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PT Kalbe Farma Tbk.

dan entitas anak/and subsidiaries

Laporan keuangan konsolidasi(Belum Diaudit)periode yang berakhir pada tanggal-tanggal31 Maret 2011 dan 2010/Consolidated financial statements(Unaudited)

periods ended March 31, 2011 and 2010



The original consolidated financial statements included herein are in

Indonesian language.

PT KALBE FARMA Tbk. DAN ENTITAS ANAK

LAPORAN KEUANGAN KONSOLIDASI(BELUM DIAUDIT)

PERIODE YANG BERAKHIR PADATANGGAL-TANGGAL

31 MARET 2011 DAN 2010

PT KALBE FARMA Tbk. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED) PERIODS ENDED

MARCH 31, 2011 AND 2010

Daftar Isi Table of Contents

Halaman/ Page

Laporan Posisi Keuangan Consolidated Statements of Financial Position (Neraca) Konsolidasi ……………… 1 - 2 ……(Balance Sheets )

Laporan Laba Rugi Konsolidasi ……………………… 3 - 4 . ………………. Consolidated Statements of Income

Laporan Laba Rugi Komprehensif Consolidated Statements of Comprehensive Konsolidasi ………………………………………… 5 …………………………….…………… Income

Consolidated Statements of Changes in Laporan Perubahan Ekuitas Konsolidasi ……………. 6 .…………………………….. Equity

Laporan Arus Kas Konsolidasi ……………………….. 7 - 8 .………….. Consolidated Statements of Cash Flows

Catatan atas Laporan Keuangan Konsolidasi ……… 9 - 93 ….. Notes to the Consolidated Financial Statements

***************************



The original consolidated financial statements included herein are in Indonesian language.

Catatan atas laporan keuangan konsolidasi terlampirmerupakan bagian yang tidak terpisahkan dari laporan

keuangan konsolidasi secara keseluruhan.

The accompanying notes form an integral part of these consolidated financial statements.

1

PT KALBE FARMA Tbk. DAN ENTITAS ANAKLAPORAN POSISI KEUANGAN (NERACA)

KONSOLIDASI (BELUM DIAUDIT)31 Maret 2011 dan 2010 *)(Disajikan dalam Rupiah)

PT KALBE FARMA Tbk. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL

POSITION (BALANCE SHEETS) (UNAUDITED) March 31, 2011 and 2010 *)

(Expressed in Rupiah)

Catatan/2011 Notes 2010

ASET ASSETS

ASET LANCAR CURRENT ASSETS Kas dan setara kas 2.317.696.306.770 2c,2r,4,27 1.544.358.866.277 Cash and cash equivalents Investasi jangka pendek, bersih 5.596.053.580 2r,5,27 10.595.608.694 Short-term investments, net Piutang usaha, setelah dikurangi Trade receivables, net of

cadangan penurunan nilai allowance for impairment sejumlah Rp8.236.612.313 pada accounts of Rp8,236,612,313 periode 2011 dan Rp9.637.649.029 2d,2r, in 2011 and Rp9,637,649,029 pada periode 2010 1.296.934.013.845 6,13,27 1.191.856.948.533 in 2010

Piutang lain-lain 77.294.427.263 2r,27 80.813.295.018 Other receivables 2e,2f,7,

Persediaan, bersih 1.528.576.014.430 8,13,21 1.679.548.928.962 Inventories, net

Aset lancar lainnya 246.197.092.285 2g,9 250.488.977.065 Other current assets

Jumlah Aset Lancar 5.472.293.908.173 4.757.662.624.549 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETS 2b, 2r,

Penyertaan saham 30.450.000.000 3,10,27 - Investment in shares of stocks Aset pajak tangguhan, bersih 34.559.351.343 2q,16 30.548.773.576 Deferred tax assets, net Tagihan restitusi pajak penghasilan 22.163.925.902 2q,16 30.762.831.107 Claims for income tax refund Aset tetap, setelah dikurangi

akumulasi penyusutan sejumlah Property, plant and equipment,Rp1.199.224.852.275 pada net of accumulated depreciation of periode 2011 dan Rp1,199,224,852,275 in 2011 Rp1.193.040.550.595 pada 2e,2h,2i,7,11, and Rp1,193,040,550,595 periode 2010 1.625.766.960.309 21,22 1.415.892.690.151 in 2010

2b,2l,Aset takberwujud, bersih 235.156.261.773 12,22 256.065.025.129 Intangible assets, net Uang muka pembelian aset Advances for purchases of

tetap 32.573.307.918 30.134.729.362 equipment Aset tidak lancar lainnya 64.406.597.047 2j,2m,28a 13.357.319.673 Other non-current assets

Jumlah Aset Tidak Lancar 2.045.076.404.292 1.776.761.368.998 Total Non-current Assets

JUMLAH AS 7 6.534.423.99ET .517.370.312.465 3.547 TOTAL ASSETS

*) Pada tanggal 31 Maret 2010, termasuk saldo Kageo Igar(Catatan 3)

*) As of March 31, 2010, included balance of Kageo Igar (Note 3)







2

PT KALBE FARMA Tbk. DAN ENTITAS ANAKLAPORAN POSISI KEUANGAN (NERACA)

KONSOLIDASI (lanjutan)(BELUM DIAUDIT)

31 Maret 2011 dan 2010 *)(Disajikan dalam Rupiah)

PT KALBE FARMA Tbk. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL

POSITION (BALANCE SHEETS) (continued) (UNAUDITED)

March 31, 2011 and 2010 *) (Expressed in Rupiah)


LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES Pinjaman jangka pendek 196.966.906.146 2r,5,6,11,13,27 164.217.040.307 Short-term loans Hutang usaha 518.734.407.060 2r,14,27 489.435.121.398 Trade payables Hutang lain-lain 96.169.331.992 2r,27 116.090.973.445 Other payables Biaya masih harus dibayar 270.454.198.736 2r,15,27 316.709.955.157 Accrued expenses Hutang pajak 165.848.259.416 2q,16 261.152.495.878 Taxes payable Bagian hutang sewa pembiayaan Current maturities of

yang jatuh tempo dalam obligations under waktu satu tahun 268.827.757 2i,2r,11,27 401.557.268 finance leases

Jumlah Liabilitas Jangka Pendek 1.248.441.931.107 1.348.007.143.453 Total Current Liabilities

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES Kewajiban pajak tangguhan, bersih 7.554.922.303 2q,16 8.242.526.970 Deferred tax liabilities, net Hutang sewa pembiayaan setelah Obligations under

dikurangi bagian yang jatuh tempo finance leases - dalam waktu satu tahun 559.716.631 2i,2r,11,27 960.899.472 net of current maturities

Estimasi kewajiban imbalan kerja Estimated liabilities for employees’ karyawan 105.574.130.033 2p,25 108.133.436.573 service entitlement benefits

Jumlah Liabilitas Jangka Total Non-current Panjang 113.688.768.967 117.336.863.015 Liabilities

JUMLAH LIABILITAS 1.362.130.700.074 1.465.344.006.468 TOTAL LIABILITIES

GOODWILL NEGATIF - 2b 251.374.271 NEGATIVE GOODWILL

EKUITAS EQUITY Ekuitas yang dapat diatribusikan Equity attributable to equity kepada pemilik entitas induk holders of the parent Modal saham - nilai nominal Capital stock - Rp50 par value

Rp50 per saham per share Modal dasar - Authorized -

17.000.000.000 saham 17,000,000,000 shares Modal ditempatkan dan disetor Issued and fully paid -

penuh - 10.156.014.422 saham 507.800.721.100 18 507.800.721.100 10,156,014,422 shares Agio saham 4.441.133.136 2k,18 2.640.000.000 Additional paid-in capital Saldo laba 18 Retained earnings

Telah ditentukan penggunaannya 49.447.454.095 40.157.416.692 Appropriated Belum ditentukan penggunaannya 5.847.941.268.577 4.745.442.955.307 Unappropriated

Komponen ekuitas lainnya (16.276.935.423) (41.719.112.869) Other components of equity

Modal saham yang diperoleh kembali -780.990.000 saham pada periode Treasury stock -2011 dan 782.490.000 saham 780,990,000 shares in 2011 and pada periode 2010 (687.283.369.009) 2k,18 (688.603.393.009) 782,490,000 shares in 2010

5.706.070.272.476 4.565.718.587.221

Kepentingan nonpengendali 449.169.339.915 2b,17 503.110.025.587 Non-controlling interests

TOTAL EKUITAS 6.155.239.612.391 5.068.828.612.808 TOTAL EQUITY

JUMLAH LIABILITAS DAN TOTAL LIABILITIES AND EKUITAS 7.517.370.312.465 6.534.423.993.547 EQUITY

*) Pada tanggal 31 Maret 2010, termasuk saldo Kageo Igar

(Catatan 3)

*) As of March 31, 2010, included balance of Kageo Igar

(Note 3)







3

PT KALBE FARMA Tbk. DAN ENTITAS ANAKLAPORAN LABA RUGI KONSOLIDASI

(BELUM DIAUDIT)Periode Yang Berakhir Pada Tanggal-tanggal


PT KALBE FARMA Tbk. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED) Periods Ended March 31, 2011 and 2010 *)



2n,2s,PENJUALAN BERSIH 2.352.550.351.663 19,20 2.188.339.002.942 NET SALES

2n,2p,2s,BEBAN POKOK PENJUALAN 1.132.865.506.346 8,11,19,21,25 1.089.898.830.311 COST OF GOODS SOLD

LABA KOTOR 1.219.684.845.317 1.098.440.172.631 GROSS PROFIT

2n,2p,9,BEBAN USAHA 11,22,25,28b, OPERATING EXPENSES Penjualan 647.556.944.869 28f,28g,28h 573.639.910.453 Selling

Umum dan administrasi 135.385.694.524 120.832.067.477 General and administrative Penelitian dan pengembangan 19.624.977.499 17.273.828.539 Research and development

Jumlah Beban Usaha 802.567.616.892 711.745.806.469 Total Operating Expenses

LABA USAHA 417.117.228.425 386.694.366.162 INCOME FROM OPERATIONS

PENGHASILAN (BEBAN)LAIN-LAIN OTHER INCOME (CHARGES) Penghasilan bunga 22.051.147.283 4,5,23 10.985.153.701 Interest income Laba atas penjualan aset Gain on sale of property

tetap 2.146.157.993 2h,11 3.757.610.328 and equipment Rugi selisih kurs, bersih (10.774.987.295) 2o,2r,30 (13.129.891.135) Loss on foreign exchange, net

Interest expense and Beban bunga dan keuangan (1.358.588.289) 13,24 (2.417.519.972) financial charges Rupa-rupa, bersih 1.103.196.692 12 1.363.874.591 Miscellaneous, net

Penghasilan Lain-lain, Bersih 13.166.926.384 559.227.513 Other Income, Net

LABA SEBELUM MANFAAT INCOME BEFORE INCOME (BEBAN) PAJAK PENGHASILAN 430.284.154.809 387.253.593.675 TAX BENEFIT (EXPENSE)

MANFAAT (BEBAN) PAJAK INCOME TAX BENEFIT PENGHASILAN (EXPENSE) Periode berjalan (104.902.816.015) 2q,16 (111.008.036.397) Current Tangguhan 329.033.316 604.302.243 Deferred

Beban Pajak Penghasilan, Bersih (104.573.782.699) (110.403.734.154) Income Tax Expense, Net

*) Untuk periode yang berakhir pada tanggal 31 Maret 2010,termasuk hasil usaha Kageo Igar (Catatan 3)

*) For period ended March 31, 2010, included result of operations of Kageo Igar (Note 3)







4

PT KALBE FARMA Tbk. DAN ENTITAS ANAKLAPORAN LABA RUGI KONSOLIDASI (lanjutan)



PT KALBE FARMA Tbk. AND SUBSIDIARIES CONSOLIDATED STATEMENTS

OF INCOME (continued) (UNAUDITED)

Periods Ended March 31, 2011 and 2010 *) (Expressed in Rupiah)


LABA PERIODE BERJALAN 325.710.372.110 276.849.859.521 PROFIT FOR THE PERIODS

Laba yang dapat diatribusikankepada: Profit attributable to:

Pemilik entitas induk 315.916.710.380 256.300.976.902 Equity holders of the parent

Kepentingan nonpengendali 9.793.661.730 20.548.882.619 Non-controlling interests

325.710.372.110 276.849.859.521

LABA PER SAHAM DASAR BASIC EARNINGS PER SHARE

Laba usaha Income from operations 44 2t,18,29 41

Laba periode berjalan yang dapatdiatribusikan kepada pemilik Profit for the periods attributable entitas induk 34 27 to equity holders of the parent









5

PT KALBE FARMA Tbk. DAN ENTITAS ANAKLAPORAN LABA RUGI KOMPREHENSIF

KONSOLIDASI(BELUM DIAUDIT)

Periode Yang Berakhir Pada Tanggal-tanggal31 Maret 2011 dan 2010 *)(Disajikan dalam Rupiah)

PT KALBE FARMA Tbk. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME (UNAUDITED)

Periods Ended March 31, 2011 and 2010 *) (Expressed in Rupiah)


LABA PERIODE BERJALAN 325.710.372.110 276.849.859.521 PROFIT FOR THE PERIODS

PENDAPATAN KOMPREHENSIF OTHER COMPREHENSIVE LAIN: INCOME:

Bagian pendapatan komprehensif lain Share of other comprehensive dari entitas Anak 2.065.117.297 2b 1.053.959.301 income in Subsidiaries

Unrealized gains (losses)Laba (rugi) belum direalisasi atas on appreciation (decline)

kenaikan (penurunan) nilai pasar in market values of investasi, bersih 19.848.878.634 2r,5,10 (6.502.750) investments, net Selisih kurs atas penjabaran Differences arising from

laporan keuangan (5.762.936.767) 2b (2.067.723.292) foreign currency translations

PENDAPATAN KOMPREHENSIF OTHER COMPREHENSIVE LAIN PERIODE BERJALAN 16.151.059.164 (1.020.266.741) INCOME FOR THE PERIODS

TOTAL LABA RUGIKOMPREHENSIF PERIODE TOTAL COMPREHENSIVE BERJALAN 275.829.592. INCOME FOR THE PERIODS 341.861.431.274 780

TOTAL LABA RUGIKOMPREHENSIF YANG DAPAT TOTAL COMPREHENSIVE DIATRIBUSIKAN KEPADA: INCOME ATTRIBUTABLE TO:

Pemilik entita 275.829.592.s induk 341.861.431.274 780 Equity holders of the parent











7

PT KALBE FARMA Tbk. DAN ENTITAS ANAKLAPORAN ARUS KAS KONSOLIDASI



PT KALBE FARMA Tbk. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED) Periods Ended March 31, 2011 and 2010 *)



ARUS KAS DARI AKTIVITAS CASH FLOWS FROM OPERASI OPERATING ACTIVITIES Penerimaan kas dari pelanggan 2.545.252.205.175 2.412.759.657.028 Cash received from customers Pembayaran kas untuk pemasok Cash paid to suppliers and

dan karyawan (1.296.794.936.899) (1.388.619.540.777) employees

Kas yang dihasilkan dari operasi 1.248.457.268.276 1.024.140.116.251 Cash provided by operations Penerimaan tagihan restitusi pajak Receipts of claims for

penghasilan 5.769.619.907 4.370.296.087 income tax refund Pembayaran pajak penghasilan (129.469.804.112) (172.257.267.317) Payments of income taxes Pembayaran untuk beban operasi Payments for other operating

lainnya, bersih (846.079.459.000) (675.099.453.343) expenses, net

Kas Bersih Diperoleh dari Aktivitas Net Cash Provided by Operating Operasi 278.677.625.071 181.153.691.678 Activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM INVESTING INVESTASI ACTIVITIES Penerimaan penghasilan bunga 23.610.976.375 11.275.104.166 Interest income received

Proceeds from sale of property Hasil penjualan aset tetap 5.620.951.572 5.769.774.005 and equipment

Acquisitions of property, plant Perolehan aset tetap (86.941.365.262) (74.795.220.578) and equipment Hasil penjualan investasi Proceeds from sale of

jangka pendek - 53.924.490.000short-term investments Penempatan pada investasi jangka Placements in short-term

pendek dan deposito berjangka - (1.923.838.588) investments and time deposits Pembayaran untuk aktivitas investasi Payments for other investing

lainnya, bersih (903.265.376) (502.369.738) activities, net

Kas Bersih Digunakan untuk Net Cash Used in Aktivitas Investasi (58.612.702.691) (6.252.060.733) Investing Activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM PENDANAAN FINANCING ACTIVITIES Penerimaan hutang bank 175.000.000.000 130.000.000.000 Proceeds from bank loans Penerimaan setoran modal saham Receipts of capital contributions

dari pemegang saham minoritas from Subsidiaries’ minority Entitas anak 41.475.437.500 - shareholders

Pembayaran beban bunga (918.822.035) (2.414.656.902) Payments of interest expense Pembayaran hutang sewa Payments of obligations under

pembiayaan (216.503.880) (200.949.578) finance leases Pembayaran hutang bank - (305.350.000.000) Payments of bank loans Pendarikan kembali saham Buy back of shares

Entitas anak - (983.347.483) Subsidiaries Pembayaran obligasi - 824.226.096 Payment of bonds Pembayaran untuk aktivitas investasi Payments for other investing

lainnya, bersih (4.176.684.887) - activities, net

Kas Bersih Diperoleh dari(Digunakan untuk) Net Cash Provided by Aktivitas Pendanaan 211.163.426.698 (178.124.727.867) (Used in) Financing Activities









8

PT KALBE FARMA Tbk. DAN ENTITAS ANAKLAPORAN ARUS KAS KONSOLIDASI (lanjutan)



PT KALBE FARMA Tbk. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS

(continued) (UNAUDITED) Periods Ended March 31, 2011 and 2010 *)



KENAIKAN (PENURUNAN) BERSIH NET INCREASE (DECREASE) IN KAS DAN SETARA KAS 431.228.349.078 (3.223.096.922) CASH AND CASH EQUIVALENTS

Pengaruh Bersih Perubahan Net Effect of Changes in Foreign Kurs pada Kas dan Setara Kas Exchange Rates of Foreign yang Didenominasi dalam Currency Denominated Mata Uang Asing (13.573.862.351) (15.534.459.355) Cash and Cash Equivalents

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS AWAL PERIODE 1.893.315.663.897 1.559.699.382.247 AT BEGINNING OF PERIOD

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS AKHIR PERI 2 AT END OF PERIOD * ODE * .310.970.150.624 1.540.941.825.970

*Komposisi kas dan setara kas Cash and cash equivalents* terdiri dari: consists of: - Kas dan setara kas 2.317.696.306.770 4 1.544.358.866.277 Cash and cash equivalents - - Hutang cerukan bank (6.726.156.146) 13 (3.417.040.307) Bank overdrafts -

Bersih 2.310.970.150.624 1.540.941.825.970 Net






PT KALBE FARMA Tbk. DAN ENTITAS ANAKCATATAN ATAS LAPORAN KEUANGAN

KONSOLIDASI (BELUM DIAUDIT)Periode Yang Berakhir Pada Tanggal-tanggal

31 Maret 2011 dan 2010(Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT KALBE FARMA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS (UNAUDITED) Periods Ended March 31, 2011 and 2010

(Expressed in Rupiah, unless otherwise stated)

9

1. UMUM 1. GENERAL

a. Pendirian Perusahaan a. Establishment of the Company

PT Kalbe Farma Tbk. (“Perusahaan ”) didirikandi Negara Republik Indonesia, dalam rangkaUndang-undang Penanaman Modal DalamNegeri No. 6 Tahun 1968 yang telah diubahdengan Undang-undang No. 12 Tahun 1970berdasarkan akta notaris Raden ImamSoesetyo Prawirokoesoemo No. 3 padatanggal 10 September 1966. Akta pendirian initelah disahkan oleh Menteri Kehakiman

(Menkeh) Republik Indonesia dengan SuratKeputusan No. J.A.5/72/23 tanggal12 September 1967 dan diumumkan dalamTambahan No. 234, Berita Negara RepublikIndonesia No. 102 pada tanggal 22 Desember1967. Anggaran dasar Perusahaan telahmengalami beberapa kali perubahan, terakhirdengan akta notaris DR. Irawan Soerodjo,S.H., Msi., No. 309, tanggal 25 Juni 2008,mengenai perubahan anggaran dasarPerusahaan untuk menyesuaikan denganUndang-undang No. 40 Tahun 2007 tentangPerseroan Terbatas serta peraturan yangberlaku di bidang Pasar Modal. Perubahanterakhir ini telah disetujui oleh Menteri Hukumdan Hak Asasi Manusia Republik Indonesiadalam Surat Keputusan No. AHU-70062.AH.01.02.Tahun 2008 tanggal26 September 2008.

PT Kalbe Farma Tbk. (the “Company”) was established in the Republic of Indonesia,within the framework of the Domestic Capital Investment Law No. 6 Year 1968, as amended by Law No. 12 Year 1970, based on notarial deed No. 3 of Raden Imam Soesetyo Prawirokoesoemo dated September 10, 1966. The deed of establishment was approved by the

Ministry of Justice (MOJ) of the Republic of Indonesia in its Decision Letter No. J.A.5/72/23 dated September 12, 1967,and was published in Supplement No. 234 of State Gazette No. 102 dated December 22, 1967. The Company’s articles of association has been amended from time to time, the last amendment of which was drawn up in notarial deed No. 309 of DR. Irawan Soerodjo, S.H., Msi., dated June 25, 2008, concerning the changes of the Company’s articles of association to conform with Law No. 40 Year 2007 of Limited Liability Company and prevailing regulations in the Capital Market. These latest amendments have been approved by the Ministry of Laws and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU- 70062.AH.01.02.Tahun 2008 dated September 26, 2008.

Seperti yang dinyatakan dalam anggarandasarnya, ruang lingkup kegiatan Perusahaanmeliputi, antara lain usaha dalam bidangindustri dan distribusi produk farmasi (obat-obatan bagi manusia dan hewan). Saat ini,Perusahaan terutama bergerak dalam bidangproduksi dan pengembangan produk farmasi.Perusahaan memulai operasi komersial pada

tahun 1966.

As stated in its articles of association, the scope of activities of the Company comprises, among others, manufacture and distribution of pharmaceutical products (human and animal healthcare). Currently,the Company is primarily engaged in the production and development of pharmaceutical products. The Company

started its commercial operations in 1966.

Perusahaan berkedudukan di Jakarta, dimanakantor pusat berada di Gedung KALBE,Jl. Let. Jend. Suprapto Kav. 4, Cempaka Putih,Jakarta 10510 sedangkan fasilitas pabriknyaberlokasi di Kawasan Industri Delta Silicon,Jl. M.H. Thamrin, Blok A3-1, Lippo Cikarang,Bekasi, Jawa Barat.

The Company is domiciled in Jakarta, with its head office located at KALBE Building Jl. Let.Jend. Suprapto Kav. 4, Cempaka Putih,Jakarta 10510 while its production plant is located at Kawasan Industri Delta Silicon,Jl. M.H. Thamrin, Block A3-1, Lippo Cikarang,Bekasi, West Java.










