 22, 2011.Interest receivable as of December 31, 2014amounted to US$3,268,764 (2013:US$2,341,730).

Saldo piutang lain-lain dari PT Kutai Energiterutama merupakan pinjaman modal kerjadengan bunga sebesar 6,5% untuk pinjamandalam mata uang Rupiah dan 4% untukpinjaman dalam mata uang Dolar AmerikaSerikat. Pengenaan bunga ini mulai berlakusejak tanggal 1 Januari 2012. Piutang bungayang dicatat pada tanggal 31 Desember 2014sebesar AS$600.841 (2013: AS$404.458).

Other receivable balances from PT KutaiEnergi mainly represents working capital loanwith an interest of 6.5% for loan denominatedin Rupiah and 4% for loan denominated in U.S.Dollar. This interest is effective since January1, 2012. Interest receivable as of December 31,2014 amounted to US$600,841 (2013:US$404,458).

Saldo piutang lain-lain dari PT Kimco Armindoterutama merupakan pinjaman modal kerjadengan bunga sebesar 6,5% untuk pinjamandalam mata uang Rupiah dan 4% untukpinjaman dalam mata uang Dolar AmerikaSerikat. Pengenaan bunga ini mulai berlakusejak tanggal 1 Januari 2012. Piutang bungayang dicatat pada tanggal 31 Desember 2014sebesar AS$177.820 (2013: AS$120.281).

Other receivable balances from PT KimcoArmindo mainly represents working capital loanwith an interest of 6.5% for loan denominatedin Rupiah and 4% for loan denominated in U.S.Dollar. This interest is effective sinceJanuary 1, 2012. Interest receivable as ofDecember 31, 2014 amounted to US$177,820(2013: US$120,281).

Page 231: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 229

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

102

35. TRANSAKSI DAN SALDO PIHAK BERELASI(lanjutan)

35. RELATED PARTY TRANSACTIONS ANDBALANCES (continued)

Saldo dengan pihak berelasi adalah sebagaiberikut: (lanjutan)

Balances with related parties are as follows:(continued)

d. Utang dividen d. Dividend payables

31 Desember/December 31,

2014 2013

Utang dividen Dividend payablesAnggota keluarga terdekat Immediate family member of the

pemegang saham mayoritas TS : majority shareholder of TS:Bpk. Davit Togar Pandjaitan 288.289 290.856 Mr. Davit Togar Pandjaitan

Total 288.289 290.856 Total

Persentase terhadap total liabilitas 0,2% 0,2% As a percentage to total liabilities

e. Utang lain - lain e. Other payables

31 Desember/December 31,

2014 2013

Utang lain-lain Other payableJangka panjang Non-current

Pemegang saham pengendali : Controlling shareholder:PT Toba Sejahtra 2.242.526 2.288.701 PT Toba Sejahtra

Total 2.242.526 2.288.701 Total

Persentase terhadap total liabilitas 1,4% 1,3% As a percentage to total liabilities

Saldo utang lain-lain-jangka panjang kepada TSmerupakan pinjaman untuk modal kerja tanpabunga yang diterima entitas anak.

Other payable balance-non current to TSrepresents non-interest bearing loan obtainedby subsidiaries.

Kompensasi dan imbalan lain The compensation and other benefits

Kompensasi dan imbalan lain yang diberikankepada Dewan Komisaris dan DireksiPerusahaan untuk tahun yang berakhir padatanggal-tanggal 31 Desember 2014 dan 2013adalah sebagai berikut:

The compensation and other benefits providedto the Boards of Commissioners and Directorsof the Company for the years endedDecember 31, 2014 and 2013 are as follows:

Tahun yang berakhirpada tanggal 31 Desember/Year ended December 31,

2014 2013

Imbalan jangka pendek 1.535.931 1.302.512 Short-term benefits

Total 1.535.931 1.302.512 Total

Page 232: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

230 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

103

36. LABA PER SAHAM DASAR 36. BASIC EARNINGS PER SHARE

Laba per saham adalah sebagai berikut: Earnings per share are as follows:

Tahun yang berakhirpada tanggal 31 Desember/Year ended December 31,

2014 2013

Laba tahun berjalan yang dapat Profit for the yeardiatribusikan kepada: attributable to:Pemilik entitas induk 18.327.272 18.543.538 Equity holders of the parent entity

Rata-rata tertimbang jumlah Weighted averagesaham biasa untuk number ofmenentukan laba neto ordinary shares for basicper saham dasar earnings per share(lembar saham) 2.012.491.000 2.012.491.000 (number of shares)

Laba tahun berjalan Basic earnings per shareper saham dasar 0,0091 0,0092 for the year

Laba per saham dilusian adalah sama dengan labaper saham dasar karena Perusahaan tidak memilikiefek berpotensi dilusi.

Diluted earnings per share is the same as the basicearnings per share since the Company does nothave potential dilutive securities.

37. ASET DAN LIABILITAS MONETER DALAMMATA UANG ASING

37. MONETARY ASSETS AND LIABILITIESDENOMINATED IN FOREIGN CURRENCIES

Mata uangasing

(Rp’000) dan(Yen)/

Foreign Ekuivalencurrencies Dolar AS/

(Rp’000) and U.S Dollar31 Desember 2014 (Yen) equivalent December 31, 2014Aset AssetsKas dan setara kas Rupiah/Rupiah 94.063.219 7.561.352 Cash and cash equivalentsPiutang lain-lain Rupiah/Rupiah 51.458.819 4.136.561 Other receivablesJaminan reklamasi Rupiah/Rupiah 21.944.110 1.763.996 Reclamation Guarantee

Total Aset 13.461.909 Total AssetsLiabilitas LiabilitiesUtang usaha Rupiah/Rupiah 27.101.336 2.178.564 Trade payables

Yen/Yen 62.240 522Utang lain-lain Rupiah/Rupiah 27.910.222 2.243.587 Other payablesUtang pajak Rupiah/Rupiah 22.295.059 1.792.207 Taxes payablesUtang bank Rupiah/Rupiah 150.971.044 12.135.936 Bank loansBeban Akrual Rupiah/Rupiah 7.297.055 586.580 Accrued expensesProvisi untuk reklamasi Provision for reclamation

dan penutupan tambang Rupiah/Rupiah 55.935.378 4.496.413 and mine closureLiabilitas imbalan kerja jangka Short-term employee benefits

pendek Rupiah/Rupiah 37.765.986 3.035.851 liabilitiesLiabilitas Imbalan kerja jangka Long-term employee benefits

panjang Rupiah/Rupiah 35.337.935 2.840.670 liabilitiesSewa pembiayaan Rupiah/Rupiah 4.405.365 354.129 Finance lease

