;vinata gani & hidayat - investor.gmrgroup.in · pt dwikarya sejati clama . we have audited the...

GrantThornton Hendra\;vinata Gani & Hidayat

No 305!P.Vl!10

Board of Directors and Stockholders PT Dwikarya Sejati Clama

We have audited the accompanying consolidated balance she~t of PT Dwikarya Sej:lti Utama and Subsidiaries as of March 31, 2010 and 2009 and the related consolidated statements of income . .:hanges in equity and cash nows tor the year ended March 31, 20 J0 and tor three months perio~ ended :Vlarch 3 J, 2009. These consolidated financial statements are the responsibility of the Company and Subsidiaries' management. Our responsibility i~ to express an opinion on these consolidated financial statements based on Ollr audits.

\Vc conducted our audits in accordance with generally accept~d auditing standards established by the Indonesian Institute of Certified Public Accountants_ Those standards require that we plan and pertorm the audit 10 obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement An audit includes ex;;mining, on a test basis, evidence supporting ti,e amounts and disclosures in the consoiidated financial statements. "'.11 audit also includes a~sessing the accounting principles used and significant estimates made by management, as well ~s evaluating the overall consolidated financial statements presentation. \Ve believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated' financial statements present fairly, in all materia! respe!ts_ the consolidated tinancial position of PT Dwikarya Sejati Utama and Subsidiaries as of ~1arch 3 !, 2010 and 2009 and the consolidated results of its operations and its cash flows for the year ended March ::Ii, 2010 and for three months period ended March 31, 2009, in contormi~y with lhe gencmiiy accepted accounting principles in indonesia.

Notc 24 ro the consolidated tinallcia1.statements indudes a summary of the effects 'of the global economic condition in Indonesia has had on the Company and Subsidiaries. It also includes the artien that the Company and Sub!>idiaries have implemented or plans to implement in response K; the eC(>11(:mic condition. The accom,Danying consolidated financial statements include the effects oj' the e'-'~'l;;"'i~ /',- ....... "-~: ....... ~ \..l1.f

conditions to the extent they may be determined and estimated .

..

Grant Thornton Hendrawinata Gani & Hidayat

Pag(; 2:

Our audit was conducted fOT the !,urpose of C')rming an opin ion on the basic 2010 consolidated tinancial stalements, taken as a whole. The accompanying suppkmenf::q: information is presented for the purpose of additional analysis of the basic 20 I 0 consolidated financial statements rather than to present the financial position, result of operations and cash f10ws of the Parent Company as n. separate entity, and is not a required part of the basie 2010 consolidated fii1ancia~ starcment~ This supplE.'fl1cnrary information is the rcsponsibi]lty of the (~onlpany~s rnanagcnlcnt. SucD rnfonnati0H Ilas b<!en sul~i~·ctcd f() the auditing procedures applied in our audit of the basic 201 (l consolidated fina:h.:ia1 statements and, in our opinion is fairly stated in all material respect when considered in r~ia(Cl1 to rhe basic 2010 cons(llidal<::d Tlnancia! statements, taken as a whole.

Ciwi Paiau, CPA. License No. 03.1.0860

/\.pr~130, 2010

~'1e accolnpanying consoliduted financial Statclnen1s ur~ ~n1cnccd to pr{.~$~nl :he consolidated financial po~iti0n; consolidated results of opera! ion and corisoHdated cash Den,-' in (tcconlance ',.l/ith accol1nting principles and practices gen~rally accepted in Indonesia and not that of any other jl:risdictions. The standards, procedures and practices to audit such consolidated financial s1a!eltlents are those gi:.·n~rany accepted and applted in Indonesia. Accordingf):: the accompanying consolidated financial slalem~nts and their utilization an: not designed for th0~t' who <ll't not informed about Indonesian accounting principles, procedlires and macrires.

PT DWIKARYA SEJATI UTAMA AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

March 31, 2010 and 2009

The accompanying notes form an integral part of

these consolidated financial statements

1

A S S E T S

Notes 2 0 1 0 2 0 0 9

Rp Rp CURRENT ASSETS Cash and cash equivalents 2f,4 9,485,637,564 6,282,668 Other receivables 2e,7,20a 540,774,000 12,774,000 Advances 5 298,896,235 – Prepaid rent 6 1,152,547,288 –

Total current assets 11,477,855,087 19,056,668 NON CURRENT ASSETS Plant and equipment 2g,2k,8 7,848,814,405 – Goodwill 2b,3,10 3,703,050,090 5,635,076,224 Deferred exploration expenditures 2h,9 133,177,680,929 47,289,870,089 Refundable deposit 23,346,500 – Other receivable 7 660,000,000 –

Total non current assets 145,412,891,924 52,924,946,313

TOTAL ASSETS 156,890,747,011 52,944,002,981


CONSOLIDATED BALANCE SHEET (Continued)

March 31, 2010 and 2009



2

LIABILITIES AND EQUITY (CAPITAL DEFICIENCY)

Notes 2 0 1 0 2 0 0 9

Rp Rp

CURRENT LIABILITIES Other payables 11 480,861,480 603,861,480 Taxes payable 2j,14b 2,539,920,566 – Accrued expenses 12 24,349,256,965 – Total current liabilities 27,370,039,011 603,861,480

NON CURRENT LIABILITIES

Mandatory convertible bonds 2e,15,20c 58,045,760,170 73,711,428,850 Long term loan 13 86,311,949,415 – Deferred tax liabilities 2j, 14c 8,166,049 –

Total non current liabilities 144,365,875,634 73,711,428,850

EQUITY (CAPITAL DEFICIENCY) Capital stock 16 Authorized 4,000 shares at Rp 1,000,000

par value per share

Issued and fully paid–up capital 1,000,000,000 1,000,000,000 1,000 shares at Rp 1,000,000 par value

each

Exchange difference due to financial statement translations

2d 5,335,593,473

4,652,956,678

Accumulated deficit 24 (21,180,761,107) (27,024,244,027)

Total equity (capital deficiency) (14,845,167,634) (21,371,287,349 )

TOTAL LIABILITIES AND EQUITY 156,890,747,011 52,944,002,981


CONSOLIDATED STATEMENT OF INCOME

For the year ended March 31, 2010 and

for the periods from January 1 up to March 31, 2009



3

Notes 2 0 1 0 2 0 0 9

Rp Rp Operating expenses General and administrative expenses 2i,18 899,935,527 14,248,840