10

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

b. Penawaran umum saham Perusahaan dankegiatan Perusahaan lainnya

b. Public offering of the Company’s shares and other corporate actions

Ringkasan kegiatan Perusahaan (corporate actions ) yang mempengaruhi efek yangditerbitkan Perusahaan sejak tanggalpenawaran umum perdana sampai dengantanggal 31 Maret 2011 adalah sebagai berikut:

A summary of the Company’s corporate actions that affect the issued shares of the Company from the date of the initial public offering of its shares up to March 31, 2011 is as follows:

Jumlah Saham/Number of Tanggal/

Kegiatan Perusahaan Shares Date Nature of Corporate Actions

Penawaran umum perdana danpencatatan sebagian saham Initial public offering and partial listing of Perusahaan 20.000.000 30 Juli 1991/ the Company’s shares

July 30, 1991Pencatatan saham Perusahaan 30.000.000 Listing of the Company’s shares in

Bursa Efek Jakarta 23 April 1992/ Jakarta Stock Exchange (sekarang Bursa Efek Indonesia) April 23, 1992 (currently Indonesia Stock Exchange)Bursa Efek Surabaya 22 Mei 1992/ Surabaya Stock Exchange (sekarang Bursa Efek Indonesia) May 22, 1992 (currently Indonesia Stock Exchange)

Pembagian saham bonus 50.000.000 Distribution of bonus shares Bursa Efek Surabaya 10 November 1992/ Surabaya Stock Exchange (sekarang Bursa Efek Indonesia) November 10, 1992 (currently Indonesia Stock Exchange)Bursa Efek Jakarta 17 November 1992/ Jakarta Stock Exchange (sekarang Bursa Efek Indonesia) November 17, 1992 (currently Indonesia Stock Exchange)

Penawaran umum terbatas 8.000.000 4 Mei 1993/ Rights issue

May 4, 1993 Pembagian saham bonus 75.600.000 Distribution of bonus shares

Bursa Efek Surabaya 15 Juli 1994/ Surabaya Stock Exchange (sekarang Bursa Efek Indonesia) July 15, 1994 (currently Indonesia Stock Exchange)Bursa Efek Jakarta 18 Juli 1994/ Jakarta Stock Exchange (sekarang Bursa Efek Indonesia) July 18, 1994 (currently Indonesia Stock Exchange)

Pembagian dividen saham 32.400.000 Distribution of share dividends Bursa Efek Surabaya 15 Juli 1994/ Surabaya Stock Exchange (sekarang Bursa Efek Indonesia) July 15, 1994 (currently Indonesia Stock Exchange)Bursa Efek Jakarta 18 Juli 1994/ Jakarta Stock Exchange (sekarang Bursa Efek Indonesia) July 18, 1994 (currently Indonesia Stock Exchange)

Perubahan nilai nominal saham dari Change in the nominal value of shares Rp1.000 menjadi Rp500 per from Rp1,000 to Rp500 per share saham (stock split ) 216.000.000 7 Oktober 1996/ (stock split)

October 7, 1996 Perubahan nilai nominal saham dari Change in the nominal value of shares

Rp500 menjadi Rp100 per saham from Rp500 to Rp100 per share (stock split ) 1.728.000.000 24 Agustus 1999/ (stock split)

August 24, 1999 Pembagian saham bonus 1.900.800.000 6 Desember 2000/ Distribution of bonus shares

December 6, 2000 Perubahan nilai nominal saham dari Change in the nominal value of shares

Rp100 menjadi Rp50 per saham from Rp100 to Rp50 per share (stock split ) 4.060.800.000 19 Desember 2003/ (stock split)

December 19, 2003










11


b. Penawaran umum saham Perusahaan dankegiatan Perusahaan lainnya (lanjutan)

b. Public offering of the Company’s shares and other corporate actions (continued)

Jumlah Saham/Number of Tanggal/

Kegiatan Perusahaan Shares Date Nature of Corporate Actions

Tambahan penempatan sahamsehubungan dengan Additional issuance of shares in penggabungan usaha 2.034.414.422 16 Desember 2005/ connection with the merger

December 16, 2005

Jumlah 10.156.014.422(*)

Total

(*) Jumlah ini termasuk 780.990.000 saham yang dibelikembali.

(*) This amount includes 780,990,000 shares which have been obtained as treasury stock.

c. Susunan dewan komisaris dan direksi,komite audit dan karyawan

c. Boards of commissioners and directors,audit comittee and employees

Pada tanggal 31 Maret 2011 dan 2010,susunan dewan komisaris dan direksiPerusahaan adalah sebagai berikut:

As of March 31, 2011 and 2010, the members of the Company’s board of commissioners and board of directors are as follows:

31 Maret/ March 31, 2011

Dewan Komisaris Board of Commissioners

Presiden Komisaris Johannes Setijono President Commissioner Komisaris Santoso Oen Commissioner Komisaris Jozef Darmawan Angkasa Commissioner Komisaris Ferdinand Aryanto Commissioner Komisaris Independen Wahjudi Prakarsa Independent Commissioner Komisaris Independen Farid Anfasa Moeloek Independent Commissioner

Direksi Board of Directors

Presiden Direktur Bernadette Ruth Irawati Setiady President Director Wakil Presiden Direktur Johanes Berchman Apik Ibrahim Vice President Director Direktur Budi Dharma Wreksoatmodjo Director Direktur Herman Widjaja Director Direktur Vidjongtius Director

31 Maret/ March 31, 2010 Dewan Komisaris Board of Commissioners

Presiden Komisaris Johannes Setijono President Commissioner Komisaris Santoso Oen Commissioner Komisaris Jozef Darmawan Angkasa Commissioner Komisaris Ferdinand Aryanto Commissioner Komisaris Independen John Aristianto Prasetio Independent Commissioner Komisaris Independen Farid Anfasa Moeloek Independent Commissioner

Direksi Board of Directors

Presiden Direktur Bernadette Ruth Irawati Setiady President Director Wakil Presiden Direktur Johanes Berchman Apik Ibrahim Vice President Director

Direktur Budi Dharma Wreksoatmodjo Director Direktur Herman Widjaja Director Direktur Vidjongtius Director










12


c. Susunan dewan komisaris dan direksi, dankaryawan (lanjutan)

c. Boards of commissioners and directors,and employees (continued)

Susunan komite audit dan sekretarisperusahaan pada tanggal 31 Maret 2011 dan2010 adalah sebagai berikut:

The composition of the Company’s audit committee and corporate secretary as of March 31, 2011 and 2010, are as follow:

31 Maret 2011 dan 2010/ March 31, 2011 and 2010

Komite Audit Audit Committee

Ketua Farid Anfasa Moeloek Chairman Anggota Ichsan Gunawan Member Anggota Dianawati Sugiarto Member

Sekretaris Perusahaan Corporate Secretary

Sekretaris Perusahaan Vidjongtius Corporate Secretary

Gaji dan tunjangan yang dibayarkan kepadadewan komisaris dan direksi Perusahaanadalah sejumlah Rp7,2 miliar dan Rp5,2 miliarmasing-masing pada periode 2011 dan 2010.

The salaries and compensation benefits incurred for the Company’s board of commissioners and directors totaled to Rp7.2 billion and Rp5.2 billion in 2011 and 2010, respectively.

Pada tanggal 31 Maret 2011 dan 2010,

Perusahaan dan Entitas Anak mempunyaikaryawan tetap masing-masing sebanyak9.372 karyawan dan 10.529 karyawan (tidakdiaudit).

As of March 31, 2011 and 2010, the

Company and its Subsidiaries have a combined total of 9,372 and 10,529 permanent employees, respectively (unaudited).

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

Kebijakan akuntansi dan pelaporan yangdipergunakan oleh Perusahaan dan Entitas Anak(selanjutnya secara bersama-sama disebutsebagai Grup) disusun berdasarkan prinsip danpraktik akuntansi yang berlaku umum di Indonesia.Kebijakan akuntansi penting yang diterapkan

secara konsisten dalam penyusunan laporankeuangan konsolidasi untuk periode yang berakhirpada tanggal-tanggal 31 Maret 2011 dan 2010adalah sebagai berikut:

The accounting and reporting policies adopted by the Company and Subsidiaries (collectively hereinafter referred to as the “Group”) conform to generally accepted accounting principles and practices in Indonesia. The following significant accounting policies were applied consistently in

the preparation of the consolidated financial statements for the periods ended March 31, 2011and 2010 are as follows:

a. Dasar penyusunan laporan keuangankonsolidasi

a. Basis of preparation of the consolidated financial statements

Laporan keuangan konsolidasi, disajikansesuai dengan prinsip akuntansi dan praktikyang berlaku umum di Indonesia, yaituPernyataan Standar Akuntansi Keuangan(PSAK), Peraturan dan Pedoman Penyajiandan Pengungkapan Laporan Keuangan yang

ditetapkan Badan Pengawas Pasar Modal danLembaga Keuangan (BAPEPAM-LK) bagiemiten atau perusahaan publik.

The consolidated financial statements,presented in accordance with generally accepted accounting principles and practices in Indonesia, that is, the Statements of Financial Accounting Standards (SFAS), and the Regulations and Established Guidelines

on Financial Statement Presentation and Disclosures issued by Capital Market and Financial Institutions Supervisory Agency (BAPEPAM-LK) for public-listed companies.










13

2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING(lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

a. Dasar penyusunan laporan keuangankonsolidasi (lanjutan)

a. Basis of preparation of the consolidated financial statements (continued)

Laporan keuangan konsolidasi, disusunberdasarkan basis akrual denganmenggunakan konsep biaya historis, kecualiuntuk beberapa akun tertentu yang disusunberdasarkan pengukuran lain sebagaimanadiuraikan dalam kebijakan akuntansi masing-masing akun tersebut.

The consolidated financial statements have been prepared on the accrual basis using historical cost concept, except for certain accounts which are measured on the basis described in the related accounts policies for those accounts.

Laporan arus kas konsolidasi disajikan denganmenggunakan metode langsung, yangmenyajikan informasi penerimaan danpengeluaran kas dan setara kas yangdiklasifikasikan menjadi aktivitas operasi,investasi dan pendanaan.

The consolidated statements of cash flows,which have been prepared using the direct method, present receipts and disbursements of cash and cash equivalents classified into operating, investing and financing activities.

Secara umum, mata uang fungsional danpelaporan yang digunakan oleh Grup adalahRupiah.

Generally, the functional and reporting currency used by the Group is Rupiah.

b. Prinsip-prinsip konsolidasi b. Principles of consolidation

Prinsip-prinsip konsolidasi setelah tanggal1 Januari 2011

Principles of consolidation from January 1, 2011

Laporan keuangan konsolidasi meliputilaporan keuangan Perusahaan dan entitasanak (Grup) pada tanggal 31 Maret 2011.

Entitas anak mulai dikonsolidasi dari tanggalakuisisi, yang merupakan tanggal dimanaGrup memperoleh pengendalian, dan terusdikonsolidasi sampai pada tanggal terjadinyapelepasan pengendalian. Laporan keuanganentitas anak disusun dengan periodepelaporan yang sama dengan entitas induk,

menggunakan kebijakan akuntansi yangditerapkan secara konsisten. Semua saldoakun, pendapatan dan beban, laba dan rugiyang belum direalisasi serta dividen yangberasal dari transaksi intra kelompok usahadieliminasi secara penuh.

Perubahan dalam bagian kepemilikian entitasinduk pada entitas anak yang tidakmengakibatkan hilangnya pengendalian dicatatsebagai transaksi ekuitas.

Kerugian diatribusikan kepada kepentingannonpengendali bahkan jika hal ini

mengakibatkan kepentingan nonpengendalimempunyai saldo defisit.

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries (the Group) as of March 31, 2011.

Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company,

using consistent accounting policies. All intra- group balances, income and expenses,unrealized gains and losses and dividends resulting from intra-group transactions are eliminated in full.

A change in the ownership interest of a subsidiary, without a change of control, is accounted for as an equity transaction.

Losses are attributed to the non-controlling interests even if that results in a deficit

balance.










14



b. Prinsip-prinsip konsolidasi (lanjutan) b. Principles of consolidation (continued)

Prinsip-prinsip konsolidasi setelah tanggal1 Januari 2011 (lanjutan)

Principles of consolidation from January 1, 2011 (continued)

Jika Grup kehilangan pengendalian atasentitas anak, maka Grup:- menghentikan pengakuan aset (termasuk

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

setiap kepentingan nonpengendali- menghentikan setiap komponen

pendapatan komprehensif lain yangdiatribusikan kepada kepentingannonpengendali

- mengakui nilai wajar pembayaran yangditerima

- mengakui setiap sisa investasi padaentitas anak terdahulu pada nilai wajarnya

- mengakui setiap perbedaan yangdihasilkan sebagai keuntungan ataukerugian dalam laporan laba rugi

- mereklasifikasi ke laporan laba rugi ataumengalihkan secara langsung ke saldolaba bagian yang diakui entitas induk ataspendapatan komprehensif lain.

If the Group losses control over a subsidiary,it: - Derecognises the assets (including

goodwill) and liabilities of the subsidiary - Derecognises the carrying amount of any

non-controlling interest - Derecognises each components of other

comprehensive income attributable to any non-controlling interest

- Recognises the fair value of the consideration received

- Recognises the fair value of any investment retained

- Recognises any surplus or deficit in profit or loss

- Reclassifies the parent’s share of components previously recognized in other comprehensive income to profit or loss or directly to retained earnings.

Prinsip-prinsip konsolidasi sebelumtanggal 1 Januari 2011

Principles of consolidation prior to January 1, 2011

Sebagai perbandingan dengan persyaratanyang disebutkan di atas yang diterapkansecara prospektif, perbedaan berikut yangditerapkan sebelumnya:

In comparison to the above mentioned requirements which were applied on a prospective basis, the following differences applied:

Kepentingan nonpengendali merupakanbagian nonpengendali atas laba atau rugi danaset bersih yang tidak dimiliki oleh Grup dandinyatakan disajikan terpisah dalam laporanlaba rugi konsolidasi dan di antara ekuitaspada laporan posisi keuangan konsolidasi,terpisah dari ekuitas pemegang saham entitas

induk. Akuisisi kepentingan nonpengendalidinyatakan dengan metode perluasan entitasinduk, dimana selisih antara pembayaran yangditerima dengan nilai buku atas bagian asetneto yang diakuisisi diakui sebagai goodwill.

Non-controlling interests represented the portion of profit or loss and net assets that were not held by the Group and were presented separately in the consolidated statements of income and within equity in the consolidated statements of financial position,separately from the parent shareholders’

equity. Acquisitions of non-controlling interests were accounted for using the parent entity extension method, whereby, the difference between the consideration and the book value of the share of the net assets acquired were recognized in goodwill.

Kerugian yang dialami Grup diatribusikankepada kepentingan nonpengendali sampaisaldo berkurang menjadi nihil. Kelebihan ataskerugian selanjutnya diatribusikan kepadaentitas induk, kecuali jika kepentingannonpengendali mempunyai kewajiban terikatuntuk ikut menanggung kerugian tersebut.

Losses incurred by the Group were attributed to the non-controlling interests until the balance was reduces to nil. Any further excess losses were attributable to the parent,unless the non-controlling interest had a binding obligation to cover these.

Pada saat terjadi pelepasan pengendalian,

Grup mengakui sisa investasi sebesar bagianproporsional atas nilai aset neto pada tanggalhilangnya pengendalian.

Upon loss of control, the Group accounted for

the investment retained at its proportionate share of net asset value at the date control was lost.










15




Kombinasi Bisnis dan Goodwill Business Combination and Goodwill

Kombinasi bisnis mulai tanggal 1 Januari2011

Business combination from January 1,2011

Kombinasi bisnis dicatat dengan menerapkanmetode akuisisi. Biaya akuisisi diukurberdasarkan imbalan yang dialihkan, yangdiukur berdasarkan nilai wajar pada tanggal

akuisisi dan jumlah kepentingannonpengendali pada pihak yang diakuisisi.Untuk setiap kombinasi bisnis, pihakpengakuisisi mengukur kepentingannonpengendali pada pihak yang diakuisisi baikpada nilai wajar ataupun pada proporsikepemilikan kepentingan nonpengendali atasaset neto teridentifikasi dari pihak yangdiakuisisi. Biaya terkait akuisisi dicatat sebagaibeban pada periode biaya tersebut terjadi.

Business combination are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at

acquisition date fair value and the amount of any non-controlling interest in the acquiree.For each business combination, the acquirer measures the non-controlling interest in the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition costs incurred are expensed.

Pada saat Grup mengakuisisi suatu bisnis,Grup menentukan aset dan liabilitas keuanganyang diambil-alih berdasarkan pada

persyaratan kontraktual, kondisi ekonomi dankondisi terkait lain yang ada pada tanggalakuisisi. Termasuk juga penilaian apakahsuatu derivatif melekat dipisahkan dari kontrakutama oleh pihak yang diakuisisi.

When the Group acquired a business, it assesses the financial assets and liabilities assumed for appropriate classification and

designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.

Jika kombinasi bisnis dilakukan secarabertahap, pihak pengakuisisi mengukurkembali kepentingan ekuitas yang dimilikisebelumnya pada pihak yang diakuisisi padanilai wajar tanggal akuisisi dan mengakuikeuntungan atau kerugian yang dihasilkan, jikaada, dalam laporan laba rugi.

If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value as at the acquisition date through profit and loss.

Setiap imbalan kontinjensi yang dialihkan olehpihak pengakuisisi diakui sebesar nilaiwajarnya pada tanggal akuisisi. Perubahanyang dihasilkan dari peristiwa setelah tanggalakuisisi terhadap nilai wajar imbalankontinjensi yang diklasifikasikan sebagai asetatau liabilitas akan diakui sesuai PSAK No. 55(Revisi 2006) sebagai keuntungan ataukerugian yang diakui baik dalam laporan labarugi atau pendapatan komprehensif lainnya.Jika imbalan kontijensi diklasifikasikan sebagaiekuitas, tidak akan diukur kembali danpenyelesaian selanjutnya diperhitungkandalam ekuitas.

Any contigent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contigent consideration which is deemed to be an asset or liability,will be recognized in accordance with SFAS No. 55 (Revised 2006) either in profit or loss or as change to other comprehensive income.If the contingent consideration is classified as equity, it shall not be remeasured until it finally settled within equity.










16




Kombinasi bisnis mulai tanggal 1 Januari2011 (lanjutan)

Business combination from January 1,2011 (continued)

Goodwill awalnya diukur sebesar selisih lebihantara imbalan yang dialihkan dengan asetneto teridentifikasi yang diperoleh dan liabilitasyang diambil-alih. Jika imbalan tersebut lebihrendah daripada nilai wajar aset neto entitasanak yang diakuisisi, perbedaan tersebut

diakui dalam laba rugi.

Goodwill is initially measured at cost being the excess of the consideration transferred over the Group’s net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the

difference is recognized in profit or loss.

Setelah pengakuan awal, goodwill diukursebesar biaya perolehan dikurangi akumulasipenurunan nilai. Untuk tujuan uji penurunannilai, goodwill yang berasal dari kombinasibisnis, sejak tanggal akuisisi, dialokasikan kesetiap unit penghasil kas Grup yangdiharapkan memberikan manfaat darikombinasi bisnis, tanpa memperhatikanapakah aset atau liabilitas lainnya milik pihakyang diakuisisi digunakan untuk unit tersebut.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing,goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash generating units that are expected to benefit from the combination,irrespective of whether other assets or liabilities of the acquiree are assigned to those units.

Jika goodwill merupakan bagian dari unit

penghasil kas serta merupakan bagian dariusaha yang akan dilepas, maka goodwill yangterkait dengan usaha yang akan dilepasdimasukkan ke dalam nilai tercatat dari usahapada saat penentuan laba atau rugi pelepasanusaha. Pelepasan goodwill untuk kondisitersebut diukur berdasarkan nilai relatif usahayang dilepas dengan bagian unit penghasil kasyang ditahan.

Where goodwill forms part of a cash

generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determinig the gain or loss on dispossal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the cash generating unit retained.

Kombinasi bisnis sebelum tanggal31 Desember 2010

Business combination prior to December 31, 2010

Sebagai perbandingan dengan persyaratan diatas, perbedaan berikut berlaku:

In comparison to the above mentioned requirements, the following differences applied:

Kombinasi bisnis dicatat denganmenggunakan metode pembelian. Biayatransaksi yang terkait langsung denganakuisisi dicatat sebagai biaya akuisisi. Pihaknonpengendali (dahulu disebut pihakminoritas) diukur berdasarkan bagianpenyertaan saham atas aset netoteridentifikasi pihak yang diakuisisi.

Business combination were accounted for using the purchase method. Transaction costs directly attributable to the acquisition formed part of the acquisition costs. The non- controlling interest (formely known as minority interest) was measured at the proportionate share of the acquiree’s identifiable net assets.

Kombinasi bisnis yang diperoleh secarabertahap dicatat sebagai transaksi terpisah.

Setiap penambahan bagian penyertaan sahamyang diperoleh tidak mempengaruhi goodwillyang telah diakui sebelumnya.

Business combinations achieved in stages were accounted for as separate steps. Any

additional acquired share of interest did not affect previously recognized goodwill.










17




Kombinasi bisnis sebelum tanggal31 Desember 2010 (lanjutan)

Business combination prior to December 31, 2010 (continued)

Pada saat Grup mengakuisisi suatu bisnis,derivatif melekat dipisahkan dari kontrak utamaoleh pihak pengakuisisi tanpa melakukanpenilaian kembali kecuali jika kombinasi bisnismengakibatkan perubahan yang signifikanterhadap syarat kontrak sehingga memerlukan

modifikasi terhadap arus kas yang jikaseharusnya sudah dipersyaratkan dalamkontrak.

When the Group acquired a business,embedded derivatives separated from the host contract by the acquiree were not reassessed on acquisition unless the business combination resulted in a change in the terms of the contract that significantly

modified the cash flows that otherwise would have been required under the contract.

Imbalan kontinjensi diakui jika, dan hanya jika,Grup mempunyai kewajiban kini, arus keluarekonomis dapat dipastikan dan ditentukansecara lebih pasti. Penyesuaian setelahtanggal akuisisi terhadap liabilitas kontinjensimempengaruhi goodwill.

Contingent consideration was recognized if,and only if, the Group had a present obligation, the economic outflow was more likely that not and a reliable estimate was determinable. Subsequent adjustments to the contigent consideration affected goodwill.

Investasi pada entitas asosiasi Investment in an associate

Investasi Grup pada entitas asosiasi dicatatdengan menggunakan metode ekuitas. Entitasasosiasi adalah entitas dimana Grupmempunyai pengaruh signifikan.

The Group’s investment in its associate is accounted for using the equity method. An associate is an entity in which the Group’s has significant influence.

Dengan metode ekuitas, investasi pada entitasasosiasi diakui dalam laporan posisi keuangansebesar biaya perolehan dan selanjutnyadisesuaikan untuk perubahan pascaperolehandalam bagian Grup atas aset neto entitasasosiasi. Goodwill yang terkait dengan entitasasosiasi termasuk dalam jumlah tercatatasosiasi serta tidak diamortisasi maupun diujipenurunan nilai secara individual.

Under the equity method, the investment in the associate is carried in the statement of financial position at cost plus post acquisition changes in the Group’s share of net assets of the associate. Goodwill relating to the associate is included in the carrying amount of the investment and is neither amortised nor individually tested for impairment.

Laporan laba rugi mencerminkan bagian atas

hasil usaha entitas asosiasi. Jika terdapatperubahan yang diakui langsung dalamekuitas entitas asosiasi, Grup mengakuibagian atas perubahan tersebut danmengungkapkannya, jika diperlukan, dalamlaporan perubahan ekuitas. Laba dan rugibelum direalisasi yang berasal dari transaksiantara Grup dengan entitas asosiasidieliminasi hanya sebesar bagian penyertaandalam entitas asosiasi.

The income statement reflects the share of

the results of operations of the associate.Where there has been a change recognized directly in the equity of the associate, the Group recognizes its share of any changes and discloses this, when applicable, in the statement of changes in equity. Unrealized gains and losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate.

Bagian laba dari entitas asosiasi disajikandalam laporan laba rugi. Laba tersebutmerupakan bagian yang teratribusi kepada

pemegang ekuitas dalam entitas asosiasi dankarenanya merupakan laba setelah pajak dankepentingan nonpengendali dalam entitasasosiasi.

The share of profit of associate is shown on the face of the income statement. This is the profit attributable to equity holders of the

associate and therefore is profit after tax and non-controlling interests in the subsidiaries of associate.










18




Investasi pada entitas asosiasi (lanjutan) Investment in an associate (continued)

Laporan keuangan entitas asosiasi disajikandengan tanggal yang sama dengan laporanentitas induk. Jika diperlukan, penyesuaiandilakukan untuk menyamakan dengankebijakan akuntansi Grup.

The financial statements of the associate are prepared for the same reporting period as the parent company. Where necessary,adjustments are made to bring the accounting policies in line with those of the Group.

Setelah menerapkan metode ekuitas, Grupmenentukan apakah diperlukan untukmengakui tambahan rugi penurunan nilai atasinvestasi neto Grup pada entitas asosiasi.Pada setiap periode pelaporan, Grupmenentukan apakah terdapat bukti objektifyang mengakibatkan penurunan nilai dalaminvestasi pada entitas asosiasi. Jika ini terjadi,Grup menghitung rugi penurunan nilai sebagaiperbedaan antara jumlah terpulihkan dengan jumlah tercatat investasi pada entitas asosiasidan dibebankan pada laporan laba rugi.

After application of the equity method, the Group determines whether it is necessary to recognize an additional impairment loss on the Group’s investment in its associates. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount in the income statement.

Pada saat Grup tidak lagi memiliki pengaruh

signifikan pada entitas asosiasi, maka Grupmengukur setiap investasi yang tersisa padaentitas asosiasi pada nilai wajar. Selisih antara jumlah tercatat investasi dalam tanggal ketikahilangnya pengaruh signifikan dengan nilaiwajar investasi yang tersisa dan hasilpelepasan sebagian kepemilikan pada entitasasosiasi diakui dalam laporan laba rugi.

Upon loss of significant influence over the

associate, the Group measures and recognizes any retaining investment at its fair value. Any difference between the carrying amount of the associate upon loss of significant influence and the fair value of the retaining investment and proceeds from disposal are recognized in profit or loss.