Total Liabilitas 29.664.459 Total Liabilities

Liabilitas neto 16.202.550 Net liabilities

Page 233: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 231

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

104

37. ASET DAN LIABILITAS MONETER DALAMMATA UANG ASING (lanjutan)

37. MONETARY ASSETS AND LIABILITIESDENOMINATED IN FOREIGN CURRENCIES(continued)

Mata uangasing

(Rp’000) dan(Euro)/Foreign Ekuivalen

currencies Dolar AS/(Rp’000) and U.S Dollar

31 Desember 2013 (Euro) equivalent December 31, 2013Aset AssetsKas dan setara kas Rupiah/Rupiah 300.856.760 24.682.645 Cash and cash equivalentsPiutang lain-lain Rupiah/Rupiah 48.482.747 3.977.582 Other receivablesJaminan reklamasi Rupiah/Rupiah 11.281.831 925.575 Reclamation Guarantee

Total Aset 29.585.802 Total Assets

Liabilitas LiabilitiesUtang usaha Rupiah/Rupiah 49.952.155 4.098.134 Trade payables

Euro/Euro 2.599 3.610Utang lain-lain Rupiah/Rupiah 27.896.976 2.288.701 Other payablesUtang pajak Rupiah/Rupiah 31.435.724 2.579.024 Taxes payablesUtang bank Rupiah/Rupiah 137.762.260 11.302.179 Bank loansBeban akrual Rupiah/Rupiah 12.070.486 990.277 Accrued expensesProvisi untuk reklamasi Provision for mine

dan penutupan reclamation andtambang Rupiah/Rupiah 48.168.697 3.951.817 mine closure

Liabilitas Imbalan kerja jangka Short-term employee benefitspendek Rupiah/Rupiah 40.718.366 3.340.583 liabilities

Liabilitas Imbalan kerja jangka Long-term employee benefitspanjang Rupiah/Rupiah 23.683.946 1.943.059 liabilities

Sewa pembiayaan Rupiah/Rupiah 2.323.772 190.645 Finance lease

Total Liabilitas 30.688.029 Total Liabilities

Liabilitas neto 1.102.227 Net liabilities

Apabila posisi aset neto dalam mata uang selainAS$ pada tanggal 31 Desember 2014 dinyatakandengan menggunakan kurs tengah nilai tukar matauang asing pada tanggal 9 Maret 2015 makaliabilitas neto dalam mata uang asing akanmenurun sebesar lebih kurang AS$141.839.

If the net position of assets in currencies other thanUS$ as of December 31, 2014, is reflected usingthe middle rates of exchange as of March 9, 2015,the net liabilities in foreign currencies will decreaseby approximately US$141,839.

38. INFORMASI SEGMEN USAHA 38. OPERATING SEGMENT INFORMATION

Segmen operasi Kelompok Usaha yaitupertambangan batubara dan perkebunan. Kegiatanoperasional segmen operasi Kelompok Usahadijalankan di Kalimantan.

The Group operating segments are coal miningand plantation. The operational activities of theGroup’s operating segments are carried out inKalimantan.

Berikut informasi tentang wilayah geografis daripelanggan:

Below is information regarding geographical locationof the customers:

Perkebunan/ Pertambangan/ Total/Plantation Mining Total

2014 2014Asia - 498.244.912 498.244.912 AsiaDomestik 1.072.442 648.288 1.720.730 Domestic

Total 1.072.442 498.893.200 499.965.642 Total

Page 234: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

232 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

105

38. INFORMASI SEGMEN USAHA (lanjutan) 38. OPERATING SEGMENT INFORMATION(continued)

Berikut informasi tentang wilayah geografis daripelanggan (lanjutan):

Below is information regarding geographical locationof the customers (continued):

Perkebunan/ Pertambangan/ Total/Plantation Mining Total

2013 2013Asia - 419.701.764 419.701.764 AsiaDomestik 265.065 1.882.908 2.147.973 Domestic

Total 265.065 421.584.672 421.849.737 Total

Berikut ini adalah informasi segmen berdasarkansegmen usaha:

Segment information based on business segments ispresented below:

Tahun yang berakhir pada tanggal 31 Desember/Year ended December 31,

2014

Perkebunan/ Pertambangan/ Eliminasi/ Total/Plantation Mining Elimination Total

Laporan laba rugi Consolidated statement ofkomprehensif konsolidasian comprehensive income

Penjualan 1.072.442 498.893.200 - 499.965.642 SalesHarga Pokok Penjualan 1.440.787 411.969.277 354.371 413.764.435 Cost of goods soldLaba/(Rugi) operasi (966.211) 57.557.156 (561.697) 56.029.248 Operating profit/(loss)Pendapatan keuangan 1.240 4.185.330 (1.675.044) 2.511.526 Finance incomeBeban keuangan (1.926.415) (3.413.904) 696.770 (4.643.549) Finance charges

Laba sebelum pajak 53.897.225 Profit before taxBeban pajak - neto (18.096.721) Tax expense - net

Laba tahun berjalan 35.800.504 Profit for the year

Laporan posisi keuangan Consolidated statement ofkonsolidasian financial position

Aset segmen 14.768.091 287.449.608 (1.607.457) 300.610.242 Segment assetsLiabilitas segmen 24.243.413 145.015.811 (11.001.568) 158.257.656 Segment liabilities

Informasi lainnya Other InformationBelanja modal 960.675 14.488.391 - 15.449.066 Capital expendituresPenyusutan, deplesi Depreciation, depletion

dan amortisasi 638.082 12.525.377 - 13.163.459 and amortization

Page 235: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 233

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

106

38. INFORMASI SEGMEN USAHA (lanjutan) 38. OPERATING SEGMENT INFORMATION(continued)

Berikut ini adalah informasi segmen berdasarkansegmen usaha (lanjutan):

Segment information based on business segments ispresented below (continued):

Tahun yang berakhir pada tanggal 31 Desember/Year ended December 31,

2013

Perkebunan/ Pertambangan/ Eliminasi/ Total/Plantation Mining Elimination Total

Laporan laba rugi Consolidated statement ofkomprehensif konsolidasian comprehensive income

Penjualan 265.065 421.584.672 - 421.849.737 SalesHarga Pokok Penjualan 640.168 341.657.164 - 342.297.332 Cost of goods soldLaba/(Rugi) operasi (725.546) 46.681.978 4.058.882 50.015.314 Operating profit/(loss)Pendapatan keuangan 4.737 4.905.158 (842.127) 4.067.768 Finance incomeBeban keuangan (784.722) (3.212.543) 317.202 (3.680.063) Finance charges

Laba sebelum pajak 50.403.019 Profit before taxBeban pajak - neto (15.799.226) Tax expense - net

Laba tahun berjalan 34.603.793 Profit for the year

Laporan posisi keuangan Consolidated statement ofkonsolidasian financial position

Aset segmen 13.231.386 295.132.098 3.284.455 311.647.939 Segment assetsLiabilitas segmen 20.780.853 167.946.864 (7.561.022) 181.166.695 Segment liabilities

Informasi lainnya Other InformationBelanja modal 42.618 18.250.835 - 18.293.453 Capital expendituresPenyusutan, deplesi Depreciation, depletion

dan amortisasi 279.312 8.235.913 - 8.515.225 and amortization

Page 236: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

234 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

107

39. INSTRUMEN KEUANGAN 39. FINANCIAL INSTRUMENTS

Seluruh nilai tercatat instrumen keuanganmendekati nilai wajar dari instrumen keuangantersebut.

