pt sentul city tbkdec 31, 2017  · aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258...

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PT SENTUL CITY Tbk DAN ENTITAS ANAK/AND SUBSIDIARIES LAPORAN KEUANGAN KONSOLIDASIAN/ CONSOLIDATED FINANCIAL STATEMENTS UNTUK TAHUN YANG BERAKHIR PADA 31 DESEMBER 2017/ FOR THE YEAR ENDED 31 DECEMBER 2017 DAN/AND LAPORAN AUDITOR INDEPENDEN/ INDEPENDENT AUDITORS’ REPORT

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Page 1: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

PT SENTUL CITY TbkDAN ENTITAS ANAK/AND SUBSIDIARIES

LAPORAN KEUANGAN KONSOLIDASIAN/CONSOLIDATED FINANCIAL STATEMENTS

UNTUK TAHUN YANG BERAKHIR PADA 31 DESEMBER 2017/FOR THE YEAR ENDED 31 DECEMBER 2017

DAN/AND

LAPORAN AUDITOR INDEPENDEN/INDEPENDENT AUDITORS’ REPORT

Page 2: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originallyissued in Indonesian language

PT SENTUL CITY Tbk DAN ENTITAS ANAKLAPORAN KEUANGAN KONSOLIDASIANUNTUK TAHUN YANG BERAKHIR PADA

31 DESEMBER 2017

PT SENTUL CITY Tbk AND SUBSIDIARIESCONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

D A F T A R I S I C O N T E N T S

Pernyataan Direksi

Laporan Posisi Keuangan Konsolidasian

Laporan Laba Rugi dan PenghasilanKomprehensif Lain Konsolidasian

Laporan Perubahan Ekuitas Konsolidasian

Laporan Arus Kas Konsolidasian

Catatan atas Laporan Keuangan Konsolidasian

Laporan Keuangan Tersendiri

Laporan Auditor Independen

Ekshibit/Exhibit

A

B

C

D

E

Lampiran/Appendix

1 – 4

Directors’ Statement

Consolidated Statement of Financial Position

Consolidated Statement of Profit or Loss andOther Comprehensive Income

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to Consolidated Financial Statements

Separate Financial Statements

Independent Auditor’s Report

Page 3: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial
Page 4: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issuedin Indonesian language

Ekshibit A Exhibit A

PT SENTUL CITY Tbk DAN ENTITAS ANAKLAPORAN POSISI KEUANGAN KONSOLIDASIAN

PADA TANGGAL 31 DESEMBER 2017(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESCONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF 31 DECEMBER 2017(Expressed in Rupiah, unless otherwise stated)

Catatan/Notes

31 Desember 2017/31 December 2017

31 Desember 2016*/31 December 2016*

31 Desember 2015*/31 December 2015*

A S E T A S S E T S

ASET LANCAR CURRENT ASSETSKas dan setara kas 6 587.660.922.874 306.610.256.213 567.976.512.287 Cash and cash equivalentsPiutang usaha

Pihak ketiga, setelah dikurangipenyisihan kerugianpenurunan nilai masing-masing sejumlahRp 70.262.314.057,Rp 69.215.353.379 danRp 70.097.036.160 padatanggal 31 Desember 2017,2016 dan 2015 7 1.087.484.684.399 802.090.724.447 400.426.448.278

Trade receivablesThird parties, net of

allowance for impairmentlosses of Rp 70,262,314,057,

Rp 69,215,353,379and Rp 70,097,036,160

as of 31 December 2017, 2016and 2015, respectively

Pihak berelasi 7,34 151.124.800.000 151.124.800.000 151.124.800.000 Related partiesPiutang non-usaha – Pihak berelasi Non - trade receivables-

setelah dikurangi penyisihankerugian penurunan nilaipiutang masing-masingsejumlah Rp 7.254.155.490pada tanggal 31 Desember2017, 2016 dan 2015 34 32.057.602.358 47.260.487.766 58.595.484.420

Related parties,net of allowance forimpairment losses of

Rp 7,254,155,490as of 31 December 2017, 2016

and 2015, respectivelyAset keuangan lancar lainnya 8 129.664.862.325 127.669.559.008 500.289.645.522 Other current financial assetsPersediaan 9 2.137.378.069.321 2.195.886.134.796 2.091.135.695.239 InventoriesUang muka lainnya 279.343.250.743 167.667.272.956 195.133.900.610 Other advancesPajak dibayar di muka 20a 156.096.612.913 174.902.094.348 145.272.334.601 Prepaid taxesBeban dibayar di muka 36.065.583.086 45.828.815.964 81.459.422.183 Prepaid expenses

Total Aset Lancar 4.596.876.388.019 4.019.040.145.498 4.191.414.243.140 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETSTanah untuk pengembangan 10 8.320.784.791.698 5.723.655.512.282 5.675.327.916.663 Land for developmentUang muka perolehan tanah 11 335.810.683.304 541.400.453.264 551.274.761.065 Advances for land acquisitionUang muka penyertaan saham 12 37.500.000.000 37.500.000.000 37.500.000.000 Advance for investment in sharesInvestasi pada entitas asosiasi 13 161.975.158.728 63.101.108.121 36.821.282.112 Investment in associates entitiesAset tetap – setelah dikurangi

akumulasi penyusutan masing-masing sejumlahRp 130.102.237.204,Rp 117.116.120.340 danRp 104.636.093.877 padatanggal 31 Desember 2017,2016 dan 2015 14 213.102.483.130 181.830.997.189 190.289.722.263

Property and equipment – net ofaccumulated depreciation of

Rp 130,102,237,204,Rp 117,116,120,340 and

Rp 104,636,093,877 as of31 December 2017, 2016 and

2015, respectivelyProperti investasi 15 1.193.207.001.820 675.171.811.886 360.435.607.047 Investment property

Aset keuangan tidak lancar lainnya 16 101.662.024.447 102.520.538.189 88.493.057.184Other non-current financial

assetsAset pajak tangguhan, Neto 20c 14.109.839.054 13.272.993.949 12.326.414.861 Deferred tax assets, NetAset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets

Total Aset Tidak Lancar 10.380.164.732.814 7.340.466.165.513 6.954.482.566.453 Total Non-Current Assets

T O T A L A S E T 14.977.041.120.833 11.359.506.311.011 11.145.896.809.593 T O T A L A S S E T S*Reklasifikasi akun (Catatan 40) *Reclassification account (Note 40)

Lihat Catatan atas Laporan Keuangan Konsolidasian padaEkshibit E terlampir yang merupakan bagian yang tidak terpisahkan

dari Laporan Keuangan Konsolidasian secara keseluruhan

See accompanying Notes to Consolidated Financial Statements onExhibit E which are an integral part of

the Consolidated Financial Statements taken as a whole

Page 5: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issuedin Indonesian language

Ekshibit A/2 Exhibit A/2

PT SENTUL CITY Tbk DAN ENTITAS ANAKLAPORAN POSISI KEUANGAN KONSOLIDASIAN

PADA TANGGAL 31 DESEMBER 2017(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESCONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS OF 31 DECEMBER 2017(Expressed in Rupiah, unless otherwise stated)

Catatan/Notes

31 Desember 2017/31 December 2017

31 Desember 2016*/31 December 2016*

31 Desember 2015*/31 December 2015*

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS LIABILITIES

LIABILITAS JANGKA PENDEK SHORT-TERM LIABILITIESPinjaman bank jangka pendek 17a 47.424.894.537 382.806.488.086 327.294.031.585 Short-term bank loansUtang usaha – Pihak ketiga 18 406.105.937.397 169.723.271.400 212.959.117.741 Trade payables – Third parties

Utang non-usaha - Pihak berelasi 34 24.271.360.915 26.848.638.462 20.505.826.106Non-trade payables -

Related partiesLiabilitas keuangan jangka pendek

lainnya 19 854.365.051.848 678.716.847.166 881.193.713.358Other short-term financial

liabilitiesBeban masih harus dibayar 154.133.098.642 88.155.008.223 53.056.644.593 Accrued expensesUtang pajak Taxes payable

Pajak penghasilan 20b 1.135.724.356 1.453.906.739 1.488.854.616 Income taxesPajak penghasilan lain-lain 20b 150.403.367.636 99.454.639.962 48.290.430.220 Other income taxes

Pinjaman bagian jangka panjangyang akan jatuh tempo dalamwaktu satu tahun

Current maturities of long-termdebts

B a n k 17b 42.013.333.334 114.191.416.345 243.513.363.615 B a n k sSewa pembiayaan 447.851.000 854.692.000 730.530.600 Finance leasesPihak ketiga 17c 309.818.400.000 309.428.000.000 451.147.500.000 Third parties

Uang muka pelanggan21a,34,

39a 964.168.108.616 977.038.272.445 987.744.814.171 Customers deposits

Total Liabilitas Jangka Pendek 2.954.287.128.281 2.848.671.180.828 3.227.924.826.605 Total Short-Term Liabilities

LIABILITAS JANGKA PANJANG LONG-TERM LIABILITIESPinjaman jangka panjang -

setelah dikurangi bagian yangakan jatuh tempo dalam satutahun

Long-term debts – net of currentmaturities

B a n k 17b 1.090.596.613.076 412.567.744.986 399.006.402.296 B a n k sSewa pembiayaan - - 854.692.000 Finance leasesUang muka pelanggan 21a 304.212.708.460 374.371.032.214 409.971.089.583 Customer depositsUang muka pelanggan - sewa 21b 522.240.000.000 522.240.000.000 522.240.000.000 Customer deposits – lease

Pendapatan ditangguhkan 112.506.881.087 210.848.164 61.461.165 Deferred incomeLiabilitas diestimasi imbalan kerja

karyawan 22 50.643.157.815 41.196.596.699 36.118.991.931Estimated liabilities for

employee benefits

Total Liabilitas Jangka Panjang 2.080.199.360.438 1.350.586.222.063 1.368.252.636.975 Total Long-Term Liabilities

Total Liabilitas 5.034.486.488.719 4.199.257.402.891 4.596.177.463.580 Total Liabilities*Reklasifikasi akun (Catatan 40) *Reclassification account (Note 40)

Lihat Catatan atas Laporan Keuangan Konsolidasian padaEkshibit E terlampir yang merupakan bagian yang tidak terpisahkan

dari Laporan Keuangan Konsolidasian secara keseluruhan

See accompanying Notes to Consolidated Financial Statements onExhibit E which are an integral part of

the Consolidated Financial Statements taken as a whole

Page 6: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial
Page 7: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issuedin Indonesian language

Ekshibit B Exhibit B

PT SENTUL CITY Tbk DAN ENTITAS ANAKLAPORAN LABA RUGI DAN PENGHASILAN

KOMPREHENSIF LAIN KONSOLIDASIANUNTUK TAHUN YANG BERAKHIR PADA 31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESCONSOLIDATED STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2 0 1 7Catatan/

Notes 2 0 1 6

PENDAPATAN NETO 1.623.484.966.262 27,34 1.206.574.998.918 NET REVENUES

BEBAN POKOK PENDAPATAN ( 661.806.404.261) 28 ( 466.827.606.461) COST OF REVENUES

LABA BRUTO 961.678.562.001 739.747.392.457 GROSS PROFIT

Beban penjualan ( 56.168.807.372) 29 ( 55.064.501.431) Selling expensesBeban umum dan administrasi ( 208.370.979.431) 30 ( 197.072.682.946) General and administrative expensesBeban pajak final ( 44.941.228.646) 20d ( 40.889.815.780) Final tax expensePendapatan operasi lainnya 35.228.750.430 31 262.772.000.442 Other operating incomeBeban operasi lainnya ( 78.712.996.079) 31 ( 52.496.591.600) Other operating expenses

LABA USAHA 608.713.300.903 656.995.801.142 INCOME FROM OPERATIONS

Bagian atas (rugi) laba neto entitas asosiasi ( 1.025.949.393) 13 21.194.826.009 Share in net (loss) profit of associatesPendapatan keuangan 11.497.390.490 22.417.921.469 Finance incomeBeban keuangan ( 150.874.368.292) 32 ( 138.217.966.202) Finance costs

LABA SEBELUM BEBAN PAJAKPENGHASILAN 468.310.373.708 562.390.582.418 PROFIT BEFORE INCOME TAX EXPENSE

MANFAAT (BEBAN) PAJAK PENGHASILAN INCOME TAX BENEFIT (EXPENSE)K i n i ( 236.397.380) 20c ( 590.688.765) CurrentTangguhan 485.205.413 20c 627.016.398 Deferred

Manfaat Pajak Penghasilan- Neto 248.808.033 36.327.633 Income Tax Benefit – Net

LABA NETO TAHUN BERJALAN 468.559.181.741 562.426.910.051 NET PROFIT FOR THE YEAR

PENGHASILAN KOMPREHENSIF LAIN: OTHER COMPREHENSIVE INCOME:Pos yang tidak diakui ke dalam

laporan laba rugiItem that will not be

recognized to profit or lossKerugian aktuarial dari program

pensiun manfaat pasti ( 2.039.447.336) 22 ( 585.767.696)Actuarial losses from defined

benefit planManfaat pajak penghasilan terkait 351.639.692 20c 319.562.690 Related income tax benefit

Pos yang diakui ke dalam laporan laba rugiItem that will be recognized

to profit or lossLaba yang belum direalisasi atas aset

keuangan tersedia untuk dijual - 8c 69.856.955Unrealized gain on available for sale

financial assets

RUGI KOMPREHENSIF LAIN – Net ( 1.687.807.644) ( 196.348.051) OTHER COMPREHENSIVE LOSS - Net

TOTAL PENGHASILAN KOMPREHENSIFTAHUN BERJALAN 466.871.374.097 562.230.562.000

TOTAL COMPREHENSIVE INCOME FORTHE YEAR

Lihat Catatan atas Laporan Keuangan Konsolidasian padaEkshibit E terlampir yang merupakan bagian yang tidak terpisahkan

dari Laporan Keuangan Konsolidasian secara keseluruhan

See accompanying Notes to Consolidated Financial Statements onExhibit E which are an integral part of

the Consolidated Financial Statements taken as a whole

Page 8: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial
Page 9: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issuedin Indonesian language

Ekshibit C Exhibit C

PT SENTUL CITY Tbk DAN ENTITAS ANAKLAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA 31 DESEMBER 2017(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESCONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2017(Expressed in Rupiah, unless otherwise stated)

Ekuitas yangdiatribusikan

kepada pemilikSaldo laba/Retained earnings entitas induk/

Modal ditempatkan Tambahan Komponen Telah Belum Equity Kepentingandan disetor penuh/ modal disetor/ ekuitas lainnya/ ditentukan ditentukan attributable non-pengendali/

Issued and fully Additional Other equity penggunaannya/ penggunaannya/ to owners of the Non-controlling Total ekuitas/paid-in capital paid-in capital components Appropriated Unappropriated parent company interest Total equity

Saldo pada tanggal31 Desember 2015

4.276.225.026.000 502.840.704.972 33.689.733.454 5.700.000.000 995.914.166.077 5.814.369.630.503 735.349.715.510 6.549.719.346.013 Balance as of31 December 2015

Cadangan saldo laba - - - 1.000.000.000 ( 1.000.000.000) - - -Appropriation of retained

earnings

Penambahan modal di setor - - - - - - 49.000.000.000 49.000.000.000Issuance of additional share

capital

Selisih transaksi perubahanekuitas entitas anak - - 1.062.996.198 - - 1.062.996.198 ( 1.763.996.091) ( 700.999.893)

Difference arising fromchanges is equity of subsidiary

Total laba komprehensif tahunberjalan - - 69.856.955 - 564.035.394.578 564.105.251.533 ( 1.874.689.533) 562.230.562.000

Total comprehensive incomefor the year

Saldo pada tanggal31 Desember 2016 4.276.225.026.000 502.840.704.972 34.822.586.607 6.700.000.000 1.558.949.560.655 6.379.537.878.234 780.711.029.886 7.160.248.908.120

Balance as of31 December 2016

Cadangan saldo laba - - - 1.000.000.000 ( 1.000.000.000) - - -Appropriation of retained

earnings

Penerbitan saham baru 2.072.205.880.600 248.844.952.039 - - - 2.321.050.832.639 6.001.000.000 2.327.051.832.639 Issuance of new shares

Dividen tunai - - - - - - ( 1.105.300.000) ( 1.105.300.000) Distribution of cash dividends

Selisih transaksi perubahanekuitas entitas anak - ( 10.090.398.254) - - - ( 10.090.398.254) - ( 10.090.398.254)

Difference arising fromchanges is equity of subsidiary

Realisasi atas keuntungan asetkeuangan tesedia untukdijual - - ( 421.784.488) - - ( 421.784.488) - ( 421.784.488)

Realized gain on available-for-sale financial assets

Total laba komprehensif tahunberjalan - - - - 463.240.467.530 463.240.467.530 3.630.906.567 466.871.374.097

Total comprehensive incomefor the year

Saldo pada tanggal31 Desember 2017 6.348.430.906.600 741.595.258.757 34.400.802.119 7.700.000.000 2.021.190.028.185 9.153.316.995.661 789.237.636.453 9.942.554.632.114

Balance as of31 December 2017

*Reklasifikasi akun (Catatan 40) Catatan 23/Note 23

Catatan 24/Note 24

Catatan 25/Note 25

Catatan 26a/Note 26a

Catatan 5/Note 5

*Reclassification account (Note 40)

Lihat Catatan atas Laporan Keuangan Konsolidasian padaEkshibit E terlampir yang merupakan bagian yang tidak terpisahkan

dari Laporan Keuangan Konsolidasian secara keseluruhan

See accompanying Notes to Consolidated Financial Statements onExhibit E which are an integral part of

the Consolidated Financial Statements taken as a whole

Page 10: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issuedin Indonesian language

Ekshibit D Exhibit D

PT SENTUL CITY Tbk DAN ENTITAS ANAKLAPORAN ARUS KAS KONSOLIDASIANUNTUK TAHUN YANG BERAKHIR PADA

31 DESEMBER 2017(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESCONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2 0 1 7 2 0 1 6*

ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIESPenerimaan kas dari pelanggan 1.361.840.251.306 790.482.376.564 Cash receipts from customersPengeluaran kas untuk perolehan tanah,

pembayaran ke kontraktor dan pemasok ( 1.235.799.011.983) ( 738.382.820.704)Cash disbursements for land acquisitions,payments to contractors and suppliers

Pengeluaran kas untuk karyawan ( 90.229.308.317) ( 97.896.529.786) Cash disbursements for employeesPembayaran kas untuk aktivitas operasional

lainnya ( 251.498.829.068) ( 190.129.973.815)Cash disbursements for other

operating activities

Arus kas digunakan untuk operasi ( 215.686.898.062) ( 235.926.947.741) Cash flows used for operationsPembayaran beban keuangan ( 235.704.867.707) ( 211.425.951.170) Payments of finance costsPenerimaan bunga 11.497.390.490 22.417.921.469 Receipts of interest incomePembayaran pajak penghasilan ( 881.076.165) ( 530.597.598) Payments of income taxPembayaran pajak final ( 10.285.860.603) ( 34.912.616.862) Payments of final tax

Arus kas neto digunakan untuk aktivitasoperasi ( 451.061.312.047) ( 460.378.191.902) Net cash flows used in operating activities

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIESPendirian investasi asosiasi ( 99.900.000.000) ( 1.190.519.034) Establishment of associate investmentPembelian aset tetap ( 10.573.415.689) ( 5.454.427.077) Acquisition of property and equipmentPenerimaan dari pembayaran tersedia untuk

dijual 98.775.138 -Proceeds from disbursement of available

for salePenerimaan dari pelepasan entitas asosiasi - 32.510.849.824 Proceeds from disposal subsidiary

Arus kas neto (digunakan untuk) diperolehdari aktivitas investasi ( 110.374.640.551) 25.865.903.713

Net cash flows (used in) provided byinvesting activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIESPenerimaan pinjaman bank jangka panjang 995.744.971.514 120.582.651.152 Proceeds from long-term bank loansPembayaran pinjaman bank jangka panjang ( 389.894.186.435) ( 363.752.842.698) Payments of long-term bank loansPembayaran pinjaman bank jangka pendek ( 357.096.248.914) ( 8.031.004.594) Payment of short-term bank loansTambahan modal disetor 293.781.492.582 - Additional paid-in capitalPenerimaan pinjaman jangka pendek

– pihak ketiga 278.642.776.147 322.081.550.000 Short-term debt – third partyPenerimaan pinjaman bank jangka pendek 21.714.655.365 63.543.461.094 Proceeds from short-term bank loansPembayaran pinjaman sewa pembiayaan ( 406.841.000) ( 730.530.600) Payments of obligations under finance leasePenerimaan dari setoran modal oleh

kepentingan non-pengendali pada entitas anak - 49.000.000.000Proceeds from paid-up capital by

non-controlling interest in subsidiariesPembayaran pinjaman jangka pendek

– pihak ketiga - ( 9.547.252.239) Payments of short-term debt - third party

Arus kas neto diperoleh dari aktivitaspendanaan 842.486.619.259 173.146.032.115

Net cash flows provided by financingactivities

KENAIKAN (PENURUNAN) NETO DALAM KASDAN SETARA KAS 281.050.666.661 ( 261.366.256.074)

NET INCREASE (DECREASE) IN CASH ANDCASH EQUIVALENTS

KAS DAN SETARA KAS PADA AWAL TAHUN 306.610.256.213 567.976.512.287CASH AND CASH EQUIVALENTS

AT BEGINNING OF THE YEAR

KAS DAN SETARA KAS PADA AKHIR TAHUN 587.660.922.874 306.610.256.213CASH AND CASH EQUIVALENTS

AT END OF THE YEAR*Reklasifikasi akun (Catatan 40) *Reclassification account (Note 40)

Informasi tambahan atas aktivitas yang tidak mempengaruhi arus kasdisajikan pada Catatan 41

The additional information for activities not effecting cash flowswas stated in Note 41

Lihat Catatan atas Laporan Keuangan Konsolidasian padaEkshibit E terlampir yang merupakan bagian yang tidak terpisahkan

dari Laporan Keuangan Konsolidasian secara keseluruhan

See accompanying Notes to Consolidated Financial Statements onExhibit E which are an integral part of

the Consolidated Financial Statements taken as a whole

Page 11: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E Exhibit E

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

1. U M U M 1. GENERAL

a. Pendirian Perusahaan a. Establishment of the Company

PT Sentul City Tbk (“Perusahaan”) didirikanpertama kali dengan nama PT SentragriyaKharisma dengan akta Notaris MisahardiWilamarta, S.H., Notaris di Jakarta No. 311tanggal 16 April 1993. Akta pendirian ini telahdisetujui oleh Menteri Kehakiman RepublikIndonesia dengan Surat KeputusanNo. C-24350.HT.01.01.Th.93 tanggal 8 Juni 1993dan telah diumumkan dalam Berita NegaraRepublik Indonesia No. 65 tanggal 13 Agustus 1993,Tambahan No. 3693. Nama Perusahaan telahmengalami beberapa kali perubahan, yang terakhirmenjadi PT Sentul City Tbk berdasarkan aktaNotaris Fathiah Helmi, S.H., No. 26 tanggal 19 Juli2006. Perubahan nama Perusahaan ini disetujuioleh Menteri Hukum dan Hak Asasi ManusiaRepublik Indonesia dengan Surat KeputusanNo. C-21373.HT.01.04.Th.2006 tanggal 20 Juli 2006dan telah diumumkan dalam Berita NegaraRepublik Indonesia No. 34 tanggal 25 April 2008,Tambahan No. 4949. Perusahaan telahmenyesuaikan anggaran dasarnya sesuai denganUndang-Undang No. 40 Tahun 2007 tentangPerseroan Terbatas dengan Akta PernyataanKeputusan Rapat No. 1, tanggal 15 Januari 2009,yang dibuat oleh Sherley Ikawati Tambunan, S.H.,Notaris di Kota Bogor, dan telah mendapatkanpersetujuan dari Menteri Hukum dan Hak AsasiManusia Republik Indonesia sebagaimanadinyatakan pada Surat Keputusan Menteri Hukumdan Hak Asasi Manusia Republik Indonesia denganSurat Keputusan No. AHU-36025.AH.01.02.Th 2009tanggal 29 Juli 2009. Sampai dengan tanggalpelaporan Berita Negara Republik Indonesia masihdalam proses.

PT Sentul City Tbk (“the Company”) wasoriginally established under the name ofPT Sentragriya Kharisma based on Notarial deedNo. 311 of Misahardi Wilamarta, S.H., Notary inJakarta dated 16 April 1993. The deed ofestablishment was approved by the Minister ofJustice of the Republic of Indonesia in hisDecision Letter No. C-24350.HT.01.01.Th.93dated 8 June 1993 and was published in theState Gazette of the Republic of Indonesia No. 65dated 13 August 1993, Supplement No. 3693.The Company’s name was amended several times,the latest being changing its name to PT SentulCity Tbk based on Notarial deed No. 26 of FathiahHelmi, S.H., dated 19 July 2006. The amendmentwas approved by the Minister of Law and HumanRights of the Republic of Indonesia in his DecisionLetter No. C-21373.HT.01.04.Th.2006 dated20 July 2006 and was published in the StateGazette of the Republic of Indonesia No. 34 dated25 April 2008, Supplement No. 4949. TheCompany revised its articles of association inaccordance with Law No. 40 Year 2007 regardingLimited Company with the Statement of MeetingResolution Deed No. 1, dated 15 January 2009,made by Sherley Ikawati Tambunan, S.H.,Notary in Bogor, and was approved bythe Minister of Law and Human Rights ofthe Republic of Indonesia as evident fromthe Decree of the Minister of Law and HumanRights of the Republic of Indonesia in his DecisionLetter No. AHU-36025.AH.01.02.Th 2009, dated29 July 2009. On date of report, the StateGazette of the Republic of Indonesia is still inthe process.

Perusahaan telah menyesuaikan anggaran dasarnyasesuai dengan ketentuan-kententuan PeraturanOtoritas Jasa Keuangan No. 32/POJK.04/2014tentang Rencana dan Penyelenggaraan RapatUmum Pemegang Saham Terbuka, PeraturanOtoritas Jasa Keuangan No. 33/POJK.04/2014tentang Direksi dan Dewan Komisaris Emiten atauPerusahaan Publik dan Peraturan Otoritas JasaKeuangan No. 34/POJK.04/2014 tentang KomiteNominasi dan Remunerasi Emiten atau PerusahaanPublik (selanjutnya disebut Peraturan Otoritas JasaKeuangan) dengan Akta Pernyataan KeputusanRapat No. 1, tanggal 7 Juli 2015, yang dibuat olehElizabeth Karina Leonita, S.H., Notaris di KotaBogor, dan telah mendapatkan persetujuan dariMenteri Hukum dan Hak Asasi Manusia RepublikIndonesia sebagaimana dinyatakan pada SuratKeputusan Menteri Hukum dan Hak Asasi ManusiaRepublik Indonesia dengan Surat KeputusanNo. AHU-3532055.AH.01.11.Th 2015 tanggal 10 Juli2015.

The Company revised its articles of association inaccordance with Law of Financial ServicesAuthority No. 32/POJK.04/2014 about Planningand Implementation General Meeting ofExtraordinary Shareholders, Financial ServicesAuthority Regulation No. 33/POJK.04/2014 aboutBoard of Directors and Board of Commissioners ofPublic Company and Regulation of the FinancialServices Authority No. 34/POJK.04/2014 aboutNominating and Remuneration Committeeof Public Company thus referred to asthe Financial Services Regulation Authority withthe Statement of Meeting Resolution Deed No. 1,dated 7 July 2015 made by Elizabeth KarinaLeonita, S.H., Notary in Bogor, and was approvedby the Minister of Law and Human Rights ofthe Republic of Indonesia as evident fromthe Decree of the Minister of Law and HumanRights of the Republic of Indonesia in his DecisionLetter No. AHU-3532055.AH.01.11.Th 2015, dated10 July 2015.

Page 12: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/2 Exhibit E/2

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

1. U M U M (Lanjutan) 1. GENERAL (Continued)

a. Pendirian Perusahaan (Lanjutan) a. Establishment of the Company (Continued)

Perusahaan telah menyesuaikan anggaran dasarnyasesuai dengan Peraturan Badan Pengawas PasarModal dan Lembaga Keuangan (BAPEPAM-LK)yang tertuang dalam akta Notaris No. 122tanggal 17 April 2017, yang dibuat oleh ElizabethKarina Leonita, S.H., M.Kn., Notaris di Bogor, dantelah mendapatkan persetujuan dari MenteriHukum dan Hak Asasi Manusia Republik Indonesiasebagaimana dinyatakan dalam Surat KeputusanMenteri Hukum dan Hak Asasi Manusia RepublikIndonesia No. AHU-AH.01.03-0130120 tanggal25 April 2017. Sampai dengan tanggal pelaporanBerita Negara Republik Indonesia masih dalamproses.

The Company revised its articles of association inaccordance with the Capital Market SupervisoryAgency and Financial Institution (BAPEPAM & LK)as published in Notarial deed No. 122 dated17 April 2017, made by Elizabeth Karina Leonita,S.H., M.Kn., Notary in Bogor, and was approvedby the Minister of Law and Human Rights ofthe Republic of Indonesia as evident fromthe Decree of the Minister of Law and HumanRights of the Republic of Indonesia No. AHU-AH.01.03-0130120 dated 25 April 2017. As of thedate of the report, the state gazette of theRepublic of Indonesia is still in the process.

Anggaran dasar Perusahaan telah mengalamibeberapa kali perubahan dan yang terakhir adalahdengan akta Notaris No. 60 tanggal 16 Juni 2017,yang dibuat oleh Elizabeth Karina Leonita, S.H.,M.Kn., Notaris di Kota Bogor, mengenai perubahansusunan Dewan Direksi dan Komisaris Perusahaan.Perubahan ini telah mendapatkan persetujuanatau pemberitahuan dari Menteri Hukum dan HakAsasi Manusia Republik Indonesia sebagaimanadinyatakan dalam Surat Keputusan Menteri Hukumdan Hak Asasi Manusia Republik Indonesia denganSurat Keputusan No. AHU-AH.01.03-015036.

The Company’s articles of association wasamended several times and the latest based onNotarial deed No. 60 dated 16 June 2017, madeby Elizabeth Karina Leonita, S.H., M.Kn., Notaryin Bogor, about changes in the composition of theBoard of Directors of the Company and wasapproved by the Minister of Law and HumanRights of the Republic of Indonesia as evidentfrom the Decree of the Minister of Law andHuman Rights of the Republic of Indonesia in itsDecision Letter No. AHU-AH.01.03-015036.

Sesuai dengan Pasal 3 anggaran dasar Perusahaan,ruang lingkup kegiatan Perusahaan meliputi bidangpembangunan, perdagangan dan jasa. Untukmencapai maksud dan tujuan tersebut di atas,Perusahaan melaksanakan kegiatan usaha sebagaiberikut:

In accordance with Article 3 of the Company’sarticles of association, the scope of activities ofthe Company includes construction, trade andservices. To achieve the objectives mentionedabove, the Company may carry out the followingactivities:

- Di bidang pembangunan meliputi kegiatanperencanaan, pelaksanaan, konstruksibeserta fasilitasnya termasuk perencanaan,pembangunan dan mengerjakan pembebasan,pembukaan, pengurugan dan pemerataantanah; dan pemborongan pada umumnya(general contractor) yang meliputipembangunan kawasan perumahan (realestate), rumah susun (rusun), gedung,perkantoran, apartemen/kondominium,kawasan belanja (mal dan plaza), rumah sakit,gedung pertemuan, rumah ibadah, water park,rumah toko (ruko), sekolah dan bangunankomersial pada umumnya.

- In the areas of development including planningactivities, implementation, construction andfacilities including the planning, developmentand acqusition, clearing hilling and equitabledistribution of land; and general contractorwhich includes development of residential,flats, buildings, offices, apartments/condominiums, shopping areas (malls andplazas), hospitals, conference halls, houses ofworship, water parks, shophouses, schools andcommercial buildings in general.

- Di bidang perdagangan yang berhubungandengan real estat dan properti, yaitupenjualan dan pembelian tanah/rumah,gedung perkantoran, gedung pertokoan, unit-unit ruangan apartemen, ruangan kantor,ruangan pertokoan dan lain-lain.

- In the areas of trade which related to realestate and property, namely the sale andpurchase of land/houses, office buildings,shopping malls, apartment room units, officespace, indoor shopping malls and others.

Page 13: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/3 Exhibit E/3

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

1. U M U M (Lanjutan) 1. GENERAL (Continued)

a. Pendirian Perusahaan (Lanjutan) a. Establishment of the Company (Continued)

- Di bidang jasa antara lain jasa penyewaandan pengelolaan, kawasan industri, gedungperkantoran, taman hiburan/rekreasi,pengelolaan parkir dan keamanan (satpam),serta bidang terkait.

- In services such as leasing and propertymanagement services, industrial estates,office buildings, amusement parks/recreation,park management and security (securityguards), and related fields.

Perusahaan memulai kegiatan komersialnya sejaktahun 1995 dengan kantor operasional yangberdomisili di Sentul City Building di Jl. MH.Thamrin, Kav. 8, kawasan perumahan Sentul City,Bogor.

The Company started its commercial operationssince 1995 with operational offices are domiciledin Sentul City Building on Jl. MH. Thamrin,Kav. 8, the housing area Sentul City, Bogor.

Pemegang saham utama perusahaan adalahPT Sakti Generasi Perdana (SGP), yang didirikan diIndonesia berdomisili di Menara Sudirman Lantai 26Jalan Jendral Sudirman, Kavling 60, Senayan,Jakarta Selatan, Indonesia, sedangkan pemegangsaham utama SGP adalah ibu Stella IsabellaDjohan.

The Company’s majority shareholder is PT SaktiGenerasi Perdana (SGP), established in Indonesiaand located at Menara Sudirman 26th Floor JalanJendral Sudirman Kavling 60, Senayan, SouthJakarta, Indonesia, while the Company’s ultimateparent is Mrs. Stella Isabella Djohan.

b. Struktur Perusahaan dan Entitas Anak b. Structure of the Company and its Subsidiaries

Mulaioperasi

komersial/Start of

commercialoperations

Persentasekepemilikan (%)/Percentange ofownership (%)

Total aset(dalam jutaan

Rupiah)/Total assets

(in millions Rupiah)

Nama entitas anak/Name of subsidiaries

Domisili/Domicile

Jenis usaha/Nature of business

31 Des2017/31 Dec2017

31 Des2016/31 Dec2016

31 Des2017/31 Dec2017

31 Des2016/31 Dec2016

PT Bukit Jonggol Asri (BJA) Jakarta Real Estat/Real Estate 2011 80,0 80,0 4.509.487 4.416.494PT Graha Sejahtera Abadi (GRSA) Bogor Real Estat/Real Estate 2016 99,9 - 2.017.181 -PT Aftanesia Raya (AR) Bogor Real Estat/Real Estate 2011 99,9 99,9 733.944 741.033PT Serpong Karya Cemerlang (SKC) Jakarta Real Estat/Real Estate 2013 99,3 99,9 561.748 490.560PT Gazelle Indonesia (GI) Bogor Real Estat/Real Estate 2004 99,9 99,9 188.233 176.688PT Sentul PP Properti* (SPP) Bogor Real Estat/Real Estate 2016 51,0 51,0 152.030 128.287PT Gunung Geulis Elok Abadi (GGEA) Bogor Restoran dan pariwisata/

Restaurant and tourism1995 99,9 99,9 118.487 119.583

PT Karya Megah Sukses (KMS) Jakarta Real Estat/Real Estate 2013 99,9 99,9 55.345 55.305PT Sukaputra Graha Cemerlang (SGC) Bogor Pengelolaan kota/

Town management1999 99,9 99,9 35.343 32.634

PT Fauna Land (FLS) Bogor Pariwisata/Tourism 2016 70,0 - 20.000 -PT Sentul Air Nusantara (SAN) Bogor Pengelolaan air/

Water management2013 99,9 99,9 18.285 17.544

PT Jaya Selaras Gemilang (JSG) Bogor Real Estat/Real Estate 2017 99,2 - 1.231 -PT Kencana Pondok Sejahtera (KPS) Bogor Real Estat/Real Estate 2017 99,8 - 65 -

Melalui SKC/Through SKCPT Serpong Natura Hijau Sentosa

(SNHS)**Bogor Pengelolaan kota/

Town management2017 99,0 - 1.302 -

Melalui BJA/Through BJAPT Langgeng Sakti Mandiri (LSM) Jakarta Pengelolaan air/

Water management2013 99,9 99,9 5.428 5.463

Melalui AR/Through ARPT Bintang Perdana Mulia (BPM) Jakarta Real Estat/Real Estate 2012 99,8 99,8 56.296 54.720

Melalui GGEA/Through GGEAPT Jaya Selaras Utama (JSU)* Bogor Jasa parkir/Parking services 2016 99,9 99,9 1.032 296

* Dikonsolidasikan sejak tahun 2016/Consolidated since 2016**Dikonsolidasikan sejak tahun 2017/Consolidated since 2017

Page 14: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/4 Exhibit E/4

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

1. U M U M (Lanjutan) 1. GENERAL (Continued)

b. Struktur Perusahaan dan Entitas Anak (Lanjutan) b. Structure of the Company and its Subsidiaries(Continued)

PT Bukit Jonggol Asri (BJA) PT Bukit Jonggol Asri (BJA)

Berdasarkan akta Notaris No. 17 Jimmy Tanal,S.H., M.Kn., pengganti dari Hasbullah AbdulRasyid, S.H., M.Kn, tertanggal 1 April 2013,Perusahaan menambah penyertaan saham padaBJA sebesar Rp 107.000.000.000 terdiri dari107.000.000 saham dengan nilai nominal Rp 1.000.Akta tersebut telah mendapat persetujuan dariMenteri Hukum dan Hak Asasi Manusia RepublikIndonesia sebagaimana tercantum dalam SuratKeputusan tanggal 2 April 2013, No. AHU-0028695.AH.01.09.Th 2013. Kepemilikan tetap sebesar 50%.

Based on Notarial deed No. 17 of Jimmy Tanal,S.H., M.Kn., replacement of Hasbullah AbdulRasyid, S.H., M.Kn., dated 1 April 2013,the Company increased its investment in BJAamounting to Rp 107,000,000,000 consisting of107,000,000 shares with a nominal value ofRp 1,000. The deed was approved by the Ministryof Justice and Human Rights of the Republic ofIndonesia as stated in the Decree of 2 April 2013,No. AHU-0028695. AH.01.09. Year of 2013.Ownership remained at 50%.

Berdasarkan akta Notaris No. 40 Hasbullah AbdulRasyid, S.H., M.Kn., tertanggal 4 April 2013,Perusahaan menambah penyertaan saham padaBJA sebesar Rp 360.000.000.000 terdiri dari360.000.000 saham dengan nilai nominal Rp 1.000.Kepemilikan bertambah menjadi sebesar 65%akibat dari transaksi ini (Catatan 4).

Based on the Notarial deed No. 40 of HasbullahAbdul Rasyid, S.H., M.Kn., dated 4 April 2013,the Company increased investment in shares ofBJA amounting to Rp 360,000,000,000, consistingof 360,000,000 shares with par value per share ofRp 1,000. Ownership interest increased to 65% asa result of this transaction (Note 4).

Berdasarkan akta Notaris No. 42 Elizabeth KarinaLeonita, S.H., M.Kn., Notaris di Kota Bogor tanggal14 Oktober 2014, Perusahaan membeli saham BJAdari PT Graha Andrasentra Propertindo dengannilai transaksi sebesar Rp 700.000.000.000 untukmendapatkan saham BJA 360.000.000 sahamdengan nilai nominal Rp 1.000 per saham.Kepemilikan bertambah menjadi sebesar 80%akibat dari transaksi ini.

Based on the Notarial deed No. 42 of ElizabethKarina Leonita, S.H., M.Kn., Notary in Bogordated 14 October 2014, the Company boughtshares of BJA from PT Graha AndrasentraPropertindo amounting to Rp 700,000,000,000,consisting of 360,000,000 shares with par valueper share of Rp 1,000. Ownership interestincreased to 80% as a result of this transaction.

PT Graha Sejahtera Abadi (GRSA) PT Graha Sejahtera Abadi (GRSA)

Berdasarkan akta Notaris No. 120 yang dibuat olehElizabeth Karina Leonita, S.H., M.Kn., tanggal17 April 2017 Perusahaan mengakuisisi 99,99% atau2.017.499 saham GRSA yang dimiliki PT Saktigenerasi Perdana dengan nilai nominalRp 1.000.000 per saham, di mana pelaksanaanyadilakukan melalui penerbitan saham dengan nilaitransaksi right issue sebesar Rp 2.017.499.000.000(Catatan 4).

Based on the Notarial deed No. 120 of ElizabethKarina Leonita dated 17 April 2017, the Companyacquired 99.99% of 2,017,499 shares of GRSA withnominal value of Rp 1,000,000 per share owned byPT Sakti Generasi Perdana, where itsimplementation was conducted through issuanceof shares with right issue transaction value ofRp 2,017,499,000,000 (Note 4).

PT Aftanesia Raya (AR) PT Aftanesia Raya (AR)

Berdasarkan akta Notaris No. 166 dan 167 JimmyTanal, S.H., M.Kn., pengganti dari Hasbullah AbdulRasyid, S.H., M.Kn., tertanggal 18 Agustus 2011,Perusahaan membeli seluruh saham AR daripemegang saham lama, pihak ketiga, sejumlah1.875.000 saham dengan nilai nominal Rp 1.000per saham.

Based on Notary deed No. 166 and 167 JimmyTanal, S.H., M.Kn., replacement of HasbullahAbdul Rashid, S.H., M.Kn., dated 18 August 2011,the Company acquired all of the shares AR ofexisting shareholders, third parties, in amount of1,875,000 shares with par value of Rp 1,000 pershare.

Page 15: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/5 Exhibit E/5

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

1. U M U M (Lanjutan) 1. GENERAL (Continued)

b. Struktur Perusahaan dan Entitas Anak (Lanjutan) b. Structure of the Company and its Subsidiaries(Continued)

PT Aftanesia Raya (AR) (Lanjutan) PT Aftanesia Raya (AR) (Continued)

Perusahaan juga mengambil seluruh saham baruyang diterbitkan AR sejumlah 276.810.000 sahamdengan nilai nominal masing-masing Rp 1.000per saham dengan jumlah keseluruhanRp 276.810.000.000.

The company also took the entire new sharesissued AR amounting to 276,810,000 shares witha nominal value of Rp 1,000 respectively pershare for a total amount of Rp 276,810,000,000.

Dengan demikian, Perusahaan memiliki seluruhsaham AR dengan nilai penyertaan sebesarRp 278.685.000.000, yang terdiri dari 278.685.000saham dengan nilai nominal masing-masingRp 1.000 per saham.

Thus, the company owns all the shares of AR withthe investment value of Rp 278,685,000,000,consisting of 278,685,000 shares with a nominalvalue of each of Rp 1,000 per share.

PT Serpong Karya Cemerlang (SKC) PT Serpong Karya Cemerlang (SKC)

Berdasarkan notulen Rapat Umum PemegangSaham Luar Biasa SKC tanggal 18 Juni 2012, SKCmeningkatkan modal dasar, ditempatkan dandisetor, SKC menyetujui masuknya Perusahaansebagai pemegang saham baru SKC denganmengambil bagian sebanyak 1.320.000 saham atausenilai Rp 132.000.000.000 dengan nilai nominalRp 100.000 per saham. Hal ini dimuat dalam aktaNotaris No. 5 tanggal 14 September 2012 olehNotaris Flora Elisabeth, S.H., M.Kn. (Catatan 4).

Based on the minutes of the General Meeting ofExtraordinary Shareholders of SKC dated on18 June 2012 to increase its authorized, issuedand paid by SKC, SKC approved the entry of a newshareholder to take part as much as 1,320,000shares or Rp 132,000,000,000 with par value ofRp 100,000 per share. This was noted in Notarialdeed No. 5 dated 14 September 2012 by NotaryFlora Elisabeth, S.H., M.Kn. (Note 4).

PT Gazelle Indonesia (GI) PT Gazelle Indonesia (GI)

Berdasarkan akta Notaris No. 17 Flora Elisabeth,S.H., M.Kn., tanggal 20 Maret 2013 menjelaskanbahwa Gazelle Worlwide, Inc. menyetujuipenjualan saham sebanyak 1.950 saham,SGC menyetujui penjualan saham sebanyak3.000 saham dan Tn. Moch Adnan menyetujuipenjualan saham sebanyak 49 saham GI kePerusahaan dengan nominal seluruhnyaRp 4.999.000.000. Sehingga kepemilikanPerusahaan kemudian menjadi 99,99%.

Based on Notarial deed No. 17 of Flora Elisabeth,S.H., M.Kn., dated 20 March 2013 stated thatGazelle Worlwide, Inc. approved the sale of1,950 shares, SGC approved the sale of3,000 shares and Mr. Moch Adnan approvedthe sale of 49 shares of GI to the Company with anominal value amounting to Rp 4,999,000,000.The Company’s ownership then become 99.99%.

Berikut ini adalah identifikasi aset dan liabilitasdari perolehan GI:

The following are the identifiable assets andliabilities acquired from GI:

2 0 1 3

Total aset 65.053.375.938 Total assetsTotal liabilitas 20.007.591.309 Total liabilities

Aset neto 45.045.784.629 Net assetsKepemilikan yang diakuisisi 39,98% Additional interest acquired

Aset bersih yang diperoleh 18.009.304.694 Net assets acquiredGoodwill negatif ( 16.010.304.694) Negative goodwill

Biaya perolehan melalui pembayaran kas 1.999.000.000 Purchase consideration through cash payment

Page 16: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/6 Exhibit E/6

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

1. U M U M (Lanjutan) 1. GENERAL (Continued)

b. Struktur Perusahaan dan Entitas Anak (Lanjutan) b. Structure of the Company and its Subsidiaries(Continued)

PT Sentul PP Properti (SPP) PT Sentul PP Properti (SPP)

Berdasarkan akta Notaris No. 1 Emmyra FauziaKariana, S.H., M.Kn., tanggal 1 Februari 2016,Perusahaan mendirikan perusahaan dengan PT PPProperti Tbk dengan nama PT Sentul PP Properti.Kepemilikan saham Perusahaan sebesar510.000.000 lembar saham dengan harga Rp 100per lembar saham dengan total nominalkeseluruhan Rp 51.000.000.000. SehinggaPerusahaan menjadi pemegang saham SPP dengankepemilikan 51%.

Based on Notarial deed No.1 of Emmyra FauziaKariana, S.H., M.kn., dated 1 February 2016,the Company made a joint venture withPT PP Properti Tbk namely PT Sentul PP Properti.The Company had 510,000,000 shares withnominal value Rp 100 per share for a totalRp 51,000,000,000, so the Company will becomeshareholders of SPP with a percentage of 51%.

PT Gunung Geulis Elok Abadi (GGEA) PT Gunung Geulis Elok Abadi (GGEA)

Berdasarkan akta Notaris No. 174 Trimedi, S.H.,tertanggal 26 Oktober 2011, Perusahaan menambahpenyertaan saham pada GGEA sebesarRp 8.500.000.000 terdiri dari 8.500.000 sahamdengan nilai nominal Rp 1.000 per saham. Aktatersebut telah mendapat persetujuan dari MenteriHukum dan Hak Asasi Manusia Republik Indonesiasebagaimana tercantum dalam Surat Keputusantertanggal 28 November 2011, No. AHU-58356.AH.01.02.Th 2011.

Based on Notary deed No. 174 of Trimedi, S.H.,Notarial deed dated 26 October 2011,the Company increased its investment in sharesof GGEA amounting to Rp 8,500,000,000 consist of8,500,000 shares with par value of Rp 1,000 pershare. The dees was approved by the Minister ofLaw and Human Rights of the Republic ofIndonesia as stated in the Decree of 28 November2011, No. AHU-58356.AH.01.02.Th 2011.

PT Karya Megah Sukses (KMS) PT Karya Megah Sukses (KMS)

Berdasarkan keputusan para pemegang saham KMStanggal 12 April 2012, KMS meningkatkan modaldasar dan disetor, di mana Perusahaan ikut sertadan mengambil bagian dalam peningkatanmodal dasar dan modal disetor tersebut.Penyertaan Perusahaan pada KMS adalah sebesarRp 61.999.900.000 sebagaimana dimuat dalamakta Pernyataan Keputusan Rapat No. 7 tanggal19 Oktober 2012 oleh Notaris Flora Elisabeth, S.H.,M.Kn. (Catatan 4).

Based on the decision of the shareholders of KMSdated 12 April 2012, KMS increases the authorizedcapital and paid-up, in which the Companyparticipated and took part in the increase inthe authorized capital and the paid-up capital.The Company's investment in KMS is amounting toRp 61,999,900,000 as stated in the deed ofResolution No. 7 dated 19 October 2012 by NotaryFlora Elisabeth, S.H., M.Kn. (Notes 4).

PT Sukaputra Graha Cemerlang (SGC) PT Sukaputra Graha Cemerlang (SGC)

Berdasarkan akta Notaris No. 46 Trimedi, S.H.,tertanggal 13 Oktober 2011, Perusahaanmenambah penyertaan saham pada SGC sebesarRp 35.000.000.000 terdiri dari 35.000.000 sahamdengan nilai nominal Rp 1.000 per saham. Aktatersebut telah mendapat persetujuan dari MenteriHukum dan Hak Asasi Manusia Republik Indonesiasebagaimana tercantum dalam Surat Keputusantertanggal 28 November 2011, No. AHU-58204.AH.01.02.Th 2011.

Based on the Notarial deed No. 46 of Trimedi,S.H., dated 13 October 2011, the Companyincreased its investment in shares of SGCamounting to Rp 35,000,000,000, consist of35,000,000 shares with par value of Rp 1,000 pershare. The deed was approved by the Ministryof Justice and Human Rights of the Republicof Indonesia as stated in the Decree of28 November 2011, No. AHU-58204.AH.01.02.Th2011.

Page 17: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/7 Exhibit E/7

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

1. U M U M (Lanjutan) 1. GENERAL (Continued)

b. Struktur Perusahaan dan Entitas Anak (Lanjutan) b. Structure of the Company and its Subsidiaries(Continued)

PT Fauna Land Sentul (FLS) PT Fauna Land Sentul (FLS)

Berdasarkan akta Notaris No. 5 yang dibuat olehElizabeth Karina Leonita, S.H., M.Kn., tanggal3 November 2016 dijelaskan bahwa Perusahaanmengadakan perjanjian kerjasama denganPT Fauna Land Sentul. Perusahaan memiliki 14.000saham dengan harga per saham Rp 1.000.000dengan total Rp 14.000.000.000, Perusahaanmenjadi pemegang saham PT Fauna Land Sentuldengan kepemilikan sebesar 70%.

Based on Notarial deed No. 5 of Elizabeth KarinaLeonita., SH., M.Kn, dated 3 November 2016,the Company entered into a cooperationagreement with PT Fauna Land Indonesia toestablish a company under the name of PT FaunaLand Sentul. The Company has 14,000 shares withthe price per share of Rp 1,000,000 so that thetotal amount of Rp 14,000,000,000, the Companybecomes a shareholder of PT Fauna Land Sentulwith ownership of 70%.

PT Sentul Air Nusantara (SAN) PT Sentul Air Nusantara (SAN)

Berdasarkan akta Notaris No. 9 Flora Elisabeth,S.H., M.Kn., tanggal 18 Februari 2013, SGCmenyetujui pengoperan/pengalihan seluruh hak-hak atas saham SAN kepada Perusahaan sebanyak813 saham dengan nilai nominal Rp 1.000.000 persaham dengan jumlah keseluruhan Rp 813.000.000(Catatan 4).

Based on Notarial deed No. 9 of Flora Elisabeth,S.H., M.Kn., dated 18 February 2013, SGCapproved the transfer of all rights on shares ofSAN to the Company consisting of 813 shares withpar value of Rp 1,000,000 per share, for a totalamount of Rp 813,000,000 (Note 4).

Berdasarkan akta Notaris No. 13 Flora Elisabeth,S.H., M.Kn., tanggal 20 Februari 2015, Perusahaanmeningkatkan saham sebanyak 487 saham dengannilai nominal Rp 1.000.000 per saham denganjumlah keseluruhan Rp 487.000.000.

Based on Notarial deed No. 13 of Flora Elisabeth,S.H., M.Kn., dated 20 February 2015,the Company increases share consisting of 487shares with par value of Rp 1,000,000 pershare,for a total amount of Rp 487,000,000.

Berdasarkan akta Notaris No. 90 dan 91 FloraElisabeth, S.H., M.Kn., masing-masing tertanggal26 September 2016, PT Pison Nusantaramenyetujui pengoperan/pengalihan seluruh hak-hak atas saham SAN sebanyak 699 saham dengannilai nominal Rp 1.000.000 per saham denganjumlah keseluruhan sebesar Rp 699.000.000.

Based on Notarial deed No. 90 and 91 of FloraElisabeth, S.H., M.Kn., dated 26 September 2016,PT Pison Nusantara approved the transfer ofrights on shares of SAN consisting of 699 shareswith par value of Rp 1,000,000 per share, fora total amount of Rp 699,000,000.

PT Jaya Selaras Gemilang (JSG) PT Jaya Selaras Gemilang (JSG)

Berdasarkan akta Notaris No. 28 yang dibuat olehElizabeth Karina Leonita, S.H., M.Kn., tanggal12 Juni 2017 dijelaskan bahwa Perusahaanmempunyai 124 saham JSG dengan nilai nominalRp 1.000.000 per saham dengan jumlahkeseluruhan sebesar Rp 124.000.000 sehinggaPerusahaan menjadi pemegang saham JSG denganpersentase kepemilikan sebesar 99,20%.

Based on Notarial deed No. 28 of Elizabeth KarinaLeonita., SH., M.Kn, 8 dated 12 June 2017,the Company acquired 124 shares of JSG of withnominal value of Rp 1,000,000 per share for atotal of Rp 124,000,000 resulting to the Companybecoming a shareholder of JSG with ownershippercentage of 99.20%.

PT Kencana Pondok Sejahtera (KPS) PT Kencana Pondok Sejahtera (KPS)

Berdasarkan akta Notaris No. 118 yang dibuat olehElizabeth Karina Leonita, S.H., M.Kn., tanggal21 Agustus 2017 dijelaskan bahwa Perusahaanmempunyai 509 saham KPS dengan nilai nominalRp 100.000 per saham dengan jumlah keseluruhansebesar Rp 50.900.000 sehingga Perusahaanmenjadi pemegang saham KPS dengan persentasekepemilikan sebesar 99,80%.

Based on the Notarial deed No. 118 of ElizabethKarina Leonita, SH., M.Kn. dated 21 August 2017,the Company acquired 509 shares of KPS nominalvalue of Rp 100,000 per share for a total ofRp 50,900,000 resulting to the Company becominga shareholder of KPS with ownership percentageof 99.80%.

Page 18: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/8 Exhibit E/8

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

1. U M U M (Lanjutan) 1. GENERAL (Continued)

b. Struktur Perusahaan dan Entitas Anak (Lanjutan) b. Structure of the Company and its Subsidiaries(Continued)

PT Serpong Natura Hijau Sentosa (SNHS) PT Serpong Natura Hijau Sentosa (SNHS)

Berdasarkan akta Notaris No. 3 yang dibuat olehRose Takarina, S.H. tanggal 6 Januari 2017dijelaskan bahwa SKC mempunyai 7.425 saham JSUdengan nilai nominal Rp 100.000 per saham denganjumlah keseluruhan sebesar Rp 742.500.000sehingga SKC menjadi pemegang saham SNHSdengan persentase kepemilikan sebesar 99,00%.

Based on the Notarial deed No. 3 of RoseTakarina, S.H. dated 6 January 2017, SKCacquired 7,425 shares of JSU with nominal valueof Rp 100,000 per share for a total ofRp 742,500,000 resulting to SKC becoming ashareholder of SNHS with ownership percentageof 99.00%.

PT Bintang Perdana Mulia (BPM) PT Bintang Perdana Mulia (BPM)

Pada tanggal 26 Maret 2013, PT Daya KharismaNusantara (DKN), selaku pemegang 50% saham BPM,melakukan perjanjian Share Swap denganAR selaku pemegang 50% saham PT Bintang SaktiAbadi “suatu usaha patungan”, sehingga denganadanya perjanjian tersebut, DKN akan menjadipemegang saham PT Bintang Sakti Abadi denganpersentase pemilikan 50% dan AR menjadipemegang saham BPM dengan kepemilikan 50%,dengan akta Notaris Flora Elisabeth, S.H., M.Kn.,No. 32, Notaris di Kabupaten Bogor pada tanggal30 Maret 2013, yang telah ditegaskan kembaliberdasarkan akta Notaris Flora Elisabeth, S.H.,M.Kn., No. 16 tanggal 31 Juli 2013.

On 26 March 2013, PT Daya Kharisma Nusantara(DKN), as the holder of 50% shares of BPM,entered into Share Swap Agreement withAR, as the holder of 50% shares of PT BintangSakti Abadi, “a joint venture”, and as the resultof the Agremeent, DKN will become shareholderof PT Bintang Sakti Abadi with a percentage of50% and AR will become shareholder of BPM witha percentage of 50%, based on Notarial deed byFlora Elisabeth, S.H., M.Kn., No. 32, Notary inBogor regency dated 30 March 2013, which hasbeen reaffirmed based on Notarial deed by FloraElisabeth, S.H., M. Kn., No. 16 dated 31 July2013.

2 0 1 3

Aset neto ( 3.085.467.156) Net assetsKepemilikan yang diakuisisi 50% Interest acquired

Aset bersih yang diperoleh ( 1.542.733.578) Net assets acquiredGoodwill 1.842.496.578 Goodwill

Biaya perolehan melalui pembayaran kas 299.763.000 Purchase consideration through cash payment

Berdasarkan akta jual beli saham pada tanggal31 Desember 2015 yang dinotariskan oleh KurniaFajariyati, S.H., M.Kn., menjelaskan bahwa AR telahmembeli 299 lembar saham PT Bukit MentariWahana (BMW) dari BPM dengan nilai nominalRp 1.000.000 per saham dengan jumlah seluruhnyaRp 299.000.000, sehingga AR menjadi pemegangsaham BPM dengan kepemilikan 99,83%.

Based on the sale deed of shares on 31 December2015 which are notarized by Fajariyati Kurnia,S.H., M.Kn., explaining that AR has purchased 299shares of PT Bukit Mentari Wahana (BMW) fromBPM with nominal value of Rp 1,000,000 per sharefor a total of Rp 299,000,000, so that AR willbecome shareholder of BPM with a percentage of99.83%.

PT Jaya Selaras Utama (JSU) PT Jaya Selaras Utama (JSU)

Berdasarkan akta Notaris No. 2 Elizabeth KarinaLeonita, S.H., M.Kn., Notaris di Kota Bogor tanggal4 Oktober 2016, GGEA mengambil alih saham JSUsebanyak 1.249 lembar saham dengan hargaRp 100.000 per lembar saham dengan total nominalkeseluruhan Rp 124.900.000, sehingga GGEAmenjadi pemegang saham JSU dengan kepemilikan99,92%.

Based on Notarial deed No. 2 of Elizabeth KarinaLeonita, S.H., M.Kn., Notary in Bogor dated4 October 2016, GGEA acquired 1,249 shares ofJSU with nominal value Rp 100,000 per share for atotal Rp 124,900,000, so GGEA will becomeshareholders of JSU with a percentage of 99.92%.

Page 19: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/9 Exhibit E/9

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

1. U M U M (Lanjutan) 1. GENERAL (Continued)

c. Penawaran Umum dan Terbatas Efek Perusahaan c. Initial and Limited Public Offerings ofthe Company’s Shares

Pada tanggal 30 Juni 1997, Perusahaan melakukanpenawaran umum kepada masyarakat atas400.000.000 saham Seri A, yang kemudian tercatatpada Bursa Efek Jakarta pada tanggal 28 Juli 1997.

On 30 June 1997, the Company offered tothe public 400,000,000 A Series shares, whichwere subsequently listed at the Jakarta StockExchange on 28 July 1997.

Pada tanggal 29 Juli 1999, Perusahaan memperolehpernyataan efektif dari Badan Pengawas PasarModal dan Lembaga Keuangan (BAPEPAM & LK)untuk melakukan Penawaran Umum Terbatas Idengan Hak Memesan Efek Terlebih Dahulu(HMETD) sejumlah 4.004.000.000 saham Seri BPerusahaan. Saham-saham tersebut dicatatkanpada Bursa Efek Jakarta pada tanggal 3 Agustus1999.

On 29 July 1999, the Capital Market FinancialInstitution Supervisory Board (BAPEPAM & LK)declared effective the Company’s Limited PublicOffering I within the framework of a Rights Issue(HMETD) of the Company’s 4,004,000,000 B Seriesshares. Those shares were subsequently listed atthe Jakarta Stock Exchange on 3 August 1999.

Berdasarkan Rapat Umum Pemegang Saham LuarBiasa tanggal 19 Juli 2006, para pemegang sahammenyetujui pengurangan jumlah saham yangditempatkan (reverse stock) Perusahaan sehingganilai nominal per saham seri A dan B masing-masingmeningkat dari Rp 500 dan Rp 100 menjadiRp 2.000 dan Rp 400.

Based on Extraordinary Shareholders’ GeneralMeeting dated 19 July 2006, the shareholdersapproved the reduction of the Company’s issuedshare (reverse stock) which resulted tothe increase in par value per share of A and BSeries shares from Rp 500 and Rp 100 to Rp 2,000and Rp 400, respectively.

Pada tanggal 7 September 2006, Perusahaanmemperoleh pernyataan efektif dari BadanPengawas Pasar Modal dan Lembaga Keuangan(BAPEPAM & LK) untuk melakukan PenawaranUmum Terbatas II dengan Hak Memesan EfekTerlebih Dahulu (HMETD) sejumlah 8.151.000.000saham Seri C dengan nilai nominal Rp 100 persaham. Saham-saham tersebut dicatatkan padaBursa Efek Jakarta pada tanggal 22 September2006.

On 7 September 2006, the Capital Market andFinancial Institutions Supervisory Board (BAPEPAM& LK) declared effective the Company’s LimitedPublic Offering II within the framework of aRights Issue (HMETD) of the Company’s8,151,000,000 C Series shares with par value ofRp 100 per share, which were subsequently listedat the Jakarta Stock Exchange on 22 September2006.

Pada tanggal 8 September 2009, Rapat UmumPemegang Saham Luar Biasa menyetujuipeningkatan modal ditempatkan dan modal disetorPerusahaan Tanpa Hak Memesan Efek TerlebihDahulu menjadi Rp 1.981.250.859.800, sesuai aktaBerita Acara Rapat Umum Pemegang Saham LuarBiasa Perusahaan No. 1, tanggal 8 September 2009,yang dibuat oleh Widjiono, S.H., MM., Notarisdi Bogor, di mana akta telah diterima dan dicatatdi dalam database Sistem Administrasi BadanHukum Departemen Hukum dan Hak AsasiManusia Republik Indonesia, Direktorat JenderalAdministrasi Hukum Umum sesuai SuratPenerimaan Pemberitahuan Perubahan AnggaranDasar Perusahaan No. AHU-AH.01.10-17742tanggal 14 Oktober 2009, Perihal PenerimaanPemberitahuan Perubahan Anggaran Dasar.