Susunan entitas anak yang dimiliki Grupadalah sebagai berikut:

Details of subsidiaries owned by the Group are as follows:

Jumlah Aset Sebelum Eliminasi

Kegiatan Mulai Persentase Pemilikan (Dalam Jutaan)/

Usaha/ Beroperasi Efektif/ Total Assets Produk/ Komersial/ Effective Percentage Before Elimination

Nama Nature of Commencement of Ownership (In Millions) Entitas Anak/ Business Tempat of

Names of Activities/ Kedudukan/ Commercial 2011 2010Subsidiaries Products Domicile Operations % % 2011 2010

Farmasi:/Pharmaceutical: PT Bintang Toedjoe Farmasi/ Jakarta 1949 100,00 100,00 354.944 418.752

- Bintang Pharmaceutical Toedjoe (1)

PT Hexpharm Jaya Farmasi/ Jakarta 1995 100,00 100,00 233.813 194.377Laboratories Pharmaceutical - Hexpharm (1)










19





Kegiatan Mulai Persentase Pemilikan (Dalam Jutaan)/Usaha/ Beroperasi Efektif/ Total Assets Produk/ Komersial/ Effective Percentage Before Elimination



PT Saka Farma Farmasi/ Jakarta 1997 100,00 100,00 52.121 58.510

Laboratories Pharmaceutical - Saka (1) (a)

PT Finusolprima Farma Farmasi/ Jakarta 1981 100,00 100,00 119.099 115.585Internasional Pharmaceutical - Finusolprima (1)

PT Bifarma Adiluhung Farmasi/ Jakarta 1997 100,00 100,00 2.662 2.661- Bifarma (1) Pharmaceutical

Innogene Kalbiotech Farmasi/ Singapura/ 2004 93,34 93,01 39.002 32.039Pte. Ltd. Pharmaceutical Singapore - Innogene (1) (f)

PT Dankos Farma Farmasi/ Jakarta 2006 100,00 100,00 192.533 154.767- Danfar (1) Pharmaceutical

PT Pharma Metric Labs. Farmasi/ Jakarta 2006 81,64 81,64 6.736 7.437

- PML (1) (b) Pharmaceutical

Makanan Kesehatan:/ Health Food: PT Sanghiang Perkasa Makanan Jakarta 1982 100,00 100,00 1.343.836 1.195.910

- Sanghiang (1) Kesehatan/ Health Foods

PT Kalbe Morinaga (1) Makanan Jakarta 2007 70,00 70,00 322.369 305.702Indonesia Kesehatan/ - KMI Health Foods

Kemasan (Catatan 3):/Packaging (Note 3): PT Kageo Igar Jaya Tbk. Kemasan/ Bekasi, 1977 5,00 68,04 - 325.002

- Kageo Igar (1) (c) Packaging Jawa Barat/ Bekasi,

West Java

PT Avesta Continental Kemasan/ Bekasi, 1976 - 52,03 - 159.090Pack Packaging Jawa Barat/ - Avesta (3) (c) Bekasi

West Java PT Indogravure Kemasan/ Tangerang, 1985 - 26,54 - 66.641

- Indogravure (4) (c) Packaging Banten

Penjualan dan distribusi:/Sale and Distribution: PT Enseval Putera

Megatrading Tbk. Distributor Jakarta 1993 84,17 83,75 3.695.762 3.195.905(EPMT) (1) (d) Obat-obatan/

Pharmaceutical Distributor

PT Tri Sapta Jaya Distributor Jakarta 1980 84,17 83,75 108.292 105.073(TSJ) (2) Obat-obatan/

Pharmaceutical Distributor










20








PT Millenia Dharma Penjualan Jakarta 2003 84,17 83,75 22.815 16.005

Insani (MDI) (2) Obat-obatandan PeralatanKedokteran/

Sales of Pharmaceuticals

and Medical Equipment

PT Enseval Medika Distributor Jakarta 2008 84,17 83,75 279.714 215.325Prima (EMP) (2) peralatan

kesehatan/ Distribution of

medical instruments

PT Global Chemindo Penjualan Jakarta 2008 84,17 83,75 226.114 250.549Megatrading bahan baku(GCM) (2) obat-obatan/

Trading of raw materials for

pharmaceutical products

PT Renalmed Tiara Perdagangan Jakarta 2008 82,07 81,66 41.953 34.190Utama peralatan(RTU) (2) kesehatan dan

barang habispakai/

Trading of medical instruments and

consumable products

Kalbe Vision Pte. Ltd. Pengembangan, Singapura/ 2008 100,00 100,00 7.471 8.431(KV) (1) Produksi, Singapore

Pemasaran danDistribusi produkKesehatan mata/

Development,Production,

Marketing and Distribution of

Eye health Products

Kalbe International Pemasaran Singapura/ 2007 100,00 100,00 184.567 155.133Pte. Ltd. Produk Singapore (KI) (1) Kesehatan dan

Farmasi/ Wholesale of Medical and

Pharmaceutical Products










21








Asiawide Kalbe Pemasaran Filipina/ 2010 50,00 50,00 26.421 8.573Philippines,Inc. dan distribusi Philippines (AKPI) (5) (e) minuman energi

‘ready-to-drink ’/ Marketing and Distribution of

energy drinks in a ready-to-drink format

Entitas Anak yang dimiliki secara langsung oleh: The Subsidiary is directly owned by: (1) Perusahaan (1) Company (2) EPMT (2) EPMT (3) Kageo Igar (3) Kageo Igar (4) Avesta (4) Avesta (5) KI (5) KI

(a) Pada tanggal 12 Oktober 2010, Saka menerbitkantambahan saham sejumlah 100.000 saham atauRp10 miliar yang disetor oleh Perusahaan sebanyak62.000 saham atau Rp6,2 miliar dan Bintang Toedjoesebanyak 38.000 saham atau Rp3,8 miliar.

(a) On October 12, 2010, Saka issued additional shares amounting to 100,000 shares or Rp10 billion which were subscribed and paid for by the Company for 62,000 shares or Rp6.2 billion and Bintang Toedjoe for 38,000 shares or Rp3.8 billion.

(b) Pada tanggal 24 Februari 2010, uang muka setoranmodal Perusahaan di PML direklasifikasi ke modalsaham PML senilai Rp4.364.000.000 terdiri dari43.640 saham sehingga persentase pemilikan efektifPerusahaan di PML mengalami peningkatan dari79,82% menjadi 81,64%.

(b) On February 24, 2010, the Company’s additional paid in capital in PML have been reclassified into PML’s capital stock amounting to Rp4,364,000,000 consisting of 43,640 shares and the Company’s effective percentage of ownership in PML increased from 79.82% to 81.64%.

(c) Pada tanggal 12 Agustus 2010, Perusahaan menjualpenyertaan sahamnya pada Kageo Igar kepada pihakketiga sebanyak 610.058.500 saham. Sebagai akibat

transaksi tersebut, persentase kepemilikan efektifPerusahaan di Kageo Igar mengalami penurunan dari67,51% menjadi 5,00% dan selanjutnya dinyatakansebesar nilai pasar wajar, serta Perusahaan tidak lagimempunyai kepemilikan saham di Avesta danIndogravure (Catatan 3).

(c) On August 12, 2010, the Company sold its shares ownership in Kageo Igar to a third party consisting of 610,058,500 shares. As a result of this transaction,the Company’s effective percentage of ownership in Kageo Igar decreased from 67.51% to 5.00% which subsequently are stated at its fair market values, and the Company has no longer share ownership in Avesta and Indogravure (Note 3).










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(d) Pada bulan Maret 2011, EPMT, Entitas Anak,melakukan Penawaran Umum Terbatas I kepada ParaPemegang Saham dalam Rangka Penerbitan HakMemesan Efek Terlebih Dahulu sejumlah 428.640.000saham dengan nilai nominal Rp50 per saham, dimanasetiap pemegang 1.000 (seribu) saham yang namanyatercatat dalam Daftar Pemegang Saham pada tanggal14 Maret 2011 pukul 16.00 WIB mempunyai hak untukmembeli 188 saham baru dengan harga pelaksanaansebesar Rp700 per saham, sehingga jumlah modalsaham EPMT yang ditempatkan dan disetor setelah

Penawaran Umum Terbatas I akan menjadiRp135.432.000.000, yang terdiri dari 2.708.640.000saham dengan nilai nominal Rp50 per saham.Penawaran Umum Terbatas I ini telah mendapatkanpernyataan efektif dari BAPEPAM-LK pada tanggal2 Maret 2011 berdasarkan Surat Keputusan No. S-2062/BL/2011. Penawaran Umum Terbatas I tersebuttelah mendapatkan persetujuan dari pemegang sahamEPMT berdasarkan Rapat Umum Pemegang SahamLuar Biasa pada tanggal 2 Maret 2011.

(d) In March 2011, EPMT, Subsidiary, conducted Rights Issue I plan totaling 428,640,000 shares with par value of Rp50 per share, whereby each shareholders of record as of 16:00 o’clock (West Indonesian Time), March 14, 2011 shall be given the right to subscribe for 188 (one hundred and eighty eight)new shares of EPMT for every 1,000 (one thousand)shares held, at an excercise price of Rp700 per share. Afterwhich, the total issued and paid-up capital of EPMT will be increased to Rp135,432,000,000 consisting of 2,708,640,000

shares with par value of Rp50. This Rights Issue I has been approved by BAPEPAM-LK, effectively on March 2, 2011 based on the Decision Letter No. S- 2062/BL/2011. This Rights Issue I was approved by the shareholders of EPMT based on the Extraordinary General Meeting of Shareholders held on March 2, 2011.

Melalui Penawaran Umum Terbatas I, Perusahaanmeningkatkan kepemilikannya di EPMT sebanyak359.568.375 lembar saham, yang terdiri dari358.980.890 lembar saham berdasarkan hakMemesan Efek Terlebih Dahulu yang dimilikiPerusahaan dan 587.485 lembar saham atasPenjatahan Pemesanan Tambahan. Sebagai akibatatas penambahan saham tersebut, persentase

kepemilikan efektif Perusahaan di EPMT mengalamipeningkatan dari 83,75% menjadi 83,77%.

From this Rights Issue I, the Company shall increase its share ownership in EPMT by 359,568,375 shares,consisting of 358,980,890 shares from the rights issue and 587,485 shares from the share allotment.As a result of these additional shares, the Company’s percentage of share ownership in EPMT increase form 83.75% to 83.77%.

Pada periode tanggal 15 Maret 2011 sampai dengantanggal 31 Maret 2011, Perusahaan juga melakukanpembelian sebanyak 10.782.000 saham EPMT diBursa Efek Indonesia dengan harga pasar rata-ratasebesar Rp755 per saham. Sebagai akibat ataspenambahan saham tersebut, persentase pemilikanefektif Perusahaan di EPMT mengalami peningkatandari 83,77% menjadi 84,17%.

For the period from March 15, 2011 to March 31,2011, the Company also purchased 10,782,000 shares of EPMT through the Indonesia Stock Exchange with the average market price of Rp755 per share. As a result of this additional shares purchased, the Company’s percentage of ownership in EPMT increase from 83.77% to 84.17%.

Sampai dengan tanggal penyelesaian laporan, EPMTsedang dalam proses mendapatkan persetujuan dariMenteri Hukum dan Hak Asasi Manusia RepubikIndonesia sehubungan dengan peningkatan modaldisetor EPMT dari hasil Penawaran Umum Terbatas I.

As of the date of report completion, EPMT is still in the process of obtaining approval from the Ministry of Laws and Human Rights of the Republic of Indonesia in connection with the increase of EPMT’s paid-up capital from the Rights Issue I.

(e) Pada bulan Desember 2009, KI menandatanganiperjanjian joint venture dengan pihak ketiga untukmembentuk perusahaan joint venture di Filipinadengan persentase pemilikan sebesar 50%.Perusahaan joint venture tersebut didirikan pada bulanJanuari 2010 dengan nama Asiawide KalbePhilippines, Inc. (AKPI). KI memiliki kendali atasDewan Direksi dan pengaruh untuk mengatur danmenentukan kebijakan keuangan dan operasionalAKPI.

(e) In December 2009, KI entered into a joint venture agreement with a third-party to form a joint venture corporation in the Philippines with a 50% equity interest. This joint venture company was incorporated in January 2010 under name of Asiawide Kalbe Philippines, Inc. (AKPI). KI has effective control over the Board of Directors and the power to govern the financial and operating policies of AKPI.

(f) Pada periode 2011, Perusahaan melakukanpenyetoran tambahan modal di Innogene sejumlahUS$600.000 sehingga kepemilikan di Innogenemeningkat menjadi 93,34%. Pada tahun 2010,Perusahaan telah melakukan tambahan setoran modalsejumlah US$493.750 ke Innogene untuk modal kerja.Dengan melakukan tambahan setoran modal tersebut,

kepemilikan Perusahaan di Innogene meningkatmenjadi 93,17%.

(f) In 2011, Company further made additional capital contribution to Innogene amounting to US$600,000 and the Company’s share ownership in Innogene increased from 93.34%. In 2009, the Company made additional capital contributions of US$493,750 for Innogene’s working capital. As a result of these additional capital contributions, the Company’s share

ownership in Innogene increased to 93.17%.










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b. Prinsip-prinsip konsolidasi (lanjutan)

b. Principles of consolidation (continued)

Akun-akun Entitas Anak yang berkedudukan diluar negeri dijabarkan dalam mata uangRupiah untuk tujuan konsolidasi dengan dasarsebagai berikut:

For consolidation purposes, the accounts of foreign Subsidiaries are translated into Rupiah amounts on the following basis:

Akun-akun neraca - kurs tengah pada tanggal neraca (Rp8.709 per US$1 padatanggal 31 Maret 2011 dan Rp9.115 per US$1 pada tanggal

31 Maret 2010)/ Balance sheet accounts - middle rate of exchange at balance sheet date

(Rp8,709 to US$1 as of March 31, 2011 and Rp9,115 to US$1as of March 31, 2010)

Akun-akun laporan laba rugi - kurs rata-rata selama periode berjalan (Rp8.863 per US$1pada periode 2011 dan Rp9.272 per US$1 pada periode2010)/

Statement of income accounts - average exchange rates during the period (Rp8,863 to US$1in 2011 and Rp9,272 to US$1 in 2010)

Selisih kurs karena penjabaran mata uangasing yang terjadi pada Entitas Anak luarnegeri dicatat dalam “Selisih Kurs atas

Penjabaran Laporan Keuangan” .

Difference resulting from translation made at foreign Subsidiaries is recorded as part of “Differences Arising from Foreign Currency

Translations”. Penyertaan saham dengan persentasepemilikan Grup di bawah 20% dinyatakansebesar nilai pasar wajar (Catatan 2r).

Investments in shares of stock, in which the Group maintains ownership interests below 20% are stated at their fair market values (Note 2r).

c. Setara kas

Untuk tujuan laporan posisi keuangan(neraca), kas dan setara kas merupakan kasdan bank, call deposit dan deposito berjangkadengan jangka waktu tiga (3) bulan ataukurang sejak tanggal penempatan dan tidakdigunakan sebagai jaminan.

Untuk tujuan laporan arus kas, kas dan setarakas terdiri dari kas dan bank, call deposit, deposito berjangka dikurangi dengan hutangbank cerukan.

c. Cash equivalents

For the purpose of the statements of financial position (balance sheets), cash and cash equivalents comprises of cash on hand and in banks, call and time deposits with maturities of three (3) months or less at the time of placement and not pledged as collateral.

For the purposes of the statements of cash flows, cash and cash equivalents comprises of cash on hand and in banks, call and time deposits net of bank overdraft.

d. Cadangan penurunan nilai piutang

Efektif tanggal 1 Januari 2010, cadanganpenurunan nilai piutang diestimasi sesuaidengan PSAK No. 55 (Revisi 2006),“Instrumen Keuangan: Pengakuan danPengukuran” (Catatan 2r).

d. Allowance for impairment accounts

Effective January 1, 2010, the allowance for impairment accounts is agree with the SFAS No. 55 (Revised 2006) “Financial Instrument: Recognition and Measurement” (Note 2r).










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e. Transaksi dengan pihak-pihak berelasi e. Transactions with related parties

Grup mempunyai transaksi dengan pihak-pihak berelasi sebagaimana didefinisikandalam PSAK No. 7 (Revisi 2010),“Pengungkapan Pihak-Pihak Berelasi”.

The Group has transactions with entities,which are regarded as having special relationships as defined under SFAS No. 7 (Revised 2010), “Related Parties Disclosures”.

Transaksi yang signifikan dengan pihak-pihakberelasi, baik yang dilakukan dengan atautidak dengan persyaratan dan kondisi yangsama sebagaimana dilakukan dengan pihakketiga, telah diungkapkan dalam catatan yangbersangkutan.

Significant transactions with related parties,whether or not conducted under terms and conditions similar to those transacted with third parties, are disclosed in the appropriated notes herein.

f. Persediaan f. Inventories

Persediaan dinyatakan sebesar nilai yanglebih rendah antara biaya perolehan dan nilairealisasi bersih (“the lower of cost or net realizable value”). Grup pada umumnyamenentukan biaya perolehan denganmenerapkan metode rata-rata bergerak(“moving-average method ”) atau metode rata-rata tertimbang (“weighted-average method ”).

Inventories are stated at the lower of cost or net realizable value. The Group generally determines the cost of its inventories using the moving-average or weighted-average method.

Biaya perolehan persediaan PML ditentukandengan menerapkan metode FIFO. Padatanggal 31 Maret 2011 dan 2010, nilai tercatatpersediaan Entitas anak tersebut adalahsekitar 0,01% dari saldo persediaankonsolidasi.

The cost of inventories of PML are determined using the FIFO method. As of March 31, 2011 and 2010, the carrying values of the inventories of the said Subsidiary accounted for about 0.01% of the consolidated balance of inventories.

Cadangan kerugian penurunan nilai untukpersediaan usang ditentukan berdasarkanhasil penelaahan terhadap keadaan fisikpersediaan pada akhir periode.

Provision for impairment losses for inventory obsolence is provided based on the review of the physical conditions of inventories at the end of period.

g. Biaya dibayar di muka

Biaya dibayar di muka dibebankan padaoperasi sesuai masa manfaat biaya yangbersangkutan dengan menggunakan metodegaris lurus (“straight-line method”).

g. Prepaid expenses

Prepaid expenses are charged to operations over the periods benefited using the straight- line method.










25



h. Aset tetap h. Property, plant and equipment

Aset tetap dinyatakan sebesar biaya perolehandikurangi akumulasi penyusutan dan rugipenurunan nilai. Biaya perolehan termasukbiaya penggantian bagian aset tetap saatbiaya tersebut terjadi, jika memenuhi kriteriapengakuan. Selanjutnya, pada saat inspeksiyang signifikan dilakukan, biaya inspeksi itudiakui ke dalam jumlah tercatat (“carrying

amount ”) aset tetap sebagai suatupenggantian jika memenuhi kriteriapengakuan. Semua biaya pemeliharaan danperbaikan yang tidak memenuhi kriteriapengakuan diakui dalam laporan laba rugikonsolidasi pada saat terjadinya.

Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Such cost includes the cost of replacing part of the property, plant and equipment when that cost is incurred, if the recognition criteria are met. Likewise,when a major inspection is performed, its cost is recognized in the carrying amount of the

property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repairs and maintenance costs that do not meet the recognition criteria are recognized in consolidated statements of income as incurred.

Grup umumnya menghitung penyusutandengan menggunakan metode garis lurus(“straight-line method”), (kecuali untuk asettetap tertentu Bintang Toedjoe dan TSJ),berdasarkan taksiran masa manfaat ekonomisaset tetap yang bersangkutan dengan rinciansebagai berikut:

The Group generally computes depreciation using the straight-line method (except for the certain fixed assets of Bintang Toedjoe and TSJ), based on the estimated useful lives of the assets as follows:

Tahun/Years

Bangunan dan prasarana 10 - 20 Buildings and improvements Perbaikan kantor disewa 3 - 8 Leasehold improvements Mesin dan peralatan 2 - 20 Machinery and equipment Perlengkapan kantor 2 - 8 Office equipment, furniture and fixtures Kendaraan dan alat transportasi 2 - 8 Vehicles and transportation equipment Peralatan kesehatan 5 Medical equipment

Bintang Toedjoe, selain untuk bangunan danprasarana, menghitung penyusutan denganmenggunakan metode saldo menurun ganda(“double-declining balance method”). Nilai

buku aset tetap yang dimiliki entitas Anaktersebut adalah sekitar 2,14% dan 2,85% darinilai buku aset tetap konsolidasi, masing-masing pada tanggal 31 Maret 2011 dan 2010.

Bintang Toedjoe, except for building and improvements, computes depreciation using the double-declining balance method. The net book value of property, plant and equipment

of the said Subsidiary accounted for about 2.14% and 2.85% of the consolidated net book value of property, plant and equipment as of March 31, 2011 and 2010, respectively.

TSJ menghitung penyusutan kendaraan danperlengkapan kantor dengan menggunakanmetode saldo menurun ganda (“double- declining balance method”). Nilai bukukendaraan dan perlengkapan kantor yangdimiliki entitas Anak tersebut adalah sekitar0,32% dan 0,46% dari nilai buku aset tetapkonsolidasi, masing-masing pada tanggal31 Maret 2011 dan 2010.

TSJ computes the depreciation of its vehicles and office equipment using the double- declining balance method. The net book value of the said fixed assets accounted for about 0.32% and 0.46% of the consolidated net book value of property, plant and equipment as of March 31, 2011 and 2010,respectively.










26



h. Aset tetap (lanjutan) h. Property, plant and equipment (continued)

Jumlah tercatat aset tetap dihentikanpengakuannya pada saat dilepaskan atau saattidak ada manfaat ekonomis masa depan yangdiharapkan dari penggunaan ataupelepasannya. Laba atau rugi yang timbul daripenghentian pengakuan aset (dihitung sebagaiperbedaan antara jumlah neto hasil pelepasandan jumlah tercatat dari aset) dimasukkan

dalam laporan laba rugi konsolidasi padaperiode aset tersebut dihentikanpengakuannya.

An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in consolidated statements of

income in the period the asset is derecognized.

Pada setiap akhir periode buku, nilai residu,umur manfaat dan metode penyusutan di-review , dan jika sesuai dengan keadaan,disesuaikan secara prospektif.

The asset’s residual values, useful lives and methods of depreciation are reviewed, and adjusted prospectively if appropriate, at each financial year period .

Sesuai dengan PSAK No. 47, “Akuntansi Tanah” , semua biaya yang terjadi sehubungandengan perolehan hak atas tanahditangguhkan dan disajikan secara terpisahdari biaya perolehan tanah. Biaya tersebut,

yang meliputi antara lain, biaya perizinan,biaya survei dan pengukuran lokasi, biayanotaris dan pajak-pajak yang berhubungandengan perolehan tanah tersebut, diamortisasiselama masa manfaat hak atas tanah yangbersangkutan, periode mana yang lebihpendek. PSAK No. 47 juga menyatakan bahwatanah tidak diamortisasi, kecuali dalam kondisipersyaratan tertentu.

In accordance with the provisions of SFAS No. 47, “Accounting for Land”, all incidental costs incurred in relation with the acquisitions of landrights are deferred and presented separately from the main acquisition costs of

the landrights. Such costs, which include,among others, legal fees, area survey and re- measurement fees, notary fees, and related taxes, are amortized over the legal terms of the related landrights, whichever period is shorter. SFAS No. 47 also provides that landrights are not subject to amortization,except under certain defined conditions.

Selanjutnya, PSAK No. 48 (Revisi 2009),“Penurunan Nilai Aset”, menetapkanprosedur-prosedur yang diterapkan agar asetdicatat tidak melebihi jumlah terpulihkan dan

jika aset tersebut terjadi penurunan nilai, rugipenurunan nilai harus diakui.

In addition, SFAS No. 48 (Revised 2009),“Impairment of Assets”, prescribes the procedures applied to ensure that assets are carried at no more than their recoverable

amount and if the assets are impaired, an impairment loss should be recognized.

Aset dalam pengerjaan dinyatakan sebesarbiaya perolehan dan disajikan sebagai bagiandari “Aset Tetap” pada laporan posisikeuangan (neraca) konsolidasi. Akumulasibiaya perolehan akan dipindahkan ke masing-masing aset tetap yang bersangkutan padasaat aset tersebut selesai dikerjakan dan siapuntuk digunakan.

Constructions in progress are stated at cost and presented as part of “Property, Plant and Equipment” account in the consolidated statements of financial position (balance sheets). The accumulated costs will be reclassified to the appropriate property, plant and equipment account when the construction is completed and the asset is ready for its intended use.