The carrying value of all financial instrumentsapproximates their respective fair values.

Berikut ini adalah metode dan asumsi yangdigunakan manajemen dalam mengestimasi nilaiwajar dari setiap golongan instrumen keuanganKelompok Usaha:

The following are the methods and assumptionsused by management to estimate the fair value ofeach class of the Group’s financial instruments:

1. Kas dan setara kas, piutang usaha dan piutanglain-lain.

1. Cash and cash equivalents, trade receivables andother receivables.

Untuk aset keuangan jangka pendek yangakan jatuh tempo dalam waktu 12 bulan, nilaitercatat aset keuangan tersebut dianggap telahmencerminkan nilai wajar dari aset keuangantersebut.

For financial assets that are due within 12 months,the carrying values of the financial assets areperceived to approximate their fair values.

2. Nilai wajar dari setoran jaminan ditentukandengan mendiskontokan arus kas masadatang menggunakan suku bunga yangberlaku dari transaksi pasar yang dapatdiamati untuk instrumen dengan persyaratan,risiko kredit dan jatuh tempo yang sama.Setoran jaminan dalam bentuk depositoberjangka menghasilkan bunga dengan tingkatbunga pasar, sehingga nilai tercatatnyadianggap mencerminkan nilai wajar.

2. Fair value of security deposits are determined bydiscounting the future cash flows using prevailinginterest rates of observable market transactions foran instrument with the same requirements, creditrisk and maturity. Security deposit in form of timedeposit earns interest income at market rate, thusthe carrying value approximate their fair values.

3. Utang usaha, utang lain-lain dan beban akrual 3. Trade payables, other payables and accruedexpenses.

Untuk liabilitas keuangan jangka pendek yangakan jatuh tempo dalam waktu 12 bulan, nilaitercatat liabilitas keuangan tersebut dianggaptelah mencerminkan nilai wajar dari liabilitaskeuangan tersebut.

For financial liabilities that are due within 12 months,the carrying value of the financial liabilities isperceived to approximate their fair value.

4. Utang bank

Utang bank memiliki suku bunga variabel yangdisesuaikan dengan pergerakan suku bungapasar sehingga jumlah terutang liabilitaskeuangan tersebut telah mendekati nilai wajar.

4. Bank loans

Bank loans have floating interest rates which areadjusted in the movements of market interest rates,thus the payable amounts of these financial liabilitiesapproximate their fair values.

Page 237: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 235

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

108

39. INSTRUMEN KEUANGAN (lanjutan) 39. FINANCIAL INSTRUMENTS (continued)

Berikut ini adalah metode dan asumsi yangdigunakan manajemen dalam mengestimasi nilaiwajar dari setiap golongan instrumen keuanganKelompok Usaha (lanjutan):

The following are the methods and assumptionsused by management to estimate the fair value ofeach class of the Group’s financial instruments(continued):

5. Instrumen derivatif

Perusahaan mengukur nilai wajar untukinstrumen keuangan yang diakui pada nilaiwajar dengan menggunakan tingkat hirarkiberikut ini:- Tingkat 1: Harga kuotasi di pasar yang aktif

untuk instrumen keuangan yang sejenis,- Tingkat 2: Teknik penilaian berdasarkan

input yang dapat diobservasi,- Tingkat 3: Teknik penilaian yang

menggunakan input signifikan yang tidakdapat diobservasi.

Pada tanggal 31 Desember 2014, Perusahaanmempunyai instrumen keuangan yang diakuipada nilai wajar yaitu aset derivatif dan liabilitasderivatif. Instrumen keuangan tersebut diukurberdasarkan hirarki tingkat 2. Perusahaan tidakmemiliki instrumen keuangan yang diakui padanilai wajar yang diukur berdasarkan hirarkitingkat 1 dan 3 dan tidak ada perpindahandiantaranya.

5. Derivative instruments

The Company measures fair value for financialinstrument recognized at fair values using thefollowing hierarchy level:- Level 1: Quoted market price in an active

market for an identical instrument,- Level 2: Valuation techniques based on

observable inputs,- Level 3: Valuation techniques using

significant unobservable inputs.

As of 31 December 2014, the Company hasfinancial instrument recognized at fair valuewhich are derivative assets and liabilities. Thosefinancial instruments are measured at hierarchylevel 2. The Company does not have anyfinancial instrument recognized at fair values thatare measured using hierarchy level 1 and 3 andthere is no reclassification between them.

40. KEBIJAKAN DAN TUJUAN MANAJEMENRISIKO KEUANGAN

40. FINANCIAL RISK MANAGEMENT OBJECTIVESAND POLICIES

Manajemen risiko Risk management

Risiko utama yang timbul dari instrumen keuanganKelompok Usaha adalah risiko nilai tukar matauang asing, risiko kredit dan risiko likuiditas.Kepentingan untuk mengelola risiko ini telahmeningkat secara signifikan denganmempertimbangkan perubahan dan volatilitaspasar keuangan baik di Indonesia maupuninternasional. Manajemen menelaah danmenyetujui kebijakan untuk mengelola risiko-risikoyang dirangkum di bawah ini.

The main risks arising from the Group’s financialinstruments are foreign exchange rate risk, creditrisk and liquidity risk. The importance of managingthese risks has significantly increased in light of theconsiderable change and volatility in bothIndonesian and international financial markets.Management reviews and approves the policies formanaging these risks which are summarizedbelow.

Risiko nilai tukar mata uang asing Foreign exchange rate risk

Risiko nilai tukar mata uang asing adalah risikodimana nilai wajar atau arus kas masa datang darisuatu instrumen keuangan akan berfluktuasi akibatperubahan nilai tukar mata uang asing. EksposurKelompok Usaha terhadap fluktuasi nilai tukarterutama berasal dari kas dan setara kas dan utangusaha dalam mata uang Rupiah.

Foreign exchange rate risk is the risk that the fairvalue or future cash flows of a financial instrumentwill fluctuate because of changes in foreignexchange rates. The Group’s exposure toexchange rate fluctuations results primarily fromcash and cash equivalent and trade payableswhich are denominated in Rupiah.

Page 238: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

236 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

109

40. KEBIJAKAN DAN TUJUAN MANAJEMENRISIKO KEUANGAN (lanjutan)

40. FINANCIAL RISK MANAGEMENT OBJECTIVESAND POLICIES (continued)

Risiko nilai tukar mata uang asing (lanjutan) Foreign exchange rate risk (continued)

Apabila terjadi penurunan/penguatan nilai tukarmata uang AS$ terhadap nilai tukar mata uangasing, maka utang dalam mata uang asing akanmeningkat/berkurang dalam mata uang AS$.Manajemen tidak melakukan lindung nilai atasrisiko mata uang ini.

If there is weakening/strengthening of US$exchange rate, payable in foreign exchange ratewill increase/decrease in US$ term. Managementdid not hedge this foreign exchange rate.