Operating loss (899,935,527) (14,248,840 ) Other income (expenses) – net 2c,2i,2k,19 6,827,976,336 (2,689,003,489 )

Profit (loss) before income tax 5,928,040,809 (2,703,252,329 ) Corporate income tax Current tax 2j, 14a (76,391,840 ) – Deferred tax – Expense 2j,14a,14c (8,166,049 ) –

Total corporate income tax (84,557,889 ) –

Profit (loss) before minority interest 5,843,482,920 (2,703,252,329 ) Minority interest 2b – –

Net profit (loss) 5,843,482,920 (2,703,252,329)


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY





4

Capital stock

Exchange

difference due to

financial

statement

translations

Accumulated

deficit

Total

Rp Rp Rp Rp

Balance as of December 31, 2008 1,000,000,000 4,560,014,316 (24,320,991,698) (18,760,977,382) Net loss for the period – – (2,703,252,329) (2,703,252,329) Exchange difference due to financial statements translation

–

92,942,362

–

92,942,362

Balance as of March 31, 2009 1,000,000,000 4,652,956,678 (27,024,244,027) (21,371,287,349)

Net profit for the year − − 5,843,482,920 5,843,482,920

Exchange difference due to financial statements translation

−

682,636,795

−

682,636,795

Balance as of March 31, 2010 1,000,000,000 5,335,593,473 (21,180,761,107) (14,845,167,634)


STATEMENT OF CASH FLOWS





5

2 0 1 0 2 0 0 9

Rp Rp Cash flows from operating activities

Profit (loss) before income tax 5,928,040,809 (2,703,252,329 ) Adjustments to reconcile net loss to net cash

used in operating activities : Depreciation of plant and equipment 35,626,586 − Translation difference on plant and equipment 754,522 − Amortization expense 1,932,026,135 483,006,534

Foreign exchange loss of mandatory convertible bond (15,665,668,680 ) − Foreign exchange gain of deferred exploration expenditure

7,480,482,488

−

Additional paid in capital 682,636,795 −

Operating loss before working capital changes 393,898,655 (2,220,245,796 ) Advance payment (298,896,235 ) − Prepaid rent (1,152,547,288 ) − Other receivables (1,188,000,000) – Refundable deposit (23,346,500) − Other payables (123,000,000 ) − Taxes payable 2,463,528,726 (83,180,572 ) Accrued expenses 24,349,256,966 −

Net cash provided by (used in) operating activities 24,420,894,324 (2,303,426,368 )

Cash flows from investing activities

Exploration expenditures, net of depreciation expense (93,368,293,329 ) (2,090,532,388 ) Acquisition of plant and equipment (7,885,195,514 ) −

Net cash used in investing activities (101,253,488,843 ) (2,090,532,388 )

Cash flows from financing activities Long term loan 86,311,949,415 −

Other payables − 31,250,000 Issuance of mandatory convertible bond − 3,980,098,750

Net cash provided by financing activities 86,311,949,415 4,104,291,112

Net increase (decrease) in cash and cash equivalents 9,479,354,896 (289,667,643 ) Cash and cash equivalents at beginning of year / period 6,282,668 295,950,311

Cash and cash equivalents at end of year / period 9,485,637,564 6,282,668


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2010 and 2009

6

1. G E N E R A L

a. Articles of Association PT Dwikarya Sejati Utama (the Company), domiciled in Jakarta, was established based on notarial deed of No. 40 dated March 9, 2007 of Sugito Tedjamulja, SH, notary in Jakarta, which has been approved by the Minister of Justice of the Republic of Indonesia under Decision Letter No. W7-03628 HT.01.01-TH.2007 dated April 5, 2007. The Company’s articles of incorporation have been amended several times and the latest amendment was made based upon notarial deed No. 4 dated July 23, 2008 of Zulfiah Tenri Abeng, SH.,M.Hum.,M.Kn., notary in Jakarta, concerning the changes of the Company’s articles of association to conform with Law No. 40 Year 2007 of Limited Liability Company, which has been approved by the Minister of Justice of the Republic of Indonesia under Decision Letter No. AHU-63256.AH.01.02 Tahun 2008 dated September 15, 2008. Until the date of this report this amendment has not been published in the State Gazette. The Company has an approval letter for foreign capital investment from the Head of Capital Investment and Assets Utilization and Operations from Jakarta Regional Governance No. 4/31/I/PMA/2007 dated March 1, 2007. The principal activity of the Company is venture capital and management consultant. The Company’s head office is located in Jakarta. The Company and Subsidiaries are required to prepare consolidated financial statements for the year ended March 31, 2010 and for the three month period ended March 31, 2009 for the consolidation purpose.

b. Board of Directors and Commissioner

The composition of the Company’s Board of Directors and Commissioners as of March 31, 2010 and 2009 are as follow : 2 0 1 0 2 0 0 9 President Commissioners : – – Commissioners : Mr. Raaj Kumar Mr. Raaj Kumar

President Director : – – Director : Mr. Ashis Basu Mr. Ashis Basu

PT DWIKARYA SEJATI UTAMA AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

March 31, 2010 and 2009

7

1. G E N E R A L (Continued)

c. Consolidated Subsidiaries

Subsidiaries

Domicile

Nature of business

Percentage of ownership

Start of commercial operations

Total assets before elimination as of March 31,

2009 March 31,

2008 March 31, 2010 March 31, 2009

% % Year Rp Rp

PT Duta Sarana Internusa (DSI)

and Subsidiary

Jakarta Service

100%*

99%

-

156,879,793,426

52,930,823,708

PT Barasentosa Lestari (BSL) Jakarta Mining 100%** 100%*** - 149,182,083,993 47,289,870,089

* Based on deed of share ownership transferred No. 39 dated February 24, 2009 of Mala Mukti,

S.H., LL.M, notary in Jakarta, Mr. Buntardjo Hartadi Sutanto, DSI stockholders has transferred its ownership of 10 share with total nominal value of Rp 10,000,000 to GMR Energy (Netherlands) B.V, the Company stockholders. Therefore the effective ownership of the Company in DSI is 100%.