27



i. Sewa i. Leases

Berdasarkan PSAK No. 30 (Revisi 2007),penentuan apakah suatu perjanjianmerupakan perjanjian sewa atau perjanjianyang mengandung sewa didasarkan atassubstansi perjanjian pada tanggal awal sewadan apakah pemenuhan perjanjian tergantungpada penggunaan suatu aset dan perjanjiantersebut memberikan suatu hak untuk

menggunakan aset tersebut. Menurut PSAKrevisi ini, sewa yang mengalihkan secarasubstansial seluruh risiko dan manfaat yangterkait dengan kepemilikan aset,diklasifikasikan sebagai sewa pembiayaan.Selanjutnya, suatu sewa diklasifikasikansebagai sewa operasi, jika sewa tidakmengalihkan secara substantial seluruh risikodan manfaat yang terkait dengan kepemilikanaset.

Based on SFAS No. 30 (Revised 2007), the determination of whether an arrangement is,or contains a lease is based on the substance of the arrangement at inception date and whether the fulfillment of the arrangement is dependent on the use of a specific asset and the arrangement conveys a right to use the asset. Under this revised SFAS, leases that

transfer substantially to the lessee all the risks and rewards incidental to ownership of the leased items are classified as finance leases. Moreover, leases which do not transfer substantially all the risks and rewards incidental to ownership of the leased items are classified as operating leases.

Berdasarkan PSAK No. 30 (Revisi 2007),dalam sewa pembiayaan, Grup mengakui asetdan kewajiban dalam laporan posisi keuangan(neraca) konsolidasi pada awal masa sewa,sebesar nilai wajar aset sewaan atau sebesarnilai kini dari pembayaran sewa minimum, jikanilai kini lebih rendah dari nilai wajar.Pembayaran sewa minimum dipisahkan antarabagian yang merupakan beban keuangan danbagian yang merupakan pelunasan kewajibansewa. Beban keuangan dialokasikan padasetiap periode selama masa sewa, sehinggamenghasilkan tingkat suku bunga periodikyang konstan atas saldo kewajiban. Rentalkontinjen dibebankan pada periode terjadinya.Beban keuangan dicatat dalam laporan labarugi konsolidasi. Aset sewaan (disajikansebagai bagian aset tetap) disusutkan selama

jangka waktu yang lebih pendek antara masamanfaat aset sewaan dan periode masa sewa, jika tidak ada kepastian yang memadai bahwaGrup akan mendapatkan hak kepemilikanpada akhir masa sewa. Dalam sewa operasi,Grup mengakui pembayaran sewa sebagaibeban dengan dasar garis lurus (straight-line method ) selama masa sewa.

Based on SFAS No. 30 (Revised 2007),under a finance lease, the Group recognized assets and liabilities in its consolidated statements of financial position (balance sheets) at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease.Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents are charged as expenses in the periods in which they are incurred. Finance charges are reflected in consolidated statements of

income. Capitalized leased assets (presented as part of property, plant and equipment) are depreciated over the shorter of the estimated useful life of the assets and the lease term, if there is no reasonable certainty that the Group will obtain ownership by the end of the lease term. Under an operating lease, the Group recognized lease payments as an expense on a straight-line method over the lease term.










28



j. Properti investasi j. Investment property

Properti investasi Grup merupakan tanahyang dikuasai Entitas Anak untukmenghasilkan rental atau untuk kenaikan nilaiatau kedua-duanya, dan tidak untukdigunakan dalam produksi atau penyediaanbarang atau jasa atau untuk tujuanadministratif atau dijual dalam kegiatan usahasehari-hari. Properti investasi dalam bentuk

tanah dinyatakan sebesar biaya perolehandan tidak disusutkan.

The Group’s investment property represents land which is held by a Subsidiary to earn rentals or for capital appreciation or both,rather than for use in the production or supply of goods or services or for administrative purposes or sale in the ordinary course of business. Investment property in land is stated at cost which is not depreciated.

Properti investasi dihentikan pengakuannyapada saat pelepasan atau ketika propertiinvestasi tersebut tidak digunakan lagi secarapermanen dan tidak memiliki manfaatekonomis di masa depan yang dapatdiharapkan pada saat pelepasannya. Labaatau rugi yang timbul dari penghentian ataupelepasan properti investasi diakui dalamlaporan laba rugi konsolidasi dalam tahunterjadinya penghentian atau pelepasantersebut.

Investment property is derecognized when either it has been disposed of or when the investment property is permanently withdrawn from use and no future benefit is expected from its disposal. Any gains or losses on the retirement or disposal of an investment property are recognized in consolidated statements of income in the year of retirement or disposal.

Transfer ke properti investasi dilakukan jika,dan hanya jika, terdapat perubahanpenggunaan yang ditunjukkan denganberakhirnya pemakaian oleh pemilik,dimulainya sewa operasi ke pihak lain atauselesainya pembangunan ataupengembangan. Transfer dari propertiinvestasi dilakukan jika, dan hanya jika,terdapat perubahan penggunaan yangditunjukkan dengan dimulainya penggunaanoleh pemilik atau dimulainya pengembanganuntuk dijual.

Transfers are made to investment property when, and only when, there is a change in use as evidenced by among others the end of owner occupation, commencement of an operating lease to another party or completion of construction or development.Transfers are made from investment property when, and only when, there is a change in use, evidenced by commencement of owner occupation or commencement of development with a view to sell.

k. Modal saham yang diperoleh kembali k. Treasury stock

Modal saham yang diperoleh kembali, yangdirencanakan untuk diterbitkan kembalidan/atau dijual kembali pada masa yang akandatang, dicatat sebesar biaya perolehan dandisajikan sebagai pengurang Modal Saham dibagian Ekuitas dalam laporan posisikeuangan (neraca) konsolidasi. Selisih lebihpenerimaan dari penjualan modal saham yangdiperoleh kembali di masa yang akan datangatas biaya perolehan atau sebaliknya, akandiperhitungkan sebagai penambah ataupengurang akun agio saham.

Treasury stock, which is intended to be reissued and/or re-sold in the future, is stated at acquisition cost and presented as a deduction from Capital Stock under the Equity section of the consolidated statements of financial position (balance sheets). The excess of proceeds from future re-sale of treasury stock over the related acquisition cost or vice-versa shall be accounted for as an addition to or deduction from additional paid-in capital.










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l. Aset Takberwujud

Aset takberwujud yang diperoleh terpisah padaawalnya diakui sebesar biaya perolehan. Biayaperolehan aset takberwujud yang diperolehdalam kombinasi bisnis adalah sebesar nilaiwajar aset pada tanggal akuisisi. Setelahpengukuran awal, aset takberwujud dicatatsebesar biaya perolehan dikurangi akumulasiamortisasi dan akumulasi penurunan nilai.

Aset takberwujud yang dihasilkan secarainternal, tidak temasuk kapitalisasi bebanpengembangan, tidak dikapitalisasi dandibebankan dalam laporan laba rugi padaperiode terjadinya beban.

Umur manfaat aset takberwujud dinilai atasdasar terbatas atau tidak terbatas.

l. Intangible Assets

Intangible assets acquired separately are measured on initial recoginition at cost. The cost of intangible assets acquired in a business combination is its fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and any accumulated impairment losses.

Internally generated intangible assets,excluding capitalized development costs, are not capitalized and expenditure is reflected in the income statement in the period in which the expenditure is incurred.

The useful lives of intangible assets are assessed as either finite or indefinite.

Aset takberwujud dengan umur manfaatterbatas diamortisasi selama masa manfaatekonomis dan dilakukan uji penurunan nilai jika terdapat indikasi bahwa aset takberwujudmengalami penurunan nilai. Periodeamortisasi dan metode amortisasi atas asettakberwujud dengan umur manfaat terbatasditelaah setidaknya setiap akhir tahun buku.Jika terjadi perubahan yang signifikan dalamperkiraan pola konsumsi manfaat ekonomiaset, maka metode amortisasi diubah untukmencerminkan pola yang berubah tersebut.Perubahan tersebut diperlakukan sebagaiperubahan estimasi akuntansi. Biayaamortisasi aset takberwujud dengan umurterbatas diakui pada laporan laba rugi dalamkategori biaya yang konsisten dengan fungsiaset takberwujud.

Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life is reviewed at least at each financial year end. Changes in the expected useful life or the expected pattern of consumption or future economic benefits embodied in the asset is accounted for by changing the amortization period or method,as appropriate, and are treated as changes in accounting estimates. The amortization expense on intangible assets with finite lives is recognized in the income statement in the expense category consistent with the function of the intangible asset.

Aset takberwujud dengan umur manfaat tidak

terbatas tidak diamortisasi, tetapi entitasdisyaratkan untuk melakukan pengujian untukpenurunan nilai setiap tahunnya, baik secaraindividu atau melalui tingkat unit penghasilkas. Pengujian terhadap umur manfaat tidakterbatas dilakukan setiap tahun untukmenentukan apakah peristiwa dan kondisidapat terus mendukung penilaian bahwa umurmanfaat tetap tidak terbatas. Jika tidak, makaperubahan umur manfaat yang muncul daritidak terbatas menjadi terbatas diperlakukansebagai perubahan estimasi akuntansidengan estimasi sebelumnya, maka periodeamortisasi disesuaikan.

Intangible assets with indefinite useful lives

are not amortized, but are tested for impairment annually, either individually or at the cash generating unit level. The assessment of indefinite life is reviewed annually to determine life continues to be supportable. If not, the change of useful life from indefinite to finite is treated as changes in accounting estimates.










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l. Aset Takberwujud (lanjutan) l. Intangible Assets (continued)

Keuntungan atau kerugian muncul daripenghentian pengakuan aset takberwujuddiukur sebagai perbedaan antara nilai netopelepasan (jika ada) dan jumlah tercatat asetdan dicatat dalam laporan laba rugi ketikaaset tersebut dihentikan pengakuannya.

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds (if any) and the carrying amount of the asset and are recognized in the income statement when the asset is derecognized.

Merek dagang, hak paten dan formula Trademarks, patents and formulas

Beban yang terjadi sehubungan denganakuisisi/perolehan atas merek dagang, hakpaten dan formula diamortisasi denganmenggunakan metode garis lurus berkisarantara lima (5) sampai dengan dua puluh (20)tahun.

Cost incurred in connection with the acquisitions of trademarks, patents and formulas are amortized using the straight-line method ranging from five (5) to twenty (20)years.

Beban piranti lunak Software cost

Biaya perolehan perangkat lunak komputermeliputi seluruh biaya yang dapat dikaitkanlangsung dalam mempersiapkan aset tersebuthingga siap digunakan dan diamortisasiselama lima (5) tahun dengan metode garis

lurus.

Cost incurred in connection with the acquisitions of computer software, including all costs which are directly associated in preparing such assets until they are ready for use, is amortized using the straight-line

method over five (5) years.

m. Biaya ditangguhkan m. Deferred cost

Botol isi ulang milik AKPI, Entitas Anak,dinyatakan sebesar uang jaminan dankelebihan biaya perolehan botol isi ulang diatas uang jaminannya dan disajikan sebagaiBiaya Ditangguhkan yang merupakan bagiandari Aset Tidak Lancar Lainnya. Selisih lebihbiaya perolehan atas uang jaminanditangguhkan akan diamortisasi denganmenggunakan metode garis lurus selama40 (empat puluh) kali penggunaan. Uang

jaminan merupakan taksiran harga bersaingyang ditetapkan oleh AKPI denganmempertimbangkan kondisi pasar tertentutetapi tidak melebihi biaya penggantian saatini.

Returnable bottles belongs to AKPI, a Subsidiary, are stated at deposit value and the excess of the acquisition cost of returnable bottles over their deposit values and presented as Deferred Cost under Other Non-current Assets. The excess of the acquisition cost over deposit values are deferred and amortized using the straight-line method over 40 (fourty) times of trip life.Deposit values are estimated competitive

cost established by AKPI considering the specific market conditions but should not exceed the current replacement cost.

n. Pengakuan pendapatan dan beban

Pendapatan diakui apabila besar kemungkinanbahwa manfaat ekonomi akan mengalirkepada Grup dan pendapatan tersebut dapatdiukur secara andal. Kriteria pengakuanberikut khusus juga harus dipenuhi sebelumpendapatan diakui: Pendapatan dari penjualanbarang dan jasa diakui pada saat semua risikosignifikan dan manfaat kepemilikan barangtelah dipindahkan kepada pembeli. Bebandiakui pada saat terjadinya.

n. Revenue and expense recognition

Revenue is recognized to the extend that it is probable that the economis benefit will flow to the Group and the revenue can be reliably measured. The following specific recognition criteria must also be met before revenue is recognized: Revenue from the sale of goods and services are recognized when all significant risks and rewards of ownership of the goods have passed to the buyer.Expenses are recognized as incurred.










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o. Transaksi dan saldo dalam mata uangasing

o. Foreign currency transactions and balances

Transaksi dalam mata uang asing dicatat kedalam Rupiah berdasarkan kurs yang berlakupada saat transaksi dilakukan. Pada tanggalposisi keuangan, aset dan kewajiban moneterdalam mata uang asing disesuaikan ke dalam Rupiah untuk mencerminkan nilai kurs rata-rata antara kurs jual dan kurs beli yangdipublikasikan oleh Bank Indonesia pada hariterakhir transaksi perbankan pada tahuntersebut. Laba atau rugi selisih kurs yangterjadi dikreditkan atau dibebankan padaoperasi periode berjalan.

Transactions in foreign currencies are recorded in Rupiah at the rates of exchange prevailing on the date of the transactions. At financial position date, monetary assets and liabilities denominated in foreign currencies are adjusted into Rupiah to reflect the average of the selling and buying rates of exchange quoted by Bank Indonesia at the last banking transaction date of the year. The resulting net foreign exchange gains or losses are credited or charged to current operations.

2011 2010

1 Euro/Rupiah 12.317 12.216 EUR1/Rupiah 1 Dolar Amerika Serikat/Rupiah 8.709 9.115 U.S. Dollar 1/Rupiah 100 JP¥/Rupiah 10.514 9.771 JP¥100/Rupiah 1 SGD Dolar/Rupiah 6.906 6.505 SGD Dollar 1/Rupiah 1 MYR/Rupiah 2.879 2.784 MYR1/Rupiah

Transaksi dalam mata uang asing lainnya

dinilai tidak signifikan.

Transactions in other foreign currencies are

considered not significant.

p. Imbalan kerja karyawan p. Employees’ service entitlement benefits

Grup mencatat penyisihan untuk imbalan kerjakaryawan sesuai dengan Undang-undangKetenagakerjaan No. 13/2003 tanggal25 Maret 2003 (UU). Berdasarkan UUtersebut, perusahaan-perusahaan diharuskanuntuk membayar uang pesangon,penghargaan masa kerja dan penggantian hakkepada karyawan apabila persyaratan yangditentukan pada UU terpenuhi. Sepertidijelaskan dalam paragraf berikut,

Perusahaan, Bifarma, Fima, Danfar,Sanghiang, Bintang Toedjoe, Hexpharm, KMI,EPMT dan TSJ telah menyelenggarakanprogram dana pensiun untuk karyawannya.Namun, tambahan penyisihan imbalan kerjakaryawan tetap dibuat agar imbalan kerjakaryawan berdasarkan program dana pensiuntersebut dapat memenuhi dan menutupi batasminimum imbalan kerja karyawan yang harusdibayarkan kepada karyawan sesuai denganketentuan UU. Tambahan penyisihan tersebutdiestimasi dengan menggunakan perhitunganaktuaria berdasarkan laporan aktuariaindependen. Perhitungan aktuaria tersebutmenggunakan metode “Projected Unit of Credit” .

The Group recognizes provisions for employees’ service entitlement benefits in accordance with Labor Law No. 13/2003 dated March 25, 2003 (the “Labor Law”).Under the Labor Law, companies are required to pay separation, gratuity and compensation benefits to their employees if the conditions specified in the Labor Law are met. As discussed in the following paragraph,the Company, Bifarma, Fima, Danfar,

Sanghiang, Bintang Toedjoe, Hexpharm,KMI, EPMT and TSJ already maintain and operate formal pension plans for the benefit of their employees. Nevertheless, additional provisions for the estimated liabilities for employees’ service entitlement benefits are made on top of the benefits provided under their formal pension plans, in order to meet and cover the minimum benefits required to be paid to employees under the Labor Law.The additional provisions are estimated using actuarial calculations based on the reports prepared by an independent firm of actuaries.The said actuarial calculations are determined using the “Projected Unit of Credit” method.










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p. Imbalan kerja karyawan (lanjutan) p. Employees’ service entitlement benefits (continued)

Laba atau rugi aktuaria yang timbul daripenyesuaian dan perubahan dalam asumsi-asumsi aktuaria yang jumlahnya melebihi jumlah yang lebih besar dari 10% dari nilaiwajar aset program atau 10% dari nilai kinikewajiban imbalan pasti diakui sebagaipendapatan atau beban selama sisa rata-ratamasa kerja karyawan dengan menggunakanmetode garis lurus. Biaya jasa masa lalu

dibebankan langsung apabila imbalan tersebutmenjadi hak atau vested, dan sebaliknya, akandiakui sebagai beban dengan metode garislurus selama tahun rata-rata sampai imbalantersebut menjadi vested. Selain itu, biaya jasamasa kini dibebankan langsung ke operasionalperiode berjalan.

Actuarial gains or losses arising from experience adjustments and changes in actuarial assumptions in excess of the greater of 10% of the fair value of the plan assets or 10% of the present value of the defined benefit obligations are recognized as income or expense over the expected average remaining service years of the employees using the straight-line method.

Past services cost is recognized immediately to the extent that the benefits are already vested, otherwise, it is amortized on a straight-line method over the average year until the benefits become vested. On the other hand, current service costs are charged directly to operations of the current period.

Seperti yang telah dijelaskan sebelumnya,Perusahaan, Bifarma, Fima, Danfar,Sanghiang, Bintang Toedjoe, Hexpharm, KMI,EPMT dan TSJ menyelenggarakan programpensiun manfaat pasti yang ditujukan untukseluruh karyawan tetap yang memenuhisyarat. Pendanaan dilakukan seluruhnya oleh

Perusahaan dan entitas Anak tersebut yangiurannya ditentukan berdasarkan penilaianaktuaria, termasuk biaya jasa lalu dan biaya jasa kini, yang diamortisasi selama sisa masakerja untuk karyawan yang memenuhi syarat.

As previously discussed, the Company,Bifarma, Fima, Danfar, Sanghiang, Bintang Toedjoe, Hexpharm, KMI, EPMT and TSJ have defined benefit pension plans covering substantially all of their qualified permanent employees. Pension costs are fully funded by the Company and the said Subsidiaries and

consist of actuarially computed contributions covering past service costs and current service costs, which are amortized over the average remaining service years of the qualified/covered emplo yees.

q. Beban (manfaat) pajak penghasilan q. Income tax expense (benefits)

Pajak penghasilan badan dihitung untuk setiapperusahaan sebagai badan hukum yangberdiri sendiri.

Corporate income tax is determined for each company as a separate legal entity.

Beban pajak kini ditetapkan berdasarkantaksiran laba kena pajak periode berjalan.Pajak tangguhan diakui atas perbedaantemporer antara aset dan kewajiban untuktujuan komersial dan untuk tujuan perpajakansetiap tanggal pelaporan. Aset pajaktangguhan yang berasal dari rugi fiskal yangdapat dikompensasikan diakui apabila besarkemungkinan bahwa jumlah laba fiskal padamasa mendatang akan memadai untukdikompensasi dengan saldo rugi fiskal yangbelum digunakan.

Current tax expense is provided based on the estimated taxable income for the period.Deferred tax is provided on all temporary differences between the financial and the tax bases of assets and liabilities at each reporting date. Deferred tax assets relating to the carry-forward of unused tax losses are recognized to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilized.










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q. Beban (manfaat) pajak penghasilan(lanjutan)

q. Income tax expense (benefits) (continued)

Pajak tangguhan dihitung denganmenggunakan tarif pajak yang berlaku atausecara substansial telah berlaku pada tanggallaporan posisi keuangan (neraca). Perubahannilai tercatat aset dan kewajiban pajaktangguhan yang disebabkan oleh perubahantarif pajak dibebankan pada periode berjalan,

kecuali untuk transaksi-transaksi yangsebelumnya telah langsung dibebankan ataudikreditkan ke ekuitas.

Deferred tax is calculated at the tax rates that have been enacted or substantively enacted at statements of financial position (balance sheet) date. Changes in the carrying amount of deferred tax assets and liabilities due to a change in tax rates are credited or charged to current period operations, except to the

extent that they relate to items previously charged or credited to equity.

Perubahan terhadap kewajiban perpajakandiakui pada saat Surat Ketetapan Pajakditerima atau, jika Grup mengajukankeberatan, pada saat keputusan ataskeberatan tersebut telah ditetapkan.

Amendments to tax obligations are recorded when an assessment is received or, if appealed against by the Group, when the result of the appeal is determined.

r. Instrumen keuangan r. Financial Instrument

Mulai tanggal 1 Januari 2010, Grupmenerapkan PSAK No. 50 (Revisi 2006),“Instrumen Keuangan: Penyajian dan

Pengungkapan”, dan PSAKNo. 55 (Revisi 2006), “Instrumen Keuangan:Pengakuan dan Pengukuran”, yang masing-masing menggantikan PSAK No. 50,“Akuntansi Efek Tertentu” dan PSAK No. 55,”Akuntansi Instrumen Keuangan dan AktivitasLindung Nilai”. Penerapan PSAK revisi inidilakukan secara prospektif.

Starting January 1, 2010, the Group have adopted SFAS No. 50 (Revised 2006),“Financial Instruments: Presentation and

Disclosure”, and SFAS No. 55 (Revised 2006), “Financial Instruments: Recognition and Measurement” which supersedes SFAS No. 50, “Accounting for Investments in Certain Securities” and SFAS No. 55, “Accounting for Financial Instruments and Hedging Activities”. These revised SFAS, have been applied prospectively.

PSAK No. 50 (Revisi 2006) mengaturpersyaratan tentang penyajian instrumenkeuangan dan mengidentifikasi informasi yangharus diungkapkan. Persyaratan penyajiantersebut berlaku terhadap klasifikasi instrumen

keuangan, dari perspektif penerbit, dalam asetkeuangan, kewajiban keuangan, daninstrumen ekuitas; pengklasifikasian yangterkait dengan suku bunga, dividen, kerugiandan keuntungan, dan keadaan di mana asetkeuangan dan kewajiban keuangan akansaling hapus. PSAK ini mensyaratkanpengungkapan, antara lain, informasimengenai faktor yang mempengaruhi jumlah,waktu dan tingkat kepastian arus kas masadatang yang terkait dengan instrumenkeuangan dan kebijakan akuntansi yangdigunakan untuk instrumen tersebut.

The SFAS No. 50 (Revised 2006) contains the requirements for the presentation of financial instruments and identifies the information that should be disclosed. The presentation requirements apply to the

classification of financial instruments, from the perspective of the issuer, into financial assets, financial liabilities and equity instruments; the classification of related interest, dividends, losses and gains; and the circumstances in which financial assets and financial liabilities should be offset. This SFAS requires the disclosure of, among others, information about factors that affect the amount, timing and certainty of an entity’s future cash flows relating to financial instruments and the accounting policies applied to those instruments.










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r. Instrumen keuangan (lanjutan) r. Financial Instrument (continued)

PSAK No. 55 (Revisi 2006) mengatur prinsip-prinsip dasar pengakuan dan pengukuran asetkeuangan, kewajiban keuangan, dan kontrakpembelian dan penjualan item non keuangan.Pernyataan ini, antara lain, memberikandefinisi dan karakteristik terhadap derivatif,kategori instrumen keuangan, pengakuan danpengukuran, akuntansi lindung nilai dan

penetapan hubungan lindung nilai.

SFAS No. 55 (Revised 2006) establishes the principles for recognizing and measuring financial assets, financial liabilities, and some contracts to buy or sell non-financial items.This standard provides for the definitions and characteristics of a derivative, the categories of financial instruments, recognition and measurement, hedge accounting and

determination of hedging relationships,among others.

i. Aset Keuangan i. Financial Assets

Pengakuan awal Initial recognition

Aset keuangan dalam ruang lingkup PSAKNo. 55 diklasifikasikan sebagai asetkeuangan yang dinilai pada nilai wajarmelalui laba atau rugi, pinjaman yangdiberikan dan piutang, investasi yangdimiliki hingga jatuh tempo, dan asetkeuangan tersedia untuk dijual. Grupmenentukan klasifikasi aset keuanganpada saat pengakuan awal dan, jikadiperbolehkan dan sesuai, akan dievaluasikembali setiap akhir periode keuangan.