Berikut ini adalah analisis sensitivitas efek 5%perubahan kurs mata uang asing terhadap labasetelah pajak dengan semua variabel lain dianggaptetap:

Sensitivity analysis of the 5% fluctuation in theforeign exchange rates to profit after tax withother variance considered as constant is asfollow:

2014

Kenaikan 5% (152.436) Increase 5%Penurunan 5% 152.436 Decrease 5%

Nilai maksimal eksposur adalah sebesar nilaitercatat atas aset dan liabilitas sebagaimana yangdisajikan dalam Catatan 37.

The maximum exposure to the risk are stated in thecarrying amount of assets and liabilities aspresented in Note 37.

Risiko harga

Risiko harga adalah risiko fluktuasi nilai instrumenkeuangan sebagai akibat perubahan harga pasar.Kelompok Usaha terkena dampak risiko hargakomoditas batubara dan bahan bakar yangdipengaruhi oleh beberapa faktor antara lain cuaca,kebijakan pemerintah, tingkat permintaan danpenawaran pasar dan lingkungan ekonomi global.Dampak tersebut terutama timbul dari penjualanbatubara dan pembelian bahan bakar solar,dimana harga produk tersebut terpengaruhfluktuasi harga pasar internasional.

Price risk

Price risk is the risk that the value of a financialinstrument will fluctuate because of changes inmarket price. The Group is exposed to coal andfuel commodity price risk due to certain factors,such as weather, government policy, level ofdemand and supply in the market and the globaleconomic environment. Such exposure mainlyarises from coal sales and purchase of fuel wherethe price of fuel may be affected by internationalmarket prices fluctuations.

Risiko suku bunga atas arus kas Cash flows interest rate risk

Risiko suku bunga atas arus kas merupakan suaturisiko dimana arus kas masa datang suatuinstrumen keuangan akan berfluktuasi akibatperubahan suku bunga pasar. Eksposur yang adasaat ini terutama berasal dari utang jangka panjangatas pinjaman ke bank sindikasi dengan suku bungamengambang. Pinjaman dengan suku bungamengambang menimbulkan risiko arus kas kepadaKelompok Usaha.

Cash flows interest rate risk is a risk that the futurecash flows of a financial instrument will fluctuatebecause of changes in market interest rates.Current exposure related to this risk mainly arisesfrom the long term syndicated bank loans whichbear floating interest rate. Loans at variable ratesexpose the Group to cash flows risk.

Perusahaan mengelola risiko suku bunga denganmenggunakan transaksi suku bunga Cap selamaperiode pinjaman bank sindikasi. Dengan transaksiini Perusahaan membatasi eksposur terhadap sukubunga mengambang swap tingkat bunga tertentu.Pada tanggal 31 Desember 2014, Perusahaan telahmenandatangani swap suku bunga dengan BNPParibas dan Perusahaan berkeyakinan bahwastrategi manajemen risiko ini akan menghasilkanmanfaat yang positif dalam jangka panjang.

The Company manages its interest rate risk usinginterest rate Cap transaction over the period of thesyndication bank loans. By entering thistransaction the Company limits its exposure on thefloating interest rate swap to specified interest rate.As of 31 December 2014, the Company hasentered into interest rate swap with BNP Paribasand the Company believes that this riskmanagement strategy will result in a positivebenefit in the long term.

Page 239: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 237

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

110

40. KEBIJAKAN DAN TUJUAN MANAJEMENRISIKO KEUANGAN (lanjutan)

40. FINANCIAL RISK MANAGEMENT OBJECTIVESAND POLICIES (continued)

Risiko suku bunga atas arus kas (lanjutan) Cash flows interest rate risk (continued)

Profil pinjaman Kelompok Usaha adalah sebagaiberikut:

The Group’s loan profile is as follows:

31 Desember/December 31,

2014 2013

Pinjaman dengan suku bungamengambang 56.114.739 53.736.418 Loans with floating interest rates

Total 56.114.739 53.736.418 Total

Dampak fluktuasi suku bunga 100 basis pointerhadap laba setelah pajak dengan semua variabellain tetap:

Effect of interest rates fluctuation of 100 basispoints to income after tax with all other variablesconstant:

Kenaikan/penurunan Dampak

dalam terhadapsatuan poin/ beban

Increase/ keuangan/decrease Effect on financial

In basis point charges

2014 2014AS$ +100 536.262 US$AS$ -100 535.941 US$

2013 2013AS$ +100 606.950 US$AS$ -100 477.045 US$

Risiko kredit Credit risk

Risiko kredit adalah risiko bahwa Kelompok Usahaakan mengalami kerugian yang timbul daripelanggan, klien atau pihak lawan yang gagalmemenuhi kewajiban kontraktual mereka.Manajemen mengelola dan mengendalikan risikokredit dengan menetapkan batasan jumlah risikoyang dapat diterima dan memantau eksposurterkait dengan batasan-batasan tersebut.

Credit risk is the risk that the Group will incur lossarising from their customers, clients orcounterparties that fail to discharge theircontractual obligations. Management manages andcontrols this credit risk by setting limits on theamount of risk they are willing to accept and bymonitoring exposures in relation to such limits.

Kelompok Usaha melakukan hubungan usahahanya dengan pihak ketiga yang diakui dankredibel. Kelompok Usaha memiliki kebijakan untuksemua pelanggan yang akan melakukanperdagangan secara kredit harus melalui prosedurpembayaran uang muka dan verifikasi kredit.Sebagai tambahan, jumlah piutang dipantau secaraterus menerus untuk meminimalisasi risiko piutangragu-ragu.

The Group trade only with recognized andcreditworthy third parties. It is the Group’s policythat all customers who wish to trade on creditterms should go through advance payments andcredit verification procedures. In addition,receivable balances are monitored on an ongoingbasis to reduce the exposure to bad debts.

Sehubungan dengan risiko kredit yang timbul dariaset keuangan lainnya yang mencakup kas danbank serta deposito berjangka dimana risiko kredityang dihadapi timbul karena wanprestasi daricounterparty, Kelompok Usaha memiliki kebijakanuntuk menempatkan kas dan bank pada bank-bankdengan peringkat kredit yang tinggi.

In relation to the credit risk arising from otherfinancial instruments including cash and cash inbanks and time deposits where the credit risk arisefrom the default from the counterparty, the Grouphas a policy to place cash and banks with bankswhich have high credit ratings.

Page 240: 2014 Annual Report - Toba Bara · 2017. 9. 16. · 2014 Annual Report PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone

238 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

111

40. KEBIJAKAN DAN TUJUAN MANAJEMENRISIKO KEUANGAN (lanjutan)

40. FINANCIAL RISK MANAGEMENT OBJECTIVESAND POLICIES (continued)

Nilai maksimal eksposur adalah sebesar nilaitercatat, sebagaimana yang disajikan dalamCatatan 4, 5, dan 6.

The maximum exposure of the credit risk aredisclosed in Notes 4, 5 and 6.