** Based on deed of share ownership transferred No. 36 dated February 24, 2009 of Mala Mukti,

S.H., LL.M, notary in Jakarta, Mr. Buntardjo Hartadi Sutanto, BSL stockholders has transferred his ownership of 1 share with total nominal value of Rp 1,000,000 to PT Unsoco, the related parties of the Company. Therefore the effective ownership of the DSI in BSL is 100%.

***Based on notarial deed No. 125 dated January 31, 2008 of Sugito Tedjamulja, SH, notary in

Jakarta, the Company’s own 3,499 shares of 3,500 shares outstanding (99.97%), in which the remaining shares (1 shares) were owned by Mr. Buntardjo Hartadi Sutanto, the stockholder of DSI (note 9). Therefore the effective ownership of DSI in BSL is 100%.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A summary of significant accounting policies adopted by the Company, which affects the determination of its consolidated financial position and results of its operations, is presented below. a. Presentation of Consolidated Financial Statements

The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in Indonesia. The consolidated financial statements have been prepared under historical cost concept and on the accrual basis, unless otherwise stated.


March 31, 2010 and 2009

8

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) a. Presentation of Consolidated Financial Statements (Continued)

The consolidated statement of cash flows is prepared based on the indirect method by classifying cash flows on the basis of operating, investing and financing activities. For the purpose of the cash flow statement, cash and cash equivalent include cash in hand, cash in banks, and time deposits with a maturity period of 3 months or less, as long as these time deposits are not pledged as collateral for borrowings nor restricted. The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect :

− the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and

− the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management’s best knowledge of current events and activities, actual results may differ from those estimates.

Figures in the consolidated financial statements are expressed in United States Dollar, unless otherwise stated.

b. Principle of Consolidation

The consolidated financial statements include the accounts of the Parent Company and all Subsidiaries that are controlled by the Parent Company, other than those are excluded because control is assumed to be temporary or due to long term restrictions significantly impairing a subsidiary’s ability to transfer funds to the Parent Company. When a Subsidiary either began or ceased to be controlled during the period, the results of the Subsidiary’s operations are included only from the date of control commenced or up to the date of control ceased.

Control is presumed to exist where more than 50% of a Subsidiary’s voting power is directly or indirectly controlled by the Parent Company; or the Parent Company able to govern the financial and operating policies of a Subsidiary; or control the removal or appointment of a majority of a Subsidiary’s board of directors. For investment amounted to 20% or more but not more than 50%, investment was stated in consolidated financial statement using equity method, meanwhile for investment less than 20% stated using cost method. Upon acquisition, the assets and liabilities of a Subsidiary are measured at its fair values at the date of acquisition. Any excess of the cost of acquisition over the interest in the fair values of the identifiable assets and liabilities acquired is recognized as “Goodwill” and amortized using the straight–line method over 5 (five) years.


March 31, 2010 and 2009

9

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) b. Principle of Consolidation (Continued)

When the cost of acquisition is less than the interest in the fair value of the identifiable assets and liabilities acquired as at the date of acquisition, the fair values the acquired non–monetary assets are reduced proportionately until all the excess are eliminated. The excess remaining after reducing the fair values of non–monetary assets acquired is recognized as “negative goodwill”, treated as deferred revenue and recognized as revenue on a straight–line method over twenty years. Minority interest in the result and equity of controlled entities are shown separately in the consolidated statements of income and balance sheets respectively. The interest of the minority stockholders is stated at the minority’s proportion of the historical cost of the net assets. The minority interest is subsequently adjusted for the minority’s share of movements in equity. Any losses applicable to the minority interest in excess of the minority interest are allocated against the interests of the Parent.

The results of Subsidiaries acquired or disposed of during the period are included in the consolidated statement of income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of the Subsidiaries to bring the accounting policies used in line with those used by the Parent Company.

All material transactions and balances between consolidated companies have been eliminated in the consolidated financial statements.

c. Foreign Currency Translation

(1) Reporting Currency

The consolidated financial statements are presented in Rupiah.

(2) Transactions and Balances

Transactions denominated in US Dollar and other currencies are converted into Rupiah at the exchange rate prevailing at the date of the transaction. At the balance sheet date, monetary assets and liabilities in US Dollar and other foreign currencies are translated at the exchange rates prevailing at that date.

Exchange gains and losses arising on transactions in US Dollar and other foreign currencies and on the translation of US Dollar and other foreign currencies monetary assets and liabilities are recognized in the statement of income.


March 31, 2010 and 2009

10

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

d. Financial Statements Translation The financial statements of PT Barasentosa Lestari (BSL), DSI’s Subsidiary, were presented in US Dollar currency. For consolidation purposes, the financial statements of BSL had been converted into Indonesian Rupiah Currency. Consolidated financial statements are presented in the reporting currency applied to the parent. The translation of the subsidiary's financial statements into the reporting currency for inclusion in the consolidated financial statements should be as follows:

(i) Assets and liabilities are be translated using the exchange rate on the balance sheet date; (ii) Equity is translated using the historical exchange rates;

(iii) Income and expenses are translated using the weighted average exchange rate;

(iv) Dividends are measured using the exchange rate on the date of the declaration of the

dividends; and

(v) Procedures (i) and (iv) will produce a difference in translation which will be presented in the equity account as “Exchange difference due to financial statement translations”.

For practical reasons, an exchange rate that is close to the real exchange rate, such as the average exchange rate during a period, is often used to translate revenues and expenses of a subsidiary. The recording currency of the parent enterprise should be the same as the reporting currency for the consolidation.

e. Transactions with Related Parties In conducting its business, the Company and Subsidiaries have transactions with its related parties in accordance with the definition in SFAS 7 regarding Related Party Disclosures. All significant transactions with related parties, are disclosed in the consolidated financial statements.

f. Cash and Cash Equivalents Cash and cash equivalents include cash in hand, deposit held on call with banks and other short term highly liquid investments with original maturities of three months or less.