Financial assets within the scope of the SFAS No. 55 are classified as financial assets at fair value through profit or loss,loans and receivables, held-to-maturity investments and available-for-sale financial assets. The Group determines the classification of its financial assets at initial recognition and, where allowed and appropriate, re-evaluates this designation at each financial period end.

Pada saat pengakuan awal, asetkeuangan diukur pada nilai wajar. Dalamhal investasi tidak diukur pada nilai wajarmelalui laporan laba rugi, nilai wajartersebut ditambah dengan biaya transaksiyang dapat diatribusikan secara langsung.

Financial assets are recognized initially at fair value plus, in the case of investments not at fair value through profit or loss,directly attributable transaction costs.

Pembelian atau penjualan aset keuanganyang memerlukan penyerahan aset dalamkurun waktu yang telah ditetapkan oleh

peraturan dan kebiasan yang berlaku dipasar (pembelian secara reguler) diakuipada tanggal perdagangan, sepertitanggal perusahaan berkomitmen untukmembeli atau menjual aset.

Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or

convention in the marketplace (regular way purchases) are recognized on the trade date, i.e., the date that the companies commit to purchase or sell the assets.

Aset keuangan Grup mencakup kas dansetara kas, investasi jangka pendek,piutang usaha, piutang lain-lain danpenyertaan saham.

The Group’s financial assets include cash and cash equivalents, short-term investments, trade and other receivables and investment in shares of stocks.










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i. Aset Keuangan (lanjutan) i. Financial Assets (continued)

Pengukuran setelah pengakuan awal Subsequent measurement

Pengukuran setelah pengakuan awal dariaset keuangan tergantung pada klasifikasisebagai berikut:

The subsequent measurement of financial assets depends on their classification as follows:

• Aset keuangan yang dinilai pada nilaiwajar melalui laba atau rugi • Financial assets at fair value through profit or loss

Aset keuangan yang dinilai pada nilaiwajar melalui laba atau rugi meliputiaset keuangan yang diklasifikasikandalam kelompok diperdagangkan danaset keuangan yang pada saatpengakuan awalnya telah ditetapkanuntuk dinilai pada nilai wajar melaluilaba atau rugi.

Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss.

Aset keuangan diklasifikasikan sebagaikelompok diperdagangkan jikadiperoleh atau dimiliki untuk tujuandijual dalam waktu dekat. Aset derivatif juga diklasifikasikan dalam kelompokdiperdagangkan kecuali derivatif yangditetapkan sebagai instrumen lindungnilai. Aset keuangan yang dinilai padanilai wajar melalui laba atau rugi dicatatdalam laporan posisi keuangan(neraca) konsolidasi pada nilai wajardengan laba atau rugi diakui dalamlaporan laba rugi konsolidasi.

Financial assets are classified as held for trading if they are acquired for the purpose of selling in the near term.Derivative assets are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets at fair value through profit and loss are carried in the consolidated balance sheet at fair value with gains or losses recognized in the consolidated statement of income.

Derivatif melekat dalam kontrak utamadihitung sebagai derivatif terpisah ketikarisiko dan karakteristiknya tidak

berkaitan dengan kontrak utama dankontrak utama tidak dicatat pada nilaiwajar. Derivatif melekat diukurberdasarkan nilai wajar dengan labaatau rugi yang timbul dari perubahannilai wajar tersebut diakui dalamlaporan laba rugi konsolidasi. Penilaiankembali hanya timbul jika terdapatperubahan kontrak yang secarasignifikan mengubah arus kas yangdipersyaratkan oleh kontrak.

Derivatives embedded in host contracts are accounted for as separate derivatives when their risks and

characteristics are not closely related to those of the host contracts and the host contracts are not carried at fair value.These embedded derivatives are measured at fair value with gains or losses arising from changes in fair value recognized in the consolidated statement of income. Reassessment only occurs if there is a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required.










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Pengukuran setelah pengakuan awal(lanjutan)

Subsequent measurement (continued)

• Pinjaman yang diberikan dan piutang • Loans and receivables

Pinjaman yang diberikan dan piutang

adalah aset keuangan non derivatifdengan pembayaran tetap atau telahditentukan dan tidak mempunyaikuotasi di pasar aktif. Aset keuangantersebut dicatat pada biaya perolehanyang diamortisasi menggunakanmetode tingkat bunga efektif. Laba ataurugi diakui dalam laporan laba rugikonsolidasi pada saat pinjaman danpiutang dihentikan pengakuannya ataumengalami penurunan nilai, sertamelalui proses amortisasi.

Loans and receivables are non-

derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such financial assets are carried at amortized cost using the effective interest rate method. Gains and losses are recognized in the consolidated statement of income when the loans and receivables are derecognized or impaired, as well as through the amortization process.

Kas dan setara kas, piutang usaha danpiutang lain-lain Grup termasuk dalamkategori ini.

The Group’s cash and cash equivalents,trade and other receivables are included in this category.

• Investasi dimiliki hingga jatuh tempo • Held-to-maturity (HTM) investments

Aset keuangan non derivatif denganpembayaran tetap atau telah ditentukandan jatuh temponya telah ditetapkandiklasifikasi sebagai investasi dimilikihingga jatuh tempo jika Grupmempunyai maksud dan kemampuanuntuk memiliki aset keuangan tersebuthingga jatuh tempo. Setelahpengukuran awal, investasi dalamkelompok dimiliki hingga jatuh tempo

diukur pada biaya perolehan yangdiamortisasi dengan menggunakanmetode suku bunga efektif. Metode inimenggunakan suku bunga efektif untukmendiskonto penerimaan kas di masayang akan datang selama perkiraanumur aset keuangan menjadi nilaitercatat bersihnya. Laba atau rugi diakuipada laporan laba rugi konsolidasiketika investasi dihentikanpengakuannya atau mengalamipenurunan nilai, serta melalui prosesamortisasi.

Non-derivative financial assets with fixed or determinable payments and fixed maturities are classified as HTM when the Group has the positive intention and ability to hold them to maturity. After initial measurement, HTM investments are measured at amortized cost using the effective interest rate method. This method uses an effective interest rate that exactly discounts

estimated future cash receipts through the expected life of the financial asset to the net carrying amount of the financial asset. Gains and losses are recognized in the consolidated statement of income when the investments are derecognized or impaired, as well as through the amortization process.










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Pengukuran setelah pengakuan awal(lanjutan)

Subsequent measurement (continued)

• Aset keuangan tersedia untuk dijual • Available-for-sale (AFS) financial assets

Aset keuangan tersedia untuk dijual

adalah aset keuangan non derivatifyang ditetapkan sebagai tersedia untukdijual atau yang tidak diklasifikasikan kedalam tiga kategori sebelumnya.Setelah pengukuran awal, asetkeuangan tersedia untuk dijual diukurpada nilai wajar dengan laba atau rugiyang belum direalisasi diakui dalamekuitas sampai investasi tersebutdihentikan pengakuannya. Pada saatitu, laba atau rugi kumulatif yangsebelumnya diakui dalam ekuitas harusdireklasifikasi ke dalam laba atau rugisebagai penyesuaian reklasifikasi.

AFS financial assets are non-derivative

financial assets that are designated as available-for-sale or are not classified in any of the three preceding categories.After initial measurement, AFS financial assets are measured at fair value with unrealized gains or losses recognized in the shareholders’ equity until the investment is derecognized. At that time, the cumulative gain or loss previously recognized in the shareholders’ equity shall be reclassified to profit or loss as a reclassification adjustment.

Investasi yang diklasifikasi sebagai asetkeuangan tersedia untuk dijual adalahsebagai berikut:

The investments classified as AFS are as follows:

- Investasi pada saham yang tidaktersedia nilai wajarnya dengankepemilikan kurang dari 20% daninvestasi jangka panjang lainnyadicatat pada biaya perolehannya.

- Investments in shares of stock that do not have readily determinable fair value in which the equity interest is less than 20% and other long-term investments are carried at cost.

- Investasi dalam modal saham yangtersedia nilai wajarnya dengankepemilikan kurang dari 20% dicatatpada nilai wajar.

- Investments in equity shares that have readily determinable fair value in which the equity interest is less than 20% are recorded at fair value.

Investasi yang diklasifikasikan sebagaiaset keuangan tersedia untuk dijualadalah investasi jangka pendek daninvestasi jangka panjang yaitu investasipada saham dengan kepemilikankurang dari 20% yang dinyatakansebesar nilai pasar wajar.

Investment classified as AFS are short- term investments in marketable securities and long-term investments that investment in shares of stock which the equity interest is less than 20% which are stated at their fair market values.

Penyertaan saham Grup termasukdalam kategori ini.

The Group’s investment in shares of stocks is included in this category.










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Penghentian pengakuan Derecognition

Penghentian pengakuan atas suatu asetkeuangan (atau, apabila dapat diterapkanuntuk bagian dari aset keuangan ataubagian dari kelompok aset keuangan

sejenis) terjadi bila: (1) hak kontraktualatas arus kas yang berasal dari asetkeuangan tersebut berakhir; atau (2) Grupmemindahkan hak untuk menerima aruskas yang berasal dari aset keuangantersebut atau menanggung kewajibanuntuk membayar arus kas yang diterimatersebut tanpa penundaan yang signifikankepada pihak ketiga melalui suatukesepakatan penyerahan dan salah satudiantara (a) Grup secara substansialmemindahkan seluruh risiko dan manfaatatas kepemilikan aset keuangan tersebut,atau (b) Grup secara substansial tidakmemindahkan dan tidak memiliki seluruhrisiko dan manfaat atas kepemilikan asetkeuangan tersebut, namun telahmemindahkan pengendalian atas asettersebut.

A financial asset (or where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when: (1) the rights to receive cash flows

from the asset have expired; or (2) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

Penurunan nilai aset keuangan Impairment of financial assets

Setiap tanggal laporan, Grupmengevaluasi apakah terdapat bukti yangobyektif bahwa aset keuangan mengalamipenurunan nilai. Untuk menentukanadanya bukti obyektif bahwa kerugianpenurunan nilai aset keuangan telahterjadi, Grup mempertimbangkan faktor-

faktor seperti probabilitas kebangkrutanatau kesulitan keuangan yang signifikandari debitur dan gagal bayar atauketerlambatan pembayaran yangsignifikan.

At each reporting date, the Group assess whether there is any objective evidence that a financial asset is impaired. To determine whether there is objective evidence that an impairment loss on financial assets has incurred, the Group consider factors such as the probability of

insolvency or significant financial difficulties of the debtor and default or significant delay in payments.

Untuk aset keuangan yang dicatat padabiaya perolehan diamortisasi, jika terdapatbukti obyektif bahwa kerugian penurunannilai telah terjadi, jumlah kerugian tersebutdiukur sebagai selisih antara nilai tercatataset dengan nilai kini estimasi arus kasmasa datang (tidak termasuk ekspektasikerugian kredit masa datang yang belum

terjadi). Nilai kini estimasi arus kas masadatang didiskonto menggunakan sukubunga efektif awal dari aset keuangantersebut.

For assets carried at amortized cost, if there is objective evidence that an impairment loss has occurred, the amount of the loss is measured as the difference between the asset’s carrying amount and present value of estimated future cash flow (excluding future expected credit losses that have not yet been incurred).

The present value of the estimated future cash flow is discounted at the financial asset’s original effective interest rate.










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Penurunan nilai aset keuangan (lanjutan) Impairment of financial assets (continued)

Nilai tercatat aset keuangan tersebutdikurangi melalui penggunaan cadanganpenurunan nilai. Jumlah kerugian yangterjadi diakui pada laporan laba rugi

konsolidasi.

The carrying amount of the assets is reduced through the use of allowance for impairment. The impairment loss is recognized in the consolidated statements

of income.

Pinjaman yang diberikan dan piutangbeserta dengan cadangan terkaitdihapuskan jika tidak terdapatkemungkinan yang realistis ataspemulihan di masa mendatang. Jika, padatahun berikutnya, nilai estimasi kerugianpenurunan nilai aset keuangan bertambahatau berkurang karena peristiwa yangterjadi setelah penurunan nilai diakui,maka kerugian penurunan nilai yangdiakui sebelumnya bertambah atauberkurang dengan menyesuaikan poscadangan penurunan nilai. Jika di masa

mendatang, penghapusan tersebut dapatdipulihkan, jumlah pemulihan tersebutdiakui pada laba atau rugi.

Loans and receivables, together with the associated allowance, are written off when there is no realistic prospect of future recovery. If, in a subsequent year, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance for impairment account. If a future write-off is later recovered, the recovery is recognized in profit or loss.

ii. Kewajiban Keuangan ii. Financial Liabilities

Pengakuan awal Initial recognition

Kewajiban keuangan dalam ruang lingkupPSAK No. 55 diklasifikasikan sebagaikewajiban keuangan yang diukur pada nilaiwajar melalui laba atau rugi, hutang danpinjaman atau derivatif yang telahditetapkan untuk tujuan lindung nilai yang

efektif, jika sesuai. Grup menentukanklasifikasi kewajiban keuangan pada saatpengakuan awal.

Financial liabilities within the scope of the SFAS No. 55 are classified as financial liabilities at fair value through profit or loss,loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group

determines the classification of their financial liabilities at initial recognition.

Saat pengakuan awal, kewajiban keuangandiukur pada nilai wajar dan, dalam halhutang dan pinjaman, termasuk biayatransaksi yang dapat diatribusikan secaralangsung.

Financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, inclusive of directly attributable transaction costs.

Kewajiban keuangan Grup mencakuppinjaman jangka pendek, hutang usaha,hutang lain-lain, biaya masih harus dibayardan hutang sewa pembiayaan.

The Group’s financial liabilities include short-term loans, trade and other payables,accrued expenses and obligations under finance leases.










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ii. Kewajiban Keuangan (lanjutan) ii. Financial Liabilities (continued)

Pengukuran setelah pengakuan awal Subsequent measurement

Pengukuran kewajiban keuanganbergantung pada klasifikasi sebagaiberikut:

The measurement of financial liabilities depends on their classification as follows:

• Kewajiban keuangan yang diukur padanilai wajar melalui laba atau rugi.

• Financial liabilities at fair value through profit or loss.

Kewajiban keuangan yang diukur padanilai wajar melalui laba atau rugimencakup kewajiban keuangan yangdiklasifikasikan dalam kelompokdiperdagangkan dan kewajibankeuangan yang pada saat pengakuanawalnya, telah ditetapkan, diukur padanilai wajar melalui laba atau rugi.

Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition at fair value through profit or loss.

Kewajiban keuangan diklasifikasikandalam kelompok diperdagangkan jikadiperoleh atau dimiliki untuk tujuandijual dalam waktu dekat. Kewajibanderivatif juga diklasifikasikan dalamkelompok diperdagangkan kecualiderivatif yang ditetapkan sebagaiinstrumen lindung nilai yang efektif.

Financial liabilities are classified as held for trading if they are acquired for the purpose of selling in the near term.Derivative liabilities are also classified as held for trading unless they are designated as effective hedging instruments.

Laba atau rugi atas kewajiban dalamkelompok diperdagangkan harus diakuidalam laporan laba rugi konsolidasi.

Gains or losses on liabilities held for trading are recognized in the consolidated statement of income.

• Hutang dan pinjaman • Loans and borrowings

Setelah pengakuan awal, hutang dan

pinjaman yang dikenakan bunga diukurpada biaya perolehan diamortisasidengan menggunakan metode sukubunga efektif.

After initial recognition, interest-bearing

loans and borrowings are subsequently measured at amortized cost using the effective interest rate method.

Laba atau rugi harus diakui dalamlaporan laba rugi konsolidasi ketikakewajiban tersebut dihentikanpengakuannya serta melalui prosesamortisasinya.

Gains and losses are recognized in the consolidated statement of income when the liabilities are derecognized as well as through the amortization process.










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ii. Kewajiban Keuangan (lanjutan) ii. Financial Liabilities (continued)

Penghentian pengakuan Derecognition

Kewajiban keuangan dihentikanpengakuannya ketika kewajiban yangditetapkan dalam kontrak dihentikan ataudibatalkan atau kadaluwarsa.

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or has expired.

Ketika kewajiban keuangan awaldigantikan dengan kewajiban keuanganlain dari pemberi pinjaman yang samadengan ketentuan yang berbeda secarasubstansial, atau modifikasi secarasubstansial atas kewajiban keuanganyang saat ini ada, maka pertukaran ataumodifikasi tersebut dicatat sebagaipenghapusan kewajiban keuangan awaldan pengakuan kewajiban keuangan barudan selisih antara nilai tercatat kewajibankeuangan tersebut diakui dalam laba ataurugi.

When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in profit or loss.

iii. Saling hapus instrumen keuangan iii. Offsetting of financial instruments

Aset keuangan dan kewajiban keuangansaling hapus dan nilai bersihnya disajikandalam laporan posisi keuangan (neraca)konsolidasi jika, dan hanya jika, terdapathak yang berkekuatan hukum untukmelakukan saling hapus atas jumlah yangtelah diakui dari aset keuangan dankewajiban keuangan tersebut danterdapat intensi untuk menyelesaikandengan menggunakan dasar neto, atauuntuk merealisasikan aset danmenyelesaikan kewajibannya secarabersamaan.

Financial assets and financial liabilities are offset and the net amount reported in the consolidated statements of financial position (balance sheet) if, and only if,there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously.

iv. Nilai wajar instrumen keuangan iv. Fair value of financial instruments

Nilai wajar instrumen keuangan yangsecara aktif diperdagangkan di pasarkeuangan ditentukan dengan mengacupada kuotasi harga pasar yang berlakupada penutupan pasar pada akhir tahunpelaporan. Untuk instrumen keuanganyang tidak diperdagangkan di pasar aktif,nilai wajar ditentukan denganmenggunakan teknik penilaian. Teknikpenilaian tersebut meliputi penggunaantransaksi pasar terkini yang dilakukansecara wajar (arm’s-length market

transactions), referensi atas nilai wajarterkini dari instrumen lain yang secarasubstantial sama, analisis arus kas yangdidiskonto, atau model penilaian lainnya.

The fair value of financial instruments that are actively traded in organized financial markets is determined by reference to quoted market bid prices at the close of business at the end of the reporting year.For financial instruments where there is no active market, fair value is determined using valuation techniques. Such techniques may include using recent arm’s-length market transaction, reference to the current fair value of another instrument that is substantially the same,

discounted cash flow analysis, or other valuation models.










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s. Informasi segmen operasi s. Operating segment information

Segmen merupakan komponen Grup yangdapat dibedakan dalam menghasilkan produkatau jasa (segmen usaha), atau menghasilkanproduk atau jasa dalam suatu lingkunganekonomi (segmen geografis).

A segment is a distinguishable component of the Group that is engaged either in providing products or services (business segment),or in providing products or services within a particular economic environment (geographical segment).

Segmen usaha menyajikan produk atau jasayang memiliki risiko dan hasil yang berbeda

dengan risiko dan hasil segmen usaha yanglain. Segmen geografis menyajikan produkatau jasa pada lingkungan ekonomi tertentudan komponen tersebut memiliki risiko danimbalan yang berbeda dengan risiko danimbalan pada komponen yang beroperasipada lingkungan ekonomi (wilayah) lain.

Business segments provide products or services that are subject to risks and returns

that are different from those of other business segments. Geographical segments provide products or services within a particular economic environment that is subject to risks and returns that are different from those of components operating in other economic environments (area).

t. Laba per saham

Sesuai dengan PSAK No. 56, “Laba Per Saham” , laba usaha dan laba periode berjalanyang dapat diatribusikan kepada pemilikentitas induk per saham dihitung denganmembagi masing-masing laba usaha dan laba

periode berjalan yang dapat diatribusikankepada pemilik entitas induk dengan jumlahrata-rata tertimbang saham yang beredar padaperiode yang bersangkutan (setelah dikurangidengan saham yang dibeli kembali).

t. Earnings per share

In accordance with SFAS No. 56, “Earnings Per Share”, basic income from operations and profit for the periods attributable to equity holders of the parent per share are computed by dividing income from operations and

profit for the periods attributable to equity holders of the parent, respectively, by the weighted-average number of shares outstanding during the period (less treasury stock).

u. Pernyataan standar akuntansi keuanganyang berlaku efektif tanggal 1 Januari 2011

u. Statements of financial accounting standards effective on January 1, 2011

Pernyataan standar akuntansi keuangan yangefektif berlaku pada atau setelah tanggal1 Januari 2011:

Statements of financial accounting standards effective on or after January 1, 2011:

- PSAK 1 (Revisi 2009), “Penyajian LaporanKeuangan”, menetapkan dasar-dasar

bagi penyajian laporan keuanganbertujuan umum (general purpose financial statements ) agar dapatdibandingkan baik dengan laporankeuangan periode sebelumnya maupundengan laporan keuangan entitas lain.

- SFAS 1 (Revised 2009), “Presentation of Financial Statements”, prescribes the

basis for presentation of general purpose financial statements to ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities.

- PSAK 2 (Revisi 2009), “Laporan ArusKas”, memberikan pengaturan atasinformasi mengenai perubahan historisdalam kas dan setara kas melalui laporanarus kas yang mengklasifikasikan aruskas berdasarkan aktivitas operasi,investasi, maupun pendanaan (financing )

selama suatu periode.

- SFAS 2 (Revised 2009), “Statement of Cash Flows”, requires the provision of information about the historical changes in cash and cash equivalents by means of a statement of cash flows which classifies cash flows during the period from operating, investing and financing

activities.










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u. Pernyataan standar akuntansi keuanganyang berlaku efektif tanggal 1 Januari 2011(lanjutan)

u. Statements of financial accounting standards effective on January 1, 2011(continued)

Pernyataan standar akuntansi keuangan yangefektif berlaku pada atau setelah tanggal1 Januari 2011 (lanjutan):

Statements of financial accounting standards effective on or after January 1, 2011(continued):

- PSAK 3 (Revisi 2010), “LaporanKeuangan Interim”, menentukan isiminimum laporan keuangan interim sertaprinsip pengakuan dan pengukuran dalam

laporan keuangan lengkap atau ringkasuntuk periode interim.

- SFAS 3 (Revised 2010), “Interim Financial Reporting”, prescribes the minimum contents of an interim financial report and the principles for recognition

and measurement in complete or condensed financial statements for an interim period.

- PSAK 4 (Revisi 2009), “LaporanKeuangan Konsolidasian dan LaporanKeuangan Tersendiri”, akan diterapkandalam penyusunan dan penyajian laporankeuangan konsolidasian untuksekelompok entitas yang berada dalampengendalian suatu entitas induk dandalam akuntansi untuk investasi padaentitas anak, pengendalian bersamaentitas, dan entitas asosiasi ketika laporankeuangan tersendiri disajikan sebagai

informasi tambahan.

- SFAS 4 (Revised 2009), “Consolidated and Separate Financial Statements”,shall be applied in the preparation and presentation of consolidated financial statements for a group of entities under the control of a parent and in accounting for investments in subsidiaries, jointly controlled entities and associates when separate financial statements are presented as additional information.

- PSAK 5 (Revisi 2009), “Segmen Operasi”,informasi segmen diungkapkan untukmemungkinkan pengguna laporankeuangan untuk mengevaluasi sifat dandampak keuangan dari aktivitas bisnisyang mana entitas terlibat dan lingkunganekonomi dimana entitas beroperasi.

- SFAS 5 (Revised 2009), “Operating Segments”, segment information is disclosed to enable users of financial statements to evaluate the nature and financial effects of the business activities in which the entity engages and the economic environments in which it operates.

- PSAK 7 (Revisi 2010), “PengungkapanPihak-pihak Berelasi”, mensyaratkanpengungkapan hubungan, transaksi dansaldo pihak-pihak berelasi, termasuk

komitmen, dalam laporan keuangankonsolidasian dan laporan keuangantersendiri entitas induk, dan jugaditerapkan terhadap laporan keuangansecara individual.

- SFAS 7 (Revised 2010), “Related Party Disclosures”, requires disclosure of related party relationships, transactions and outstanding balances, including

commitments, in the consolidated and separate financial statements of a parent,and also applies to individual financial statements.

- PSAK 8 (Revisi 2010), “Peristiwa SetelahPeriode Laporan”, menentukan kapanentitas menyesuaikan laporankeuangannya untuk peristiwa setelahperiode pelaporan, dan pengungkapantanggal laporan keuangan diotorisasiuntuk terbit dan peristiwa setelah periodepelaporan. Mensyaratkan bahwa entitastidak boleh menyusun laporan keuangan

atas dasar kelangsungan usaha jikaperistiwa setelah periode pelaporanmengindikasikan bahwa penerapanasumsi kelangsungan usaha tidak tepat.

- SFAS 8 (Revised 2010), “Events after the Reporting Period”, prescribes when an entity should adjust its financial statements for events after the reporting period, and disclosures about the date when financial statements were authorized for issue and events after the reporting period. Requires an entity not to prepare financial statements on a going

concern basis if events after the reporting period indicate that the going concern assumption is not appropriate.