Risiko likuiditas Liquidity risk

Risiko likuiditas didefinisikan sebagai risiko saatposisi arus kas Kelompok Usaha menunjukkanbahwa pendapatan jangka pendek tidak cukupmenutupi pengeluaran jangka pendek.

The liquidity risk is defined as a risk when the cashflow position of the Group indicates that the short-term revenue is not enough to cover the short-termexpenditure.

Kebutuhan likuiditas Kelompok Usaha timbul darikebutuhan untuk membiayai investasi, pengeluaranbarang modal dan perluasan area tambangbatubara. Bisnis batubara entitas anakmembutuhkan modal yang substansial untukmembangun dan memperluas infrastruktur danuntuk mendanai operasional.

The Group’s liquidity requirements have arisenfrom the need to finance investments and capitalexpenditures and mine area expansion. Thesubsidiaries’ coal business requires substantialcapital to construct and expand the infrastructureand to fund operations.

Dalam mengelola risiko likuiditas, manajemenmemantau dan menjaga tingkat likuiditas yangdianggap memadai untuk membiayai operasionalKelompok Usaha dan untuk mengatasi dampakdari fluktuasi arus kas. Manajemen juga secararutin mengevaluasi proyeksi arus kas dan arus kasaktual, termasuk jadwal jatuh tempo utang jangkapanjang mereka.

In the management of liquidity risk, managementmonitors and maintains a level of liquidity adequateto finance the Group’s operations and to mitigatethe effects of fluctuation in cash flows.Management also regularly evaluates the projectedand actual cash flows, including their long termloan maturity profiles.

Tabel berikut ini menunjukan profil jangka waktupembayaran liabilitas keuangan Kelompok Usahapada tanggal-tanggal 31 Desember 2014 dan2013 berdasarkan pembayaran dalam kontrakyang belum didiskonto.

The table below summarises the maturity profile ofthe Group’s financial liabilities as of December 31,2014 and 2013 based on undiscounted contractualpayments.

< 1 tahun/ 1 - 2 tahun/ 2 - 3 tahun/ > 3 tahun/ Total/31 Desember 2014 < 1 year 1 to 2 years 2 to 3 years > 3 years Total December 31, 2014

Utang usaha Trade payablesPihak ketiga 64.087.323 - - - 64.087.323 Third parties

Utang lain-lain Other payablesPihak ketiga 3.709 - - - 3.709 Third partiesPihak berelasi - 2.242.526 - - 2.242.526 Related parties

Beban akrual 4.935.975 - - - 4.935.975 Accrued expensesUtang dividen 288.289 - - - 288.289 Dividend payableUtang bank - 17.062.500 28.437.500 10.715.434 56.215.434 Bank loansUtang Pajak 5.326.115 - - - 5.326.115 Taxes payableSewa pembiayaan 962.450 1.062.270 - - 2.024.720 Finance leases

75.603.861 20.367.296 28.437.500 10.715.434 135.124.091

< 1 tahun/ 1 - 2 tahun/ 2 - 3 tahun/ > 3 tahun/ Total/31 Desember 2013 < 1 year 1 to 2 years 2 to 3 years > 3 years Total December 31, 2013

Utang usaha Trade payablesPihak ketiga 69.265.229 - - - 69.265.229 Third parties

Utang lain-lain Other payablesPihak ketiga 1.907 - - - 1.907 Third partiesPihak berelasi - 2.288.701 - - 2.288.701 Related parties

Beban akrual 6.057.579 - - - 6.057.579 Accrued expensesUtang dividen 290.856 - - - 290.856 Dividend payableUtang bank 33.986.691 6.984.473 1.995.564 11.408.274 54.375.002 Bank loansUtang Pajak 7.227.871 - - - 7.227.871 Taxes payableSewa pembiayaan 772.679 739.257 609.160 - 2.121.096 Finance leases

117.602.812 10.012.431 2.604.724 11.408.274 141.628.241

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 239

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

112

41. PERJANJIAN DAN KOMITMEN PENTING 41. SIGNIFICANT AGREEMENTS ANDCOMMITMENTS

a. Perusahaan a. The Company

Perusahaan menerbitkan corporate guaranteesehubungan pinjaman beberapa entitas anak(Catatan 19c).

The Company issued corporate guaranteesrelating to the loan of several of subsidiaries’loan (Note 19c).

b. Entitas anak – ABN b. Subsidiary – ABN

i. Pada tanggal 25 Agustus 2011, ABNmenandatangani amendemen I atas kontrakpengupasan tanah dan pengangkutanbatubara (“Overburden RemovalAgreement“) dengan PT Petrosea Tbksehubungan dengan penambahan kapasitasproduksi batubara sebesar 27.250.000 tonper tahun dan perubahan pengaturanpenempatan bank garansi. Selain itu, jangkawaktu kontrak diperpanjang sampai dengan31 Desember 2018.

i. On August 25, 2011, ABN has signedamendement I to the agreement ofoverburden and coal hauling (“OverburdenRemoval Agreement“) with PT PetroseaTbk in relation to the increase in coalproduction capacity to 27,250,000 tons peryear and the changes of the related bankguarantee placement. In addition, thecontract period was extended toDecember 31, 2018.

Berdasarkan Amendemen II OverburdenRemoval Agreement tertanggal 2 September2013, terhitung sejak tanggal 1 Januari 2014,ABN tidak lagi berkewajiban menyediakanbank garansi kepada PT Petrosea Tbk.Perjanjian ini telah mengalami beberapaperubahan dan perubahan terakhir padatanggal 25 November 2014 yang terkaitdengan penyesuaian harga.

Based on the Amendment II to OverburdenRemoval Agreement dated September 2,2013, as of January 1, 2014, ABN has nolonger an obligation to provide bankguarantee to PT Petrosea Tbk. Thisagreement has been amended several timesand the latest amendment was onNovember 25, 2014 which related to theprices adjustment.

Pada tanggal 5 April 2012, ABN danPT Petrosea Tbk juga menandatangani PlantHire Agreement sehubungan denganpenyewaaan mobile plant milik PT PetroseaTbk oleh ABN untuk masa sewa terhitungsejak tanggal 1 Januari 2012 sampai denganberakhirnya masa berlaku OverburdenRemoval Agreement tertanggal 25 Agustus2011 di atas. Perjanjian ini telah mengalamibeberapa perubahan dan perubahan terakhirpada tanggal 25 November 2014 yang terkaitdengan penyesuaian harga.

On April 5, 2012, ABN and PT Petrosea Tbkhas also entered into Plant Hire Agreementin relation to the rental of mobile plantbelong to PT Petrosea Tbk by ABN for theperiod from January 1, 2012 until thetermination of the Overburden RemovalAgreement dated August 25, 2011 as statedabove. This agreement has been amendedseveral times and the latest amendmentwas on November 25, 2014 which related tothe prices adjustment.

ii. Pada tanggal 1 Maret 2011, ABNmenandatangani kontrak denganPT Arkananta Apta Pratista (“AAP“) untukjangka waktu enam puluh bulansehubungan dengan pekerjaanpemindahan lapisan tanah penutup danpengangkutan batubara.

ii. On March 1, 2011, ABN signed a contractwith PT Arkananta Apta Pratista (“AAP“) fora sixty months period in relation tooverburden removal and coal hauling.