On 8 September 2009, the ExtraordinaryShareholders’ General Meeting approvedthe increase in issued and paid-up capital ofthe Company without preemptive rights toRp 1,981,250,859,800, according to the CompanyExtraordinary Shareholders’ General Meetingdeed No. 1 dated 8 September 2009, made byWidjiono, S.H., MM., Notary in Bogor, the deedwas received and recorded in the database ofthe Department of Legal Administration of Lawand Human Rights of the Republic of Indonesia,Directorate General of Legal AdministrationGeneral accordance with the Letter AcceptanceNotice of Amendment to Articles of CompanyNo. AHU-AH.01.10-17742 dated 14 October 2009,Readmission Notification Amendment.

Page 20: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/10 Exhibit E/10

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

1. U M U M (Lanjutan) 1. GENERAL (Continued)

c. Penawaran Umum dan Terbatas Efek Perusahaan(Lanjutan)

c. Initial and Limited Public Offerings ofthe Company’s Shares (Continued)

Pada tanggal 29 Desember 2009, Perusahaanmemperoleh pernyataan efektif dari BadanPengawas Pasar Modal dan Lembaga Keuangan(BAPEPAM & LK) dengan surat No. S-11066/BL/2009untuk melakukan Penawaran Umum Terbatas (PUT)III dengan Hak Memesan Efek Terlebih Dahulu(HMETD) sejumlah 15.025.512.897 saham seri Cdengan nilai nominal Rp 100 per saham. MelaluiPUT III tersebut, Perusahaan juga menerbitkanWaran Seri I, di mana untuk setiap tiga puluhsaham hasil pelaksanaan HMETD tersebut melekattujuh Waran Seri I, atau sebanyak-banyaknya3.505.953.009 waran Seri I. Untuk pemegangsaham yang memiliki satu Waran Seri I, diberikanhak untuk membeli satu saham seri C dengan hargaRp 100 per saham selama periode pelaksanaan dari26 Juli 2010 sampai dengan 6 Agustus 2010, setelahperiode tersebut waran Seri I dinyatakankadaluarsa.

On 29 December 2009, the Company receivedeffective letter from Capital Market and FinancialInstitutions Supervisory Board (BAPEPAM & LK),through its Letter No. S-11066/ BL/2009 toexecute the Limited Public Offering (PUT) III withthe framework of a Rights Issue amounting to15,025,512,897 C series shares with par value ofRp 100 per share, with pre-emptive rights.Through its PUT III, the Company also issuedSeries I Warrants, which for every thirty sharesfrom pre-emptive rights execution PUT comeswith seven, or a total of 3,505,953,009 Series IWarrants. Each Series I Warrant entitled ashareholder to purchase one C Series share at anexercise price of Rp 100 per share duringthe exercise period from 26 July 2010 to 6 August2010, after which period the Series I Warrantsexpired.

Sesuai akta Notaris No. 36 tanggal 24 September2010, yang dibuat Stephanie Wilamarta, S.H.,Notaris di Jakarta, yang telah diterima dan dicatatoleh Menteri Hukum dan Hak Asasi ManusiaRepublik Indonesia, sebagaimana ternyata darisurat Penerimaan Pemberitahuan PerubahanAnggaran Dasar Perusahaan No. AHU-AH.0110-25389 tanggal 7 Oktober 2010, setelah pelaksanaanwaran seri I, modal ditempatkan dan disetorPerusahaan menjadi Rp 3.833.840.501.000.

In accordance to Notarial deed No. 36 dated24 September 2010, which made by StephanieWilamarta, S.H., Notary in Jakarta, which hasbeen accepted and registered by the Ministry ofLaw and Human Rights of the Republic ofIndonesia, as evident from the letter ofAcceptance Notice of Amendment to theArticles of Association of the Company No. AHU-AH.0110-25389 dated 7 October 2010, afterthe implementation of the series I warrants,the Company's issued and paid up capitalamounting to Rp 3,833,840,501,000.

Pada tanggal 3 Agustus 2011, Perusahaan telahmemperoleh persetujuan dari Rapat UmumPemegang Saham Luar Biasa, untuk meningkatkanmodal ditempatkan dan modal disetor tanpa HakMemesan Efek Terlebih Dahulu (HMETD) sebanyak2.854.000.000 saham seri C sesuai akta NotarisNo. 49, tanggal 22 Agustus 2011, yang dibuat olehMisahardi Wilamarta, S.H., M.Kn., Notaris diJakarta, yang telah diterima dan dicatat di dalamdatabase Sistem Administrasi Badan HukumKementerian Hukum dan Hak Asasi ManusiaRepublik Indonesia sebagaimana ternyata dalamsurat Penerimaan Pemberitahuan PerubahanAnggaran Dasar Perusahaan No. AHU-AH.01.10-30301 tanggal 21 September 2011.

On 3 August 2011, the Company receivedthe approval from Extraordinary Shareholders’General Meeting to increase the issuedand paid shares without the framework of aRights Issue (HMETD) totaling 2,854,000,000C series shares, according to Notarial deedNo. 49, dated 22 August 2011, made by MisahardiWilamarta, S.H., M.Kn., Notary in Jakarta, whichwas received and recorded by the Ministryof Law and Human Rights of the Republic ofIndonesia as evident from the letter AcceptanceNotice of Amendment to Articles of AssociationNo. AHU-AH.01.10-30301 dated 21 September2011.

Page 21: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/11 Exhibit E/11

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

1. U M U M (Lanjutan) 1. GENERAL (Continued)

c. Penawaran Umum dan Terbatas Efek Perusahaan(Lanjutan)

c. Initial and Limited Public Offerings of theCompany’s Shares (Continued)

Perusahaan telah memperoleh persetujuan dariRapat Umum Pemegang Saham Luar Biasa,untuk meningkatkan modal ditempatkan danmodal disetor tanpa Hak Memesan Efek TerlebihDahulu (HMETD) sebanyak 3.139.690.500 sahamseri D dengan nilai nominal Rp 50 sesuai aktaNotaris No. 9, tanggal 17 Desember 2015,yang dibuat oleh Elizabeth Karina Leonita, S.H.,M.Kn., Notaris di Bogor, yang telah diterimadan dicatat di dalam database Sistem AdministrasiBadan Hukum Kementerian Hukum danHak Asasi Manusia Republik Indonesia sebagaimanaternyata dalam surat Penerimaan PemberitahuanPerubahan Anggaran Dasar PerusahaanNo. AHU-3597132.AH.01.11 tanggal 22 Desember2015 (Catatan 23 dan 24).

The Company received the approval fromExtraordinary Shareholders’ General Meeting, toincrease the issued and paid shares without theframework of a Rights Issue (HMETD) totaling3,139,690,500 D series shares with par value ofRp 50 per share, according to Notarial deedNo. 9, dated 17 December 2015, made byElizabeth Karina Leonita, S.H., M.Kn., Notary inBogor, which was received and recorded by theMinistry of Law and Human Rights of the Republicof Indonesia as evident from the letterAcceptance Notice of Amendment to Articles ofAssociation No. AHU-3597132.AH.01.11 dated22 December 2015 (Notes 23 and 24).

Pada tanggal 7 Februari 2017, Perusahaan telahmemperoleh persetujuan dalam Rapat UmumPemegang Saham Luar Biasa untuk meningkatkanmodal ditempatkan dan disetor Perseroan melaluipenambahan modal dengan hak memesan efekterlebih dahulu, sebagaimana dimuat dalam AktaPernyataan Rapat PT Sentul City Tbk No. 79tanggal 7 Februari 2017, sebagaimana ditegaskankembali oleh Akta Pendirian PT Sentul City TbkNo.122, tanggal 17 April 2017, yang dibuat olehElizabeth Karina Leonita, SH, M.Kn, Notaris di KotaBogor untuk meningkatkan modal ditempatkan dandisetor Perseroan sebesar Rp 32.809.765.735 danpersetujuan pengambilalihan PT Graha SejahteraAbadi sebanyak 99,99% milik PT Sakti GenerasiPerdana di mana telah telah diterima dan dicatatdalam Badan sistem Administrasi HukumKementerian Hukum dan Hak Asasi ManusiaRepublik Indonesia, melalui Surat PemberitahuanAkta Perubahan Anggaran Dasar PT Sentul CityTbk, No. AHU-AH.01.030130120 tanggal 25 April2017 (Catatan 23 dan 4).

On 7 February 2017, the Company, has obtainedthe approval during the ExtraordinaryShareholders General Meeting of Shareholders toincrease the issued and paid up capital of theCompany through the addition of the capital withpre-emptive rights, as published in the Deed ofPT Sentul City Tbk Meeting Resolution No. 79dated 7 February 2017, as reaffirmed by theDeed of PT Sentul City Tbk. No. 122, dated17 April 2017, made by Elizabeth Karina Leonita,SH, M.Kn, to increase the issued and paid upcapital of the Company amounting ofRp 32,809,765,735 and the acquisition 99.99% ofPT Graha Sejahtera Abadi owned by PT SaktiGenerasi Perdana, which has been received andrecorded in the Legal Entity AdministrationSystem of the Ministry of Justice and HumanRights of the Republic of Indonesia, as evidentfrom the Letter of Acceptance Notification ofAmendment of Articles of Association ofPT Sentul City Tbk, No. AHU-AH.01.030130120dated 25 April 2017 (Notes 23 and 4).

d. Dewan Komisaris, Direksi dan Karyawan d. Boards of Commissioners, Directors andEmployees

Pada tanggal 31 Desember 2017 dan 2016, susunanDewan Komisaris dan Direksi Perusahaan adalahsebagai berikut:

As of 31 December 2017 dan 2016, the membersof the Company’s Boards of Commissioners andDirectors are as follows:

Dewan Komisaris Board of CommissionersPresiden Komisaris Tranggono Ting President CommissionerWakil Presiden Komisaris Antonius Prijohandojo

KristantoVice President Commissioner

Komisaris Sumarsono CommissionerKomisaris Independen Soemarso Slamet

RahardjoIndependent Commissioner

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These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/12 Exhibit E/12

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

1. U M U M (Lanjutan) 1. GENERAL (Continued)

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Direksi DirectorsPresiden Direktur Keith Steven Muljadi Keith Steven Muljadi President DirectorWakil Presiden Direktur

-Andy Kesuma

NatanaelVice President Director

Direktur Ricky Kinanto Teh Ricky Kinanto Teh DirectorDirektur Rickey Mabbun

LeuterioRickey Mabbun

LeuterioDirector

Direktur Independen Syukurman Larosa Syukurman Larosa Independent Director

Susunan Komite Audit pada tanggal 31 Desember2017 and 2016 adalah sebagai berikut:

The composition of the Company’s AuditCommittee as of 31 December 2017 and 2016 asfollows:

Ketua Soemarso SlametRahardjo

Chairman

Anggota Rusdy Daryono MemberAnggota Jonnardi Member

Gaji dan tunjangan yang dibayarkan kepadaDewan Komisaris dan Direksi, pemegang sahamyang merupakan bagian dari manajemen danpersonil manajemen kunci lainnya pada tanggal31 Desember 2017 dan 2016 adalah sebagaiberikut:

The salaries and compensation benefits paidto the Company’s Boards of Commissionersand Directors, shareholders that are part ofmanagement, and other key managementpersonnel as of 31 December 2017 and 2016 areas follows:

Direksi (dalamribuan Rupiah)/

Directors (inthousand Rupiah)

Dewan Komisaris(dalam ribuan

Rupiah)/Board of

Commissioners(in thousand

Rupiah)

Pemegangsaham utama

yang jugabagian dari

manajemen/Shareholdersthat are part

of management

Personilmanajemenkunci lainya/

Other keymanagement

personnel% Rp % Rp % Rp % Rp

31 Desember 2017 31 December 2017

Gaji dan imbalan kerjajangka pendek lainnya 8,71 7.140.572 1,35 1.105.000 - - - -

Salary and other short-term benefits

31 Desember 2016 31 December 2016

Gaji dan imbalan kerjajangka pendek lainnya 5,94 4.495.281 1,91 1.446.000 - - - -

Salary and other short-term benefits

Pada tanggal 31 Desember 2017 dan 2016,Perusahaan dan entitas anak mempunyai masing-masing sejumlah 449 dan 431 karyawan tetap(tidak diaudit).

As of 31 December 2017 and 2016, the Companyand subsidiaries had 449 and 431 permanentemployees, respectively (unaudited).

Page 23: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/13 Exhibit E/13

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

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

a. Dasar Penyajian Laporan Keuangan Konsolidasian a. Basis of Preparation of Consolidated FinancialStatements

Laporan keuangan konsolidasian telah disusunsesuai dengan Standar Akuntansi Keuangan diIndonesia (“SAK”), yang mencakup PernyataanStandar Akuntansi Keuangan (”PSAK”) danInterpretasi Standar Akuntansi Keuangan (”ISAK”)yang dikeluarkan oleh Dewan Standar AkuntansiKeuangan Ikatan Akuntan Indonesia dan Peraturandan Pedoman Penyajian dan Pengungkapan LaporanKeuangan yang dikeluarkan Otoritas Jasa Keuangan(OJK) bagi perusahaan publik.

The consolidated financial statements havebeen prepared in accordance with IndonesianFinancial Accounting Standards (“SAK”),which are comprised of the Statements ofFinancial Accounting Standards (“PSAK”) andInterpretations to Financial AcccountingStandards (“ISAK”) issued by the FinancialAccounting Standards Board of the IndonesianInstitute of Accountants and the Regulations andEstablished Guidelines on Financial StatementsPresentation and Disclosure issued by theFinancial Services Authority of Indonesia (OJK)for public-listed companies.

Laporan keuangan konsolidasian disusunberdasarkan basis akrual (accrual basis), dan dasarpengukuran dengan menggunakan konsep biayahistoris (historical cost concept), kecuali untukakun tertentu yang diukur dengan menggunakandasar seperti yang disebutkan dalam catatan yangrelevan.

The consolidated financial statements have beenprepared using the accrual basis, andthe measurement basis used is historical costconcept, except for certain accounts which aremeasured on the bases described in the relevantnotes herein.

Laporan arus kas konsolidasian disusun denganmenggunakan metode langsung (direct method),menyajikan penerimaan dan pengeluaran kas dansetara kas yang dikelompokkan ke dalam aktivitasoperasi, investasi dan pendanaan.

The consolidated statements of cash flows, whichhave been prepared using direct method, presentreceipts and disbursements of cash and cashequivalent classified into operating, investingand financing activities.

Mata uang pelaporan yang digunakan pada laporankeuangan konsolidasian adalah Rupiah (Rp), yangjuga merupakan mata uang fungsional Perusahaandan entitas anak.

The reporting currency used in the consolidatedfinancial statements is the IndonesianRupiah (Rp), which is also the Company andsubsidiaries’s functional currency.

b. Perubahan Kebijakan Akuntansi b. Changes in Accounting Policies

Kebijakan akuntansi yang diadopsi adalahkonsisten dengan kebijakan akuntansi tahunkeuangan sebelumnya, kecuali bagi pengadopsianPSAK dan ISAK revisian dan PSAK baru yang berlakuefektif pada atau setelah tanggal 1 Januari 2017.Perubahan kebijakan akuntansi Perusahaan danentitas anak, dibuat sebagaimana disyaratkansesuai dengan ketentuan transisi yang relevanterkait dengan PSAK dan ISAK tersebut.

Accounting policies adopted are consistent withthose of the previous financial year, except forthe adoption of the revised PSAK and ISAK andnew PSAK that became effective on or after1 January 2017. Changes to the Company andsubsidiaries's accounting policies have been madeas required, in accordance with the relevanttransitional provisions in the respective PSAK andISAK.

Page 24: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/14 Exhibit E/14

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

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

b. Perubahan Kebijakan Akuntansi (Lanjutan) b. Changes in Accounting Policies (Continued)

Adopsi PSAK dan ISAK Revisian dan PSAK Baru Adoption of Revised PSAK and ISAK and NewPSAK

Standar dan penyesuaian standar berikut efektifuntuk periode yang dimulai pada atau setelah1 Januari 2017, dengan penerapan dinidiperkenankan yaitu:

Standard and improvements to standardseffective for periods beginning on or after1 January 2017, with early application permittedas are follows:

Amandemen PSAK No. 1 “Penyajian LaporanKeuangan”,

Amendment PSAK No. 1 “Presentation ofFinancial Statements”,

ISAK No. 31 “Interpretasi atas Ruang LingkupPSAK 13: Properti Investasi”,

ISAK No. 31 “Interpretation of PSAK 13:Investment property”,

PSAK No. 3 “Laporan Keuangan Interim”, PSAK No. 3 “Interim Financial Statement”, PSAK No. 24 “Imbalan Kerja”, PSAK No. 24 “Employee benefits”, PSAK No. 58 “Aset Tidak Lancar yang Dimiliki

untuk Dijual dan Operasi yang Dihentikan”, PSAK No. 58 “Non-current Assets Held for

Sale and Discontinued Operations”, PSAK No. 60 “Instrumen Keuangan:

Pengungkapan”, dan PSAK No. 60 “Financial Instruments

Disclosure”, and ISAK No. 32 “Definisi dan Hierarki Standar

Akuntansi Keuangan”, ISAK No. 32 “Definition and Hierarchy of

Financial Accounting Standards”,

PSAK dan ISAK Revisian dan PSAK Baru yangTelah Diterbitkan namun belum berlaku efektif

Revised PSAK and New PSAK Issued but not yeteffective

Pada tanggal penerbitan laporan keuangankonsolidasian ini, manajemen sedangmempelajari dampak yang mungkin timbul daripenerapan standar baru dan revisi berikut yangtelah diterbitkan, namun belum berlaku efektifuntuk tahun buku yang dimulai 1 Januari 2017adalah sebagai berikut:

As at the authorization date of the consolidatedfinancial statements, the management is stillevaluating the potential impact of the followingnew and revised PSAK which have been issued butare not yet effective for the financial yearbeginning on 1 January 2017:

PSAK No. 15 “Investasi pada Entitas Asosiasidan Ventura Bersama”,

PSAK No. 15 “Investments in Associates andJoint Ventures”,

Amandemen PSAK No. 16 “Aset Tetap”, Amendment PSAK No. 16 “Property, Plantand Equipment”,

PSAK No. 67 “Pengungkapan Kepentingandalam Entitas Lain”,

PSAK No. 67 “Disclosures of interest inOther Entities”,

PSAK No. 69 “Agrikultur”, PSAK No. 69 “Agriculture”, Amandemen PSAK No. 2 “Laporan Arus Kas

tentang Prakarsa Pengungkapan”, Amendment PSAK No. 2 “Statements of Cash

Flow about Disclosure Initiative” Amandemen PSAK No. 46 “Pajak Penghasilan

tentang Pengakuan Aset Pajak Tangguhanuntuk Rugi yang Belum Direalisasi”,

Amendment PSAK No. 46 “Income Tax aboutRecognition of Deferred Tax Assets forUnrealised Losses

PSAK No. 71 “Instrumen Keuangan”, PSAK No. 71 “Financial Instruments”, PSAK No. 72 “Pendapatan dari Kontrak dengan

Pelanggan”, dan PSAK No. 72 “Revenue from Contracts with

Customers”, and Amandemen PSAK No. 62 “Penerapan

PSAK No. 71 untuk PSAK No. 62”. Amendment PSAK No. 62 “Applying PSAK

No. 71 to PSAK No. 62”.

Page 25: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/15 Exhibit E/15

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

b. Perubahan Kebijakan Akuntansi (Lanjutan) b. Changes in Accounting Policies (Continued)

Penundaan Postponement

Dewan Standar Akuntansi Ikatan Akuntan Indonesiamemutuskan untuk menunda pemberlakukan ISAKNo. 21, “Perjanjian Konstruksi Real Estat” danPPSAK No. 7, “Pencabutan PSAK No. 44: AkuntansiAktivitas Pengembangan Real Estat paragraph 08(b)”, yang semula berlaku efektif untukperiode yang dimulai pada dan atau setelah1 Januari 2013. Pada tanggal laporan keuangankonsolidasian, penundaan masih berlaku.

Financial Accounting Standards Board ofThe Indonesian Institute of Accountants decidedto postpone the effectiveness of ISAK No. 21“Real Estate Construction Agreement” and PPSAKNo. 7 “Withdrawal of PSAK No. 44 – Accountingfor Real Estate Development Activities paragraph08 (b)”, which was previously effective for theperiod beginning at and or after 1 January 2013.As of the date of these consolidated financialstatements, the postponement is still in effect.

c. Prinsip Konsolidasian c. Principles of Consolidation

Laporan keuangan konsolidasian menggabungkanlaporan keuangan Perusahaan dan entitas anak.

The consolidated financial statementsincorporate the financial statements ofthe Company and subsidiaries.

Entitas Anak adalah seluruh entitas (termasukentitas bertujuan khusus) di mana Perusahaan danentitas anak memiliki pengendalian untukmengatur kebijakan keuangan dan operasional.

Subsidiaries are all entities (including specialpurpose entities) over which the Company andsubsidiaries have the power to governthe financial and operating policies.

Entitas anak dikonsolidasi secara penuh sejaktanggal akuisisi, yaitu tanggal Perusahaan danentitas anak memperoleh pengendalian, sampaidengan tanggal entitas induk kehilanganpengendalian. Pengendalian dianggap adaketika: Perusahaan dan entitas anak memiliki

kekuasaan; Perusahaan dan entitas anak memiliki

eksposur atau hak atas imbal hasil darivariabel keterlibatannya dengan entitaslainnya; dan

Perusahaan dan entitas anak memilikikemampuan untuk menggunakankekuasaannya atas entitas lain untukmempengaruhi jumlah imbal hasil entitaslainnya.

Subsidiaries are fully consolidated from the dateof acquisition, being the date on whichthe Company and subsidiaries obtained control,and continue to be consolidated until the datesuch control ceases. Control is presumed to existif: The Company and its subsidiaries have

power; The Company and its subsidiaries have

exposure or rights to variable returns fromits involvement with other entities; and

The Company and its subsidiaries havethe ability to use its power over anotherentity to influence the yields of otherentities.

Perusahaan menilai kembali apakah terdapat atautidak pengendalian terhadap entitas jika faktadan keadaan yang menunjukkan bahwa adaperubahan satu atau lebih dari tiga elemenpengendalian. Entitas anak dikonsolidasi secarapenuh sejak tanggal pengendalian dialihkan kePerusahaan dan dihentikan untuk dikonsolidasisejak tanggal pengendalian ditransfer keluar dariPerusahaan. Aset, liabilitas, pendapatan danbeban dari entitas anak, yang diakuisisi atau dijualselama tahun berjalan, termasuk dalam laporanlaba rugi dari tanggal Perusahaan mendapatkanpengendalian sampai dengan tanggal Perusahaanberhenti untuk mengendalikan entitas anak.

The Company reassess whether there is or is notcontrol over the entity if the facts andcircumstances indicate that there is a change inone or more of the three elements of control.Subsidiaries are fully consolidated from thedate control transferred to the Companyand cease to be consolidated from the datecontrol is transferred out of the Company.Assets, liabilities, revenues and expenses fromsubsidiaries, acquired or sold during the year, areincluded in the income statement from the datethe Company obtained control until the date ofthe Company cease for controlling subsidiaries.

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These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/16 Exhibit E/16

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

c. Prinsip Konsolidasian (Lanjutan) c. Principles of Consolidation (Continued)

Semua akun dan transaksi antar entitas yangmaterial, termasuk keuntungan atau kerugianyang belum direalisasi, jika ada, dieliminasiuntuk mencerminkan laporan posisi keuangankonsolidasian dan hasil operasi Perusahaan danentitas anak sebagai satu kesatuan usaha.

All material intercompany accounts andtransactions, including unrealized gains or losses,if any, are eliminated to reflect the consolidatedstatements of financial position and the resultsof operations of the Company and subsidiaries asone business entity.

Transaksi dengan kepentingan non-pengendaliyang tidak menimbulkan kehilangan pengendaliandiperhitungkan sebagai transaksi ekuitas. Selisihantara nilai wajar imbalan yang dibayarkan danharga saham relevan yang diakuisisi sebesar nilaitercatat aset bersih, dicatat di dalam ekuitas.Keuntungan dan kerugian pelepasan kepadakepentingan non-pengendali juga dicatat di dalamekuitas.

Transactions with non-controlling interests thatdo not result in loss of control are accounted foras equity transactions. The difference betweenthe fair value of any consideration paid andthe relevant share acquired of the carrying valueof net assets of the subsidiary is recorded inequity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

Rugi entitas anak yang tidak dimiliki secara penuhdiatribusikan pada KNP bahkan jika hal inimengakibatkan KNP mempunyai saldo defisit.

Losses of a non-wholly owned subsidiaries areattributed to the NCI even if such losses result ina deficit balance for the NCI.

Jika kehilangan pengendalian atas suatu entitasanak, maka Perusahaan dan entitas anak:- menghentikan pengakuan aset (termasuk setiap

goodwill) dan liabilitas entitas anak;- menghentikan pengakuan jumlah tercatat

setiap KNP;- menghentikan pengakuan akumulasi selisih

penjabaran, yang dicatat di ekuitas, bila ada;- mengakui nilai wajar pembayaran yang

diterima;- mengakui setiap sisa investasi pada nilai

wajarnya;

In case of loss of control over a subsidiary,the Company and subsidiaries:- derecognizes the assets (including goodwill)

and liabilities of the subsidiaries;- derecognizes the carrying amount of any NCI;

- derecognizes the cumulative translationdifferences, recorded in equity, if any;

- recognizes the fair value of the considerationreceived;

- recognizes the fair value of any investmentretained;

- mengakui setiap perbedaan yang dihasilkansebagai keuntungan atau kerugian dalamLaporan laba rugi dan penghasilan komprehensiflain; dan

- mereklasifikasi bagian induk atas komponenyang sebelumnya diakui sebagai pendapatankomprehensif ke Laporan laba rugi danpenghasilan komprehensif lain konsolidasian,atau mengalihkan secara langsung ke saldolaba.

- recognizes any surplus or deficit in statementsof profit or loss and other comprehensiveincome; and

- reclassifies the parent’s share of componentspreviously recognized in other comprehensiveincome to consolidated statement of profit orloss and other comprehensive income orretained earnings, as appropriate.

Kepentingan Non Pengendali mencerminkan bagianatas laba rugi dan aset bersih dari entitas anakyang tidak dapat diatribusikan secara langsungmaupun tidak langsung oleh Perusahaan danentitas anak, yang masing-masing disajikan dalamlaporan laba rugi dan penghasilan komprehensiflain konsolidasian dan dalam ekuitas pada laporanposisi keuangan konsolidasian, terpisah daribagian yang dapat diatribusikan kepada pemilikentitas induk.

Non Controlling Interest represents the portionof the profit or loss and net assets ofthe subsidiaries attributable to equity intereststhat are not owned directly or indirectly bythe Company and subsidiaries, which is presentedin the consolidated statement of profit or lossand other comprehensive income and underthe equity section of the consolidated statementof financial position, respectively, separatelyfrom the corresponding portion attributable tothe equity holders of the parent company.

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These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/17 Exhibit E/17

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

d. Kombinasi Bisnis d. Business Combination

Kombinasi bisnis dicatat dengan menggunakanmetode akuisisi. Biaya perolehan dari sebuahakuisisi diukur pada nilai agregat imbalan yangdialihkan, diukur pada nilai wajar pada tanggalakuisisi dan jumlah setiap KNP pada pihak yangdiakuisisi. Untuk setiap kombinasi bisnis, pihakpengakuisisi mengukur KNP pada entitas yangdiakuisisi baik pada nilai wajar ataupun padaproporsi kepemilikan KNP atas aset bersih yangteridentifikasi dari entitas yang diakuisisi. Biaya-biaya akuisisi yang timbul dibebankan langsungdan disertakan dalam beban-beban administrasi.

Business combinations are accounted for usingthe acquisition method. The cost of anacquisition is measured as the aggregate of theconsideration transferred, measured at fair valueacquisition date and the amount of any NCI in theacquiree. For every business combination, theacquirer measures the NCI in the acquiree eitherat fair value or at the proportionate share ofthe acquiree’s identifiable net assets. Acquisitioncosts incurred are charged and included inadministrative expenses.

Dalam suatu kombinasi bisnis yang dilakukansecara bertahap, pihak pengakuisisi mengukurkembali kepentingan ekuitas yang dimilikisebelumnya pada pihak yang diakuisisi pada nilaiwajar tanggal akuisisi dan mengakui keuntunganatau kerugian yang dihasilkan dalam Laporanlaba rugi dan penghasilan komprehensif lainkonsolidasian.

In the business combination that is achieved instages, the fair value acquisition date ofthe acquirer’s previously held equity interest inthe acquiree is remeasured to fair valueat the acquisition date recognized in consolidatedstatement of profit or loss and othercomprehensive income.

Goodwill Goodwill

Goodwill merupakan selisih lebih biaya akuisisientitas anak maupun entitas asosiasi terhadapnilai wajar pada tanggal akusisi bagian Perusahandan entitas anak terhadap aset bersih yang dapatdiidentifikasi, termasuk liabilitas kontinjensi, padatanggal akusisi. Biaya akuisisi diukur pada nilaiwajar terhadap aset yang diakuisisi, instrumenekuitas yang diterbitkan maupun liabilitas yangterjadi maupun yang diasumsikan terjadi padatanggal akuisisi, ditambah dengan biaya-biayayang dapat diatribusikan kepada akuisisi.

Goodwill represents the excess of the cost of anacquisition of subsidiaries or associates overthe fair value at the date of acquisition ofthe Company and subsidiaries' share of theiridentifiable net assets, including contingentliabilities, at the date of acquisition. The cost ofacquisition is measured as the fair valueof the assets acquired, equity instruments issuedor liabilities incurred or assumed at the date ofacquisition, plus costs directly attributable tothe acquisition.

Goodwill pada akuisisi entitas anak, dikapitalisasisebagai aset tak berwujud dengan penurunan nilaidi dalam nilai tercatat yang dibebankan padalaporan laba rugi. Apabila nilai wajar aset,liabilitas, dan liabilitas kontinjensi yang dapatdiidentifikasi, melebihi nilai wajar yang akandibayarkan, maka selisih lebih tersebut dikreditkanseluruhnya ke dalam laporan laba rugi danpenghasilan komprehensif lain konsolidasian padatanggal akusisi.

Goodwill on acquisitions of subsidiaries iscapitalized as an intangible asset with anyimpairment in carrying value being charged toprofit or loss. If the fair value of identifiableassets, liabilities and contingent liabilitiesexceed the fair value of consideration paid, theexcess is credited in full to the consolidatedstatement of profit or loss and othercomprehensive income on the acquisition date.

Keuntungan atau kerugian pelepasan entitas anakdan entitas asosiasi meliputi nilai tercatat goodwillyang dikapitalisasi terkait dengan entitas yangdijual.

Gain or losses on disposal of subsidiaries andassociates include the carrying amount ofcapitalized goodwill relating to the entity sold.

Page 28: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/18 Exhibit E/18

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

d. Kombinasi Bisnis (Lanjutan) d. Business Combination (Continued)

Goodwill (Lanjutan) Goodwill (Continued)

Kajian dan telaah penurunan nilai goodwilldilakukan setiap tahun atau lebih seringberdasarkan kejadian dan perubahan di dalamkeadaan yang mengindikasikan potensi penurunannilai. Goodwill yang diperoleh di dalam kombinasibisnis dialokasikan ke tiap-tiap unit penghasil kas(UPK), maupun kelompok penghasil kas lain,yang diharapkan untuk memberikan manfaat darisinergi kombinasi bisnis, untuk tujuan pengujianpenurunan nilai.

Goodwill impairment reviews are undertakenannually or more frequently if events or changesin circumstances indicate a potential impairment.Goodwill acquired in a business combination isallocated to each of the cash-generating units(“CGU”) or groups of CGUs, that is expectedto benefit from synergies of the businesscombination, for the purpose of impairmenttesting.

Tiap-tiap unit maupun kelompok dari unit di dalamgoodwill dialokasikan, merupakan tingkat terendahbagi tujuan manajemen internal. Goodwilldipantau pada tingkat segmen operasi.

Each unit or group of units to which the goodwillis allocated represents the lowest level withinthe entity at which the goodwill is monitored forinternal management purposes. Goodwill ismonitored at the operating segment level.

Kerugian penurunan nilai diakui di dalam laporanlaba rugi ketika nilai tercatat UPK, termasukgoodwill, melebihi jumlah terpulihkan UPK.Jumlah terpulihkan UPK lebih tinggi dibandingkandengan nilai wajar dikurangi biaya untuk menjualdan nilai pakai UPK.

An impairment loss is recognized in profit or losswhen the carrying value of CGUs, including thegoodwill, exceeds the recoverable amount ofCGUs. The recoverable amount of the CGUs is thehigher of the CGUs’ fair value less costs to selland value-in-use.

Estimasi arus kas masa depan didiskontokanterhadap nilai kininya dengan menggunakantingkat suku bunga sebelum pajak yang merupakanpenilaian pasar kini terhadap nilai waktu dari uangdan risiko spesifik aset, di dalam menentukanjumlah nilai pakai.

The estimated future cash flows are discountedto their present value using a pre-tax discountrate that reflects current market assessment ofthe time value of money and the risks specific tothe asset, in assessing value-in-use.

Kerugian penurunan nilai total dialokasikan,pertama untuk mengurangi nilai tercatat goodwillyang dialokasikan kepada UPK dan kemudiankepada aset lainnya UPK secara pro-rata padabasis nilai tercatat untuk setiap aset di dalam UPK.

The total impairment loss is allocated first toreduce the carrying amount of goodwill allocatedto the CGUs and then to other assets of the CGUspro-rated on the basis of the carrying amount ofeach asset in the CGUs.

Kerugian penurunan nilai pada goodwill tidakdapat dipulihkan pada periode berikutnya.

Impairment loss on goodwill is not reversed in thesubsequent period.

e. Aset dan Liabilitas Keuangan e. Financial Assets and Liabilities

Perusahaan dan entitas anaknya mengakui asetkeuangan atau liabilitas keuangan dalam laporanposisi keuangan konsolidasian, jika dan hanya jika,Perusahaan dan entitas anak menjadi salah satupihak dalam ketentuan kontrak instrumenkeuangan tersebut.

The Company and its subsidiaries recognizedfinancial assets or financial liabilities inthe consolidated financial position, if and only if,the Company and subsidiaries become partyto contractual provisions of the financialinstruments.

Page 29: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/19 Exhibit E/19

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)

Pada saat pengakuan awal, aset atau liabilitaskeuangan diukur pada nilai wajar, kecuali aset danliabilitas keuangan yang diukur pada nilai wajarmelalui laporan laba rugi, ditambah atau dikurangidengan biaya transaksi yang dapat diatribusikansecara langsung atas perolehan aset keuangan ataupenerbitan liabilitas keuangan. Pengukuran asetdan liabilitas keuangan setelah pengakuan awaltergantung pada klasifikasi aset dan liabilitaskeuangan tersebut.

At initial recognition, financial assets orliabilities are measured at fair value, except forfinancial assets and liabilities measured at fairvalue through profit or loss, plus or minus thetransaction costs that are directly attributable tothe acquisition of financial assets or issuance offinancial liabilities. The subsequent measurementof financial assets and liabilities depends onthe classification of financial assets andliabilities.

1. Klasifikasi 1. Classification

a. Aset Keuangan a. Financial Assets

Perusahaan dan entitas anak menentukanklasifikasi aset keuangannya pada saatpengakuan awal, sepanjang diperbolehkan,mengevaluasi penentuan klasifikasiaset keuangan setiap akhir tahun. Asetkeuangan diklasifikasikan sebagai asetkeuangan diukur melalui laporan laba rugi,pinjaman yang diberikan dan piutang,dimiliki hingga jatuh tempo dan tersediauntuk dijual.

The Company and subsidiaries determinethe classification of its financial assetsat initial recognition, and where allowed,re-evaluates the classification of suchfinancial assets at each year-end.Financial assets are classified as financialassets at fair value through profit or loss,loans and receivables, held-to-maturityinvestments and available-for-salefinancial assets.

Aset keuangan Perusahaan dan entitas anakterdiri dari kas dan setara kas, piutangusaha, piutang non-usaha dari pihakberelasi, aset keuangan lancar lainnya danaset keuangan tidak lancar lainnya.

The Company and subsidiaries’ financialassets consist of cash and cashequivalents, trade receivables, non-tradereceivables from related parties, othercurrent financial assets and othernon-current financial assets.

i. Aset Keuangan Diukur Pada NilaiWajar Melalui Laporan Laba Rugi

i. Financial Assets Measured at FairValue Through Profit or Loss

Aset keuangan diukur pada nilai wajarmelalui laporan laba rugi terdiri dariaset yang diklasifikasikan ke dalamkelompok untuk diperdagangkan danaset keuangan pada saat pengakuanawal ditetapkan pada nilai wajarmelalui laporan laba rugi.

Aset keuangan diklasifikasikan sebagaidimiliki untuk diperdagangkan jikadiperoleh untuk tujuan dijual ataudibeli kembali dalam waktu dekat.

Financial assets measured at fairvalue through profit or loss includefinancial assets held-for-trading andfinancial assets designated uponinitial recognition as at fair valuethrough profit or loss.

Financial assets are classified as heldfor trading if acquired for thepurpose of sale or repurchase in thenear future.

Aset derivatif juga diklasifikasikansebagai dimiliki untuk diperdagangkankecuali ditetapkan sebagai instrumenlindung nilai yang efektif (effectivehedge).

Derivative assets are also classifiedas held-for-trading unless designatedas effective hedging instruments.

Page 30: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/20 Exhibit E/20

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)

1. Klasifikasi (Lanjutan) 1. Classification (Continued)

a. Aset Keuangan (Lanjutan) a. Financial Assets (Continued)

i. Aset Keuangan Diukur Pada NilaiWajar Melalui Laporan Laba Rugi(Lanjutan)

i. Financial Assets Measured at FairValue Through Profit or Loss(Continued)

Aset keuangan yang diukur pada nilaiwajar melalui laporan laba rugi dicatatdi laporan posisi keuangan konsolidasianpada nilai wajar dengan keuntunganatau kerugian diakui dalam laporan labarugi dan penghasilan komprehensif lainkonsolidasian.

Financial assets measured at fair valuethrough profit or loss are recordedin the consolidated statements offinancial position at fair valuewith gains or losses recognized inconsolidated statement of profit orloss and other comprehensive income.

Setelah pengakuan awal, aset keuanganini diukur pada nilai wajar tanpadikurangi biaya transaksi yang mungkintimbul pada penjualan atau pelepasanlain.

After initial recognition, financialassets are measured at fair valuewithout deducting transaction coststhat may be incurred on sale or otherdisposal.

ii. Pinjaman yang Diberikan dan Piutang ii. Loans and Receivables

Pinjaman yang diberikan dan piutangadalah aset keuangan non-derivatifdengan pembayaran tetap atau telahditentukan yang tidak mempunyaikuotasi di pasar aktif dan Perusahaandan entitas anak tidak berniat untukmenjualnya segera atau dalam waktudekat.

Loans and receivables are non-derivative financial assets with fixedor determinable payments that arenot quoted in an active market andwhich the Company and subsidiariesdo not intend to sell immediately orin the near future.

Setelah pengakuan awal, aset keuanganini diukur pada nilai wajar tanpadikurangi biaya transaksi yang mungkintimbul pada penjualan atau pelepasanlain

After initial recognition, financialassets are measured at fair valuewithout deducting transaction coststhat may be incurred on sale or otherdisposal

iii. Dimiliki Hingga Jatuh Tempo iii. Held-to-Maturity

Dimiliki hingga jatuh tempo (held-to-maturity) adalah aset keuangannon-derivatif dengan pembayarantetap atau telah ditentukan danjatuh temponya telah ditetapkan dimana Perusahaan dan entitas anakmempunyai intensi positif dankemampuan untuk memiliki asetkeuangan tersebut hingga jatuh tempo,dan tidak ditetapkan pada nilai wajarmelalui laporan laba rugi atau tersediauntuk dijual.

Held-to-maturity investments are non-derivative financial assets with fixedor determinable payments and fixedmaturity which the Companyand subsidiaries have the positiveintention and ability to hold tomaturity, and are not designated as atfair value through profit or loss oravailable-for-sale.

Page 31: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/21 Exhibit E/21

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)

1. Klasifikasi (Lanjutan) 1. Classification (Continued)

a. Aset Keuangan (Lanjutan) a. Financial Assets (Continued)

iv. Tersedia untuk Dijual iv. Available-for-Sale

Kategori tersedia untuk dijual(available-for-sale) adalah asetkeuangan non-derivatif yang ditetapkansebagai tersedia untuk dijual atau yangtidak diklasifikasikan ke dalam salahsatu kategori aset keuangan lainnya.

Available-for-sale financial assetsconsist of non-derivative financialassets designated as available-for-saleor are not classified in any of threepreceding categories.

b. Liabilitas Keuangan b. Financial Liabilities

Liabilitas keuangan diklasifikasikan sebagailiabilitas keuangan yang diukur pada nilaiwajar melalui laporan laba rugi danliabilitas keuangan yang diukur denganbiaya perolehan diamortisasi. Perusahaandan entitas anak menentukan klasifikasiliabilitas keuangan pada pengakuan awal.

Financial liabilities are classified asfinancial liabilities measured at fair valuethrough profit or loss and financialliabilities measured at amortized cost.The Company and subsidiaries determinethe classification of its financial liabilitiesat initial recognition.

Liabilitas keuangan Perusahaan dan entitasanak terdiri dari pinjaman jangka pendek,utang usaha, utang non-usaha ke pihakberelasi, beban masih harus dibayar,liabilitas keuangan jangka pendek lainnyadan pinjaman jangka panjang.

The Company and subsidiaries’ financialliabilities consist of short-term debts,trade payables – third parties, non-tradepayables to related parties, other short-term financial liabilities, accruedexpenses and long-term debts.

i. Liabilitas Keuangan Diukur Pada NilaiWajar Melalui Laporan Laba Rugi

i. Financial Liabilities Measured at FairValue Through Profit and Loss

Liabilitas keuangan diukur padanilai wajar melalui laporan laba rugiterdiri dari liabilitas keuangan yangdiklasifikasikan ke dalam kelompokuntuk diperdagangkan dan liabilitaskeuangan pada saat pengakuan awalditetapkan pada nilai wajar melaluilaporan laba rugi.

Liabilitas keuangan diklasifikasikansebagai dimiliki untuk diperdagangkanjika diperoleh untuk tujuan dijual ataudibeli kembali dalam waktu dekat.Liabilitas derivatif juga diklasifikasikansebagai dimiliki untuk diperdagangkankecuali ditetapkan sebagai instrumenlindung nilai yang efektif.

Financial liabilities measured at fairvalue through profit and loss includethe financial liabilities held-for-tradingand liabilities designated upon initialrecognition at fair value through profitand loss.

Financial liabilities are classified asheld-for-trading if acquired for thepurpose of sale or repurchase in thenear future. Derivative liabilities arealso classified as held-for-tradingunless designated as effective hedginginstruments.

Page 32: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/22 Exhibit E/22

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)

1. Klasifikasi (Lanjutan) 1. Classification (Continued)

b. Liabilitas Keuangan (Lanjutan) b. Financial Liabilities (Continued)

i. Liabilitas Keuangan Diukur Pada NilaiWajar Melalui Laporan Laba Rugi(Lanjutan)

i. Financial Liabilities Measured at FairValue Through Profit and Loss(Continued)

Liabilitas keuangan pada nilai wajarmelalui laporan laba rugi dicatat dilaporan posisi keuangan konsolidasianpada nilai wajar dengan keuntunganatau kerugian diakui dalam Laporan labarugi dan penghasilan komprehensif lainkonsolidasian.

Financial liabilities measured at fairvalue through profit or loss arerecorded in the consolidated statementof financial position at fair valuewith gains or losses recognized inconsolidated Statement of profit or lossand other comprehensive income.

ii. Liabilitas keuangan lainnya ii. Other financial liabilities

Pinjaman adalah liabilitas keuangannon-derivatif dengan pembayaran tetapatau telah ditentukan yang tidakmempunyai kuotasi di pasar aktif danPerusahaan dan entitas anak tidakberniat untuk menjualnya segera ataudalam waktu dekat.

Loans is non-derivative financialliabilities with fixed or determinablepayments that are not quoted in anactive market and the Company andsubsidiaries do not intend to sellimmediately or in the near future.

Setelah pengakuan awal, liabilitaskeuangan lainnya diukur pada biayaperolehan diamortisasi denganmenggunakan metode suku bungaefektif.

After initial recognition, other financialliabilities are measured at amortizedcost using the effective interest ratemethod.

2. Pengukuran Biaya Perolehan Diamortisasi 2. Amortized Cost Measurement

Biaya perolehan diamortisasi dari aset danliabilitas keuangan adalah jumlah aset atauliabilitas keuangan yang diukur pada saatpengakuan awal dikurangi pembayaran pokok,ditambah atau dikurangi dengan amortisasikumulatif dengan menggunakan metode sukubunga efektif (effective interest rate method)yang dihitung dari selisih antara nilai awal dannilai jatuh temponya, dan dikurangi penyisihankerugian penurunan nilai.

The amortized cost of a financial asset orliability is the amount at which the financialasset or liability is measured at initialrecognition, minus principal payments, plusor minus the cummulative amortizationusing the effective interest rate method,calculated from the difference between theinitial amount and the maturity amount,minus any reduction for impairment.

3. Penurunan Nilai dari Aset Keuangan 3. Impairment of Financial Assets

Pada akhir tanggal periode pelaporankonsolidasian, Perusahaan dan entitas anakmengevaluasi apakah terdapat bukti yangobyektif bahwa aset keuangan atau kelompokaset keuangan mengalami penurunan nilai.

At end of reporting date, the Company andsubsidiaries assess whether there is objectiveevidence that a financial asset or group offinancial assets is impaired.

Page 33: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/23 Exhibit E/23

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)

3. Penurunan Nilai dari Aset Keuangan(Lanjutan)

3. Impairment of Financial Assets (Continued)

Aset keuangan atau kelompok aset keuanganditurunkan nilainya dan kerugian penurunannilai telah terjadi hanya jika terdapat buktiyang obyektif mengenai penurunan nilaitersebut sebagai akibat dari satu ataulebih peristiwa yang terjadi setelahpengakuan awal aset tersebut (peristiwa yangmerugikan), dan peristiwa yang merugikantersebut berdampak pada estimasi arus kasmasa depan atas aset keuangan ataukelompok aset keuangan yang dapatdiestimasi secara andal.

A financial asset or group of financial assets isimpaired and impairment losses are incurredonly if there is objective evidence ofimpairment as a result of one or more eventsoccurring subsequent to initial recognition ofthe asset (loss events), and that loss eventhas an impact on the estimated futurecash flows of the financial asset or groupof financial assets that can be reliablyestimated.

Perusahaan dan entitas anak menentukanapakah terdapat bukti obyektif penurunannilai secara individual atas aset keuanganyang signifikan secara individual, dan secaraindividual atau kolektif untuk aset keuanganyang tidak signifikan secara individual.

The Company and subsidiaries considerwhether there is objective evidence ofimpairment individually for financial assetsthat are individually significant, andindividually or collectively for financial assetsthat are not individually significant.

Jika Perusahaan dan entitas anak menentukantidak terdapat bukti obyektif mengenaipenurunan nilai aset keuangan yang dinilaisecara individual, terlepas aset keuangantersebut signifikan atau tidak, makaPerusahaan dan entitas anak memasukkanaset tersebut ke dalam kelompok asetkeuangan yang memiliki karakteristik risikokredit yang serupa dan menilai penurunannilai kelompok tersebut secara kolektif.

If the Company and subsidiaries determinethat no objective evidence of impairmentexists individually for an individually-assessedfinancial assets, regardless of whether theamount is significant or not, those financialassets will be assessed collectively in aCompany and subsidiaries of financial assetsthat have similar credit risk characteristics.

Aset yang penurunan nilainya dinilai secaraindividual dan untuk itu kerugian penurunannilai diakui atau tetap diakui, tidak termasukdalam penilaian penurunan nilai secarakolektif.

Assets that are individually assessed and forwhich an impairment is or continues to berecognized, are not included in a collectiveassessment of impairment.

Jumlah kerugian penurunan nilai atas asetkeuangan yang penurunan nilainya dievaluasisecara individual diukur berdasarkan selisihantara nilai tercatat aset keuangan dengannilai kini dari estimasi arus kas masa datangyang didiskontokan menggunakan tingkatsuku bunga efektif awal dari aset keuangantersebut.

The impairment loss of a financial asset,when assessed individually is measured as thedifference between the carrying value of thefinancial assets and the present value ofestimated future cash flows discounted usingthe effective interest rate at the beginning ofthe financial assets.

Nilai tercatat aset tersebut dikurangi melaluiakun cadangan kerugian penurunan nilai danbeban kerugian diakui pada Laporan labarugi dan penghasilan komprehensif lainkonsolidasian.

The carrying amount of the asset is presentedby deducting the allowance for impairmentlosses and the impairment loss in recognizedin the consolidated Statement of profit orloss and other comprehensive income.

Page 34: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/24 Exhibit E/24

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)

3. Penurunan Nilai dari Aset Keuangan(Lanjutan)

3. Impairment of Financial Assets (Continued)

Arus kas masa datang dari kelompok asetkeuangan Perusahaan dan entitas anak yangpenurunan nilainya dievaluasi secara kolektif,diestimasi berdasarkan arus kas kontraktualatas aset-aset di dalam kelompok tersebutdan kerugian historis yang pernah dialami atasaset-aset yang memiliki karakteristik risikokredit yang serupa dengan karakteristik risikokredit kelompok tersebut. Kerugian historisyang pernah dialami kemudian disesuaikanberdasarkan data terkini yang dapatdiobservasi untuk mencerminkan kondisi saatini yang tidak berpengaruh pada periodeterjadinya kerugian historis tersebut, danuntuk menghilangkan pengaruh kondisi yangada pada periode historis namun sudah tidakada lagi pada saat ini.

Future cash flows in a group of financialassets that are collectively evaluated forimpairment are estimated on the basis ofhistorical loss experience for assets withcredit risk characteristics similar to those inthe group. Historical loss experience isadjusted on the basis of current observabledata to reflect the effects of currentconditions that did not affect the period onwhich the historical loss experience is basedand to remove the effects of conditions inthe historical period that do not existcurrently.

4. Penghentian Pengakuan 4. Derecognition

Perusahaan dan entitas anak menghentikanpengakuan aset keuangan pada saat hakkontraktual atas arus kas yang berasal dariaset keuangan tersebut kadaluarsa atauPerusahaan dan entitas anak mentransferseluruh hak untuk menerima arus kaskontraktual dari aset keuangan dalamtransaksi di mana Perusahaan dan entitasanak secara substansial telah mengalihkanseluruh risiko dan manfaat atas kepemilikanaset keuangan.

The Company and subsidiaries derecognizefinancial assets when the contractual rightsto the cash flows arising from the financialassets expire or when the Company andsubsidiaries transfer all rights to receivecontractual cash flows of financial assets in atransaction where the Company andsubsidiaries have transferred substantially allthe risks and rewards of ownership of thefinancial assets.

Liabilitas keuangan dihentikan pengakuannyajika liabilitas keuangan tersebut berakhir,dibatalkan atau telah kadaluarsa, jikaliabilitas keuangan tertentu digantikan denganliabilitas keuangan lain dari pemberi pinjamanyang sama namun dengan persyaratan yangberbeda secara substansial, atau terdapatmodifikasi secara substansial atas ketentuanliabilitas keuangan yang ada saat ini, makapertukaran atau modifikasi tersebut dianggapsebagai penghentian pengakuan liabilitaskeuangan awal. Pengakuan timbulnya liabilitaskeuangan baru serta selisih antara nilaitercatat liabilitas keuangan awal dengan yangbaru diakui dalam Laporan laba rugi danpenghasilan komprehensif lain konsolidasian.

Financial liabilities are derecognised if thefinancial liability is ended, canceled or hasexpired, if certain financial liabilities isreplaced by another financial liability fromthe same lender but with substantiallydifferent terms, or are substantially modifiedthe provisions of the existing financialliabilities, such an exchange or modificationis treated as a derecognition of the initialfinancial liability. The recognition of a newfinancial liabilities as well as the differencebetween the carrying value of financialliabilities with a new beginning is recognizedin the consolidated Statement of profit orloss and other comprehensive income.

Page 35: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/25 Exhibit E/25

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)

4. Penghentian Pengakuan (Lanjutan) 4. Derecognition (Continued)

Hak dan liabilitas yang timbul atau yang masihdimiliki dalam transfer tersebut diakui secaraterpisah sebagai aset atau liabilitas. Dalamtransfer di mana pengendalian atas aset masihdimiliki, Perusahaan dan entitas anak tetapmengakui aset yang ditransfer tersebutsebesar keterlibatan yang berkelanjutan, dimana tingkat keberlanjutannya Perusahaandan entitas anak dalam aset yang ditransferadalah sebesar perubahan nilai aset yangditransfer.

The rights and obligations retained in thetransfer are recognized separately as assetsand liabilities as appropriate. In transfers inwhich control over the assets is retained, theCompany and subsidiaries continue torecognize the assets to the extent of itscontinuing involvement, determined by theextent to which it is exposed to changes inthe value of the transferred assets.

5. Saling Hapus 5. Offsetting

Aset dan liabilitas keuangan saling hapus (set-off) dan nilai bersih dilaporkan dalam laporanposisi keuangan konsolidasian jika, dan hanyajika, Perusahaan dan entitas anak ada hakhukum saat ini yang dilaksanakan untukmengimbangi jumlah yang diakui danberintensi untuk menyelesaikan secara bersih,atau untuk merealisasikan aset danmenyelesaikan liabilitas secara simultan.

Financial assets and liabilities are set-off andthe net amount presented in the consolidatedstatement of financial position if, and only if,the Company and subsidiaries have a legalright to set-off the amounts and intendseither to settle on a net basis or to realizethe assets and settle the liabilitiessimultaneously.

6. Pengukuran Nilai Wajar 6. Fair Value Measurement

Nilai wajar adalah nilai di mana suatu asetdapat dipertukarkan, atau suatu liabilitasdiselesaikan antara pihak yang memahami danberkeinginan untuk melaksanakan transaksiwajar (arm’s length transaction) pada tanggalpengukuran.

Fair value is the amount for which an assetcould be exchanged, or a liability settled,between knowledgeable, willing parties in anarm's length transaction on the date ofmeasurement.

Jika tersedia, Perusahaan dan entitas anakmengukur nilai wajar instrumen keuangandengan menggunakan harga kuotasi di pasaraktif untuk instrumen tersebut. Suatu pasardianggap aktif jika harga kuotasi sewaktu-waktu dan secara berkala tersedia danmencerminkan transaksi pasar yang aktual danteratur dalam suatu transaksi yang wajar.

When available, the Company andsubsidiaries measure the fair value of aninstrument using quoted prices in an activemarket for that instrument. A market isregarded as active if quoted prices arereadily and regularly available and reflectactual and regularly occurring markettransactions on an arm’s length basis.

Jika pasar suatu instrumen keuangantidak aktif, Perusahaan dan entitas anakmenentukan nilai wajar dengan menggunakanteknik penilaian mencakup penggunaantransaksi pasar terkini yang dilakukan secarawajar oleh pihak-pihak yang memahami,berkeinginan, dan jika tersedia, referensi atasnilai wajar terkini dari instrumen lain yangsecara substansial sama, penggunaan analisaarus kas yang didiskonto dan penggunaanmodel penetapan harga opsi.

If the market of the financial instrument isinactive, the Company and subsidiariesdetermine fair value by using valuationtechniques which include using recentmarket transactions conducted properly byknowledgeable, willing parties and, ifavailable, reference to the current fair valueof another instrument which is substantiallythe same, discounted cash flows analysis, andoption pricing model.

Page 36: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/26 Exhibit E/26

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

e. Aset dan Liabilitas Keuangan (Lanjutan) e. Financial Assets and Liabilities (Continued)

6. Pengukuran Nilai Wajar (Lanjutan) 6. Fair Value Measurement (Continued)

PSAK No. 60 mensyaratkan pengungkapantertentu yang mensyaratkan klasifikasi asetkeuangan dan liabilitas keuangan yang diukurpada nilai wajar dengan menggunakan hierarkinilai wajar yang mencerminkan signifikasiinput yang digunakan di dalam melakukanpengukuran nilai wajar. Hierarki nilai wajarmemiliki tingkatan sebagai berikut:

PSAK No. 60 requires certain disclosureswhich require the classification of financialassets and financial liabilities measured atfair value using a fair value hierarchy thatreflects the significance of the inputs used inmaking the fair value measurement. The fairvalue hierarchy has the following levels:

a. Kuotasi pasar (belum disesuaikan) di dalampasar aktif bagi aset maupun liabilitas yangidentikal (Tingkat 1);

b. Input selain kuotasi pasar yang termasuk didalam Tingkat 1 yang dapat diobservasibagi aset atau liabilitas, baik langsung(misalnya, harga) maupun tidak langsung(misalnya, derivatif harga) (Tingkat 2); dan

c. Input bagi aset dan liabilitas yang bukanberdasarkan data pasar yang dapatdiobservasi (input yang tidak dapatdiobservasi) (Tingkat 3).

a. Quoted prices (unadjusted) in activemarkets for identical assets or liabilities(Level 1);

b. Inputs other than quoted prices includedwithin Level 1 that are observable for theasset or liability, either directly (i.e. asprices) or indirectly (i.e. derived fromprices) (Level 2); and

c. Inputs for the asset or liability that arenot based on observable market data(unobservable inputs) (Level 3).

f. Kas dan Setara Kas f. Cash and Cash Equivalents

Kas dan setara kas terdiri dari saldo kas dan bank,serta deposito berjangka dengan jangka waktujatuh tempo tiga bulan atau kurang sejak tanggalpenempatan dan tidak digunakan sebagai jaminanatas utang atau pinjaman serta tidak dibatasipenggunaannya.

Cash and cash equivalents consist of cash on handand in banks and time deposits which havematurities of three months or less at the time ofplacement, not pledged as collateral for loans orother borrowings, and are not restricted in use.

g. Investasi dalam Saham g. Investment in Shares

Investasi dalam Entitas Asosiasi Investment in Associates

Entitas asosiasi adalah entitas di mana Perusahaandan entitas anak memiliki pengaruh signifikan,umumnya memiliki kepemilikan saham antara 20%dan 50% hak suara. Investasi pada entitas asosiasidicatat dengan menggunakan metode ekuitas.Investasi pada entitas asosiasi Perusahaandan entitas anak meliputi goodwill yangdiidentifikasikan pada saat akuisisi.

Associates are all entities over which theCompany and subsidiaries have significantinfluence but not control, generallyaccompanying a shareholding of between 20% and50% of the voting rights. Investments inassociates are accounted for using the equitymethod of accounting. The Company andsubsidiaries’ investment in associates includesgoodwill identified on acquisition.

Semua agio yang dibayarkan bagi entitas asosiasiyang nilai wajarnya melebihi bagian Perusahaandan entitas anak berupa aset, liabilitas, danliabilitas kontinjensi yang dapat diidentifikasi yangdiakuisisi, dikapitalisasi dan dicantumkan di dalamnilai tercatat entitas asosiasi.

Any premium paid for an associate above the fairvalue of the Company and subsidiaries' share ofthe identifiable assets, liabilities and contingentliabilities acquired is capitalised and included inthe carrying amount of the associate.

Page 37: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/27 Exhibit E/27

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

g. Investasi dalam Saham (Lanjutan) g. Investment in Shares (Continued)

Investasi dalam Entitas Asosiasi (Lanjutan) Investment in Associates (Continued)

Perusahaan dan entitas anak pada setiap tanggalpelaporan menilai bukti obyektif apakah terdapatbukti obyektif penurunan nilai investasi padaentitas asosiasi. Apabila, terjadi penurunan nilai,Perusahaan dan entitas anak menghitung jumlahpenurunan nilai berupa selisih antara jumlahterpulihkan entitas asosiasi dan nilai tercatatnyadan mengakui jumlah tersebut ke dalam “bagianlaba (rugi) entitas asosiasi” di dalam laporan labarugi.

The Company and subsidiaries determine at eachreporting date whether there is any objectiveevidence that the investment in the associate isimpaired. If this is the case, the Company andsubsidiaries calculate the amount of impairmentas the difference between the recoverableamount of the associate and its carrying valueand recognises the amount adjacent to “share ofprofit (loss) of an associate” in the profit or loss.

Kerugian yang belum terealisasi dieliminasi,kecuali transaksi tersebut memberikan buktipenurunan nilai atas aset yang dialihkan. Kebijakanakuntansi entitas asosiasi telah diubah apabiladipandang perlu untuk memastikan konsistensidengan kebijakan akuntansi yang diadopsi olehPerusahaan dan entitas anak.

Unrealized losses are eliminated unless thetransaction provides evidence of an impairmentof the asset transferred. Accounting policies ofassociates have been changed where necessary toensure consistency with the policies adopted bythe Company and subsidiaries.

Apabila kepemilikan kepentingan di dalam suatuentitas asosisi dikurangi, namum masih terdapatpengaruh signifikan, maka hanya nilai sahamproporsional yang sebelumnya diakui di dalampenghasilan komprehensif lain, direklasifikasi kedalam laba rugi apabila lebih sesuai.

If the ownership interest in an associate isreduced but significant influence is retained,only a proportionate share of the amountspreviously recognized in other comprehensiveincome is reclassified to profit or loss whereappropriate.

Bagian laba dan kerugian bagian Perusahaan danentitas anak pasca akuisisi diakui ke dalam laporanlaba rugi, dan bagian dari pergerakan di dalampendapatan komprehensif lain pasca akuisisi,diakui di dalam pendapatan komprehensif laindengan dengan penyesuaian nilai tercatatinvestasi. Piutang dividen dari entitas asosiasi,diakui sebagai pengurang nilai tercatat investasi.Apabila bagian kerugian Perusahaan dan entitasanak pada entitas asosiasi sama dengan ataumelebihi kepentingan di dalam entitas asosiasi,termasuk semua piutang yang tidak dijaminkan,maka Perusahaan dan entitas anak tidak mengakuikerugian lebih jauh, kecuali kerugian merupakankewajiban legal atau konstruktif atau melakukanpembayaran atas nama entitas asosiasi.

The Company and subsidiaries' share of post-acquisition profits and losses is recognized inprofit or loss, and its share of post acquisitionmovements in other comprehensive income isrecognized in other comprehensive income with acorresponding adjustment to the carrying amountof the investment. Dividend receivables fromassociates are recognized as reduction in thecarrying amount of the investment. When theCompany and subsidiaries’ share of losses in anassociate equals or exceeds its interest in theassociate, including any other unsecuredreceivables, the Company and subsidiaries do notrecognize further losses, unless it has incurredlegal or constructive obligations or madepayments on behalf of the associate.