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- PSAK 12 (Revisi 2009), “BagianPartisipasi dalam Ventura Bersama”,akan diterapkan untuk akuntansi bagianpartisipasi dalam ventura bersama dan

pelaporan aset, kewajiban, penghasilandan beban ventura bersama dalamlaporan keuangan venturer dan investor,terlepas dari struktur atau bentuk yangmendasari dilakukannya aktivitas venturabersama.

- SFAS 12 (Revised 2009), “Interests in Joint Ventures”, shall be applied in accounting for interests in joint ventures and the reporting of joint venture assets,

liabilities, income and expense in the financial statements of venturers and investors, regardless of the structures or forms under which the joint venture activities take place.

- PSAK 15 (Revisi 2009), “Investasi PadaEntitas Asosiasi”, akan diterapkan untukakuntansi investasi dalam entitasasosiasi. Menggantikan PSAK 15 (1994)“Akuntansi untuk Investasi DalamPerusahaan Asosiasi” dan PSAK 40(1997), “Akuntansi Perubahan EkuitasEntitas Anak/Perusahaan Asosiasi”.

- SFAS 15 (Revised 2009), “Investments in Associates”, shall be applied in accounting for investments in associates.Supersedes SFAS 15 (1994) “Accounting for Investments in Associates” and SFAS 40 (1997), “Accounting for Changes in Equity of Subsidiaries/Associates”.

- PSAK 19 (Revisi 2010) “AsetTakberwujud”, menentukan perlakuanakuntansi bagi aset takberwujud yangtidak diatur secara khusus dalam PSAKlain. Mensyaratkan untuk mengakui asettakberwujud jika, dan hanya jika, kriteriatertentu dipenuhi, dan juga mengatur caramengukur jumlah tercatat dari asettakberwujud dan pengungkapan yangberhubungan.

- SFAS 19 (Revised 2010), “Intangible Assets”, prescribes the accounting treatment for intangible assets that are not dealt with specifically in another SFAS. Requires the recognition of an intangible asset if, and only if, the specified criteria are met, and also specifies how to measure the carrying amount of intangible assets and related disclosures.

- PSAK 22 (Revisi 2010) “KombinasiBisnis”, diterapkan untuk transaksi atau

peristiwa lain yang memenuhi definisikombinasi bisnis guna meningkatkanrelevansi, keandalan, dan daya bandinginformasi yang disampaikan entitaspelapor dalam laporan keuangannyatentang kombinasi bisnis dan dampaknya.

- SFAS 22 (Revised 2010), “Business Combinations”, applies to a transaction

or other event that meets the definition of a business combination to improve the relevance, reliability and comparability of the information that a reporting entity provides in its financial statements about a business combination and its effects.

- PSAK 23 (Revisi 2010) “Pendapatan”,mengidentifikasikan keadaan saat kriteriamengenai pengakuan pendapatan akanterpenuhi, sehingga pendapatan akandiakui. Mengatur perlakuan akuntansiatas pendapatan yang timbul daritransaksi dan kejadian tertentu.Memberikan panduan praktis dalam

penerapan kriteria mengenai pengakuanpendapatan.

- SFAS 23 (Revised 2010), “Revenue”,identifies the circumstances in which the criteria on revenue recognition will be met and, therefore, revenue will be recognized. Prescribes the accounting treatment of revenue arising from certain types of transactions and events.Provides practical guidance on the

application of the criteria on revenue recognition.










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- PSAK 25 (Revisi 2009), “KebijakanAkuntansi, Perubahan EstimasiAkuntansi, dan Kesalahan”, menentukan

kriteria untuk pemilihan dan perubahankebijakan akuntansi, bersama denganperlakuan akuntansi dan pengungkapanatas perubahan kebijakan akuntansi,perubahan estimasi akuntansi, dankoreksi kesalahan.

- SFAS 25 (Revised 2009), “Accounting Policies, Changes in Accounting Estimates and Errors”, prescribes the

criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and corrections of errors.

- PSAK 48 (Revisi 2009), “Penurunan NilaiAset”, menetapkan prosedur-proseduryang diterapkan agar aset dicatat tidakmelebihi jumlah terpulihkan dan jika asettersebut terjadi penurunan nilai, rugipenurunan nilai harus diakui.

- SFAS 48 (Revised 2009), “Impairment of Assets”, prescribes the procedures applied to ensure that assets are carried at no more than their recoverable amount and if the assets are impaired, an impairment loss should be recognized.

- PSAK 57 (Revisi 2009), “Provisi, LiabilitasKontinjensi, dan Aset Kontinjensi”,bertujuan untuk mengatur pengakuan danpengukuran kewajiban diestimasi,kewajiban kontinjensi dan aset kontinjensiserta untuk memastikan informasimemadai telah diungkapkan dalamcatatan atas laporan keuangan untukmemungkinkan para penggunamemahami sifat, waktu, dan jumlah yangterkait dengan informasi tersebut.

- SFAS 57 (Revised 2009), “Provisions,Contingent Liabilities and Contingent Assets”, aims to provide that appropriate recognition criteria and measurement bases are applied to provisions,contingent liabilities and contingent assets and to ensure that sufficient information is disclosed in the notes to enable users to understand the nature,timing and amount related to the information.

- PSAK 58 (Revisi 2009), “Aset TidakLancar yang Dimiliki untuk Dijual danOperasi yang Dihentikan”, bertujuan

untuk mengatur akuntansi untuk asetyang dimiliki untuk dijual, serta penyajiandan pengungkapan operasi dihentikan.

- SFAS 58 (Revised 2009), “Non-Current Assets, Held for Sale and Discontinued Operations”, aims to specify the

accounting for assets held for sale, and the presentation and disclosure of discontinued operations.

- ISAK 9, “Perubahan atas Liabilitas PurnaOperasi, Liabilitas Restorasi, dan LiabilitasSerupa”, diterapkan terhadap setiapperubahan pengukuran atas aktivitaspurna-operasi, restorasi atau kewajibanyang serupa yaitu diakui sebagai bagiandari biaya perolehan aset tetap sesuaiPSAK 16 dan sebagai kewajiban sesuaiPSAK 57.

- ISAK 9, “Changes in Existing Decommissioning, Restoration and Similar Liabilities”, applies to changes in the measurement of any existing decommissioning, restoration or similar liability recognised as part of the cost of an item of property and equipment in accordance with SFAS 16 and as a liability in accordance with SFAS 57.










46







- ISAK 10, “Program Loyalitas Pelanggan”,berlaku untuk penghargaan kredit loyalitaspelanggan yang diberikan kepadapelanggan sebagai bagian dari transaksi

penjualan, dan tergantung pemenuhanatas setiap kondisi lebih lanjut yangdipersyaratkan, pelanggan dapat menukarbarang atau jasa secara gratis ataudengan potongan harga dimasa yangakan datang.

- ISAK 10, “Customer Loyalty Programmes”, applies to customer loyalty award credits granted to customers as part of a sales transaction, and subject to

meeting any further qualifying conditions,the customers can redeem in the future for free or discounted goods or services.

- ISAK 11, “Distribusi Aset Nonkas KepadaPemilik”, diterapkan untuk distribusisearah (nonreciprocal ) aset oleh entitaskepada pemilik dalam kapasitasnyasebagai pemilik, seperti distribusi asetnonkas dan distribusi yang memberikanpilihan kepada pemilik untuk menerimaaset nonkas atau alternatif kas.

- ISAK 11, “Distributions of Non-Cash Assets to Owners”, applies to types of non-reciprocal distributions of assets by an entity to its owners acting in their capacity as owners, i.e., distributions of non-cash assets and distributions that give owners a choice of receiving either non- cash assets or a cash alternative.

- ISAK 12, “Pengendalian Bersama Entitas(PBE): Kontribusi Nonmoneter olehVenturer”, berkaitan dengan akuntansiventure untuk kontribusi nonmoneter kePBE dalam pertukaran dengan bagianpartisipasi ekuitas PBE yang dicatat baikdengan metode ekuitas atau konsolidasiproporsional.

- ISAK 12, “Jointly Controlled Entities (JCE): Non-Monetary Contributions by Venturers””, deals with the venturer's accounting for non-monetary contributions to a JCE in exchange for an equity interest in the JCE accounted for using either the equity method or proportionate consolidation.

- ISAK 17, “Laporan Keuangan Interim danPenurunan Nilai”, mensyaratkan bahwaentitas tidak membalik rugi penurunannilai yang diakui pada periode interimsebelumnya berkaitan dengan goodwill

atau investasi pada instrumen ekuitasatau aset keuangan yang dicatat padabiaya perolehan.

- ISAK 17, “Interim Financial Reporting and Impairment”, requires that en entity shall not reverse an impairment loss recognized in a previous interim period in respect of goodwill or an investment in either an

equity instrument or a financial asset carried at cost.

v. Penggunaan estimasi

Penyusunan laporan keuangan konsolidasiberdasarkan prinsip akuntansi yang berlakuumum di Indonesia mengharuskan manajemenuntuk membuat estimasi-estimasi dan asumsi-asumsi yang mempengaruhi jumlah yangdilaporkan dalam laporan keuangan.Sehubungan adanya unsur ketidakpastiandalam penetapan estimasi, maka jumlahsesungguhnya yang akan dilaporkan di masamendatang mungkin dapat berbeda dari jumlah yang diestimasi tersebut.

v. Use of estimates

The preparation of the consolidated financial statements, in conformity with generally accepted accounting principles in Indonesia,requires management to make estimations and assumptions that affect the amounts reported therein. Due to inherent uncertainties in making estimates, actual results to be reported in future periods may be based on amounts that differ from those estimates.










47

3. PENJUALAN KEPEMILIKAN SAHAM(DIVESTASI) PT KAGEO IGAR JAYA Tbk.(KAGEO IGAR)

3. DIVESTMENT OF PT KAGEO IGAR JAYA Tbk.(KAGEO IGAR)

Pada tanggal 12 Agustus 2010, Perusahaan danPT Kingsford Holdings, pihak ketiga,menandatangani perjanjian Pemindahan Hak atasSaham yang diaktakan dengan akta notarisP. Suandi Halim, S.H., No. 28, dimana Perusahaansetuju untuk menjual kepemilikan sahamPerusahaan pada Kageo Igar sejumlah610.058.500 saham atau setara dengan 58,10%kepemilikan dengan harga penjualan sebesar

Rp112.860.822.500 (selanjutnya disebut TransaksiDivestasi). Dengan transaksi tersebut, efektif padatanggal 1 Agustus 2010, laporan keuangankonsolidasi Kageo Igar tidak lagi dikonsolidasikanke dalam laporan keuangan konsolidasi Grup,sedangkan hasil usaha konsolidasi Kageo Igaruntuk tujuh bulan sampai dengan tanggal 31 Juli2010 dikonsolidasikan ke dalam laporan laba rugikonsolidasi Grup sesuai dengan PSAK No. 4,“Laporan Keuangan Konsolidasi”. Rugi ataspenjualan saham Perusahaan pada Kageo Igartersebut sebesar Rp18.665.443.510 dicatatsebagai “Rugi Penjualan Saham Entitas Anak,Bersih” sebagai bagian dari “Penghasilan (Beban)Lain-Lain” dalam laporan laba rugi konsolidasitahun 2010.

On August 12, 2010, the Company and PT Kingsford Holdings, a third party, signed the Transfer of Shares agreement which was covered by notarial deed No. 28 of P. Suandi Halim, S.H.,whereby the Company agreed to sell its shares ownership in Kageo Igar consisting of 610,058,500 shares or equivalent to 58.10% ownership at the sale price of Rp112,860,822,500 (subsequently referred to herein as Divestment

Transaction). As a result of this transaction,starting from August 1, 2010, the consolidated financial statements of Kageo Igar had been deconsolidated from the consolidated financial statements of the Group, while the result of consolidated operations of Kageo Igar incurred for the seven months ended July 31, 2010 had been included in the consolidated statements of income of the Group in accordance with SFAS No. 4,“Consolidated Financial Statements”. Loss on sale of the Company’s shares in Kageo Igar amounting to Rp18,665,443,510 was recorded as “Loss on Sale of Shares in Subsidiaries, Net” under “Other Income (Charges)” in the 2010 consolidated statement of income.

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

Kas dan setara kas terdiri dari: Cash and cash equivalents consist of the following:

2011 2010

Kas Cash on hand Rupiah 20.212.237.256 18.602.291.283 Rupiah Dolar A.S. 1.313.913.911 1.827.504.883 U.S. Dollar Mata uang lainnya 949.612.948 127.223.138 Other currencies

Sub-jumlah 22.475.764.115 20.557.019.304 Sub-total

Bank - pihak ketiga Cash in banks - third parties Rupiah Rupiah

PT Bank Danamon Indonesia Tbk. 63.841.938.694 60.880.932.773 PT Bank Danamon Indonesia Tbk.PT Bank Central Asia Tbk. 30.177.348.715 22.562.874.372 PT Bank Central Asia Tbk.PT Bank CIMB Niaga Tbk. 19.730.042.536 4.267.763.348 PT Bank CIMB Niaga Tbk.PT Bank Permata Tbk. 19.141.813.906 53.623.951.677 PT Bank Permata Tbk. Citibank N.A., Jakarta 16.369.494.750 19.355.130.711 Citibank N.A., Jakarta PT Bank Mandiri (Persero) Tbk. 13.973.635.913 21.012.361.365 PT Bank Mandiri (Persero) Tbk. Bank OCBC NISP 1.083.893.645 6.512.715.338 Bank OCBC NISP Lain-lain (masing-masing di bawah

Rp5 miliar) 9.492.748.307 8.988.672.494 Others (each below Rp5 billion)Dolar A.S. U.S. Dollar

Citibank N.A., Jakarta 46.890.470.962 73.525.549.319 Citibank N.A., Jakarta PT Bank Central Asia Tbk. 19.727.904.767 51.116.470.059 PT Bank Central Asia Tbk.

The Hong Kong and Shanghai The Hong Kong and Shanghai Banking Corporation Ltd., Jakarta 12.356.934.650 8.598.796.691 Banking Corporation Ltd., Jakarta

PT Bank Permata Tbk. 11.896.839.652 15.189.526.701 PT Bank Permata Tbk.










48

4. KAS DAN SETARA KAS (lanjutan) 4. CASH AND CASH EQUIVALENTS (continued)

2011 2010

Bank - pihak ketiga (lanjutan) Cash in banks - third parties (continued) Dolar A.S. (lanjutan) U.S. Dollar (continued)

PT Bank CIMB Niaga Tbk. 5.016.326.434 254.172.048 PT Bank CIMB Niaga Tbk.PT Bank Mandiri (Persero) Tbk. 4.288.307.715 5.041.353.497 PT Bank Mandiri (Persero) Tbk. PT Bank Pan Indonesia Tbk. 36.698.768 8.021.057.157 PT Bank Pan Indonesia Tbk.Lain-lain (masing-masing di bawah

Rp5 miliar) 3.255.314.548 5.314.065.696 Others (each below Rp5 billion)Euro Euro

PT Bank Central Asia Tbk. 3.601.882.906 14.549.849.818 PT Bank Central Asia Tbk.Lain-lain (masing-masing di bawah

Rp5 miliar) 618.556.245 1.664.535.535 Others (each below Rp5 billion)

Rand Afrika Selatan South African Rand Standard Bank, Afrika Selatan 3.446.917.431 2.875.316.632 Standard Bank, South Africa

Mata uang lainnya Other currency Lain-lain (masing-masing di bawah

Rp5 miliar) 6.243.443.551 7.344.409.950 Others (each below Rp5 billion)

Sub-jumlah 291.190.514.095 390.699.505.181 Sub-total

Setara kas - call deposit dan deposito Cash equivalents - call and berjangka - pihak ketiga time deposits - third parties Rupiah Rupiah

PT Bank Mandiri (Persero) Tbk. 320.760.461.494 5.728.840.940 PT Bank Mandiri (Persero) Tbk. PT Bank Bukopin Tbk. 259.900.000.000 65.300.000.000 PT Bank Bukopin Tbk. PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia

(Persero) Tbk. 212.018.740.879 13.500.000.000 (Persero) Tbk.PT Bank Tabungan Negara PT Bank Tabungan Negara

(Persero) Tbk. 150.726.107.503 6.000.000.000 (Persero) Tbk. PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah Jawa Barat dan Banten 120.218.983.153 52.657.555.711 Jawa Barat dan Banten

PT Bank Tabungan Pensiunan PT Bank Tabungan Pensiunan Nasional Tbk. 101.007.763.579 73.217.698.238 Nasional Tbk.

PT Bank Permata Tbk. 96.125.550.254 169.800.000.000 PT Bank Permata Tbk. PT Bank Pan Indonesia Tbk. 94.075.666.521 83.667.723.225 PT Bank Pan Indonesia Tbk.PT Bank Internasional Indonesia Tbk. 86.024.452.055 42.500.000.000 PT Bank Internasional Indonesia Tbk. PT Bank CIMB Niaga Tbk. 83.000.000.000 65.500.000.000 PT Bank CIMB Niaga Tbk. PT Bank Negara Indonesia PT Bank Negara Indonesia

(Persero) Tbk. 49.999.995.623 - (Persero) Tbk.PT Bank ICBC Indonesia 49.000.000.000 - PT Bank ICBC Indonesia PT Bank Central Asia Tbk. 21.721.867.130 3.000.000.000 PT Bank Central Asia Tbk. PT Bank UOB Buana 18.200.000.000 35.700.000.000 PT Bank UOB Buana PT Bank Danamon Indonesia Tbk. 13.000.000.000 - PT Bank Danamon Indonesia Tbk.PT Bank Mega Tbk. 12.000.000.000 26.500.000.000 PT Bank Mega Tbk.

PT Bank Commonwealth 6.000.000.000 15.000.000.000 PT Bank Commonwealth PT Bank OCBC NISP Tbk. - 10.800.000.000 PT Bank OCBC NISP Tbk.

Dolar A.S. U.S. Dollar PT Bank Permata Tbk. 104.699.878.608 116.216.313.464 PT Bank Permata Tbk. PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia

(Persero) Tbk. 81.834.830.377 118.437.412.431 (Persero) Tbk. PT Bank Bukopin Tbk. 45.395.055.139 33.425.382.885 PT Bank Bukopin Tbk.PT Bank Negara Indonesia PT Bank Negara Indonesia

(Persero) Tbk. 26.273.266.175 - (Persero) Tbk.PT Bank ICBC Indonesia 22.046.617.433 45.574.999.998 PT Bank ICBC Indonesia PT Bank Internasional Indonesia Tbk. 8.709.000.000 36.460.000.000 PT Bank Internasional Indonesia Tbk. PT Bank Central Asia Tbk. 4.354.500.000 9.115.000.000 PT Bank Central Asia Tbk.PT Bank CIMB Niaga Tbk. 4.354.500.000 31.902.500.000 PT Bank CIMB Niaga Tbk.PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah

Jawa Barat dan Banten - 27.345.000.000 Jawa Barat dan Banten PT Bank UOB Buana Tbk. - 19.141.500.000 PT Bank UOB Buana Tbk.

PT ANZ Panin Bank - 10.938.000.000 PT ANZ Panin Bank PT Bank Mega Tbk. - 4.557.500.000 PT Bank Mega Tbk.










49

4. KAS DAN SETARA KAS (lanjutan) 4. CASH AND CASH EQUIVALENTS (continued)

2011 2010

Setara kas - call deposit dan deposito Cash equivalents - call and berjangka - pihak ketiga (lanjutan) time deposits - third parties (continued)

Euro Euro PT Bank Central Asia Tbk. 4.926.684.000 11.116.914.900 PT Bank Central Asia Tbk.

Peso Filipina Philippines Peso Philippine Business Bank 7.656.108.637 - Philippine Business Bank

Sub-jumlah 2.004.030.028.560 1.133.102.341.792 Sub-total

Jumlah Kas dan Setara Kas 2.317.696.306.770 .544.358.866.277 Total Cash and Cash Equivalents 1

Suku bunga per tahun untuk call deposit dandeposito berjangka serta SBI adalah sebagaiberikut:

Interest rates per annum on call and time deposits and SBIs are as follows:

2011 2010

Call deposit dan deposito berjangka Call and time deposits Rupiah 4,95% - 9,25% 5,50% - 9,55% Rupiah Dolar A.S. 0,25% - 2,75% 1,00% - 4,00% U.S. Dollar Euro 0,10 % - 0,10% 0,10% - 0,10% Euro

5. INVESTASI JANGKA PENDEK 5. SHORT-TERM INVESTMENTS

Investasi jangka pendek terdiri dari obligasi, unit

reksadana, surat berharga lainnya dan depositoberjangka. Rincian akun ini adalah sebagai berikut:

Short-term investments consist of traded bonds,

mutual fund units, other marketable securities and time deposit. The details of this accounts are as follows:

2011 2010

Surat-surat berharga Marketable securities Tersedia untuk dijual Available-for-sale

Obligasi 4.572.225.000 - Bonds Unit reksadana 300.000.000 300.000.000 Mutual fund units Surat berharga lainnya Other marketable securities

(masing-masing di bawah Rp3 miliar) 40.395.000 40.395.000 (each below Rp3 billion) Laba belum direalisasi atas kenaikan Unrealized gains on appreciation

nilai pasar investasi jangka in market values of short-term pendek, bersih investments, net

Perusahaan 507.710.108 95.889.750 Company

Entitas Anak 175.723.472 159.323.944 Subsidiaries

Sub-jumlah 5.596.053.580 595.608.694 Sub-total

Deposito berjangka - pihak ketiga Time deposits - third parties Rupiah Rupiah

PT Bank CIMB Niaga Tbk. - 10.000.000.000 PT Bank CIMB Niaga Tbk.

Sub-jumlah - 10.000.000.000 Sub-total

Investasi Jangka Pendek, Bersih 5.596.053.580 10.595.608.694 Short-term Investments, Net










50

5. INVESTASI JANGKA PENDEK (lanjutan) 5. SHORT-TERM INVESTMENTS (continued)

Suku bunga per tahun untuk obligasi dan depositoberjangka adalah sebagai berikut:

Interest rates per annum on bonds and time deposits is as follows:

2011 2010

Dolar A.S 7,75% - U.S. Dollar Rupiah - 7,00% Rupiah

Pada tanggal 31 Maret 2011, investasi jangkapendek atas obligasi tersedia untuk dijual dalamDolar A.S. adalah sebagai berikut:

As of March 31, 2011, the short-term investments in bonds avalaible-for-sale denominated in U.S.Dollar is as follows:

2011

Harga Perolehan/Rating Cost

PLN 2020 (Majapahit Holding B.V) BB+ 525.000 PLN 2020 (Majapahit Holding B.V)

6. PIUTANG USAHA, BERSIH 6. TRADE RECEIVABLES, NET

Akun ini merupakan piutang usaha kepada pihakketiga yang terdiri dari:

This account consists of trade receivables from third parties with details as follows:

2011 2010

Pelanggan dalam negeri 1.191.158.812.257 1.117.795.324.973 Domestic customers

Pelanggan luar negeri 114.011.813.901 83.699.272.589 Foreign customers Jumlah 1.305.170.626.158 1.201.494.597.562 Total Dikurangi cadangan penurunan nilai (8.236.612.313) (9.637.649.029) Less allowance for impairment

Piutang Usaha, Bersih 1.296.934.013.845 .191.856.948.533 Trade Receivables, Net 1

Analisis piutang usaha berdasarkan umur piutangpada tanggal 31 Maret 2011 dan 2010 adalahsebagai berikut:

An aging analysis of the trade receivables as of March 31, 2011 and 2010 is as follows:

2011

Mata Uang Asing(Setara dalam

Rupiah)/

Foreign Currencies (Equivalent Jumlah/

Rupiah Rupiah) Total

Lancar 854.162.230.987 114.308.179.580 968.470.410.567 Current Lewat jatuh tempo Overdue

1 - 30 hari 225.643.758.770 22.845.675.086 248.489.433.856 1 - 30 days 31 - 60 hari 29.217.265.784 12.054.188.037 41.271.453.821 31 - 60 days 61 - 90 hari 13.057.025.104 9.088.509.568 22.145.534.672 61 - 90 days Lebih dari 90 hari 15.479.486.355 9.314.306.887 24.793.793.242 Over 90 days

Jumlah 1.137.559.767.000 167.610.859.158 1.305.170.626.158 Total Dikurangi cadangan

penurunan nilai (6.403.286.035) (1.833.326.278) (8.236.612.313) Less allowance for impairment

Piutang Usaha, Bersih 1.131.156.480.965 880 1.296.934.013.845 Trade Receivables, Net 165.777.532.