Berdasarkan ketentuan di dalam kontraktersebut, ABN diharuskan membayar biayajasa kepada AAP, dihitung secara bulananberdasarkan rumus yang meliputi jumlahbatubara mentah dan overburden yangditambang dan diangkut.

Based on the provision of the contract, ABNis required to pay AAP a service fee,calculated on a monthly basis, based on aformula which includes the amount of rawcoal and overburden mined andtransported.

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240 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

113

41. PERJANJIAN DAN KOMITMEN PENTING(lanjutan)

41. SIGNIFICANT AGREEMENTS ANDCOMMITMENTS (continued)

b. Entitas anak - ABN (lanjutan) b. Subsidiary - ABN (continued)

iii. Pada tanggal 24 Juli 2008, ABNmenandatangani perjanjian denganPT Pelayaran Kartika Samudra Adijaya(“PKSA”) sebagaimana telah diubahmelalui pembaharuan perjanjian tanggal23 Juni 2011 untuk meningkatkankapasitas pengangkutan menjadi26.000.000 ton. Perjanjian ini berlaku daritanggal 15 Agustus 2011 sampai31 Desember 2015.

iii. On July 24, 2008, ABN signed anagreement with PT Pelayaran KartikaSamudra Adijaya (“PKSA”), as amendedthrough renewed agreement dated June 23,2011 to increase the coal barging capacityto 26,000,000 tons. This agreement is validfrom August 15, 2011 to December 31,2015.

Perjanjian ini terakhir kali diperbaharui padatanggal 19 Juli 2013 terkait denganperubahan dasar perhitungan tarifpengangkutan.

This agreement was last amended onJuly 19, 2013 in relation to the change incalculation basis for barging fee.

iv. ABN menandatangani kontrak jasapengangkutan batubara dengan PT PelitaSamudera Shipping (“PSS”) pada tanggal14 Juli 2011, untuk mengangkut batubaradari pelabuhan ke kapal dengan jumlah500.000 ton sampai dengan 1.500.000 ton.Perjanjian berlaku dari 1 Agustus 2011sampai dengan 31 Juli 2012.

iv. ABN signed a coal shipment contract withPT Pelita Samudera Shipping (“PSS”) onJuly 14, 2011 to transport coal fromCompany’s loading port to appointed vesselwith total quantity between 500,000 tons and1,500,000 tons. The agreement was validfrom August 1, 2011 to July 31, 2012.

Pada tanggal 15 Juli 2012, ABN dan PSStelah memperbaharui Coal BargingAgreement. Perjanjian ini mengatur tentangharga dan batas kuantitas dari muatanbatubara secara rinci. Perjanjian ini berlakuselama 24 bulan sejak 1 Agustus 2012sampai dengan 31 Juli 2014.

On July 15, 2012, ABN and PSS amendedCoal Barging Agreement. The Coal BargingAgreement regulates price and quantity limitof coal loaded in details. The Coal BargingAgreement is valid from August 1, 2012 up toJuly 31, 2014.

Pada tanggal 30 Juli 2013, masa perjanjianyang sebelumnya berakhir pada tanggal31 Juli 2014 diperpanjang menjadi 31 Juli2015 dan kapasitas pengiriman menjadi850.000 ton - 1.000.000 ton di tahun pertamadan 850.000 ton - 1.500.000 ton di tahun kedua dan ke tiga.

On July 30, 2013, the term of agreementswhich previously valid through July 31, 2014has been extended to July 31, 2015, and theshipment capacity are revised to 850,000tons - 1,000,000 tons in the first year and850,000 tons - 1,500,000 tons in the secondand third years.

Jika ABN tidak dapat memenuhi nilaiminimum penyedian batubara untukdiangkut, ABN akan membayar selisihkekurangan tersebut sesuai dengan tarifyang berlaku.

If the ABN could not meet the minimumquantity of coal to be delivered, the ABN shallpay for any shortfall based on the appliedrate.

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 241

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

114

41. PERJANJIAN DAN KOMITMEN PENTING(lanjutan)

41. SIGNIFICANT AGREEMENTS ANDCOMMITMENTS (continued)

c. Entitas anak – IM c. Subsidiary - IM

i. Pada tanggal 1 Oktober 2012, IM danPT Petrosea Tbk mengadakan perjanjiankontrak jasa pertambangan. Perjanjiantersebut mengatur tingkat harga, konsumsibahan bakar, penyesuaian harga dan hallainnya. Nilai perjanjian ini bergantungpada volume tanah overburden yangdipindahkan. Perjanjian ini akan berakhir di30 April 2015.

i. On October 1, 2012, IM andPT Petrosea Tbk entered into a miningservice agreement. The agreementgoverns, among others, the price rate, fuelconsumption, price adjustment and otherterms. Contract values are dependent onvolumes of overburden moved. Theagreement will expire on April 30, 2015.

ii. Pada tanggal 28 Januari 2013, IM danPT RPP Contractors Indonesiamengadakan perjanjian kontrak jasapertambangan. Perjanjian tersebutmengatur tingkat harga, konsumsi bahanbakar, penyesuaian harga dan hal lainnya.Nilai perjanjian ini bergantung pada volumetanah overburden yang dipindahkan.Perjanjian ini akan berakhir di Januari2018.

ii. On January 28, 2013, IM and PT RPPContractors Indonesia entered into a miningservice agreement. The agreementgoverns, among others, the price rate, fuelconsumption, price adjustment and otherterms. Contract values depends on volumesof overburden moved. The agreement willexpire in January 2018.

d. Entitas anak - TMU d. Subsidiary - TMU

i. Pada tanggal 24 Agustus 2011 TMUmenandatangani kontrak dengan PT SuryaTeknik Anugerah (STA) untuk jangka waktuempat tahun sehubungan denganpekerjaan pemindahan lapisan tanahpenutup dan pengangkutan batubara.

i. On August 24, 2011 TMU signed a contractwith PT Surya Teknik Anugerah (STA) inrelation with overburden removal and coalhauling for four years.

ii. Pada tanggal 1 Agustus 2013 TMUmenandatangai kontrak dengan PT BinaSarana Sukses (BSS) untuk jangka waktutiga tahun sehubungan dengan pekerjaanpemindahan lapisan tanah penutup danpengangkutan batubara.

ii. On August 1, 2013 TMU signed a contractwith PT Bina Sarana Sukses (BSS) inrelation with overburden removal and coalhauling for three years.