March 31, 2010 and 2009

11


g. Plant and Equipment Initially, an item of plant and equipment is measured at its cost, which comprises its purchase price and any cost directly attributable to bringing the assets to the location and condition necessary for it to be capable of operating in the manner intended by management, and also include the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Subsequent expenditures such as replacement and major inspection are added to the carrying amount of the asset when it is probable that future economic benefits will flow to the Company and Subsidiaries and the cost of the item can be measured reliably. The carrying amount of those parts that are replaced or any remaining carrying amounts of the cost of the previous inspection is derecognized. The costs of day-to-day servicing of an asset are recognized as an expense in the period in which they are incurred. Depreciation is recognized on a straight-line method to write down the depreciable amount of plant and equipment. The estimated useful lives of the assets are as follows: Years % per annum Building 10 10 Office equipment 5 20 Furniture and fixtures 5 20 The residual values, useful lives and depreciation method are reviewed at each balance sheet date to ensure that such residual values, useful lives and depreciation method are consistent with the expected pattern of economic benefits from those assets. When an asset is disposed of or when no future economic benefits are expected from its use or disposal, the cost and accumulated depreciation and accumulated impairment losses, if any, are removed from the accounts. Any resulting gain or losses from de-recognition of an item of plant and equipment is included in the statement of income. Effective 1 January 2008, the Company and Subsidiaries applied SFAS No. 16 on Property, Plant and Equipment (Revised 2007), which supersedes SFAS No. 16 on Fixed Assets and Other Assets (1994) and SFAS No. 17 on Accounting for Depreciation (1994). Based on the revised SFAS, an entity shall choose either the cost model or revaluation model as its accounting policy and shall apply that policy to an entire class of plant and equipment. If the entity has plant and equipment revalued before the application of the revised SFAS and adopts the cost model, the revalued amounts of those assets are considered as deemed cost. The balance of the revaluation surplus of the assets at initial adoption of the revised SFAS must be reclassified to retained earnings.


March 31, 2010 and 2009

12


g. Plant and Equipment (Continued)

The Company and Subsidiaries chose to adopt the cost model; accordingly, the Company and Subsidiaries plant and equipment, are carried at cost less accumulated depreciation and accumulated impairment losses, if any.

h. Deferred Exploration Expenditures – PT Bara Sentosa Lestari (BSL), DSI’s Subsidiary

Exploration expenditures incurred is capitalized and carried forward, on an area of interest basis, provided one of the following conditions is met:

i. Such cost are expected to be recouped through successful development and exploitation of the area of interest or, alternatively, by its sale; or

ii. Exploration activities in the area of interest have not yet reached the stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in or in relation to the area are continuing.

Ultimate recoupment of exploration expenditure carried forward is dependent upon successful development and commercial exploitation, or alternatively, sale of the respective area.

Exploration expenditures in respect of an area of interest, which has been abandoned or for which a decision has been made by the BSL’s Directors against the commercial viability of the area of interest, are written-off in the period the decision is made.

Deferred exploration expenditures represents the accumulated cost relating to general investigation, administration and license, geology and geophysics expenditures before the commencement of the BSL’s commercial operations. Deferred exploration expenditure is amortized from the commencement of commercial production.

i. Expense Recognition

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

j. Income Tax

Current tax expense is provided based on the estimated taxable income for the year. Deferred tax assets and liabilities are recognized for temporary differences between commercial and tax bases of assets and liabilities at each reporting date. Future tax benefit, such as the carry forward of unused tax losses, if any, is also recognized to the extent that realization of such tax benefit is probable.


March 31, 2010 and 2009

13

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

j. Income Tax (Continued)

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the assets are realized or the liabilities are settled, based on the applicable tax rates (and tax law) that have been enacted or substantively enacted at the balance sheet date. Changes in the carrying amount of the deferred tax assets and liabilities due to change in tax rates is charged to current year operations, except to the extent that it relates to items previously charged or credited to equity. Amendments to tax obligations are recorded when an assessment is received or, if appealed against by the Company, when the result of the appeal is determined.

k. Impairment of Non-Current Asset

At balance sheet date, the Company and Subsidiaries reviews whether there is any indication of asset impairment or not. Plant and equipment and other non-current assets, including intangible assets are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of an asset’s net selling price and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows.

3. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES AND ASSOCIATES

Acquisitions and disposals of subsidiaries and associates up to March 31, 2010 and 2009 are as follows:

PT Duta Sarana Internusa (DSI)

DSI, domiciled in Jakarta, was established based on notarial deed of No. 12 dated December 5, 2006 of Darmawan Tjoa, SH, SE, notary in Jakarta, which has been approved by the Minister of Justice of the Republic of Indonesia under Decision Letter No. W7-00631 HT.01.01-TH.2007 dated January 17, 2007. The Company’s ownership in DSI as of March 31, 2010 and 2009 is 990,000,000 and 99,000,000 shares (99%).


March 31, 2010 and 2009

14

3. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES AND ASSOCIATES (Continued)

PT Barasentosa Lestari (BSL) Based on the agreement dated March 12, 2007 between PT Indo Tambangraya Megah and PT Centralink Wisesa International as sellers and the Company and Mr. Buntardjo Hartadi Sutanto as purchasers, the sellers are willing to sell and the purchasers are willing to purchase the shares including receivables owed by BSL to PT Indo Tambangraya Megah and Banpu Public Company Limited for the amount including interests, in aggregate of US$ 3,300,000 (or equivalent with Rp 29,902,199,911). These changes in BSL stockholder has been notarized in deed No. 125 dated January 31, 2008 of Sugito Tedjamulja, SH. Excess of the cost of acquisition over the interest in the fair values of the identifiable net assets amounted Rp 9,660,130,670 is recognized as goodwill and amortized using the straight-line method over five years (Note 10).

4. CASH AND CASH EQUIVALENTS

2 0 1 0 2 0 0 9 Rp Rp

Cash on hand : 32,413,637 −

Cash in banks : PT Bank Central Asia Tbk

US Dollars 7,777,429,156 4,330,786Rupiah 1,675,794,771 1,951,882

9,453,223,927 6,282,668

9,485,637,564 6,282,668

5. ADVANCE PAYMENT

This account consists of advance payment given to the employee regarding the operational activities of the Subsidiary Company, which will be reimbursed when it is fully used.