51

6. PIUTANG USAHA, BERSIH (lanjutan) 6. TRADE RECEIVABLES, NET (continued)

2010

Mata Uang Asing(Setara dalam

Rupiah)/Foreign

Currencies (Equivalent Jumlah/

Rupiah Rupiah) Total

Lancar 769.338.354.833 106.173.280.920 875.511.635.753 Current Lewat jatuh tempo Overdue

1 - 30 hari 218.709.863.493 24.406.267.277 243.116.130.770 1 - 30 days

31 - 60 hari 31.173.794.170 12.998.322.828 44.172.116.998 31 - 60 days 61 - 90 hari 14.810.071.283 3.906.617.083 18.716.688.366 61 - 90 days Lebih dari 90 hari 13.866.996.578 6.111.029.097 19.978.025.675 Over 90 days

Jumlah 1.047.899.080.357 153.595.517.205 1.201.494.597.562 Total Dikurangi cadangan

penurunan nilai (7.718.855.939) (1.918.793.090) (9.637.649.029) Less allowance for impairment

Piutang Usaha, Bersih 5 .191.856.948.533 Trade Receivables, Net 1.040.180.224.418 151.676.724.11 1

Analisis mutasi saldo cadangan penurunan nilaipiutang usaha adalah sebagai berikut:

An analysis of the movements in balance of allowance for impairment on trade receivables is as follows:

2011 2010

Saldo awal periode 8.332.605.382 7.379.112.880 Balance at beginning of period Penambahan selama periode berjalan - 2.312.480.014 Additional provisions during the period Pemulihan selama periode berjalan (95.993.069) (53.943.865) Reversal of write-off during the period

Saldo akhir periode 8.236.612.313 9.637.649.029 Balance at end of period

Berdasarkan hasil penelaahan keadaan akunpiutang masing-masing pelanggan pada akhirperiode, manajemen Grup berpendapat bahwa jumlah cadangan penurunan nilai piutang usahatersebut di atas cukup untuk menutupkemungkinan kerugian atas tidak tertagihnyapiutang usaha.

Based on the review of the status of the individual receivable accounts at end of period, the Group’s management is of the opinion that the above allowance for impairment on trade receivables is adequate to cover the possible losses that may arise from the non-collection of accounts.

Piutang usaha sebesar Rp50,5 milliar pada tanggal31 Maret 2010, digunakan sebagai jaminan ataspinjaman tertentu yang diperoleh seperti dijelaskanpada Catatan 13.

Trade receivables with an aggregate amount of Rp50.5 billion as of March 31, 2010, is pledged as collateral to certain loans as discussed in Note 13.










52

7. SALDO DAN TRANSAKSI SIGNIFIKAN DENGANPIHAK-PIHAK BERELASI

7. SIGNIFICANT BALANCES AND TRANSACTIONS WITH RELATED PARTIES

Dalam kegiatan usaha normal, Grup melakukantransaksi dengan pihak-pihak berelasi tertentu,yaitu berhubungan dengan transaksi asuransi.

The Group, in its regular conduct of business,engages in transactions with certain related parties, consisting of insurance transactions.

Perusahaan dan Entitas Anak tertentu membelipolis asuransi dari PT Asuransi Mitra Maparya(AMM) dengan jumlah keseluruhan nilaipertanggungan asuransi sejumlah Rp3.269 miliar,US$43 juta, SIN$108,53 ribu, JP¥750 ribu danEUR50,21 ribu pada tanggal 31 Maret 2011 dansejumlah Rp3.101 miliar, US$78 juta, SIN$39 ribu,

JP¥750 ribu dan EUR807 ribu pada tanggal31 Maret 2010. Polis asuransi tersebut untukmelindungi sebagian persediaan dan aset tetapdari risiko kerugian akibat kebakaran, kebanjirandan risiko lainnya (Catatan 8 dan 11).

The Company and certain Subsidiaries obtained insurance policies from PT Asuransi Mitra Maparya (AMM), with combined insurance coverage amounting to Rp3,269 billion,US$43 million, SIN$108.53 thousand, JP¥750 thousand and EUR50.21 thousand as of March 31, 2011, and Rp3,101 billion, US$78 million,

SIN$39 thousand, JP¥750 thousand and EUR807 thousand as of March 31, 2010. The said insurance policies covered portions of inventories and property, plant and equipment against risks of losses by fire, flood and other risks, on a blanket basis (Notes 8 and 11).

AMM merupakan pihak berelasi terhadap Grupyang tergolong sebagai entitas di bawahsepengendali.

AMM is considered as a related party to the Group in view of common control.

8. PERSEDIAAN, BERSIH 8. INVENTORIES, NET

Persediaan terdiri dari: Inventories consist of:

2011 2010

Barang jadi (Catatan 21) 681.401.833.284 701.622.880.907 Finished goods (Note 21) Barang dagangan (Catatan 21) 479.929.406.337 564.485.241.632 Merchandise inventories (Note 21)Barang dalam proses (Catatan 21) 22.446.796.279 33.717.934.783 Work in-process (Note 21) Bahan baku dan kemasan 322.933.221.880 360.327.159.504 Raw and packaging materials Bahan baku dalam perjalanan 15.023.514.734 7.990.518.831 Materials in-transit Suku cadang dan lain-lain 15.837.227.971 13.838.472.972 Spare parts and others

Jumlah 1.537.572.000.485 1.681.982.208.629 Total Dikurangi penyisihan persediaan usang (8.995.986.055) (2.433.279.667) Less allowance for inventory obsolence

Bersih 1.528.576.014.430 .679.548.928.962 Net 1

Analisis saldo penyisihan persediaan usang adalahsebagai berikut:

An analysis of the movements in balance of allowance for inventory obsolence is as follows:

2011 2010

Saldo awal periode 9.175.366.436 5.962.901.096 Balance at beginning of period Ditambah (dikurangi): Add (deduct):

Penyisihan periode berjalan 2.268.994.643 - Provisions made during the period Penghapusan persediaan

periode berjalan (2.448.375.024) (3.529.621.429) Write-off of inventory during the period

Saldo akhir periode 8.995.986.055 2.433.279.667 Balance at end of period

Manajemen berpendapat bahwa jumlah penyisihanpersediaan usang yang ada cukup untuk menutupkemungkinan kerugian karena persediaan usang.

Management has the opinion that the allowance for inventory obsolence is adequate to cover the possible losses from the obsolete inventories.

Persediaan dengan nilai tercatat keseluruhan

sejumlah Rp13 miliar pada tanggal 31 Maret 2010,digunakan sebagai jaminan sehubungan denganpinjaman tertentu yang diperoleh, seperti dijelaskandalam Catatan 13.

Inventories with an aggregate carrying amount of

Rp13 billion as of March 31, 2010, are pledged as collateral to certain loans, as discussed in Note 13.










53

8. PERSEDIAAN, BERSIH (lanjutan) 8. INVENTORIES, NET (continued)

Persediaan telah diasuransikan terhadap risikokerugian akibat kebakaran, kebanjiran dan risikolainnya berdasarkan suatu paket polis tertentudengan nilai keseluruhan pertanggungan sejumlahRp1.959 miliar pada tanggal 31 Maret 2011, yangberdasarkan pendapat manajemen Grup adalahcukup untuk menutup kemungkinan kerugian ataspersediaan terhadap risiko yang dipertanggungkan(Catatan 7).

Inventories are covered by insurance against losses by fire, flood and other risks under blanket policies with combined coverage amounting to about Rp1,959 billion as of March 31, 2011, which, in the Group management’s opinion, are adequate to cover the possible losses that may arise from the said insured risks (Note 7).

9. ASET LANCAR LAINNYA 9. OTHER CURRENT ASSETS

Akun ini terdiri dari: This account consists of: 2011 2010

Uang muka biaya operasional 103.200.022.764 102.683.230.022 Operational advances Uang muka pembelian bahan baku Advances for purchase of raw material

dan barang jadi 79.349.111.557 83.388.699.356 and finished goods Biaya dibayar di muka 57.869.048.101 61.583.510.530 Prepaid expenses Lain-lain 5.778.909.863 2.833.537.157 Others

Jumlah 246.197.092.285 250.488.977.065 Total

10. PENYERTAAN SAHAM 10. INVESTMENT IN SHARES OF STOCKS

Rincian akun ini adalah sebagai berikut: The details of this account are as follows:

2011

Laba Belum Direalisasiatas Kenaikan

Nilai Pasar Investasi/Unrealized Gain on Nilai Pasar

Nilai Perolehan/ Appreciation in Market Wajar/ Cost Values of Investments Fair Market value

PT Kageo Igar Jaya Tbk (Kageo Igar) 11.318.955.767 19.131.044.233 30.450.000.000 PT Kageo Igar Jaya Tbk (Kageo Igar)

Penyertaan saham pada Kageo Igar sejumlah52.500.000 saham atau setara dengan 5%

kepemilikan saham merupakan sisa kepemilikansaham Perusahaan akibat transaksi divestasi(Catatan 3).

Investment in shares of Kageo Igar amounting to 52,500,000 shares or equivalent to 5% share

ownership represents the Company’s remaining share ownership as a result of divestment transaction (Note 3).

Berdasarkan akta notaris Sugito Tedjamulja, S.H.,No. 55 tanggal 26 Januari 2010, para pemegangsaham PT Cordlife Indonesia (CI) menyetujui danmensahkan penjualan dan pengalihan seluruhkepemilikan saham Perusahaan di CI yaitusejumlah 192.000 saham atau setara dengan 39%kepemilikan saham kepada pihak ketiga, dengannilai penjualan bersih sebesar Rp2.188.390.400.Laba penjualan penyertaan saham sebesarRp2.188.390.400 dicatat sebagai bagian dari“Penghasilan (Beban) Lain-lain” dalam laporan labarugi konsolidasi tahun 2010.

Based on notarial deed No. 55 of Sugito Tedjamulja, S.H., dated January 26, 2010, the shareholders of PT Cordlife Indonesia (CI)approved and ratified the sale and transfer of all the Company’s shares of ownership in CI or amounting to 192,000 shares or equivalent to 39% ownership to third parties, with the net proceeds amounting to Rp2,188,390,400. Gain on sale of investment in shares of stock amounting to Rp2,188,390,400 are recorded under “Other Income (Charges)” in the 2010 consolidated statement of income.










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11. ASET TETAP 11. PROPERTY, PLANT AND EQUIPMENT

Aset tetap terdiri dari: Property, plant and equipment consist of:

2011

Penambahan/ Pengurangan/Saldo Awal/ Reklasifikasi/ Reklasifikasi/ Saldo Akhir/Beginning Additions/ Deductions/ Ending Balance Reclassifications Reclassifications Balance

Nilai Tercatat Carrying Value Pemilikan Langsung Direct Ownership Tanah dan hak atas tanah 324.334.253.361 7.686.000.000 2.870.659.521 329.149.593.840 Land and landrights Bangunan dan prasarana 586.533.710.850 7.292.925.050 1.038.584.646 592.788.051.254 Buildings and improvements Perbaikan kantor disewa 17.427.199.763 384.060.961 1.154.711.937 16.656.548.787 Leasehold improvements

Mesin dan peralatan 833.700.229.165 5.793.545.546 7.084.563.070 832.409.211.641 Machinery and equipment Office equipment, furniture and Perlengkapan kantor 424.794.010.933 11.585.291.049 5.798.311.636 430.580.990.346 fixtures Kendaraan dan alat Vehicles and transportation

transportasi 209.426.883.695 5.339.487.007 6.263.870.058 208.502.500.644 equipment Peralatan kesehatan 93.685.167.257 5.810.517.241 - 99.495.684.498 Medical equipment

Sub-jumlah 2.489.901.455.024 43.891.826.854 24.210.700.868 2.509.582.581.010 Sub-total

Aset Sewa Pembiayaan Assets Under FInance Lease Kendaraan 1.496.192.310 - 267.460.663 1.228.731.647 Vehicles

Sub-jumlah 1.496.192.310 - 267.460.663 1.228.731.647 Sub-total

Aset dalam Pengerjaan Constructions in Progress Bangunan dan prasarana 195.863.674.823 24.996.647.198 - 220.860.322.021 Buildings and improvements Mesin dan peralatan 77.505.375.384 17.908.379.295 2.093.576.773 93.320.177.906 Machinery and equipment

Sub-jumlah 273.369.050.207 42.905.026.493 2.093.576.773 314.180.499.927 Sub-total

Jumlah Nilai Tercatat 2.764.766.697.541 86.796.853.347 26.571.738.304 2.824.991.812.584 Total Carrying Value

Akumulasi Penyusutan Accumulated Depreciation Pemilikan Langsung Direct Ownership Tanah dan hak atas tanah 1.212.733.358 - 1.212.733.358 - Land and landrights Bangunan dan prasarana 199.433.744.739 13.450.754.175 1.038.584.646 211.845.914.268 Buildings and improvements Perbaikan kantor disewa 9.155.203.312 508.194.030 872.705.802 8.790.691.540 Leasehold improvements Mesin dan peralatan 462.226.225.817 15.129.052.887 944.517.846 476.410.760.858 Machinery and equipment

Office equipment, furniture Perlengkapan kantor 302.056.120.263 12.855.655.287 1.172.067.322 313.739.708.228 and fixtures Kendaraan dan alat Vehicles and transportation

transportasi 153.479.099.017 6.183.892.249 6.263.870.058 153.399.121.208 equipment Peralatan kesehatan 31.341.760.313 3.247.320.287 96.985.504 34.492.095.096 Medical equipment


Aset Sewa Pembiayaan Assets Under Finance Lease Kendaraan 595.779.624 70.068.233 119.286.780 546.561.077 Vehicles

Sub-jumlah 595.779.624 70.068.233 119.286.780 546.561.077 Sub-total

Jumlah AkumulasiPenyusutan 1.159.500.666.443 51.444.937.148 11.720.751.316 1.199.224.852.275 Total Accumulated Depreciation

Nilai Buku 5.266.031.098 .625.766.960.309 Net Book Value 1.60 1










55

11. ASET TETAP (lanjutan) 11. PROPERTY, PLANT AND EQUIPMENT (continued)

2010

Penambahan/ Pengurangan/Saldo Awal/ Reklasifikasi/ Reklasifikasi/ Saldo Akhir/Beginning Additions/ Deductions/ Ending Balance Reclassifications Reclassifications Balance

Nilai Tercatat Carrying Value Pemilikan Langsung Direct Ownership Tanah dan hak atas tanah 265.653.181.322 - - 265.653.181.322 Land and landrights Bangunan dan prasarana 557.062.978.016 7.353.566.234 - 564.416.544.250 Buildings and improvements Perbaikan kantor disewa 12.753.905.095 565.127.628 940.476.822 12.378.555.901 Leasehold improvements Mesin dan peralatan 919.928.317.603 3.709.921.866 3.151.556.911 920.486.682.558 Machinery and equipment

Office equipment, furniture and Perlengkapan kantor 408.699.222.155 11.619.831.058 1.229.636.323 419.089.416.890 fixtures Kendaraan dan alat Vehicles and transportation

transportasi 216.347.411.946 8.068.987.636 8.568.384.386 215.848.015.196 equipment Peralatan kesehatan 61.401.539.457 674.108.085 - 62.075.647.542 Medical equipment


Aset Sewa Pembiayaan Assets Under FInance Lease Mesin dan peralatan 8.500.000.000 - - 8.500.000.000 Machinery and equipment Kendaraan 1.844.854.000 - 328.029.585 1.516.824.415 Vehicles

Sub-jumlah 10.344.854.000 - 328.029.585 10.016.824.415 Sub-total

Aset dalam Pengerjaan Constructions in Progress Bangunan dan prasarana 61.864.689.182 18.936.586.144 3.601.030.691 77.200.244.635 Buildings and improvements Mesin dan peralatan 35.591.391.511 26.429.634.448 252.897.922 61.768.128.037 Machinery and equipment

Sub-jumlah 97.456.080.693 45.366.220.592 3.853.928.613 138.968.372.672 Sub-total

Jumlah Nilai Tercatat 2.549.647.490.287 77.357.763.099 18.072.012.640 2.608.933.240.746 Total Carrying Value

Akumulasi Penyusutan Accumulated Depreciation Pemilikan Langsung Direct Ownership Tanah dan hak atas tanah 1.117.044.710 23.922.162 - 1.140.966.872 Land and landrights Bangunan dan prasarana 181.360.936.219 8.148.906.016 - 189.509.842.235 Buildings and improvements Perbaikan kantor disewa 6.943.616.375 500.602.026 607.548.553 6.836.669.848 Leasehold improvements Mesin dan peralatan 492.477.719.120 19.946.705.518 785.879.078 511.638.545.560 Machinery and equipment

Office equipment, furniture Perlengkapan kantor 281.856.616.318 14.478.494.687 236.567.672 296.098.543.333 and fixtures Kendaraan dan alat Vehicles and transportation

transportasi 161.468.423.125 4.559.475.656 6.477.047.946 159.550.850.835 equipment Peralatan kesehatan 22.837.117.924 1.828.012.925 - 24.665.130.849 Medical equipment


Aset Sewa Pembiayaan Assets Under Finance Lease Mesin dan peralatan 2.921.323.613 302.205.891 - 3.223.529.504 Machinery and equipment Kendaraan 536.815.802 77.144.903 237.489.146 376.471.559 Vehicles

Sub-jumlah 3.458.139.415 379.350.794 237.489.146 3.600.001.063 Sub-total

Jumlah AkumulasiPenyusutan 1.151.519.613.206 49.865.469.784 8.344.532.395 1.193.040.550.595 Total Accumulated Depreciation

Nilai Buku 8.127.877.081 .415.892.690.151 Net Book Value 1.39 1










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Penyusutan Depreciation

Beban penyusutan sejumlah Rp51.444.937.148dan Rp49.865.469.784 masing-masing padaperiode 2011 dan 2010 yang dibebankan keoperasi sebagai bagian dari berikut ini:

Depreciation expenses in 2011 and 2010 totaling Rp51,444,937,148 and Rp49,865,469,784,respectively, were charged to operations as part of the following:

2011 2010

Beban pabrikasi 23.319.408.402 21.183.107.439 Manufacturing overhead Beban penjualan (Catatan 22) 13.948.971.991 12.131.849.303 Selling expenses (Note 22)Beban umum dan administrasi General and administrative expenses

(Catatan 22) 13.094.989.040 15.562.311.678 (Note 22)

Beban penelitian dan pengembangan Research and development expenses (Catatan 22) 1.081.567.715 988.201.364 (Note 22)

Jumlah 51.444.937.148 49.865.469.784 Total

Penambahan dan Pengurangan Additions and Deductions

Penambahan aset tetap pemilikan langsungtermasuk reklasifikasi dari aset dalampengerjaan sejumlah Rp2.093.576.773 danRp3.853.928.613 masing-masing pada periode2011 dan 2010 dan reklasifikasi aset sewapembiayaan dengan biaya perolehan danakumulasi penyusutan masing-masing sejumlahnihil pada periode 2011 serta Rp328.029.585 dan

Rp237.489.146 pada periode 2010, reklasifikasilainnya serta selisih kurs atas penjabaran laporankeuangan.

Additions to property, plant and equipment under direct ownership include reclassifications from construction in progress with total carrying value amounting to Rp2,093,576,773 and Rp3,853,928,613 in 2011 and 2010, respectively,and reclassifications from assets under capital lease with total carrying value and accumulated depreciation amounting to Nil in 2011,

respectively, and Rp328,029,585 and Rp237,489,146 in 2010, respectively, other reclassifications and differences arising from foreign currency translations.

Pada tanggal 31 Maret 2010, aset tetap di atastermasuk aset tetap milik Kageo Igar. Divestasiaset tetap Kageo Igar dengan nilai tercatat danakumulasi penyusutan masing-masing sebesarRp191.147.600.691 dan Rp147.573.956.230 padatahun 2010 adalah sehubungan dengan transaksidivestasi Kageo Igar (Catatan 3).

As of March 31, 2010 the above property, plant and equipment included property, plant and equipment of Kageo Igar. Divestment of property,plant and equipment of Kageo Igar with total carrying value and accumulated depreciation amounting to Rp191,147,600,691 and Rp147,573,956,230, respectively, in 2010 are in accordance with divestment transaction in Kageo Igar (Note 3).

Analisis laba terkait yang timbul dari penjualan asettetap adalah sebagai berikut:

An analysis of the related gains arising from those sales of property and equipment is as follows:

2011 2010

Harga jual 5.620.951.572 5.769.774.005 Sales proceeds Nilai buku 3.474.793.579 2.012.163.677 Net book value

Gain on sale of property and Laba atas penjualan aset tetap 2.146.157.993 3.757.610.328 equipment

Aset sewa pembiayaan Assets under finance lease

Beberapa Entitas Anak, yaitu: Bifarma (denganPT Tunas Financindo Sarana dan PT Toyota AstraFinancial Services) dan Kalbe International(dengan Toyota Financial Services dan Orix Metro

Leasing and Finance Corporation ) mengadakanperjanjian sewa pembiayaan dengan jangka waktuantara tiga (3) sampai dengan lima (5) tahun untukkendaraan.

Certain subsidiaries, namely Bifarma (with PT Tunas Financindo Sarana and PT Toyota Astra Financial Services) and Kalbe International (with Toyota Financial Services and Orix Metro Leasing

and Finance Corporation), have lease agreements with lease terms ranging from three (3) to five (5)years for vehicles.










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Aset sewa pembiayaan (lanjutan) Assets under finance lease (continued)

Pada tanggal 31 Maret 2011 dan 2010,pembayaran sewa pembiayaan minimum di masayang akan datang berdasarkan perjanjian-perjanjian tersebut adalah sebagai berikut:

Future minimum lease payments of these subsidiaries under the above-mentioned lease commitments as of March 31, 2011 and 2010 are as follows:

Tahun Jatuh Tempo 2011 2010 Year Due

Sampai dengan satu tahun 274.359.888 446.340.721 Within one year Lebih dari satu sampai lima tahun 734.031.272 1.263.017.879 Between one to five years

Jumlah 1.008.391.160 1.709.358.600 Total Bunga yang belum jatuh tempo (179.846.772) (346.901.860) Amount applicable to interest

Hutang sewa pembiayaan 828.544.388 1.362.456.740 Obligations under finance leases Bagian yang jatuh tempo dalam waktu

satu tahun (268.827.757) (401.557.268) Currently maturing portion

Bagian jangka panjang 559.716.631 960.899.472 Long-term portion

Aset dalam pengerjaan Construction in progress

Perusahaan Company

Pada tanggal 31 Maret 2011, bangunan dan

prasarana dalam pengerjaan sejumlahRp186.259.149.958 merupakan perluasan danrenovasi bangunan pabrik. Proyek ini diperkirakanakan selesai pada tahun 2012. Pada tanggal31 Maret 2011, persentase penyelesaian dari asetdalam pengerjaan tersebut (secara finansial)adalah sekitar 45% dari nilai kontrak.

As of March 31, 2011, the buildings and

improvements under construction with total carrying amount of Rp186,259,149,958 consist of extension and renovation of factory building.These projects are estimated to be completed in 2012. As of March 31, 2011, the percentage of completion of these constructions in progress (in financial terms) is about 45% of the total contract value.

Mesin dan peralatan dalam pengerjaan sejumlahRp92.990.520.346 merupakan penambahanfasilitas pabrik. Proyek ini diperkirakan akanselesai pada tahun 2012. Pada tanggal31 March 2011, persentase penyelesaian dari asetdalam pengerjaan tersebut (secara finansial)

adalah sekitar 44% - 62% dari nilai kontrak.

Machinery and equipment under construction/ installation with total carrying amount of Rp92,990,520,346 consist of additions to factory facilities. These projects are estimated to be completed in 2012. As of March 31, 2011, the percentage of completion of these constructions in

progress (in financial terms) is about 44% - 62% of the total contract value.

Entitas Anak Subsidiaries

EPMT EPMT

Pada tanggal 31 Maret 2011, aset dalampengerjaan merupakan renovasi atas bangunandan prasarana EPMT dengan nilai kontraksejumlah Rp33.762.672.063. Pelaksanaanpekerjaan tersebut diestimasikan akan diselesaikansecara keseluruhan pada bulan Juli 2011. Padatanggal 31 Maret 2011, estimasi persentase

penyelesaian dari aset dalam pengerjaan (secarafinansial) adalah sebesar 67% dari nilai kontrak.

As of March 31, 2011, construction in progress represents renovation of the EPMT’s buildings and improvements, which has a total contract value of Rp33,762,672,063. The project is estimated to be completed in July 2011. As of March 31, 2011, the estimated percentage of completion of the said construction in progress (in financial terms) is

approximately 67% of the contract value.