Laba dan rugi yang timbul dari transaksi hulu danhilir antara Perusahaan dan entitas anak danentitas-entitas asosiasinya diakui di dalam laporankeuangan konsolidasian Perusahaan dan entitasanak hanya sepanjang terdapat kepentinganinvestor yang tidak terkait di dalam entitasasosiasi. Bagian investor di dalam keuntungan dankerugian entitas asosiasi yang timbul dari transaksitersebut dieliminasi terhadap nilai tercatat entitasasosiasi.

Profits and losses resulting from upstream anddownstream transactions between the Companyand subsidiaries and its associates are recognizedin the Company and subsidiaries’ consolidatedfinancial statements only to the extent ofunrelated investors' interests in the associates.against the carrying value of the associate. Theinvestor's share in the associate's profits andlosses resulting from these transactions iseliminated against the carrying value of theassociate.

Page 38: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/28 Exhibit E/28

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

h. Transaksi dengan Pihak Berelasi h. Transactions with Related Parties

Perusahaan dan entitas anak menerapkan PSAKNo. 7, “Pengungkapan Pihak Berelasi”. PSAK revisiini mensyaratkan pengungkapan hubungan,transaksi dan saldo pihak, termasuk komitmen,dalam laporan keuangan konsolidasian dan laporankeuangan tersendiri entitas induk, dan jugaditerapkan terhadap laporan keuangan secaraindividual.

The Company and subsidiaries applied PSAKNo. 7, “Related Party Disclosures”. This revisedPSAK requires disclosure of related partyrelationships, transactions and outstandingbalances, including commitments, inthe consolidated and separate financialstatements of a parent, and also applies toindividual financial statements.

Suatu pihak dianggap berelasi dengan Perusahaanadalah orang atau entitas yang terkait denganentitas menyiapkan laporan keuangannya (dirujuksebagai “entitas pelapor”), sebagai berikut:

Parties considered to be related to the Group arethose persons or entities related to the entitypreparing financial statements (referred to as“reporting entity”), as follow:

(1) Orang atau anggota keluarga terdekatmempunyai relasi dengan entitas pelapor jikaorang tersebut:a. memiliki pengendalian atau pengendalian

bersama atas entitas pelapor;b. memiliki pengaruh signifikan atas entitas

pelapor; atauc. personil manajemen kunci entitas pelapor

atau entitas induk entitas pelapor.

(1) Person or family member has a relationshipwith a reporting entity if that person:

a. has control or joint control overthe reporting entity;

b. has significant influence overthe reporting entity; or

c. key management personnel ofthe reporting entity or of the parent ofthe reporting entity.

(2) Suatu entitas berelasi dengan entitas pelaporjika memenuhi salah satu hal berikut:a. Entitas dan entitas pelapor adalah

anggota dari kelompok usaha yang sama(artinya entitas induk, entitas anak, danentitas anak berikutnya terkait denganentitas lain);

b. satu entitas adalah entitas asosiasi atauventura bersama dari entitas lain (atauentitas asosiasi atau ventura bersamayang merupakan anggota suatu kelompokusaha, yang mana entitas lain tersebutadalah anggotanya;

c. kedua entitas tersebut adalah venturabersama dari pihak ketiga yang sama;

d. satu entitas adalah ventura bersama darientitas ketiga dan entitas yang lainadalah entitas asosiasi dari entitas ketiga;

e. entitas tersebut adalah suatu programimbalan pasca-kerja untuk imbalan kerjadari salah satu entitas pelapor atauentitas yang terkait dengan entitaspelapor. Jika entitas pelapor adalahentitas yang menyelenggarakan programtersebut, maka entitas sponsor jugaberelasi dengan entitas pelapor;

f. entitas yang dikendalikan ataudikendalikan bersama oleh orang yangdiidentifikasikan dalam paragraf 1;

(2) An entity is related to the reporting entityif it meets one of the following:a. The entity and the reporting entity are

members of the same business group(i.e. a parent, subsidiaries, and entitiesassociated with the next subsidiaries ofanother entity);

b. one entity is an associate or jointventure of the other entity (or anassociate or joint venture of a memberof a business group, which the otherentity is a member;

c. both entities are joint ventures of thesame third party;

d. one entity is a joint venture of a thirdentity and the other entity is anassociate of the third entity;

e. the entity has a post-employmentbenefits plan for the benefit ofemployees of either the reporting entityor an entity related to the reportingentity. If the reporting entity is itselfsuch a plan, the sponsoring employersare also related entities to thereporting entity;

f. entities controlled or jointly controlledby a person identified in paragraph 1;

Page 39: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/29 Exhibit E/29

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

h. Transaksi dengan Pihak Berelasi (Lanjutan) h. Transactions with Related Parties (Continued)

(2) Suatu entitas berelasi dengan entitas pelaporjika memenuhi salah satu hal berikut:(Lanjutan)g. orang yang diidentifikasi dalam sub-

paragraf (1) (a) memiliki pengaruhsignifikan atas entitas atau personilmanajemen kunci entitas (atau entitasinduk dari entitas); dan

h. entitas, atau anggota dari kelompokyang mana entitas merupakan bagiandari kelompok tersebut, menyediakanjasa personil manajemen kunci kepadaentitas pelapor atau kepada entitasinduk dari entitas pelapor.

Seluruh transaksi signifikan dengan pihak-pihakyang berelasi, diungkapkan dalam catatan ataslaporan keuangan.

(2) An entity is related to the reporting entityif it meets one of the following: (Continued)

g. person identified in subparagraph (1) (a)has significant influence over the entityor the key management personnel of theentity (or the entity's parent entity);and

h. the entity, or any member of a group ofwhich it is a part, provides keymanagement personal services tothe reporting entity or to the parent ofthe reporting entity.

All significant transactions and balances withrelated parties are disclosed in the notes to theconsolidated financial statements.

Transaksi tersebut dilakukan berdasarkanpersyaratan yang disepakati oleh pihak-pihak.Persyaratan-persyaratan tersebut mungkin tidaksama dengan transaksi-transaksi dengan bukanpihak berelasi.

The transactions are made based on terms agreedby the parties. Such terms may not be the sameas those transactions with unrelated parties.

i. Persediaan i. Inventories

Persediaan awalnya diakui sebesar nilai perolehandan selanjutnya diukur pada nilai yang lebihrendah antara biaya perolehan maupun nilairealisasi bersih. Biaya perolehan persediaandinyatakan berdasarkan metode identifikasi khusus(specific identification method).

Inventories are initially recognized at cost, andsubsequently at the lower of cost and netrealizable value. Cost is determined using the(specific identification method).

Persediaan real estat terdiri dari persediaan tanahdan unit bangunan yang siap dijual (rumah tinggal,rumah toko (ruko) dan bangunan strata title); unitbangunan dalam penyelesaian (rumah tinggal,rumah toko (ruko) dan bangunan strata title)dicatat berdasarkan biaya perolehan. Biayaperolehan tanah sedang dikembangkan meliputibiaya perolehan tanah yang belum dikembangkan,beban pengembangan langsung dan tidaklangsung yang dapat diatribusikan pada aktivitaspengembangan real estat serta beban pinjaman.

Real estate inventories consist of land andbuilding units ready for sale (houses, shophousesand buildings with strata title; building unitsunder construction (houses, shophouses, andbuildings with strata title) are stattet at cost.The cost of land under development includescosts of land improvement and development,direct and indirect development costs related toreal estate development activities and borrowingcosts.

Biaya pengembangan tanah, termasuk tanah yangdigunakan sebagai jalan dan prasarana atau areayang tidak dijual lainnya, dialokasikan berdasarkanluas area yang dapat dijual.

The cost of land development, including the landused for roads and amenities and other non-saleable areas, is allocated based on the saleablearea of the project.

Page 40: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/30 Exhibit E/30

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

i. Persediaan (Lanjutan) i. Inventories (Continued)

Nilai realisasi bersih merupakan harga jualyang diestimasi di dalam kondisi normalbisnis, dikurangi beban variabel penjualanyang diterapkan dan dikurangi biaya untukmenyelesaikan persediaan dalam proses.

Net realizable value is the estimated selling pricein the ordinary course of business, less applicablevariable selling expenses and less cost tocomplete for work-in-process inventories.

Estimasi dan alokasi biaya dilakukan pada setiapakhir periode pelaporan sampai proyek selesaisecara substantial. Perusahaan dan entitas anakakan melakukan revisi dan realokasi beban, jikaterjadi perubahan yang mendasar.

Estimated costs and cost allocation are reviewedat the end of each reporting period until theproject is substantially completed. The Companyand subsidiaries revise and reallocate the costs ifany substantial change occurs.

Biaya perolehan rumah hunian dalam penyelesaianterdiri dari beban aktual konstruksi dandipindahkan ke rumah hunian tersedia untuk dijualpada saat pembangunan telah selesai.

The cost of residential houses under constructionconsists of actual construction cost and istransferred to houses available-for-sale when theconstruction is substantially completed.

j. Tanah untuk Pengembangan j. Land for Development

Tanah yang sedang dikembangkan dipindahkan ketanah matang pada saat pengembangan tanahtelah selesai. Semua biaya dialokasikan secaraproporsional ke tanah yang dapat dijualberdasarkan luas area masing-masing.

Land under development is transferred to lotsavailable-for-sale when the land development iscompleted. Total project cost is allocatedproportionately to the lots available-for-salebased on their respective lot areas.

Biaya pengembangan tanah, termasuk tanah yangdigunakan sebagai jalan dan prasarana atau areayang tidak dapat dijual lainnya, dialokasikankepada luas area yang dapat dijual.

The cost of land development, including landwhich is used for roads and infrastructure orother unsaleable areas, is allocated to thesaleable area.

Beban yang tidak berhubungan dengan proyekdiakui pada saat terjadinya.

Expenses not related to the project arerecognized when these expenses are incurred.

Tanah yang dimiliki Perusahaan dan entitas anaktetapi belum dikembangkan, disajikan pada akuntersendiri sebagai “Tanah untuk Pengembangan”.Tanah yang belum dikembangkan dinyatakansebesar nilai yang lebih rendah antara biayaperolehan atau nilai realisasi bersih. Biayaperolehan tanah yang belum dikembangkan,yang terdiri dari biaya pra-perolehan danperolehan tanah, dipindahkan ke akunpersediaan pada saat dimulainya pengembangantanah dan pengembangan prasarana lainnya.

Land owned by the Company and subsidiaries butnot yet developed is presented as “Land forDevelopment”. Undeveloped land is stated atcost or net realizable value, whichever is lower.The cost of undeveloped land, consisting of pre-acquisition and acquisition costs of land, istransferred to land under development uponcommencement of land development andsubsequently reclassified to inventories uponcommencement of land development and theconstruction of the facilities thereon.

k. Biaya Pinjaman k. Borrowing Cost

Bagi pinjaman yang secara langsung diatribusikanterhadap aset kualifikasian, jumlah yangdikapitalisasi ditentukan sebagai biaya pinjamanaktual yang terjadi selama periode, dikurangisemua pendapatan yang diperoleh pada investasitemporer pinjaman tersebut.

For borrowings that are directly attributable to aqualifying asset, the amount to be capitalized isdetermined as the actual borrowing cost incurredduring the period, less any income earned on thetemporary investment of such borrowings.

Page 41: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/31 Exhibit E/31

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

k. Biaya Pinjaman (Lanjutan) k. Borrowing Cost (Continued)

Bagi pinjaman yang tidak secara langsung dapatdiatribusikan terhadap aset kualifikasian, jumlahyang dikapitalisasi ditentukan dengan menerapkantingkat kapitalisasi terhadap jumlah yangdibebankan pada aset kualifikasian. Tingkatkapitalisasi merupakan rata-rata tertimbang totalbiaya pinjaman atas total pinjaman selamaperiode, selain pinjaman yang dilakukan secarakhusus untuk memperoleh aset kualifikasian.

For borrowings that are not directly attributableto a qualifying asset, the amount to becapitalized is determined by applying acapitalization rate to the amount expended onthe qualifying assets. The capitalization rate isthe weighted average of the total borrowingcosts applicable to the total borrowingsoutstanding during the period, other thanborrowings made specifically for the purpose ofobtaining a qualifying asset.

Tingkat suku bunga dan biaya pinjaman lainnya,seperti imbalan yang didiskontokan atas pinjamanbaik yang secara langsung maupun tidak langsungdigunakan di dalam pendanaan pembangunan asetkualifikasian, dikapitalisasi sampai tanggal dimana pembangunan selesai.

Interest and other borrowing costs, such asdiscount fees on loans either directly orindirectly used in financing the construction of aqualifying asset, are capitalized up to the datewhen construction is complete.

l. Aset Tetap l. Property and Equipment

Perusahaan dan entitas anak memilih untukmenggunakan model biaya sebagai kebijakanakuntansi pengukuran atas aset tetapnya.

The Company and subsidiaries choose the costmodel as the accounting policy for themeasurement of its property and equipment.

Aset tetap dinilai sebesar biaya perolehan setelahdikurangi akumulasi penyusutan dan akumulasipenurunan nilai, jika ada.

Pada pengakuan awal, aset tetap dinilai sebesarbiaya perolehan. Biaya perolehan aset meliputiharga pembelian dan semua biaya yang dapatdiatribusikan langsung untuk membawa asettersebut ke suatu kondisi kerja dan kondisi lokasibagi tujuan penggunaannya termasuk biayapinjaman yang terjadi selama masa pembangunanyang timbul dari utang yang digunakan untukpembangunan aset tersebut.

Property and equipment are value at cost lessaccumulated depreciation and accumulatedimpairment, if any.

Upon recognition, property and equipment arevalued at acquisition cost. The cost of acquisitionof property and equipment includes the purchaseprice and all costs directly attibutable to bringingthe asset to working condition and location for itsintended use including borrowing costs incurredduring the construction period of the debt usedto finance the construction.

Penyusutan aset tetap dihitung denganmenggunakan metode garis lurus (straight-linemethod), berdasarkan taksiran masa manfaatekonomis aset tetap.

Depreciation of property and equipment arecomputed using the straight-line method, overthe estimated useful lives of the assets.

T a h u n/Y e a r s

Bangunan 20 BuildingsInstalasi air bersih 8 Water installationPeralatan proyek 4 – 5 Project equipmentsAlat-alat pengangkutan 4 Transportation equipmentsPeralatan dan perabot kantor 3 – 5 Furnitures and fixtures

Page 42: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/32 Exhibit E/32

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

l. Aset Tetap (Lanjutan) l. Property and Equipment (Continued)

Biaya-biaya setelah perolehan awal diakui sebagaibagian dari nilai tercatat aset tetap atau sebagaiaset yang terpisah apabila ada kemungkinanmanfaat ekonomis sehubungan dengan asettersebut di masa mendatang akan mengalir kePerusahaan terkait dan biayanya dapat diukursecara andal.

Subsequent cost are included in the asset’scarrying amount or recognized as a separateasset, as appropriate, only when it probable thatfuture economic benefits will flow to thecompany associated with the assets and the costscan be measured reliably.

Beban perbaikan dan pemeliharaan rutindibebankan pada laba rugi terjadinya.

The cost of routine repairs and maintenanceexpenses are charged to profit or loss as incured.

Aset tetap yang sudah tidak digunakan lagi ataudijual, biaya perolehan dan akumulasipenyusutannya dikeluarkan dari kelompok asettetap yang bersangkutan dan laba atau rugi yangterjadi disajikan dalam Laporan laba rugi danpenghasilan komprehensif lain konsolidasian tahunbersangkutan.

When property and equipment are retired orotherwise disposed of, their costs and the relatedaccumulated depreciation are removed from theaccounts and any resulting gain or loss isreflected in the consolidated Statement of profitor loss and other comprehensive income for theyear.

Keuntungan atau kerugian pelepasan aset tetapditentukan dengan membandingkan penerimaandengan nilai tercatat dan dicatat ke dalamLaporan laba rugi dan penghasilan komprehensiflain konsolidasian dari operasi.

Gains or losses on disposal are determined bycomparing proceeds with the carrying amountand are included in consolidated Statement ofprofit or loss and other comprehensive incomefrom operations.

Nilai sisa, masa manfaat, dan metode depresiasi,ditinjau pada tiap akhir periode pelaporan, dandisesuaikan secara prospektif, sesuai keadaan.

The residual value, useful life and depreciationmethod are reviewed at the end of eachreporting period and adjusted prospectively, ifappropriate.

Apabila terdapat indikasi penurunan nilai, nilaitercatat aset dinilai dan langsung dicatat sebesarjumlah terpulihkan apabila nilai tercatat asettersebut lebih besar dibandingkan dengan jumlahterpulihkan yang diestimasi (Catatan 2n).

Where an indication of impairment exists, thecarrying amount of the asset is assessed andwritten down immediately to its recoverableamount if the asset’s carrying amount is greaterthan its estimated recoverable amount(Note 2n).

m. Properti Investasi m. Investment Property

Properti investasi Perusahaan dan entitas anakterdiri dari tanah dan bangunan dan prasaranayang dikuasai Perusahaan dan entitas anak untukmenghasilkan sewa atau untuk kenaikan nilai ataukeduanya, dan bukan untuk digunakan dalamkegiatan produksi atau penyediaan barang ataujasa atau untuk tujuan administratif atau dijualdalam kegiatan usaha sehari-hari.

Investment properties of the the Company andsubsidiaries consists of land and building andinfractructures held by the the Company andsubsidiaries to earn rentals or for capitalappreciation or both, rather than for use in theproduction or supply of goods or services or foradministrative purposes or sale in the ordinarycourse of business.

Pada saat pengakuan awal, properti investasidinyatakan sebesar biaya perolehan termasukbiaya transaksi dikurangi akumulasi penyusutandan rugi penurunan nilai, jika ada, kecuali untuktanah yang tidak disusutkan.

Upon recognition, investment properties arestated at cost including transaction cost lessaccumulated depreciation and impairment loss, ifany, except for land which is not depreciated.

Page 43: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/33 Exhibit E/33

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

m. Properti Investasi (Lanjutan) m. Investment Property (Continued)

Nilai tercatat termasuk biaya penggantian bagiandari properti investasi yang ada pada saatterjadinya, jika kriteria pengakuan terpenuhi, dantidak termasuk biaya harian penggunaan propertiinvestasi.

Such cost includes the cost of replacing part ofthe investment properties, if the recognitioncriteria are met, and excludes the daily expenseson their usage.

Properti investasi dihentikan pengakuannya padasaat pelepasan atau ketika properti investasitersebut tidak digunakan lagi secara permanendan tidak memiliki manfaat ekonomis di masadepan yang dapat diharapkan pada saatpelepasannya. Laba atau rugi yang timbul daripenghentiannya atau pelepasan properti investasidiakui dalam Laporan laba rugi dan penghasilankomprehensif lain konsolidasian pada tahunterjadinya penghentian atau pelepasan tersebut.

An investment property should be derecognizedupon disposal or when the investment property ispermanently withdrawn from use and no futureeconomic benefits are expected from its disposal.Gains or losses arising from the retirement ordisposal of an investment is credited or chargedto the consolidated Statement of profit or lossand other comprehensive income in the year theasset is derecognized.

Transfer ke properti investasi dilakukan jika, danhanya jika, terdapat perubahan penggunaanyang ditunjukkan dengan berakhirnya pemakaianoleh pemilik, dimulainya sewa operasi kepihak lain atau selesainya pembangunan ataupengembangan. Transfer dari properti investasidilakukan jika, dan hanya jika, terdapatperubahan penggunaan yang ditunjukkan dengandimulainya penggunaan oleh pemilik ataudimulainya pengembangan untuk dijual.

Transfers to investment properties should bemade when, and only when, there is a change inuse, evidenced by the end of owner occupation,commencement of an operating lease to anotherparty or end of construction or development.Transfers from investment properties should bemade when, there is a change in use, evidencedby the commencement of owner occupation orcommencement of development with a view tosell.

Setelah pengakuan awal, Perusahaan dan entitasanak telah memilih model nilai wajar (fair value)sebagai kebijakan akuntansi pengukuran propertiinvestasi.

After initial recognition the Company andsubsdiaries, have chosen the fair value model asthe accounting policy for the measurement of itsinvestment property.

Nilai wajar properti investasi ditentukan melaluipenilaian yang dilakukan oleh penilai yangmemiliki kualifikasi profesional berdasarkan datapasar. Perubahan nilai wajar properti investasiakan diakui sebagai “Pendapatan Operasi Lainnya”pada laporan laba rugi dan penghasilankomprehensif lain konsolidasian.

The fair value of investment property aredetermined by an independent professionalvaluer based on market evidence. Changes toinvestment property fair value shall berecognized as “Other Operating Income” in theconsolidated statements of profit or loss andother comprehensive income.

n. Penurunan Nilai Aset Non-Keuangan n. Impairment of Non-Financial Assets

Pada setiap akhir periode pelaporan, Perusahaandan entitas anak akan menilai apakah terdapatindikasi aset mengalami penurunan nilai non-keuangannya.

At the end of each reporting period, theCompany and subsdiaries will asssess whetherthere is any indication that its non-financialassets may be impaired.

Apabila indikasi-indikasi tersebut muncul, atauapabila pengujian penurunan nilai bagi suatu asetdiharuskan, maka Perusahaan dan entitas anakmembuat suatu estimasi jumlah terpulihkan aset.

If any such indication exists, or when impairmentassessment for an asset is required, the Companyand subsidiaries make an estimation of the asset'srecoverable amount.

Page 44: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/34 Exhibit E/34

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

n. Penurunan Nilai Aset Non-Keuangan (Lanjutan) n. Impairment of Non-Financial Assets (Continued)

Nilai terpulihkan aset adalah jumlah lebih tinggiantara nilai wajar aset atau Unit Penghasil Kas(“UPK”) dikurangi biaya pelepasan dengan nilaipakainya. Nilai terpulihkan ditentukan bagiaset individual, kecuali aset tersebut tidakmenghasilkan arus kas masuk yang sebagian besarindependen dari aset lain atau kelompok aset.Nilai pakai ditentukan dengan mengestimasi aruskas masuk dan keluar masa depan dari pemakaianaset dan dari pelepasan akhirnya denganmenggunakan tingkat diskonto sebelum pajak yangmencerminkan penilaian pasar saat ini dari nilaiwaktu uang dan risiko spesifik aset.

An asset's recoverable amount is the higher ofan asset's or Cash Generating Unit’s (“CGU's”)fair value less costs of disposal its and value-in-use. Recoverable amount is determined foran individual asset, unless the asset does notgenerate cash inflows that are largelyindependent of those from other assets or groupsof assets. Value-in-use is determined byestimating the future cash inflows and outflowsto be devided from continuing use of the assetand from its ultimate disposal using pre-taxdiscount rate that reflects current marketassesment of the time value of money and therisks specific to the asset.

Apabila nilai tercatat aset melebihi nilaiterpulihkannya, maka aset tersebut dicatat padanilai terpulihkan. Kerugian penurunan nilai segeradiakui laba rugi.

Where the carrying amount of an asset exceedsits recoverable amount, the asset is written downto its recoverable amount. Impairment losses arerecognized immediately in profit or loss.

Pembalikan jumlah kerugian penurunan nilai atasaset selain goodwill akan diakui, jika, dan hanyajika, terdapat perubahan di dalam estimasi yangdigunakan untuk menentukan nilai terpulihkanaset sejak pengujian terkini penurunan nlai.Apabila, keadaannya seperti ini, nilai tercatataset meningkat sampai jumlah terpulihkan.Kenaikan nilai tersebut tidak dapat melebihi nilaitercatat yang telah ditentukan (neto setelahpenyusutan) seandainya aset tidak mengalami rugipenurunan nilai sebelumnya. Pembalikan rugipenurunan nilai atas aset diakui segera di dalamlaba rugi, kecuali aset disajikan dalam jumlahrevaluasian sesuai dengan PSAK lain. Kerugianpenurunan nilai terkait dengan goodwill tidakdapat dibalikkan.

Reversal on impairment loss for assets other thangoodwill would be recognized if, and only if,there has been a change in the estimates used todetermine the asset's recoverable amount sincethe last impairment test was carried out. If thatis the case, the carrying amount of the asset isincreased to its recoverable amount. Thatincrease cannot exceed the carrying amountthat would have been determined (net ofdepreciation) had no impairment loss beenrecognized previously. Reversal on impairmentlosses will be immediately recognized in profit orloss, except for assets measured using therevaluation model as required by other SFAS.Impairment losses relating to goodwill would benot reversed.

o. S e w a o. L e a s e s

Penentuan apakah suatu perjanjian merupakanperjanjian sewa, atau perjanjian yangmengandung sewa, didasarkan atas substansiperjanjian pada tanggal awal sewa danapakah pemenuhan perjanjian tergantung padapenggunaan suatu aset spesifik dan perjanjiantersebut memberikan suatu hak untukmenggunakan aset tersebut. Sewa yangmengalihkan secara substansial seluruh risiko danmanfaat yang terkait dengan kepemilikan asetkepada lessee, diklasifikasikan sebagai sewapembiayaan.

The determination of whether an arrangementis, or contains, a lease is based on the substanceof the arrangement at inception date andwhether the fulfillment of the arrangement isdependent on the use of a specific asset and thearrangement conveys a right to use the asset. Alease that transfer substantially to the lessee allthe risks and reward incidental to ownership ofthe leased asset is classified as a finance lease.

Page 45: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/35 Exhibit E/35

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

o. S e w a (Lanjutan) o. L e a s e s (Continued)

Selanjutnya, suatu sewa diklasfikasikan sebagaisewa operasi, jika sewa tersebut tidakmengalihkan secara substansial seluruh risiko danmanfaat yang terkait dengan kepemilikan aset.

Consequently, a lease is classified as anoperating lease, if the lease does not transfersubstantially all the risks and rewards incidentalto ownership.

Sebagai penyewa As lessee

Pada awal masa sewa, Lessee mengakui sewapembiayaan sebagai aset dan liabilitas dalamlaporan posisi keuangan sebesar nilai wajar asetsewa pembiayaan atau sebesar nilai kini daripembayaran sewa minimum, jika nilai kini lebihrendah dari nilai wajar. Pembayaran sewaminimum dipisahkan antara bagian yangmerupakan beban keuangan dan bagian yangmerupakan pelunasan liabilitas. Beban keuangandialokasikan ke setiap periode selama masa sewasehingga menghasilkan tingkat suku bungaperiodik yang konstan atas saldo liabilitas. Rentalkontinjen dibebankan pada periode terjadinya.Beban keuangan dicatat dalam Laporan laba rugidan penghasilan komprehensif lain konsolidasian.

At the commencement of the lease term, alessee recognizes finance lease as an asset and aliability in its statement of financial position atan amount equal to the fair value of the leasedproperty or, if lower, the present value of theleased property or, if lower, the present value ofthe minimum lease payments, minimum leasepayments are apportioned between the financecharges and the reduction of the outstandingliability. The finance charges are allocated toeach period during the lease term so as toproduce a constant periodic rate of interest onthe remaining balance of the liability.Contingent rents are charged as expenses in theperiods in which they are incurred. Financecharges are reflected in consolidated Statementof profit or loss and other comprehensiveincome.

Aset sewa pembiayaan yang dimiliki oleh lesseedengan dasar sewa pembiayaan disusutkan secarakonsisten dengan metode yang sama yangdigunakan untuk aset yang dimiliki sendiri, ataudisusutkan secara penuh selama jangka waktuyang lebih pendek antara periode masa sewa, danumur manfaat aset sewa pembiayaan, jika tidakada kepastian yang memadai bahwa lessee akanmendapatkan hak kepemilikan pada akhir masasewa.

Leased asset held by the lessee under a financelease is depreciated consistenly using the samemethod used with that for depreciable assetsthat are directly owned, or is fully depreciatedover the shorter of the lease term and its usefulllife, if there is no reasonable certainty that thelessee will obtain ownership by the end of thelease term.

Sewa yang tidak mengalihkan secara substansialseluruh risiko dan manfaat yang terkait dengankepemilikan aset diklasifikasikan sebagai sewaoperasi. Pembayaran sewa dalam sewa operasidiakui sebagai beban dalam Laporan laba rugi danpenghasilan komprehensif lain konsolidasiandengan garis lurus (Straight line basis) selamamasa sewa.

Leases which do not transfer substantially all therisks and rewards incidentially to ownership areclassified as operating leases. Operating leasepayments are recognized as an expense in theconsolidated statements of profit or loss andother comprehensive income on a straight-linebasis over the lease term.

Sebagai pemberi sewa As lessor

Perusahaan dan entitas anak mengakui asetberupa piutang sewa pembiayaan di laporan posisikeuangan konsolidasian sebesar total yang samadengan investasi sewa neto.

The company and its subsidiaries recognizesan asset held under a finance lease in itsconsolidated statement of financial position andpresents it as a receivable at an amount equal tothe net investment in the lease.

Page 46: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/36 Exhibit E/36

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

o. S e w a (Lanjutan) o. L e a s e s (Continued)

Sebagai pemberi sewa (Lanjutan) As lessor (Continued)

Penerimaan piutang sewa diperlakukan sebagaipembayaran pokok dan pendapatan pembiayaan.Pengakuan pendapatan pembiayaan didasarkanpada suatu pola yang mencerminkan suatu tingkatpengembalian periodik yang konstan atas investasineto sebagai lessor dalam sewa pembiayaan.

Lease receivable is treated as repayment ofprincipal and finance income. The recognition offinance income is based on a pattern reflecting aconstant periodic rate of return on the companyand its subsidiaries net investment in the financelease.

Perusahaan dan entitas anak mengakui aset untuksewa operasi di laporan posisi keuangankonsolidasian sesuai sifat aset tertentu biayalangsung awal sehubungan proses negosiasi sewaoperasi ditambahkan ke nilai tercatat dari asetsewaan dan diakui sebagai beban selama masasewa dengan dasar yang sama dengan pendapatansewa. Rental kontinjen, jika ada diakui sebagaipendapatan pada periode terjadinya. Pendapatansewa operasi diakui sebagai pendapatan atasdasar garis lurus selama masa sewa.

The company and its subsidiaries presents anasset subject to operating leases in itsconsolidated statement of financial positionaccording to the nature of the asset. Initialdirect costs incurred in negotiating an operatinglease are added to the carrying amount of theleased asset and recognized over the lease termon the same basis at rental income. Contingentrents, if any, are recognized as revenue in theperiods in which they are earned. Lease incomefrom operating leases is recognized as income ona straight-line method over the lease term.

p. Liabilitas yang Diestimasi atas Imbalan Kerja p. Estimated Liabilities for Employee Benefits

Imbalan kerja jangka pendek diakui pada saatterutang pada karyawan.

Short-term employee benefits are recognizedwhen they accrue to the employees.

Imbalan pasca kerja ditentukan berdasarkanUndang-Undang ketenagakerjaan No. 13/2003.

Post employee benefits are determined based onthe Law of Employment No. 13/2003.

Liabilitas atau aset imbalan kerja bersih adalahagregat dari nilai kini liabilitas imbalan pasti padaakhir periode pelaporan dikurangi dengan nilaiwajar aset program (jika ada), disesuaikan dengandampak yang membatasi aset imbalan pasti bersihterhadap batas atas aset. Batas atas aset adalahnilai sekarang dari manfaat ekonomis yangtersedia dalam bentuk pengembalian dana dariprogram atau pengurangan iuran masa mendatangtersebut.

Liabilities or net assets of employee benefits isthe aggregate of the present value of the definedbenefit obligation at the end of the reportingperiod less the fair value of plan assets (if any),adjusted for the effects that limit the netdefined benefit asset to the upper limit of theasset. The upper limit asset is the present valueof economic benefits available in the form ofrefunds from the plan or reduction in futurecontributions.

Perusahaan dan entitas anak memiliki programpensiun imbalan pasti dan tidak terdapatpendanaan yang disisihkan atas imbalan pascakerja ini.

The Company and its subsidiaries have definedbenefit pension plan and no funding has beenmade on this post-employment benefits.

Penyisihan tersebut diestimasi berdasarkanperhitungan aktuaria independen denganmenggunakan metode “Projected-Unit-Credit”.

The provision has been estimated based onindependent actuarial calculation using the"Projected-Unit-Credit".

Page 47: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/37 Exhibit E/37

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

p. Liabilitas yang Diestimasi atas Imbalan Kerja(Lanjutan)

p. Estimated Liabilities for Employee Benefits(Continued)

Liabilitas imbalan pensiun tersebut merupakannilai kini liabilitas imbalan pasti pada akhirperiode pelaporan yang dihitung oleh aktuarisindependen dengan menggunakan metodeprojected unit credit.

The pension benefit liabilities is the presentvalue of the defined benefit liabilities at the endof the reporting period is calculated byindependent actuaries using the projected unitcredit method.

Biaya jasa lalu diakui segera dalam laporan labarugi. Keuntungan dan kerugian aktuarial yangtimbul dari penyesuaian pengalaman danperubahan asumsi aktuarial segera diakui padapelaporan laba rugi dan penghasilan komprehensiflain konsolidasian.

Past-service costs are recognized immediately inprofit or loss. Actuarial gains or losses arisingfrom experience adjustments and changes inactuarial assumptions is recognized immediatelyin consolidated statement of profit or loss andother comprehensive income.

q. Modal Saham q. Share Capital

Biaya tambahan yang dapat diatribusikan terhadappenerbitan saham biasa atau opsi biasa, setelahdikurangi pajak, diakui sebagai pengurang ekuitas.

Incremental costs directly attributable to theissue of ordinary shares or options, net of taxeffects, are recognized as a deduction from theequity.

Apabila modal saham Perusahaan dibeli kembali,maka imbalan yang dibayarkan, termasuk semuakenaikan biaya yang dapat diatribusikan langsung(setelah dikurangi pajak), dikurangkan dari ekuitasyang dapat diatribusikan terhadap pemegangekuitas Perusahaan sampai saham tersebutdibatalkan atau diterbitkan kembali. Pembeliankembali saham diklasifikasikan sebagai sahamtreasuri dan disajikan dalam cadangan sahamtreasuri.

Where the Company’s equity share arerepurchased, the consideration paid, includingany directly attributable incremental costs (netof any tax effects) is deducted from equityattributable to the Company’s equity holdersuntil the shares are cancelled or reissued.Repurchased shares are classified as treasuryshares and are presented in the treasury sharereserve.

Apabila saham treasuri dijual dan selanjutnyaditerbitkan kembali, semua imbalan yangditerima, diakui sebagai kenaikan di dalam ekuitasdan surplus atau defisit yang timbul pada transaksitersebut disajikan sebagai agio saham.

When treasury shares are sold and subsequentlyreissued, any consideration received is recognizedas an increase in equity and the resulting surplusor deficit on the transaction is presented withinshare premium.

r. Agio Saham r. Additional Paid-In Capital

Pada saat saham terjual pada premium, selisihantara penerimaan dan nilai nominal dikreditkanpada akun “Agio Saham” dalam laporan posisikeuangan konsolidasian. Pada saat sahamditempatkan dengan kompensasi selain kas,penerimaan diukur dengan nilai wajar kompensasiyang diterima. Apabila saham ditempatkan untukmenghapus atau melunaskan liabilitas Perusahaan,saham harus diukur baik pada nilai wajar sahamyang ditempatkan atau nilai wajar liabilitas yangdilunasi, mana yang lebih dapat ditentukan secaraandal.

When the shares are sold at premium, thedifference between the proceeds and the parvalue is credited to the “Additional paid-incapital” account in the consolidated statement offinancial position. When shares are issued for aconsideration other than cash, the proceeds aremeasured by the fair value of the considerationreceived. In case the shares are issued toextinguish or settle the liability of the Company,the shares shall be measured either at the fairvalue of the shares issued or fair value of theliability settled, whichever is more reliablydeterminable.

Page 48: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/38 Exhibit E/38

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

r. Agio Saham (Lanjutan) r. Additional Paid-In Capital (Continued)

Biaya langsung yang terjadi sehubungan denganpenerbitan ekuitas, seperti biaya underwriting,akuntansi dan legal, biaya percetakan dan pajakdapat dibebankan pada akun “Agio Saham” dalamlaporan posisi keuangan konsolidasian.

Direct costs incurred related to equity issuance,such as underwriting, accounting and legal fees,printing costs and taxes are chargeable to the“Additional paid-in capital” account in theconsolidated statement of financial position.

s. Dividen s. Dividend

Dividen diakui pada saat terhutang secara hukum.Dividen interim dicatat ketika dinyatakan olehdireksi. Dividen final disetujui oleh pemegangsaham dalam Rapat Umum Pemegang SahamTahunan (RUPST).

Dividend is recognized when legally owed. Intermdividend is recorded when is declared bythe board of directors. Final dividend approvedby Shareholders at Annual General Meeting ofShareholders.

t. Pengakuan Pendapatan dan Beban t. Revenue and Expenses Recognition

Pendapatan dari penjualan lahan siap bangun,rumah hunian dan rumah toko diakui denganmenggunakan metode pengakuan penuh (fullaccrual method) bila memenuhi semua kondisiberikut:

Revenues from sales of land, residential houses,and shop houses are recognized using the fullaccrual method if all of the following conditionsare met:

1. Rumah hunian, lahan siap bangun dan rumahtoko:a. Proses penjualan telah selesai;b. Harga jual akan tertagih;c. Tagihan penjualan tidak bersifat

subordinasi terhadap pinjaman lain yangakan diperoleh pembeli di masa yang akandatang; dan

d. Penjual telah mengalihkan risiko danmanfaat kepemilikan unit bangunankepada pembeli melalui suatu transaksiyang secara substansi adalah penjualan danpenjual tidak lagi berkewajiban atauterlibat secara signifikan dengan unitbangunan tersebut.

1. Residential houses, land and shop houses:

a. A sale is consummated;b. The selling price is collectible;c. The seller’s receivable is not subject to

future subordination against other loanswhich will be obtained by the buyer; and

d. The seller has transferred to the buyerthe usual risks and rewards of ownershipin a transaction that is in substance a saleand does not have a substantial continuinginvolvement with the property.

2. Lahan siap bangun (bila bangunan akandidirikan oleh pembeli):a. Jumlah pembayaran oleh pembeli telah

mencapai 20% dari harga jual yangdisepakati dan jumlah tersebut tidak dapatdiminta kembali oleh pembeli;

b. Harga jual akan tertagih;c. Tagihan penjual tidak bersifat subordinasi

terhadap pinjaman lain yang akandiperoleh di masa yang akan datang;

2. Land ready to build (where the building willbe constructed by the buyer):a. Total payments by the buyer are at least

20% of the agreed selling price and theamount is not refundable;

b. The selling price is collectible;c. The seller’s receivable is not subject to

future subordination against other loanswhich will be obtained by the buyer;

Page 49: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/39 Exhibit E/39

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

t. Pengakuan Pendapatan dan Beban (Lanjutan) t. Revenue and Expenses Recognition (Continued)

2. Lahan siap bangun (bila bangunan akandidirikan oleh pembeli): (Lanjutan)

2. Land ready to build (where the building willbe constructed by the buyer): (Continued)

d. Proses pengembangan tanah telahselesai sehingga penjual tidak mempunyaikewajiban yang signifikan lagi untukmenyelesaikan tanah kavling yang dijual,seperti kewajiban untuk mematangkankavling tanah atau kewajiban untukmembangun fasilitas-fasilitas pokokyang dijanjikan ataupun yang menjadikewajiban penjual sesuai denganperjanjian pengikatan jual beli atauketentuan peraturan perundang-undangan;dan

e. Hanya tanah kavling saja yang dijual,tanpa diwajibkan keterlibatan penjualdalam pendirian bangunan di atas tanahkavling tersebut.

d. The process of land development has beencompleted that the seller has nosignificantly obligation to develop the lotssold or to construct amenities or otherfacilities applicable to the lots sold asprovided in the agreement between theseller and the buyer or as regulated bylaw; and

e. The sale consists only of the lots of land,without any involvement of the seller inthe construction of the building on thelots sold.

Beban pokok penjualan lahan siap bangun terdiridari beban perolehan dan pengeluaran-pengeluaran lain untuk pengembangan tanah.Beban pokok penjualan rumah hunian dan rumahtoko mencakup seluruh beban pembangunan dantaksiran beban untuk menyelesaikan pekerjaan.Taksiran beban untuk menyelesaikan pekerjaantermasuk di dalam “Beban Masih Harus Dibayar”.Selisih antara jumlah taksiran beban dengan bebanaktual pembangunan dibebankan ke “Beban PokokPendapatan” tahun berjalan.

The cost of land sold consists of the acquisitioncost and other expenditures relating to itsdevelopment. The costs of residential houses andshop houses sold includes construction costsincurred and estimated cost to complete thework. The estimated costs to complete the workis included under “Accrued Expenses”. Thedifference between the estimated costs and theactual costs of construction is charged to “Cost ofRevenues” of the current year.

3. Perusahaan mengakui penjualan unitapartemen dengan menggunakan metodepersentase penyelesaian (percentage ofcompletion method) apabila semua syaratberikut ini terpenuhi:

3. The Company’s sales of apartment units arerecognized using the percentage ofcompletion method if all of the followingcriteria are met:

a. Proses konstruksi telah melalui tahap awal,yaitu pondasi bangunan telah selesai dansemua persyaratan untuk memulaibangunan telah terpenuhi;

a. The construction process has gonethrough the initial stages, that is, thebuilding foundation has been completedand all of the requirements to commenceconstruction have been fulfilled;

b. Jumlah pembayaran oleh pembeli melebihi20% dari harga jual yang/telah disepakatidan jumlah tersebut tidak dapat dimintakembali oleh pembeli;

b. Total payments by the buyer of is atleast 20% of the agreed sales prices andthat amount is not refundable to thebuyer;

c. Jumlah pendapatan dan biaya unitbangunan dapat diestimasi dengan handal.

c. The amount of the revenue and the costof the building unit can be reliablyestimated.

Apabila salah satu atau lebih kriteria tersebuttidak terpenuhi, maka jumlah uang yang diterimadari pembeli akan diakui sebagai “Uang muka daripelanggan” di dalam laporan posisi keuangankonsolidasian, sampai seluruh kriteria tersebutdipenuhi.

If one or more of the criteria mentioned are notfulfilled, the payment received from the buyershall be recognized under “Customer Deposit”account in the consolidated statement offinancial position until all the criteria arefulfilled.

Page 50: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/40 Exhibit E/40

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

t. Pengakuan Pendapatan dan Beban (Lanjutan) t. Revenue and Expenses Recognition (Continued)

Pendapatan hotel dari hunian kamar diakui padatanggal terhuninya sedangkan pendapatan hotellainnya diakui pada saat barang atau jasadiserahkan kepada pelanggan.

Hotel room income is recognized based on roomoccupancy while other hotel hotel income arerecognized when the goods are delivered or theservices are rendered to the customers.

Pendapatan bunga diakui denganmempertimbangkan hasil efektif aset tersebut.

Interest income is recognized as the interestaccrues, taking into account the effective yieldon the asset.

Pendapatan atas jasa dan pemeliharaan diakuipada saat jasa diberikan.

Beban diakui pada saat terjadinya (accrual basis).

Revenue from services and maintenance isrecognized upon delivery of the services to thecustomers.

Expenses are recognized when they are incurred(accrual basis).

u. Transaksi dan Translasi dalam Mata Uang Asing u. Foreign Currency Transactions and Translation

1. Mata Uang Fungsional dan Mata UangPenyajian

1. Functional and Presentation Currency

Unsur-unsur yang terdapat dalam laporankeuangan konsolidasian bagi Perusahaan dansetiap entitas anak, diukur denganmenggunakan mata uang pada lingkunganekonomi utama di mana entitas beroperasi(“mata uang fungsional”). Laporan keuangankonsolidasian disajikan dalam Rupiah yangmerupakan mata uang fungsional dan matauang penyajian entitas.

Items included in the consolidated financialstatement of each of the Company andsubsidiaries’ are measured using thecurrency of the primary economicenvironment in which the entity operates(the “functional currency”). Theconsolidated financial statements arepresented in IDR, which is the functionaland presentation currency of the entity.

2. Transaksi dan Saldo 2. Transactions and Balances

Transaksi dalam mata uang asingditranslasikan terhadap mata uang fungsionalPerusahaan dan entitas anak dengan nilaitukar pada tanggal transaksi.

Transactions in foreign currencies aretranslated to the respective functionalcurrencies of the Company and subsidiariesat exchange rates at the date of thetransactions.

Aset dan liabilitas moneter yangdidenominasikan dalam mata uang asingditranslasikan menjadi mata uang fungsionaldengan nilai tukar pada setiap akhir periodepelaporan. Nilai tukar yang digunakan sebagaitolak ukur adalah nilai tukar yang ditetapkanoleh Bank Indonesia. Aset dan liabilitasnonmoneter yang diukur pada nilai wajar didalam mata uang asing ditranslasikan menjadimata uang fungsional pada nilai tukar ketikanilai wajar ditentukan.

Monetary assets and liabilities denominatedin foreign currencies are translated to thefunctional currency at the exchange rate atend of the reporting period. Exchange rateused as benchmark is the rate which isissued by Bank Indonesia. Non-monetaryassets and liabilities that are measured atfair value in a foreign currency aretranslated to the functional currency at theexchange rates when the fair value wasdetermined.

Page 51: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/41 Exhibit E/41

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

u. Transaksi dan Translasi dalam Mata Uang Asing(Lanjutan)

u. Foreign Currency Transactions and Translation(Continued)

2. Transaksi dan Saldo (Lanjutan) 2. Transactions and Balances (Continued)

Keuntungan dan kerugian nilai tukar matauang asing yang timbul akibat penyelesaianunsur-unsur moneter atau dari translasi unsur-unsur moneter yang didenominasi di dalammata uang asing pada akhir periodepelaporan, diakui di dalam laba rugi, kecualiketika ditangguhkan di dalam ekuitas sebagaiinstrumen yang memenuhi kualifikasi sebagailindung nilai arus kas dan intrumen yangmemenuhi lindung nilai investasi bersih, dalamhal selisih mata uang asing diakui di dalampendapatan komprehensif lain. Ketikainvestasi bersih yang dilindung nilai dijual,maka jumlah yang relevan di dalampendapatan komprehensif lainnya dialihkan kelaba rugi sebagai bagikan keuntungan ataukerugian penjualan.

Foreign exchange gains and losses arisingfrom the settlement of monetary items orfrom the translation of monetary itemsdenominated in foreign currencies at theend of the reporting period are recognizedin profit and loss, except when deferred inequity as qualifying cash flow hedges andqualifying net investment hedges, to theextent that the hedges are effective, inwhich case foreign currency differences arerecognized in other comprehensive income.When the hedged net investment is disposedof, the relevant amount in the othercomprehensive income is transferred toprofit or loss as part of the gain or loss ondisposal.

Keuntungan dan kerugian nilai tukar matauang asing yang berkaitan dengan utang dankas dan setara kas, disajikan di dalam labarugi sebagai “pendapatan keuangan” atau“biaya keuangan”. Keuntungan dan kerugianbersih lainnya nilai tukar mata uang asingdisajikan di dalam laba atau rugi, sebagai“pendapatan dan beban operasi lainnya”.

Foreign exchange gains and losses thatrelate to borrowings and cash and cashequivalents are presented in profit or losswithin “finance income” or “finance costs”.All other net foreign exchange gains andlosses are presented in profit or loss within“other operating income and expenses”.

Perubahan nilai wajar instrumen keuangantersedia untuk dijual yang didenominasi didalam mata uang asing dianalisis antaraselisih translasi yang timbul dari perubahan didalam biaya perolehan diamortisasi aset danperubahan lainnya di dalam nilai tercatataset. Selisih translasi terkait denganperubahan di dalam biaya perolehandiamortisasi diakui di dalam laba atau rugi danperubahan nilai tercatat diakui di dalampendapatan komprehensif lain.

Changes in the fair value of available-for-sale financial assets denominated in foreigncurrency are analyzed between translationdifferences resulting from changes in theamortized cost of the assets and otherchanges in the carrying amount of theassets. Translation differences relatedto changes in amortized cost are recognizedin profit or loss, and other changes incarrying amount are recognized in othercomprehensive income.

Selisih translasi aset dan liabilitas keuangannon moneter yang dinilai pada nilai wajar,dilaporkan sebagai bagian dari keuntunganatau kerugian nilai wajar (misalnya selisihtranslasi aset keuangan pada nilai wajarmelalui laba rugi sebagai bagian keuntunganatau kerugian nilai wajar dan selisih translasiaset keuangan tersedia untuk dijual, diakui didalam pendapatan komprehensif lain) dalamhal selisih nilai tukar asing yang telah diakuidi dalam pendapatan komprehensif laindireklasifikasi ke dalam laba atau rugi.

Translation differences on non-monetaryfinancial assets and liabilities carried at fairvalue are reported as part of the fair valuegain or loss (e.g. translation differences onfinancial assets at fair value through profitor loss are recognized in profit or lossas part of the fair value gain or lossand translation differences on available-for-sale financial assets are recognized inother comprehensive income) except onimpairment, in which case foreign currencydifferences that have been recognized inother comprehensive income are reclassifiedto profit or loss.

Page 52: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/42 Exhibit E/42

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

u. Transaksi dan Transaksi dalam Mata Uang Asing(Lanjutan)

u. Foreign Currency Transactions andTransaction (Continued)

2. Transaksi dan Saldo (Lanjutan) 2. Transactions and Balances (Continued)

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Dolar Amerika Serikat (USD) 13.548 13.436 United States Dollar (USD)Dolar Hongkong (HKD) 1.733 1.733 Hongkong Dollar (HKD)

v. Perpajakan v. Taxation

1) Pajak Penghasilan

Pajak penghasilan badan dihitung untuk setiapperusahaan sebagai badan hukum sendiri.

Beban pajak penghasilan terdiri dari bebanpajak kini dan beban pajak tangguhan. Bebanpajak penghasilan diakui pada laba rugi,kecuali untuk komponen yang diakui secaralangsung di ekuitas atau dalam penghasilankomprehensif lain.

1) Income Taxes

Corporate Income Tax is determined for eachentity as a separate legal entity.

Income taxes comprises of current anddeferred tax. Income tax expenses isrecognized in profit or loss except to theextent that it relates to items recognizeddirectly in equity or in other comprehensiveincome.

Pajak Kini

Beban pajak kini terdiri dari estimasi utangatau restitusi pajak atas laba atau rugi kenapajak untuk tahun yang bersangkutan danpenyesuaian terkait dengan utang ataurestitusi pajak tahun-tahun sebelumnya. Bebanpajak kini diukur berdasarkan laba kena pajakdengan menggunakan tarif pajak yang berlakuatau secara substansial telah berlaku padatanggal pelaporan.

Current Tax

Current tax expenses comprises the expectedtax payable or refundable on taxable incomeor loss for the year and any adjustment to thetax payable or refundable in respect ofprevious years. Current tax expenses ismeasured based on taxable income using taxrates enacted or substantively enacted at thereporting date.

Pajak Tangguhan

Pajak tangguhan diakui atas perbedaantemporer antara nilai tercatat aset danliabilitas untuk tujuan pelaporan keuangan,dan nilai yang digunakan untuk tujuanperpajakan. Pajak tangguhan diukur denganmenggunakan tarif pajak yang diharapkanuntuk diterapkan atas perbedaan temporerpada saat pembalikan, berdasarkan peraturanyang telah berlaku atau secara substantifberlaku pada tanggal pelaporan. Metode inijuga mengharuskan pengakuan manfaat pajakmasa depan, seperti kompensasi rugi fiskal,apabila besar kemungkinan manfaat pajaktersebut dapat direalisasi.

Deffered Tax

Deferred tax is recognized in respect oftemporary differences between the carryingamounts of assets and liabilities for financialreporting purposes, and the amounts used fortaxation purposes. Deferred tax is measuredat the tax rates that are expected to beapplied to temporary differences when theyreserve based on the laws that have beenenacted or substantively enacted at thereporting date. This method also requires therecognition of future tax benefits, such as taxloss carryforwards, to the extent thatrealization of such benefits is probable.

Page 53: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/43 Exhibit E/43

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

v. Perpajakan (Lanjutan) v. Taxation (Continued)

2) Pajak Final

Pendapatan dari penjualan lahan siap bangun,rumah hunian dan rumah toko merupakansubyek pajak final sebesar 5% dari jumlahbruto nilai jual, berdasarkan PeraturanPemerintah No. 71 Tahun 2008 tanggal4 November 2008 dan mengalami perubahantarif menjadi 2,5% berdasarkan PeraturanPemerintah No. 34 tahun 2016 yang berlakusejak tanggal 8 September 2016.

Beban pajak final diakui secara proporsionaldengan jumlah pendapatan yang diakui padatahun berjalan dan disajikan sebagi bagian daribeban operasi.

2) Final Tax

Income arising from sale of land, residentialhouses, and shop houses are subject tofinal tax of 5% of total sales, based onGovernment Regulation No. 71 Year 2008dated 4 November 2008 and the rate haschanged to 2.5% based on GovernmentRegulation No. 34 year 2016 which effectivedsince 8 September 2016.

Final income tax is recognized in proportionto the revenue recognized during the yearand presented as part of operating expenses.

3) Hal-hal perpajakan lainnya

Koreksi terhadap liabilitas pajak diakui saatSurat Ketetapan Pajak (“SKP”) diterimaatau, jika mengajukan keberatan, pada saatkeputusan atas keberatan tersebut telahditetapkan.

3) Other Tax

Amendments to tax obligations are recordedwhen an Tax Assessment Letter is received or,if appealed against, when the results of theappeal are determined.

w. Laba per Saham w. Earnings per Share

Laba per saham dasar dihitung dengan membagilaba neto yang dapat diatribusikan kepadapemilik entitas induk dengan jumlah rata-ratatertimbang saham yang beredar pada tahun yangbersangkutan.

Basic earnings per share are computed bydividing profit attributable to owners of theparent company by the weighted average numberof shares outstanding during the year.

Laba per saham dilusian dihitung dengan membagilaba neto yang dapat diatribusikan kepada pemilikentitas induk dengan jumlah rata-rata tertimbangsaham yang beredar setelah disesuaikan denganefek berpotensi saham biasa yang sifatnya dilutif.

Diluted earnings per share are computed bydividing profit attributable to owners of theparent company by the weighted average numberof shares outstanding as adjusted for the effectsof all potential dilution.

x. Informasi Segmen x. Segment Information

Segmen adalah komponen yang dapat dibedakandari Perusahaan dan entitas anak yang terlibatbaik dalam menyediakan produk-produk tertentu(segmen usaha), atau dalam menyediakan produkdalam lingkungan ekonomi tertentu (segmengeografis), yang memiliki risiko dan imbalan yangberbeda dari segmen lainnya. Segmen operasidilaporkan secara konsisten dengan pelaporanintern yang diberikan kepada pengambil keputusanpimpinan operasi. Pengambil keputusan pimpinanoperasi, yang bertanggungjawab di dalammengalokasikan sumber daya dan menilai kinerjasegmen operasi, telah diidentifikasi sebagaikomite pengendali yang membuat keputusanstrategis.

Segments are distinguishable components of theCompany and subsidiaries which are engagedeither in providing certain products (businesssegment), or in providing products within aparticular economic environment (geographicalsegment), which have risks and rewards that aredifferent from other segments. Operatingsegments are reported in a manner consistentwith the internal reporting provided to the chiefoperating decision-maker. The chief operatingdecision-maker, who is responsible for allocatingresources and assessing performance of theoperating segments, has been identified as thesteering committee that makes strategicdecisions.

Page 54: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/44 Exhibit E/44

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

x. Informasi Segmen (Lanjutan) x. Segment Information (Continued)

Pendapatan, beban, hasil, aset dan liabilitassegmen termasuk item-item yang dapatdiatribusikan secara langsung kepada suatusegmen serta hal-hal yang dapat dialokasikandengan dasar yang memadai untuk segmentersebut. Segmen ditentukan sebelum saldo dantransaksi antar Perusahaan dan entitas anakdieliminasi sebagai bagian dari proses konsolidasi.

Segment revenues, expenses, results, assets andliabilities include items directly attributable to asegment as well as things that can be allocatedon a reasonable basis for that segment. Segmentsare determined before balances and transactionsbetween the Company and subsidiaries areeliminated as part of the consolidation process.

y. Provisi y. Provision

Provisi diakui ketika Perusahaan dan entitas anakmemiliki kewajiban legal maupun konstruktifsebagai hasil peristiwa lalu, yaitu kemungkinanbesar arus keluar sumber daya ekonomi diperlukanuntuk menyelesaikan kewajiban dan suatu estimasiterhadap jumlah dapat dilakukan. Provisi tidakdiakui bagi kerugian operasi di masa depan.

Provision are recognized when the Companyand subsidiaries have a legal or constructiveobligation as a result of past events, it is morelikely than not that an outflow of resources willbe required to settle the obligation and areliable estimate of the amount can be made.Provision is not recognized for future operatinglosses.

Provisi ditinjau pada akhir tiap periode pelaporandan disesuaikan untuk mencerminkan estimasiterbaik. Apabila tidak ada lagi kemungkinan aruskeluar sumber daya ekonomi diperlukan untukmenyelesaikan kewajiban, maka provisi tersebutdicadangkan.

Apabila dampak nilai waktu uang adalah material,maka provisi didiskontokan dengan menggunakantarif sebelum pajak, jika lebih tepat, untukmencerminkan risiko spesifik liabilitas. Ketikapendiskontoan digunakan, peningkatan cadangankarena berlalunya waktu diakui sebagai bebanpendanaan.

Provisions are reviewed at the end of eachreporting period and adjusted to reflect thecurrent best estimate. If it is no longer probablethat an outflow of economic resources will berequired to settle the obligation, the provision isreversed.

If the effect of the time value of money ismaterial, provisions are discounted using acurrent pre tax rate that reflects, whereappropriate, the risk specific to the liability.When discounting is used, the increase in theprovision due to the passage of time isrecognized as a finance cost.

z. Kontinjensi z. Contingencies

Liabilitas kontinjensi tidak diakui di dalam laporankeuangan konsolidasian. Liabilitas kontinjensidiungkapkan di dalam catatan atas laporankeuangan konsolidasian kecuali kemungkinan aruskeluar sumber daya ekonomi adalah kecil.

Aset kontinjensi tidak diakui di dalam laporankeuangan konsolidasian, namun diungkapkandi dalam catatan atas laporan keuangankonsolidasian jika terdapat kemungkinan suatuarus masuk manfaat ekonomis mengalir ke dalamentitas.

Contingent liabilities are not recognized in theconsolidated financial statements. They aredisclosed in the notes to consolidated financialstatements unless the possibility of an outflow ofresources embodying economic benefits isremote.

Contingent assets are not recognized in theconsolidated financial statements but aredisclosed in the notes to consolidated financialstatements when an inflow of economic benefitsis probable.

Page 55: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/45 Exhibit E/45

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN(Lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(Continued)

aa. Peristiwa Setelah Periode Pelaporan aa. Events After the Reporting Period

Peristiwa setelah periode pelaporan menyajikanbukti kondisi yang terjadi pada akhir periodepelaporan (peristiwa penyesuaian) yangdicerminkan di dalam laporan keuangankonsolidasian.

Events after the reporting period that provideevidence of conditions that existed at the endof the reporting period (adjusting events)are reflected in the consolidated financialstatements.

Peristiwa setelah periode pelaporan yang bukanmerupakan peristiwa penyesuai, diungkapkandi dalam catatan atas laporan keuangankonsolidasian bila material.

Events after the reporting period that are notadjusting events are disclosed in the notes toconsolidated financial statements when material.

3. PERTIMBANGAN, ESTIMASI DAN ASUMSI AKUNTANSISIGNIFIKAN

3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATESAND ASSUMPTIONS

Penyusunan laporan keuangan konsolidasianPerusahaan dan entitas anak mengharuskanmanajemen untuk membuat pertimbangan, estimasidan asumsi yang mempengaruhi jumlah yangdilaporkan dari pendapatan, beban, aset danliabilitas, dan pengungkapan atas liabilitaskontinjensi, pada akhir periode pelaporan.Ketidakpastian mengenai asumsi dan estimasi tersebutdapat mengakibatkan penyesuaian material terhadapnilai tercatat aset dan liabilitas dalam periodepelaporan berikutnya.

The preparation of the Company and subsidiaries’consolidated financial statements requiremanagement to make judgments, estimates andassumptions that affect the reported amounts ofrevenues, expenses, assets and liabilities, and thedisclosure of contingent liabilities, at the end of thereporting period. Uncertainty about theseassumptions and estimates could result in outcomesthat require a material adjustment to the carryingamount of the asset and liability affected in futureperiods.

Pertimbangan Judgments

Pertimbangan berikut ini dibuat oleh manajemendalam rangka penerapan kebijakan akuntansiPerusahaan dan entitas anak yang memiliki pengaruhpaling signifikan atas jumlah yang diakui dalamlaporan keuangan konsolidasian:

The following judgments are made by management inthe process of applying the Company and subsidiariesaccounting policies that have the most significanteffect on the amounts recognized in the consolidatedfinancial statements:

Klasifikasi Aset dan Liabilitas Keuangan Classification of Financial Assets and FinancialLiabilities

Perusahaan dan entitas anak menetapkan klasifikasiatas aset dan liabilitas tertentu sebagai aset keuangandan liabilitas keuangan kedalam berbagai kategoripada saat pengakuan awal sesuai dengan kebijakanakuntansi Perusahaan dan entitas anak yang sepertidiungkapkan pada Catatan 2e.

The Company and subsidiaries determine theclassifications of certain assets and liabilities asfinancial assets and financial liabilities into variouscategories at inception in accordance with theCompany and subsidiaries’ accounting policiesdisclosed in Note 2e.

Kontrak sewa operasi - Perusahaan atau entitasanak sebagai pemilik (lessor)

Operating lease contracts – The company andsubsidiaries as lessor

Perusahaan mengadakan perjanjian sewa propertikomersial. Perusahaan telah menetapkan,berdasarkan evaluasi atas syarat dan kondisi yangdinyatakan dalam perjanjian, bahwa semua risikosignifikan dan manfaat kepemilikan atas properti yangdisewakan tersebut tidak dialihkan kepada leasse,sehingga Perusahaan mengakui komitmen sewasebagai sewa operasi. Komitmen sewa operasi telahdiungkapkan telah diungkapkan dalam Catatan 39a.

The Company has entered into commercial propertyleases. The Company has determined, based on anevaluation of the terms and conditions of thearrangements, that all the significant risk andrewards of ownership of the leased property is nottransferred to leasse, the Company recognized thelease commitment as operating lease. The operatinglease commitment is disclosed in Note 39a.

Page 56: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/46 Exhibit E/46

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

3. PERTIMBANGAN, ESTIMASI DAN ASUMSI AKUNTANSISIGNIFIKAN (Lanjutan)

3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATESAND ASSUMPTIONS (Continued)

Pertimbangan (Lanjutan) Judgments (Continued)

Investasi pada Entitas Asosiasi Investment in Associates

Manajemen telah menilai tingkat pengaruh Perusahaandan entitas anak pada PT Langgeng Sakti Perdana,PT Sukses Pratama Gemilang, PT Royal Sentul ResortHotel, PT Serumpun Lestari Sejahtera, PT BintangEmerald Perdana, PT Cakrawala Bintang Unggulan,PT Jakarta Polo Equestrian dan PT Sentul SummitDevelopment telah menetapkan bahwa Perusahaandan entitas anak hanya memiliki pengaruh signifikan,walaupun Perusahaan dan entitas anak memilikimasing-masing 50% kepemilikan, sehingga diakuisebagai investasi pada entitas asosiasi (Catatan 13).