6. PREPAID RENT

The details of prepaid rent are as follows: 2 0 1 0 2 0 0 9 Rp Rp

House 715,520,548 – Office 283,733,589 – Guest house 153,293,151 –

Total 1,152,547,288 –


March 31, 2010 and 2009

15

7. OTHER RECEIVABLE

2 0 1 0 2 0 0 9 Rp Rp Related parties Mr. Bing Tobing 1,188,000,000 –

Third parties PT Petrosea Tbk 2,774,000 2,774,000 Mr. Buntardjo Hartadi Susanto 10,000,000 10,000,000

12,774,000 2,774,000

Total 1,200,774,000 12,774,000

Less current portion of other receivable (540,774,000) (12,774,000)

Long term portion of other receivable 660,000,000 –

Based on the agreement made dated December 15, 2009, PT Barasentosa Lestari, the Company’s subsidiary, has granted a personal loan amounted Rp 1,584,000,000 to Mr. Bing Tobing, the Company’s key management. This loan amount will be repaid by in 36 equated monthly installment of Rp 44,000,000 per month. The first installment commenced from the month of July 2009. This loan bears no interest.

8. PLANT AND EQUIPMENT

The details of plant and equipment are as follows: 2 0 1 0 Beginning Ending balances Additions Disposals balances Rp Rp Rp Rp Acquisition cost :

Buildings 236,746,565 − − 236,746,565 Office equipment 64,830,977 494,380,315 − 559,211,292 Funiture and fixture − 334,423,840 − 334,423,840 Construction in progress − 7,056,391,359 − 7,056,391,359

301,577,542 7,885,195,514 − 8,186,773,056

Accumulated depreciation : Buildings 236,746,565 − − 236,746,565 Office equipment 64,830,977 26,430,965 − 91,261,942 Funiture and fixture − 9,950,144 − 9,950,144

301,577,542 36,381,109 − 337,958,651

Book value – 7,848,814,405


March 31, 2010 and 2009

16

8. PLANT AND EQUIPMENT (Continued)

2 0 0 9 Beginning Ending balances Additions Disposals balances Rp Rp Rp Rp Acquisition cost :

Buildings 236,746,565 – – 236,746,565 Office equipment 64,830,977 – – 64,830,977

301,577,542 – – 301,577,542Accumulated depreciation :

Buildings 236,746,565 – – 236,746,565 Office equipment 64,830,977 – – 64,830,977

301,577,542 – – 301,577,542

Book value – –

Plant and equipment were not covered with insurance against fire and other possible losses. Management believes that the Company and Subsidiaries are able to cover all possible losses.

9. DEFERRED EXPLORATION EXPENDITURES

2 0 1 0 2 0 0 9 Rp Rp General investigation expenses Feasibility study expenses 23,368,297,216 9,826,904,650

Exploration extension 9,127,874,396 9,101,623,427 Drilling expenses 6,317,944,676 641,033,475 Airborne and digital expenses 4,694,507,565 5,961,483,825 Detailed mine study 3,519,049,775 2,096,376,101 Survey expenses 1,996,097,040 2,427,479,680 Analysis expenses 1,892,194,615 1,573,068,394 Rental 1,809,309,762 408,100,000 Geophysical services 1,330,097,480 1,651,111,777 Geological mapping expenses 975,368,805 1,238,606,025 Sub contractor expenses 734,386,435 932,586,175 Desk study 37,910,000 10,900,000

55,803,037,765 35,869,273,530


March 31, 2010 and 2009

17

9. DEFERRED EXPLORATION EXPENDITURES (Continued)

2 0 1 0 2 0 0 9 Rp Rp Other exploration expenses

Consultation 46,435,588,421 − Salaries and allowances 12,526,494,018 2,279,094,350 Licenses and regional tax 3,644,724,243 3,656,298,865 Recruitment charges 2,487,638,055 − Capital expenditure 1,724,526,262 − Traveling expenses 1,738,092,108 1,278,240,933 Office expenses 1,556,524,593 385,297,025 Equipment rental and vehicle expenses 1,290,006,170 877,755,400 Interest expenses 1,056,627,197 − Transportation expenses 892,408,775 478,464,200 Professional fee 631,332,006 500,595,366 Depreciation expense 583,524,070 741,008,350 Manpower Outsourcing 418,365,013 − Repairs and maintenance 357,753,843 195,270,250 Representation and entertainment 289,448,725 188,892,425 Communications 280,914,488 − Socialisation cost 244,287,344 − Fuel expenses 198,440,142 200,201,200 Medical allowances 194,212,532 138,656,925 Other expenses (less than Rp 100,000,000) 823,735,159 500,821,270

77,374,643,164 11,420,596,559

Total 133,177,680,929 47,289,870,088

10. GOODWILL

2 0 1 0 2 0 0 9 Rp Rp

Acquisition cost 9,660,130,670 9,660,130,670 Accumulated amortization (5,957,080,580 ) (4,025,054,446 )

Net book value 3,703,050,090 5,635,076,224

Goodwill was derived from purchase transaction of PT Bara Sentosa Lestari, PT Duta Sarana Internusa Subsidiary shares from third parties on March 12, 2007. The amortization of goodwill as of March 31, 2010 and 2009 amounted to Rp 1,932,026,134 and Rp 483,006,533 were allocated as other income (expenses) (note 19).


March 31, 2010 and 2009

18

11. OTHER PAYABLES

2 0 1 0 2 0 0 9 Rp Rp Third parties

Strait Merchants Ltd 455,750,000 578,750,000Others 25,111,480 25,111,480

Total 480,861,480 603,861,480

12. ACCRUED EXPENSE

2 0 1 0 2 0 0 9 Rp Rp Related parties :

Consultancy 19,483,312,500 – Interest 1,639,923,236 –

21,123,235,736 –

Third parties : Construction in progress 1,687,321,024 – Logistic consultant 668,072,326 – Transportation 317,312,164 – Geological mapping 127,400,000 – Office maintenances 105,635,961 – Tax consultant 85,498,208 – Employees social security 80,835,354 – Audit fees 78,300,000 – Survey 22,410,000 – Communication 18,548,442 – Capital expenditure 16,060,000 – Travel 7,792,750 – Miscellaneous 10,835,000 –

3,226,021,229 –

Total 24,349,256,965 –


March 31, 2010 and 2009

19

13. LONG TERM LOAN

2 0 1 0 2 0 0 9 Rp Rp Related parties:

GMR Energy (Netherlands) B.V 86,311,949,415 –

On April 15, 2009, the Company has entered into loan agreement with GMR Energy (Netherlands) B.V, the ultimate shareholder of the Company.