42. INFORMASI PENTING LAINNYA 42. OTHER SIGNIFICANT INFORMATION

a. Royalti dan Iuran tetap a. Royalty and Dead rent

Berdasarkan Undang-Undang No. 20 Tahun1997 tentang pendapatan Negara non-pajakdan berdasarkan Peraturan PemerintahRepublik Indonesia No. 9 Tahun 2012 tentangtarif pendapatan Negara non-pajakKementerian Energi dan Sumber Daya Mineral(“KESDM”), entitas anak diharuskan untukmembayar royalti dari penjualan hasil produksibatubara dan diwajibkan untuk membayar iurantetap per hektar atas hak pertambangan yangdieksplorasi, dikembangkan dan diekstraksiyang dibayarkan kepada KESDM. Jumlah royaltiproduksi didasarkan pada jenis mineral dankuantitas batubara yang dijual.

Based on Act No. 20 Year 1997 regarding statenon-tax revenue and based on the GovernmentRegulation of the Republic of Indonesia No. 9 Year 2012 regarding the rate of state non-taxrevenue for the Ministry of Energy and MineralResources (“KESDM”), the subsidiares arerequired to pay royalty for the sales of coalproduction and to pay dead rent fees perhectare of mining rights explored, developedand extracted which are payable to theKESDM. The amount of production royalty isbased on the type of mineral and the quantityof coal sold.

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242 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

115

42. INFORMASI PENTING LAINNYA (lanjutan) 42. OTHER SIGNIFICANT INFORMATION(continued)

a. Royalti dan Iuran tetap (lanjutan) a. Royalty and Dead rent (continued)

Royalti yang dibayarkan kepada Pemerintahdihitung berdasarkan kalori yang terkandung didalam batubara dengan tarif 5% dan 7%,kuantitas yang terjual dikalikan dengan basisharga dan tarif royalti tersebut. BerdasarkanPeraturan Menteri Energi dan Sumber DayaMineral No. 17 tahun 2010 mengenai tata carapenetapan harga patokan penjualan mineraldan batubara, basis harga adalah yang lebihtinggi antara harga patokan batubara atau hargajual batubara.

Royalty paid to the Government was calculatedbased on the calories contained in the coal withrates of 5% and 7%, the quantity sold wasmultiplied by the base price and the royaltyrate. Based on the regulation from the Ministryof Energy and Mineral Resources of theRepublic of Indonesia No. 17 year 2010regarding procedures for stipulating benchmarkprices of mineral and coal sales, the base priceis the higher of the coal benchmark price orcoal sales price.

Iuran tetap yang ditagih dihitung dengan dasartarif AS$4/hektar dikalikan dengan luasankonsesi yang dimiliki ABN, IM dan TMU.

Dead rent charged was calculated at a rate ofUS$4/hectare multiplied by the total concessionarea owned by ABN, IM and TMU.

b. Pengutamaan Pemasokan KebutuhanMineral dan Batubara Untuk KepentinganDalam Negeri

b. Priority to Fulfill Domestic Requirement onMineral and Coal

Dalam bulan Desember 2009, KESDMmengeluarkan Permen 34/ 2009 yang antara lainmewajibkan perusahaan pertambanganbatubara (“Badan usaha”) untuk menjualsebagian hasil produksinya kepada Pemakaibatubara dalam negeri (“Domestic MarketObligation” atau “DMO”). Badan usaha yangtidak dapat mematuhi ketentuan tersebut, akandikenakan sanksi berupa peringatan tertulispaling banyak 3 kali dan pemotongan produksibatubara paling banyak 50% dari produksi tahunberikutnya.

In December 2009, the KESDM issuedPermen 34/2009, which requires coal miningcompanies (“Entities”) to sell a portion of theirproductions to domestic coal users (“DomesticMarket Obligation” or “DMO”). Entites which donot fulfill such requirement will be given writtennotice maximum 3 times of and reduction of theproduction in the next year up to 50%.

Sesuai dengan ketentuan dalamPermen 34/2009 tersebut, badan usaha yangpenjualan dalam negeri melebihi kewajibanDMO-nya dapat mengalihkan kelebihanpenjualan DMO-nya kepada badan usaha yangtidak dapat memenuhi kewajiban DMO-nya.

Under the provision of the Permen 34/2009,entities - that have domestic sales in excess oftheir DMO requirement, may transfer the excessto entities which cannot fulfill their DMOrequirement.

Kelebihan DMO yang dialihkan tersebutdianggap sebagai pemenuhan kewajiban DMOsuatu badan usaha, dengan syarat pengalihantersebut mendapat persetujuan dari Menteri.

The transferring of excess DMO will be deemedas the fulfillment of an entity’s DMO, providedsuch transfer were approved by the Ministry.

Berdasarkan Keputusan Menteri ESDMNo. 2901.K/30/MEM/2013 tanggal 30 Juli 2013,Perusahaan harus memenuhi kewajiban762.292MT. Pada tanggal 23 Juni 2014,Kementrian ESDM Republik Indonesia melaluisurat edaran dengan No. 118/36/DJB/2014,mengumumkan bahwa kebutuhan batubaradalam negeri pada tahun 2014 sudah terpenuhi.Sehingga, perusahaan tidak lagi mempunyaikewajiban DMO di tahun 2014.

Based on letter No. 2901.K/30/MEM/2013 datedJuly 30, 2013, the Company should fulfill anobligation of 762,292MT. On June 23, 2014, theMinistry of Energy and Natural Resources of theRepublic of Indonesia through its letterNo. 118/36/DJB/2014 announced the fullfilmentof 2014 domestic market necessity. As a result ofthis announcement, the Company has no DMOliability in 2014.

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PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 243

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

116

42. INFORMASI PENTING LAINNYA (lanjutan) 42. OTHER SIGNIFICANT INFORMATION(continued)

b. Pengutamaan Pemasokan KebutuhanMineral dan Batubara Untuk KepentinganDalam Negeri (lanjutan)

b. Priority to Fulfill Domestic Requirement onMineral and Coal (continued)

Berdasarkan Keputusan Menteri ESDMNo. 2934.K/30/MEM/2012 tanggal 8 Oktober2012, persentase minimal penjualan batubaradalam negeri untuk tahun 2013 adalah sebesar20,30% dari perkiraan produksi batubara padatahun 2013, sehingga kewajiban DMO ABNuntuk tahun 2013 adalah sebesar 688.053 ton.Sampai dengan tanggal 31 Desember 2013,ABN sudah merealisasikan DMO tersebutdengan melakukan pengalihan DMO setaradengan 121.940 ton batubara. Dengan demikian,pada tanggal 31 Desember 2013, KelompokUsaha mengakui akrual atas pengalihan DMOdengan nilai AS$622.724 yang akan dilakukanABN dari badan usaha lain (Catatan 16).