Management has assessed the level of influence thatthe Company and subsidiaries have on PT LanggengSakti Perdana, PT Sukses Pratama Gemilang,PT Royal Sentul Resort Hotel, PT SerumpunLestari Sejahtera, PT Bintang Emerald Perdana,PT Cakrawala Bintang Unggulan, PT Jakarta PoloEquestrian and PT Sentul Summit Developmentdetermined that if only have significant influence,even though the Company and subsidiaries holds 50%of ownership, therefore recognized as investment inassociates (Note 13).

Pajak Penghasilan

Pertimbangan signifikan dilakukan dalam menentukanprovisi atas pajak penghasilan badan. Terdapattransaksi dan perhitungan tertentu yang penentuanpajak akhirnya adalah tidak pasti dalam kegiatanusaha normal. Perusahaan dan entitas anak mengakuiliabilitas atas pajak penghasilan badan berdasarkanestimasi apakah akan terdapat tambahan pajakpenghasilan badan.

Income Tax

Significant judgment is involved in determining theprovision for corporate income tax. There are certaintransactions and computation for which the ultimatetax determination is uncertain during the ordinarycourse of business. The Company and subsidiariesrecognize liabilities for expected corporate incometax issues based on estimates of whether additionalcorporate income tax will be due.

Estimasi dan Asumsi Estimates and Assumptions

Asumsi utama masa depan dan sumber utama estimasiketidakpastian lain pada tanggal pelaporan yangmemiliki risiko signifikan bagi penyesuaian yangmaterial terhadap nilai tercatat aset dan liabilitasuntuk tahun berikutnya diungkapkan di bawah ini.

The key assumptions concerning the future and otherkey sources of estimation uncertainty at thereporting date that have a significant risk of causinga material adjustment to the carrying amounts ofassets and liabilities within the next financial yearare disclosed below.

Perusahaan dan entitas anak mendasarkan asumsi danestimasi pada parameter yang tersedia pada saatlaporan keuangan konsolidasian disusun. Asumsi dansituasi mengenai perkembangan masa depan mungkinberubah akibat perubahan pasar atau situasi di luarkendali Perusahaan dan entitas anak. Perubahantersebut dicerminkan dalam asumsi terkait pada saatterjadinya.

The Company and subsidiaries based its assumptionsand estimates on parameters available when theconsolidated financial statements were prepared.Existing circumstances and assumptions about futuredevelopments may change due to market changes orcircumstances arising beyond the control of theCompany and subsidiaries. Such changes are reflectedin the assumptions when they occur.

Penyisihan atas Penurunan Nilai Piutang Usaha

Perusahaan dan entitas anak mengevaluasi akuntertentu jika terdapat informasi bahwa pelangganyang bersangkutan tidak dapat memenuhi liabilitaskeuangannya.

Allowance for Impairment of Trade Receivables

The Company and subsidiaries evaluate specificaccounts where it has information that certaincustomers are unable to meet their financialobligations.

Page 57: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/47 Exhibit E/47

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

3. PERTIMBANGAN, ESTIMASI DAN ASUMSI AKUNTANSISIGNIFIKAN (Lanjutan)

3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATESAND ASSUMPTIONS (Continued)

Estimasi dan Asumsi (Lanjutan) Estimates and Assumptions (Continued)

Penyisihan atas Penurunan Nilai Piutang Usaha(Lanjutan)

Allowance for Impairment of Trade Receivables(Continued)

Dalam hal tersebut, Perusahaan dan entitas anakmempertimbangkan, berdasarkan fakta dan situasiyang tersedia, termasuk namun tidak terbatas pada,jangka waktu hubungan dengan pelanggan dan statuskredit dari pelanggan berdasarkan catatan kredit daripihak ketiga dan faktor pasar yang telah diketahui,untuk mencatat provisi spesifik atas jumlah piutangusaha pelanggan guna mengurangi jumlah piutangusaha yang diharapkan dapat diterima oleh Perusahaandan entitas anak. Provisi spesifik ini dievaluasi kembalidan disesuaikan jika tambahan informasi yang diterimamempengaruhi jumlah penyisihan penurunan nilaipiutang usaha.

In these cases, the Company and subsidiaries usejudgment, based on the best available facts andcircumstances, including but not limited to, thelength of its relationship with the customer and thecustomer’s current credit status based on third partycredit reports and known market factors, to recordspecific provisions for customers against amountsdue to reduce its trade receivables amounts that theCompany and subsidiaries expect to collect. Thesespecific provisions are re-evaluated and adjusted asadditional information received affects the amountsof allowance for impairment of trade receivables.

Nilai tercatat dari piutang usaha Perusahaandan entitas anak sebelum penyisihan penurunannilai piutang usaha pada tanggal 31 Desember 2017dan 2016 masing-masing sebesar Rp 1.308.871.798.456dan Rp 1.022.430.877.826. Penjelasan lebih lanjutdiungkapkan dalam Catatan 7.

The carrying amount of the Company andsubsidiaries’ trade receivables before allowancefor impairment of trade receivables as of31 December 2017 and 2016, amounting toRp 1,308,871,798,456 and Rp 1,022,430,877,826,respectively. Further details are disclosed in Note 7.

Masa Manfaat dari Aset Tetap Useful Lives of Property and Equipment

Biaya perolehan aset tetap disusutkan denganmenggunakan metode garis lurus berdasarkan taksiranmasa manfaat ekonomisnya. Manajemen mengestimasimasa manfaat ekonomis aset tetap antara 3 sampai20 tahun. Ini adalah umur yang secara umumdiharapkan dalam industri di mana Perusahaan danentitas anak menjalankan bisnisnya. Perubahan tingkatpemakaian dan perkembangan teknologi dapatmempengaruhi masa manfaat ekonomis dan nilai sisaaset, dan karenanya beban penyusutan masa depanmungkin direvisi.

The costs of property and equipment are depreciatedon a straight-line basis over their estimated usefullives. Management estimates the useful lives of theseproperty and equipment to be within 3 to 20 years.These are common life expectancies applied in theindustries where the Company and subsidiariesconduct its businesses. Changes in the expected levelof usage and technological development could impactthe economic useful lives and the residual values ofthese assets, and therefore future depreciationcharges could be revised.

Nilai tercatat bersih atas aset tetap Perusahaandan entitas anak pada tanggal 31 Desember 2017dan 2016 adalah sebesar Rp 213.102.483.130 danRp 181.830.997.189. Penjelasan lebih rincidiungkapkan dalam Catatan 14.

The net carrying amount of the Company andsubsidiaries’ property and equipment as of31 December 2017 and 2016 wereRp 213,102,483,130 and Rp 181,830,997,189,respectively. Further details disclosed in Note 14.

Pengakuan Pendapatan dan Beban Pokok Penjualan Revenue and Cost of Goods Revenue Recognition

Perusahaan dan entitas anak mengakui pendapatandan beban pokok penjualan dari proyek yang masihdalam progress pembangunan berdasarkan metodepersentase penyelesaian. Tahap penyelesaian diukurberdasarkan kebijakan akuntansi yang dijelaskandalam Catatan 2t. Asumsi yang penting diperlukanadalah dalam menentukan tahap penyelesaian(persentase penyelesaian) dan jumlah estimasipendapatan dan jumlah biaya pebangunan.

The Company and subsidiaries recognize revenuesand cost of sales from the project in developmentstage based on percentage of completion method.Stage of completion is measured based on theaccounting policies described in Note 2t. Importantassumption is required in determining the stage ofcompletion (percentage of completion) and theamount of estimated income and total developmentcost.

Page 58: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/48 Exhibit E/48

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

3. PERTIMBANGAN, ESTIMASI DAN ASUMSI AKUNTANSISIGNIFIKAN (Lanjutan)

3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATESAND ASSUMPTIONS (Continued)

Estimasi dan Asumsi (Lanjutan) Estimates and Assumptions (Continued)

Pengakuan Pendapatan dan Beban Pokok Penjualan(Lanjutan)

Revenue and Cost of Goods Revenue Recognition(Continued)

Dalam membuat asumsi, Perusahaan dan entitas anakmengevaluasi berdasarkan pengalaman di waktu yanglampau dan bantuan dari spesialis. Pendapatan dariproyek diungkapkan dalam Catatan 27 dan bebanpokok pendapatan proyek diungkapkan dalam Catatan28.

In making assumptions, the Company and subsidiariesevaluate them based on past experience and with theassisstance of specialists. Revenue from the projectdisclosed in Note 27 and cost of revenue from theproject disclosed in Note 28.

Aset Pajak Tangguhan

Aset pajak tangguhan diakui atas seluruh rugifiskal yang belum digunakan sepanjang besarkemungkinannya bahwa penghasilan kena pajak akantersedia sehingga rugi fiskal tersebut dapat digunakan.Estimasi signifikan oleh manajemen disyaratkan dalammenentukan jumlah aset pajak tangguhan yang dapatdiakui, berdasarkan saat penggunaan dan tingkatpenghasilan kena pajak dan strategi perencanaanpajak masa depan.

Nilai tercatat pajak tangguhan yang diakui padatanggal 31 Desember 2017 dan 2016 masing-masingsebesar Rp 14.109.839.054 dan Rp 13.272.993.949.Penjelasan lebih lanjut diungkapkan dalamCatatan 20c.

Deferred Tax Assets

Deferred tax assets are recognized for all unused taxlosses to the extent that it is probable that taxableprofit will be available against which the losses canbe utilised. Significant management estimate isrequired to determine the amount of deferred taxassets that can be recognized, based upon the likelytiming and level of future taxable profits togetherwith future tax planning strategies.

The carrying value of deferred tax assets as of31 December 2017 and 2016 were Rp 14,109,839,054and Rp 13,272,993,949, respectively. Further detailsare disclosed in Note 20c.

Nilai Wajar Instrumen Keuangan

Perusahaan dan entitas anak menentukan nilai wajarinstrumen keuangan yang tidak diperdagangkan padapasar aktif dengan menggunakan teknik penilaian.Teknik tersebut dipengaruhi secara signifikan olehasumsi yang digunakan, termasuk tingkat suku bungadiskonto dan estimasi arus kas di masa depan. Dalamhal tersebut, estimasi nilai wajar yang diturunkantidak selalu dapat disubstansikan oleh perbandingandengan pasar independen dan, dalam banyak kasus,tidak dapat segera direalisasikan.

Fair Value of Financial Instruments

The Company and subsidiaries determine the fairvalue of financial instruments that are not traded inan active market, using valuation techniques. Thosetechniques are significantly affected by theassumptions used, including discount rates andestimates of future cash flows. In that regard, thederived fair value estimates cannot always besubstantiated by comparison with independentmarkets and, in many cases, may not be capable ofbeing realised immediately.

Apabila input yang digunakan untuk mengukur nilaiwajar aset dan liabilitas dapat dikategorikan di dalamtingkat yang berbeda di dalam hirarki nilai wajar,maka penilaian nilai wajar dikategorikan di dalamkeseluruhan pada tingkat yang sama di dalam hirarkinilai wajar sebagai input terendah yang signifikanterhadap pengukuran.

If the inputs used to measure the fair value of assetor liability might be categorized in different levels ofthe fair value hierarchy, then the fair valuemeasurement is categorized in its entirety in thesame level of the fair value hierarchy as the lowestlevel input that is significant to the entiremeasurement.

Perusahaan dan entitas anak mengakui transfer antaratingkatan di dalam hierarki nilai wajar pada setiapakhir periode pelaporan selama perubahan tersebutterjadi.

The Company and subsidiaries recognize transfersbetween levels of the fair value hierarchy at the endof the reporting period during which the change hasoccurred.

Metode dan asumsi yang diterapkan, dan teknikpenilaian yang digunakan, diungkapkan di dalamCatatan 37.

The methods and assumptions applied, and thevaluation techniques used, are disclosed in Note 37.

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These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/49 Exhibit E/49

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

3. PERTIMBANGAN, ESTIMASI DAN ASUMSI AKUNTANSISIGNIFIKAN (Lanjutan)

3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATESAND ASSUMPTIONS (Continued)

Estimasi dan Asumsi (Lanjutan) Estimates and Assumptions (Continued)

Nilai Wajar Instrumen Keuangan (Lanjutan) Fair Value of Financial Instruments (Continued)

Penurunan nilai muncul saat nilai tercatat aset atauUPK melebihi nilai terpulihkannya, yang lebih besarantara nilai wajar dikurangi biaya untuk menjual dannilai pakainya. Nilai wajar dikurangi beban untukmenjual didasarkan pada ketersediaan data dariperjanjian penjualan yang mengikat yang dibuat dalamtransaksi normal atas aset serupa atau harga pasaryang dapat diamati dikurangi dengan beban tambahanyang dapat diatribusikan dengan pelepasan aset.

An impairment exist when the carrying value of anasset or CGU exceeds its recoverable amount, whichis the higher of its fair value less costs to sellcalculation is based on available data from bindingsales transaction in an arm’s length transactions ofsimilar assets or observable market prices lessincremental costs for disposing the asset.

Perhitungan nilai pakai didasarkan pada model aruskas yang didiskontokan. Arus kas diproyeksikan untuksepuluh tahun ke depan dan tidak termasuk aktivitasrestrukturisasi yang belum ada perikatannya atauinvestasi signifikan di masa depan yang akanmeningkatkannya kinerja dari UPK yang diuji. Nilaiterpulihkan paling sensitif terhadap tingkat diskontoyang digunakan untuk model arus kas yangdidiskontokan seperti halnya dengan arus kas masukmasa depan yang diharapkan dan tingkat pertumbuhanyang digunakan untuk tujuan ekstrapolasi.

The value-in-use calculation is based on a discountedcash flow model. The future cash flows projection isfor a period of five years and does not includerestructuring activities that the Company andsubsidiaries are not yet commited to or significantfuture investments that will enhance the asset’sperformance of the CGU being tested. Therecoverable amount is most sensitive to thediscounted rate used for the discounted cash flowsmodel as well as the expected future cash inflowsand the growth rate used for extrapolation purposes.

Pensiun dan Imbalan Kerja

Perusahaan dan entitas anak menetapkan tingkat sukubunga yang sesuai dan kenaikan tingkat gaji di masadepan pada tiap akhir periode pelaporan. Tingkat sukubunga adalah yang tingkat suku bunga yang harusdigunakan untuk menetapkan arus kas keluar masadepan yang diharapkan yang disyaratkan untukmenyelesaikan kewajiban pensiun. Di dalammenetapkan tingkat suku bunga yang sesuai,Perusahaan dan entitas anak mempertimbangkantingkat suku bunga obligasi pemerintah yangdidenominasi oleh mata uang di mana manfaattersebut akan dibayarkan dan memiliki syarat-syaratjatuh tempo yang mendekati syarat-syarat kewajibanpensiun terkait.

Pension and Employee Benefits

The Company and subsidairies determine theappropriate discount rate and future salary increaseat the end of each reporting period. The discountrate is interest rate that should be used to determinethe present value of estimated future cash outflowsexpected to be required to settle the pensionobligations. In determining the appropriate discountrate, the Company and subsidiaries consider theinterest rates of government bonds that aredenominated in the currency in which the benefitswill be paid and that have terms to maturityapproximating the terms of the related pensionobligation.

Tingkat kenaikan gaji di masa depan, Perusahaandan entitas anak mengumpulkan semua datahistoris terkait dengan perubahan dasar gaji danmenyesuaikannya pada rencana bisnis di masa depan.

For the rate of future salary increases, the Companyand subsidiaries collect all historical data relating tochanges in base salaries and adjusts it for futurebusiness plans.

Sementara Perusahaan dan entitas anak berkeyakinanbahwa asumsi tersebut adalah wajar dan sesuai,perbedaan signifikan pada hasil aktual atau perubahansignifikan dalam asumsi yang ditetapkan Perusahaandan entitas anak dapat mempengaruhi secara materialliabilitas diestimasi atas pensiun dan imbalan kerjadan beban imbalan kerja bersih.

While the Company and subsidiaries believe that itsassumptions are reasonable and appropriate,significant differences in the Company andsubsidiaries’ actual experiences or significantchanges in the Company and subsidiaries’assumptions may materially affect its estimatedliabilities for pension and employee benefits and netemployee benefits expense.

Page 60: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/50 Exhibit E/50

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

3. PERTIMBANGAN, ESTIMASI DAN ASUMSI AKUNTANSISIGNIFIKAN (Lanjutan)

3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATESAND ASSUMPTIONS (Continued)

Estimasi dan Asumsi (Lanjutan) Estimates and Assumptions (Continued)

Pensiun dan Imbalan Kerja (Lanjutan) Pension and Employee Benefits (Continued)

Nilai tercatat atas liabilitas diestimasi imbalankerja Perusahaan dan entitas anak pada tanggal31 Desember 2017 dan 2016 adalah sebesarRp 50.643.157.815 dan Rp 41.196.596.699. Penjelasanlebih lanjut diungkapkan dalam Catatan 22.

The carrying amount of the Company andsubsidiaries’ estimated liabilities for employeebenefits as of 31 December 2017 and 2016were Rp 50,643,157,815 and Rp 41,196,596,699,respectively. Further details are disclosed inNote 22.

4. KOMBINASI BISNIS 4. BUSINESS COMBINATION

PT Bukit Jonggol Asri (BJA) PT Bukit Jonggol Asri (BJA)

Berdasarkan Akta Notaris Hasbullah AbdulRasyid, S.H., M.Kn., No. 40 tertanggal 4 April 2013,Perusahaan menambah penyertaan saham pada BJAsebesar Rp 360.000.000.000 terdiri dari 360.000.000saham dengan nilai nominal Rp 1.000. Kepemilikanbertambah menjadi sebesar 65% dari transaksi ini.

Based on the Notarial deed of Hasbullah AbdulRasyid, S.H., M.Kn., No. 40 dated 4 April 2013, theCompany increased investment in shares of BJAamounting to Rp 360,000,000,000, consisting of360,000,000 shares with par value per share ofRp 1,000. Ownership interest increased to 65% as aresult of this transaction.

Berikut ini adalah aset dan liabilitas yang diperolehdari BJA:

The following are the identifiable assets andliabilities acquired from BJA:

2 0 1 3

Nilai tercatat kepemilikan sebelumnya (50%) 1.731.114.747.689 Carrying value of previously held interest (50%)Nilai wajar kepemilikan sebelumnya (50%) 2.130.231.621.377 Fair value of previously held interest (50%)

Laba kepemilikan sebelumnya atas investasipada entitas asosiasi 399.116.873.688

Gain on previously held interest of investmentIn associates

Nilai wajar kepemilikan sebelumnya (50%) 2.130.231.621.377 Fair value of previously held interest (50%)Investasi dikendalikan (15%) 300.000.000.000 Controlling investment (15%)

Total nilai kepemilikan (65%) 2.430.231.621.377 Total cost of interest held (65%)

Total aset 4.932.394.131.131 Total assetsTotal liabilitas ( 671.930.888.377) Total liabilities

Aset neto 4.260.463.242.754 Net assetsKepemilikan yang diakuisisi 65,00% Percentage of ownership interest acquired

Nilai wajar aset neto yang diperoleh (65%) 2.769.301.107.790 Fair value of net assets acquired (65%)

Goodwill negatif 339.069.486.413 Negative goodwill

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These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/51 Exhibit E/51

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

4. KOMBINASI BISNIS (Lanjutan) 4. BUSINESS COMBINATION (Continued)

PT Bintang Perdana Mulia (BPM) PT Bintang Perdana Mulia (BPM)

Pada tanggal 26 Maret 2013, PT Daya KharismaNusantara (DKN), selaku pemegang 50% saham BPM,melakukan perjanjian shareswap dengan PT AftanesiaRaya selaku pemegang 50% saham PT Bintang SaktiAbadi dengan persentase kepemilikan 50% danPT Aftanesia Raya menjadi pemegang saham BPMdengan kepemilikan 50%. PT Aftanesia Rayamemiliki kontrol pada BPM, kebijakan keuangan danoperasional.

On 26 March 2013, PT Daya Kharisma Nusantara(DKN), as the holder of 50% shares of BPM, enteredinto Share Swap Agreement with PT Aftanesia Raya,as the holder of 50% shares of PT Bintang Sakti Abadiwith percentage ownership 50% and PT AftanesiaRaya as the holder BPM with 50% ownership.PT Aftanesia raya have a control to BPM, operationaland finance policy.

Transaksi di atas menghasilkan goodwill sebesarRp 1.842.496.578 yang disajikan dalam akun “Asettak berwujud” dalam laporan posisi keuangankonsolidasian.

The above transaction resulted in goodwillamounting to Rp 1,842,496,578 which is presentedunder "Intangible assets" in the consolidatedstatement of financial position.

2 0 1 3

Total aset 29.383.962.159 Total assetsTotal liabilitas 32.469.429.315 Total liabilities

Aset neto ( 3.085.467.156) Net assetsKepemilikan yang diakuisisi 50% Additional interest acquired

Aset neto yang diperoleh ( 1.542.733.578) Net assets acquiredGoodwill 1.842.496.578 Goodwill

Biaya perolehan melalui pembayaran kas 299.763.000 Purchase consideration through cash payment

PT Gazelle Indonesia (GI) PT Gazelle Indonesia (GI)

Berdasarkan akta Notaris Flora Elisabeth, S.H., M.Kn.,No. 17 tanggal 20 Maret 2013 menjelaskan bahwaGazelle Worlwide, Inc. menyetujui penjualan sahamsebanyak 1.950 saham, SGC menyetujui penjualansaham sebanyak 3.000 saham dan Tn. Moch Adnanmenyetujui penjualan saham sebanyak 49 sahamGI Perusahaan dengan nominal seluruhnyaRp 4.999.000.000.

Based on Notarial deed Flora Elisabeth, S.H., M.Kn.,No. 17 dated 20 March 2013 stated that GazelleWorlwide, Inc. approved the sale of 1,950 shares,SGC approved the sale of 3,000 shares and Mr. MochAdnan approved the sale of 49 shares of GI to theCompany with a nominal value amounting toRp 4,999,000,000.

Transaksi di atas menghasilkan goodwill negatifsebesar Rp 16.010.304.694 yang disajikan dalam akun“Goodwill negatif” dalam laporan laba rugi danpenghasilan komprehensif lain.

The above transaction resulted in negative goodwillamounting to Rp 16,010,304,694 which is presentedunder "Negative goodwill" in the statements of profitor loss and other comprehensive income.

2 0 1 3

Total aset 65.053.375.938 Total assetsTotal liabilitas 20.007.591.309 Total liabilities

Aset neto 45.045.784.629 Net assetsKepemilikan yang diakuisisi 39,98% Additional interest acquired

Aset neto yang diperoleh 18.009.304.694 Net assets acquiredGoodwill negatif ( 16.010.304.694) Negative goodwill

Biaya perolehan melalui pembayaran kas 1.999.000.000 Purchase consideration through cash payment

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These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/52 Exhibit E/52

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

4. KOMBINASI BISNIS (Lanjutan) 4. BUSINESS COMBINATION (Continued)

PT Sentul Air Nusantara (SAN) PT Sentul Air Nusantara (SAN)

Berdasarkan akta Notaris Flora Elisabeth, S.H., M.Kn.,No. 9 tanggal 18 Februari 2013, SGC menyetujuipengoperan/pengalihan seluruh hak-hak atas sahamSAN kepada Perusahaan sebanyak 813 saham dengannilai nominal Rp 1.000.000 per saham dengan nominalseluruhnya Rp 813.000.000.

Based on Notarial deed of Flora Elisabeth, S.H.,M.Kn., No. 9 dated 18 February 2013, SGC approvedthe transfer of all rights on shares of SAN tothe Company consisting of 813 shares with parvalue of Rp 1,000,000 per share, amounting toRp 813,000,000.

Transaksi di atas menghasilkan goodwill sebesarRp 12.645.499 yang disajikan dalam akun “Aset takberwujud” dalam Laporan posisi keuangankonsolidasian.

The sbove transaction resulted in goodwillamounting to Rp 12,645,499 which is included in"Intangible assets" in the Consolidated statement offinancial position.

2 0 1 3

Total aset 10.976.359.249 Total assetsTotal liabilitas 9.172.693.404 Total liabilities

Aset neto 1.803.665.845 Net assetsKepemilikan yang diakuisisi 65% Additional interest acquired

Aset neto yang diperoleh 1.172.382.799 Net assets acquiredGoodwill 12.645.499 Goodwill

Biaya perolehan melalui pembayaran kas 1.185.028.298 Purchase consideration through cash payment

PT Serpong Karya Cemerlang (SKC) PT Serpong Karya Cemerlang (SKC)

Berdasarkan notulen Rapat Umum Pemegang SahamLuar Biasa SKC, SKC menyetujui masuknya Perusahaansebagai pemegang saham baru SKC dengan mengambilbagian sebanyak 1.320.000 saham atau senilaiRp 132.000.000.000 dengan nilai nominal Rp 100.000per saham. Hal ini dimuat dalam akta Notaris No. 5tanggal 14 September 2012 oleh Notaris FloraElisabeth, S.H., M.Kn.

Based on the minutes of the General Meeting ofExtraordinary Shareholders of SKC, SKC approved theentry of the Company as a new shareholder of SKCto take part as much as 1,320,000 shares orRp 132,000,000,000 with a par value of Rp 100,000per share. This was noted in Notarial Deed No. 5dated 14 September 2012 by Notary Flora Elisabeth,S.H., M.Kn.

Transaksi di atas menghasilkan goodwill sebesarRp 157.608.556 yang disajikan dalam akun “Asettak berwujud” dalam laporan posisi keuangankonsolidasian.

The above transaction resulted in goodwill ofRp 157,608,556 which is presented under "Intangibleassets" in the consolidated statement of financialposition.

2 0 1 2

Total aset 134.097.269.865 Total assetsTotal liabilitas 1.256.072.425 Total liabilities

Aset neto 132.841.197.440 Net assetsKepemilikan yang diakuisisi 99,25% Additional interest acquired

Aset neto yang diperoleh 131.842.391.444 Net assets acquiredGoodwill 157.608.556 Goodwill

Biaya perolehan melalui pembayaran kas 132.000.000.000 Purchase consideration through cash payment

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These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/53 Exhibit E/53

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

4. KOMBINASI BISNIS (Lanjutan) 4. BUSINESS COMBINATION (Continued)

PT Karya Megah Sukses (KMS) PT Karya Megah Sukses (KMS)

Berdasarkan keputusan para pemegang saham KMStanggal 12 April 2012, KMS meningkatkan modaldasar dan disetor, di mana Perusahaan ikut serta danmengambil bagian dalam peningkatan modal dasardan modal disetor tersebut. Penyertaan Perusahaanpada KMS adalah sebesar Rp 61.999.900.000.Sebagaimana dimuat dalam akta PernyataanKeputusan Rapat No.7 tanggal 19 Oktober 2012 olehNotaris Flora Elisabeth, S.H., M.Kn.

Based on the decision of the KMS’s shareholders on12 April 2012, KMS increases the authorized capitaland paid-up, in which the Company participated andtook part in the increase in the authorized capitaland the paid-up capital. Company's investment inKMS is Rp 61,999,900,000. As contained in the Deedof Resolution No. 7 dated 19 October 2012 by NotaryFlora Elisabeth, S.H., M.Kn.

Transaksi di atas menghasilkan selisih nilaitransaksi restrukturisasi entitas sepengendali sebesarRp 107.082.573 yang disajikan dalam “Tambahanmodal disetor” dalam laporan posisi keuangankonsolidasian.

The above transaction resulted in the difference invalue of restructuring transactions between entitiesunder common control amounting to Rp 107,082,573presented in "Additional paid-in capital" in theconsolidated statement of financial position.

2 0 1 2

Total aset 64.799.802.875 Total assetsTotal liabilitas 2.906.885.621 Total liabilities

Aset neto 61.892.917.254 Net assetsKepemilikan yang diakuisisi 99,99% Additional interest acquired

Aset neto yang diperoleh 61.892.817.427 Net assets acquiredSelisih nilai transaksi restrukturisasi entitas

sepengendali 107.082.573Difference in value of restructuring transactions

between entities under common control

Biaya perolehan melalui pembayaran kas 61.999.900.000 Purchase consideration through cash payment

PT Graha Sejahtera Abadi (GRSA) PTGraha Sejahtera Abadi (GRSA)

Berdasarkan akta No. 120 yang dibuat oleh Elizabethkarina Leonita tanggal 17 April 2017, Perusahaanmengakuisisi 99,99% atau 2.017.499 sahamGRSA dengan nilai nominal sebesar Rp 1.000.000per saham yang dimiliki oleh PT Sakti GenerasiPerdana, di mana pelaksanaannya dilakukan melaluipenerbitan saham “Right issue” dengan nilai transaksiRp 2.017.499.000.000 (Catatan 1c).

Based on the Notarial deed No. 120 of ElizabethKarina Leonita dated 17 April 2017, the Companyacquired 99.99% of 2,017,499 shares of GRSA withnominal value of Rp 1,000,000 per share owned byPT Sakti Generasi Perdana, where its implementationwas conducted through issuance of shares with rightissue transaction value of Rp 2,017,499,000,000.(Note 1c).

Berikut adalah aset dan kewajiban yang dapatdiidentifikasi yang diperoleh dari GRSA:

The following are the identifiable assets andliabilities acquired from GRSA:

2 0 1 7

Total aset 2.017.179.941.803 Total assetsTotal liabilitas 9.590.398.254 Total liabilities

Aset neto 2.007.589.543.549 Net assetsKepemilikan yang diakuisisi 99,99% Interest acquired

Aset neto yang diperoleh 2.007.588.548.461 Net assets acquiredSelisih nilai transaksi restrukturisasi entitas

sepengendali 9.910.451.539Difference in value of restructuring transactions

between entities under common control

Biaya perolehan melalui penerbitan saham 2.017.499.000.000 Purchase consideration through issuance of shares

Page 64: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/54 Exhibit E/54

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

5. TRANSAKSI DENGAN KEPENTINGAN NON PENGENDALI 5. TRANSACTIONS WITH NON CONTROLING INTEREST

Rincian kepentingan non-pengendali atas ekuitas danbagian atas hasil bersih entitas anak yang dikonsolidasiadalah sebagai berikut:

Details of the non-controlling interests in the equityand the part of the net results of consolidatedsubsidiaries are as follows:

Jumlah (dalam ribuan Rupiah)/Amount (in thousands Rupiah)

Entitas anak/SubsidiaryDomisili/Domicile

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

PT Bukit Jonggol Asri (BJA) dan entitas anak/PT Bukit Jonggol Asri (BJA) and subsidiary Bogor 733.955.579 731.325.985PT Sentul PP Properti (SPP) dan entitas anak/PT Sentul PP Properti (SPP) and subsidiary Bogor 50.434.492 49.433.181Lainnya/Others Bogor 4.847.565 ( 48.136)

T o t a l 789.237.636 780.711.030

Proporsi kepemilikan saham yang dimiliki olehkepentingan non-pengendali dengan jumlah materialadalah sebagai berikut:

The proportion of ownership of shares held by non-controlling interests in the amount of material is asfollows:

Persentase kepemilikan (%)/Percentage of ownership (%)

Entitas anak/Subsidiary31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

PT Bukit Jonggol Asri (BJA) dan entitas anak/PT Bukit Jonggol Asri (BJA) and subsidiaries 20 20PT Sentul PP Properti (SPP) dan entitas anak/PT Sentul PP Properti (SPP) and subsidiary 49 49

Laba (rugi) yang dialokasikan untuk kepentingan non-pengendali dengan jumlah material adalah sebagaiberikut:

Profit (loss) allocated to non-controlling interests inthe amount of material is as follows:

Jumlah (dalam ribuan Rupiah)/Amount (in thousands Rupiah)

Entitas anak/Subsidiary31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

PT Bukit Jonggol Asri (BJA) dan entitas anak/PT Bukit Jonggol Asri (BJA) and subsidiaries 2.629.595 2.307.870PT Sentul PP Properti (SPP) dan entitas anak/PT Sentul PP Properti (SPP) and subsidiary 1.001.312 433.181

Berikut adalah ringkasan informasi keuangan entitasanak dari Perusahaan dan entitas anak yang memilikikepentingan non-pengendali yang material terhadapPerusahaan dan entitas anak dan didasarkan padajumlah sebelum eliminasi antar Perusahaan.

The following are summary of financial information ofsubsidiaries of the Company and its subsidiaries whichhave a non-controlling interest are material to theCompany and its subsidiaries and are based on thenumber before inter-company eliminations.

Page 65: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/55 Exhibit E/55

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

5. TRANSAKSI DENGAN KEPENTINGAN NON PENGENDALI(Lanjutan)

5. TRANSACTIONS WITH NON CONTROLING INTEREST(Continued)

Ringkasan laporan posisi keuangan BJA adalah sebagaiberikut:

BJA summary statement of financial position is asfollows:

Dalam ribuan rupiah/in thousands rupiah¤31 Desember 2017/

31 December 201731 Desember 2016/31 December 2016

Aset lancar 875.727.641 808.099.383 Current assetsAset tidak lancar 3.633.759.734 3.608.394.428 Non-current assetsLiabilitas jangka pendek 776.854.664 610.954.469 Short-term liabilitiesLiabilitas jangka panjang 214.171.550 300.226.152 Long-term liabilities

Total ekuitas 3.518.461.161 3.505.313.190 Total Equity

Diatribusikan ke: Attributable to:Pemilik entitas induk 3.518.460.045 3.505.312.074 Owners of the parent companyKepentingan non-pengendali 1.116 1.116 Non-controlling interest

Ringkasan laporan laba rugi dan penghasilankomprehensif lain BJA adalah sebagai berikut:

BJA summary statement of profit or loss andother comprehensive income is as follows:

Dalam ribuan rupiah/in thousands rupiah31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pendapatan neto 65.618.421 2.108.516 Net revenuesBeban pokok pendapatan ( 6.951.539) ( 1.073.669) Cost of revenuesBeban usaha ( 9.163.565) ( 15.557.679) Operating expensesBeban keuangan ( 3.409.997) ( 5.900.236) Finance expensePendapatan (beban) lain-lain ( 32.945.347) 8.883.716 Other finance income (expense)

Laba (rugi) sebelum pajak 13.147.973 ( 11.539.352) Profit (loss) before taxBeban pajak - - Tax expense

Laba (rugi) tahun berjalan 13.147.973 ( 11.539.352) Profit (loss) for the year

Penghasilan komprehensif lain tahunberjalan - -

Other comprehensive incomefor the year

Penghasilan (rugi) komprehensiftahun berjalan 13.147.973 ( 11.539.352)

Comprehensive income (loss)for the year

Ringkasan laporan arus kas BJA adalah sebagai berikut: BJA summary statement of cash flows ia as follows:

Dalam ribuan rupiah/in thousands rupiah31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Arus kas dari aktivitas operasi ( 155.702.998) 35.046.792 Cash flow from operating activitiesArus kas untuk aktivitas investasi ( 1.300) 902.751 Cash flow from investing activitiesArus kas untuk aktivitas pendanaan 153.724.399 ( 33.107.152) Cash flow from financing activities

Kenaikan (penurunan) neto dalam kasdan setara kas ( 1.979.899) 2.842.391

Net increase (decrease) in cash andcash equivalents

Page 66: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/56 Exhibit E/56

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

5. TRANSAKSI DENGAN KEPENTINGAN NON PENGENDALI(Lanjutan)

5. TRANSACTIONS WITH NON CONTROLING INTEREST(Continued)

Ringkasan laporan posisi keuangan SPP adalah sebagaiberikut:

SPP summary statement of financial position is asfollows:

Dalam ribuan rupiah/in thousands rupiah31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Aset lancar 151.807.626 128.286.722 Current assetsAset tidak lancar 222.056 - Non-current assetsLiabilitas jangka pendek 49.102.146 27.402.679 Short-term liabilitiesLiabilitas jangka panjang - - Long-term liabilities

Total ekuitas 102.927.536 100.884.043 Total Equity

Diatribusikan ke: Attributable to:Pemilik entitas induk 52.493.043 51.450.862 Owners of the parent companyKepentingan non-pengendali 50.434.493 49.433.181 Non-controlling interest

Ringkasan laporan laba rugi dan penghasilankomprehensif lain SPP adalah sebagai berikut:

SPP summary statement of profit or loss and othercomprehensive income is as follows:

Dalam ribuan rupiah/in thousands rupiah31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pendapatan neto 10.869.940 5.081.162 Net revenuesBeban pokok pendapatan ( 8.457.327) ( 3.587.486) Cost of revenuesBeban usaha ( 125.073) ( 500.322) Operating expensesPendapatan keuangan 9.717 59.133 Finance incomeBeban lain-lain ( 253.764) ( 168.445) Other expense

Laba sebelum pajak 2.043.493 884.042 Profit before taxBeban pajak - - Tax expense

Laba tahun berjalan 2.043.493 884.042 Profit for the year

Penghasilan komprehensif lain tahunberjalan - -

Other comprehensive income forthe year

Penghasilan komprehensif tahunberjalan 2.043.493 884.042

Comprehensive income for the year

Ringkasan laporan arus kas SPP adalah sebagai berikut: SPP summary statement of cash flows ia as follows:

Dalam ribuan rupiah/in thousands rupiah31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Arus kas dari aktivitas operasi 5.522.696 ( 98.785.451) Cash flow from operating activitiesArus kas untuk aktivitas investasi ( 242.307) 100.000.000 Cash flow from investing activitiesArus kas untuk aktivitas pendanaan - - Cash flow from financing activities

Kenaikan neto dalam kas dan setara kas 5.280.389 1.214.549Net increase in cash and cash

equivalents

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These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/57 Exhibit E/57

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

6. KAS DAN SETARA KAS 6. CASH AND CASH EQUIVALENTS

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

K a s 377.712.858 330.274.976 Cash on hand

B a n k Cash in banksDalam Rupiah In Rupiah

PT Bank Negara Indonesia(Persero) Tbk 382.684.768.803 78.191.046.292

PT Bank Negara Indonesia(Persero) Tbk

PT Bank Bukopin Tbk 72.011.225.406 74.736.463.755 PT Bank Bukopin TbkPT Bank CIMB Niaga Tbk 22.644.263.524 22.687.086.299 PT Bank CIMB Niaga TbkPT Bank QNB Indonesia Tbk 15.833.487.168 - PT Bank QNB Indonesia TbkPT Bank Tabungan Negara

(Persero) Tbk 14.856.758.710 4.176.338.573PT Bank Tabungan Negara

(Persero) TbkPT Bank Mandiri (Persero) Tbk 12.497.054.711 44.108.306.754 PT Bank Mandiri (Persero) TbkPT Bank Central Asia Tbk 10.298.737.956 6.471.941.053 PT Bank Central Asia TbkPT Bank Pan Indonesia Tbk 1.834.044.037 4.029.854 PT Bank Pan Indonesia TbkPT Bank Mayapada Internasional Tbk 1.731.838.673 1.382.644.581 PT Bank Mayapada Internasional TbkPT Bank Permata Tbk 1.667.341.054 532.727.925 PT Bank Permata TbkPT Bank Rakyat Indonesia

(Persero) Tbk 852.605.253 1.767.597.024PT Bank Rakyat Indonesia

(Persero) TbkPT Bank UOB Indonesia 432.691.261 1.950.584.567 PT Bank UOB IndonesiaPT Bank Artha Graha Internasional

Tbk 305.102.224 634.091.975PT Bank Artha Graha Internasional

TbkPT Bank Jabar Banten 304.404.850 86.928.617 PT Bank Jabar BantenPT Bank Negara Indonesia Syariah

(Persero) Tbk 71.307.366 603.819.366PT Bank Negara Indonesia Syariah

(Persero) TbkPT Bank Capital Indonesia Tbk 47.474.437 225.184.275 PT Bank Capital Indonesia TbkPT Bank Muamalat Tbk 940.000 - PT Bank Muamalat Tbk

Dalam Dolar AS In US DollarPT Bank Mandiri (Persero) Tbk 149.176.893 148.749.822 PT Bank Mandiri (Persero) TbkPT Bank Negara Indonesia

(Persero) Tbk 28.222.381 28.385.834PT Bank Negara Indonesia

(Persero) TbkPT Bank CIMB Niaga Tbk 10.281.442 77.215.751 PT Bank CIMB Niaga Tbk

Dalam Dolar Hongkong In HKD DollarPT Bank UOB Indonesia 18.263.549 - PT Bank UOB Indonesia

Sub-total 538.279.989.698 237.813.142.317 Sub-total

Setara kas Cash equivalentsDeposito berjangka Time deposits

Dalam Rupiah In RupiahPT Bank Bukopin Tbk 20.000.000.000 - PT Bank Bukopin TbkPT Bank Mayapada Internasional Tbk 17.500.000.000 3.437.434.018 PT Bank Mayapada Internasional TbkPT Bank Negara Indonesia

(Persero) Tbk 6.000.000.000 56.000.000.000PT Bank Negara Indonesia

(Persero) TbkPT Bank Mega Tbk 4.000.000.000 - PT Bank Mega TbkPT Bank Mandiri (Persero) Tbk 1.000.000.000 - PT Bank Mandiri (Persero) TbkPT Bank CIMB Niaga Tbk 503.220.318 350.031.409 PT Bank CIMB Niaga TbkPT Bank Pan Indonesia Tbk - 8.185.000.000 PT Bank Pan Indonesia TbkPT Bank Victoria International Tbk - 494.373.493 PT Bank Victoria International Tbk

Sub-total 49.003.220.318 68.466.838.920 Sub-total

T o t a l 587.660.922.874 306.610.256.213 T o t a l

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These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/58 Exhibit E/58

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

6. KAS DAN SETARA KAS (Lanjutan) 6. CASH AND CASH EQUIVALENTS (Continued)

Deposito berjangka memiliki jangka waktu 3 bulansejak tanggal penempatan dan dikenakan tingkat sukubunga berkisar 6,50% - 8,50% per tahun dan 6,25% –9,75% per tahun masing-masing untuk tahun yangberakhir 31 Desember 2017 dan 2016.

Time deposits have term within 3 months afterplacement date and bear annual interest rate rangingfrom 6.50% - 8.50% per annum and 6.25% – 9.75%per annum, respectively for the year ended31 December 2017 and 2016.

Pendapatan bunga deposito berjangka pada tanggal31 Desember 2017 dan 2016 masing-masing sebesarRp 6.128.551.454 dan Rp 17.815.308.676.

Interest income from time deposits as of 31 December2017 and 2016 amounted to Rp 6,128,551,454 andRp 17,815,308,676, respectively.

7. PIUTANG USAHA 7. TRADE RECEIVABLES

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pihak ketiga Third partiesPenjualan rumah hunian, ruko dan

lahan siap bangun 1.107.838.352.581 822.030.036.528Sales of residential, shop

houses and developed landJasa pelayanan dan pemeliharaan 48.391.955.977 47.019.912.538 Services and maintenanceLain-lain 1.516.689.898 2.256.128.760 Others

Sub-total 1.157.746.998.456 871.306.077.826 Sub-total

Penyisihan kerugian penurunan nilai ( 70.262.314.057) ( 69.215.353.379) Allowance for impairment losses

Pihak ketiga – Neto 1.087.484.684.399 802.090.724.447 Third parties – Net

Pihak berelasi (Catatan 34) 151.124.800.000 151.124.800.000 Related parties (Note 34)

N e t o 1.238.609.484.399 953.215.524.447 N e t

Analisa berdasarkan umur piutang usaha pada tanggal31 Desember 2017 dan 2016 adalah sebagai berikut:

The aging analysis of the trade receivables as of31 December 2017 and 2016 are as follows:

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Belum jatuh tempo 198.304.305.783 735.518.817.290 Not yet dueLewat jatuh tempo: Overdue:

Kurang dari 3 bulan 320.804.474.042 337.115.594 Less than 3 months3 – 6 bulan 14.229.407.679 4.617.418.432 3 – 6 months6 bulan – 1 tahun 156.025.803.059 5.447.196.138 6 months – 1 yearLebih dari 1 tahun 619.507.807.893 276.510.330.372 Over 1 year

T o t a l 1.308.871.798.456 1.022.430.877.826 T o t a l

Telah jatuh tempo dan mengalamipenurunan nilai ( 70.262.314.057) ( 69.215.353.379) Due and impaired

N e t o 1.238.609.484.399 953.215.524.447 N e t

Page 69: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/59 Exhibit E/59

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

7. PIUTANG USAHA (Lanjutan) 7. TRADE RECEIVABLES (Continued)

Analisa mutasi saldo penyisihan kerugian penurunannilai piutang adalah sebagai berikut:

An analysis of the movement in the balance ofallowance for impairment losses are as follows:

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Saldo awal 69.215.353.379 70.097.036.160 Beginning balancePenambahan (penghapusan) penyisihan

penurunan nilai 1.046.960.678 ( 881.682.781)Addition (deduction) to provision

for impairment

Saldo akhir 70.262.314.057 69.215.353.379 Ending balance

Berdasarkan hasil penelaahan keadaan akun piutangmasing-masing pelanggan pada akhir tahun,manajemen berkeyakinan bahwa jumlah penyisihanpenurunan nilai piutang usaha di atas cukup untukmenutup kerugian atas tidak tertagihnya piutang padatanggal 31 Desember 2017 dan 2016.

Based on the review of the status of the individualtrade receivables at the end of year, managementbelieves that the above allowance for impairment oftrade receivables is adequate to cover the possiblelosses that may arise from the non-collection ofaccounts as of 31 December 2017 and 2016.

Pada tanggal 31 Desember 2017 dan 2016 piutangusaha sebesar Rp 180.000.000.000 digunakan sebagaijaminan utang bank dari PT Bank CIMB Niaga Tbk.Pada tahun 2017, Perusahaan sudah menyelesaikanhutangnya kepada PT Bank CIMB Niaga Tbk dan sudahmenerima surat untuk pelepasan jaminan dari PT BankCIMB Niaga Tbk.

As of 31 December 2017 and 2016 trade receivablesamounting to Rp 180,000,000,000 are used ascollateral of bank loans from PT Bank CIMB Niaga Tbk.in 2017, the Company has settled the debts withPT Bank CIMB Niaga Tbk and has obtained a letterfor the release of the guarantee to PT Bank CIMBNiaga Tbk.

Pada tanggal 31 Desember 2017 dan 2016, piutangusaha Perusahaan masing-masing sebesarRp 35.026.028.944 digunakan sebagai jaminan utangbank dari PT Bank Mayapada Internasional Tbk(Catatan 17a). Pada tahun 2017, Perusahaan telahmelunasi seluruh utang kepada PT Bank MayapadaInernasional Tbk (Catatan 17a).

As of 31 December 2017 and 2016, the Company’strade receivables amounting to Rp Rp 35,026,028,944,respectively are used as collateral for bank loans fromPT Bank Mayapada Internasional Tbk (Note 17a).In 2017, the Company has paid off the loan withPT Bank Mayapada Internasional Tbk (Note 17a).

Pada tanggal 31 Desember 2017 dan 2016, seluruhpiutang usaha Perusahaan dan entitas anak merupakanpiutang dalam mata uang Rupiah.

As of 31 December 2017 and 2016, the Company andsubsidiaries’ trade receivables are denominated inRupiah.

8. ASET KEUANGAN LANCAR LAINNYA 8. OTHER CURRENT FINANCIAL ASSETS

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Dana yang dibatasi penggunaannya 72.875.266.717 77.597.948.449 Restricted fundsPiutang lain-lain, setelah dikurangi

penyisihan penurunan nilai 55.276.095.608 48.019.873.990Other receivables, net of allowance

for impairmentInvestasi jangka pendek 1.500.000.000 1.000.000.000 Short-term investmentsUang jaminan 13.500.000 13.500.000 Security depositsAset keuangan tersedia untuk dijual - 1.038.236.569 Available-for-sale financial assets

T o t a l 129.664.862.325 127.669.559.008 T o t a l

Page 70: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/60 Exhibit E/60

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

8. ASET KEUANGAN LANCAR LAINNYA (Lanjutan) 8. OTHER CURRENT FINANCIAL ASSETS (Continued)

a. Dana yang Dibatasi Penggunaannya a. Restricted Funds

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

PT Bank Bukopin Tbk 19.312.462.360 19.690.542.131 PT Bank Bukopin TbkPT Bank Negara Indonesia

(Persero) Tbk 18.531.808.615 11.023.148.038PT Bank Negara Indonesia

(Persero) TbkPT Bank Rakyat Indonesia

(Persero) Tbk 10.841.640.277 9.331.125.443PT Bank Rakyat Indonesia

(Persero) TbkPT Bank CIMB Niaga Tbk 9.392.488.322 10.387.488.322 PT Bank CIMB Niaga TbkPT Bank Mandiri (Persero) Tbk 5.116.016.647 4.841.364.771 PT Bank Mandiri (Persero) TbkPT Bank Jabar Banten 4.605.976.063 10.419.060.018 PT Bank Jabar BantenPT Bank Tabungan Negara

(Persero) Tbk 2.771.130.166 9.763.535.990PT Bank Tabungan Negara

(Persero) TbkPT Bank Central Asia Tbk 898.316.473 1.745.737.669 PT Bank Central Asia TbkPT Bank Permata Tbk 817.983.849 395.946.067 PT Bank Permata TbkPT Bank Muamalat Tbk 587.443.945 - PT Bank Muamalat Tbk

T o t a l 72.875.266.717 77.597.948.449 T o t a l

Dana Perusahaan dan entitas anak yangditempatkan pada beberapa bank pada tanggal31 Desember 2017 dan 2016 merupakan danapencairan KPR dari konsumen. Berdasarkanpernyataan yang tercantum dalam Perjanjian JualBeli antara Perusahaan dan bank, dana Perusahaandan entitas anak digunakan sebagai jaminan atasutang PT Bank Bukopin Tbk (Catatan 17a) yangtidak bisa digunakan oleh Perusahaan.

The Company and subsidiaries’ funds which wereplaced in several banks as of 31 December 2017and 2016 were liquidation of KPR funds fromcustomers. In accordance with the terms of theSale and Purchase Agreement between theCompany and banks, the Company and subsidiariesfunds used as guarantees for debt PT Bank BukopinTbk (Note 17a) that are not available for use bythe Company.

b. Piutang Lain-lain b. Other Receivables

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pihak ketiga Third partiesPT Perdana Semesta Nusantara 13.500.000.000 13.500.000.000 PT Perdana Semesta NusantaraPT Pison Nusantara 4.500.000.000 4.500.000.000 PT Pison NusantaraPT Cyber Futures 1.000.000.000 1.000.000.000 PT Cyber FuturesPT Adigraha Multi Selaras 955.646.598 955.646.598 PT Adigraha Multi SelarasLain-lain (masing-masing saldo

di bawah Rp 500.000.000) 54.667.217.226 47.410.995.608Others (each amount below

Rp 500,000,000)

T o t a l 74.622.863.824 67.366.642.206 T o t a lPenyisihan penurunan nilai ( 19.346.768.216) ( 19.346.768.216) Allowance for impairment

N e t o 55.276.095.608 48.019.873.990 N e t

Analisa mutasi saldo penyisihan kerugianpenurunan nilai piutang adalah sebagai berikut:

Mutation analysis of the allowance for impairmentlosses on receivables is as follows:

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Saldo awal 19.346.768.216 12.116.768.215 Beginning balancePenambahan penyisihan penurunan

nilai piutang - 7.230.000.001Allowance for impairment trade

receivables

T o t a l 19.346.768.216 19.346.768.216 T o t a l

Berdasarkan hasil penelaahan keadaan akunpiutang lain-lain pada tanggal 31 Desember 2017dan 2016, Perusahaan dan entitas anak tidakmempunyai saldo mata uang asing.

Based on review of other receivables as of31 December 2017 and 2016, the Company andsubsidiaries do not have any balances in foreigncurrency.

Page 71: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/61 Exhibit E/61

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

8. ASET KEUANGAN LANCAR LAINNYA (Lanjutan) 8. OTHER CURRENT FINANCIAL ASSETS (Continued)

b. Piutang Lain-lain (Lanjutan) b. Other Receivables (Continued)

Berdasarkan hasil penelaahan keadaan akunpiutang masing-masing pihak pada akhir tahun,manajemen berkeyakinan bahwa jumlahpenyisihan penurunan nilai piutang lain-laintersebut di atas cukup untuk menutup kerugianatas tidak tertagihnya piutang pada tanggal31 Desember 2017 dan 2016.

Based on the review of the status ofthe individual accounts at end of year,management believes that the above allowancefor impairment of others receivables is adequateto cover the possible losses that may arise fromthe non-collection of accounts as of 31 December2017 and 2016.

c. Aset Keuangan Tersedia Untuk Dijual c. Available-For-Sale Financial Assets

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Saldo awal 1.038.236.569 968.379.614 Beginning balanceRealisasi atas aset keuangan

tersedia untuk dijual ( 1.038.236.569) -Realized of available-for-sale

financial assetsLaba yang belum direalisasi atas

nilai wajar aset keuangantersedia untuk dijual - 69.856.955

Unrealized gains on changes infair value of available-for-sale

financial assets

Saldo akhir - 1.038.236.569 Ending balance

Surat-surat berharga yang diklasifikasikan sebagaitersedia untuk-dijual telah menetapkan tingkatsuku bunga masing-masing sebesar nihil dan 7,21%pada tanggal 31 Desember 2017 dan 2016. Nilaiwajar sekuritas dengan harga kuotasi pasar,didasarkan pada harga pasar yang dipublikasikan.

Equity securities classified as available-for-salehave stated interest rates of nil and 7.21% as of31 December 2017 and 2016, respectively. Thefair value of quoted securities is based onpublished market prices.

Aset keuangan tersedia untuk dijual Perusahaandan entitas anak berkaitan dengan nilai asetbersih Reksa Dana “Danamas Stabil” dari PT SinarMas Sekuritas.

Available-for-sale financial assets ofthe Company and subsidiaries pertain to the netasset value of Mutual Fund “Danamas Stabil”from PT Sinar Mas Sekuritas.

Eksposur maksimum risiko kredit pada periodepelaporan adalah sebesar nilai tercatat asetkeuangan tersedia untuk dijual.

The maximum exposure to credit risk atthe reporting date is the carrying value of thefinancial assets classified as available-for-sale.

Tidak terdapat provisi penurunan nilai asetkeuangan tersedia untuk dijual untuk tahun yangberakhir 31 Desember 2017 dan 2016.

There were no provisions for impairment onavailable for-sale financial assets for the yearended 31 December 2017 and 2016.

9. PERSEDIAAN 9. INVENTORIES

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Lahan siap bangun 1.349.684.626.647 1.356.223.678.484 Developed landRumah hunian dan ruko dalam

penyelesaian 586.696.777.454 570.998.491.987Residential and shop houses under

constructionApartemen 130.659.057.782 217.766.807.710 ApartmentRuko dan kios 68.465.782.969 49.375.646.799 Shop houses and kioskLain-lain 1.871.824.469 1.521.509.816 Others

T o t a l 2.137.378.069.321 2.195.886.134.796 T o t a l

Page 72: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/62 Exhibit E/62

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

9. PERSEDIAAN (Lanjutan) 9. INVENTORIES (Continued)

Mutasi persediaan adalah sebagai berikut: The movement in inventories is as follows:

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Persediaan awal 2.195.886.134.796 2.091.135.695.239 Beginning inventoriesPenambahan tahun berjalan 543.791.524.854 475.696.364.559 Additions during the year

Persediaan tersedia untuk dijual 2.739.677.659.650 2.566.832.059.798 Inventories available-for-saleReklasifikasi ke aset tetap

(Catatan 14) ( 33.684.187.151) -Reclassified to property and

equipment (Note 14)Reklasifikasi ke properti investasi

(Catatan 15) - ( 3.866.532.000)Reclassified to investment

property (Note 15)Beban pokok pendapatan (Catatan 28) ( 568.615.403.178) ( 367.079.393.002) Cost of revenues (Note 28)

T o t a l 2.137.378.069.321 2.195.886.134.796 T o t a l

Rumah hunian dan ruko dalam penyelesaianmerupakan biaya perolehan tanah siap bangun, bebankonstruksi rumah dan prasarana lainnya yang masihdalam proses konstruksi setelah dikurangi denganpengakuan beban pokok penjualan berdasarkanpersentase penyelesaian proyek.

Residential and shop houses under constructionconsist of the acquisition cost of the developed land,house construction cost and other infrastructurecosts net of recogized cost of good sold based onpercentage of completion project.

Pada tanggal 31 Desember 2017 dan 2016, Perusahaanmelakukan reklasifikasi lahan siap bangun ke tanahdalam akun properti investasi sesuai tujuanpenggunaan masing-masing sebesar nihil danRp 3.866.532.000 (Catatan 15).

On 31 December 2017 and 2016, the Company hadreclassified developed land to land in investmentproperty inline with the intended use amounting tonil and Rp 3,866,532,000, respectively (Note 15).

Jumlah persediaan yang pengikatan jual belinya telahberlaku namun penjualannya belum diakui pada tahun31 Desember 2017 dan 2016 masing-masing adalahsebesar Rp 225.655.408.632 dan Rp 320.612.082.200atau 10,56% dan 14,60% dari jumlah nilai persediaan.Penjualan tersebut belum diakui karena pada tanggal31 Desember 2017 dan 2016 belum memenuhi kriteriapengakuan pendapatan.

Inventories that already have sales and purchaseagreements effective but had not been recognizeda sales in 31 December 2017 and 2016Rp 225,655,408,632 and Rp 320,612,082,200 orrepresent 10.56% and 14.60% of the total inventoriesas of 31 December 2017 and 2016, respectively.These have not been recognized as sales since as of31 December 2017 and 2016, revenue recognitioncriteria have not yet been met.

Biaya pinjaman yang dikapitalisasi ke dalampersediaan adalah masing-masing sebesarRp 49.861.040.234 dan Rp 47.055.138.865 pada tahun31 Desember 2017 dan 2016. Jumlah persentase biayapinjaman yang dikapitalisasi terhadap jumlahpersediaan pada tanggal 31 Desember 2017 dan 2016masing-masing sebesar 2,33% dan 2,14%.

Borrowing cost which were capitalized toinventories amounted to Rp 49,861,040,234 andRp 47,055,138,865 in 31 December 2017 and 2016,respectively. The percentage of borrowing costscapitalized to the amount of inventories as of31 December 2017 and 2016 amounted to 2.33% and2.14%.

Manajemen berpendapat tidak perlu perlindunganasuransi untuk persediaannya karena sebagian besarterdiri dari tanah.

Management believes do not need insurance coveragefor inventories because most of them are land.

Manajemen berpendapat bahwa nilai realisasipersediaan lebih tinggi dari biayanya, sehinggapenyisihan atas persediaan tersebut tidak diperlukan.

Management believes that the realizable value ofinventories is higher than usual, so that the provisionfor inventory is not required.

Page 73: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/63 Exhibit E/63

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

10. TANAH UNTUK PENGEMBANGAN 10. LAND FOR DEVELOPMENT

Pada tanggal 31 Desember 2017 dan 2016, luastanah untuk pengembangan masing-masingberjumlah 14.713 hektar dan 14.399 hektar dengannilai masing-masing Rp 8.320.784.791.698 danRp 5.723.655.512.282. Perusahaan dan entitas anaktelah mempunyai sertifikat Hak Guna Bangunan (HGB)atas tanah tersebut.

As of 31 December 2017 and 2016, the area of landfor development totaled 14,713 hectares and14,399 hectares with carrying values ofRp 8,320,784,791,698 and Rp 5,723,655,512,282,respectively. The Company and subsidiaries holds the“Hak Guna Bangunan” (HGB) certificates over theselands.

Perusahaan dan entitas anak berkeyakinan bahwatidak terdapat masalah dengan hak kepemilikan atastanah tersebut dan proses sertifikasi hak atas tanahkarena seluruh tanah diperoleh secara sah dandidukung dengan bukti kepemilikan yang memadai.

The Company and subsidiaries believe that there isno problem with land ownership rights on these landfor develompent and the land right certificationprocess since all the land were acquired legally andsupported by sufficient evidence of ownership.

Pada tanggal 31 Desember 2017 dan 2016, tanahmatang dengan total 128,60 hektar yang berlokasidi Desa sumur batu seluas 17,67 hektar, Desa BabakanMadang seluas 16,72 hektar, Desa Bojong Konengseluas 88,54 hektar, Desa Cipambuan seluas1,52 hektar, Desa Citaringgul seluas 4,14 hektar,digunakan sebagai jaminan atas pinjaman dariPT Bank Mayapada Internasional Tbk (Catatan 17adan 17b).

As of 31 December 2017 and 2016, developed landwith a total area of 128.60 hectares located in SumurBatu Village 17.67 hectares, Babakan MadangVillage 16.72 hectares, Bojong Koneng Village88,54 hectares, Cipambuan Village 1.52 hectares,Citaringgul Village 4.14 hectares are used ascollateral for the loan from PT Bank MayapadaInternasional Tbk (Note 17a and 17b).

Pada tanggal 31 Desember 2016, tanah matang seluas27,86 hektar terletak di Desa Bojong Koneng,Cijayanti, Sumur Batu, Kecamatan Babakan Madangdigunakan sebagai jaminan atas pinjaman dari PTBank Artha Graha Internasional Tbk (Catatan 17a).

As of 31 December 2016, developed land with a totalarea of 27.86 hectares located in Bojong KonengVillage, Cijayanti, Sumur Batu, Babakan MadangDistrict, is used as collateral for the loan fromPT Bank Artha Graha Internasional Tbk (Note 17a).

Pada tanggal 31 Desember 2016, tanah seluas 12,13hektar di Desa Babakan Madang dan 15,24 hektar diDesa Sumur Batu digunakan sebagai jaminan ataspinjaman dari PT Bank Capital Indonesia Tbk (Catatan17a).

As of 31 December 2016, developed land with totalarea 12.13 hectares located in Babakan MadangVillage and 15.24 hectares located in Sumur BatuVillage is used as collateral for the loan fromPT Bank Capital Indonesia Tbk (Note 17a).

Pada tanggal 31 Desember 2017 dan 2016, tanahseluas 280,21 hektar dan 37,3 hektar bertempat diDesa Bojong Koneng digunakan sebagai jaminan ataspinjaman bank Perusahaan dan BJA kepada PT BankPan Indonesia Tbk (Catatan 17a dan 17b).

As of 31 December 2017 and 2016, land with a totalarea of 280.21 hectares and 37.3 hectares located inBojong Koneng Village is used as cross collateral bythe Company and BJA for the loan from PT Bank PanIndonesia Tbk (Notes 17a and 17b).