Based on the loan agreement GMR should provide an unsecured loan with a revolving line of Credit in which GMR may make advance provided that the aggregate amount of all loan outstanding under the line of credit at any one time shall not exceed US$ 10,000,000.

The detail of the loan are as follow :

Interest rate : 6% Settlement date : March 31, 2011 Amount of installment repayment : USD 10 million/outstanding amount as on that date plus

any interest as due on this date 14. TAXATION

a. Income tax expense

Income tax expense for the year ended March 31, 2010 and three month period ended March 31, 2009 are Rp 85,192,571 and Rp nil.

A reconciliation between loss before tax as per consolidated statement of income with estimated taxable income which was prepared by the Company for the periods from January 1 up to March 31, 2010 and 2009 is as follows :

2 0 1 0 2 0 0 9 Rp Rp

Profit (loss) before tax per consolidated statement of income

5,928,040,809 (2,703,252,329)

Income before tax of subsidiaries and elimination (84,557,889) –

Profit (loss) before tax of the Company 5,843,482,920 (2,703,252,329)

Interest income subject to final tax – (7,856) (Profit) loss on investment in subsidiaries (5,771,852,029) 2,670,123,660

Estimated taxable profit (losses) before compensated prior period losses

71,630,890 (33,136,525)

Compensated prior period losses (71,630,890) –

Estimated taxable losses – (33,136,525)


March 31, 2010 and 2009

20

14. TAXATION (Continued) a. Income tax expense (Continued)

The Company has accumulated corporate income tax losses which are available to be carried forward and offset against future taxable income for five years following fiscal years :

2 0 1 0 2 0 0 9 Rp Rp

December 31, 2007 − 21,549,441December 31, 2008 277,750,768 327,832,217March 31, 2009 33,136,525 33,136,525

310,887,293 382,518,813

2 0 1 0 2 0 0 9 Rp Rp

Current tax Company − −

Subsidiaries 76,391,840 −

76,391,840 −

Deferred tax Company − − Subsidiaries 8,166,049 − 8,166,049 −

84,557,889 −

b. Taxes payable 2 0 1 0 2 0 0 9 Rp Rp Income tax

Article 21 278,907,374 − Article 29 76,391,840 − Article 4 (2) 76,419,802 −

Value added tax 2,108,201,550 −

2,539,920,566 −


March 31, 2010 and 2009

21

14. TAXATION (Continued)

c. Deferred tax assets

2 0 1 0 2 0 0 9 Rp Rp The Company

Tax losses carried forward 77,721,823 107,105,091 Unrecognized deferred tax assets (77,721,823) (107,105,091) – –

The Subsidiaries

Tax losses carried forward 1,438,668,304 4,097,931,563 Unrecognized deferred tax assets (1,438,668,304) (4,097,931,563) Depreciation (8,166,049) −

(8,166,049) –

Net deferred tax liabilities 8,166,049 –

As of March 31, 2010 and 2009, the Company and Subsidiaries have unrecognized deferred tax asset in respect of the 2010 and 2009 tax losses of Rp 1,516,390,127 and Rp 4,205,036,655. Tax assets have not been recognized on the basis that there is significant uncertainty as to whether the tax losses will be offset by sufficient taxable profits in the future.

d. Administration

On September 2, 2008, the Government enacted an amendment to the income tax law with effect from January 1, 2009, stipulating that the income tax for corporation’s will be set to a flat rate of 28% starting in 2009, and further reduced to 25% starting 2010. In addition to the impact in the current income tax for 2009, the revision will also impact the deferred income tax previously set up to reflect the reduction in effective tax rate.

15. MANDATORY CONVERTIBLE BOND

2 0 1 0 2 0 0 9 Rp Rp Related parties :

GMR Energy (Netherlands) B.V. 57,488,513,916 73,003,790,357GMR Energy (Mauritius) Ltd. 557,246,254 707,638,493

58,045,760,170 73,711,428,850


March 31, 2010 and 2009

22

15. MANDATORY CONVERTIBLE BOND (Continued) Based on the Mandatory Convertible Bonds Issuance Agreement dated April 10, 2008 between the Company and PT Panjicanggih Perkasa and the Form of Transfer dated August 19, 2008 and the MCB with a face value of US$ 1,693,890 (equivalent with Rp 19,606,776,750) is transferred to Grand South Asset Management Limited (GAML). In accordance with Notice of Assignment dated February 24, 2009, GAML have assigned with full title in favor of the assignees, all of its rights, title interest in respect of the MCB to GMR Energy (Netherlands) B.V. Based on the Mandatory Convertible Bonds Issuance Agreement dated April 10, 2008 between the Company and PT Panjicanggih Perkasa and the Form of Transfer dated August 19, 2008 and the MCB with a face value of US$ 2,228,865 (equivalent with Rp 25,799,112,375) is transferred to Strait Merchants Limited (SML). In accordance with Notice of Assignment dated February 24, 2009, SML have assigned with full title in favor of the assignees, all of its rights, title interest in respect of the MCB to GMR Energy (Netherlands) B.V. Based on the Mandatory Convertible Bonds Issuance Agreement dated April 10, 2008 between the Company and Strait Merchants Ltd. and the Form of Transfer dated August 14, 2008 and the MCB with a face value of US$ 2,445,403 (equivalent with Rp 28,305,539,725) is transferred to Noble Point Limited (NPL). In accordance with Notice of Assignment dated February 24, 2009, NPL have assigned with full title in favor of each of the assignees, all of its rights, title interest in respect of the MCB in the following details:

− MCB with a face value of US$ 2,384,267.925 (equivalent with Rp 27,597,901,232) to GMR Energy (Netherlands) B.V.

− MCB with a face value of US$ 61,135.075 (equivalent with Rp 707,638,493) to GMR Energy (Mauritius) Ltd.