Based on Minister of MEMR DecreeNo. 2934.K/30/MEM/2012 dated October 8,2012, the minimum DMO requirement is 20.30%of the estimated coal production for 2013,whereby the DMO obligation for ABN in 2013 is688,053 ton. Until December 31, 2013, ABN hasrealized its DMO by transferring DMO equivalentto 121,940 tons. Accordingly, as of December 31,2013, the Group has recognized an accrual forDMO transfer amounting to US$622,724 by ABNfrom other entities (Note 16).

c. Permasalahan Hukum c. Legal case

Pada tanggal 28 Agustus 2014, Lendy Mursalim,ZF mendaftarkan gugatan di Pengadilan NegeriTenggarong (“PN Tenggarong”) dengan nomorperkara 23/Pdt.G/2014/PN.Trg. Gugatantersebut melawan H. Suroso (Ketua RT 23Kelurahan Sanga-Sanga Dalam, KecamatanSanga-Sanga, Kabupaten Kutai Kartanegara)sebagai tergugat I karena dianggap telahmelakukan perbuatan melawan hukum danmelanggar janji dengan membatalkan suratkuasa kepada Lendy Mursalim ZF dan ABNsebagai tergugat II karena dianggap telahmelakukan perbuatan melawan hukum terhadapmasyarakat RT 23 Kelurahan Sanga-SangaDalam, Kecamatan Sanga-Sanga, KabupatenKutai Kartanegara akibat kegiatan blasting yangdilakukan oleh ABN. Dalam gugatan ini, LendyMursalim, ZF menuntut ganti rugi kepadatergugat I dan II masing-masing sebesarRp11.250.000.000 dan Rp17.500.000.000. Pertanggal 31 Desember 2014, ABN masihmengikuti proses persidangan dan belummenerima amar putusan atas perkara tersebut(Catatan 44).

On August 28, 2014, Lendy Mursalim, ZF filed alawsuit at District Court of Tenggarong (“PNTenggarong”) under case number23/Pdt.G/2014/PN.Trg. This lawsuit is against H.Suroso (Ketua RT 23 Kelurahan Sanga-SangaDalam, Kecamatan Sanga-Sanga, KabupatenKutai Kartanegara) as defendant I for allegationof tort and breach of contract due totermination/cancellation of power of attorney toLendy Mursalim ZF and ABN as defendant II forallegation of tort to community of RT 23Kelurahan Sanga-Sanga Dalam, KecamatanSanga-Sanga, Kabupaten Kutai Kartanegara asthe result of blasting activity conducted by ABN.In this lawsuit, Lendy Mursalim, ZF asked for acompensation to defendant I and II amounting toRp11,250,000,000 and Rp17,500,000,000,respectively. As of December 31, 2014, ABN isgoing through the trial and has not received theverdict of such case (Note 44).

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244 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA TbkDAN ENTITAS ANAK

CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2014 danTahun yang berakhir pada tanggal tersebut(Disajikan dalam Dolar Amerika Serikat,

kecuali dinyatakan lain)

PT TOBA BARA SEJAHTRA TbkAND ITS SUBSIDIARIES

NOTES TO THE CONSOLIDATEDFINANCIAL STATEMENTSAs of December 31, 2014 and

Year then ended(Expressed in United States Dollar,

unless otherwise stated)

117

43. TRANSAKSI NON KAS 43. NON-CASH TRANSACTIONS

Berikut ini transaksi non-kas yang signifikan: Listed below are significant non-cash transactions:

Tahun yang berakhirpada tanggal 31 Desember/Years ended December 31,

2014 2013

Penambahan aset tetap melalui: Acquisition of fixed assets through:Sewa pembiayaan 1.242.303 3.007.966 Finance leaseUtang usaha 332.886 1.519.920 Trade payablesKapitalisasi estimasi biaya Capitalization of the estimated

pembongkaran aset tetap - 222.557 cost of dismantling fixed assetsRealisasi uang muka 167.947 506.899 Advance realizationEfek translasi - 13.552 Translation effect

Penurunan aset tetap melalui: Decrease in fixed assets through:Penurunan estimasi biaya pembongkaran Decrease in the estimated

aset tetap - (176.672) cost of dismantling fixed assets

Penambahan aset ekplorasi dan evaluasi Increase in exploration and evaluationmelalui: asset through:

Realisasi uang muka 81.866 - Advance realization

Penambahan tanaman belum menghasilkan Additional immature plantationsmelalui: through:

Beban pinjaman 162.151 173.588 Borrowing costsDepresiasi 22.000 24.692 DepreciationEfek translasi 1.297 (7.274) Translation effect

44. PERISTIWA SETELAH PERIODE PELAPORAN 44. EVENT AFTER THE REPORTING PERIOD

Pada tanggal 21 Januari 2015, majelis hakim PNTenggarong telah menyatakan keputusan merekayang menyatakan gugatan Lendy Mursalim, ZFtersebut tidak dapat diterima (Catatan 42c). Atasputusan tersebut, Lendy Mursalim, ZF tidakmelakukan upaya banding. Oleh karenanya,putusan majelis hakim ini telah berkekuatan hukumtetap.

On January 21, 2015, Panel of Judges of PNTenggarong has declared their decision that thelawsuit of Lendy Mursalim, ZF is refused (Note 42c).In connection with the decision, Lendy Mursalim, ZFdid not process the appeal to the High Court.Accordingly, this decision has been final and legallybinding.

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CONTENTS

74-83HUMAN RESOURCES

1-19OPENING

PRESERVING SUSTAINABILITY 2

FINANCIAL HIGHLIGHTS 4

STOCK HIGHLIGHTS 6

2014 EVENT HIGHLIGHTS 8

AWARDS & CERTIFICATIONS 9

REPORT OF THE PRESIDENT COMMISSIONER 10

REPORT OF THE PRESIDENT DIRECTOR 14

PERSPECTIVES OF THE FOUNDING SHAREHOLDER

19

20-41COMPANY PROFILE

BRIEF HISTORY OF THE COMPANY 20

BUSINESS LINE 22

VISION & MISSION 24

BUSINESS STRATEGY 25

ORGANISATION STRUCTURE 26

PROFILES OF THE BOARD OF COMMISSIONERS 28

PROFILES OF THE BOARD OF DIRECTORS 32

SHAREHOLDERS INFORMATION 36

BRIEF DESCRIPTION OF SUBSIDIARIES 38

CAPITAL MARKET SUPPORTING PROFESSIONALS

40

ADDRESS OF COMPANY AND SUBSIDIARIES

41

42-73MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY OVERVIEW 44

OPERATIONAL REVIEW 54

FINANCIAL REVIEW 62

84-107CORPORATE GOVERNANCE

GENERAL MEETING OF SHAREHOLDERS 88

BOARD OF COMMISSIONERS 90

BOARD OF DIRECTORS 92

AUDIT COMMITTEE 95

CORPORATE SECRETARY 97

INVESTOR RELATIONS 98

LEGAL UNIT 99

COMPANY DATA AND INFORMATION ACCESS 99

INTERNAL AUDIT UNIT 103

PUBLIC ACCOUNTANT 105

RISK MANAGEMENT 105

IMPORTANT MATTERS 106

WHISTLEBLOWING SYSTEM 106

108-118CORPORATE SOCIAL RESPONSIBILITY

CSR ACTIVITIES IN 2014 111

Environment 112

Social Community 112

Employment Practices 117

Product Responsibility 118

119RESPONSIBILITY FOR ANNUAL REPORT

121FINANCIAL REPORT

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2014 Annual Report

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