Pada tanggal 31 Desember 2016, Perusahaanmenggunakan aset berikut ini sebagai jaminan ataspinjaman kepada PT Bank CIMB Niaga Tbk:

As of 31 December 2016, the Company usethe following assets as collateral for the loan fromPT Bank CIMB Niaga Tbk:

Tanah seluas 8,64 hektar terletak di DesaCitaringgul, Kecamatan Citeureup, Bogor, JawaBarat (Catatan 17a);

Land with total area of 8.64 hectares which islocated at Citaringgul Village, Citeureup Sub-District, Bogor, West Java (Note 17a);

Tanah seluas 9,44 hektar pada 31 Desember 2017dan 2016 atas nama Perusahaan yang berlokasi diDesa Cijayanti, Bogor dengan jaminan sebesarRp 50.700.000.000 (Catatan 17a dan 17b);

Land with total area of 9.44 hectares as of31 December 2017 and 2016 on behalf of theCompany which is located at Cijayanti Village,Bogor with mortgage amounted toRp 50,700,000,000 (Notes 17a and 17b);

Tanah dan bangunan seluas 1,54 hektar atas namaPerusahaan yang berlokasi di Desa Cipambuan,Bogor (Catatan 17a);

Land and building with total area of 1.54hectares on behalf of the Company which islocated at Cipambuan Village, Bogor (Note 17a);

Page 74: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/64 Exhibit E/64

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

10. TANAH UNTUK PENGEMBANGAN (Lanjutan) 10. LAND FOR DEVELOPMENT (Continued)

Pada tahun 2017, Perusahaan sudah melunasipinjaman kepada PT Bank CIMB Niaga Tbk dan yangberkaitan dengan jaminan telah dilepaskan (Catatan17a).

In 2017, the Company has paid off the debt with PTBank CIMB Niaga Tbk and the related guarantee hasbeen released (Note 17a)

Pada tanggal 31 Desember 2017 dan 2016, tanahseluas 3,09 hektar bertempat di Desa Sumur Batu,Kecamatan Babakan Madang digunakan sebagaijaminan atas pinjaman bank Perusahaan kepadaPT Bank Bukopin Tbk (Catatan 17b).

As of 31 December 2017 and 2016, land with totalarea of 3.09 hectares located in Sumur Batu Village,Babakan Madang District, is used as collateral by theCompany for the loan from PT Bank Bukopin Tbk(Note 17b).

Pada tanggal 31 Desember 2017 dan 2016, BJAmengubah Perjanjian jaminan tanah menjadi tanahdan bangunan berupa SHGB No.43 seluas 1,43 hektaryang terletak di Citaringgul sebagai jaminan ataspinjaman dari PT Bank Bukopin Tbk (Catatan 17b).

As of 31 December 2017 and 2016, BJA change itspledge with land into plot of land and building in theform of SHGB No.43 in total area of 1.43 hectareslocated in Citaringgul as collateral for the loan fromPT Bank Bukopin Tbk (Note 17b).

Pada tanggal 31 Desember 2017 dan 2016, tanahpengembangan seluas 3,58 hektar digunakan sebagaijaminan atas pinjaman GGEA dari PT Bank UOBIndonesia (Catatan 17b).

As of 31 December 2017 and 2016, developed landwith a total area 3.58 hectares, is used as collateralfor the loan obtained by GGEA from PT Bank UOBIndonesia (Note 17b).

Pada tanggal 31 Desember 2017 dan 2016, TanahPerusahaan seluas 46,52 hektar berlokasi diKabupaten Bogor, Kecamatan Babakan Madang, DesaCijayanti, 24,21 hektar berlokasi di Kabupaten Bogor,Desa Bojong Koneng, 6,44 hektar berlokasi diKabupaten Bogor, Kecamatan Babakan Madang, DesaCitaringgul digunakan sebagai jaminan atas pinjamandari Winter Capital Pte. Ltd. (Catatan 17c).

As of 31 December 2017 and 2016, the Company’sland with total area of 46.52 hectares located inBogor, Babakan Madang District, Cijayanti Village,24.21 hectares located in Bogor, Bojong KonengVillage, 6.44 hectares located in Bogor, BabakanMadang District, Citaringgul Village, is used ascollateral for the loan from Winter Capital Pte. Ltd.(Note 17c).

Pada tanggal 31 Desember 2017 dan 2016 tanahPerusahaan seluas 43,40 hektar berlokasi diKabupaten Bogor, Kecamatan Babakan Madang,Desa Bojong Koneng, digunakan sebagaijaminan atas pinjaman dari PT Bank TabunganNegara (Persero) Tbk (Catatan 17a).

As of 31 December 2017 and 2016, the Company’sland with total area of 43.40 hectares locatedin Bogor, Babakan Madang District, Bojong KonengVillage, is used as collateral for the loan fromPT Bank Tabungan Negara (Persero) Tbk(Note 17a).

Pada tanggal 31 Desember 2017 dan 2016 tanahPerusahaan seluas 0,71 hektar berlokasi di DesaCitaringgul, digunakan sebagai jaminan atas pinjamandari Queen Bridge Investment Ltd. (Catatan 19).

As of 31 December 2017 and 2016, the Company’sland with total area of 0.71 hectares located inCitaringgul Village, is used as collateral for the loanfrom Queen Bridge Investment Ltd. (Note 19).

Pada tanggal 31 Desember 2017, tanah Perusahaanseluas 4,34 hektar berlokasi di Desa Citaringgul,digunakan sebagai jaminan atas pinjaman dariPT Bank Negara Indonesia (Persero) Tbk (Catatan 17b)

As of 31 December 2017, the Company’s land withtotal area of 4.34 hectares located in CitaringgulVillage, is used as collateral for the loan fromPT Bank Negara Indonesia (Perseero) Tbk (Note 17b).

Pada tanggal 31 Desember 2017, tanah Perusahaanseluas 265,54 hektar berlokasi di Desa Bojong koneng,kecamatan Babakan Madang, Kabupaten kota Bogordan tanah seluas 7,56 hektar berlokasi di DesaCitaringgul, kecamatan Babakan Madang, Kabupatenkota Bogor serta piutang usaha sebesar Rp 150 miliaryang digunakan sebagai jaminan atas pinjaman dariPT Bank QNB Indonesia Tbk (Catatan 17b).

As of 31 December 2017, the Company’s land withtotal area of 265.54 hectares located in BojongKoneng Village, Babakan Madang district,Bogor Regency and 7.56 hectares located inCitaringgul Village, Babakan Madang district,Bogor Regency and trade receivables amounting toRp 150 billion is used as collateral for the loan fromPT Bank QNB Indonesia Tbk (Note 17b).

Page 75: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/65 Exhibit E/65

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

10. TANAH UNTUK PENGEMBANGAN (Lanjutan) 10. LAND FOR DEVELOPMENT (Continued)

Pada tanggal 31 Desember 2017, tanah Perusahaanseluas 27,37 hektar berlokasi di Desa Bojong KonengVillage, Kecamatan Babakan Madang, Kabupaten kotaBogor yang digunakan sebagai jaminan atas pinjamandari PT Bintang Harapan Desa (Catatan 19).

As of 31 December 2017, the Company’s land withtotal area of 27.37 hectares located in BojongKoneng Village, Babakan Madang district, BogorRegency is used as collateral for the loan fromPT Bintang Harapan Desa (Note 19).

Hak legal atas tanah berupa HGB atas namaPerusahaan dan entitas anak berjangka waktu 20-30tahun yang akan jatuh tempo pada tahun 2015-2034.Manajemen berkeyakinan tidak terdapat kesulitandalam perpanjangan HGB.

The legal rights over the land in the form of HGBunder the name of the Company and subsidiarieshave periods of 20-30 years, which expired on 2015-2034. Management believes that there will be nodifficulty in the extension of the landright.

Rincian dan luas tanah untuk pengembangan dalamadalah sebagai berikut (hektar):

The details and area of land for development in areas follows (hectare):

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Lokasi LocationJonggol 4.811 4.811 JonggolBabakan Madang 2.201 1.907 Babakan MadangKadupandak 1.441 1.441 KadupandakGunung Halu 1.297 1.297 Gunung HaluSukanagara 992 992 SukanagaraBuah Dua 800 800 Buah DuaBanjarsari 708 708 BanjarsariCisarua 703 703 CisaruaCariu 612 612 CariuSumedang Selatan 511 511 Sumedang SelatanTambaksari 437 437 TambaksariCongeang 94 94 CongeangSukaraja 52 52 SukarajaGunung Sindur 41 21 Gunung SindurBabakan 13 13 Babakan

T o t a l 14.713 14.399 T o t a l

Tanah seluas 500 hektar yang terletak di KecamatanCariu terdapat kesepakatan antara BJA (entitas anak)dengan PT Graha Andrasentra Propertindo Tbkberdasarkan Akta Perjanjian No 4 tanggal 3 Februari2016 yang dibuat di hadapan Notaris Elizabeth KarinaLeonita, S.H., M.Kn. Jual beli dan pengalihan tanahtersebut akan dilakukan setelah pengurusan dokumentanah telah selesai.

Land area of 500 hectares located in the District ofCariu there is agreement between the BJA(subsidiaries) with PT Graha AndrasentraPropertindo Tbk based on Deed No. 4 dated3 February 2016 made before Notary ElizabethKarina Leonita S.H., M.Kn. Sale and purchase andtransfer of land will be settle after the processing ofdocuments of land has been completed.

11. UANG MUKA PEROLEHAN TANAH 11. ADVANCES FOR LAND ACQUISITION

Dalam rangka untuk memperluas areal tanah yangdimilikinya, Perusahaan dan entitas anak melakukanpembelian tanah yang berada di sekitar areal tanahPerusahaan dan entitas anak. Pembeliaan tanahtersebut dilakukan dengan pembayaran uang mukakepada pemilik tanah melalui beberapa perantara.Jumlah uang muka tersebut dilaporkan di dalamlaporan posisi keuangan konsolidasian sebagai “Uangmuka perolehan tanah”.

In order to expand its land banks, the Company andsubsidiaries are continuing to acquire landsurrounding the Company and subsidiaries’s landbank. The Company and subsidiaries have providedadvance payments to the land owners throughseveral agents. The total advances are reported as“Advances for land acqusition” in the consolidatedstatements of financial positions.

Page 76: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/66 Exhibit E/66

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

11. UANG MUKA PEROLEHAN TANAH (Lanjutan) 11. ADVANCES FOR LAND ACQUISITION (Continued)

Saldo uang muka perolehan tanah masing-masingsebesar Rp 335.810.683.304 dan Rp 541.400.453.264pada tanggal 31 Desember 2017 dan 2016. Uang mukapembeliaan tanah tersebut akan direklasifikasi keakun “Tanah untuk pengembangan” pada saat hargapembeliaan tanah tersebut telah dilunasi penuh dansurat pelepasan hak diterima oleh Perusahaan danentitas anak.

The amount of advance land acquisition each isRp 335,810,683,304 and Rp 541,400,453,264 on31 December 2017 and 2016. Such advances forpurchase of land will be reclassified to “Land fordevelopment” account, when the puchases price ofthe land has been fully paid and the waiver of rightshas been received by the Company and subsidiaries.

12. UANG MUKA PENYERTAAN SAHAM 12. ADVANCE FOR INVESTMENT IN SHARES

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

PT Bintang Sakti Abadi 37.500.000.000 37.500.000.000 PT Bintang Sakti Abadi

Sesuai dengan Perjanjian Patungan (Joint Venture)tanggal 28 Maret 2012 antara PT Aftanesia Raya danPT Mulia Andalan Perdana dalam Pasal 3 ayat 3.2dinyatakan bahwa akan dilakukan peningkatan modaldasar menjadi Rp 300.000.000.000 dan meningkatkanmodal ditempatkan menjadi Rp 75.000.000.000,di mana dari jumlah tersebut masing-masingpemegang saham akan meningkatkan modaldisetor masing-masing pemegang saham adalahRp 37.500.000.000.

In accordance with the Joint Venture Agreementdated 28 March 2012 between PT Aftanesia Raya andPT Mulia Andalan Perdana in Article 3, paragraph 3.2states the increase of authorized capital toRp 300,000,000,000 and increased of issued toRp 75,000,000,000, where each shareholder willincrease the paid-up capital of each shareholder byRp 37,500,000,000.

13. INVESTASI PADA ENTITAS ASOSIASI 13. INVESTMENT IN ASSOCIATES ENTITIES

Rincian penyertaan saham adalah sebagai berikut: The summary of investment in shares is as follows:

Persentase kepemilikan (%)/Percentage ownership (%)

Entitas asosiasi/AssociatesDomisili/Domicile

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Entitas asosiasi/associatesPT Sukses Pratama Gemilang Jakarta 50,00 50,00PT Langgeng Sakti Persada Jakarta 50,00 50,00PT Serumpun Lestari Sejahtera* Jakarta 50,00 50,00PT Bintang Emerald Perdana* Jakarta 50,00 50,00PT Cakrawala Bintang Unggulan* Jakarta 50,00 50,00PT Royal Sentul Resort Hotel Jakarta 48,00 48,00PT Group Seventy Asia Jakarta 45,00 45,00PT Jakarta Polo dan Equestrian Jakarta 42,00 42,00PT Sentul Summit Development Jakarta 30,00 -*) Perusahaan belum beroperasi/The company has not operated

Page 77: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/67 Exhibit E/67

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

13. INVESTASI PADA ENTITAS ASOSIASI (Lanjutan) 13. INVESTMENT IN ASSOCIATES ENTITIES (Continued)

31 Desember 2017 / 31 December 2017

Entitas asosiasi/Associates

Pada awaltahun/

At the beginningof the year

Penambahan/Addition

Bagian laba(rugi) neto/

Net share profit(loss)

Pengurangan/Deduction

Pada akhirtahun/

At the end ofthe year

PT Sentul Summit Development - 99.900.000.000( 345.680.236) 99.554.319.764PT Sukses Pratama Gemilang 37.092.784.901 - ( 257.777.200) - 36.835.007.701PT Langgeng Sakti Perdana 15.743.226.851 - ( 333.500) - 15.742.893.351PT Royal Sentul Resort Hotel 14.999.999.000 - - - 14.999.999.000PT Serumpun Lestari Sejahtera 5.000.000.000 - - - 5.000.000.000PT Group Seventy Asia 4.665.096.369 - ( 422.158.457) - 4.242.937.912PT Bintang Emerald Perdana 300.000.000 - - - 300.000.000PT Cakrawala Bintang Unggulan 300.000.000 - - - 300.000.000PT Jakarta Polo and Equestrian 105.000.000 - - - 105.000.000Penyisihan penurunan nilai/

Allowance for impairment ( 15.104.999.000) - - - ( 15.104.999.000)

T o t a l 63.101.108.121 99.900.000.000( 1.025.949.393) - 161.975.158.728

31 Desember 2016 / 31 December 2016

Entitas asosiasi/Associates

Pada awaltahun/

At the beginningof the year

Penambahan/Addition

Bagian laba(rugi) neto/

Net share profit(loss)

Pengurangan/Deduction

Pada akhirtahun/

At the end ofthe year

PT Sukses Pratama Gemilang 15.475.314.261 - 21.617.470.640 - 37.092.784.901PT Langgeng Sakti Perdana 15.745.967.851 - ( 2.741.000) - 15.743.226.851PT Royal Sentul Resort Hotel 14.999.999.000 - - - 14.999.999.000PT Serumpun Lestari Sejahtera 5.000.000.000 - - - 5.000.000.000PT Group Seventy Asia - 5.085.000.000( 419.903.631) - 4.665.096.369PT Bintang Emerald Perdana 300.000.000 - - - 300.000.000PT Cakrawala Bintang Unggulan 300.000.000 - - - 300.000.000PT Jakarta Polo and Equestrian 105.000.000 - - - 105.000.000Penyisihan penurunan nilai/

Allowance for impairment ( 15.104.999.000) - - - ( 15.104.999.000)

T o t a l 36.821.282.112 5.085.000.000 21.194.826.009 - 63.101.108.121

Ikhtisar informasi keuangan entitas asosiasi utamaadalah sebagai berikut:

The summary of financial information of theCompany and subsidiaries principal associates are asfollows:

PT Sukses Pratama Gemilang31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Aset lancar 89.349.606.439 92.127.832.432 Current assetsAset tidak lancar 20.784.339.907 20.479.469.911 Non-current assetsLiabilitas jangka pendek ( 36.463.930.944) ( 38.421.732.541) Short-term liabilitiesLiabilitas jangka Panjang - - Long-term liabilities

Aset neto 73.670.015.402 74.185.569.802 Net assetsPersentase kepemilikan 50% 50% Percentage ownership

Bagian aset neto entitas asosiasi 36.835.007.701 37.092.784.901 Net assets of the associates

Total tercatat 36.835.007.701 37.092.784.901 Carrying amount

Page 78: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/68 Exhibit E/68

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

13. INVESTASI PADA ENTITAS ASOSIASI (Lanjutan) 13. INVESTMENT IN ASSOCIATES ENTITIES (Continued)

PT Sukses Pratama Gemilang31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pendapatan - 92.640.991.672 RevenuesBeban pokok pendapatan - ( 48.621.012.587) Cost of revenuesBeban usaha ( 1.091.569.673) ( 1.210.723.623) Operating expensesPendapatan lain-lain, Neto 576.015.273 425.685.818 Net other income

(Rugi) laba sebelum pajak ( 515.554.400) 43.234.941.280 (Loss) profit before taxPajak penghasilan - - Income taxPenghasilan komprehensif lain - - Other comprehensive income

Total (rugi) laba komprehensif ( 515.554.400) 43.234.941.280 Total comprehensive (loss) income

PT Langgeng Sakti Persada31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Aset lancar 2.869.755.083 2.952.448.992 Current assetsAset tidak lancar 28.719.164.569 28.637.137.660 Non-current assetsLiabilitas jangka pendek ( 103.132.950) ( 103.132.950) Short-term liabilities

Aset neto 31.485.786.702 31.486.453.702 Net assetsPersentase kepemilikan 50% 50% Percentage ownership

Bagian aset neto entitas asosiasi 15.742.893.351 15.743.226.851 Net assets of the associates

Total tercatat 15.742.893.351 15.743.226.851 Carrying amount

Beban usaha - - Operating expensesBeban lain-lain, Neto ( 667.000) ( 5.482.000) Other expense, net

Total rugi komprehensif ( 667.000) ( 5.482.000) Total comprehensive loss

Ikhtisar informasi keuangan ventura bersama adalahsebagai berikut:

The summary of financial information of theCompany and subsidiaries principal joint venture areas follows:

PT Sentul Summit Development31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Aset lancar 70.610.221.804 - Current assetsAset tidak lancar 696.391.750.000 - Non current assetsLiabilitas jangka pendek ( 154.239.257) - Short-term liabilitiesLiabilitas jangka panjang ( 435.000.000.000) Long-term liabilities

Aset neto 331.847.732.547 - Net assetsPersentase kepemilikan 30% - Percentage ownership

Bagian aset neto entitas asosiasi 99.554.319.764 - Net assets of the associates

Total tercatat 99.554.319.764 - Carrying amount

Page 79: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/69 Exhibit E/69

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

13. INVESTASI PADA ENTITAS ASOSIASI (Lanjutan) 13. INVESTMENT IN ASSOCIATES ENTITIES (Continued)

PT Sentul Summit Development31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pendapatan 699.448.170 - RevenuesBeban pokok pendapatan ( 624.498.336) - Cost of revenuesBeban usaha ( 860.059.399) - Operating expensesBeban bunga ( 246.050.000) - Finance expensePendapatan bunga 2.299.256 - Finance incomeBeban lain-lain, Neto ( 123.407.144) - Other expense, net

Rugi sebelum pajak ( 1.152.267.453) - Loss before taxPajak penghasilan - - Income taxPenghasilan komprehensif lain - - Other comprehensive Income

Total rugi komprehensif ( 1.152.267.453) - Total comprehensive loss

Perusahaan dan entitas anak memiliki kepentinganpada entitas asosiasi lainnya yang nilai buku darimasing-masing entitas asosiasi tersebut tidak material.Jumlah bagian Perusahaan dan entitas anak ataspenghasilan komprehensif dan jumlah tercatat padaentitas asosiasi yang tidak material adalah sebesar:

The Company and its subsidiaries have interests inentities other associations that the book value ofeach of the associates are not material. The amountof the Company's and its subsidiaries oncomprehensive income and the carrying amount ofthe associates that are not material are as follows:

PT Sentul Summit Development (SSD) PT Sentul Summit Development (SSD)

Berdasarkan akta No. 111 dari Elizabeth KarinaLeonita, SH., M.Kn., tanggal 26 September 2017,Perusahaan mendirikan PT Sentul SummitDevelopment dengan modal dasar sebesar 125.000 danpada tanggal 2 November 2017 ditingkatkan menjadisebesar 3.500.000 saham dengan nilai nominalRp 1.000 per lembarnya.

Based on notarial deed. 111 of Elizabeth KarinaLeonita, SH., M.Kn., dated 26 September 2017, theCompany established PT Sentul Summit developmentwith authorized capital of 125,000 shares and on2 November 2017 increased to 3,500,000 shares withpar value of Rp 1,000 each.

Pada tanggal 28 November 2017, Perusahaanmenandatangani perjanjian pemesanan saham danantar pemegang saham dengan Sumitomo Corporation(Sumitomo) untuk melakukan penempatan saham barudi PT Sentul Summit Development dari modal yangsebelumnya sebesar Rp 3.500.000.000 dan 100% sahamdimiliki Perusahaan diubah menjadiRp 333.000.000.000 di mana Sumitomo danPerusahaan sepakat kedua belah pihak akanmenempatkan modal mereka ke PT Sentul SummitDevelopment dengan komposisi Sumitomo sebesarRp 233.100.000.000 (70%) dan Perusahaan sebesarRp 99.900.000.000 (30%).

On 28 November 2017, the Company entered intoshare subscription and shareholders agreementwith Sumitomo Corporation (Sumitomo) to undertakea new share placement at PT Sentul SummitDevelopment which the previous amount ofRp 3,500,000,000 and 100% owned by the Company,changed to Rp 333,000,000,000 where Sumitomo andthe Company agreed that both parties would injectcapital to PT Sentul Summit Development with thecomposition of Sumitomo amounting toRp 233,100,000,000 (70%) and the Companyamounting to Rp 99,900,000,000 (30%).

Berdasarkan Perjanjian Pengikatan dengan PT SentulSummit Development tanggal 5 Desember 2017,Perusahaan akan menjual properti ke SSDdengan total harga sebesar Rp 1.266.165.000.000.

Penjualannya diakui berdasarkan persentase progresspekerjaan sebesar 42,45% yaitu sebesarRp 537.487.042.500 dan beban pokok pendapatansebesar Rp 162.639.763.655.

Based on Binding Agreement with PT Sentul SummitDevelopment on 5 December 2017, the Company willsell property to SSD for a total price ofRp 1,266,165,000,000.

The sale is recognized based on percentagecompletion of 42.45% of Rp 537,487,042,500 and costof revenue amounting to Rp 162,639,763,655.

Dari penjualan tersebut, Perusahaan mengakuipendapatan ditangguhkan sebesar Rp 112.454.183.654yang merupakan bagian 30% dari keuntunganpenjualan properti dari Perusahaan kepada SSD.

From the sale transaction, the Company alsorecognized deferred income amounting ofRp 112,454,183,654 which represents 30% ofthe unrealized gains from the sale of property of thecompany to SSD.

Page 80: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/70 Exhibit E/70

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

13. INVESTASI PADA ENTITAS ASOSIASI (Lanjutan) 13. INVESTMENT IN ASSOCIATES ENTITIES (Continued)

PT Sukses Pratama Gemilang (SPG) PT Sukses Pratama Gemilang (SPG)

Investasi BJA atas 300 saham SPG, yang merupakan50% dari total saham yang ditempatkan. PenyertaanBJA tersebut berdasarkan akta Notaris No. 29 tanggal15 Maret 2011 dari Jimmy Tanal, S.H., M.Kn.,pengganti dari Hasbullah Abdul Rasyid, S.H., M.Kn.,Notaris di Jakarta Selatan. BJA tidak memiliki kendaliatas kebijakan operasional dan keuangan SPG.

BJA’s investment of 300 shares of SPG, representing50% of the total shares issued. The BJA’s investmentbased on Notarial Deed No. 29 dated 15 March 2011of Jimmy Tanal, S.H., M.Kn., replacement ofHasbullah Abdul Rasyid, S.H., M.Kn., Notary in SouthJakarta. BJA does not have control overthe operational and financial policy of SPG.

PT Langgeng Sakti Persada (LSP) PT Langgeng Sakti Persada (LSP)

Investasi BJA atas 15.750 saham LSP, yang merupakan50% dari total saham yang ditempatkan. PenyertaanBJA tersebut berdasarkan akta Notaris No. 56 tanggal19 November 2012 dari Jimmy Tanal, S.H., M.Kn,pengganti dari Hasbullah Abdul Rasyid, S.H., M.Kn.,Notaris di Jakarta Selatan. BJA tidak memiliki kendaliatas kebijakan operasional dan keuangan LSP.

BJA’s investment of 15,750 shares of LSP, whichrepresents 50% of the total shares issued. The BJA’sinvestment based on Notarial Deed No. 56 dated19 November 2012 from Jimmy Tanal, S.H., M.Kn,replacement of Hasbullah Abdul Rasyid, S.H., M.Kn.,Notary in South Jakarta. BJA does not have controlover the operational and financial policy of LSP.

PT Serumpun Lestari Sejahtera (SLS) PT Serumpun Lestari Sejahtera (SLS)

Investasi BJA atas 5.000 saham SLS, yang merupakan50% dari total saham yang ditempatkan. PenyertaanBJA tersebut berdasarkan akta Notaris No. 113 tanggal13 September 2013 dari Jimmy Tanal, S.H., M.Kn.,pengganti dari Hasbullah Abdul Rasyid, S.H., M.Kn.,Notaris di Jakarta Selatan. BJA tidak memiliki kendaliatas kebijakan operasional dan keuangan SLS.

BJA has investment of 5,000 shares on SLS, which is50% of total outstanding shares. The investment ofBJA was based on Notarial deed No. 113 dated13 September 2013 by Jimmy Tanal, S.H., M.Kn.,replacement of Hasbullah Abdul Rasyid, S.H., M.Kn.,Notary in South Jakarta. BJA has no control on SLS’soperational and financial policies.

PT Bintang Emerald Perdana (BEP) PT Bintang Emerald Perdana (BEP)

Investasi BJA atas 300 saham BEP, yang merupakan50% dari total saham yang ditempatkan. PenyertaanBJA tersebut berdasarkan akta Notaris No. 152 tanggal20 Desember 2012 dari Jimmy Tanal, S.H., M.Kn.,pengganti dari Hasbullah Abdul Rasyid, S.H., M.Kn.,Notaris di Jakarta Selatan. BJA tidak memiliki kendaliatas kebijakan operasional dan keuangan BEP.

BJA’s investment over 300 shares of BEP, which is50% of the total shares issued. The BJA investmentbased on Notarial Deed No. 152 dated 20 December2012 of Jimmy Tanal, S.H., M.Kn., replacement ofHasbullah Abdul Rasyid, S.H., M.Kn., Notary in SouthJakarta. BJA does not have control over theoperational and financial policy of BEP.

PT Cakrawala Bintang Unggulan (CBU) PT Cakrawala Bintang Unggulan (CBU)

Investasi BJA atas 300 saham CBU, yang merupakan50% dari total saham yang ditempatkan. PenyertaanBJA tersebut berdasarkan akta Notaris No. 52 tanggal13 Juni 2013 dari Hasbullah Abdul Rasyid, S.H., M.Kn.,Notaris di Jakarta Selatan. BJA tidak memiliki kendaliatas kebijakan operasional dan keuangan CBU.

BJA has investment of 300 shares on CBU, which is50% of total outstanding shares. The investment ofBJA was based on Notarial deed No. 52 dated 13 June2013 by Hasbullah Abdul Rasyid, S.H., M.Kn., Notaryin South Jakarta. BJA does not have control over theoperational and financial policies of CBU.

PT Royal Sentul Resort Hotel (RSRH) PT Royal Sentul Resort Hotel (RSRH)

Berdasarkan akta Notaris Utiek RochmuljatiAbdurahman, S.H., No. 5 tanggal 19 Juni 2006, RSRHmenerbitkan saham baru sehingga mengakibatkankepemilikan saham Perusahaan terdilusi dari 99,99%menjadi 48,00%.

Based on Notarial deed Utiek RochmuljatiAbdurachman, S.H., No. 5 dated 19 June 2006, RSRHissuing new shares, resulting in the Company'sownership was diluted from 99.99% to 48.00%.

Page 81: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/71 Exhibit E/71

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

13. INVESTASI PADA ENTITAS ASOSIASI (Lanjutan) 13. INVESTMENT IN ASSOCIATES ENTITIES (Continued)

PT Royal Sentul Resort Hotel (RSRH) (Lanjutan) PT Royal Sentul Resort Hotel (RSRH) (Continued)

Selanjutnya penyertaan Perusahaan pada RSRHtersebut dinyatakan berdasarkan metode ekuitas(equity method) efektif dari tanggal dilusi tersebutdengan menggunakan nilai tercatat sebagai biayaperolehan baru.

Furthermore, the Company's investment in RSRHstated based on equity method that effective fromthe date of such dilution by using the value recordedas the new acquisition cost.

Pada tanggal 31 Desember 2017 dan 2016, Perusahaanmencadangkan penyisihan penurunan seluruh nilaiinvestasi atas penyertaan pada RSRH sebesarRp 14.101.401.246.

As of 31 December 2017 and 2016, the Companyaccrued the entire value of the investmentallowance for impairment of investment in RSRHRp 14,101,401,246.

Pada tanggal 31 Desember 2017 dan 2016, nilaitercatat investasi untuk RSRH adalah nihil.

As of 31 December 2017 and 2016, the carrying valueof investment of RSRH is nil.

PT Jakarta Polo dan Equestrian (JPE) PT Jakarta Polo and Equestrian (JPE)

Berdasarkan akta Notaris Ny. Rose Takarina, S.H.,No. 51 tanggal 30 Juni 2006, Perusahaan telah menjual45.000 saham JPE kepada pihak ketiga dan diperjelaskembali oleh akta Notaris Ny. Rose Takarina, S.H.,No. 42 tanggal 21 Oktober 2009. Setelah pengalihantersebut, persentase pemilikan efektif Perusahaan diJPE yang sebelumnya 60% terdilusi menjadi 42%.

Based on Notarial deed by Mrs. Rose Takarina, S.H.,No. 51 dated 30 June 2006, the Company has sold45,000 shares of JPE to third party and clarified bydeed of Notary Mrs. Rose Takarina, S.H., No. 42dated 21 October 2009. After this acquisition, theCompany's effective ownership percentage in theprevious JPE was diluted by 60% to 42%.

Selanjutnya penyertaan Perusahaan pada JPE tersebutdinyatakan berdasarkan metode ekuitas (equitymethod) efektif dari tanggal dilusi tersebut denganmenggunakan nilai tercatat sebagai biaya perolehanbaru.

Furthermore, the Company's investment in the JPEstated based on the equity method effective fromthe date of such dilution by using the value recordedas the new acquisition cost.

Pada tanggal 31 Desember 2017 dan 2016, Perusahaanmencadangkan penyisihan penurunan seluruh nilaiinvestasi atas penyertaan pada JPE sebesarRp 105.000.000.

As of 31 December 2017 and 2016, the Companyaccrued the entire value of the investment allowancefor impairment of investment in JPE Rp 105,000,000.

Pada tanggal 31 Desember 2017 dan 2016, nilaitercatat investasi untuk JPE adalah nihil.

As of 31 December 2017 and 2016, the carrying valueof investment of JPE is nil.

PT Group Seventy Asia (GSA) PT Group Seventy Asia (GSA)

Berdasarkan akta Notaris Flora Elisabeth S.H., M.Kn.,No. 7 tanggal 30 September 2016 yang telahmendapatkan persetujuan dari Menteri Hukum danHak Asasi Manusia Republik Indonesia denganSurat Keputusan No. AHU-AH.01.03-0089289 tanggal14 Oktober 2016, dijelaskan bahwa Perusahaan danGroup 70 International Inc sepakat untuk mendirikanGSA, dengan kepemilikan Perusahaan sebanyak5.085 saham sejumlah Rp 5.085.000.000 dengan 45%kepemilikan.

Based on Notarial deed by Flora Elisabeth S.H.,M.Kn., No. 7 dated 30 September 2016 that wasapproved by the Minister of Law and Human Rights ofthe Republic of Indonesia in his Decision LetterNo. AHU-AH.01.03-0089289 dated 14 October2016, explained that the Company and Group 70International Inc agreed to establish GSA, with theCompany’s ownership of 5,085 shares or amountingto Rp 5,085,000,000 with 45% ownership.

Page 82: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/72 Exhibit E/72

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

14. ASET TETAP 14. PROPERTY AND EQUIPMENT

31 Desember 2017

Saldo awal/Beginningbalance

Penambahan/Additions

Pengurangan/Deductions

Reklasifikasi/Reclassification

Saldo akhir/Ending balance 31 December 2017

Nilai perolehan C o s t sPemilikan langsung Direct ownershipT a n a h 28.625.823.187 - - - 28.625.823.187 LandBangunan 141.924.136.618 201.077.400 101.361.729 142.226.575.747 BuildingInstalasi air bersih 59.835.515.625 2.814.756.569 - - 62.650.272.194 Water installationPeralatan proyek 5.772.373.637 600.871.821 - - 6.373.245.458 Project equipments

Alat-alat pengangkutan 7.933.252.812 2.081.058.563 - - 10.014.311.375Transportationequipments

Peralatan dan perabot kantor 34.696.996.071 1.863.207.042 - - 36.560.203.113 Furnitures & fixtures

Aset dalam penyelesaian 16.839.182.079 2.377.535.735 - 33.582.825.422 52.799.543.236 Construction-in-progress

Aset sewa pembiayaan Finance leaseKendaraan 3.319.837.500 634.908.524 - - 3.954.746.024 Vehicles

T o t a l 298.947.117.529 10.573.415.654 - 33.684.187.151 343.204.720.334 T o t a l

Akumulasi penyusutanAccumulated

depreciationPemilikan langsung Direct ownershipBangunan 25.797.102.350 6.941.577.425 - - 32.738.679.775 BuildingsInstalasi air bersih 49.845.283.047 820.514.798 - - 50.665.797.845 Water installationPeralatan proyek 3.243.363.864 1.206.332.986 - - 4.449.696.850 Project equipments

Alat-alat pengangkutan 6.010.796.868 887.400.076 - - 6.898.196.944Transportationequipments

Peralatan dan perabot kantor 31.124.196.799 2.533.922.333 - - 33.658.119.132 Furniture and fixtures

Aset sewa pembiayaan Finance leaseKendaraan 1.095.377.412 596.369.246 - - 1.691.746.658 Vehicles

T o t a l 117.116.120.340 12.986.116.864 - - 130.102.237.204 T o t a l

Nilai tercatat 181.830.997.189 213.102.483.130 Carrying amount

31 Desember 2016

Saldo awal/Beginningbalance

Penambahan/Additions

Pengurangan/Deductions

Reklasifikasi/Reclassification

Saldo akhir/Ending balance 31 December 2016

Nilai perolehan C o s t sPemilikan langsung Direct ownershipT a n a h 26.716.300.000 1.909.523.187 - - 28.625.823.187 LandBangunan 140.824.765.604 1.099.371.014 - - 141.924.136.618 BuildingInstalasi air bersih 59.835.515.625 - - - 59.835.515.625 Water installationPeralatan proyek 4.985.052.737 787.320.900 - - 5.772.373.637 Project equipments

Alat-alat pengangkutan 7.285.002.812 648.250.000 - - 7.933.252.812Transportationequipments

Peralatan dan perabot kantor 33.974.633.771 722.362.300 - - 34.696.996.071 Furnitures & fixtures

Aset dalam penyelesaian 16.551.582.403 287.599.676 - - 16.839.182.079 Construction-in-progress

Aset sewa pembiayaan Finance leaseKendaraan 4.752.963.188 - ( 1.433.125.688) - 3.319.837.500 Vehicles

T o t a l 294.925.816.140 5.454.427.077 ( 1.433.125.688) - 298.947.117.529 T o t a l

Akumulasi penyusutanAccumulated

depreciationPemilikan langsung Direct ownershipBangunan 18.813.341.630 6.983.760.720 - - 25.797.102.350 BuildingsInstalasi air bersih 49.050.099.551 795.183.496 - - 49.845.283.047 Water installationPeralatan proyek 2.169.229.941 1.074.133.923 - - 3.243.363.864 Project equipments

Alat-alat pengangkutan 5.055.139.363 955.657.505 - - 6.010.796.868Transportationequipments

Peralatan dan perabot kantor 27.925.805.846 3.198.390.953 - - 31.124.196.799 Furniture and fixtures

Aset sewa pembiayaan Finance leaseKendaraan 1.622.477.546 - ( 527.100.134) - 1.095.377.412 Vehicles

T o t a l 104.636.093.877 13.007.126.597 ( 527.100.134) - 117.116.120.340 T o t a l

Nilai tercatat 190.289.722.263 181.830.997.189 Carrying amount

Page 83: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/73 Exhibit E/73

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

14. ASET TETAP (Lanjutan) 14. PROPERTY AND EQUIPMENT (Continued)

Beban penyusutan dibebankan ke dalam beban pokokpendapatan, beban penjualan dan beban umumdan administrasi masing-masing pada tahun yangberakhir 31 Desember 2017 dan 2016 adalah sebagaiberikut:

Depreciation expenses charged to cost of revenues,selling expenses and general and administrativeexpenses for the year ended 31 December 2017 and2016 are as follows:

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Beban pokok pendapatan(Catatan 28) 1.759.482.777 3.845.622.941 Cost of revenue (Note 28)

Beban penjualan (Catatan 29) 20.250.584 32.231.493 Selling expenses (Note 29)Beban umum dan administrasi

(Catatan 30) 11.206.383.503 9.129.272.163General and administrative

expenses (Note 30)

T o t a l 12.986.116.864 13.007.126.597 T o t a l

Hak legal atas tanah berupa HGB atas namaPerusahaan dan entitas anak berjangka waktu 20-30tahun yang akan jatuh tempo pada tahun 2011-2033.Manajemen berkeyakinan tidak terdapat kesulitandalam perpanjangan HGB.

The legal rights over the land in the form of HGBunder the name of the Company and subsidiaries haveperiods of 20-30 years, which expired on 2011-2033.Management believes that there will be no difficultyin the extension of the landright.

Aset dalam penyelesaian pada tanggal 31 Desember2017 dan 2016 terutama terdiri dari bangunan. Asetdalam penyelesaian tersebut diestimasikan akandiselesaikan antara tahun 2018 dan 2017 denganpersentase penyelesaian kini sebagai berikut:

Construction-in-progress as of 31 December 2017and 2016 mainly comprised of building. Thoseconstruction-in-progress are estimated to becompleted between 2018 and 2017 with currentpercentages of completion as below:

31 Desember 2017

Persentasepenyelesaian/Percentage ofCompletion

Akumulasi biayaperolehan/

Accumulatedcosts

Tanggalpenyelesaiandiestimasif/Estimated

completion date 31 December 2017

Lahan parkir condotel 97% 17.316.222.403Maret 2018/March 2018 Condotel parking lot

31 Desember 2016

Persentasepenyelesaian/Percentage ofCompletion

Akumulasi biayaperolehan/

Accumulatedcosts

Tanggalpenyelesaiandiestimasif/Estimated

completion date 31 December 2016

Lahan parkir condotel 96% 16.746.796.411Maret 2017/March 2017 Condotel parking lot

Semua aset tetap pada periode pelaporan telahdigunakan secara penuh untuk mendukung aktivitasoperasi entitas. Aset tersebut belum sepenuhnyadisusutkan, dan tidak terdapat aset yang disusutkanpenuh yang masih digunakan entitas di dalamoperasinya.

All of the property and equipment as at the reportingperiod are fully used to support the entity’s operationactivities. Those assets are not yet fully depreciated,and there’s no fully depreciated assets that are stillused by the entity in its operation.

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These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/74 Exhibit E/74

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

14. ASET TETAP (Lanjutan) 14. PROPERTY AND EQUIPMENT (Continued)

Pada tanggal 31 Desember 2017 dan 2016, aset tetapberupa bangunan serta peralatan dan perabot kantordiasuransikan terhadap risiko kebakaran, kebanjirandan risiko kerugian lainnya (all risks) dengan nilaipertanggungan masing-masing sekitar Rp 102,5 miliardan Rp 102,5 miliar. Manajemen berpendapat bahwanilai pertanggungan tersebut cukup untuk menutupikemungkinan kerugian atas aset yangdipertanggungkan.

Berdasarkan evaluasi manajemen, tidak terdapatpenurunan atas nilai aset tetap Perusahaan danentitas anak pada tanggal 31 Desember 2017 dan2016.

As of 31 December 2017 and 2016, buildings andfurnitures and fixtures are covered by insuranceagainst losses by fire, flood and other risks (all risks)with a total coverage amount of approximatelyRp 102.5 billion and Rp 102.5 billion, respectively.Management believes that the existing insurancecoverage is adequate to cover possible losses that mayarise from the insured risks.

Based on the evaluation of the management, thereis no impairment in the value of the Companyand subsidiaries’ property and equipment as of31 December 2017 and 2016.

15. PROPERTI INVESTASI 15. INVESTMENT PROPERTY

Saldo awal/Beginningbalance

Penambahan/Additional

Reklasifikasi/Reclassfication

Nilai wajar yangdiakui dalam

laba rugi/The fair valuerecognized inprofit or loss

Saldo akhir/Ending balance

31 Desember 2017 31 December 2017

T a n a h 529.690.741.250 - - - 529.690.741.250 L a n dAset dalam penyelesaian 145.481.070.636 518.035.189.934 663.516.260.570 Construction-in-progress

T o t a l 675.171.811.886 518.035.189.934 - - 1.193.207.001.820 T o t a l

31 Desember 2016 31 December 2016

T a n a h 346.166.966.250 - 3.866.532.000 179.657.243.000 529.690.741.250 L a n dAset dalam penyelesaian 14.268.640.797 131.212.429.839 - - 145.481.070.636 Construction-in-progress

T o t a l 360.435.607.047 131.212.429.839 3.866.532.000 179.657.243.000 675.171.811.886 T o t a l

Pada tanggal 31 Desember 2017 dan 31 Desember2016, reklasifikasi ke properti investasi dengan nilaibuku neto masing-masing sebesar nihil danRp 3.866.532.000 dari persediaan dikarenakanperubahan intensi manajemen atas penggunaan tanahtersebut (Catatan 9).

In 31 December 2017 dan 2016, the reclassificationto investment property with a net bookvalue amounting to nil and Rp 3,866,532,000,respectively, from inventory was due to the change inmanagement’s intentions on the use of the land withrespect to the use of these assets (Note 9).

Di bawah ini adalah rincian dan lokasi tanahdan bangunan dalam penyelesaian pada tanggal31 Desember 2017 dan 2016.

Below is the detail and location land and constructionin progress as of 31 December 2017 and 2016.

J u m l a h / A m o u n t

Proyek / Project Lokasi/Location31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

AEON MALL Jl. MH. Thamrin No.61, Sentul City 1.193.207.001.820 675.171.811.886

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These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/75 Exhibit E/75

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

15. PROPERTI INVESTASI (Lanjutan) 15. INVESTMENT PROPERTIES (Continued)

Di bawah ini adalah estimasi jangka waktupenyelesaian atas aset dalam penyelesaian padatanggal 31 Desember 2017 dan 2016.

Below is the estimated completion period of theassets in progress as of 31 December 2017 and 2016.

Proyek/ProjectPersentase penyelesaian (%)/Percentage completion (%)

Perkiraan waktu penyelesaian/Estimated time of completion

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

AEON Mall 100% Perataan/Grading

100% Perataan/Grading

Kuartal 1 2017/1st Quarter 2017

Kuartal 1 2017/1st Quarter 2017

100% Pondasi/Foundation

100% Pondasi/Foundation

31 Desember 2016/31 December 2016

31 Desember 2016/31 December 2016

54,16% Konstruksi/Construction

0% Konstruksi/Construction

November 2018/November 2018

Kuartal 1 2018/1st Quarter 2018

Pada tanggal 31 Desember 2017 dan 2016 terdapatbiaya pinjaman yang dikapitalisasi ke propertiinvestasi sebsesar Rp 9.090.359.915 dan nihil.

As of 31 December 2017 and 2016 there is borrowingcosts capitalized to investment property amounted toRp 9,090,359,915 and nil.

Pada tanggal 31 Desember 2017 dan 2016, Perusahaanmenggunakan dasar penilaian yang dilakukan olehpenilai independen KJPP Bambang dan Ernasapta,dengan menggunakan metode pendekatanperbandingan data pasar dan pendekatan biaya,laporannya tertanggal 6 Februari 2017. Pada tanggal31 Desember 2015, Perusahaan menggunakan dasarpenilaian yang dilakukan oleh penilai independen KJPPAsmawi dan Rekan, dengan menggunakan metodependekatan perbandingan data pasar dan pendekatanbiaya, laporannya tertanggal 7 Maret 2016.

Nilai wajar properti investasi atas tanah padatanggal 31 Desember 2017 dan 2016 masing-masingsebesar Rp 529.690.741.250.

As of 31 December 2017 and 2016, the Company usedbasis for valuation by independent appraisers KJPPBambang and Ernasapta, using method the marketdata approach and cost approach, the report wasdated 6 February 2017. As of 31 December 2015,the Company used basis for valuation by independentappraisers KJPP Asmawi and Partner, using methodthe market data approach and cost approach, thereport was dated 7 March 2016.

The fair vaue of investment property of land asof 31 December 2017 and 2016 amounted toRp 529,690,741,250, respectively.

Berdasarkan penelaahan manajemen, tidak terdapatkejadian-kejadian atau perubahan-perubahankeadaan yang mengindikasikan adanya penurunannilai properti investasi pada tanggal 31 Desember2017 dan 2016.

Based on management’s assessments, there are noevents or changes in circumstances indicate animpairment of investment properties as of31 December 2017 and 2016.

16. ASET KEUANGAN TIDAK LANCAR LAINNYA 16. OTHER NON-CURRENT FINANCIAL ASSETS

31 Desember 2017/31 December 2017

31 Desember2016/31 December 2016

Dana yang dibatasi penggunaannya 76.193.184.298 77.770.948.589 Restricted fundsUang jaminan dapat dikembalikan 25.005.639.600 24.749.589.600 Refundable depositsAset keuangan tersedia untuk dijual 463.200.549 - Available-for-sale financial assets

T o t a l 101.662.024.447 102.520.538.189 T o t a l

Page 86: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/76 Exhibit E/76

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

16. ASET KEUANGAN TIDAK LANCAR LAINNYA (Lanjutan) 16. OTHER NON-CURRENT FINANCIAL ASSETS(Continued)

Dana yang Dibatasi Penggunaannya Restricted Funds

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Dalam Rupiah In RupiahPT Bank Negara Indonesia

(Persero) Tbk 63.398.870.613 63.398.870.613PT Bank Negara Indonesia

(Persero) TbkPT Bank Mandiri (Persero) Tbk 8.233.406.262 8.346.406.262 PT Bank Mandiri (Persero)TbkPT Bank Central Asia Tbk 1.629.049.378 1.851.104.353 PT Bank Central Asia TbkPT Bank UOB Indonesia 1.282.712.990 1.282.712.990 PT Bank UOB IndonesiaPT Bank Bukopin Tbk 1.160.865.613 1.159.933.067 PT Bank Bukopin TbkPT Bank Permata Tbk 478.279.442 1.731.921.304 PT Bank Permata TbkPT Bank Tabungan Negara

(Persero) Tbk 10.000.000 -PT Bank Tabungan Negara

(Persero) Tbk

T o t a l 76.193.184.298 77.770.948.589 T o t a l

Dana Perusahaan dan entitas anak yang ditempatkanpada beberapa bank pada 31 Desember 2017 dan 2016merupakan dana pencairan KPR dari konsumen yangtidak bisa digunakan oleh Perusahaan dan entitasanak berdasarkan pernyataan yang tercantum dalamPerjanjian Jual Beli antara Perusahaan dan entitasanak dengan bank.

The Company and subsidiaries’ funds which wereplaced in several banks as of 31 December 2017 and2016 were liquidation of KPR funds from customersthat are not available for use by the Company andsubsidiaries in accordance with the terms of theFinancing Agreement between the Company andsubsidiaries with banks.

17. PINJAMAN 17. L O A N S

a. Pinjaman Bank Jangka Pendek a. Short-Term Bank Loans

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

PT Bank Pan Indonesia Tbk 19.924.894.537 49.938.894.634 PT Bank Pan Indonesia TbkPT Bank Bukopin Tbk 19.000.000.000 19.000.000.000 PT Bank Bukopin TbkPT Bank Tabungan Negara

(Persero) Tbk 8.500.000.000 8.500.000.000PT Bank Tabungan Negara

(Persero) TbkPT Bank Mayapada Internasional Tbk - 154.500.000.000 PT Bank Mayapada Internasional TbkPT Bank Capital Indonesia Tbk - 80.000.000.000 PT Bank Capital Indonesia TbkPT Bank Artha Graha

Internasional Tbk - 55.917.622.025PT Bank Artha GrahaInternasional Tbk

PT Bank CIMB Niaga Tbk - 14.949.971.427 PT Bank CIMB Niaga Tbk

T o t a l 47.424.894.537 382.806.488.086 T o t a l

PT Bank Pan Indonesia Tbk (Panin) PT Bank Pan Indonesia Tbk (Panin)

Perusahaan Company

Berdasarkan akta Notaris Sri RahayuningsihNo. 61 tertanggal 24 Mei 2016 bahwa Perusahaanmemperoleh fasilitas Pinjaman RekeningKoran (PRK) dengan jumlah maksimumRp 30.000.000.000 yang dikenakan bunga sebesar13% per tahun dan jatuh tempo pada 24 Mei 2017.

Based on the Notarial deed by Sri RahayuningsihNo. 61 dated 24 May 2016 described that theCompany obtained Overdraft Loan (PRK) with amaximum amounting to Rp 30,000,000,000 whichbears interest at 13% per annum and mature on24 May 2017.

Page 87: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/77 Exhibit E/77

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

17. PINJAMAN (Lanjutan) 17. L O A N S (Continued)

a. Pinjaman Bank Jangka Pendek (Lanjutan) a. Short-Term Bank Loans (Continued)

PT Bank Pan Indonesia Tbk (Panin) (Lanjutan) PT Bank Pan Indonesia Tbk (Panin) (Continued)

Perusahaan (Lanjutan) Company (Continued)

Pinjaman ini dijamin oleh tanah Perusahaan(Catatan 10). Pada tanggal 16 November 2017,Perusahaan sudah melunasi pinjaman Bank PanIndonesia Tbk dan jaminan terkait telahdilepaskan.

This loans secured by the Company’s land (Note10). On 16 November 2017, the Company has paidoff the loan with Bank Pan Indonesia Tbk and therelated guarantee has been released.

Entitas Anak Subsidiary

PT Bukit Jonggol Asri (BJA) PT Bukit Jonggol Asri (BJA)

Berdasarkan Akta Perjanjian Pinjaman No. 59tanggal 20 Februari 2013, BJA memperolehfasilitas pinjaman rekening Koran denganmaksimum sebesar Rp 20.000.000.000, dikenakansuku bunga 11% per tahun, jatuh tempo sampaidengan 20 Februari 2015 dan sudah diperpanjangsampai dengan 20 Februari 2017 dengan sukubunga 12,25%. Perusahaan menjaminkan asetberupa tanah sebagai jaminan pinjaman ini(Catatan 10).

Based on Loan Agreement No. 59 dated20 February 2013, BJA has overdraft facility witha maximum loan Rp 20,000,000,000, the loanbears floating interest of 11% per annum, willmature until 20 February 2015 and has extendeduntil 20 February 2017 with bears interest of12,25%. The Company guarantees land as the loansecured (Note 10).

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman Perusahaan dan entitas anakmasing-masing sebesar Rp 19.924.894.537 danRp 49.938.894.634.

As of 31 December 2017 and 2016, the Companyand subsidiary’s outstanding balance amounted toRp 19,924,894,537 dan Rp 49,938,894,634,respectively.

PT Bank Bukopin Tbk (Bukopin) PT Bank Bukopin Tbk (Bukopin)

Perusahaan Company

Berdasarkan Perjanjian Kredit No. XLIV/045/BUKI/PK-REG/VII/2014 tanggal 24 Juli 2014,Perusahaan mendapat pinjaman senilaiRp 10.000.000.000 dari Bukopin dengan jangkawaktu 3 bulan sampai dengan 24 Oktober 2014.Berdasarkan Surat Persetujuan PerpanjanganFasilitas Kredit No. 19510/DKKMII/X/2016 tanggal20 Oktober 2016, pinjaman ini telah diperpanjangsampai dengan 24 Oktober 2017.

Based on Loan Agreement No. XLIV/045/BUKI/PK-REG/VII/2014 dated 24 July 2014, the Companyobtain loan from Bukopin amounting toRp 10,000,000,000 that will mature in3 months or on 24 October 2014. Based onthe Letter of Credit Facility ExtensionNo. 19510/DKKMII/X/2016 dated 20 October 2016,this loan has extend until 24 October 2017.

Berdasarkan Perjanjian Kredit No. XXLIV/102/BUKI/PK-REG/X/2014 tanggal 28 Oktober 2014,Perusahaan mendapat pinjaman senilaiRp 9.000.000.000 dari Bukopin dengan jangkawaktu 6 bulan sampai dengan 24 April 2015.Berdasarkan Surat Persetujuan PerpanjanganFasilitas Kredit No. 19510/DKKMII/X/2016 tanggal20 Oktober 2016, pinjaman ini telah diperpanjangsampai dengan 30 Oktober 2017. Perusahaanmenjaminkan rekening atas nama PT SerpongKarya Cemerlang, entitas anak sebesarRp 19.000.000.000 (Catatan 8a).

Based on Loan Agreement No. XXLIV/102/BUKI/PK-REG/X/2014 dated 28 October 2014, theCompany obtain loan from Bukopin amounting toRp 9,000,000,000 that will mature 6 monthor on 24 April 2015. Based on the Letter of CreditFacility Extension No. 19510/DKKMII/X/2016 dated20 October 2016, this loan has extend until30 October 2017. The Company pledged bankstatement in the name of PT Serpong KaryaCemerlang, its subsidiaries amounting toRp 19,000,000,000 (Note 8a).

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman Perusahaan masing-masing sebesarRp 19.000.000.000.

As of 31 December 2017 and 2016,the Company’s outstanding balance amounted toRp 19,000,000,000, respectively.

Page 88: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/78 Exhibit E/78

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

17. PINJAMAN (Lanjutan) 17. L O A N S (Continued)

a. Pinjaman Bank Jangka Pendek (Lanjutan) a. Short-Term Bank Loans (Continued)

PT Bank Tabungan Negara (Persero) Tbk (BTN) PT Bank Tabungan Negara (Persero) Tbk (BTN)

Perusahaan Company

Berdasarkan Akta Perjanjian Kredit No. 92 tanggal24 Oktober 2015, Perusahaan mendapat pinjamansenilai Rp 17.500.000.000 dari BTN dengan jangkawaktu 36 bulan sampai dengan 28 Oktober 2018dengan suku bunga 13%. Perusahaan menjaminkantanah dan bangunan seluas 43,4 hektar di daerahSentul City, Desa Bojong Koneng, KecamatanCiteureup (Catatan 10).

Based on Deed of Credit Agreement No. 92 dated24 October 2015, the Company received a loan ofRp 17,500,000,000 from BTN with a period of36 months up to 28 October 2018 with an interestrate of 13%. Company pledged land and buildingscovering an area of 43.4 hectares in the SentulCity, Bojong Koneng Village, Citeureup District(Note 10).

Pada tanggal 31 Desember 2017 dan 2016, saldopinjaman Perusahaan masing-masing sebesarRp 8.500.000.000.

As of 31 December 2017 and 2016, the Company’soutstanding balance amounted toRp 8,500,000,000.

PT Bank Mayapada Internasional Tbk (Mayapada) PT Bank Mayapada Internasional Tbk(Mayapada)

Perusahaan Company

Pinjaman dari Mayapada merupakan fasilitaskredit “Pinjaman Tetap on Demand” berdasarkanSurat Utang No. 13, tanggal 4 Maret 2009 dan AktaPersesuaian No. 83, tanggal 19 Mei 2009 yangtermaktub dalam akta Notaris MisahardiWilamarta, S.H., M.Kn., dan jatuh tempo padatanggal 19 Maret 2010.

The loan from Mayapada represents “Fixed Loanon Demand” credit facility based on Debt LetterNo. 13, dated 4 March 2009 and Amendment DeedNo. 83 dated 19 May 2009 which were drawn up inNotarial deed of Misahardi Wilamarta, S.H.,M.Kn., and matured on 19 March 2010.

Perjanjian ini telah mengalami beberapa kaliperubahan. Pembaharuan terakhir pada aktapersesuaian No. 60/Pers/AOO/III/2016 tanggal16 Maret 2016. Dengan pembaharuan ini,Perusahaan diwajibkan membayar bunga pinjamansebesar 13% per tahun untuk fasilitas pinjamanPTX-OD I dan PTX-OD II, serta sebesar 16%per tahun untuk fasilitas pinjaman PTX-OD III.Jangka waktu fasilitas Pinjaman Tetap on DemandI, II dan III diperpanjang sampai dengan 19 Maret2017, jumlah maksimum fasilitas atas pinjaman iniadalah sebesar Rp 180.000.000.000. Pinjaman inidijamin dengan tanah seluas 128,60 hektar(Catatan 10) dan piutang usaha (Catatan 7). Padatanggal 27 Desember 2017, Perusahaan sudahmelunasi hutang Mayapada.

This loan has ben amended several times. Thelatest of which is based on Deed of conformityNo. 60/Pers/AOO/III/2016 dated 16 March 2016.With this renewal, the Company is required to payinterest on the loan at 13% per annum for loanfacility of PTX-OD I and PTX-OD II, and at 16% perannum for loan facility of PTX-OD III. The facilityof Fixed Loan on Demand I, II, and III is extendedto 19 March 2017, the maximum amount of theloan is Rp 180,000,000,000. This loan is secured byland with total area 128.60 hectares (Note 10) andtrade receivables (Catatan 7). On 27 December2017, the Company has paid off the loan withMayapada.

Pada tanggal 31 Desember 2017 dan 2016, saldopinjaman Perusahaan masing-masing sebesarnihil dan Rp 154.500.000.000.

As of 31 December 2017 and 2016, the Company’soutstanding balance amounted to nil andRp 154,500,000,000, respectively.

Page 89: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/79 Exhibit E/79

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

17. PINJAMAN (Lanjutan) 17. L O A N S (Continued)

a. Pinjaman Bank Jangka Pendek (Lanjutan) a. Short-Term Bank Loans (Continued)

PT Bank Capital Indonesia Tbk (BCI) PT Bank Capital Indonesia Tbk (BCI)

Perusahaan Company

Pinjaman dari BCI merupakan fasilitaspinjaman aksep dengan jumlah maksimumRp 50.000.000.000 berdasarkan PerjanjianPemberian Fasilitas Perbankan yang termaktubdalam akta Notaris Sianny, S.H., No. 47 tanggal11 Mei 2010. Pinjaman tersebut digunakan untukmendanai proyek infrastruktur dan dikenakanbunga sebesar 15% (floating rate) per tahun.Pinjaman ini jatuh tempo tanggal 26 Mei 2011.

The loan from BCI Tbk represents credit facilitywith a maximum amount of Rp 50,000,000,000was based on Bank Loan Facility Agreement whichwas drawn up in Notarial deed by Sianny, S.H.No. 47 of dated 11 May 2010. This loan was usedfor funding infrastructure projects and bearsinterest rate of 15% (floating rate) per annum.This loan mature dated 26 May 2011.

Berdasarkan akta Notaris Arman Lany, S.H., No. 9tanggal 26 Januari 2011, BCI memberikantambahan fasilitas berupa: Pinjaman Aksep I sebesar Rp 50.000.000.000

yang digunakan untuk mendanai proyekinfrastruktur, building dan green valley, danjatuh tempo pada tanggal 26 Mei 2011, dan

Pinjaman Aksep II sebesar Rp 30.000.000.000yang digunakan untuk modal kerja Perusahaandan akan jatuh tempo pada tanggal 26 Mei2011.

Based on Notarial deed by Arman Lany, S.H. No. 9dated 26 January 2011, BCI granted additionalfacilities in the form of: Accept Loan I amounting to

Rp 50,000,000,000 which were used torefinance infrastructure, building and GreenValley Cluster, and mature on 26 May 2011,and

Accept Loan II amounting toRp 30,000,000,000 which were used for theCompany’s working capital and will maturedated 26 May 2011.

Perjanjian ini telah mengalami beberapakali perubahan, yang terakhir berdasarkanAkta Adendum 8 No. 214/ADD/2016 tanggal28 September 2016, Perusahaan memperpanjangjangka waktu pelunasan fasilitas pinjaman Aksep Idan Aksep II kepada BCI masing-masing sebesarRp 50.000.000.000 dan Rp 30.000.000.000 menjaditanggal 26 Mei 2017. Perusahaan menjaminkanaset berupa tanah seluas 27,37 hektar sebagaijaminan kepada Bank (Catatan 10).

This loan has been amended several times, thelatest of which is based on Amendment Deed 8No. 214/ADD/2016 dated 28 September 2016,where the Company extend the repayment periodof Accept I and Accept II loan facilities to BCIwhich amounted to Rp 50,000,000,000 andRp 30,000,000,000, respectively, to 26 May 2017.The Company pledge it’s land with total area27.37 hectares as collateral to bank (Note 10).

Pada tanggal 16 Maret 2017, Perusahaan sudahmelunasi pinjaman dan sudah melepaskan jaminanyang terkait di BCI.

On 16 March 2017, the Company had fully paidthis loan to BCI and the related guarantee hasbeen released (Note 10).

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman Perusahaan masing-masing sebesarnihil dan Rp 80.000.000.000.

As of 31 December 2017 and 2016, theCompany’s outstanding balance amounted tonil and Rp 80,000,000,000, respectively.

Page 90: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/80 Exhibit E/80

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

17. PINJAMAN (Lanjutan) 17. L O A N S (Continued)

a. Pinjaman Bank Jangka Pendek (Lanjutan) a. Short-Term Bank Loans (Continued)

PT Bank Artha Graha Internasional Tbk (BAG) PT Bank Artha Graha Internasional Tbk (BAG)

Perusahaan Company

Perusahaan memperoleh fasilitas kredit “FixedLoan” sejumlah Rp 70.000.000.000 dari BAGberdasarkan Perjanjian Kredit No. 152 tertanggal15 Agustus 2008 yang termaktub dalam aktaNotaris Misahardi Wilamarta, S.H., M.Kn.Perjanjian Kredit ini telah diubah berdasarkanakta Notaris Dr. Irawan Soerodjo, S.H., Msi,No. 245 tanggal 27 Juli 2010.

The Company obtained a “Fixed Loan” creditfacility from BAG amounting to Rp 70,000,000,000based on Credit Agreement which was drawn up inNotarial deed No. 152 of MisahardiWilamarta, S.H., M.Kn., dated 15 August 2008.This Credit Agreement has been amended based onNotarial deed by Dr. Irawan Soerodjo, S.H., Msi,No. 245 dated 27 July 2010

Berdasarkan Amandemen Perjanjian KreditNo. 210 tertanggal 28 Januari 2011 yangtermaktub dalam akta Notaris Dr. IrawanSoerodjo, S.H., MSi, BAG menyetujui untukmengubah fasilitas pinjaman yang telah diterimaPerusahaan dari Fixed Loan menjadi RevolvingLoan sejumlah Rp 70.000.000.000.