16. CAPITAL STOCK

Based on the Company’s Article of Incorporation as stated in notarial deed No. 40 dated March 9, 2007 of Sugito Tedjamulja, SH, public notary in Jakarta, the authorized capital is comprised of 4,000 shares with nominal value of Rp 1,000,000, in which 1,000 shares has been subscribed and fully paid The composition of the Company stockholder as of March 31, 2010 and 2009 are as follow :

Number of Percentage of

Stockholders shares Par value ownership Rp % GMR Energy (Netherlands) B.V. 999 999,000,000 99.90 5 GMR Energy (Mauritius) Ltd 1 1,000,000 0.10

1,000 1 1,000,000,000 100.00


March 31, 2010 and 2009

23

17. GENERAL RESERVE

The Limited Liability Company Law of the Republic of Indonesia No. 1/1995 introduced in March 1995 requires the establishment of a general reserve from net profits amounting to at least 20% of a company’s issued and paid up capital. This regulation has been amended by Indonesian Limited Company Law No. 40 year 2007 which also requires companies to set up a general reserve amounting to at least 20 % of the issued and paid-up share capital. As of March 31, 2010 and 2009, the Company and Subsidiaries have not yet established a general reserve as it is in accumulated loss position.

18. GENERAL AND ADMINISTRATIVE EXPENSES

2 0 1 0 2 0 0 9 Rp Rp

Deadrent 374,297,026 – Audit fee 255,622,515 – Taxes on land and building 184,703,400 – Tax consultant fee 42,790,000 – Depreciation expenses 35,626,586 – Others 6,896,000 –

Total 899,935,527 –

19. OTHER INCOME (EXPENSES)

2 0 1 0 2 0 0 9 Rp Rp Gain (loss) on foreign exchange, net 9,370,462,621 (2,203,097,528) Interest income 1,077,883,248 47,757Bank charges (6,943,278) (861,525) Interest expenses (1,656,793,921) − Amortization of goodwill (Note 10) (1,932,026,134) (483,006,533) Others (24,606,200) (2,500,000) Total 6,827,976,336 (2,689,003,489)


March 31, 2010 and 2009

24

20. RELATED PARTY TRANSACTIONS

In conducting its business, the Company and Subsidiaries entered into certain business and financial transactions with its related parties.

Related parties Nature of related parties Transactions GMR Energy (Netherlands) B.V. Stockholder Mandatory convertible

bonds GMR Energy (Mauritius) Ltd Stockholder Mandatory convertible

bonds

GMR Consulting Services Pvt Ltd Stockholder Accrued expenses Mr Bing Tobing Key management Other receivables a. Other receivables (note 7)

2 0 1 0 2 0 0 9 Rp Rp Mr Bing Tobing 1,188,000,000 –

b. Long term loan (note 13)

2 0 1 0 2 0 0 9 Rp Rp GMR Energy (Netherlands) B.V 86,311,949,415 –

These payables have no repayment schedule and non bearing interest.

c. Mandatory convertible bond (note 15)

2 0 1 0 2 0 0 9 Rp Rp

GMR Energy (Netherlands) B.V. 57,488,513,916 73,003,790,299 GMR Energy (Mauritius) Ltd. 557,246,254 707,638,551

Total 58,045,760,170 73,711,428,850

d. Accrued expenses (Note 12)

2 0 1 0 2 0 0 9 Rp Rp

GMR Consulting Services Pvt Ltd 19,483,312,500 – GMR Energy (Netherlands) B.V 1,639,923,236 – 21,123,235,736 –


March 31, 2010 and 2009

25

20. RELATED PARTY TRANSACTIONS (Continued)

e. Interest expenses (Note 19)

2 0 1 0 2 0 0 9 Rp Rp GMR Energy (Netherlands) B.V. 1,656,793,921 −

21. POST EMPLOYMENT BENEFITS OBLIGATION

Referring to Labor Law No. 13/2003 regarding severance payments, requires companies to pay their employees, termination, appreciation and compensation benefits in case of employment dismissal based on the employees’ number of years of services if the conditions set forth in the law are met. The Company and Subsidiaries are presently evaluating the effects of the decree and had not record provision in the 2009 financial statements, because the Company’s employees is consider as a new employee and have less than 1 year of service. . As of March 31, 2010 and 2009, the Company and Subsidiaries had 24 and nil employees, respectively.

22. COMMITMENT AND CONTINGENT LIABILITIES

As of March 31, 2010 and 2009, the Company and Subsidiaries had no significant commitments or contingent liabilities. As of March 31, 2010 and 2009, PT Barasentosa Lestari, PT Duta Sarana Internusa Subsidiary has not made any provision for mine closure as it has not yet entered the production stage.


March 31, 2010 and 2009

26

23. NEW ACCOUNTING STANDARD

Indonesian Institute of Accountants has issued the following revised accounting standards :

• SFAS 1 (Revised 2009) – Presentation of Financial Statements (applicable for financial statements covering periods beginning on or after 1 January 2011). This standard will replace SFAS 1 (Revised 1998) – Presentation of Financial Statements.

• SFAS 2 (Revised 2009) – Cash Flow Statements applicable for financial statements covering periods beginning on or after 1 January 2011). This standard will replace SFAS 2 (Revised 1994) –Cash Flows Statements

• SFAS 48 (Revised 2009) – Impairment of Assets (applicable for financial statements covering periods beginning on or after 1 January 2011). This standard will replace SFAS 48 (Revised 1998) – Impairment of Assets.

• SFAS 7 (Revised 2010) – Disclosure of Related Parties (applicable for financial statements covering periods beginning on or after 1 January 2011). This standard will replace SFAS 7 (Revised 1994) – Disclosure of Related Parties.

• SFAS 10 (Revised 2010) – The Impact of Foreign Exchange Gain (Loss) (applicable for financial statements covering periods beginning on or after 1 January 2011). This standard will replace SFAS 10 (Revised 1994) – Transaction in Foreign Currency

• SFAS 19 (Revised 2010) – Intangible Assets (applicable for financial statements covering periods beginning on or after 1 January 2011). This standard will replace SFAS 19 (Revised 1994) – Intangible Assets.

• SFAS 22 (Revised 2010) – Business Combination (applicable for financial statements covering periods beginning on or after 1 January 2011). This standard will replace SFAS 22 (Revised 1994) – Business Combination.

• SFAS 23 (Revised 2010) – Income (applicable for financial statements covering periods beginning on or after 1 January 2011). This standard will replace SFAS 23 (Revised 1994) – Income.

The Company is still evaluating the possible impact of these standards on the financial statements.

24. ECONOMIC CONDITIONS

The operations of the Company and Subsidiary’s have been affected, and may continue to be affected, by global economic conditions. These conditions may negatively impact the Company and Subsidiary’s ability to achieve their profit and cash flow targets.