Based on Amendment of Credit AgreementNo. 210, dated 28 January 2011, which weredrawn up in Notarial deed of Dr. Irawan Soerodjo,S.H., MSi, BAG agreed to change the loan facilityreceived by the Company from Fixed Loan intoRevolving Loan amounting to Rp 70,000,000,000.

Berdasarkan akta Notaris Dr. Irawan Soerodjo,S.H., M.Si, No. 26 tanggal 5 Agustus 2011,pinjaman ini diperpanjang dan jatuh tempo padatanggal 28 Juli 2012.

Based on Notarial deed by Dr. Irawan Soerodjo,S.H., M.Si, no. 26 dated 5 August 2011, this loan isextended up to 28 July 2012.

Pada tanggal 1 Agustus 2013, BAG memperbaharuifasilitas pinjaman Revolving Loan kepadaPerusahaan dari Rp 70.000.000.000 menjadiRp 67.500.000.000 dengan jangka waktu 36 bulanatau jatuh tempo pada 2 Agustus 2016 dengantingkat suku bunga 12,5% per tahun dan digunakanuntuk membangun proyek dan fasilitas penunjanglainnya.

As of 1 August 2013, BAG amend the revolvingloan facility of the Company amountingRp 70,000,000,000 to Rp 67,500,000,000 whichmature in 36 months or mature on 2 August 2016with interest rate of 12.5% per annum. The loan isfor construction of project and other supportingfacilities.

Pada tanggal 20 Juli 2016, BAG menyetujuiperpanjangan pinjaman Revolving Loan kepadaPerusahaan sebesar Rp 67.500.000.000 denganjangka waktu 12 bulan atau jatuh tempo pada2 Agustus 2017 dengan tingkat suku bunga 14,75%per tahun. Pinjaman ini digunakan untukmembangun proyek dan fasilitas penunjanglainnya. Pinjaman ini dijamin dengan tanahPerusahaan seluas 27,86 hektar pada 31 Desember2016 dan 30,32 hektar pada 31 Desember 2015(Catatan 10). Pada tanggal 7 Desember 2017,Perusahaan sudah melunasi pinjaman BAG.

As of 20 July 2016, BAG agreed to extendrevolving loan facility of the Companyamounting Rp 67,500,000,000 which will maturein 12 months or mature on 2 August 2017 withinterest rate of 14.75% per annum. The loan is forconstruction of project and other supportingfacilities. This loans secured by the Company’sland covering an area of 27.86 hectares as of31 December 2016 and 30.32 hectares as of31 December 2015 (Note 10). on 7 December 2017,the Company has paid off the loan with BAG.

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman Perusahaan masing-masing sebesarnihil dan Rp 55.917.622.025.

As of 31 December 2017 and 2016, the Company’soutstanding balance amounted to nil andRp 55,917,622,025, respectively.

Page 91: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/81 Exhibit E/81

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

17. PINJAMAN (Lanjutan) 17. L O A N S (Continued)

a. Pinjaman Bank Jangka Pendek (Lanjutan) a. Short-Term Bank Loans (Continued)

PT Bank CIMB Niaga Tbk (CIMB) PT Bank CIMB Niaga Tbk (CIMB)

Perusahaan Company

Berdasarkan Pernyataan Kembali No. 99 tertanggal29 Mei 2013 atas Perjanjian KreditNo. 289/CB/JKT/2011 tanggal 17 Oktober 2011perubahan kedua, Perusahaan menambah fasilitas“Pinjaman Tetap” (PT) dengan jumlah maksimumRp 35.000.000.000 yang dikenakan bunga sebesar10,5% per tahun, digunakan untuk bridging loanatas tagihan Perusahaan dengan jatuh tempopada tanggal 29 Mei 2014. “Pinjaman RekeningKoran” (PRK) dengan jumlah maksimumRp 15.000.000.000 yang dikenakan bunga sebesar11% per tahun, digunakan untuk membiayaikebutuhan umum modal kerja dengan jatuh tempopada tanggal 29 Mei 2014 dan sudah diperpanjangsampai dengan 31 Mei 2015.

Based on Restatement Agreement No. 99 dated29 May 2013 on Credit AgreementNo. 289/CB/JKT/2011 dated 17 October 2011second amendment, the Company obtained “FixedLoan” (FL) with facility limit of Rp 35,000,000,000which bears interest of 10.5% per annum. Thisfacility was used for bridging loan the Company’sbills, which will be due on 29 May 2014. “WorkingCapital Loan” (WCL) with facility limitRp 15,000,000,000 which bears interest 11% perannum, this facility was used for financing thegeneral working capital needs, which will be dueon 29 May 2014 and has been extended until31 May 2015.

Perjanjian ini telah mengalami beberapa kaliperubahan yang terakhir berdasarkan suratperubahan ke VIII, terdapat perubahan jaminandan Perusahaan diwajibkan membayar bungapinjaman “Pinjaman Tetap” sebesar 12,5% pertahun dan jangka waktu fasilitas pinjaman inidiperpanjang sampai dengan 22 November 2016.Sedangkan untuk “Pinjaman Rekening Koran”sebesar 12,5% per tahun dan diperpanjang sampaidengan 31 Mei 2017. Perusahaan menjaminkanaset berupa tanah sebagai jaminan atas pinjamanini (Catatan 10). Pada tanggal 28 April 2017,Perusahaan sudah melunasi pinjaman CIMB danpelepasan jaminan di CIMB (Catatan 10).

This agreement had ben amended several times.The latest amendment of letter changes VIII,there is a change about collateral and theCompany is required to pay interest on the “FixedLoan” 12,5% per annum and the facility period isextended to 22 November 2016. Whereas for“Working Capital Loan”, the Company is requiredto pay interest 12.5% per annum and the facilityperiod is extended to 31 May 2017. The Companypledge it’s land as collateral to bank (Note 10). On28 April 2017, the Company has paid off the loanwith CIMB and the related guarantee has beenreleased (Note 10).

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman Perusahaan masing-masing sebesarnihil dan Rp 14.949.971.427.

As of 31 December 2017 and 2016,the Company’s outstanding balance amounted tonil and Rp 14,949,971,427, respectively.

b. Pinjaman Bank Jangka Panjang b. Long-Term Bank Loans

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Dalam Rupiah In RupiahPT Bank QNB Indonesia Tbk 500.000.000.000 - PT Bank QNB Indonesia TbkPT Bank Negara Indonesia

(Persero) Tbk 495.744.971.514 -PT Bank Negara Indonesia

(Persero) TbkPT Bank Pan Indonesia Tbk 124.317.149.711 443.082.146.719 PT Bank Pan Indonesia TbkPT Bank Bukopin Tbk 7.147.084.096 12.497.325.045 PT Bank Bukopin TbkPT Bank UOB Indonesia 5.400.741.089 11.179.689.567 PT Bank UOB IndonesiaPT Bank Mayapada Internasional Tbk - 60.000.000.000 PT Bank Mayapada Internasional Tbk

T o t a l 1.132.609.946.410 526.759.161.331 T o t a l

Page 92: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/82 Exhibit E/82

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

17. PINJAMAN (Lanjutan) 17. L O A N S (Continued)

b. Pinjaman Bank Jangka Panjang (Lanjutan) b. Long-Term Bank Loans (Continued)

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Bagian pinjaman bank jangkapanjang yang akan jatuh tempodalam satu tahun

Current maturities of longterm bank loan

Dalam Rupiah In RupiahPT Bank Pan Indonesia Tbk 41.413.333.334 65.435.000.000 PT Bank Pan Indonesia TbkPT Bank Bukopin Tbk 600.000.000 12.497.325.045 PT Bank Bukopin TbkPT Bank Mayapada Internasional Tbk - 31.561.582.710 PT Bank Mayapada Internasional TbkPT Bank UOB Indonesia - 4.697.508.590 PT Bank UOB Indonesia

T o t a l 42.013.333.334 114.191.416.345 T o t a l

Pinjaman bank jangka panjang,setelah dikurangi bagian yangakan jatuh tempo dalam satutahun

Long-term bank loan, net ofcurrent maturities

Dalam Rupiah In RupiahPT Bank QNB Indonesia Tbk 500.000.000.000 - PT Bank QNB Indonesia TbkPT Bank Negara Indonesia

(Persero) Tbk 495.744.971.514 -PT Bank Negara Indonesia

(Persero) TbkPT Bank Pan Indonesia Tbk 82.903.816.377 377.647.146.719 PT Bank Pan Indonesia TbkPT Bank Bukopin Tbk 6.547.084.096 - PT Bank Bukopin TbkPT Bank UOB Indonesia 5.400.741.089 6.482.180.977 PT Bank UOB IndonesiaPT Bank Mayapada Internasional Tbk - 28.438.417.290 PT Bank Mayapada Internasional Tbk

T o t a l 1.090.596.613.076 412.567.744.986 T o t a l

PT Bank QNB Indonesia Tbk (QNBI) PT Bank QNB Indonesia Tbk (QNBI)

Perusahaan Company

Perusahaan memperoleh pinjaman sindikasiberjangka dengan maksimum kreditUSD 37.000.000 untuk tranche-A. Fasilitas ini akandidenominasi dalam mata uang Rupiah dan jumlahfasilitas akan ditentukan dalam Rupiah. Sampaidengan tanggal 31 Oktober 2017, Perusahaanbelum melakukan penarikan pinjaman. Penarikanpertama dilakukan bulan November 2017. Pinjamantersebut akan digunakan untuk membiayai kembalipinjaman bank yang ada. Jangka waktu pinjamanadalah 8 tahun sejak tanggal penarikan pertamatermasuk masa tenggang 12 bulan dengan tingkatbunga 11% per tahun.

The Company obtained syndication secured termloan facility with maximum credit amounting toU$ 37,000,000 for tranche-A. The facility will bedenominated in Rupiah and the amount of facilitywill be later determined in Rupiah. As of31 October 2017, the Company has not made anydrawdown of the loan. First drawdown wasin November 2017. The loan will be used torefinance existing bank loan. The loan period is 8years from the first drawdown date including thegrace period of 12 months with interest rate of11% per annum.

Perusahaan menjaminkan tanah seluas 273,10hektar sebagai jaminan (Catatan 10)

The Company pledged its land with total area of273.10 hectares as collateral (Note 10).

Page 93: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/83 Exhibit E/83

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

17. PINJAMAN (Lanjutan) 17. L O A N S (Continued)

b. Pinjaman Bank Jangka Panjang (Lanjutan) b. Long-Term Bank Loans (Continued)

PT Bank QNB Indonesia Tbk (QNBI) (Lanjutan) PT Bank QNB Indonesia Tbk (QNBI) (Continued)

Perusahaan (Lanjutan) Company (Continued)

Berdasarkan perjanjian pinjaman, Perusahaantidak diperkenankan untuk:- untuk melakukan perubahan atas usaha

Peminjam yang bersifat material tanpapersetujuan tertulis dari Pemberi Pinjaman;

- untuk melakukan perubahan pengendaliiPeminjam tanpa persetujuan tertulis dariPemberi Pinjaman;

- menjadi penjamin bagi pihak lainnya tanpapersetujuan tertulis dari Pemberi Pinjaman;

- untuk memperpanjang pinjaman dengan pihaklain tanpa persetujuan tertulis dari PemberiPinjaman;

- untuk melakukan merger, akuisisi,penggabungan atau melakukan tindakankorporasi yang bersifat mayoritas tanpapersetujuan tertulis dari Pemberi Pinjaman.

Under a loan agreement, the Company is notallowed to:- Make changes to the borrower's material

business without the written consent of thelender;

- Make changes to the borrower's charterwithout the prior written consent of thelender;

- Be a guarantor for the other without thewritten approval of the lender;

- Extend the loan with other parties withoutwritten approval from the lender;

- Merge, acquire, merge or perform corporateactions of a majority without the prior writtenconsent of the lender.

Pada tanggal 31 Desember 2017, saldo pinjamanPerusahaan ke QNBI sebesar Rp 500.000.000.000.

As of 31 December 2017, the outstanding balance ofthe Company to QNBI amounted toRp 500,000,000,000.

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

Perusahaan Company

Berdasarkan akta No 14 yang dibuat oleh TintinSurtini, S.H., M.H., tanggal 6 Juni 2017.Perusahaan memperoleh fasilitas kredit Investasisebesar Rp 812.000.000.000 danRp 56.700.000.000 yang ditujukan untukmembiayai Proyek Aeon Mall. Jangka waktupinjaman adalah 180 bulan atau sampai 5 Juni2032 termasuk masa tenggang 24 bulan dengantingkat 11,25% per tahun.

Based on Notarial deed No. 14 by Tintin Surtini,S.H., M.H., M.Kn., dated 6 June 2017. The Companyobtained investment credit facility amounting toRp 812,000,000,000 and Rp 56,700,000,000 which isintended to finance the Aeon Mall Project. The loanperiod is 180 months or until 5 June 2032 includinggrace period of 24 months with interest rate at11.25% per annum.

Perusahaan menjaminkan tanahnya seluas 4,34hektar sebagai jaminan (Catatan 10).

The Company pledged its land with total area of4.34 hectares as collateral (Note 10).

Tanpa persetujuan tertulis dari bank, bankmembatasi Perusahaan untuk, antara lain:- Menetapkan persyaratan perjanjian sewa guna

usaha dengan PT Aeon Mall Indonesia sebelumtanggal jatuh tempo kecuali jikapenghentiannya dilakukan untuk pelunasanpinjaman;

- Mengubah bentuk hukum dan/atau statushukum Perusahaan;

- Mengubah susunan Direksi, Dewan Komisarisdan kepemilikan saham mayoritas;

- Menjual dan menjaminkan aset, barang agunandan/atau saham Perusahaan kepada siapapun;

Without prior written approval from the bank, banklimits the Company to, as follows:- Set the terms of the lease agreement with

PT Aeon Mall Indonesia prior to maturity unlessthe proceeds of termination are for loanrepayment;

- Changing the legal form and/or legal status ofthe Company;

- Change the composition of the Board ofDirectors, Board of Commissioners andownership of shares of majority companies;

- Sell and pledge assets, collateral goods and/orshares of the Company to any person;

Page 94: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/84 Exhibit E/84

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

17. PINJAMAN (Lanjutan) 17. L O A N S (Continued)

b. Pinjaman Bank Jangka Panjang (Lanjutan) b. Long-Term Bank Loans (Continued)

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

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

Perusahaan (Lanjutan) Company (Continued)

Tanpa persetujuan tertulis dari bank, bankmembatasi Perusahaan untuk, antara lain:(Lanjutan)

Without prior written approval from the bank,bank limits the Company to, as follows:(Continued)

- Melunasi seluruh atau sebagian hutangperusahaan kepada pemegang saham dan/atauperusahaan afiliasi;

- Menerima pinjaman dari pihak lain (termasukmenerbitkan obligasi);

- Mengikatkan diri sebagai Penjamin (Borg),menjaminkan harta kekayaan dalam bentuk danmaksud apapun;

- Melakukan likuidasi atau pembubaran atautindakan-tindakan kepailitan;

- Melakukan merger, akuisisi, reorganisasi atauinvestasi atau penyertaan pada perusahaanlain;

- Menerbitkan atau menjual saham kecuali sahampublic;

- Melunasi atau membayar pokok dan/atau biayabunga dan/atau biaya-biaya lainnya ataspinjaman/kredit/hutang kepada pihak lain diluar pihak yang telah disetujui bank;

- Menarik kembali modal yang telah disetor;- Melakukan tindakan yang melanggar hukum

dan/atau peraturan yang berlaku;- Membuka bisnis baru yang tidak berhubungan

dengan bisnis yang ada;- Berinvestasi, penyertaan modal atau akuisisi

saham di perusahaan lain;- Memungkinkan pihak lain untuk menggunakan

Perusahaan untuk kegiatan usaha pihak lain;- Memberikan pinjaman kepada siapapun,

termasuk kepada pemegang saham, kecuali jikapinjaman diberikan dalam rangka transaksiperdagangan yang berkaitan langsung denganbisnisnya;

- Membawa sewa dari perusahaan leasing yangnilai transisinya bersifat material dan / ataumengakibatkan pelanggaran terhadap Financialcovenant;

- Menjual dan/atau menyewakan barang agunan;- Membubarkan Perusahaan dan meminta

dinyatakan bangkrut;- Hipotek atau menjaminkan saham Perusahaan

kepada pihak manapun;- Mengubah jalur bisnis;- Interfinancing dengan perusahaan afiliasi,

perusahaan induk dan/atau anak perusahaanyang nilai transisinya bersifat material;

- Refinance all or part of the Company's debt toshareholders and / or affiliated companies;

- Receiving loans from other parties (includingissuing bonds);

- Binding itself as a Guarantor (Borg), pledgingassets in any form and purpose;

- Conduct liquidation or dissolution orbankruptcy measures;

- Conduct mergers, acquisitions, reorganizationsor investments or inclusion in othercompanies;

- Issuing or selling shares except public shares;

- Refinance or pay principal and/or interestexpense and/or other expenses on loan/creditdebt to other parties other than partiesapproved by the bank;

- Withdraw the paid-up capital;- Conduct an act in violation of any applicable

law and/or regulation;- Open a new business that is not related to the

existing business;- Investing, equity participation or acquisition of

shares in other companies;- Allow other parties to use the Company for

other parties' business activities;- To grant a loan to any person, including to the

shareholders, unless the loan is granted in theframework of trading transactions directlyrelated to his business;

- Takes lease from a leasing company whosetransaction value is material and/or results ina violation of the Financial Covenant;

- Selling and/or renting collateral items;- Dissolve the Company and ask to be declared

bankrupt;- Mortgage or otherwise collateralize the

Company's shares to any party;- Change the line of business;- Interfinancing with affiliated companies,

parent companies and/or subsidiaries whosetransaction value is material;

Page 95: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/85 Exhibit E/85

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

17. PINJAMAN (Lanjutan) 17. L O A N S (Continued)

b. Pinjaman Bank Jangka Panjang (Lanjutan) b. Long-Term Bank Loans (Continued)

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

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

Perusahaan (Lanjutan) Company (Continued)

- Membuat kesepakatan dan transaksi yang tidakadil, termasuk namun tidak terbatas pada:a. Melakukan atau membatalkan kontrak atau

kesepakatan yang memiliki dampaksignifikan

b. Melakukan kemitraan yang mungkinberdampak negatif terhadap aktivitas bisnis

c. Melakukan transaksi dengan pihak lain, baikperorangan maupun perusahaan

- Menyerahkan atau mentransfer semua atausebagian hak dan / atau kewajiban; dan

- Mengubah ketentuan Master Lease.

- Making agreements and transactions that arenot fair, including but not limited to:a. Conduct or cancel contracts or agreements

that have significant impact

b. Conduct a partnership that may have anegative impact on the business activity

c. Conduct transactions with other parties,both individuals and companies

- Submit or transfer all or part of the rightsand/or obligations; and

- To amend the provisions of the Master Lease.

Pada tanggal 31 Desember 2017, saldo pinjamanPerusahaan ke BNI sebesar Rp 495.744.971.514.

As of 31 December 2017, the outstanding balanceof the Company to BNI amounted toRp 495,744,971,514.

PT Bank Pan Indonesia Tbk (Panin) PT Bank Pan Indonesia Tbk (Panin)

Perusahaan Company

Pada 16 April 2012, Perusahaan menandatanganiPerjanjian Kredit dan Perjanjian Jaminan dihadapan Notaris Sri Rahayuningsih, S.H., di manaPerusahaan memperoleh fasilitas kredit PinjamanJangka Panjang dari Panin dengan nilaimaksimum Rp 200.000.000.000 dengan tingkatbunga sebesar 11% per tahun.

On 16 April 2012, the Company entered into aCredit and Security Agreement in the presence ofNotary Sri Rahayuningsih, S.H., in which theCompany obtained a long-term loan credit facilityfrom Panin with a maximum value ofRp 200,000,000,000 and interest rate of 11%.

Perjanjian ini telah mengalami perubahanberdasarkan surat No. 1518/CIB/EXT/2015tanggal 11 Desember 2015 sehingga hutangfasilitas perusahaan menjadi sebagai berikut:1. Pinjaman jangka panjang 1 dengan jumlah

maksimum Rp 95.000.000.000 yangdigunakan untuk modal kerja Perusahaan danjatuh tempo sampai dengan 16 April 2017dengan suku bunga 12,25%;

2. Pinjaman jangka panjang 2 dengan jumlahmaksimum Rp 220.000.000.000 yangdigunakan untuk mendanai proyek SentulTower Apartment (STA) dan/atau STA Niagadan akan jatuh tempo 6 tahun sejakpenandatanganan perjanjian kredit dengansuku bunga 13%; dan

3. Pinjaman jangka panjang 3 dengan jumlahmaksimum Rp 80.000.000.000 yangdigunakan untuk mendanai pembangunanCluster Riverside dan akan jatuh tempo6 tahun sejak penandatanganan perjanjiankredit dengan suku bunga 13%.

This No. 1518/CIB/EXT/2015 dated 11 December2015 so that the Company’s debt facilities to be asfollows:

1. Long-term loans 1 with a maximum amount ofRp 95,000,000,000 which were used fot theCompany’s working capital and maturity until16 April 2017 with a 12.25% interest rate;

2. Long-term loans 2 with a maximum amount ofRp 220,000,000,000 whisch were used forrefinance the project of Sentul TowerApartment (STA) and/or STA Niaga and willmatured 6 years since the signing of the loanagreement with an interest rate of 13%; and

3. Long-term loans 3 with a maximum amount ofRp 80,000,000,000 which were used forrefinance the development of Riverside Clusterand will matured 6 years the signing of the loanagreement with an interest rate of 13%.

Page 96: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/86 Exhibit E/86

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

17. PINJAMAN (Lanjutan) 17. L O A N S (Continued)

b. Pinjaman Bank Jangka Panjang (Lanjutan) b. Long-Term Bank Loans (Continued)

PT Bank Pan Indonesia Tbk (Panin) (Lanjutan) PT Bank Pan Indonesia Tbk (Panin) (Continued)

Perusahaan (Lanjutan) Company (Continued)

Perjanjian ini dijamin dengan tanah Perusahaandan cross collateral antara Perusahaan denganBJA entitas anak seluas 280,21 hektar, tanahkosong seluas 37,30 hektar yang dimiliki olehPerusahaan yang terletak di Desa Bojong Koneng(Catatan 10), fidusia atas claim asuransi SentulTower Apartment dan personal guarantee dariBpk Kwee Cahyadi Kumala. Tahun 2017,Perusahaan sudah melunasi pinjaman Panin.

This agreement is secured by the Company’s landand cross collateral between the Company andsubsidiaries’ BJA an area of 280.21 hectares,an area of 37.30 hectares owned by the Companylocated in the village of Bojong koneng (Note 10),fiduciary of insurance claim Sentul Tower.Apartment and personel guarantee from Mr. KweeCahyadi Kumala. In 2017, the Company has paid offthe loan with Panin.

Entitas anak Subsidiary

PT Bukit Jonggol Asri (BJA) PT Bukit Jonggol Asri (BJA)

Berdasarkan Akta Perjanjian Pinjaman No. 59tanggal 20 Febuari 2013, BJA menandatanganiPerjanjian Kredit dan Perjanjian Jaminan dihadapan Notaris Sri Rahayuningsih, S.H., di manaBJA memperoleh 3 fasilitas kredit dari Panindengan nilai maksimum Rp 250.000.000.000,dibagi menjadi 3 (tiga) fasilitas pinjaman yaituPinjaman Jangka Panjang 1 (PJP 1), PinjamanJangka Panjang 2 (PJP 2) dan Pinjaman RekeningKoran (PRK).

Based on Loan Agreement No. 59 dated20 February 2013, the BJA entered into a LoanAgreement, in the presence of Notary SriRahayuningsih, S.H., where BJA obtained3 credit facilities from Panin with a maximumvalue of Rp 250,000,000,000, divided into3 Term Loans, namely, Pinjaman Jangka Panjang(Long-term Loan) 1 (PJP 1), Pinjaman JangkaPanjang (Long-term Loan) 2 (PJP 2) and PinjamanRekening Koran (Overdraft) (PRK).

PJP 1 dengan nilai maksimumRp 100.000.000.000, PJP 2 dengan nilaimaksimum Rp 130.000.000.000, dan PRK dengannilai maksimum Rp 20.000.000.000. Ketigapinjaman tersebut dikenakan bunga sebesar 11%per tahun fluktuasi. Untuk PJP 1 akan jatuhtempo dalam waktu 1,5 tahun, PJP 2 akan jatuhtempo dalam waktu 2,5 tahun dan untuk PRK akanjatuh tempo dalam waktu 2 tahun.

PJP 1 withmaximum value Rp 100,000,000,000,PJP 2 with maximum value of Rp 130,000,000,000,and PRK with a maximum value Rp 20,000,000,000.The loan bears floating interest of 11% per annum.PJP 1 will mature in 1.5 years, PJP 2 will mature in2.5 years and PRK will mature in 2 years.

Berdasarkan Perjanjian kredit No. 607/CIB/EXT/16 tanggal 13 Mei 2016, dijelaskan bahwafasilitas PJP dan PRK dengan nilai sebesarRp 170.907.149.719 dan Rp 20.000.000.000dengan suku bunga sebesar 12,25% per tahuntelah diperpanjang dengan jatuh tempo sampaidengan 20 Mei 2021 untuk PJP dan 20 Februari2017 untuk PRK. Tahun 2017, PRK sudahdiperpanjang sampai dengan 20 February 2018.Jaminan atas pinjaman tersebut berupa crosscollateral antara Perusahaan dan BJA seluas280,21 hektar (Catatan 10), fidusia piutangpenjualan untuk produk BJA (Catatan 7) danpersonal guarantee atas nama Bpk. Kwee CahyadiKumala.

Based on Loan Agreement No. 607/CIB/EXT/2016dated 13 May 2016, explained that PJP and PRKwith a value of Rp 170,907,149,719 andRp 20,000,000,000 with interest rate of 12.25%per year has extended up to 20 May 2021 for PJPand 20 February 2017 for PRK. In 2017, PRK hasbeen extended until 20 February 2018. Collateralfor the loan of cross collateral between thecompany and BJA an area of 280.21 hectares (Note10), fiduciary receivables of sale for BJAs’products (Note 7) and personal guarantees onbehalf of Mr. Kwee Cahyadi Kumala.

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman Perusahaan dan entitas anakmasing-masing sebesar Rp 124.317.149.711 danRp 443.082.146.719.

As of 31 December 2017 dan 2016, the outstandingbalance of the Company and subsidiary’s amountedto Rp 124,317,149,711 and Rp 443,082,146,719,respectively.

Page 97: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/87 Exhibit E/87

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

17. PINJAMAN (Lanjutan) 17. L O A N S (Continued)

b. Pinjaman Bank Jangka Panjang (Lanjutan) b. Long-Term Bank Loans (Continued)

PT Bank Bukopin Tbk (Bukopin) PT Bank Bukopin Tbk (Bukopin)

Perusahaan Company

Berdasarkan akta Notaris Tetty Herawati Soebroto,S.H., M.H., No. 32 tanggal 30 April 2014 atasperjanjian kredit dengan menggunakan jaminan.Perusahaan mendapatkan fasilitas kredit modalkerja dengan plafon Rp 21.000.000.000 dandikenakan bunga efektif sebesar 14,50% per tahun.Pinjaman ini berakhir pada 30 April 2017.

Based on Notarial deed by Tetty HerawatiSoebroto, S.H., M.H., No. 32 date 30 April 2014on credit agreements by using collateral.The Company get working capital facility with totalplafond amounting to Rp 21,000,000,000 and bearsinterest of 14.50% per annum. This loan will bevalid on 30 April 2017.

Berdasarkan akta Notaris Tetty Herawati Soebroto,S.H., M.H., No. 8 tanggal 27 September 2012 atasperjanjian kredit dengan menggunakanjaminan, Perusahaan mendapat fasilitas kreditberupa pinjaman installment dengan plafonRp 7.000.000.000 dan dikenakan bunga efektifsebesar 12,75% per tahun.

Based on Notarial deed by Tetty HerawatiSoebroto, S.H., M.H., No. 8 date 27 September2012 on credit agreements by using collateral, theCompany get credit facility in the form ofinstallment loans with total plafond amountingto Rp 7,000,000,000 and bears an effectiveinterest of 12.75% per annum.

Pinjaman ini akan berakhir pada tanggal27 September 2015 dan sudah dilunasi padatanggal 25 September 2015. Atas pinjamantersebut di atas, Perusahaan menjaminkan tanahseluas 3,09 hektar sebagai jaminan (Catatan 10).

This loan will be valid on 27 September 2015 andwas paid on 25 September 2015. Based on relatedloan, the Company pledged its land with total area3.09 hectares as collateral (Note 10).

Pada 20 Juli 2017, Perusahaan sudah melunasipinjaman ini.

On 20 July 2017, the Company fully paid this loan.

Entitas anak Subsidiary

PT Bukit Jonggol Asri (BJA) PT Bukit Jonggol Asri (BJA)

Berdasarkan Surat Persetujuan Pemberian Kredit(SPPK) No. 4187/DIBA/IV/IV/2012 tanggal 19 April2012, BJA memperoleh Fasilitas Kredit ModalKerja dari Bukopin dengan jumlah maksimumRp 25.000.000.000 dan dikenakan bunga efektifsebesar 12,9% per tahun. Pinjaman ini akanberlaku selama dua tahun dari tanggal pencairanpertama kali. Pinjaman ini telah dilunasi padabulan April 2014.

Based on Letter of Credit Agreement (SPPK)No. 4187/DIBA/IV/IV/2012 dated 19 April 2012, BJAobtained Working Capital Credit Facility fromBukopin with facility limit of Rp 25,000,000,000and bears interest of 12.9% per annum. This loanwill be valid for two years since the firstdrawdown. This loan was fully paid in April 2014.

Berdasarkan Surat Persetujuan PemberianKredit (SPPK) No. 11759/DIBA IV/IX/2014 tanggal17 September 2014, BJA memperolehpenambahan Fasilitas Kredit Modal Kerjadari Bukopin dengan jumlah maksimumRp 15.500.000.000 dan dikenakan bunga efektifsebesar 14% per tahun. Pinjaman ini akan berlakuselama tiga tahun dari tanggal pencairan pertamakali. BJA menjaminkan tanah seluas 6,63 hektarsebagai jaminan atas pinjaman ini.

Based on Letter of Credit Agreement (SPPK)No. 11759/DIBA IV/IX/2014 dated 17 September2014, BJA obtained Working Capital CreditFacility from Bukopin with facility limit ofRp 15,500,000,000 and bears interest of 14% perannum. This loan will be valid for three years fromthe first drawdown. BJA pledge it’s land with totalarea 6.63 hectares as collateral.

Page 98: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/88 Exhibit E/88

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

17. PINJAMAN (Lanjutan) 17. L O A N S (Continued)

b. Pinjaman Bank Jangka Panjang (Lanjutan) b. Long-Term Bank Loans (Continued)

PT Bank Bukopin Tbk (Bukopin) (Lanjutan) PT Bank Bukopin Tbk (Bukopin) (Continued)

Entitas anak (Lanjutan) Subsidiaries (Continued)

PT Bukit Jonggol Asri (BJA) (Lanjutan) PT Bukit Jonggol Asri (BJA) (Continued)

Berdasarkan addendum Perjanjian Kredit denganjaminan No. 55 tanggal 28 September 2017,Notaris Dr. Nuraini Zachman SH., M.Kn., Bukopinmemberikan fasilitas Kredit Modal Kerja denganjumlah fasilitas sebesar Rp 7.347.084.096 dengantingkat bunga 12,57% per tahun. Pinjaman iniakan jatuh tempo pada tanggal 28 September2019. BJA mengubah jaminan tanah menjadi SHGBNo.43 seluas 1,43 hektar sebagai jaminan(Catatan 10).

Based on addendum of Credit Agreement withPledge No. 55 dated 28 September 2017, Notary byDr. Nuraini Zachman, SH., M.Kn., Bukopin giveWorking Capital Credit Facility with facility limitof Rp 7,347,084,096 and bears interest of 12.57%per annum. This loan will be mature on28 September 2019. BJA change its pledge withland into SHGB No. 43 in total area of 1.43 hectaresas collateral (Note 10).

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman Perusahaan dan entitas anakmasing-masing sebesar Rp 7.147.084.096 danRp 12.497.325.045.

As of 31 December 2017 and 2016, the outstandingbalance of the Company and subsidiary amountedto Rp 7,147,084,096 and Rp 12,497,325,045,respectively.

PT Bank UOB Indonesia (UOB) PT Bank UOB Indonesia (UOB)

Entitas anak Subsidiary

PT Gunung Geulis Elok Abadi (GGEA) PT Gunung Geulis Elok Abadi (GGEA)

Pinjaman dari UOB merupakan pinjaman yangdiperoleh GGEA. Berdasarkan akta PerjanjianKredit yang dibuat oleh Notaris Johny DwikoraAron, S.H., No. 71 tanggal 27 Maret 2012, GGEAmemperoleh fasilitas kredit dari UOB denganmaksimum pinjaman sebesar Rp 25.000.000.000dengan jangka waktu 60 bulan sejak tanggalpencairan fasilitas kredit tidak termasukgrace period selama 18 bulan. Pinjaman inidigunakan untuk Pembangunan Green Savana Hoteldan Komplek Pusat Hiburan, yang dijamindengan tanah Perusahaan seluas 3,58 hektar dandikenakan bunga sebesar 11% per tahun(Catatan 10).

The loan from UOB represents loan obtained byGGEA. According to deed of Credit AgreementNotary Johny Dwikora Aron, S.H., No. 71 dated27 March 2012, GGEA obtained from UOBa credit facility with a maximum amount ofRp 25,000,000,000 with term of 60 months from thedate of disbursement of credit facilities notincluding the grace period of 18 months. The loanwas used for the construction of Green SavanaHotel and Complex Entertainment Centre, whichwas secured by the Company's land with an area of3.58 hectares and bears interest at 11% per annum(Note 10).

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman entitas anak masing-masing sebesarRp 5.400.741.089 dan Rp 11.179.689.567.

As of 31 December 2017 and 2016,the subsidiary’s outstanding balance amounted toRp 5,400,741,089 and Rp 11,179,689,567,respectively.

PT Bank Mayapada Internasional Tbk (Mayapada) PT Bank Mayapada Internasional Tbk (Mayapada)

Perusahaan Company

Berdasarkan akta Akta Persesuaian No. 29 olehNotaris Misahardi Wilamarta S.H., M.Kn., tanggal12 September 2012, Mayapada menyetujuitambahan fasilitas pinjaman kepada Perusahaansebesar Rp 35.000.000.000. Pinjaman tersebutdikenakan bunga sebesar 15,5% per tahun danakan jatuh tempo dalam jangka waktu24 bulan. Pinjaman ini telah dilunasi pada tanggal12 September 2014.

Based on Amendment deed No. 29 by NotaryMisahardi Wilamarta S.H., dated 12 September2012, Mayapada approved an additional loanfacility to the Company amounting toRp 35,000,000,000. The loan bears interest of15.5% per annum and have a maturity periodof 24 months. This loan was fully paid in12 September 2014.

Page 99: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/89 Exhibit E/89

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

17. PINJAMAN (Lanjutan) 17. L O A N S (Continued)

b. Pinjaman Bank Jangka Panjang (Lanjutan) b. Long-Term Bank Loans (Continued)

PT Bank Mayapada Internasional Tbk (Mayapada)(Lanjutan)

PT Bank Mayapada Internasional Tbk (Mayapada)(Continued)

Perusahaan (Lanjutan) Company (Continued)

Berdasarkan Akta Persesuaian No. 54 tanggal13 Agustus 2015 di hadapan Notaris Edy WaluyoS,H., Perusahaan mendapatkan tambahan fasilitasberupa Pinjaman Tetap Angsuran dengan nilaimaksimum Rp 60.000.000.000. Pinjaman tersebutdikenakan bunga sebesar 16% per tahun fluktuasi.Pinjaman tersebut akan jatuh tempo pada tanggal13 Agustus 2018. Pada tanggal 27 Desember 2017,Perusahaan sudah melunasi pinjaman Mayapada.

Based on Amandment Deed No. 54 dated 13 August2015 in front of Notarist Edy Waluyo, S,H.,the Company got additional loan facilitywhich Fixed Loan with maximum amountRp 60,000,000,000. The interest loan is floating 16%per annum. This loan will mature on13 August 2018. As of 27 December 2017, theCompany has paid off the loan with Mayapada.

Perjanjian ini dijaminkan tanah seluas 128,60hektar (Catatan 10).

This agreement is secured land measuring128.60 hectares (Note 10).

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman Perusahaan masing-masing sebesarnihil dan Rp 60.000.000.000.

As of 31 December 2017 and 2016, theCompany’s outstanding balance amounted tonil and Rp 60,000,000,000.

c. Pinjaman Jangka Panjang - Pihak Ketiga c. Long-Term Loan – Third Party

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Dalam Rupiah In RupiahTjomo Tjengundoro Tjeng 125.000.000.000 - Tjomo Tjengundoro TjengPin Harris 20.000.000.000 - Pin HarrisChandra Winata 15.000.000.000 - Chandra WinataJudy Tjahjana 5.000.000.000 - Judy TjahjanaHerlan Hermawan Tan 5.000.000.000 - Herlan Hermawan TanHendry 5.000.000.000 - HendryHadianto 5.000.000.000 - HadiantoHery Luminta Halim 5.000.000.000 - Hery Luminta HalimInawati Sentosa 5.000.000.000 - Inawati SentosaWidjaja Tjandra 3.000.000.000 - Widjaja TjandraImelda Nia Soetikno 2.695.000.000 - Imelda Nia SoetiknoWillyanto Gozalie 1.675.000.000 - Willyanto GozalieWinter Capital Pte. Ltd - 168.350.000.000 Winter Capital Pte. Ltd.

Dalam Dolar AS In US DollarQueen Bridge Investment Ltd. 54.192.000.000 - Queen Bridge Investment Ltd.Ian Frederick 29.805.600.000 - Ian FrederickUnn Harris 20.322.000.000 - Unn HarrisLim Chi Ming 4.064.400.000 - Lim Chi MingHarianto Jahja Budiman 4.064.400.000 - Harianto Jahja BudimanWinter Capital Pte. Ltd. - 141.078.000.000 Winter Capital Pte. Ltd.

Pinjaman bagian jangka panjangyang jatuh tempo dalam waktusatu tahun 309.818.400.000 309.428.000.000

Current maturities of long-termdebts

Pinjaman jangka panjang –setelah dikurangi bagian yangtelah jatuh tempo dalam satutahun - -

Long-term debts – net of currentmaturities

Page 100: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/90 Exhibit E/90

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

17. PINJAMAN (Lanjutan) 17. L O A N S (Continued)

c. Pinjaman Jangka Panjang - Pihak Ketiga(Lanjutan)

c. Long-Term Loan – Third Party (Continued)

Winter Capital Pte. Ltd. Winter Capital Pte. Ltd.

Berdasarkan akta Notaris Unita Christina Winata,S.H. No. 171 tanggal 24 Juni 2013, Perusahaanmemperoleh pinjaman dari Winter Capital Pte.Ltd. sebesar USD 33.000.000 dan PT CiptadanaCapital sebagai perantara. Penggunaan pinjamanini adalah untuk pembayaran utang kepada IndiesInvestments Pte. Ltd.

Based on Notarial Deed by Unita Christina Winata,S.H., No. 171 dated 24 June 2013, the Companyobtained a loan from Winter Capital Pte. Ltd. foramounted USD 33,000,000 and PT CiptadanaCapital as an intermediary. The purpose of thisloan is for payment of loan from IndiesInvestments Pte. Ltd.

Perjanjian ini telah mengalami beberapa kaliperubahan dengan perubahan terakhir sesuaidengan Akta Perjanjian Yang Telah diubah danDisajikan Kembali dengan Perjanjian No. 70tanggal 26 Januari 2017 oleh Notaris Mala Mukti,S.H., LL.M. Berdasarkan perjanjian tersebut,Perusahaan memiliki pinjaman dalam mata uangRupiah dan USD.

This agreement had been amended several timeswith the latest changes in accordance with theDeed of Amended and Restated Agreement to theSubscription Agreement No. 70 dated 26 January2017 by a Notary Mala Mukti, S.H., LL.M. Based onthe agreement, the Company has loandenominated in Rupiah and in USD.

Jangka waktu pinjaman selama 24 bulan daritanggal 31 Juli 2013 sampai dengan 30 Juli 2015,dan sudah diperpanjang sampai dengan 31 Juli2017. Pembayaran kembali pinjaman palinglambat pada saat jatuh tempo kredit dandikenakan bunga sebesar 12% per tahun untukpinjaman dalam bentuk dollar dan 20% per tahununtuk pinjaman dalam bentuk Rupiah.

Term of the loan is 24 months, from 31 July 2013to 30 July 2015 and has been extended until31 July 2017. Repayment of the loan should be nolater than maturity of the loan and bears interestat 12% per annum for loans in dollars and 20% perannum for loans in Rupiah.

Winter Capital Pte. Ltd. telah memindahkanhutangnya ke PT Sentul City Tbk pada tanggal28 Februari 2017 ke Judy Tjahjana, HerlanHermawan Tan, Widjaja Tjandra, Pin Haris, TjomoTjengundoro Tjeng, Hery Luminta Halim, InawatiSentosa, Imelda Nia Soetikno, Chandra Winata,Hadianto, Wilyanto Gozalie, Hendry dalam Rupiahsebesar Rp 197.370.000.000.

Winter Capital Pte. Ltd. had transferred its debtto PT Sentul City on 28 February 2017 to JudyTjahjana, Herlan Hermawan Tan, WidjajaTjandra, Pin Haris, Tjomo Tjengundoro Tjeng,Hery luminta Halim, Inawati sentosa, Imelda NiaSoetikno, Chandra winata, Hadianto, WilyantoGozalie, Hendry in Rupiah amounting toRp 197,370,000,000.

Hutang tersebut dikenakan suku bunga 12,50% dantransfer ke Lim chi Ming dan Queen BridgeInvestment Ltd dalam mata uang sebesarUSD 1.300.000 dengan tingkat bunga 7%, baikRupiah dan USD jatuh tempo sampai dengan28 Agustus 2018.

The debts bear interest at 12.50% and transfer toLim Chi Ming and Queen Bridge Investment Ltddenominated in USD amounting to USD 1,300,000bear interest at 7%, both Rupiah and USD debtdue until 28 August 2018.

Winter Capital Pte. Ltd telah mengalihkan hutangke PT Sentul City pada tanggal 31 Januari 2017kepada Tjomo Tjengundoro Tjeng dalam Rupiahsebesar Rp 125.000.000.000 dengan tingkat bungasebesar 12,50% dan transfer ke Unn Haris, IanFrederick, Harianto Jahja Budiman dan QueenBridge Investment Ltd. dalam mata uang USDuntuk keseluruhan total USD 7.000.000 dengantingkat bunga 7%, baik Rupiah maupun USD jatuhtempo sampai dengan 31 Juli 2018.

Winter Capital Pte. Ltd. had transferredPT Sentul City's debt on 31 January 2017 to TjomoTjengundoro Tjeng in rupiah amounting toRp 125,000,000,000 bears interest at 12.50% andtransfer to Unn Haris, Ian Frederick, HariantoJahja Budiman and Queen Bridge Investment Ltd.denominated in USD for a total of USD 7,000,000bear interest at 7%, both Rupiah and USDmaturing until 31 July 2018.

Page 101: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/91 Exhibit E/91

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

17. PINJAMAN (Lanjutan) 17. L O A N S (Continued)

c. Pinjaman Jangka Panjang - Pihak Ketiga(Lanjutan)

c. Long-Term Loan – Third Party (Continued)

Winter Capital Pte. Ltd. (Lanjutan) Winter Capital Pte. Ltd. (Continued)

Pinjaman ini dijaminkan dengan 46,52 hektartanah berlokasi di Kabupaten Bogor, KecamatanBabakan Madang, Desa Cijayanti, 24,21 hektartanah berlokasi di Kabupaten Bogor, DesaBojong Koneng, 6,44 hektar tanah berlokasidi Kabupaten Bogor, Kecamatan Babakan Madang,Desa Citaringgul (Catatan 10) dan Perusahaanmemberikan jaminan tambahan saham dari obligoryaitu 1.740.000.000 saham.

The loan are secured by land with the total area46.52 hectares located at Bogor, Babakan MadangDistrict, Cijayanti Village, 24.21 hectares inBogor, Bojong Koneng Village, 6.44 hectaresin Bogor, Babakan Madang District, CitaringgulVillage (Note 10) and the Company provideadditional collateral obligor is 1,740,000,000shares.

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman Perusahaan masing-masing sebesarRp 309.818.400.000 dan Rp 309.428.000.000.

As of 31 December 2017 and 2016, theCompany’s outstanding balance amounted toRp 309,818,400,000 and Rp 309,428,000,000,respectively.

18. UTANG USAHA 18. TRADE PAYABLES

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pihak ketiga Third partiesDalam Rupiah In Rupiah

Kontraktor dan pemasok 385.591.976.139 159.061.518.676 Contractors and suppliersKonsultan 19.543.858.415 9.204.760.324 ConsultantsPerorangan 970.102.843 1.456.992.400 Individual

T o t a l 406.105.937.397 169.723.271.400 T o t a l

19. LIABILITAS KEUANGAN JANGKA PENDEK LAINNYA 19. OTHER SHORT-TERM FINANCIAL LIABILITIES

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pihak ketiga Third partiesDalam Rupiah In Rupiah

PT Bintang Harapan Desa 164.403.491.636 - PT Bintang Harapan DesaPT Agung Prima Sejahtera 40.000.000.000 40.000.000.000 PT Agung Prima SejahteraGolden Capital Foundation Ltd. 23.111.127.361 - Golden Capital Foundation Ltd.PT PP Properti Tbk 14.433.220.809 12.500.000.000 PT PP Properti TbkYayasan Lukmanul Hakim

Cibunian 14.025.000.000 14.025.000.000Lukmanul Hakim Cibunian

FoundationPT Mandala Andalan Prima 13.745.837.087 13.745.837.087 PT Mandala Andala PrimaDividen (Catatan 26) 1.058.829.838 141.868.262 Dividen (Note 26)Karyawan 9.156.742 2.209.128.826 EmployeePT Wira Dharma Sejahtera - 30.149.346.011 PT Wira Dharma SejahteraPT Great Dyke - 15.000.000.000 PT Great DykePT Fajar Abadi Masindo - 13.111.127.360 PT Fajar Abadi MasindoLain-lain 47.450.471.710 72.452.467.989 Other

Sub-total 318.237.135.183 213.334.775.535 Sub-total

Page 102: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/92 Exhibit E/92

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

19. LIABILITAS KEUANGAN JANGKA PENDEK LAINNYA(Lanjutan)

19. OTHER SHORT-TERM FINANCIAL LIABILITIES(Continued)

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pihak ketiga Third partiesDalam USD In USD

Golden Capital Foundation Ltd. 398.040.240.000 285.515.000.000 Golden Capital Foundation Ltd.Queen Bridge Investment Ltd. 96.558.244.426 95.760.006.799 Queen Bridge Investment Ltd.Perdana Securities Ltd. 34.597.952.239 34.311.934.328 Perdana Securities Ltd.PT Fajar Abadi Masindo - 16.123.200.000 PT Fajar Abadi MasindoYiu Kwan Fung - 13.436.000.000 Yiu Kwan FungPrime Professional Service Ltd. - 13.436.000.000 Prime Professional Service Ltd.

Sub-total 529.196.436.665 458.582.141.127 Sub-total

Dalam HKD In HKDGolden Capital Foundation Ltd. 6.931.480.000 6.799.930.504 Golden Capital Foundation Ltd.

T o t a l 854.365.051.848 678.716.847.166 T o t a l

Golden Capital Foundation Ltd (GCF) Golden Capital Foundation Ltd (GCF)

Perusahaan Company

Berdasarkan perjanjian pinjaman tanggal 25 Januari2017, GCF telah menyetujui untuk memberikanpinjaman kepada Perusahaan sebesar USD 4.930.000.Pinjaman ini dikenakan bunga sebesar Rp 2% setelahpajak per tahun dan jatuh tempo 1 tahun atau jatuhtempo pada tanggal 25 Januari 2018.

Based on the loan agreement dated 25 January 2017,GCF had agreed to provide a loan to Companyamounting USD 4,930,000. This loan bears interest at2% after tax per annum and a maturity of 1 year orwill mature on 25 January 2018.

Berdasarkan perjanjian pinjaman tanggal 15 Maret2017, GCF setuju untuk memberikan pinjaman kepadaPerusahaan sebesar Rp 250 miliar dan USD 5.000.000.Pinjaman ini dikenakan bunga sebesar 7% per tahundan akan jatuh tempo 1 tahun atau jatuh tempo15 Maret 2018. Pada 15 September 2017, terjadikesepakatan pengalihan piutang antara GCF danPT Bintang Harapan Desa sebesar Rp 139.403.491.636di mana hak dan kewajiban atas piutang GCF dariPerusahaan telah dialihkan ke PT Bintang HarapanDesa.

Based on loan agreement dated 15 March 2017,GCF agreed to provide a loan to the Companyamounting to Rp 250 billion and USD 5,000,000. Thisloan bears interest at 7% and a maturity of 1 year oron 15 March 2018. On 15 September 2017, there wasan agreement of transfer of receivables between GCFand PT Bintang Harapan Desa amounting toRp 139,403,491,636 in which the rights andobligations over GCF’s receivable from the Companyhas been transferred to PT Bintang Harapan Desa.

Berdasarkan Notifikasi dan pengakuan pemindahanpiutang antara Yiu Kwan Fung, PT Fajar Abadi Masindodan Prime Professional Service Ltd dengan GoldenCapital Foundation, semua hak pengalih terhadappiutang sebesar Rp 23.111.127.360 dan USD 3.200.000terhadap Perusahaan telah dialihkan ke GCF.

Based on Notification and recognition of Transfer ofReceivables between Yiu Kwan Fung, PT Fajar AbadiMasindo and Prime Professional Service Ltd withGolden Capital Foundation, all rights of theTransferor against receivable in the amount ofRp 23,111,127,360 and USD 3,200,000 towards theCompany has been transfered to GCF.

Pada tanggal 13 Juni 2017, GCF dan SC mengadakanperjanjian, di mana GCF menunjuk Perusahaan sebagaipenasihat proyek untuk mencari properti investasipotensial dan strategis yang berlokasi di Indonesia,dengan perjanjian GCF memberikan dana sebesarHKD 78.000.000.

As of 13 June 2017, GCF and SC entered into anagreement, whereby GCF appointed the Company asproject advisor to seek potential and strategicinvestment property located in Indonesia,on Agreement GCF provides funding amounted toHKD 78,000,000.

Page 103: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/93 Exhibit E/93

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

19. LIABILITAS KEUANGAN JANGKA PENDEK LAINNYA(Lanjutan)

19. OTHER SHORT-TERM FINANCIAL LIABILITIES(Continued)

Golden Capital Foundation Ltd (GCF) (Lanjutan) Golden Capital Foundation Ltd (GCF) (Continued)

Perusahaan (Lanjutan) Company (Continued)

Berdasarkan perjanjian pinjaman tanggal 19 April2016, GCF setuju untuk memberikan pinjaman kepadaPerusahaan sebesar USD 1.000.000. Pinjaman inidikenakan bunga sebesar 2% dan berjangka waktu1 tahun atau jatuh tempo tanggal 19 April 2017. Padatanggal 18 April 2017, Perjanjian pinjaman ini sudahdiperpanjang sampai dengan 19 April 2018.

Based on the loan agreement dated 19 April 2016,GCF had agreed to provide a loan to Companyamounting to USD 1,000,000. This loan bears interestat 2% and a maturity of 1 year or mature on19 April 2017. On 18 April 2017, the loan agreementhas been extended until 19 April 2018.

Berdasarkan perjanjian pinjaman tanggal 20 April2016, GCF setuju untuk memberikan pinjaman kepadaPerusahaan sebesar USD 11.250.000. Pinjaman inidikenakan bunga sebesar 2% dan berjangka waktu1 tahun atau jatuh tempo tanggal 20 April 2017. Padatanggal 19 April 2017, perjanjian pinjaman ini sudahdiperpanjang sampai dengan 20 April 2018.

Based on the loan agreement dated 20 April 2016,GCF had agreed to provide a loan to Companyamounting to USD 11,250,000. This loan bearsinterest at 2% and maturity of 1 year or mature on20 April 2017. On 19 April 2017, the loan agreementhas been extended until 20 April 2018.

Berdasarkan perjanjian pinjaman tanggal 18 Mei 2016,GCF setuju untuk memberikan pinjaman kepadaPerusahaan sebesar USD 4.000.000. Pinjaman inidikenakan bunga sebesar 8% dan berjangka waktu1 tahun atau jatuh tempo tanggal 18 Mei 2017. Padatanggal 17 May 2017, perjanjian pinjaman ini sudahdiperpanjang sampai dengan 18 Mei 2018.

Based on the loan agreement dated 18 May 2016,GCF had agreed to provide a loan to Companyamounting to USD 4,000,000. This loan bears interestat 8% and maturity of 1 year or mature on18 May 2017. On 17 May 2017, the loan agreement hasbeen extended until 18 May 2018.

Berdasarkan perjanjian pinjaman tanggal 19 Juli 2016,GCF setuju untuk memberikan pinjaman kepadaPerusahaan sebesar USD 2.000.000. Pinjaman inidikenakan bunga sebesar 2% dan berjangka waktu1 tahun atau jatuh tempo tanggal 19 Juli 2017. Padatanggal 18 Juli 2017, perjanjian pinjaman ini sudahdiperpanjang sampai dengan 19 Juli 2018.

Based on the loan agreement dated 19 July 2016,GCF had agreed to provide a loan to Companyamounting to USD 2,000,000. This loan bears interestat 2% and a maturity of 1 year or mature on19 July 2017. On 18 July 2017, the loan agreementhas been extended until 19 July 2018.

Berdasarkan perjanjian pinjaman tanggal 22 Agustus2016, GCF setuju untuk memberikan pinjaman kepadaPerusahaan sebesar USD 3.000.000. Pinjaman inidikenakan bunga sebesar 2% dan jangka waktu 1 tahunatau jatuh tempo tanggal 22 Agustus 2017. Padatanggal 21 Agustus 2017, perjanjian pinjaman inisudah diperpanjang sampai dengan 22 Agustus 2018.

Based on the loan agreement dated 22 August 2016,GCF had agreed to provide a loan to Companyamounting to USD 3,000,000. This loan bears interestat 2% and a maturity of 1 year or mature on22 August 2017. On 21 August 2017, the loanagreement has been extended until 22 August 2018.

Entitas anak Subsidiaries

PT Bukit Jonggol Asri (BJA) PT Bukit Jonggol Asri (BJA)

Pada tanggal 2 Desember 2016, GCF dan BJAmengadakan kesepakatan di mana GCF menunjuk BJAuntuk mencari properti investasi yang potensial danstrategis di Indonesia, atas kesepakatan tersebut GCFmemberikan pendanaan sebesar HKD 4.000.000.

As of 2 December 2016, GCF and BJA entered intoan agreement whereby GCF pointed BJA to seekpotential and strategic investment property locatedin Indonesia, on the agreement GCF provides fundingamounted to HKD 4,000,000.

Pada tanggal 31 Desember 2017 dan 2016,total saldo pinjaman Perusahaan dan entitas anakmasing-masing sebesar Rp 428.082.847.361 danRp 292.314.930.504.

As of 31 December 2017 and 2016 the outstandingbalance of the Company and subsidiaries amounted toRp 428,082,847,361 and Rp 292,314,930,504,respectively.

Page 104: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/94 Exhibit E/94

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

19. LIABILITAS KEUANGAN JANGKA PENDEK LAINNYA(Lanjutan)

19. OTHER SHORT-TERM FINANCIAL LIABILITIES(Continued)

PT Bintang Harapan Desa (BHD) PT Bintang Harapan Desa (BHD)

Pada tanggal 18 September 2017 Perusahaan telahdiberitahu tentang pengalihan hutang Perusahaan dariGCF ke BHD dengan nilai sebesar Rp 139.409.491.636.Semua hak dan kewajiban dipindahkan ke BHD untukpiutang dari Perusahaan. Perusahaan menjaminkantanah seluas 27,37 hektar sebagai jaminan (Catatan10).

On 18 September 2017 the Company was notified ofthe Company's debt transfer from GCF to BHD with avalue of Rp 139,409,491,636. All rights andobligations are transferred to BHD for receivablesfrom the Company. The Company pledged its landwith total area 27.37 hectares as collateral (Note 10).

Berdasarkan perjanjian pinjaman tanggal 29 Agustus2017, BHD setuju untuk memberikan pinjaman kepadaPerusahaan sebesar Rp 150.000.000.000. Pinjaman inidikenakan suku bunga sebesar 7% per tahun setelahpajak dan jatuh tempo 1 tahun atau 28 Agustus 2018.Perusahaan telah menerima penarikan dana sebesarRp 50.000.000.000 pada 30 Agustus 2017.

Based on loan agreement dated 29 August 2017, BHDagreed to provide a loan to the Company amountingto Rp 150,000,000,000. This loan bears interest at7% per annum after tax and a maturity of 1 year or on28 August 2018. The Company has received drawdownamounting to Rp 50,000,000,000 on 30 August 2017.

Pada tanggal 31 Desember 2017, total saldo pinjamanPerusahaan sebesar Rp 164.403.491.636.

As of 31 December 2017, the outstanding balance ofthe Company amounted to Rp 164,403,491,636.

PT Queen Bridge Investment Ltd (QBI) PT Queen Bridge Investment Ltd (QBI)

Berdasarkan perjanjian pinjaman tanggal 25 Februari2015, QBI setuju untuk memberikan pinjaman kepadaPerusahaan sebesar USD 4.500.000. Pada tanggal14 April 2015 batas maksimum pinjaman tersebutdiubah menjadi sebesar USD 10.000.000 Pinjaman inidikenakan bunga sebesar 4% per tahun setelah pajakdan berjangka waktu 1 tahun atau jatuh tempo pada14 April 2016, Pinjaman ini dijaminkan dengan 0,71hektar tanah berlokasi di Desa Citaringgul (Catatan10). Berdasarkan perjanjian tanggal 13 April 2017,perjanjian ini sudah diperpanjang sampai dengan 13April 2018.

Based on loan agreement dated 25 February 2015, QBIhad agreed to provide a loan to the Companyamounting to USD 4,500,000. On 14 April 2015the maximum credit limit was changed toUSD 10,000,000. This loan bears interest at4% per annum after tax and a maturity of 1 year ormature on 14 April 2016, this loan are secured by0.71 hectares of land located in Citaringgul village(Note 10). Based on agreement dated 13 April 2017,this loan has been extended up to 13 April 2018.

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman ini masing-masing sebesarRp 96.558.244.426 dan Rp 95.760.006.799.

As of 31 December 2017 and 2016, theoutstanding balance amounted to Rp 96,558,244,426and Rp 95,760,006,799, respectively.

PT Agung Prima Sejahtera (APS) PT Agung Prima Sejahtera (APS)

Perusahaan memperoleh pinjaman sebesarRp 40.000.000.000, Pinjaman tersebut dikenakanbunga sebesar 1,5% di atas tingkat tabungan entitasbisnis Bank Bukopin. Pinjaman ini jatuh tempo padatanggal 29 Desember 2017.

The Company obtained a loan of Rp 40,000,000,000,The loan bears interest at 1.5% above the savingsrate of Bank Bukopin's business entity. This loan isdue until 29 December 2017.

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman ini masing-masing sebesarRp 40.000.000.000.

As of 31 December 2017 and 2016,the outstanding balance amounted toRp 40,000,000,000, respectively.

Page 105: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/95 Exhibit E/95

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

19. LIABILITAS KEUANGAN JANGKA PENDEK LAINNYA(Lanjutan)

19. OTHER SHORT-TERM FINANCIAL LIABILITIES(Continued)

Perdana Securities Ltd (PSL) Perdana Securities Ltd (PSL)

Berdasarkan perjanjian pinjaman tanggal 17 Desember2014, PSL setuju untuk memberikan pinjaman kepadaPerusahaan sebesar USD 3.000.000. Pinjaman inidikenakan bunga sebesar 4% per tahun dan berjangkawaktu 1 tahun atau jatuh tempo pada 15 Desember2017.

Based on the loan agreement dated 17 December2014, PSL had agreed to provide a loan to theCompany amounting to USD 3,000,000. This loanbears interest at 4% and a maturity of 1 year ormature on 15 December 2017.

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman ini masing-masing sebesarRp 34.597.952.239 dan Rp 34.311.934.328.

As of 31 December 2017 and 2016, the outstandingbalance amounted to Rp 34,597,952,239 andRp 34,311,934,328, respectively.

PT Fajar Abadi Masindo (FAM) PT Fajar Abadi Masindo (FAM)

Berdasarkan perjanjian pinjaman tanggal 3 Desember2014, FAM setuju untuk memberikan pinjaman kepadaPerusahaan sebesar USD 1.200.000. Pada tanggal15 Desember 2015, FAM memberikan tambahanpinjaman sebesar Rp 7.500.000.000 Pinjaman inidikenakan bunga sebesar 6% per tahun dan berakhirpada 15 Juni 2017. Perusahaan diinformasikan bahwaFAM telah mengalihkan piutang di Perusahaan kepadaGCF, semua hak dan kewajiban dialihkan ke GCF untukpiutang yang timbul di Perusahaan.

Based on the loan agreement dated 3 December2014, FAM had agreed to provide a loan tothe Company amounting to USD 1,200,000.On 15 December 2015, FAM provide an additionalloan Rp 7,500,000,000. This loan bears interest at 6%per annum and mature on 15 June 2017.The Company was notified of the Company's debttransfer from FAM to GCF. All rights and obligationsare transferred to GCF for receivables from theCompany.

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman ini masing-masing sebesarnihil dan Rp 29.234.327.360.

As of 31 December 2017 and 2016, the outstandingbalance amounted to nil and Rp 29,234,327,360,respectively.

PT Mandala Andalan Prima (MAP) PT Mandala Andalan Prima (MAP)

Berdasarkan perjanjian pinjaman tanggal 30 Januari2015, MAP setuju untuk memberikan pinjaman kepadaPerusahaan dengan batas maksimum sebesarRp 25.000.000.000. Pinjaman ini tidak dikenakanbunga dan berjangka waktu 1 tahun ataujatuh tempo pada 30 Januari 2016 dan berdasarkanaddendum perjanjian pinjaman, pinjaman inidiperpanjang sampai dengan 30 Januari 2018.

Based on the loan agreement dated 30 January 2015,MAP had agreed to provide a loan to the Companywith plafond amounting to Rp 25,000,000,000. Thisloan bears no interest and maturity of 1 year ormature on 30 January 2016 and based on theamendment of loan agreement, the loan had beenextended up to 30 January 2018.

Pada tanggal 31 Desember 2017 dan 2016, saldopinjaman ini masing-masing sebesarRp 13.745.837.087.

As of 31 December 2017 and 2016, theoutstanding balance amounted to Rp 13,745,837,087,respectively.

Yiu Kwan Fung (YKF) Yiu Kwan Fung (YKF)

Berdasarkan perjanjian pinjaman tanggal 25 Februari2015, YKF setuju untuk memberikan pinjaman kepadaPerusahaan sebesar USD 3.500.000. Pinjaman inidikenakan bunga sebesar 4% setelah pajak per tahundan berjangka waktu 1 tahun atau jatuh tempo pada25 Februari 2016.

Based on the loan agreement dated 25 February 2015,YKF had agreed to provide a loan to the Companyamounting to USD 3,500,000. This loan bears interestat 4% after tax per annum and a maturity of 1 year ormature on 25 February 2016.

Page 106: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/96 Exhibit E/96

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

19. LIABILITAS KEUANGAN JANGKA PENDEK LAINNYA(Lanjutan)

19. OTHER SHORT-TERM FINANCIAL LIABILITIES(Continued)

Yiu Kwan Fung (YKF) (Lanjutan) Yiu Kwan Fung (YKF) (Continued)

Berdasarkan perjanjian tanggal 25 Februari 2016,pinjaman ini telah diperpanjang sampai24 Februari 2017. Perusahaan diinformasikan bahwaYKF telah mengalihkan piutang di Perusahaan kepadaGCF, semua hak dan kewajiban dialihkan ke GCF untukpiutang yang timbul di Perusahaan.

Based on agreement dated 25 February 2016, thisloan had been extended up to 24 February 2017. TheCompany was notified of the Company's debttransfer from YKF to GCF, all rights and obligationsare transferred to GCF for receivables from theCompany.

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman ini masing-masing sebesarnihil dan Rp 13.436.000.000.

As of 31 December 2017 and 2016,the outstanding balance amounted to nil andRp 13,436,000,000, respectively.

Prime Professional Service Ltd (PPS) Prime Professional Service Ltd (PPS)

Berdasarkan perjanjian pinjaman tanggal 18 Februari2015, PPS setuju untuk memberikan pinjaman kepadaPerusahaan sebesar USD 2.000.000. Pinjaman inidikenakan bunga sebesar 4% setelah pajak per tahundan berjangka waktu 1 tahun atau jatuh tempo pada18 Februari 2016. Berdasarkan perjanjian tanggal 18februari 2016, pinjaman ini sudah diperpanjangsampai dengan 17 Februari 2018. Perusahaandiinformasikan bahwa PPS telah mengalihkan piutangdi Perusahaan kepada GCF, semua hak dan kewajibandialihkan ke GCF untuk piutang yang timbul diPerusahaan.

Based on the loan agreement dated 18 February2015, PPS had agreed to provide a loan tothe Company amounting to USD 2,000,000. Thisloan bears interest at 4% after tax per annumand a maturity of 1 year or will mature on18 February 2016. Based on agreement dated18 February 2016, this loan has been extended until17 February 2018. The Company was notified of theCompany's debt transfer from PPF to GCF, all rightsand obligations are transferred to GCF forreceivables from the Company.

Pada tanggal 31 Desember 2017 dan 2016,saldo pinjaman ini masing-masing sebesarnihil dan Rp 13.436.000.000.

As of 31 December 2017 and 2016,the outstanding balance amounted to nil andRp13,436,000,000, respectively.

20. PERPAJAKAN 20. TAXATION

a. Pajak Dibayar Di Muka a. Prepaid Taxes

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pajak Lain-lain: Other Tax:Pajak Final – Pasal 4 (2) 106.889.104.816 109.362.126.099 Final Tax - Article 4 (2)Pajak Pertambahan Nilai 49.207.508.097 65.539.968.249 Value-Added Tax – Input

T o t a l 156.096.612.913 174.902.094.348 T o t a l

b. Utang Pajak b. Taxes Payable

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pajak Penghasilan: Income Taxes:Pajak Penghasilan Badan 148.270.292 453.881.178 Corporate Income TaxTahun sebelumnya 987.454.064 987.453.916 Previous yearPasal 25 - 12.571.645 Article 25

Sub-total 1.135.724.356 1.453.906.739 Sub-total

Page 107: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/97 Exhibit E/97

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

20.PERPAJAKAN (Lanjutan) 20. TAXATION (Continued)

b. Utang Pajak (Lanjutan) b. Taxes Payable (Continued)

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pajak Lain-lain: Other Taxes:Pasal 21 677.694.324 1.163.584.993 Article 21Pasal 23 1.880.966.589 244.868.394 Article 23Pasal 26 570.799.196 585.638.025 Article 26Pasal 4 (2) 47.274.604.814 30.710.833.004 Article 4 (2)Pajak Pertambahan Nilai 98.852.809.325 65.373.842.279 Value-Added Tax – OutputPajak Bumi dan Bangunan 414.021.193 303.402.230 Land and Building TaxPajak Daerah 732.472.195 1.072.471.037 Local Tax

Sub-total 150.403.367.636 99.454.639.962 Sub-total

T o t a l 151.539.091.992 100.908.546.701 T o t a l

c. Pajak Penghasilan c. Income Tax

Perhitungan beban pajak penghasilan tahunberjalan dan taksiran utang pajak penghasilanadalah sebagai berikut:

The computation of current income tax expenseand the estimated income tax payable are asfollows:

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pajak kini: Current tax:Entitas anak 236.397.380 590.688.765 Subsidiaries

Dikurangi: Less:Pajak penghasilan dibayar di

muka: Prepayments of income taxes:Entitas anak Subsidiaries

Pasal 23 42.272.285 23.662.782 Article 23Pasal 25 45.854.803 113.144.805 Article 25

Sub-total 88.127.088 136.807.587 Sub-total

Taksiran utang pajakpenghasilan Pasal 29

Estimated income tax payablesarticle 29

Entitas anak 148.270.292 453.881.178 Subsidiaries

Laba kena pajak entitas anak pada tanggal31 Desember 2017 dan 2016 di atas, menjadi dasarpengisian SPT Tahun 2017 dan 2016.

The subsidiaries’s taxable income as of31 December 2017 and 2016 above, become thebasis for charging Annual Income Tax year 2017and 2016.

Pajak Tangguhan Deferred Tax

Rincian dan mutasi aset dan liabilitas tangguhanpada tanggal 31 Desember 2017 dan 2016 adalahsebagai berikut:

The detail and mutation of deferred tax assetsand liability as of 31 December 2017 and 2016 areas follows:

31 Desember2016/

31 December2016

Dikreditkanke laba rugi/Credited toprofit or loss

Dikreditkanke penghasilan

komprehensif lain/Credited to other

comprehensiveincome

31 Desember2017/

31 December2017

Aset (liabilitas) pajak tangguhan: Deferred tax assets (liabilities):Entitas anak SubsidiariesPenyisihan imbalan kerja

karyawan 4.348.687.071 206.590.244 351.639.692 4.906.917.007 Provision for employee benefits

Penyisihan penurunan nilai 8.925.412.272 278.615.169 - 9.204.027.441Allowance for impairment of

receivablesPenyusutan fiskal ( 1.105.394) - - ( 1.105.394) Fiscal depreciation

N e t o 13.272.993.949 485.205.413 351.639.692 14.109.839.054 N e t

Page 108: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/98 Exhibit E/98

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

20.PERPAJAKAN (Lanjutan) 20. TAXATION (Continued)

c. Pajak Penghasilan (Lanjutan) c. Income Tax (Continued)

Pajak Tangguhan (Lanjutan) Deferred Tax (Continued)

31 Desember2016/

31 December2016

Dikreditkanke laba rugi/Credited toprofit or loss

Dikreditkanke penghasilankomprehensif

lain/Credited to other

comprehensiveincome

31 Desember2017/

31 December2017

Aset (liabilitas) pajak tangguhan: Deferred tax assets (liabilities):Entitas anak SubsidiariesPenyisihan imbalan kerja

karyawan 3.436.972.093 592.152.288 319.562.690 4.348.687.071 Provision for employee benefits

Penyisihan penurunan nilai 8.890.548.162 34.864.110 - 8.925.412.272Allowance for impairment of

receivablesPenyusutan fiskal ( 1.105.394) - - ( 1.105.394) Fiscal depreciation

N e t o 12.326.414.861 627.016.398 319.562.690 13.272.993.949 N e t

Manajemen berpendapat bahwa jumlah laba fiskalpada masa mendatang akan memadai untukdikompensasi dengan saldo aset pajak tangguhanyang belum digunakan.

Management believes that future taxable profitswill be available against which the unuseddeferred tax assets can be utilized.

d. Beban Pajak Final d. Final Tax Expenses

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pendapatan yang dikenakan pajakfinal Revenue subject to final taxPerusahaan (2,5%) 1.257.518.171.907 103.342.152.441 Company (2.5%)Perusahaan (5%) 60.921.947.355 297.667.441.273 Company (5%)Perusahaan (10%) 131.788.858 - Company (10%)Entitas anak (1%) 3.145.255.000 4.229.968.000 Subsidiaries (1%)Entitas anak (2,5%) 253.790.465.587 410.487.545.502 Subsidiaries (2.5%)Entitas anak (5%) 79.038.602.928 260.040.686.312 Subsidiaries (5%)Entitas anak (10%) 1.158.537.576 1.163.672.727 Subsidiaries (10%)

T o t a l 1.655.704.769.211 1.076.931.466.255 T o t a l

Beban pajak final Final tax expensesPerusahaan (2,5%) 31.437.954.298 2.583.553.811 Company (2.5%)Perusahaan (5%) 3.046.097.368 14.883.372.064 Company (5%)Perusahaan (10%) 13.178.886 - Company (10%)Entitas anak (1%) 31.452.550 42.299.680 Subsidiaries(1%)Entitas anak (2,5%) 6.344.761.640 10.262.188.638 Subsidiaries (2.5%)Entitas anak (5%) 3.951.930.146 13.002.034.315 Subsidiaries (5%)Entitas anak (10%) 115.853.758 116.367.272 Subsidiaries (10%)

T o t a l 44.941.228.646 40.889.815.780 T o t a l

Page 109: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/99 Exhibit E/99

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

20. PERPAJAKAN (Lanjutan) 20. TAXATION (Continued)

e. Surat Ketetapan Pajak (Lanjutan) e. Tax Assessments (Continued)

Perusahaan telah mengajukan keberatan danbanding untuk tahun pajak 2003 sampai dengan2007 sebesar Rp 57.915.602.267 dan terdapattambahan keberatan untuk tahun pajak 2009sampai dengan 2012 sebesar Rp 24.503.284.163.Pada tanggal 31 Desember 2016 dan 2015, jumlahkeberatan dan banding adalah sebagai berikut:

The Company had filed tax objections and appealsfor the fiscal year of 2003 untill 2007 in amountof Rp 57,915,602,267 and there is additional oftax objections for the fiscal year of 2009 untill2012 in amount of Rp 24,503,284,163. As of31 December 2016 and 2015, the amount of taxobjections and appeals were as follows:

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pajak penghasilan badan - 1.055.813.870 Corporate income taxesPajak lain-lain - 23.447.470.293 Other taxes

T o t a l - 24.503.284.163 T o t a l

Berdasarkan Surat Putusan Pengadilan PajakNo. 68197-68199/PP/M/XVB/15/2016 tanggal3 Februari 2016, Pengadilan Pajak menyetujuibanding yang diajukan Perusahaan sebesarRp 13.439.936.427. Pada tanggal 29 Maret 2016,Perusahaan telah menerima hasil putusan bandingtersebut sebesar Rp 13.333.052.791, setelahdikurangi denda dan administrasi.

Based on Letter Tax Court DecisionNo. 68197-68199/PP/M/XVB/15/2016 dated3 February 2016, Tax Court approved the appealmade by the Company amounting toRp 13,439,936,427. On 29 March 2016,the Company has received the outcome of theappeal of Rp 13,333,052,791, net of penalties andadministration.

Berdasarkan Surat Putusan Pengadilan PajakNo. 74457-74461/PP/M/XVB/15/2016 tanggal21 September 2016, Pengadilan Pajak menyetujuibanding yang diajukan Perusahaan mengenaikurang bayar Pajak Penghasilan Badan sebesarRp 25.321.840.664 untuk masa pajak 2006 dan2007 serta kurang bayar PPN Masukan sebesarRp 19.153.825.176 untuk masa pajak 2006dan 2007 dengan total keseluruhan sebesarRp 44.475.665.840.

Based on Letter Tax Court DecisionNo. 74457-74461/PP/M/XVB/15/2016 dated21 September 2016, Tax Court approved theappeal made by the Company relatedunderpayment Corporate Income Tax amountingto Rp 25,321,840,664 for the fiscal period 2006and 2007 and underpayment VAT In amountingto Rp 19,153,825,176 for the fiscal period 2006and 2007 with a total amountingto Rp 44,475,665,840.

Direktorat Jenderal Pajak menolak keberatanPerusahaan atas Surat Ketetapan Pajak KurangBayar (SKPKB) untuk periode pajak 2009 sampaidengan 2011 sebesar Rp 24.503.284.163 atas dasaritu Perusahaan harus membayar SKPKB 2011sebesar Rp 14.214.422.182, jumlah tersebut sudahdibayar pada 21 Maret 2017.

The Directorate General of Taxation rejected theobjection made by the Company on TaxAssessment Letter of Under Payment (SKPKB) forfiscal periods 2009 until 2011 amounting toRp 24,503,284,163 on the basis that the Companyshould pay SKPKB 2011 amounting toRp 14,214,422,182 which was paid on 21 March2017.

Utang bunga sebesar Rp 6.822.922.647 telahdihapuskan karena Perusahaan mengikutipengampunan pajak. Sisanya dibayarkan olehPerusahaan setelah dikurangi bunga yang belumdibayarkan sebelumnya atas SKPKB PPN tahun 2004sebesar Rp 5.139.266.914.

Interest payable of Rp 6,822,922,647 was writtenoff because the Company Tax enrolled intothe amnesty. The remaining amount was paid bythe Company after deducting previously unpaidinterest by the Directorate General of Taxationon SKPKB VAT 2004 amounting toRp 5,139,266,914.

Berdasarkan surat No. PRIN-00304/WPJ.07/KP.0805/RIK.SIS/2017 tanggal 3 November 2017,Perusahaan sedang dalam proses pemeriksaanpajak untuk tahun fiskal 2016.

Based on letter No. PRIN-00304/WPJ.07/KP.0805/RIK.SIS/2017 dated 3 November 2017,the Company is in under tax audit for fiscal year2016.

Page 110: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/100 Exhibit E/100

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

21. UANG MUKA PELANGGAN 21. CUSTOMER DEPOSITS

a. Uang muka pelanggan a. Customer deposits

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Rumah hunian, apartemen danlahan siap bangun 1.215.370.792.273 1.161.017.745.470

Residential houses, apartmentand land under development

R u k o 39.396.668.294 62.799.132.467 Shop officesLain-lain 13.613.356.509 127.592.426.722 Others

T o t a l 1.268.380.817.076 1.351.409.304.659 T o t a l

Uang muka pelanggan jangkapanjang yang akan jatuhtempo dalam satu tahun

Current maturities oflong-term customer deposits

Rumah hunian, apartemendan lahan siap bangun 925.071.293.262 814.090.241.458

Residential houses, apartmentand land under development

R u k o 27.511.624.737 37.272.651.009 Shop officesLain-lain 11.585.190.617 125.675.379.978 Others

T o t a l 964.168.108.616 977.038.272.445 T o t a l

Uang muka pelanggan jangkapanjang, setelah dikurangibagian yang akan jatuhtempo dalam satu tahun

Long-term customerdeposits, net of current

maturitiesRumah hunian, apartemen dan

lahan siap bangun 290.299.499.011 346.927.504.012Residential houses,apartment

and land under developmentRuko 11.885.043.557 25.526.481.458 Shop officesLain-lain 2.028.165.892 1.917.046.744 Others

T o t a l 304.212.708.460 374.371.032.214 T o t a l

b. Uang muka pelanggan - sewa b. Customer deposit – lease

Uang muka pelanggan ini merupakan uang mukasewa dari PT Aeon Mall Indonesia untukpembangunan Mall di kawasan Desa Citaringgul,Kecamatan Babakan Madang, Sentul City, Bogor,Jawa Barat, Indonesia (Catatan 39a).

This customer deposit is advance lease paymentfrom PT Aeon Mall Indonesia for construction Mallin Citaringgul Village, Babakan Madang District,Sentul City, Bogor, Jawa Barat, Indonesia(Note 39a).

22. LIABILITAS DIESTIMASI IMBALAN KERJA KARYAWAN 22. ESTIMATED LIABILITIES FOR EMPLOYEE BENEFITS

Perusahaan dan entitas anak memberikan imbalankepada karyawan yang telah mencapai usiapensiun 55 tahun berdasarkan Undang-UndangKetenagakerjaan No. 13/2003 tanggal 25 Maret 2003.Berdasarkan Departemen Kehakiman dan Hak AsasiManusia Republik Indonesia dalam Surat KeputusanNo. KEP-128/KM-10/2008 tanggal 16 Juli 2008 dengankontribusi Perusahaan dan entitas anak adalah 3%.

The Company and subsidiaries provide benefits fortheir employees that have already reached theretirement age of 55 years old based on Labor LawNo. 13/2003 dated 25 March 2003. Based on Ministryof Justice and Human Rights of The Republic ofIndonesia in its Decision Letter No. KEP-128/KM-10/2008 dated 16 July 2008. The percentage ofthe Company and subsidiaries contribution is 3%.

Perhitungan liabilitas imbalan kerja karyawan pada31 Desember 2017 dan 2016 adalah berdasarkanlaporan aktuaria independen, PT Padma RadyaAktuaria masing-masing pada tanggal 20 Februari 2018dan 24 Februari 2017.

The provision for employees benefits for the yearended 31 December 2017 and 2016 were based onindependent actuaria report, PT Padma RadyaAktuaria dated 20 February 2018 and 24 February2017, respectively.

Page 111: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/101 Exhibit E/101

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

22. LIABILITAS DIESTIMASI IMBALAN KERJA KARYAWAN(Lanjutan)

22. ESTIMATED LIABILITIES FOR EMPLOYEE BENEFITS(Continued)

Perusahaan dan entitas anak mencatat liabilitasdiestimasi bersih untuk imbalan kerja karyawanpada tanggal 31 Desember 2017 dan 2016 adalahmasing-masing sejumlah Rp 50.643.157.815 danRp 41.196.596.699.

The Company and its subsidiaries recordednet estimated liabilities for employee benefits at31 December 2017 and 2016 amounting toRp 50,643,157,815 and Rp 41,196,596,699,respectively.

Mutasi saldo liabilitas diestimasi imbalan kerjakaryawan selama periode berjalan adalah sebagaiberikut:

The movement of estimated net liabilities foremployee benefits over the period are as follows:

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Saldo awal tahun 41.196.596.699 36.118.991.931 Balance at beginning of yearBeban imbalan kerja tahun berjalan 8.256.146.630 6.386.786.623 Provisions during the yearPenghasilan komprehensif lain 2.039.447.336 585.767.696 Other comprehensive incomeImbalan yang dikeluarkan bukan dari

aset program ( 849.032.850) ( 1.894.949.551) Benefit payments not from plan asset

Saldo akhir tahun 50.643.157.815 41.196.596.699 Balance at end of year

Biaya terkait imbalan kerja karyawan dibebankan keoperasional dan disajikan dalam “Gaji dan bebanimabalan kerja karyawan dalam Laporan laba rugi danpenghasilan komprehensif lain konsolidasi denganrincian sebagai berikut:

The related costs of employee benefits charged tooperations and are presented as part of “Salaries andEmployee Benefits Expenses” in the consolidatedstatement of profit or loss and other comprehensiveincome with details as follows:

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Biaya jasa kini 6.255.643.055 4.746.645.139 Current service costsBeban bunga 3.170.325.647 2.643.011.326 Interest costsBiaya jasa lalu ( 1.169.822.072)( 1.002.869.842) Past service costs

Saldo akhir tahun 8.256.146.630 6.386.786.623 Balance at end of year

Penyisihan imbalan kerja pada tanggal 31 Desember2017 dan 2016, tersebut di atas merupakanestimasi manajemen berdasarkan perhitungan aktuarisPT Padma Radya Aktuaria dengan menggunakanmetode “Projected Unit Credit”.

The provision for employees benefits as of31 December 2017 and 2016 were estimated bymanagement based on the actuarial calculationsprepared by PT Padma Radya Aktuaria using the“Projected Unit Credit” method.

Asumsi dasar yang digunakan pada perhitunganaktuaris tersebut pada tanggal 31 Desember 2017dan 2016 adalah sebagai berikut:

The key assumptions used for the actuarialcalculations as of 31 December 2017 and 2016 are asfollows:

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Tingkat mortalita : TM13 TM13 Mortality rateTingkat diskonto : 7,25% 8,50% Discount rateTingkat kenaikan gaji tahunan : 8%-10% 10% Annual salary increment rateUmur pensiun (tahun) : 55 55 Retirement age (years)

Page 112: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/102 Exhibit E/102

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

22. LIABILITAS DIESTIMASI IMBALAN KERJA KARYAWAN(Lanjutan)

22. ESTIMATED LIABILITIES FOR EMPLOYEE BENEFITS(Continued)

Analisis sensitivitas di bawah telah ditentukanberdasarkan kemungkinan perubahan yang cukupuntuk setiap asumsi yang signifikan atas nilai kinikewajiban imbalan kerja pada akhir periodepelaporan, dengan asumsi bahwa seluruh asumsi laindigunakan secara tetap:

The sensitivity analysis below has been determinedbased on the possibility of significant changes to anysignificant assumptions on the present value ofliabilities for employee benefit at the end of thereporting period, assuming that all other assumptionsare used regularly:

31 Desember 2017/31 December 2017

Tingkat diskonto : Discount rate :Kenaikan 1% 45.697.218.796 Increase 1%Penurunan 1% 54.423.300.472 Decrease 1%

Tabel di bawah adalah analisis jatuh tempo ataspembayaran manfaat yang tidak didiskontokan:

The table below is an analysis of the maturity on thepayment of benefits are not discounted:

31 Desember 2017/31 December 2017

1 Januari – 31 Desember 2018 1.604.235.765 1 January – 31 December 20181 Januari – 31 Desember 2019 1.503.055.716 1 January – 31 December 20191 Januari – 31 Desember 2022 12.160.701.618 1 January – 31 December 20221 Januari – 31 Desember 2027 48.161.041.094 1 January – 31 December 2027>10 tahun 237.556.192.170 >10 years

Durasi rata-rata atas kewajiban imbalan kerja padaakhir tahun adalah antara 9,78 sampai 14,46 tahun.

The average duration of the liabilities for employeebenefits at the end of the year is between 9.78 to14.46 years.

23. MODAL SAHAM 23. SHARE CAPITAL

Modal ditempatkan dan disetor penuh Perusahaanterdiri atas saham Seri A, saham Seri B, saham Seri Cdan saham Seri D dengan nilai nominal saham persaham masing-masing Rp 2.000, Rp 400, Rp 100, andRp 50. Tidak ada perbedaan dari saham seri A, B, C,dan D dalam hak suara dan wewenang, hak dividendan hak likuiditas.

The Company’s issued and fully paid-in capital consistof A Series shares, B Series shares ,C Series shares andD Series shares with par value of Rp 2,000, Rp 400,Rp 100 each and Rp 50 each, respectively. There wereno differences between A series, B series, C seriesand D series shares in power and authority, dividendrights and rights of liquidity.

Jumlah saham/Total shares

(Lembar/Shares)Nilai nominal/

Par value T o t a l

Seri A 357.500.000 2.000 715.000.000.000 Series ASeri B 1.001.000.000 400 400.400.000.000 Series BSeri C 50.760.463.816 100 5.076.046.381.600 Series CSeri D 3.139.690.500 50 156.984.525.000 Series D

T o t a l 55.258.654.316 2.550 6.348.430.906.600 T o t a l

Page 113: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/103 Exhibit E/103

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

23. MODAL SAHAM (Lanjutan) 23. SHARE CAPITAL (Continued)

Perusahaan mendaftarkan seluruh sahamnya padaBursa Efek Indonesia. Berdasarkan catatan yang dibuatoleh Biro Administrasi Efek Perusahaan, yaituPT Sirca Datapro Perdana, susunan pemegang sahampada tanggal 31 Desember 2017 dan 2016 adalahsebagai berikut:

The Company listed all of its shares in IndonesiaStock Exchange. Based on the records maintained bythe share register, PT Sirca Datapro Perdana, thecomposition of the Company’s shareholders as of31 December 2017 and 2016 are as follows:

Pemegang saham

Jumlah saham/Number of

shares

Persentasekepemilikan/Percentage ofownership (%)

Jumlah modal/Total share

Capital Shareholders

31 Desember 2017 31 December 2017

PT Sakti Generasi Perdana 23.513.477.865 42,55 2.701.257.350.758 PT Sakti Generasi PerdanaStella Isabella Djohan 14.598.680.374 26,41 1.676.620.602.433 Stella Isabella DjohanMasyarakat (masing-masing

dengan pemilikan kurang dari 5%) 17.146.496.077 31,04 1.970.552.953.409 Public (each below 5%)

T o t a l 55.258.654.316 100,00 6.348.430.906.600 T o t a l

31 Desember 2016 31 December 2016

PT Citra Kharisma Komunika 11.857.244.669 34,33 1.028.739.941.900 PT Citra Kharisma KomunikaPT Sakti Generasi Perdana 2.742.233.000 7,94 274.223.300.000 PT Sakti Generasi PerdanaEFG Bank AG, Singapore 2.254.266.127 6,53 225.426.612.700 EFG Bank AG, SingaporeMasyarakat (masing-masing

dengan pemilikan kurang dari 5%) 17.682.851.714 51,20 2.747.835.171.400 Public (each below 5%)

T o t a l 34.536.595.510 100,00 4.276.225.026.000 T o t a l

Berdasarkan Rapat Umum Pemegang Saham LuarBiasa, yang diaktakan dengan Akta Notaris No. 78,tanggal 7 Februari 2017 yang dibuat oleh ElizabethKarina Leonita SH, M.Kn., Notaris di Bogor, Perusahaanmeningkatkan modal ditempatkan dan disetorPerusahaan melalui penambahan modal dengan HakMemesan Efek Terlebih Dahulu, maka modalditempatkan dan disetor 20.721.957.306 saham seri Cdan 12.087.808.429 waran dengan nilai nominalRp 100.

Based on Extraordinary Shareholder’s GeneralMeeting, stated in Notarial Deed No. 78, dated7 February 2017 made by Elizabeth Karina Leonita,S.H., M.Kn., Notary in Bogor, the Company increasedthe issued and paid up capital of the Companythrough the addition of the capital with pre-emptiverights, hence the issued and paid up capital of20,721,957,306 C series shares and 12,087,808,429warrants with the nominal value of Rp 100.

Perusahaan pada tanggal 7 Februari 2017 telahmemperoleh persetujuan dari Rapat Umum PemegangSaham Luar Biasa untuk meningkatkan modalditempatkan dan disetor Perusahaan melaluipenambahan modal dengan Hak Memesan EfekTerlebih Dahulu, maka modal ditempatkan dan disetor20.721.957.306 saham seri C dengan nilai nominalRp 100. Sebagaimana tercantum dalam AktaPernyataan Keputusan Rapat PT Sentul City Tbk No.79tanggal 7 Februari 2017.

The Company on 7 February 2017 has obtained theapproval of the Extraordinary General Meeting ofShareholders to increase the issued and paid upcapital of the Company through the addition of thecapital with pre-emptive rights, hence the issued andpaid up capital of 20,721,957,306 C series shareswith the nominal value of Rp 100. As contained in theDeed of Statement of Meeting Resolution ofPT Sentul City Tbk No. 79 dated 7 February 2017.

Page 114: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/104 Exhibit E/104

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

23. MODAL SAHAM (Lanjutan) 23. SHARE CAPITAL (Continued)

Seperti ditegaskan kembali oleh Akta PT SentulCity Tbk No. 122 tanggal 17 April 2017 yang dibuatoleh Elizabeth Karina Leonita, SH. M.Kn., Notarisdi Kota Bogor yang telah diterima dan dicatat dalamBadan Sistem Administrasi Hukum Kementerian Hukumdan Hak Asasi Manusia Republik Indonesia, melaluiSurat Pemberitahuan Akta Perubahan Anggaran DasarPT Sentul City Tbk, No. AHU-AH.01.030130120 tanggal25 April 2017.

As reaffirmed by the Deed of PT Sentul City TbkNo. 122 dated 17 April 2017 made by Elizabeth KarinaLeonita, SH. M.Kn., Notary in Bogor City, which hasbeen received and recorded in the Legal EntityAdministration System of the Ministry of Justice andHuman Rights of the Republic of Indonesia, asevident from the Letter of Acceptance Notification ofAmendment of Articles of Association of PT SentulCity Tbk, No. AHU-AH.01.03-0130120 dated 25 April2017.

Pemegang saham ini berhak atas pembagian dividendari waktu ke waktu dan berhak atas satu suara persaham pada rapat umum Perseroan, serta berhak atashasil pada pembubaran Perseroan secara proporsionaldengan jumlah dan jumlah yang dibayarkan padasaham yang dimiliki. Semua hak yang melekat padasaham Perseroan dimiliki Perusahaan sampai sahamtersebut diterbitkan.

Holders of these shares are entitled to dividendsdeclared from time to time and are entitled to onevote per share at general meetings of the Company,and also entitled to the proceeds on winding up ofthe Company in proportion to the number of andamounts paid on the shares held. All rights attachedto the Company’s shares were owned by the Companyuntil those shares are issued.

24. TAMBAHAN MODAL DISETOR 24. ADDITIONAL PAID-IN CAPITAL

Akun ini merupakan selisih antara jumlah nilainominal saham Perusahaan sehubungan denganpenawaran saham kepada masyarakat dan hasil bersihyang diterima dari penawaran saham kepadamasyarakat tersebut. Rincian agio saham pada tanggal31 Desember 2017 dan 2016 adalah sebagai berikut:

This account represents the difference betweennominal value of the Company’s shares offered tothe public and the actual net proceeds received fromsuch public offerings. The details of additional paid-in-capital as of 31 December 2017 and 2016 are asfollows:

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Agio saham dari Penawaran UmumPerdana 396.038.298.690 396.038.298.690

Premium on paid-in-capital onInitial Public Offering

Agio saham baru dari konversihutang ke modal 30.450.516.055 30.450.516.055

Premium on issuance of new sharesfrom conversion of debt to capital

Agio saham dari Penawaran UmumTerbatas III ( 50.551.289.700) ( 50.551.289.700)

Shares premium fromLimited Public Offering III

Agio saham dari penerbitan sahambaru dari Waran Seri I 48.518.000.000 48.518.000.000

Shares premium fromexercise of Series I Warrants

Agio saham dari penerbitan sahamseri D pada tahun 2015 78.492.262.500 78.492.262.500

Shares premium from issuanceof shares of series D in 2015

Agio saham dari Penawaran UmumTerbatas IV 248.843.429.539 -

Shares premium from Limited PublicOffering IV

Selisih nilai transaksirestrukturisasi entitassepengendali ( 10.197.480.827) ( 107.082.573)

Difference arising fromrestructuring transactions

of entity under common controlPenerbitan Waran dari Penawaran

Umum Terbatas IV 1.522.500 -Exercise Warrant from Limited Public

Offering IV

N e t o 741.595.258.757 502.840.704.972 N e t

Keuntungan penerbitan saham baru merupakan selisihantara nilai nominal Rp 50 per saham dengan nilaipelaksanaan Rp 75 per saham pada saat peningkatanmodal ditempatkan tanpa Hak Memesan Efek TerlebihDahulu (HMETD) sebanyak 3.139.690.500 saham seri D(Catatan 1c).

Gain on issuance of new shares representsthe differences between nominal value Rp 50 pershare to execise value Rp 75 per share at the timeincreased its issued and paid shares withoutRight Issue (HMETD) totaling 3,139,690,500 shares Dseries (Note 1c).

Page 115: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/105 Exhibit E/105

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

24. TAMBAHAN MODAL DISETOR (Lanjutan) 24. ADDITIONAL PAID-IN CAPITAL (Continued)

Perusahaan meningkatan modal ditempatkan dandisetor Perusahaan melalui penambahan Modal Disetor(HMETD) sejumlah 20.721.957.306 saham seri C.Keuntungan penerbitan saham baru merupakan selisihantara nilai nominal Rp 100 per saham dan nilaipelaksanaan sebesar Rp 112 (Catatan 1c).

The Company increased the issued and paid in capitalof the Company through the addition of Pre-emptiveRights Capital (HMETD) totaling 20,721,957,306 Cseries shares. The gain on the issuance of new sharesrepresents the difference between the nominal valueof Rp 100 per share and the exercise value of Rp 112(Note 1c).

Pada tahun 2017, terdapat 101.500 waran yangmenjadi modal saham, di mana selisih antara nilainominal sebesar Rp 100 per saham dan hargapelaksanaan sebesar Rp 115 dicatat dalam “TambahanModal Disetor”

On 2017, there is 101,500 warrant become shares,which the difference between the nominal value ofRp 100 per share and the exercise price of Rp 115recorded as “Additional Paid-In-Capital”.

25. KOMPONEN EKUITAS LAINNYA 25. OTHER EQUITY COMPONENTS

Akun ini merupakan bagian Perusahaan atasperubahan ekuitas entitas anak dan entitas asosiasi,yang terutama berhubungan dengan transaksi yangmengubah persentase kepemilikan Perusahaan dankeuntungan atau kerugian yang belum direalisasi atasaset keuangan tersedia untuk dijual.

This account represents the Company’s share ofthe changes in equity of subsidiaries and associates,which relates to transactions which changethe Company’s percentage of ownership, andunrealized gains or losses from available-for-salefinancial assets.

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Selisih nilai transaksi dengankepentingan non pengendali 34.400.802.119 34.400.802.119

Differences from transactions withnon-controlling interest

Keuntungan belum diakui dari nilaipasar investasi tersedia untukdijual - 421.784.488

Unrealized gains onchanges in market value of

available-for-sale investment

N e t o 34.400.802.119 34.822.586.607 N e t

Pada tanggal 26 September 2016, Perusahaan membeli34,95% kepemilikan non pengendali atas PT Sentul AirNusantara (SAN) sebesar Rp 699.000.000 tanpakehilangan pengendalian, setelah transaksi tersebutkepemilikan Perusahaan menjadi 99,95% danPT Sukaputra Graha Cemerlang (SGC) entitas anakmembeli saham minoritas SAN sebesar Rp 1.000.000atau 0,05%. Selisih transaksi yang timbul dari transaksiini adalah sebesar Rp 1.026.551.904.

On 26 September 2016, the Company acquired 34.95%non-controlling ownership at PT Sentul Air Nusantara(SAN) amounted to Rp 699,000,000 without losingcontrol, after transaction the ownership by theCompany become 99.95% and PT Sukaputra GrahaCemerlang (SGC) subsidiaries acquired a minorityshares in SAN amounting to Rp 1,000,000 or 0,05%.Difference transactions arising from this transactionamounted to Rp 1,026,551,904.

Pada tahun 2016, PT Sukaputra Graha Cemerlang(SGC), entitas anak membeli saham minoritas padaPT Bintang Perdana Mulia (BPM) sebesar Rp 1.000.000atau 0,17%, untuk kedua perusahaan tersebut beradadalam satu pengendalian yang sama. Selisih atastransaksi yang timbul atas transaksi ini adalah sebesarRp 36.444.294.

In 2016, PT Sukaputra Graha Cemerlang (SGC),subsidiaries buy minority shares at PT BintangPerdana Mulia (BPM) amounting to Rp 1,000,000 or0.17%, for both the company are located in the samecontrol. The difference on transaction incurred onthis transaction amounted to Rp 36,444,294.

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These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/106 Exhibit E/106

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

26. SALDO LABA – DICADANGKAN DAN DIVIDEN 26. RETAINED EARNINGS – APPROPRIATE AND DIVIDENDS

a. Saldo Laba - Dicadangkan a. Appropriation of Retained Earnings

Berdasarkan Undang-Undang Perseroan TerbatasNo. 40 Tahun 2007, Perusahaan diwajibkan untukmembentuk cadangan umum sebesar minimum 20%dari saham Perusahaan yang diterbitkan dandisetor.

Under Limited Liability Law No. 40 Tahun 2007,the Company is required to set up a generalreserve amounting to at least 20% of theCompany‘s issued and paid-up capital.

Guna memenuhi persyaratan perundang-undangan,Perusahaan telah mencadangkan saldo labasebagai cadangan umum masing-masing sebesarRp 7.700.000.000 dan Rp 6.700.000.000 padatanggal 31 Desember 2017 dan 2016.

In order to comply with the requirements ofthe Law, the Company has appropriated itsretained earnings amounting to Rp 7,700,000,000and Rp 6,700,000,000 as of 31 December 2017 and2016, respectively.

b. Dividen b. Dividend

Pada Rapat Umum Pemegang Saham TahunanPerseroan tanggal 18 Juni 2014, pemegang sahamtelah menyetujui pembagian dividen tunaisejumlah Rp 7.849.226.253 atau Rp 0,25 (dalamsatuan Rupiah) per saham (Catatan 19). Padatanggal 22 September 2015 Perusahaan membayardividen tersebut sebesar Rp 7.729.906.941.

At the Annual Shareholder’s General Meeting ofShareholders of the Company dated 18 June 2014,the shareholders have approved the distributionof cash dividends amounting to Rp 7,849,226,253or Rp 0.25 (in units of Rupiah) per share(Note 19). On 22 September 2015, the Companypaid the dividend amounting to Rp 7.729.906.941.

Dividen sebesar Rp 1.105.263.158 sebelum pajakmerupakan dividen yang akan dibagikan oleh SKC(entitas anak) kepada kepentingan non-pengendaliyaitu PT Surya Cipta Utama (Catatan 19 dan 42).

Dividend amounting to Rp 1,105,263,158 beforetax is dividend to be distributed by SKC(subsidiary) to non-controlling interests isPT Surya Cipta Utama (Note 19 and 42).

27.PENDAPATAN NETO 27. NET REVENUES

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pihak ketiga Third parties

Penjualan lahan siap bangun, rumahhunian, ruko dan apartemen 1.489.954.971.815 1.070.974.452.385

Sales of developed land,residential shop houses and

apartmentPengelolaan kota 71.702.675.214 71.325.521.651 Town management

Hotel, restoran dan taman hiburan 61.827.319.233 64.275.024.882Hotel, restaurant and

amusement park

T o t a l 1.623.484.966.262 1.206.574.998.918 T o t a l

28. BEBAN POKOK PENDAPATAN 28. COST OF REVENUES

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Lahan siap bangun, rumah hunian rukodan apartemen (Catatan 9) 568.615.403.178 367.079.393.002

Sales of developed land,residential shop houses and

apartment (Notes 9)Pengelolaan kota 60.515.953.582 61.540.158.705 Town management

Hotel, restoran dan taman hiburan 32.675.047.501 38.208.054.754Hotel, restaurant and

amusement park

T o t a l 661.806.404.261 466.827.606.461 T o t a l

Page 117: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/107 Exhibit E/107

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

29. BEBAN PENJUALAN 29. SELLING EXPENSES

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Beban iklan dan pemasaran 38.935.247.062 38.323.279.236 Advertising and marketingS e w a 5.166.908.937 4.652.653.281 RentalGaji dan tunjangan 4.299.964.572 4.948.254.195 Salaries and allowancesHonorarium tenaga ahli 3.854.574.361 3.431.833.979 Professionals feesUtilitas 2.915.785.596 2.506.180.986 UtilitiesPajak dan perijinan 402.701.002 648.750.927 Tax and licensesLain-lain (masing-masing di bawah

Rp 150 juta) 593.625.842 553.548.827 Others (each below Rp 150 million)

T o t a l 56.168.807.372 55.064.501.431 T o t a l

30. BEBAN UMUM DAN ADMINISTRASI 30. GENERAL AND ADMINISTRATIVE EXPENSES

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Gaji dan kesejahteraan karyawan 81.961.509.789 75.665.475.079 Salaries and employee benefitsHonorarium tenaga ahli 35.391.264.387 45.591.146.599 Professional feesTransportasi dan perjalanan dinas 12.124.944.541 12.229.746.225 Transportation and travelingPenyusutan (Catatan 14) 11.206.383.503 9.129.272.163 Depreciation (Note 14)Perbaikan dan pemeliharaan 8.234.797.493 6.740.146.521 Repairs and maintenancePajak dan perijinan 3.058.096.747 10.506.862.417 Taxes and licensesPerlengkapan kantor 5.544.417.809 5.563.632.625 Office suppliesKeamanan 4.557.671.552 2.977.308.317 SecurityUtilitas 2.176.423.413 2.069.579.830 UtilitiesS e w a 1.764.549.836 2.002.199.861 RentalSumbangan dan jamuan 1.506.685.648 3.913.713.517 Donation and entertainmentBeban manajemen 879.990.869 888.540.272 Management feeLain-lain (masing-masing di bawah

Rp 500 juta) 39.964.243.844 19.795.059.520 Others (each below Rp 500 milion)

T o t a l 208.370.979.431 197.072.682.946 T o t a l

31. PENDAPATAN DAN BEBAN OPERASI LAINNYA 31. OTHER OPERATING INCOME AND EXPENSE

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pendapatan operasi lainnya Other operating incomePendapatan bunga pajak 22.076.655.262 - Income of tax interestS e w a 1.223.370.910 1.044.872.728 R e n tDenda konsumen 137.522.756 563.373.146 Customer penaltiesKeuntungan dari penilaian

nilai wajar properti investasi - 179.657.243.000Gain on fair value measurement

of investment propertyKeuntungan penjualan entitas anak - 36.888.000.000 Gain on sale investment in subsidiariesKeuntungan selisih kurs - 13.626.665.387 Gain on foreign exchangeLain-lain 11.791.201.502 30.991.846.181 Others

T o t a l 35.228.750.430 262.772.000.442 T o t a l

Page 118: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/108 Exhibit E/108

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

31. PENDAPATAN DAN BEBAN OPERASI LAINNYA(Lanjutan)

31. OTHER OPERATING INCOME AND EXPENSE(Continued)

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Beban operasi lainnya Other operating expenseBeban pajak 28.475.180.277 4.659.771.839 Tax expenseBeban cadangan penurunan nilai 1.114.460.676 9.518.821.690 Allowance for impairmentBeban administrasi 280.354.144 270.387.478 Administration expenseRugi selisih kurs 131.480.000 - Loss on foreign exchangeLain-lain 48.711.520.982 38.047.610.593 Others

T o t a l 78.712.996.079 52.496.591.600 T o t a l

32. BEBAN KEUANGAN 32. FINANCE COSTS

Beban bunga dan beban keuangan lainnya ataspinjaman jangka panjang sebesar Rp 150.874.368.292dan Rp 138.217.966.202 untuk tahun yang berakhirpada 31 Desember 2017 dan 2016.

Interest and other financing charges for on longterm loans amounted to Rp 150,874,368,292 andRp 138,217,966,202 for the year ended 31 December2017 and 2016.

33. LABA PER SAHAM 33. EARNINGS PER SHARE

Berikut adalah perhitungan laba per saham dasar yangdigunakan untuk tahun berakhir pada 31 Desember2017 dan 2016:

The following are the computation of earnings pershare for the year ended 31 December 2017 and2016:

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Laba (rugi) neto yang dapatdiatribusikan kepada pemilikperusahaan 464.928.275.174 564.301.599.584

Net income (loss) attributable toowners of the Company

Rata-rata tertimbang jumlah sahambiasa yang beredar 55.258.552.816 34.536.595.510

Weighted average number ofordinary shares outstanding

Laba per saham dasar/dilusian 8,41 16,34 Basic/diluted earnings per share

34. SALDO, TRANSAKSI DAN HUBUNGAN DENGAN PIHAKBERELASI

34. ACCOUNT BALANCES, TRANSACTIONS ANDRELATIONSHIP WITH RELATED PARTIES

Hubungan dan sifat saldo akun atau transaksi-transaksidengan pihak berelasi adalah sebagai berikut:

The relationship and nature of account balances ortransactions with related parties are described asfollows:

Pihak Berelasi Sifat dari Hubungan/ Sifat dari Transaksi/Related Parties Nature of Relationships Nature of Transactions

PT Bintang Emerald Perdana Entitas asosiasi/Associate Piutang usaha, piutang non-usaha dan utangnon-usaha/Trade receivables, non-trade

receivables and on-trade payablesPT Cakrawala Bintang Unggulan Entitas asosiasi/Associate Piutang usaha dan piutang non-usaha/

Trade receivables and non-trade receivablesBpk. Cahyadi Kumala Anggota tim manajemen (2014)/

Member of management team (2014)Piutang non-usaha/Non-trade receivables

PT Jakarta Polo dan Equestrian Entitas asosiasi/Associate Piutang non-usaha/Non-trade receivablesPT Royal Sentul Resort Hotel Entitas asosiasi/Associate Piutang non-usaha dan utang non-usaha/

Non-trade receivables and non-trade payables

Page 119: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/109 Exhibit E/109

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

34. SALDO, TRANSAKSI DAN HUBUNGAN DENGAN PIHAKBERELASI (Lanjutan)

34. ACCOUNT BALANCES, TRANSACTIONS ANDRELATIONSHIP WITH RELATED PARTIES (Continued)

Pihak Berelasi Sifat dari Hubungan/ Sifat dari Transaksi/Related Parties Nature of Relationships Nature of Transactions

PT Serumpun Lestari Sejahtera Entitas asosiasi/Associate Piutang non-usaha dan utang non-usaha/Non-trade receivables and non-trade payables

PT Langgeng Sakti Persada Entitas asosiasi/Associate Piutang non-usaha/Non-trade receivablesPT Padang Golf Bukit Sentul Entitas asosiasi/Associate Utang non-usaha/Non-trade payablesPT Citra Kharisma Komunika Pemegang saham/Shareholder Utang non-usaha/Non-trade payablesPT Group Seventy Asia Entitas asosiasi/Associate Utang non-usaha/Non-trade payablesPT Sukses Pratama Gemilang Entitas asosiasi/Associate Utang non-usaha/Non-trade payablesPT Sentul Summit Development Entitas asosiasi/Associate Piutang non-usaha, uang muka pelanggan

dan penjualan/Non-trade receivables,customer deposit and sales

J u m l a h / A m o u n tPersentase terhadap jumlah aset/liabilitas (%)/

Percentage of total assets/liability (%)31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Piutang usaha Trade receivablesPT Bintang Emerald

Perdana 112.000.000.000 112.000.000.000 0,75 0,99PT Bintang Emerald

PerdanaPT Cakrawala Bintang

Unggulan 39.124.800.000 39.124.800.000 0,26 0,34PT Cakrawala

Bintang Unggulan

T o t a l (Catatan 7) 151.124.800.000 151.124.800.000 1,01 1,33 (Note 7) T o t a l

Rincian saldo akun-akun dengan pihak berelasi adalahsebagai berikut:

The details of accounts with related parties are asfollows:

J u m l a h / A m o u n tPersentase terhadap jumlah aset/liabilitas (%)/

Percentage of total assets/liability (%)31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Piutang non-usahaNon-trade

ReceivablesPT Bintang Emerald

Perdana 27.417.950.000 27.400.000.000 0,18 0,24PT Bintang Emerald

PerdanaPT Jakarta Polo dan

Equestrian 5.132.424.752 5.132.424.752 0,03 0,05PT Jakarta Polo dan

EquestrianPT Cakrawala Bintang

Unggulan 4.609.250.000 4.592.600.000 0,03 0,04PT Cakrawala

Bintang UnggulanPT Royal Sentul

Resort Hotel 1.871.730.738 1.871.730.738 0,01 0,02PT Royal SentulResort Hotel

PT Serumpun LestariSejahtera 196.192.816 196.192.816 0,01 0,00

PT Serumpun LestariSejahtera

PT Langgeng SaktiPersada 82.894.950 71.694.950 0,00 0,00

PT Langgeng SaktiPersada

PT Sentul SummitDevelopment 1.314.592 - 0,00 0,00

PT Sentul SummitDevelopment

Bpk. Cahyadi Kumala - 15.250.000.000 0,00 0,13 Mr. Cahyadi Kumala

Sub-total 39.311.757.848 54.514.643.256 0,26 0,48 Sub-total

Penyisihan penurunannilai ( 7.254.155.490)

(( 7.254.155.490) ( 0,05) ( 0,06)

Allowance forimpairment

N e t o 32.057.602.358 47.260.487.766 0,21 0,42 N e t

Page 120: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/110 Exhibit E/110

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

34. SALDO, TRANSAKSI DAN HUBUNGAN DENGAN PIHAKBERELASI (Lanjutan)

34. ACCOUNT BALANCES, TRANSACTIONS ANDRELATIONSHIP WITH RELATED PARTIES (Continued)

J u m l a h / A m o u n tPersentase terhadap jumlah aset/liabilitas (%)/

Percentage of total assets/liability (%)31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Utang non-usaha Non-trade payablesPT Serumpun Lestari

Sejahtera 8.099.116.602 9.965.200.000 0,16 0,24PT Serumpun Lestari

SejahteraPT Royal Sentul

Resort Hotel 5.993.752.000 5.993.752.000 0,12 0,14PT Royal SentulResort Hotel

PT Padang Golf BukitSentul 4.641.074.106 4.641.074.106 0,09 0,11

PT Padang GolfBukit Sentul

PT Group SeventyAsia 3.566.086.817 4.277.280.966 0,07 0,10

PT Group SeventyAsia

PT Sukses PratamaGemilang 1.968.331.390 1.968.331.390 0,04 0,05

PT Sukses PratamaGemilang

PT Citra KharismaKomunika 2.000.000 2.000.000 0,00 0,00

PT Citra KharismaKomunika

PT Bintang EmeraldPerdana 1.000.000 1.000.000 0,00 0,00

PT Bintang EmeraldPerdana

T o t a l 24.271.360.915 26.848.638.462 0,48 0,64 T o t a l

J u m l a h / A m o u n tPersentase terhadap jumlah aset/liabilitas (%)/

Percentage of total assets/liability (%)31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Uang mukapelanggan Customer deposit

PT Sentul SummitDevelopment 95.595.457.500 - 1,90 -

PT Sentul SummitDevelopment

J u m l a h / A m o u n tPersentase terhadap jumlah penjualan (%)/

Percentage of total sales (%)31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Penjualan SalesPT Sentul Summit

Development 537.487.042.500 - 33,11 -PT Sentul Summit

Development

Rincian jenis transaksi dengan pihak berelasi yangjumlahnya melebihi Rp 1.000.000.000 pada tanggal31 Desember 2016 dan 2015 adalah sebagai berikut:

Details of the transactions with related partiesexceeding Rp 1,000,000,000 as of 31 December 2016and 2015 is as follows:

1. Piutang usaha dari PT Bintang Emerald Perdanadan PT Cakrawala Bintang Unggulan merupakantransaksi penjualan tanah Perusahaan dan entitasanak atas nama BEP dan CBU.

2. Piutang non-usaha dari BEP, CBU, SentulInvestindo, SLS, Ananda Putra Bangsa, SuksesPratama Gemilang dan LSP merupakan transaksikeuangan dengan pihak-pihak berelasi, di manatransaksi-transaksi tersebut merupakan talanganuntuk modal kerja yang tidak dikenakan bunga,tidak disertai jaminan dan seluruhnya dapattertagih sesuai permintaan dari pemberi pinjaman(demandable).

1. Trade receivable from PT Bintang EmeraldPerdana and PT Cakrawala Bintang Unggulan is atransaction related to sales of land ofthe Company and its subsidiaries on behalf ofBEP and CBU.

2. Non-trade receivables from BEP, CBU,Sentul Investindo, SLS, Ananda Putra BangsaSukses Pratama Gemilang and LSP are financialtransaction with related parties, which thetransactions constitute a bailout for workingcapital is not subject to interest, is notaccompanied by a guarantee and fullycollectible at the request of the lender(demandable).

Page 121: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/111 Exhibit E/111

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

34. SALDO, TRANSAKSI DAN HUBUNGAN DENGAN PIHAKBERELASI (Lanjutan)

34. ACCOUNT BALANCES, TRANSACTIONS ANDRELATIONSHIP WITH RELATED PARTIES (Continued)

Rincian jenis transaksi dengan pihak berelasi yangjumlahnya melebihi Rp 1.000.000.000 pada tanggal31 Desember 2017 dan 2016 adalah sebagai berikut:(Lanjutan)

Details of the transactions with related partiesexceeding Rp 1,000,000,000 as of 31 December 2017and 2016 is as follows: (Continued)

3. Piutang atas Bpk. Cahyadi Kumala merupakantransaksi untuk pembelian tanah Perusahaan.

4. Perusahaan melakukan transaksi dengan PT SaktiGenerasi Perdana untuk mengakuisisi PT GrahaSejahtera Abadi melalui penerbitan saham dariPenawaran Saham Umum Terbatas IV(Catatan 1 dan 4).

5. Uang muka penjualan dan penjualan kepadaPT Sentul Summit Development merupakanpenjualan atas 3 tower apartemen.

3. Receivables from Mr. Cahyadi Kumala are forpurchase of the Company’s land.

4. The Company entered into a transaction withPT Sakti Generasi Perdana to acquire PT GrahaSejahtera Abadi through issuance of shares fromLimited Public Offering IV (Note 1 and 4).

5. Customer deposit and sales to PT Sentul SummitDevelopment pertain to sale of 3 towersapartment.

35. MANAJEMEN RISIKO KEUANGAN 35. FINANCIAL RISK MANAGEMENT

Kebijakan manajemen risiko keuangan Perusahaan danentitas anak bertujuan untuk mengidentifikasi danmenganalisa risiko-risiko keuangan yang dihadapiPerusahaan dan entitas anak, menetapkan batasanrisiko dan pengendalian yang sesuai serta untukmengawasi kepatuhan terhadap batasan yang telahditetapkan.

The Company and subsidiaries’ financial riskmanagement policy aims to identify and analyzethe financial risks faced by the Company andsubsidiaries, setting risk limits and appropiatecontrols are appropriate and to oversee compliancewith the limits established.

Kebijakan manajemen risiko keuangan yang dijalankanoleh Perusahaan dan entitas anak dalam menghadapirisiko tersebut adalah sebagai berikut:

Financial risk management policy implemented bythe Company and subsidiaries relative to these risksare as follows:

a. Risiko Kredit a. Credit Risk

Eksposur risiko kredit Perusahaan dan entitas anakterutama adalah dalam mengelola piutangusaha. Perusahaan dan entitas anak melakukanpengawasan kolektibilitas piutang usaha sehinggadapat diterima penagihannya secara tepat waktudan juga melakukan penelaahan atas masing-masing piutang pelanggan secara berkala untukmenilai potensi timbulnya kegagalan penagihandan membentuk pencadangan berdasarkan hasilpenelaahan tersebut.

Credit risk of the Company and subsidiaries relateto manage trade receivables. The Company andsubsidiaries supervise the collectibility of tradereceivables in a timely manner and also conductsa review of individual customer accounts on aregular basis to assess the probability of failure ofcollection and provide an allowance based on theresults of the review.

Dalam mengelola penagihan piutang agar tepatwaktu, maka Perusahaan dan entitas anakmelakukan pengawasan secara intensif,dengan mengirimkan surat penagihan berkalakepada konsumen sesuai dengan StandarOperasional Prosedur (SOP) yang ditetapkan.

In managing collection of receivables, theCompany and subsidiaries do intensive monitoring,by sending statement of accounts to customersbased on Standard Operational Procedures (SOP).

Page 122: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/112 Exhibit E/112

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

35. MANAJEMEN RISIKO KEUANGAN (Lanjutan) 35. FINANCIAL RISK MANAGEMENT (Continued)

a. Risiko Kredit (Lanjutan) a. Credit Risk (Continued)

Atas keterlambatan pembayaran dari konsumen,maka Perusahaan dan entitas anak akanmengenakan denda.

The Company and subsidiaries will charge penaltiesto the customers upon late payment.

Tabel di bawah ini merangkum paparan maksimumgross risiko kredit dari setiap kelas keuangan asetsebelum memperhitungkan agunan atau pendukungkredit lainnya pada tanggal 31 Desember 2017 dan2016.

The table below summarizes the gross maximumexposure to credit risk of each class of financialassets before taking into account any collateralheld or other credit enhancements as of31 December 2017 and 2016.

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Tersedia untuk dijual - 1.038.236.569 Available-for-sale

Pinjaman yang diberikandan piutang Loans and receivables

Bank dan setara kas 587.283.210.016 306.279.981.237 Cash in bank and cash equivalentsPiutang usaha 1.308.871.798.456 1.022.430.877.826 Trade receivablesPiutang non-usaha 39.311.757.848 54.514.643.256 Non-trade receivablesAset keuangan lancar lainnya 149.011.630.541 145.978.090.655 Other current financial assetsAset keuangan tidak lancar

lainnya 101.662.024.447 102.520.538.189 Other non-current financial assets

T o t a l 2.186.140.421.308 1.632.762.367.732 T o t a l

Analisis aging aset keuangan Perusahaan danentitas anak berikut:

Aging analyses of the Company and subsidiaries’financial assets are as follow:

31 Desember2017

Belum jatuhtempo maupun

mengalamipenurunan nilai/Not past due and

not impaired

Telah jatuh namun belum mengalami penurunan nilai/Past due but not impaired

Telah jatuhtempo danmengalami

penurunan nilai/Past due and

impaired

31 December2017

1-3Bulan/Month

3-6Bulan/Month

6-12Bulan/Month

> 12Bulan/Month T o t a l

Tersedia untukdijual Available-for-sale

Pinjaman danpiutang

Loans andReceivables

Bank dansetara kas 587.283.210.016 - - - - - 587.283.210.016

Cash in banks andcash equivalents

Piutang usaha 198.304.305.783 320.804.474.042 14.229.407.679 156.025.803.059 549.245.493.836 70.262.314.057 1.308.871.798.456 Trade receivablesPiutang non-

usaha 24.803.446.868 - - - 7.254.155.490 7.254.155.490 39.311.757.848Non-trade

ReceivablesAset keuangan

lancarlainnya 97.721.325.893 - - - 31.943.536.432 19.346.768.216 149.011.630.541

Other currentfinancial assets

Aset keuangantidak lancarlainnya 101.662.024.447 - - - - - 101.662.024.447

Othernon-current

financial assets

T o t a l 1.009.774.313.007 320.804.474.042 14.229.407.679 156.025.803.059 588.443.185.758 96.863.237.763 2.186.140.421.308 T o t a l

Page 123: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/113 Exhibit E/113

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

35. MANAJEMEN RISIKO KEUANGAN (Lanjutan) 35. FINANCIAL RISK MANAGEMENT (Continued)

a. Risiko Kredit (Lanjutan) a. Credit Risk (Continued)

31 Desember2016

Belum jatuhtempo maupun

mengalamipenurunan nilai/Not past due and

not impaired

Telah jatuh namun belum mengalami penurunan nilai/Past due but not impaired

Telah jatuhtempo danmengalami

penurunan nilai/Past due and

impaired

31 December2016

1-3Bulan/Month

3-6Bulan/Month

6-12Bulan/Month

> 12Bulan/Month T o t a l

Tersedia untukdijual 1.038.236.569 - - - - - 1.038.236.569 Available-for-sale

Pinjaman danpiutang

Loans andReceivables

Bank dansetara kas 306.279.981.237 - - - - - 306.279.981.237

Cash in banks andcash equivalents

Piutang usaha 735.518.817.290 337.115.594 4.617.418.432 5.447.196.138 207.294.976.993 69.215.353.379 1.022.430.877.826 Trade receivablesPiutang non-

usaha 40.006.332.276 - - - 7.254.155.490 7.254.155.490 54.514.643.256Non-trade

ReceivablesAset keuangan

lancarlainnya 107.284.554.223 - - - 19.346.768.216 19.346.768.216 145.978.090.655

Other currentfinancial assets

Aset keuangantidak lancarlainnya 102.520.538.189 - - - - - 102.520.538.189

Othernon-current

financial assets

T o t a l 1.292.648.459.784 337.115.594 4.617.418.432 5.447.196.138 233.895.900.699 95.816.277.085 1.632.762.367.732 T o t a l

Berikut adalah klasifikasi aset keuanganPerusahaan dan entitas anak yang tidak lewatjatuh tempo atau gangguan.

Below is the classification of the Company andsubsidiaries’ financial assets that are neither past-due nor impaired.

31 Desember 2017Tingkat atas/High grade

Tingkat standar/Standard grade T o t a l 31 December 2017

Pinjaman dan piutang Loans and receivables

Bank dan setara kas 587.283.210.016 - 587.283.210.016Cash in bank and cash

EquivalentsPiutang usaha - 198.304.305.783 198.304.305.783 Trade receivablesPiutang non-usaha - 24.803.446.868 24.803.446.868 Non-trade receivablesAset keuangan lancar lainnya - 97.721.325.893 97.721.325.893 Other current financial assetsAset keuangan tidak lancar

lainnya 76.193.184.298 25.468.840.149 101.662.024.447Other non-currentfinancial assets

T o t a l 663.476.394.314 346.297.918.693 1.009.774.313.007 T o t a l

31 Desember 2016Tingkat atas/High grade

Tingkat standar/Standard grade T o t a l 31 December 2016

Tersedia untuk dijual 1.038.236.569 - 1.038.236.569 Available-for-sale

Pinjaman dan piutang Loans and receivables

Bank dan setara kas 306.279.981.237 - 306.279.981.237Cash in bank and cash

EquivalentsPiutang usaha - 735.518.817.290 735.518.817.290 Trade receivablesPiutang non-usaha - 40.006.332.276 40.006.332.276 Non-trade receivablesAset keuangan lancar lainnya 77.597.948.449 29.686.605.774 107.284.554.223 Other current financial assetsAset keuangan tidak lancar

lainnya 77.770.948.589 24.749.589.600 102.520.538.189Other non-currentfinancial assets

T o t a l 462.687.114.844 829.961.344.940 1.292.648.459.784 T o t a l

Page 124: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/114 Exhibit E/114

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

35. MANAJEMEN RISIKO KEUANGAN (Lanjutan) 35. FINANCIAL RISK MANAGEMENT (Continued)

a. Risiko Kredit (Lanjutan) a. Credit Risk (Continued)

Perusahaan dan entitas anak telah menilai kualitaskredit dari kas di bank dan setara kas sebagaikelas tinggi karena ini disimpan di/ataudilakukan dengan bank terkemuka yang memilikiprobabilitas rendah kebangkrutan.

Company and subsidiaries have assessed the creditquality of their cash in bank and cash equivalentsas high grade since these are deposited in/ortransacted with reputable banks that have lowprobability of insolvency.

Aset keuangan lain Perusahaan dan entitas anakdikategorikan berdasarkan catatan penagihanPerusahaan dan entitas anak dengan pihak ketiga.Definisi dari peringkat yang digunakan olehPerusahaan dan entitas anak untuk mengevaluasirisiko kredit dari pihak ketiga adalah sebagaiberikut:1. Level atas - Kepastian diperoleh dari pihak

ketiga yang mengikuti ketentuan dikontraktanpa banyak usaha untuk menagih.