March 31, 2010 and 2009

27

24. ECONOMIC CONDITIONS (Continued) As shown in the consolidated financial statements, the Company and Subsidiaries net worth showed accumulated deficit and capital deficiency of Rp 21,180,761,107 and Rp 14,845,167,634 as of March 31, 2010 and Rp 27,024,244,027 and Rp 21,371,287,349 as of March 31, 2009. PT Barasentosa Lestari (BSL), the Company’s Subsidiary coal property remains in the exploration phase and is consistently in need of capital injection for its exploration costs. To cover that cost and the incurred capital deficiency, the shareholder of the Company has committed to provide funding through stockholder loan in a form of Mandatory Convertible Bond to the Company until BSL has started its commercial operation and generate income on its own. The Company itself has suffered losses from operations and depends on ongoing financial support from its ultimate controlling stockholder. The accompanying consolidated financial statements do not include the effect of any adjustments that may be required if the Company cannot continue as a going concern. Management considers that its ongoing plans will allow it to continue as a going concern for the foreseeable future. The consolidated financial statements have been prepared on going concern basis, and do not include any adjustment that might results from the outcome of the uncertainties. Related effects will be reported in the consolidated financial statement as they become known and can be estimated. There is no event subsequent to consolidated balance sheet date until the date of this report occur that give rise to the uncertainties of the Company and Subsidiaries going concern as an impact of the worsening current economy of Indonesia.

25. APPROVAL AND AUTHORIZATION TO ISSUE CONSOLIDATED FINANCIAL

STATEMENTS The consolidated financial statements on pages 1 to 27 were approved and authorized for issue by the Company’s Directors on April 30, 2010.

PT DWIKARYA SEJATI UTAMA

SUPPLEMENTARY INFORMATIONS

March 31, 2010 and 2009

28

The following financial statements of PT Dwikarya Sejati Utama (Parent Company only) on pages 29 to 32 present the Company’s investments in Subsidiaries under the equity method, as opposed to the consolidation method.

– Balance Sheets

– Statements of Income

– Statements of Changes in Equity

– Statements of Cash Flows

Supplementary Information


PARENT COMPANY ONLY

BALANCE SHEETS

March 31, 2010 and 2009

29

2 0 1 0 2 0 0 9

Rp Rp ASSETS CURRENT ASSETS Cash and cash equivalents 953,584 3,179,274 Other receivables 58,237,850,525 73,952,662,625

Total current assets 58,238,804,109 73,955,841,899

TOTAL ASSETS 58,238,804,109 73,955,841,899

LIABILITIES AND EQUITY (CAPITAL

DEFICIENCY)

LIABILITIES CURRENT LIABILITIES Other payables 20,373,805,047 26,268,657,076

Total current liabilities 20,373,805,047 26,268,657,076

NON CURRENT LIABILITIES Mandatory convertible bond 58,045,760,170 73,711,428,850

Total non current liabilities 58,045,760,170 73,711,428,850

Total liabilities 78,419,565,217 99,980,085,926

EQUITY (CAPITAL DEFICIENCY) Share capital – Rp 1,000,000 par value per share Authorized – 4,000 shares Subscribed and paid–up capital 1,000 shares 1,000,000,000 1,000,000,000

Accumulated deficit (21,180,761,108) (27,024,244,027)

Total capital deficiency (20,180,761,108) (26,024,244,027)

TOTAL LIABILITIES AND EQUITY

(CAPITAL DEFICIENCY) 58,238,804,109 73,955,841,899



PARENT COMPANY ONLY

STATEMENTS OF INCOME


for three months period ended March 31, 2009

30

2 0 1 0 2 0 0 9

Rp Rp OPERATING EXPENSES

General and administrative – 14,248,840

Total operating expenses – 14,248,840

LOSS FROM OPERATIONS – (14,248,840)

OTHER INCOME (EXPENSES)

Interest income – 7,856 Bank charges (1,464,190 ) – Gain (loss) on foreign exchange – net 73,095,080 (18,448,585 ) Equity in net loss of subsidiaries 5,771,852,029 (2,670,123,660 ) Other – net – (439,100 ) Total other income (expense) – net 5,843,482,919 (2,689,003,489 )

PROFIT (LOSS) BEFORE INCOME TAX 5,843,482,919 (2,703,252,329 )

TAX - INCOME (EXPENSES) – Nil – –

NET PROFIT (LOSS) 5,843,482,919 (2,703,252,329 )



PARENT COMPANY ONLY

STATEMENTS OF CHANGES IN EQUITY



31

Total equity Paid–up capital Accumulated deficit (capital deficiency)

Rp Rp Rp

Balance as of December 31, 2008 1,000,000,000 (24,320,991,698) (23,320,991,698) Net loss for the period – (2,703,252,329) (2,703,252,329)

Balance as of March 31, 2009 1,000,000,000 (27,024,244,027) (26,024,244,027) Net profit for the year – 5,843,482,919 5,843,482,919

Balance as of March 31, 2010 1,000,000,000 (21,180,761,108) (20,180,761,108)

PT DWIKARYA SEJATI UTAMA PARENT COMPANY ONLY

STATEMENTS OF CASH FLOWS



32

2 0 1 0 2 0 0 9

Rp Rp Cash flows from operating activities Profit (loss) before income tax 5,843,482,919 (2,703,252,329) Adjustments for : Equity in net income of subsidiaries – – Foreign exchange gain of other payables (123,000,000) – Foreign exchange gain of mandatory convertible bond (15,665,668,680) – Foreign exchange loss of other receivables 15,714,812,100 –

Cash flows from operations before changes in working capital 5,769,626,339 (2,703,252,329) Working capital changes: Other receivables – (3,992,584,375) Other payables (5,771,852,029) –

Net cash used in operating activities (2,225,690) (6,695,836,704)

Cash flows from financing activities

Issuance of shares – 2,701.373,660 Other payables – 3,980,098,750

Net cash provided by financing activities – 6,681,472,410

Net decrease in cash and cash equivalents (2,225,690) (14,364,294) Cash and cash equivalents at beginning of year / period 3,179,274 17,543,568

Cash and cash equivalents at end of year / period 953,584 3,179,274

;vinata gani & hidayat - investor.gmrgroup.in · pt dwikarya sejati clama . we have audited the...

Documents