2. Level standar - Melakukan beberapapengingatan untuk memperoleh kepastian daripihak ketiga.

The Company and subsidiries’s other financialassets are categorized based on the collectionrecord with the counterparties. Definitions ofthe ratings being used by the Company andsubsidiaries to evaluate credit risk of itscounterparties are as follows:

1. High level - Certainty obtained fromcounterparties contracted to comply withoutmuch effort to collect.

2. Standar level - some reminder follow-ups areperformed to obtain certainty from thecounterparties.

b. Risiko Likuiditas b. Liquidity Risk

Eksposur risiko likuiditas Perusahaan dan entitasanak timbul terutama dari penempatan dana darikelebihan penerimaan kas setelah dikurangkan daripenggunaan kas untuk mendukung kegiatan usahaPerusahaan dan entitas anak. Perusahaan danentitas anak mengelola risiko likuiditas denganmenjaga kecukupan arus kas dan fasilitas bankdengan terus memonitor arus kas perkiraandan aktual.

The liquidity risk exposure of the Company andsubsidiaries arise primarily from the placement ofexcess funds arising from collections afterdeducting disbursements to support the businessactivities of the Company and subsidiaries. TheCompany and subsidiaries manage liquidity risk bymaintaining sufficient cash flows and bankfacilities by continuously monitoring forecast andactual cash flows.

Perusahaan dan entitas anak juga menerapkanmanajemen risiko likuiditas yang berhati-hatidengan mempertahankan saldo kas yang cukupyang berasal dari penagihan hasil penjualan danmenempatkan kelebihan dana kas dalam instrumenkeuangan dengan tingkat risiko yang rendah namunmemberikan imbal hasil yang memadai sertamemperhatikan reputasi dan kredibilitas lembagakeuangan.

The Company and subsidiaries are alsoimplementing prudent liquidity risk managementby maintaining adequate cash balance derivedfrom collections placing excess cash in financialinstruments with low risk but providing adequatereturns and paying attention to reputation andcredibility of financial institutions.

Perusahaan dan entitas anak menerapkanmanajemen risiko likuiditas dengan menetapkansaldo kas yang memadai yang berasal daripenagihan piutang konsumen atau sumber lainnya.

The Company and subsidiaries apply liquidity riskmanagement by establishing sufficient cashbalances that arose from customers’ receivablecollection or other resources.

Risiko likuiditas timbul apabila Perusahaan danentitas anak menemukan kesulitan dalammewujudkan asetnya atau mengumpulkan danauntuk memenuhi komitmen terkait denganliabilitas keuangannya.

Liquidity risk arises when the Company andsubsidiaries encounter difficulty in realizing itsassets or otherwise raising funds to meetcommitments associated with its financialliabilities.

Page 125: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/115 Exhibit E/115

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

35. MANAJEMEN RISIKO KEUANGAN (Lanjutan) 35. FINANCIAL RISK MANAGEMENT (Continued)

b. Risiko Likuiditas (Lanjutan) b. Liquidity Risk (Continued)

Perusahaan dan entitas anak mengelola likuiditasdengan membuat rencana penerimaan danpengeluaran dalam bentuk perencanaan arus kassecara periodik dan melakukan monitoringatas realisasinya. Perusahaan dan entitas anakmenempatkan kelebihan atas kas dalam instrumenkeuangan dengan risiko yang rendah namunmemberikan imbal hasil yang memadaipada lembaga-lembaga keuangan yang memilikikredibilitas dan rating yang dapatdipertanggungjawabkan.

The Company and subsidiaries manage liquidity bymaking the plan revenue and expenditure in theform of periodic cash flows planning andmonitoring of their realization. The Company andsubsidiaries’ put the excess of cash in financialinstruments with low risk but provide adequatereturns on financial institutions that havecredibility and rating may be applied.

Tabel di bawah profil jatuh tempo liabilitaskeuangan Perusahaan dan entitas anakberdasarkan pembayaran kontraktual yang tidakdidiskontokan pada tanggal 31 Desember 2017 dan2016:

The table below summarizes the maturity profileof the Company and subsidiaries’ financialliabilities based contractual undiscountedpayments as of 31 December 2017 and 2016:

31 Desember 2017

Permintaan segeraatau antaraSatu tahun/

Immediate demandor betweenOne year

Lebih dari Satutahun/

More thanOne year T o t a l 31 December 2017

Liabilitas Keuangan Financial LiabilitiesPinjaman jangka pendek 47.424.894.537 - 47.424.894.537 Short-term loans

Utang usaha – Pihak ketiga 406.105.937.397 - 406.105.937.397Trade payables – Third

partiesUtang non-usaha - Pihak

berelasi 24.271.360.915 - 24.271.360.915Non-trade payables –

Related partiesLiabilitas keuangan jangka

pendek lainnya 854.365.051.848 - 854.365.051.848Other short-term

financial liabilitiesBeban masih harus dibayar 154.133.098.642 - 154.133.098.642 Accrued expensesPinjaman jangka panjang 352.279.584.334 1.090.596.613.076 1.442.876.197.410 Long-term debts

T o t a l 1.838.579.927.673 1.090.596.613.076 2.929.176.540.749 T o t a l

31 Desember 2016

Permintaan segeraatau antaraSatu tahun/

Immediate demandor betweenOne year

Lebih dari Satutahun/

More thanOne year T o t a l 31 December 2016

Liabilitas Keuangan Financial LiabilitiesPinjaman jangka pendek 382.806.488.086 - 382.806.488.086 Short-term loans

Utang usaha – Pihak ketiga 169.723.271.400 - 169.723.271.400Trade payables – Third

partiesUtang non-usaha - Pihak

berelasi 26.848.638.462 - 26.848.638.462Non-trade payables –

Related partiesLiabilitas keuangan jangka

pendek lainnya 678.716.847.166 - 678.716.847.166Other short-term

financial liabilitiesBeban masih harus dibayar 88.155.008.223 - 88.155.008.223 Accrued expensesPinjaman jangka panjang 424.474.108.345 412.567.744.986 837.041.853.331 Long-term debts

T o t a l 1.770.724.361.682 412.567.744.986 2.183.292.106.668 T o t a l

Page 126: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/116 Exhibit E/116

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

35. MANAJEMEN RISIKO KEUANGAN (Lanjutan) 35. FINANCIAL RISK MANAGEMENT (Continued)

c. Risiko Tingkat Bunga c. Interest Rate Risk

Risiko tingkat suku bunga adalah risiko di mananilai wajar atau arus kas masa datang dari suatuinstrumen keuangan akan berfluktuasi akibatperubahan suku bunga pasar. Eksposur Perusahaandan entitas anak terhadap risiko perubahan sukubunga pasar terutama terkait dengan utang bankjangka panjang Perusahaan dan entitas anakdengan suku bunga mengambang. Instrumenkeuangan tingkat bunga mengambang keuangantunduk pada risiko tingkat bunga arus kas.

Interest rate risk is the risk that the fair value orfuture cash flows of a financial instrument willfluctuate because of changes in market interestrates. The Company and subsidiaries’ exposure tothe risk of changes in market interest rates relatesprimarily to the Company and subsidiaries’ long-term bank loans with floating interest rates.Floating rate financial instruments are subject tocash flows interest rate risk.

Perusahaan dan entitas anak selalu melakukananalisa atas dampak dari tingkat suku bungaterhadap biaya operasional dan kemampuanPerusahaan dan entitas anak sebelum menyetujuipinjaman tersebut. Perusahaan dan entitas anakmengelola risiko suku bunga dengan melakukananalisa pergerakan suku bunga dalam menentukankomposisi portofolio pinjaman suku bunga tetapdan variabel.

The Company and subsidiaries always performan analysis of the impact of interest rateson operating costs and the ability of the Companyand subsidiaries before approving the loan.The Company and subsidiaries manage its interestrate by analyzing movement of interest ratesdetermining the composition of the loan portofolioof fixed and variable interest rates.

Tabel berikut menunjukkan sensitivitas terhadapperubahan yang mungkin terjadi pada suku bungapinjaman bank jangka panjang pada tanggal31 Desember 2017 dan 2016. Dengan semuavariabel lainnya tetap konstan, pendapatanPerusahaan dan entitas anak sebelum pajakdipengaruhi melalui dampak atas mengambangpinjaman bank jangka panjang tarif sebagaiberikut:

The table below demonstrates the sensitivity to areasonably possible change in interest rates onlong-term bank loans as of 31 December 2017 and2016. With all other variables held constant, theCompany and subsidiaries’ income before tax isaffected through the impact on floating rate oflong-term bank loans as follows:

Kenaikan/PenurunanSuku Bunga/

Increase/Decreasein Interest Rates

Efek pada Pendapatansebelum Pajak/

Effect on IncomeBefore Tax

31 Desember 2017 +1% ( 11.326.099.464) 31 December 2017-1% 11.326.099.464

31 Desember 2016 +1% ( 5.267.591.613) 31 December 2016-1% 5.267.591.613

Gerakan diasumsikan dalam basis poin untukanalisis sensitivitas suku bunga didasarkan padalingkungan pasar saat ini diamati.

Tidak ada dampak terhadap jumlah ekuitasPerusahaan dan entitas anak selain yang sudahmempengaruhi Laporan laba rugi dan penghasilankomprehensif lain konsolidasian.

The assumed movement in basis points for interestrate sensitivity analysis is based on the currentlyobservable market environment.

There is no impact on the Company andsubsidiaries’ equity other than those alreadyaffecting the consolidated statements ofcomprehensive income.

Page 127: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/117 Exhibit E/117

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

35. MANAJEMEN RISIKO KEUANGAN (Lanjutan) 35. FINANCIAL RISK MANAGEMENT (Continued)

d. Risiko Mata Uang Asing d. Foreign Currency Risk

Eksposur Perusahaan dan entitas anak terhadaprisiko nilai tukar mata uang asing timbul terutamadari nilai wajar arus kas di masa depan yangberfluktuasi pada kas dan setara kas, utang usahadan pinjaman dalam mata uang dolar asing yangdisebabkan karena perubahan kurs pertukaranmata uang asing. Dalam mengelola risiko,Perusahaan dan entitas anak meminimalisasitransaksi dalam mata uang asing dan memonitorpergerakan nilai tukar.

The Company and subisidiaries’ exposure toforeign currency exchange risk arises mainly fromthe fair value of future cash flows pertaining toforeign-currency denominated cash and cashequivalents, trade payables and loans that mayfluctuate because of changes in foreign currencyexchange rates. In managing the risk, the Companyand subsidiaries minimizes transaction in foreigncurrency and monitoring the movement in foreigncurrency exchange rate.

USD31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016 USD

A s e t AssetsKas dan setara kas 187.680.716 254.351.407 Cash and cash equivalents

Liabilitas LiabilitiesLiabilitas keuangan jangka pendek

lainnya 529.196.436.665 458.582.141.127Other short-term financial

liabilitiesPinjaman jangka panjang 112.448.400.000 141.078.000.000 Long-term debt

Liabilitas neto ( 641.457.155.949) ( 599.405.789.720) Liabilities neto

USD Setara ( 47.347.000) ( 44.611.922) USD Equivalent

HKD HKD

A s e t AssetsKas dan setara kas 18.263.549 - Cash and cash equivalents

Liabilitas LiabilitiesLiabilitas keuangan jangka pendek

lainnya ( 6.931.480.000) ( 6.799.930.504)Other short-term financial

liabilities

Liabilitas neto ( 6.913.216.451) ( 6.799.930.504) Liabilities neto

HKD Setara ( 3.989.461) ( 3.923.791) HKD Equivalent

Tabel di bawah ini menunjukkan sensitivitas yangmemiliki kemungkinan terjadi perubahan dalamkurs mata uang asing dengan asumsi semuavariabel adalah tetap, terhadap laba (rugi)sebelum pajak dan ekuitas Perusahaan dan entitasanak pada tanggal 31 Desember 2017 dan 2016.

The table below shows the sensitivity that hasthe possibility of changes in foreign exchangerates, assuming all variables are fixed, to profit(loss) before tax and equity of the Company andsubsidiaries on 31 December 2017 and 2016.

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Menguat 1 % Increase 1%Laba sebelum pajak ( 6.483.703.725) ( 6.062.057.202) Income before taxEkuitas ( 6.483.703.725) ( 6.062.057.202) Equity

Melemah 1% Decrease 1%Laba sebelum pajak 6.483.703.725 6.062.057.202 Income before taxEkuitas 6.483.703.725 6.062.057.202 Equity

Page 128: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/118 Exhibit E/118

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

36. PENGELOLAAN PERMODALAN 36. CAPITAL MANAGEMENT

Tujuan utama pengelolaan permodalan Perusahaandan entitas anak adalah untuk memastikan bahwaPerusahaan dan entitas anak memelihara peringkatkredit yang kuat dan rasio permodalan yang sehatuntuk mendukung bisnis dan memaksimumkan nilaipemegang saham.

The primary objective of the Company andsubsidiaries’ capital management is to ensure thatthe Company and subsidiaries’ maintain a strongcredit rating and healthy capital ratios in order tosupport its business and maximize shareholder value.

Perusahaan dan entitas anak mengelola strukturpermodalan dan membuat penyesuaian terhadapstruktur permodalan tersebut terkait denganperubahan kondisi ekonomi. Untuk memelihara ataumenyesuaikan struktur permodalan, Perusahaan danentitas anak melakukan penyesuaian pembayarandividen kepada pemegang saham, imbal hasil modalkepada pemegang saham atau menerbitkan saham-saham baru.

The Company and subsidiaries manage its capitalstructure and make adjustments to it, in light ofchanges in economic conditions. To maintain oradjust the capital structure, the Company andsubsidiaries may adjust dividend payments toshareholders, return capital to shareholders or issuenew shares.

Perusahaan dan entitas anak memantau penggunaanmodal dengan menggunakan rasio gear yaitu utangbersih dibagi dengan total modal ditambah utangbersih. Perusahaan dan entitas anak memasukkanutang bersih, pinjaman jangka pendek, pinjamanjangka panjang, utang usaha – pihak ketiga, utangnon-usaha – pihak berelasi, beban yang masih harusdibayar dan liabilitas keuangan jangka pendeklainnya, dikurangi kas dan setara kas. Modal meliputiekuitas yang dapat diatribusikan kepada pemegangekuitas Perusahaan dan entitas anak. Tidak terdapatperubahan dari periode sebelumnya terhadapmanajemen permodalan Perusahaan dan entitasanak.

The Company and subsidiaries monitor capital using agearing ratio, which is net debt divided by totalcapital plus net debt. The Company and subsidiariesinclude within net debt, short-term loan, long-termlaon, trade payable – third parties, non-tradepayable - related parties, accrued expense and othershort-term financial liabilities, less cash and cashequivalents. Capital includes equity attributable tothe equity holders of the Company and subsidiaries.There were no changes from the previous period forthe Company and subsidiaries’ capital management.

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

Pinjaman jangka pendek 47.424.894.537 382.806.488.086 Short-term loansUtang usaha – Pihak ketiga 406.105.937.397 169.723.271.400 Trade payables – Third PartiesUtang non-usaha pihak berelasi 24.271.360.915 26.848.638.462 Non-trade payables related partiesLiabilitas keuangan jangka pendek

lainnya 854.365.051.848 678.716.847.166 Other short-term financial liabilitiesBeban masih harus dibayar 154.133.098.642 88.155.008.223 Accrued expensesPinjaman jangka panjang 1.442.876.197.410 837.041.853.331 Long-term debts

Sub-total 2.929.176.540.749 2.183.292.106.668 Sub-totalDikurangi: L e s s:Kas dan setara kas ( 587.660.922.874) ( 306.610.256.213) Cash and cash equivalents

Utang neto 2.341.515.617.875 1.876.681.850.455 Net debtTotal ekuitas 9.942.554.632.114 7.160.248.908.120 Total equity

T o t a l 12.284.070.249.989 9.036.930.758.575 T o t a l

Rasio gear 19,06% 20,76% Gearing ratio

Pada tanggal 31 Desember 2017 dan 2016, Perusahaandan entitas anak telah taat dengan persyaratanmanajemen permodalan.

As of 31 December 2017 and 2016, the Company andsubsidiaries have complied with its capitalmanagement requirements.

Page 129: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/119 Exhibit E/119

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

37. INSTRUMEN KEUANGAN 37. FINANCIAL INSTRUMENTS

Ditetapkan di bawah ini adalah perbandingan dengankategori nilai tercatat jumlah dan wajar semuainstrumen keuangan Perusahaan dan entitas anak padatanggal 31 Desember 2017 dan 2016.

Set out below is a comparison by category of carryingamount and fair values of all the Company andsubsidiaries financial instruments as of 31 December2017 and 2016.

31 Desember 2017Nilai tercatat/

Carrying amountNilai wajar/Fair value 31 December 2017

Aset keuangan Financial Assets

Pinjaman yang diberikan danpiutang Loan and receivables

Kas dan setara kas 587.660.922.874 587.660.922.874 Cash and cash equivalentsPiutang usaha 1.238.609.484.399 1.238.609.484.399 Trade receivablesPiutang non-usaha - pihak berelasi 32.057.602.358 32.057.602.358 Non-trade receivables - related partiesAset keuangan lancar lainnya 129.664.862.325 129.664.862.325 Other current financial assetsAset keuangan tidak lancar lainnya 101.662.024.447 101.662.024.447 Other non-current financial assets

T o t a l 2.089.654.896.403 2.089.654.896.403 T o t a l

Liabilitas Keuangan Financial Liabilities

Pinjaman yang diberikan Loan and borrowingsPinjaman bank jangka pendek 47.424.894.537 47.424.894.537 Short-term bank loansUtang usaha 406.105.937.397 406.105.937.397 Trade payablesUtang non-usaha - pihak berelasi 24.271.360.915 24.271.360.915 Non-trade payables to related partiesLiabilitas keuangan jangka pendek

lainnya 854.365.051.848 854.365.051.848Other short-term financial

LiabilitiesBeban masih harus dibayar 154.133.098.642 154.133.098.642 Accrued expensesPinjaman jangka panjang 1.442.876.197.410 1.442.876.197.410 Long-term debts

T o t a l 2.929.176.540.749 2.929.176.540.749 T o t a l

31 Desember 2016Nilai tercatat/

Carrying amountNilai wajar/Fair value 31 December 2016

Aset keuangan Financial Assets

Tersedia untuk dijual 1.038.236.569 1.038.236.569 Available- for-sale

Pinjaman yang diberikan danpiutang Loan and receivables

Kas dan setara kas 306.610.256.213 306.610.256.213 Cash and cash equivalentsPiutang usaha 953.215.524.447 953.215.524.447 Trade receivablesPiutang non-usaha - pihak berelasi 47.260.487.766 47.260.487.766 Non-trade receivables - related partiesAset keuangan lancar lainnya 126.631.322.439 126.631.322.439 Other current financial assetsAset keuangan tidak lancar lainnya 102.520.538.189 102.520.538.189 Other non-current financial assets

T o t a l 1.537.276.365.623 1.537.276.365.623 T o t a l

Liabilitas Keuangan Financial Liabilities

Pinjaman yang diberikan Loan and borrowingsPinjaman bank jangka pendek 382.806.488.086 382.806.488.086 Short-term bank loansUtang usaha 169.723.271.400 169.723.271.400 Trade payablesUtang non-usaha - pihak berelasi 26.848.638.462 26.848.638.462 Non-trade payables to related partiesLiabilitas keuangan jangka pendek

lainnya 678.716.847.166 678.716.847.166Other short-term financial

LiabilitiesBeban masih harus dibayar 88.155.008.223 88.155.008.223 Accrued expensesPinjaman jangka panjang 837.041.853.331 837.041.853.331 Long-term debts

T o t a l 2.183.292.106.668 2.183.292.106.668 T o t a l

Page 130: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/120 Exhibit E/120

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

37. INSTRUMEN KEUANGAN (Lanjutan) 37. FINANCIAL INSTRUMENTS (Continued)

Berikut ini adalah metode dan asumsi yang digunakanuntuk memperkirakan nilai wajar setiap kelompokdari instrumen keuangan Perusahaan dan entitasanak:

The following are the methods and assumptions usedto estimate the fair value of each group of financialinstruments of the Company and its subsidiaries:

1. Kas dan setara kas, piutang usaha, piutang non-usaha-pihak berelasi, aset keuangan lancarlainnya, aset keuangan tidak lancar lainnya,pinjaman jangka pendek, utang usaha, utang non-usaha pihak berelasi, liabilitas keuangan jangkapendek lainnya dan beban masih harus dibayarmendekati nilai wajar karena bersifat jangkapendek.

1. Cash and cash equivalents, trade receivables,non-trade receivable to related parties, othercurrent financial assets, other non-currentfinancial assets, short-term loans, tradepayables, non-trade payables to related parties,other short-term financial liabilities and accruedexpenses approximate their carrying values dueto their short-term nature.

2. Nilai wajar utang sewa pembiayaan yang tercatatpada pinjaman jangka panjang diperkirakandengan mendiskontokan arus kas masa depan.

3. Nilai tercatat dari utang bank jangka panjangmendekati nilai wajarnya disebabkan olehpemakaian suku bunga mengambang atasinstrumen tersebut, di mana tingkat suku bungatersebut selalu disesuaikan dengan pasar.

2. The fair values of finance lease liabilities arerecorded in long-term loans are estimated bydiscounting future cash flows.

3. The carrying amount of long-term bank loansapproximate their fair values due to the use offloating interest rates for the mentionedinstruments, in which the interest rate is alwaysadjusted to market.

Penetapan Nilai Wajar dan Hierarki Nilai Wajar

Perusahaan dan entitas anak menggunakan hierarkiberikut untuk menentukan dan mengungkapkan nilaiwajar instrumen keuangan dengan teknik penilaian:

Determination of Fair Value and Fair Value Hierarchy

The Company and subsidiaries use the followinghierarchy for determining and disclosing the fairvalue of financial instruments by valuationtechnique:

Tingkat 1 : dikutip (disesuaikan) harga di pasar aktifuntuk aset yang identik atau kewajiban;

Tingkat 2 : teknik lainnya yang semua masukan yangmemiliki pengaruh signifikan terhadapnilai wajar direkam diamati, baik secaralangsung maupun tidak langsung; dan

Tingkat 3 : teknik yang menggunakan input yangmemiliki pengaruh signifikan terhadapnilai wajar rekaman yang tidakdidasarkan pada data pasar yang dapatdiobservasi.

Level 1: quoted (unadjusted) prices in activemarkets for identical assets or liabilities;

Level 2: other techniques for which all inputswhich have a significant effect on therecorded fair value are observable, eitherdirectly or indirectly; and

Level 3: techniques which use inputs which have asignificant effect on the recorded fairvalue that are not based on observablemarket data.

Instrumen keuangan diukur pada nilai wajar adalahsebagai berikut:

Financial instruments measured at fair value are asfollows:

Nilai tercatat/ Tingkat 1/ Tingkat 2/ Tingkat 3/31 Desember 2017 Carrying amount Level 1 Level 2 Level 3 31 December 2017

Liabilitas keuangan lainnya Other financial LiabilitiesPinjaman jangka panjang 1.442.876.197.410 - - 1.442.876.197.410 Long-term loans

Page 131: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/121 Exhibit E/121

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

37. INSTRUMEN KEUANGAN (Lanjutan) 37. FINANCIAL INSTRUMENTS (Continued)

Nilai tercatat/ Tingkat 1/ Tingkat 2/ Tingkat 3/31 Desember 2016 Carrying amount Level 1 Level 2 Level 3 31 December 2016

Aset keuangan yang diukurpada nilai wajar melaluilaporan laba atau rugi

Financial assets at fairvalue through statement of

profit or lossTersedia untuk dijual 1.038.236.569 1.038.236.569 - - Available- for-sale

Liabilitas keuangan lainnya Other financial LiabilitiesPinjaman jangka panjang 837.041.853.331 - - 837.041.853.331 Long-term loans

Pada tanggal 31 Desember 2017 dan 2016 tidak adatransfer antara pengukuran nilai wajar Tingkat 1 danTingkat 2 dan tidak ada transfer masuk dan keluar daripengukuran nilai wajar Tingkat 3.

As of 31 December 2017 and 2016 there was notransfer between the fair value measurement Level 1and Level 2 and no transfers into and out of Level 3fair value measurements.

38. SEGMEN OPERASI 38. OPERATION SEGMENT

Perusahaan dan entitas anak mengklasifikasikan danmengevaluasi segmen operasi real estat menjadisegmen pelaporan utama. Segmen lainnyadiklasifikasikan sebagai “Lain-lain” terdiri darirestoran, taman hiburan, rumah sakit danpengelolaan kota.

Segmen operasi dikelola oleh badan hukum yangterpisah karena masing-masing menawarkan jasa danproduk yang berbeda. Seluruh transaksi-transaksiantar segmen telah dieliminasi.

The Company and subsidiaries classify and evaluateoperation segment of real estate as a majorreportable segment. Other segments that areclassified under “Others” consist of restaurant,amusement park, hospital and town management.

The operation segment are managed under separatelegal entities, because each entity offers differentservices and products. All intersegment transactionshave been eliminated.

31 Desember 2017

Segmen UtamaReal Estat/

Major SegmentReal Estate

Segmen Lain-lain/OtherSegments

Jumlah Segmen/Total Segments 31 December 2017

Segmen Primer: Primary Segment:Pendapatan ekstern 1.489.954.971.815 133.529.994.447 1.623.484.966.262 External revenueHasil segmen 918.610.631.359 43.067.930.642 961.678.562.001 Segment resultsBeban usaha ( 226.020.458.138) ( 38.519.328.665)( 264.539.786.803) Operating expensesPenghasilan lain-lain, Bersih ( 231.944.078.377) 3.115.676.887 ( 228.828.401.490) Other income, Net

Laba sebelum beban pajak penghasilan 460.646.094.844 7.664.278.864 468.310.373.708 Profit before income tax expense

Total beban (manfaat) pajak penghasilan( 140.986.630) 389.794.663 248.808.033 Total tax expense (income)

Laba neto tahun berjalan 460.505.108.214 8.054.073.527 468.559.181.741 Net profit for the year

Penghasilan komprehensif lain ( 632.888.569) ( 1.054.919.075)( 1.687.807.644) Other comprehensive incomeKepentingan non-pengendali ( 3.630.906.567) - ( 3.630.906.567) Non-controlling interest

Total penghasilan komprehensifsetelah kepentingan non-pengendali 456.241.313.078 6.999.154.452 463.240.467.530

Total comprehensive incomeafter non-controlling interest

Informasi lainnya: Other information:Aset segmen 21.250.772.518.650 193.411.214.805 21.444.183.733.455 Segment assetsEliminasi aset antar segmen ( 6.281.143.342.303)( 185.999.270.319)( 6.467.142.612.622) Elimination of intersegment assets

N e t o 14.969.629.176.347 7.411.944.486 14.977.041.120.833 N e t

Liabilitas segmen 6.637.661.028.591 172.650.251.718 6.810.311.280.309 Segment liabilitiesEliminasi liabilitas antar segmen ( 1.753.753.763.565)( 22.071.028.025)( 1.775.824.791.590) Elimination of intersegment liabilities

N e t o 4.883.907.265.026 150.579.223.693 5.034.486.488.719 N e t

Page 132: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/122 Exhibit E/122

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

38. SEGMEN OPERASI (Lanjutan) 38. OPERATION SEGMENT (Continued)

31 Desember 2016

Segmen UtamaReal Estat/

Major SegmentReal Estate

Segmen Lain-lain/Other Segments

Jumlah Segmen/Total Segments 31 December 2016

Segmen Primer: Primary Segment:Pendapatan ekstern 1.070.974.452.385 135.600.546.533 1.206.574.998.918 External revenueHasil segmen 703.895.059.383 35.852.333.074 739.747.392.457 Segment resultsBeban usaha ( 200.379.479.919) ( 51.757.704.458)( 252.137.184.377) Operating expensesPenghasilan lain-lain, Bersih 25.981.641.608 48.798.732.730 74.780.374.338 Other income, Net

Laba sebelum beban pajak penghasilan 529.497.221.072 32.893.361.346 562.390.582.418 Profit before income tax expense

Total beban (manfaat) pajak penghasilan( 443.028.015) 479.355.648 36.327.633 Total tax expense (income)

Laba neto tahun berjalan 529.054.193.057 33.372.716.994 562.426.910.051 Net profit for the year

Penghasilan komprehensif lain 692.483.067 ( 888.831.118)( 196.348.051) Other comprehensive incomeKepentingan non-pengendali ( 433.180.806) 2.307.870.339 1.874.689.533 Non-controlling interest

Total penghasilan komprehensifsetelah kepentingan non-pengendali 529.313.495.318 34.791.756.215 564.105.251.533

Total comprehensive incomeafter non-controlling interest

Informasi lainnya: Other information:Aset segmen 15.245.651.542.548 169.761.097.378 15.415.412.639.926 Segment assetsEliminasi aset antar segmen ( 3.886.666.894.758)( 169.239.434.157)( 4.055.906.328.915) Elimination of intersegment assets

N e t o 11.358.984.647.790 521.663.221 11.359.506.311.011 N e t

Liabilitas segmen 5.536.116.928.865 172.633.504.253 5.708.750.433.118 Segment liabilitiesEliminasi liabilitas antar segmen ( 1.501.583.411.738)( 7.909.618.489)( 1.509.493.030.227) Elimination of intersegment liabilities

N e t o 4.034.533.517.127 164.723.885.764 4.199.257.402.891 N e t

39. PERJANJIAN PENTING, LIABILITAS KONTINJENSI DANKOMITMEN

39. SIGNIFICANT AGREEMENTS, CONTINGENCIES ANDCOMMITMENTS

a. Pada tanggal 20 September 2015, Perusahaan danPT AEON Mall Indonesia menandatanganiperjanjian sewa seluas +/- 103.350 m2 di kawasanSentul City, Bogor dengan jangka waktu 20 tahunsejak serah terima bangunan yang diperkirakanselesai dibangun pada April 2018 (Catatan 21b).

a. On 20 September 2015, the Company and PT AEONMall Indonesia had signed a lease agreement of+/- 103,350 m2 at Sentul City area, Bogor for20 years since the hand over of the building whichis expected to be completed on April 2018(Note 21b).

b. Berdasarkan surat perjanjian tanggal 1 Maret 2011antara Perusahaan dan PT Makna Prakarsa Utama(MPU), Perusahaan menunjuk MPU sebagai brokereksekutif untuk menjual/memasarkan tanahdan/atau tanah dan bangunan yang terletak dikawasan perumahan Sentul City. Perjanjian initelah diperpanjang pada tanggal 26 Februari 2016dan akan berakhir pada tanggal 26 Februari 2021.

b. Based on agreement letter dated 1 March 2011between the Company and PT Makna PrakarsaUtama (MPU), the Company had appointed MPUas an executive broker to sell/market landand/or land and building that is located in SentulCity area. This agreement had extended on26 February 2016 and willl be end on 26 February2021.

c. Berdasarkan Surat Perintah KerjaNo. 003/SPMK/Const-Build/SC/X/2013 tanggal2 Oktober 2013, PT Sentul City Tbk menunjukPT Waskita Karya (Persero) Tbk untukmelaksanakan pekerjaan Upper Structure SentulTower Apartemen Sentul City dengan nilai kontraksebesar Rp 98.000.000.000 di luar PPN.

c. Based on the Assignment Letter No. 003/SPMK/Const-Build / SC / X / 2013 date 2 October 2013,PT Sentul City Tbk appointed PT Waskita Karya(Persero) Tbk to carry out the work of UpperStructure Sentul Tower Sentul City Apartmentswith a contract value of Rp 98,000,000,000excluding VAT.

Page 133: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/123 Exhibit E/123

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

39. PERJANJIAN PENTING LIABILITAS KONTINJENSI DANKOMITMEN (Lanjutan)

39. SIGNIFICANT AGREEMENTS, CONTINGENCIES ANDCOMMITMENTS (Continued)

c. Waktu pengerjaan mulai 2 Oktober 2013 sampai20 Oktober 2014 dan terdapat bank garansijaminan uang muka yang tidak dapat ditarikdengan No. 034017130078 tanggal 2 Oktober 2013dan apabila PT Waskita Karya (Persero) Tbk tidakbisa menyelesaikan pekerjaannya maka PT SentulCity Tbk berhak menerima jaminan uang mukasenilai Rp 10.780.000.000. Berdasarkan perjanjiandengan PT Waskita Karya (Persero) TbkNo. 373.3/2.25/SC/IX/2013 mengalami perubahannilai kontrak menjadi Rp 131.388.423.393 termasukPPN 10% dan PPh untuk pembangunan UpperStructure Tower Apartemen Sentul City. Waktupengerjaan dimulai dari 3 Oktober 2013 sampai31 Juli 2015. Pekerjaan Upper Structure TowerApartemen Sentul City telah selesai dilakukansebagaimana telah dimaksud dalam Berita AcaraSerah Kedua Nomor 01/BAST II/STA/STR/IV/2016Tanggal 6 April 2016, dengan demikian kontrakkerja ini telah berakhir.

c. Working time from 2 October 2013 to 20 October2014 and there is an advance guarantee bankguarantee that can not be withdrawn withNo. 034017130078 dated 2 October 2013 and ifPT Waskita Karya (Persero) Tbk is unable tocomplete its work, PT Sentul City Tbk is entitledto receive an advance deposit amounting toRp 10.780.000.000. Based on the agreement withPT Waskita Karya (Persero) Tbk No. 373.3/2.25/SC/IX/2013 experienced contract value changes toRp 131,388,423,393 including VAT 10% and IncomeTax for Upper Structure Tower Building of SentulCity Apartment. The working time starts from3 October 2013 until 31 July 2015. UpperStructure Tower Works Sentul City Apartment hasbeen completed as mentioned in Minutes ofSecond Hand Delivery No. 01/BAST II /STA/STR/IV/2016 6 April 2016, thus the contract of workhas expired.

d. Berdasarkan perjanjian dengan PT Waskita Karya(Persero) Tbk dengan No. ADD.II.316.3.1/2.25/SC/IX/2014 tanggal 14 Agustus 2014 yangtelah diubah dengan No. ADD.III.316.3.1/2.25/SC/VI/2016 tanggal 30 Juni 2016 untukmelaksanakan pekerjaan Arsitektur Sentul TowerApartemen Sentul City Addendum III dengan nilaikontrak sebesar Rp 153.665.062.150 termasuk PPN.Waktu pengerjaan mulai 14 Agustus 2014 sampai30 April 2017. Berdasarkan Addendum IV tanggal28 April 2017, perjanjian tersebut diperpanjangkembali sehingga jangka waktu pelaksanaannyasampai dengan tanggal 5 Juni 2017 dengan nilaikontraknya berubah menjadi Rp 154.562.662.150termasuk PPN dan pekerjaan telah selesai.

d. Based on the agreement with PT Waskita Karya(Persero) Tbk No. ADD.II.316.3.1/2.25/SC/IX/2014 dated August 14, 2014 which has beenamended by No. ADD.III.316.3.1/2.25/SC/VI/ 2016dated 30 June 2016 to carry out the work ofSentul Tower Architecture Apartment Sentul CityAddendum III with a contract value ofRp 153,665,062,150 including VAT. Workingperiod from 14 August 2014 to 30 April 2017.Based on Addendum IV dated 28 April 2017,the agreement was renewed so that itsimplementation period until 5 June 2017 withthe contract value changed to Rp 154,562,662,150including VAT and the work has been completed.

e. Berdasarkan Surat Perintah Kerja No. 225.3.1/2.25-1/SC/VI/2014 tanggal 26 Juni 2014, Perusahaanmenunjuk Berca Schlinders Lifts untukmelaksanakan pekerjaan lift Sentul TowerApartemen Sentul City dengan nilai kontrak sebesarRp 7.724.064.700 termasuk PPN dan PPh. Waktupengerjaan dihitung sejak tanggal 1 Juli 2014sampai 240 hari kalender.

e. Based on Assignment Letter No. 225.3.1/2.25-1/SC /VI/2014 dated 26 June 2014, the Companyappointed Berca Schlinders Lifts to carry outSentul Tower Sentul City Apartment's work oncontract amounting to Rp 7,724,064,700 includingVAT and Income Tax. Work time is calculatedfrom 1 July 2014 to 240 calendar days.

f. Berdasarkan Surat Perintah Kerja No. 182.3.1/2.25/SC/VI/2014 tanggal 23 Mei 2014 dan terakhirdiubah dengan Addendum Kedua tanggal11 Agustus 2016, Perusahaan menunjuk PT JapaMelindo Pratama untuk melaksanakan pekerjaanpemasangan mekanikal dan elektrikal Sentul TowerApartemen dengan nilai kontrak sebesarRp 72.982.023.848 termasuk PPN. Waktupengerjaan mulai 28 Mei 2014 sampai 1 Februari2017.

f. Based on Work Order Letter no. 182.3.1/2.25/SC/VI/2014 dated 23 May 2014 and lastly amendedby Second Addendum dated 11 August 2016,the Company appointed PT Japa Melindo Pratamato carry out mechanical and electrical installationwork of Sentul Tower Apartments with a contractvalue of Rp 72,982,023,848 including VAT.Processing time from 28 May 2014 to 1 February2017.

Page 134: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/124 Exhibit E/124

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

39. PERJANJIAN PENTING LIABILITAS KONTINJENSI DANKOMITMEN (Lanjutan)

39. SIGNIFICANT AGREEMENTS, CONTINGENCIES ANDCOMMITMENTS (Continued)

g. Berdasarkan perjanjan dengan PT Pulau Intan BajaPerkasa, Tbk dengan No. 169.3.1/2.41/SC/V/2014tanggal 20 Januari 2016, untuk melaksanakanpembangunan struktur dan arsitek dan sparingCondotel Alana dengan nilai kontrak sebesarRp 87.802.000.000 di luar PPN. Waktu pengerjaanmulai 28 Mei 2014 sampai 30 November 2016,sampai dengan tanggal pelaporan, perjanjiantersebut masih dalam proses perpanjangan.

g. Based on the agreement with PT Pulau Intan BajaPerkasa, Tbk with No. 169.3.1/2.41/SC/V/2014dated 20 January 2016, to undertakethe construction of Condotel Alana structures andarchitects and contracts amounting toRp 87,802,000,000 exclude PPN. Starting timefrom 28 May 2014 to 30 November 2016, up tothe date of reporting, the agreement is still inthe process of renewal.

h. Berdasarkan Surat Pelaksanaan PekerjaanNo. 251.3.1/2.41/SC/VII/2014 tanggal 16 Juli2014 dan terakhir diubah dengan Addendum IIIPerjanjian tanggal 29 Desember 2016, Perusahaanmengadakan perjanjian pekerjaan mekanikal,elektrikal, dan plumbing Proyek Alana Condoteldengan PT Pola Cakra Mandiri dengan nilai kontraksebesar Rp 5.060.000.000 dan jangka waktupelaksanaan pekerjaannya dihitung sejak tanggal17 Juli 2014 sampai dengan tanggal 31 Maret 2017,sampai dengan tanggal pelaporan, perjanjiantersebut masih dalam proses perpanjangan.

h. Based on Work Letter No. 251.3.1/2.41/SC/VII/2014 dated July 16, 2014 and lastly amended byAddendum III Agreement dated 29 December2016, the Company entered into a mechanical,electrical, and plumbing agreement of the AlanaCondotel Project with PT Pola Cakra Mandiri fora contract value of Rp 5,060,000,000 andthe period of its implementation is calculatedfrom 17 July 2014 up to 31 March 2017, up tothe date of reporting, the agreement is still inthe process of renewal.

i. Berdasarkan Surat Perjanjian pada tanggal 17 Mei2013 dijelaskan bahwa GGEA melakukankesepakatan dengan PT Archipelago InternationalIndonesia untuk melakukan re-branding,manajemen, penjualan dan pemasaran, akuntansikeuangan, perekrutan dan pelatihan, pemeliharaandan pengawasan properti. Atas perjanjian ini,PT Archipelago International Indonesia akanmenerima pendapatan pokok sebesar 2,5% dariPendapatan Bruto Pengoperasian Properti dan jugaakan menerima pendapatan insentif dengan tarifyang ditentukan. Jangka waktu perjanjian inidimulai sejak tanggal 1 Juni 2013 dan berakhirpada tanggal 31 Desember di tahun ke-5 (lima)sejak tanggal Pembukaan Perdana.

i. Based on the Agreement Letter dated 17 May2013, GGEA agrees with PT ArchipelagoInternational Indonesia to re-branding,management, sales and marketing, financialaccounting, recruitment and training, propertymaintenance and control. Under this agreement,PT Archipelago International Indonesia willreceive 2.5% of the Gross Income from PropertyOperating Income and will also receive incentiveincome at the specified rate. The term of thisagreement commences on 1 June 2013 andexpires on 31 December of the year the fifth(five) days since the date of the Inauguration ofthe Prime.

j. Pada tahun 2015 dan berdasarkan perjanjiankerjasama penunjukan agen penjual, Perusahaanmenugaskan PT Sukses Jaya Primatama danPT Swara Putra Semesta untuk melakukan negosiasitransaksi dengan pihak masyarakat, Perusahaansudah memberikan dana sebesar Rp 61.165.537.500dan Rp 174.311.250.000 untuk pengakuisisian lahanseluas 10,39 hektar di Desa Babakan Madang dan3,62 hektar di Desa Sumur Batu.

j. In 2015 and based on cooperation agreementsbetween the appointment of agent, the Companyhad assigned to PT Sukses Jaya Primatama andPT Swara Putra Semesta to carry on thenegotiations of transactions with public, theCompany had provided funding amounted toRp 61,165,537,500 and Rp 174,311,250,000 forland acquisition of 10.39 hectares in BabakanMadang Village and 3.62 hectares in Sumur BatuVillage.

Page 135: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/125 Exhibit E/125

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

39. PERJANJIAN PENTING LIABILITAS KONTINJENSI DANKOMITMEN (Lanjutan)

39. SIGNIFICANT AGREEMENTS, CONTINGENCIES ANDCOMMITMENTS (Continued)

k. Berdasarkan Keterbukaan Informasi, Perusahaantelah melakukan Penawaran Umum Terbatas IV(PUT IV) dengan Hak Memesan Efek TerlebihDahulu (HMETD), hasil dari PUT IV tersebut telahdigunakan untuk melakukan akuisisi 99,99% atausebanyak 2.017 juta saham PT Graha SejahteraAbadi yang dimiliki oleh PT Sakti Generasi Perdana,selebihnya dana yang didapat digunakan untukmodal kerja.

k. Based on Disclosure of Information, the Companyhas conducted Limited Public Offering IV (PUT IV)with Pre-emptive Rights (HMETD), the proceedsof the PUT IV have been used to acquire 99.99%or 2,017 million shares of PT Graha SejahteraAbadi owned by PT Sakti Generasi Perdana, therest of the funds obtained are used for workingcapital.

40. REKLASIFIKASI 40. RECLASSIFICATION

Beberapa akun dalam Laporan posisi keuangankonsolidasian pada tanggal 31 Desember 2016 dan2015 telah direklasifikasi agar sesuai denganpenyajian Laporan keuangan konsolidasian untuktahun yang berakhir pada 31 Desember 2017, sebagaiberikut:

Certain accounts in the consolidated statement offinancial position as of 31 December 2016 and31 December 2015 have been reclassified to conformwith the consolidated financial statements for theyear ended 31 December 2017, as follows:

Deskripsi

Sebelumreklasifikasi/

Beforereclassification

Reklasifikasi/Reclassification

Sesudahreklasifikasi/

Afterreclassification Description

31 Desember 2016 31 December 2016

Aset AssetsKas dan setara kas 306.772.765.213 ( 162.509.000) 306.610.256.213 Cash and cash equivalentsUang muka 167.504.763.956 162.509.000 167.667.272.956 Other advances

31 Desember 2015 31 December 2015

Aset AssetsKas dan setara kas 568.154.714.921 ( 178.202.634) 567.976.512.287 Cash and cash equivalentsUang muka 194.955.697.976 178.202.634 195.133.900.610 Other advances

Ekuitas EquityKomponen ekuitas lainnya ( 5.507.932.119) 39.197.665.573 33.689.733.454 Other equity componentsLaba ditahan 1.040.811.831.650 ( 39.197.665.573) 1.001.614.166.077 Retained earning

41. TRANSAKSI NON KAS 41. NON-CASH TRANSACTIONS

31 December2 0 1 7

31 December2 0 1 6

31 December2 0 1 5

Aktivitas yang tidakmempengaruhiarus kas

Activities not effectingcash flows

Reklasifikasi atas persediaan keaset tetap 33.684.187.151 - -

Reclassification of inventory toproperty and equipment

Reklasifikasi atas persediaan keproperti investasi - ( 3.866.532.000)( 14.325.329.270)

Reclassification of inventory toinvestment property

Keuntungan dari penilaian wajarproperti investasi - ( 179.657.243.000)( 331.841.636.980)

Gain on fair value measurementof investment property

Page 136: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Consolidated Financial Statements are originally issued inIndonesian language

Ekshibit E/126 Exhibit E/126

PT SENTUL CITY Tbk DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY Tbk AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

42. PERISTIWA SETELAH TANGGAL PELAPORAN 42. EVENTS AFTER THE REPORTING PERIOD

a. Berdasarkan akta No.3 yang dibuat oleh Mina NG,SH, M.Kn., tanggal 8 Februari 2018, PT SentulSummit Development berganti nama menjadiPT Izumi Sentul Realty.

a. Based on Notarial Deed No.3 made by Mina NG,SH, M.Kn., dated 8 February 2018, PT SentulSummit Development, associate, changed itsname to PT Izumi Sentul Realty.

b. Berdasarkan akta Notaris No. 118 yang dibuat olehNotaris Elizabeth Karina Leonita, SH., M.Kn.,tanggal 30 Januari 2018 di Bogor, SKC (entitasanak) meningkatkan modal ditempatkan dandisetor sebesar Rp 147.000.000.000. Peningkatanmodal tersebut dilakukan dengan mengkonversi kedalam modal saham terkait dengan tagihan-tagihan kepada SKC terkait dengan kewajibanpembayaran dividen yang menjadi hak pemegangsaham (Catatan 26).

b. Based on Notarial deed No. 118 made by NotaryElizabeth Karina Leonita, SH., M.Kn., dated30 January 2018 in Bogor, SKC (subsidiary)increase its subscribed and paid-up capital byRp 147,000,000,000. The share capital increase ismade by converting into share capital of claimsto SKC related to the obligation to pay dividendsto which the shareholders are entitled (Note 26).

43. PENYELESAIAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

43. COMPLETION OF THE CONSOLIDATED FINANCIALSTATEMENTS PENYELESAIAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

Manajemen Perusahaan dan entitas anak bertanggungjawab atas penyusunan laporan keuangankonsolidasian dan telah menyetujui untukmenerbitkan laporan keuangan konsolidasian padatanggal 22 Maret 2018.

The management of the Company and subsidiaries areresponsible for the preparation of consolidatedfinancial statements and have agreed topublish consolidated financial statements on22 March 2018.

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These Separate Financial Statements are originally issuedin Indonesian language

Lampiran 1 Appendix 1

PT SENTUL CITY TbkLAPORAN POSISI KEUANGAN TERSENDIRI

PADA TANGGAL 31 DESEMBER 2017(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY TbkSEPARATE STATEMENT OF FINANCIAL POSITION

AS OF 31 DECEMBER 2017(Expressed in Rupiah, unless otherwise stated)

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

31 Desember 2015/31 December 2015

A S E T A S S E T S

ASET LANCAR CURRENT ASSETSKas dan setara kas 491.028.045.818 261.360.438.221 482.261.336.990 Cash and cash equivalentsPiutang usaha

Pihak ketiga, setelah dikurangipenyisihan kerugian penurunan nilaimasing-masing sejumlahRp 31.718.221.165 pada tanggal31 Desember 2017, 2016 dan 2015 592.800.962.198 388.360.292.603 344.403.165.622

Trade receivablesThird parties, net

allowance for impairment losses ofRp 31,718,221,165 as of

31 December 2017, 2016 and 2015Pihak berelasi 86.717.171.393 86.717.171.393 86.717.171.393 Related parties

Piutang non-usaha - Pihak berelasi, Non-trade receivables –setelah dikurangi penyisihan kerugianpenurunan nilai masing-masingsejumlah Rp 7.254.155.490 masing-masing pada tanggal 31 Desember2017, 2016 dan 2015 762.028.064.399 424.757.592.409 304.483.384.524

Related parties,net of allowance for impairment

losses of Rp 7,254,155,490as of 31 December 2017, 2016

and 2015Aset keuangan lancar lainnya 61.635.235.944 62.071.254.842 234.113.915.418 Other current financial assetsInvestasi jangka pendek 1.500.000.000 1.000.000.000 1.000.000.000 Short-term investmentPersediaan 835.334.664.635 890.967.636.703 836.239.435.022 InventoriesUang muka lainnya 205.840.014.754 106.128.084.844 133.354.403.096 Other advancesPajak dibayar di muka 122.671.957.800 117.063.594.394 94.062.066.058 Prepaid taxesBeban dibayar di muka 26.550.327.239 32.765.610.315 63.475.471.221 Prepaid expenses

Total Aset Lancar 3.186.106.444.180 2.371.191.675.724 2.580.110.349.344 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETSTanah untuk pengembangan 2.903.713.310.284 2.396.005.743.595 2.403.468.205.645 Land for developmentUang muka perolehan tanah 60.382.212.200 264.435.959.700 250.160.759.700 Advances for land acquisitionInvestasi pada entitas asosiasi 5.454.615.394.754 3.323.041.494.754 3.293.317.494.754 Investment in associaties entitiesAset tetap – setelah dikurangi

akumulasi penyusutan masingmasingsejumlah Rp 79.031.621.629,Rp 76.105.317.255 danRp 73.206.624.020, masing-masingpada tanggal 31 Desember 2017, 2016dan 2015 74.717.294.050 42.396.722.019 44.934.750.791

Property and equipment – net ofaccumulated depreciation of

Rp 79,031,621,629,Rp 76,105,317,255,Rp 73,206,624,020

as of 31 December 2017,2016 and 2015, respectively

Properti investasi 1.266.549.043.628 751.968.360.435 440.493.670.841 Investment propertyAset tidak lancar lainnya 86.720.374.682 88.245.071.518 74.012.840.246 Other non-current assets

Total Aset Tidak Lancar 9.846.697.629.598 6.866.093.352.021 6.506.387.721.977 Total Non-Current Assets

T O T A L A S E T 13.032.804.073.778 9.237.285.027.745 9.086.498.071.321 T O T A L A S S E T S

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These Separate Financial Statements are originally issuedin Indonesian language

Lampiran 1/A Appendix 1/A

PT SENTUL CITY TbkLAPORAN POSISI KEUANGAN TERSENDIRI

PADA TANGGAL 31 DESEMBER 2017(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY TbkSEPARATE STATEMENT OF FINANCIAL POSITION

AS OF 31 DECEMBER 2017(Expressed in Rupiah, unless otherwise stated)

31 Desember 2017/31 December 2017

31 Desember 2016/31 December 2016

31 Desember 2015/31 December 2015

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS LIABILITIES

LIABILITAS JANGKA PENDEK SHORT-TERM LIABILITIESPinjaman bank jangka pendek 27.500.000.000 362.821.143.459 307.505.001.585 Short-term bank loansUtang usaha – Pihak ketiga 371.497.000.633 149.047.794.304 175.075.427.460 Trade payables – Third partiesUtang non-usaha - Pihak berelasi 792.698.333.133 753.168.934.205 468.105.104.378 Non-trade payables - Related partiesLiabilitas keuangan jangka pendek

lainnya 805.596.757.917 597.343.078.036 696.371.069.975 Other short-term financial liabilitiesBeban masih harus dibayar 82.424.294.848 33.633.119.742 22.241.460.063 Accrued expensesUtang pajak 82.475.345.487 30.305.432.932 26.276.640.765 Taxes payablePinjaman jangka panjang yang telah

jatuh tempo dalam waktu satu tahun Current maturities of long-term debtsB a n k - 68.715.090.872 196.612.210.674 B a n k sPihak ketiga 309.818.400.000 309.428.000.000 451.147.500.000 Third partyUang muka pelanggan 789.787.936.176 796.218.196.184 833.144.662.242 Customer deposit

Total Liabilitas Jangka Pendek 3.261.798.068.194 3.100.680.789.734 3.176.479.077.142 Total Short-Term Liabilities

LIABILITAS JANGKA PANJANG LONG-TERM LIABILITIESBagian pinjaman jangka panjang -

setelah dikurangi bagian yang telahjatuh tempo dalam satu tahun

Long-term bank debts – net of currentMaturities

B a n k 995.744.971.514 289.533.414.290 240.178.508.162 B a n k sUang muka pelanggan - sewa 522.240.000.000 522.240.000.000 522.240.000.000 Customer deposits - lease

Liabilitas diestimasi imbalan kerjakaryawan 27.654.922.255 22.665.582.575 18.720.030.220

Estimated liabilities for employeeBenefits

Pendapatan ditangguhkan 240.138.064.886 240.806.994.697 191.805.072.841 Unearned revenue

Total Liabilitas Jangka Panjang 1.785.777.958.655 1.075.245.991.562 972.943.611.223 Total Long-Term Liabilities

Total Liabilitas 5.047.576.026.849 4.175.926.781.296 4.149.422.688.365 Total Liabilities

E K U I T A S E Q U I T YModal dasar –

357.500.000 lembar saham Seri Adengan nilai nominal Rp 2.000per saham,1.001.000.000 saham Seri B dengannilai nominal Rp 400 per saham,123.846.000.000 saham Seri C dengannilai Rp 100 per saham dan10.000.000.000 saham seri D dengannilai nominal Rp 50 per saham

Authorized share –357,500,000 A Series shares

with par value of Rp 2,000 each,1,001,000,000 B Series shares with

par value of Rp 400 each,123,846,000,000 C series shares with

par value of Rp 100, and10,000,000,000 D series shares with

par value of Rp 50 eachModal ditempatkan dan disetor penuh -

357.500.000 saham Seri A,1.001.000.000 saham Seri B,50.760.463.816 saham Seri C, dan3.139.690.500 saham Seri D 6.348.430.906.600 4.276.225.026.000 4.276.225.026.000

Issued and fully paid-in capital -357,500,000 A Series shares ,

1,001,000,000 B Series shares and50,760,463,816 C Series shares, and

3,139,690,500 D series sharesTambahan modal disetor 751.612.797.781 502.947.787.545 502.947.787.545 Additional paid-in capitalKomponen ekuitas lainnya 7.254.479.518 7.254.479.518 7.254.479.518 Other components equitySaldo laba Retained earnings

Telah ditentukan penggunaannya 7.700.000.000 6.700.000.000 5.700.000.000 AppropriatedBelum ditentukan penggunaannya 870.229.863.030 268.230.953.386 144.948.089.893 Unappropriated

Total Ekuitas 7.985.228.046.929 5.061.358.246.449 4.937.075.382.956 Total Equity

TOTAL LIABILITAS DAN EKUITAS 13.032.804.073.778 9.237.285.027.745 9.086.498.071.321 TOTAL LIABILITIES AND EQUITY

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These Separate Financial Statements are originally issuedin Indonesian language

Lampiran 2 Appendix 2

PT SENTUL CITY TbkLAPORAN LABA RUGI DAN PENGHASILAN

KOMPREHENSIF LAIN TERSENDIRIUNTUK TAHUN YANG BERAKHIR PADA 31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY TbkSEPARATE STATEMENT OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2 0 1 7 2 0 1 6

PENDAPATAN NETO 1.318.571.908.119 401.009.593.713 NET REVENUES

BEBAN POKOK PENDAPATAN ( 503.228.640.149) ( 178.151.645.533) COST OF REVENUES

LABA BRUTO 815.343.267.970 222.857.948.180 GROSS PROFIT

Beban penjualan ( 38.115.378.815) ( 35.909.635.671) Selling expensesBeban umum dan administrasi ( 131.587.684.086) ( 124.612.941.637) General and administrative expensesBeban pajak final ( 34.497.230.551) ( 17.466.925.875) Final tax expensePendapatan operasi lainnya 175.028.121.319 228.641.146.117 Other operating incomeBeban operasi lainnya ( 45.316.867.861) ( 38.186.736.356) Other operating expenses

LABA DARI USAHA 740.854.227.976 235.322.854.758 PROFIT FROM OPERATIONS

Pendapatan keuangan 8.453.509.737 18.291.544.978 Finance incomeBeban keuangan ( 145.959.044.678) ( 130.029.478.304) Finance costs

LABA SEBELUM BEBAN PAJAK PENGHASILAN 603.348.693.035 123.584.921.432 PROFIT BEFORE INCOME TAX EXPENSE

Beban Pajak Penghasilan - - Income Tax Expense

LABA NETO TAHUN BERJALAN 603.348.693.035 123.584.921.432 NET INCOME FOR THE YEAR

PENGHASILAN KOMPREHENSIF LAIN: OTHER COMPREHENSIVE INCOME:Pos yang tidak diakui ke dalam

laporan laba rugiItem that will not be recognized

to profit or loss(Kerugian) keuntungan aktuarial dari

program pensiun manfaat pasti ( 349.783.391) 697.942.061Actuarial (losses) gain from defined

benefit plan

PENGHASILAN KOMPREHENSIF LAIN 349.783.391 697.942.061 OTHER COMPREHENSIVE INCOME

TOTAL PENGHASILAN KOMPREHENSIFTAHUN BERJALAN 602.998.909.644 124.282.863.493

TOTAL COMPREHENSIVE INCOMEFOR THE YEAR

Page 140: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Separate Financial Statements are originally issuedin Indonesian language

Lampiran 3 Appendix 3

PT SENTUL CITY TbkLAPORAN PERUBAHAN EKUITAS TERSENDIRI

UNTUK TAHUN YANG BERAKHIR PADA 31 DESEMBER 2017(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY TbkSEPARATE STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2017(Expressed in Rupiah, unless otherwise stated)

Saldo laba/Retained earnings

Modalditempatkan dandisetor penuh/Issued and fullypaid-in capital

Tambahan modaldisetor/

Additionalpaid-incapital

Komponenekuitas lainnya/

Other equitycomponents

Telahditentukan

penggunaannya/Appropriated

Belumditentukan

penggunaannya/Unappropriated

Total ekuitas/Total equity

Saldo pada tanggal 31 Desember2015 4.276.225.026.000 502.947.787.545 7.254.479.518 5.700.000.000 144.948.089.893 4.937.075.382.956 Balance as of 31 December 2015

Cadangan saldo laba - - - 1.000.000.000 ( 1.000.000.000) - Appropriation of retained earnings

Total laba komprehensif tahunberjalan - - - - 124.282.863.493 124.282.863.493

Total comprehensive income forthe year

Saldo pada tanggal 31 Desember2016 4.276.225.026.000 502.947.787.545 7.254.479.518 6.700.000.000 268.230.953.386 5.061.358.246.449 Balance as of 31 December 2016

Cadangan saldo laba - - - 1.000.000.000 ( 1.000.000.000) - Appropriation of retained earnings

Penerbitan saham baru 2.072.205.880.600 248.665.010.236 - - - 2.320.870.890.836 Issuance of new shares

Total laba komprehensif tahunberjalan - - - - 602.998.909.644 602.998.909.644

Total comprehensive income forthe year

Saldo pada tanggal 31 Desember2017 6.348.430.906.600 751.612.797.781 7.254.479.518 7.700.000.000 870.229.863.030 7.985.228.046.929 Balance as of 31 December 2017

Page 141: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial

These Separate Financial Statements are originally issuedin Indonesian language

Lampiran 4 Appendix 4

PT SENTUL CITY TbkLAPORAN ARUS KAS TERSENDIRI

UNTUK TAHUN YANG BERAKHIR PADA31 DESEMBER 2017

(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT SENTUL CITY TbkSEPARATE STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED31 DECEMBER 2017

(Expressed in Rupiah, unless otherwise stated)

2 0 1 7 2 0 1 6

ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIESPenerimaan kas dari pelanggan 1.174.765.924.875 351.386.019.934 Cash receipts from customersPengeluaran kas untuk perolehan tanah, pembayaran

ke kontraktor dan pemasok ( 1.032.385.489.523) ( 582.040.462.691)Cash disbursements for land acquisitions,payments to contractors and suppliers

Pengeluaran kas untuk karyawan ( 56.404.202.895) ( 39.777.855.482) Cash disbursements to employeesPenerimaan (pengeluaran) kas untuk beban operasi 200.352.855.829 ( 152.561.510.873) Cash receipt (paid) to other operating expenses

Arus kas diperoleh dari (digunakan untuk) operasi 286.329.088.286 ( 422.993.809.112) Cash flows provided by (used in) operationsPenerimaan penghasilan bunga 8.453.509.737 18.291.544.978 Receipts of interest incomePembayaran beban keuangan ( 232.899.093.920) ( 151.290.183.272) Payments of finance costs(Pembayaran) penerimaan pajak penghasilan ( 1.593.664.795) 38.487.952.159 (Payments) receipts of income taxPembayaran pajak final ( 22.290.783.123) - Payments of final tax

Arus kas neto diperoleh dari (digunakan untuk)aktivitas operasi 37.999.056.185 ( 517.504.495.247)

Net cash flows provided by (used in)operating activities

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES(Pembayaran) penerimaan pihak berelasi ( 297.741.073.062) 164.789.621.944 (Payments to) proceeds from related partiesPenyertaan pada entitas asosiasi ( 99.900.000.000) ( 29.724.000.000) Investment in associatePenyertaan pada entitas anak ( 14.174.900.000) - Investment in subsidiariesPembelian aset tetap ( 1.562.689.255) ( 360.664.463) Acquisitions of property and equipmentPenambahan invetasi jangka pendek ( 500.000.000) - Additional short-tem investment

Arus kas neto (digunakan untuk) diperoleh dariaktivitas investasi ( 413.878.662.317) 134.704.957.481

Net cash flows (used in) provided byinvesting activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIESPenerimaan pinjaman bank jangka panjang 995.744.971.514 118.469.997.000 Proceeds from long-term bank loansPembayaran pinjaman bank jangka pendek ( 335.321.143.459) ( 8.016.349.227) Payments of short-term bank loansPembayaran pinjaman bank jangka panjang ( 358.248.505.162) ( 344.421.797.639) Payments of long-term bank loansTambahan modal disetor 303.371.890.836 - Additional paid-in-capitalPenerimaan pinjaman jangka pendek – pihak ketiga - 322.081.550.000 Proceeds from short-term – third partiesPembayaran pinjaman jangka pendek – pihak ketiga - ( 9.547.252.239) Payments of short-term – third partiesPenerimaan pinjaman bank jangka pendek - 83.332.491.101 Proceeds from short-term bank loans

Arus kas neto diperoleh dari aktivitas pendanaan 605.547.213.729 161.898.638.996 Net cash flows provided by financing activities

KENAIKAN (PENURUNAN) NETO DALAM KAS DANSETARA KAS 229.667.607.597 ( 220.900.898.769)

NET INCREASE (DECREASE) IN CASH ANDCASH EQUIVALENTS

CASH AND CASH EQUIVALENTSKAS DAN SETARA KAS PADA AWAL TAHUN 261.360.438.221 482.261.336.990 AT BEGINNING OF THE YEAR

KAS DAN SETARA KAS PADA AKHIR TAHUN 491.028.045.818 261.360.438.221CASH AND CASH EQUIVALENTS

AT END OF THE YEAR

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Page 143: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial
Page 144: PT SENTUL CITY TbkDec 31, 2017  · Aset tak berwujud 2.012.750.633 2.012.750.633 2.013.805.258 Intangible assets ... Exhibit E which are an integral part of the Consolidated Financial