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Aset dalam pengerjaan (lanjutan) Construction in progress (continued)

Entitas Anak (lanjutan) Subsidiaries (continued)

Sanghiang Sanghiang

Mesin dan peralatan dalam pengerjaan sejumlahRp217.975.093 merupakan penambahan fasilitaspabrik. Proyek ini diperkirakan akanselesai pada April 2011. Pada tanggal31 Maret 2011, persentase penyelesaian dari asetdalam pengerjaan tersebut (secara finansial)

adalah sekitar 90% dari nilai kontrak.

Machinery and equipment under construction/ installation with total carrying amount of Rp217,975,093 consist of additions to factory facilities. These projects are estimated to be completed in April 2011. As of March 31, 2011,the percentage of completion of these

constructions in progress (in financial terms) is about 90% of the total contract value.

Saka Saka

Pada tanggal 31 Maret 2011, aset dalampengerjaan merupakan renovasi atas bangunandan prasarana Saka dengan nilai kontrak sejumlahRp838.500.000. Pelaksanaan pekerjaan tersebutdiestimasikan akan diselesaikan secarakeseluruhan pada akhir tahun 2011. Pada tanggal31 Maret 2011, estimasi persentase penyelesaiandari aset dalam pengerjaan (secara finansial)adalah sebesar 41,75% dari nilai kontrak.

As of March 31, 2011, construction in progress represents renovation of the Saka’s buildings and improvements, which has a total contract value of Rp838,500,000. The project is estimated to be completed by the end of year 2011. As of March 31, 2011, the estimated percentage of completion of the said construction in progress (in financial terms) is approximately 41.75% of the contract value.

Bintang Toedjoe Bintang Toedjoe Mesin dan peralatan dalam pengerjaan sejumlahRp111.682.467 merupakan penambahan fasilitaspabrik. Proyek ini diperkirakan akanselesai pada Mei 2011. Pada tanggal31 Maret 2011, persentase penyelesaian dari asetdalam pengerjaan tersebut (secara finansial)adalah sekitar 90% dari nilai kontrak.

Machinery and equipment under construction/ installation with total carrying amount of Rp111,682,467 consist of additions to factory facilities. These projects are estimated to be completed in May 2011. As of March 31, 2011,the percentage of completion of these constructions in progress (in financial terms) is about 90% of the total contract value.

Hal lain-lain Other matters

Hak atas tanah Grup adalah dalam bentuk HakGuna Bangunan (“HGB” ) dengan sisa masamanfaat yang berakhir berkisar antara tahun 2011

sampai dengan tahun 2040. Manajemenberpendapat bahwa masa manfaat hak atas tanahtersebut dapat diperbaharui/diperpanjang padasaat jatuh tempo.

The titles of ownership of the Group on its landrights are all in the form of “Usage Rights for Building” (“Hak Guna Bangunan” or “HGB”) with

limited duration, which have remaining terms expiring on various dates between 2011 until 2040. Management is of the opinion that the terms of the said landrights can be renewed/extended upon expiration.

Aset tetap dengan pemilikan langsung seperti yangterlihat pada tabel sebelumnya diasuransikanterhadap risiko kerugian akibat kebakaran,kebanjiran dan risiko lainnya berdasarkan suatupaket polis tertentu dengan nilai pertanggungankeseluruhan sejumlah Rp1.310 miliar, US$43 juta,EUR50,21 ribu, SIN$108,53 ribu, JP¥750 ribu, danZAR279,92 ribu pada tanggal 31 Maret 2011, yang

berdasarkan pendapat manajemen Grup adalahcukup untuk menutup kemungkinan kerugian atasaset tetap terhadap risiko yang dipertanggungkan(Catatan 7).

All of the property, plant and equipment under direct ownership, as shown in the previous tables,are covered by insurance against losses by fire,flood and other risks under blanket policies with combined insurance coverage totaling Rp1,310 billion, US$43 million,EUR50.21 thousand, SIN$108.53 thousand,JP¥750 thousand and ZAR279.92 thousand as of

March 31, 2011, which in the Group’s management opinion, is adequate to cover the possible losses that may arise from the said insured risks (Note 7).










59


Hal lain-lain (lanjutan) Other matters (continued)

Manajemen Grup berpendapat bahwa nilai tercatataset tetap Grup dapat dipulihkan, sehingga tidakdiperlukan penurunan nilai atas aset tersebut.

The Group’s management is of the opinion that the carrying values of the property, plant and equipment of the Group are fully recoverable, and hence, no write-down for impairment in value is necessary.

12. ASET TAKBERWUJUD, BERSIH 12. INTANGIBLE ASSETS, NET

Aset takberwujud terdiri dari goodwill, merekdagang, hak paten dan formula, serta piranti lunakkomputer. Analisis saldo dari akun ini adalahsebagai berikut:

Intangible assets consist of goodwill, trademarks,patents and formulas, and computer software. An analysis of the balance of this account is as follows:

2011 2010

Nilai tercatat Carrying value Goodwill 195.217.373.481 263.273.690.386 Goodwill Merek dagang, hak paten dan formula 54.542.530.783 55.102.612.283 Trademarks, patents and formulas Piranti lunak komputer 44.143.709.440 41.093.636.606 Computer software

Jumlah 293.903.613.704 359.469.939.275 Total

Akumulasi amortisasi Accumulated amortization Saldo awal periode Balance at beginning of period Goodwill - (52.328.030.677) Goodwill

Merek dagang, hak paten dan formula (29.585.390.180) (26.395.600.347) Trademarks, patents and formulas Piranti lunak komputer (26.067.359.424) (18.961.589.837) Computer software

Sub-jumlah (55.652.749.604) (97.685.220.861) Sub-total

Amortisasi periode periode Amortization during the period Goodwill - (3.175.497.853) Goodwill Merek dagang, hak paten dan formula (797.447.458) (704.697.518) Trademarks, patents and formulas Piranti lunak komputer (2.297.154.869) (1.839.497.914) Computer software

Sub-jumlah (3.094.602.327) (5.719.693.285) Sub-total

Saldo akhir periode (58.747.351.931) (103.404.914.146) Balance at end of period

Bersih 235.156.261.773 256.065.025.129 Net

Manajemen Grup berpendapat bahwa nilai tercatataset takberwujud Grup dapat dipulihkan, sehinggatidak diperlukan penurunan nilai atas aset tersebut.

The Group’s management is of the opinion that the carrying values of the intangible assets of the Group are fully recoverable, and hence, no write-

down for impairment in value is necessary.

13. PINJAMAN JANGKA PENDEK 13. SHORT-TERM LOANS

Rincian pinjaman jangka pendek adalah sebagaiberikut:

The details of short-term loans are as follows:

2011 2010

Pinjaman Rupiah Rupiah loans Kredit Berjangka (Revolving ) Revolving Credit

PT Bank Permata Tbk. 15.240.750.000 100.000.000.000 PT Bank Permata Tbk. The Hong Kong and Shanghai The Hong Kong and Shanghai

Banking Corporation Ltd., Jakarta - 60.000.000.000 Banking Corporation Ltd., Jakarta Cerukan Overdrafts

PT Bank Permata Tbk. 6.726.156.146 3.417.040.307 PT Bank Permata Tbk. Modal kerja Working capital

PT Bank CIMB Niaga Tbk. 175.000.000.000 - PT Bank CIMB Niaga Tbk. PT Bank OCBC NISP Tbk. - 800.000.000 PT Bank OCBC NISP Tbk.

Jumlah Pinjaman Jangka Pendek 196.966.906.146 164.217.040.307 Total Short-term Loans










60

13. PINJAMAN JANGKA PENDEK (lanjutan) 13. SHORT-TERM LOANS (continued)

Suku bunga per tahun untuk pinjaman jangkapendek adalah sebagai berikut:

Interest rates per annum on short-term loans is as follows:

2011 2010

Rupiah 9,00% - 10,60% 9,00% - 10,25% Rupiah Dolar A.S 5,00% - U.S. Dollar

Seluruh pinjaman di atas merupakan penarikandari fasilitas-fasilitas pinjaman terkait yangdiperoleh Perusahaan dan Entitas Anak tertentusebagai berikut:

All of the above loans represent drawdowns from the related credit facilities obtained by the Company and certain Subsidiaries as follows:

Perusahaan Company

Perusahaan memperoleh beberapa fasilitas kreditdari PT Bank Central Asia Tbk. (BCA), yang terdiridari fasilitas commited dan uncommited. Fasilitascommited terdiri dari fasilitas cerukan sejumlahRp25 miliar, fasilitas time loan sejumlah Rp75miliar, fasilitas USLC maksimum sejumlah US$2 juta. Fasilitas uncommited berupa fasilitas time loan Rp100 miliar. Pada tanggal 31 Maret 2011 dan2010, tidak terdapat saldo terhutang atas fasilitastersebut. Fasilitas ini akan jatuh tempo padatanggal 11 September 2011.

The Company obtained several credit facilities from PT Bank Central Asia Tbk. (BCA), consisting of commited and un commited facilities.Commited facilities consisting of an overdraft facility amounting to Rp25 billion, time loan facility amounting to Rp75 billion, USLC facility with an aggregate limit of US$2 million. Uncommited facility consisting of time loan facility amounting to Rp100 billion. As of March 31, 2011 and 2010,repectively, there were no outstanding drawdowns from the said credit facilities. These facilities will mature on September 11, 2011.

Perusahaan memperoleh fasilitas revolving loan dari PT Bank Permata Tbk. (Permata) sejumlahRp100 miliar dan foreign exchange sejumlahUS$1,5 juta. Pada tanggal 31 Maret 2011, tidakterdapat saldo terhutang atas fasilitas tersebut.Pada tanggal 31 Maret 2010, saldo pinjamantersebut adalah sejumlah Rp100 miliar. Fasilitas iniakan jatuh tempo pada tanggal 19 Juni 2011.

The Company obtained revolving loan facilities from PT Bank Permata Tbk. (Permata),amounting to Rp100 billion and foreign exchange amounting to US$1.5 miilion. As of March 31,2011, there were no outstanding drawdowns from the said credit facilities. As of March 31, 2010, the total outstanding loan balances amounted to Rp100 billion. These facilities will mature on June 19, 2011.

Perusahaan memperoleh fasilitas kredit modalkerja dari PT Bank CIMB Niaga Tbk. (CIMB Niaga),yang terdiri dari fasilitas cerukan sejumlahRp25 miliar dan fasilitas modal kerja sejumlah

Rp175 miliar. Pada tanggal 31 Maret 2011, saldopinjaman tersebut adalah sejumlah Rp175 miliardari fasilitas modal kerja. Pada tanggal 31 Maret2010, tidak terdapat saldo terhutang atas fasilitastersebut. Fasilitas ini akan jatuh tempo padatanggal 8 Juli 2011.

The Company obtained working capital credit facilities from PT Bank CIMB Niaga Tbk. (CIMB Niaga), consisting of an overdraft facility amounting to Rp25 billion and working capital

facility amounting to Rp175 billion. As of March 31, 2011, the total outstanding loan balances amounted to Rp175 billion from working capital facility. As of March 31, 2010, there were no outstanding drawdowns from the said credit facilities. These facilities will mature on July 8,2011.

Perusahaan memperoleh fasilitas kredit dari TheHong Kong and Shanghai Banking CorporationLtd., Jakarta (HSBC), yang terdiri dari fasilitasimport dan export maksimum sejumlahUS$2,5 juta, fasilitas revolving loan sejumlahRp20 miliar dan fasilitas exposure risk limit

(weighted) sejumlah US$5 juta. Pada tanggal31 Maret 2011 dan 2010, tidak terdapat saldoterhutang atas fasilitas tersebut. Fasilitas ini akan jatuh tempo pada tanggal 30 Juni 2011.

The Company obtained credit facilities from The Hong Kong and Shanghai Banking Corporation Ltd., Jakarta (HSBC), consisting of an import and export facility maximum amounting to US$2.5 million, revolving loan facility amounting to Rp20 billion and exposure risk limit (weighted)

facility amounted to US$5 million. As of March 31,2011 and 2010, there were no outstanding drawdowns from the said credit facilities. These facilities will mature on June 30, 2011.










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Perusahaan (lanjutan) Company (continued)

Perusahaan memperoleh beberapa fasilitas kreditdari The Royal Bank of Scotland, Jakarta (RBS),yang terdiri dari fasilitas money market loan sejumlah Rp100 miliar dan fasilitas foreign exchange hedging maksimum sejumlah US$5 juta.Pada tanggal 31 Maret 2011 dan 2010, tidakterdapat saldo terhutang atas fasilitas tersebut.Fasilitas ini akan jatuh tempo pada tanggal 24 Juni2011.

The Company obtained several credit facilities from The Royal Bank of Scotland, Jakarta (RBS),consisting of a money market loan facility amounting to Rp100 billion and a foreign exchange hedging facility with an aggregate limit of US$5 million. As of March 31, 2011 and 2010,there was no outstanding drawdown for these facilities. These facilities will mature on June 24,2011.

Perusahaan memperoleh fasilitas kredit fixed loan on demand dari PT Bank ICBC Indonesia (ICBC)maksimum sejumlah Rp50 miliar. Pada tanggal31 Maret 2011 dan 2010, tidak terdapat saldoterhutang atas fasilitas tersebut. Fasilitas ini akan jatuh tempo pada tanggal 30 Juli 2011.

The Company obtained fixed loan on demand credit facility from PT Bank ICBC Indonesia (ICBC) with a maximum credit limit amounting to Rp50 billion. As of March 31, 2011 and 2010,there were no outstanding drawdown for this facility. This facility will mature on July 30, 2011.

Perusahaan memperoleh fasilitas kredit fixed loan on demand dari PT Bank of China (BOC)maksimum sejumlah Rp100 miliar dan Letter of Credit sejumlah US$5 juta. Pada tanggal 31 Maret2011 dan 2010, tidak terdapat saldo terhutang atasfasilitas tersebut. Fasilitas ini akan jatuh tempopada tanggal 26 Maret 2012.

The Company obtained fixed loan on demand credit facility from PT Bank of China (BOC) with a maximum credit limit amounting to Rp100 billion and Letter of Credit amounting to US$5 million.As of March 31, 2011 and 2010, there were no outstanding drawdown for these facilities,respectively. These facilities will mature on March 26, 2012.

Saka Saka

Saka memperoleh fasilitas kredit dari OCBC NISPyang terdiri dari fasilitas cerukan dengan bataskredit maksimum sejumlah Rp5 miliar dan demand loan sejumlah Rp7,5 miliar. Pada tanggal 31 Maret2010, saldo pinjaman adalah atas fasilitas kreditdemand loan sejumlah Rp800 juta. Fasilitas iniberlaku sampai tanggal 28 Maret 2011 dan tidakdiperpanjang lagi. Fasilitas pinjaman tersebutdijamin dengan tanah Saka, persediaan Sakasejumlah Rp8 milliar serta piutang usaha Saka

sejumlah Rp7,5 miliar (Catatan 6, 8 dan 11).

Saka obtained credit facilities from OCBC NISP,which consist of an overdraft facility with a maximum credit limit of Rp5 billion and demand loan facility of Rp7.5 billion. As of March 31, 2010,the outstanding from demand loan facility amounted to Rp800 million. These facilities were valid up to March 28, 2011 and no longer extended. These loan facilities were secured by Saka’s land, Saka’s inventories amounting to Rp8 billion and Saka’s accounts receivable amounting

to Rp7.5 billion (Notes 6, 8 and 11).

Pada tanggal 18 Februari 2011, Saka memperolehfasilitas uncommited revolving loan dari PT BankDBS Indonesia (DBS) dengan batas kreditmaksimum sejumlah Rp20 miliar yang akan jatuhtempo pada tanggal 18 Februari 2012. Padatanggal 31 Maret 2011, tidak terdapat saldoterhutang atas fasilitas tersebut.

On February 18, 2011, Saka obtained uncommitted revolving loan facility from PT Bank DBS Indonesia (DBS), with a maximum credit limit amounting to Rp20 billion, which will mature on February 18, 2012. As of March 31, 2011, there was no outstanding drawdown for this facility.










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Finusolprima Finusolprima

Finusolprima memperoleh fasilitas cerukan dariOCBC NISP dengan batas kredit maksimumsejumlah Rp1,5 miliar. Pada tanggal 31 Maret 2011dan 2010, tidak terdapat saldo terhutang atasfasilitas tersebut. Fasilitas ini berlaku sampaitanggal 28 Maret 2011 dan tidak diperpanjangkembali serta dijamin dengan piutang usaha danpersediaan Finusolprima (Catatan 6 dan 8).

Finusolprima obtained overdraft credit facility from OCBC NISP, with a maximum credit limit amounting to Rp1.5 billion. As of March 31, 2011and 2010, there were no outstanding drawdowns from the said credit facility. This overdraft facility was valid up to March 28, 2011 and no longer extended, and is secured by trade receivables and inventories of Finusolprima (Notes 6 and 8).

Sanghiang Sanghiang

Sanghiang memperoleh beberapa fasilitas kreditdari BCA, yang terdiri dari fasilitas cerukansejumlah Rp50 miliar, fasilitas Usance/Sight Letters of Credit (USLC) maksimum sejumlah US$3 jutadan fasilitas bank garansi sejumlah Rp2 miliar.Pada tanggal 31 Maret 2011 dan 2010, tidakterdapat saldo terhutang atas fasilitas tersebut.Fasilitas ini akan jatuh tempo pada tanggal 12 Mei2011.

Sanghiang obtained several credit facilities from BCA consists of overdraft facility amounting to Rp50 billion, Usance/Sight Letters of Credit (USLC) facility with an aggregate limit of US$3 million, and bank guarantee facility amounting to Rp2 billion. As of March 31, 2011dan 2010, there were no outstanding drawdowns for these facilities. These facilities will mature on May 12, 2011.

EPMT EPMT

EPMT memperoleh fasilitas kredit dari BCA yangterdiri dari fasilitas Omnibus L/C sejumlah US$6 juta, fasilitas Bank Garansi sejumlah Rp115 miliar,

fasilitas cerukan sejumlah Rp25 miliar dan fasilitasrevolving loan dan trust receipt sejumlah Rp75miliar. Pada tanggal 31 Maret 2011, tidak terdapatsaldo terhutang atas fasilitas tersebut. Padatanggal 31 Maret 2010, tidak terdapat saldoterhutang atas fasilitas tersebut. Fasilitas ini akan jatuh tempo pada tanggal 5 Juni 2011.

EPMT obtained credit facilities from BCA,consisting of Omnibus L/C amounting to US$6 million, Bank Guarantee facility amounting to

Rp115 billion, an overdraft facility amounting to Rp25 billion and revolving loan and trust receipt facility amounting to Rp75 billion. As of March 31, 2011, there were no outstanding drawdowns from the said credit facilities. As of March 31, 2010, there were no outstanding drawdowns from the said credit facilities. These facilities will mature on June 5, 2011.

Dana hasil hutang bank tersebut ditujukan untukmemenuhi kebutuhan modal kerja EPMT.

Proceeds from such loans were used to fund the EPMT’s working capital requirements.

EPMT memperoleh fasilitas: impor L/C sejumlahUS$15 juta, revolving loan sejumlah Rp240 miliardan foreign exchange sejumlah US$2 juta dari

HSBC. Pada tanggal 31 Maret 2011, tidak terdapatsaldo terhutang atas fasilitas tersebut. Padatanggal 31 Maret 2010, saldo pinjaman sejumlahRp60 miliar. Fasilitas ini akan jatuh tempo padatanggal 30 Juni 2011.

EPMT obtained import L/C facilities amounting to US$15 million, revolving loan facilities of Rp240 billion and foreign exchange amounting to

US$2 million from HSBC. As of March 31, 2011,there were no outstanding drawdowns from the said credit facilities. As of March 31, 2010, the outstanding loan balance amounted to Rp60 billion. This facility will mature on June 30, 2011.

EPMT memperoleh fasilitas kredit dari Permatayang terdiri dari fasilitas impor L/C sejumlahUS$7,5 juta, fasilitas Bank Garansi sejumlah Rp75miliar, fasilitas revolving loan sejumlah Rp75 miliardan fasilitas cerukan sebesar Rp25 miliar. Padatanggal 31 Maret 2011 dan 2010, tidak terdapatsaldo terhutang atas fasilitas tersebut. Fasilitas iniakan jatuh tempo pada tanggal 15 Juni 2011.

EPMT obtained credit facilities from Permata,consisting of L/C import amounting to US$7.5 million, Bank Guarantee facility amounting to Rp75 billion, revolving loan facility of Rp75 billion and overdraft facility of Rp25 billion. As of March 31, 2011 and 2010, there were no outstanding drawdowns from the said credit facilities. These facilities will mature on June 15, 2011.










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EPMT (lanjutan) EPMT (continued) Pada tanggal 28 Januari 2005, EPMTmenandatangani Perjanjian Kredit dan PengakuanHutang dengan PT Bank DBS Indonesia (DBS).EPMT memperoleh fasilitas berupa fasilitas imporL/C dengan batas kredit maksimum sejumlahUS$3 juta dengan jangka waktu maksimum180 hari untuk Usance L/C dan fasilitas penerbitanBank Garansi dengan batas kredit maksimumsejumlah Rp47 miliar. Fasilitas tersebut diberikan

untuk tujuan modal kerja dan dijamin dengan“Perjanjian Gadai” (“Pledge Agreement” ) atasdeposito berjangka EPMT.

On January 28, 2005, EPMT entered into a Credit and Debt Acknowledgement Agreement with PT Bank DBS Indonesia (DBS). EPMT obtained L/C import facility with maximum credit limit of US$3 million, which provides for a maximum period of 180 days for Usance L/C, and Bank Guarantee facility with maximum credit limit of Rp47 billion. The said credit facilities are intended for working capital purposes only and are secured by “Pledge Agreement” on EPMT’s time deposits.

Selanjutnya berdasarkan perubahan perjanjianterakhir No. 059/PFPA-DBSI/II/2010, DBS setujuuntuk memperpanjang jangka waktu fasilitassampai dengan tanggal 25 Januari 2011, denganperubahan ketentuan berupa fasilitas impor L/Cdengan batas kredit maksimum sejumlah US$2 jutadengan jangka waktu maksimum 180 hari untukUsance L/C dan fasilitas penerbitan Bank Garansidengan batas kredit maksimum sejumlahRp80 miliar. Pada tanggal 31 Maret 2011 dan2010, tidak terdapat saldo terhutang atas fasilitastersebut.

Based on the latest amendment No. 059/PFPA- DBSI/II/2010, DBS agreed to extend the maturity terms of the facilities until January 25, 2011, along with other revisions, such as, the change in the maximum limit of the L/C import facility to US$2 million with maximum time period of 180 days for the Usance L/C, and the granting of Bank Guarantee facility with maximum credit limit amounting to Rp80 billion. As of March 31, 2011dan 2010, there were no outstanding drawdowns for these facilities.

Berdasarkan surat No. 462/EPM/II/10 tanggal22 November 2010, EPMT menutup fasilitas imporL/C dari DBS.

Based on the letter No. 462/EPM/II/10 dated November 22, 2010, EPMT terminated the import L/C facility from DBS.

Bintang Toedjoe Bintang Toedjoe

Bintang Toedjoe memperoleh fasilitas kredit dariCIMB Niaga berupa fasilitas pinjaman tetap denganbatas kredit maksimum sejumlah Rp100 miliar.Fasilitas ini akan jatuh tempo pada tanggal6 Januari 2012. Pada tanggal 31 Maret 2011 dan2010, tidak ada saldo penarikan atas fasilitas

tersebut.

Bintang Toedjoe obtained fixed loan credit facility from CIMB Niaga with a maximum credit limit of Rp100 billion This facility will mature on January 6, 2012. As of March 31, 2011 and 2010,there were no outstanding drawdowns for this facility.

GCM GCM GCM memperoleh fasilitas revolving loan, letter of credit, post import loan , dan garansi bank denganbatas kredit maksimum sebesar US$5 juta yangdapat ditarik dalam mata uang Dolar AS maupundalam Rupiah dari Permata. Pada tanggal 31 Maret2011, saldo pinjaman atas penggunaan fasilitasrevolving loan adalah sejumlah Rp15.240.750.000(US$1.750.000). Fasilitas ini akan jatuh tempopada tanggal 19 Juni 2011.

GCM obtained revolving loan facility, letter of credit facility, post import loan, and bank guarantee with maximum credit limit amounting to US$5 million that can be used in US Dollar or Rupiah from Permata. As of March 31, 2011, the outstanding balance from revolving loan facility amounting to Rp15,240,750,000 (US$1,750,000).This facility will mature on June 19, 2011.










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Tri Sapta Jaya Tri Sapta Jaya Tri Sapta Jaya memperoleh fasilitas cerukan dariPermata dengan batas kredit maksimum sejumlahRp10 miliar. Fasilitas ini berlaku sampai dengantanggal 11 Juni 2011. Pada tanggal31 Maret 2011 dan 2010, saldo pinjaman atasfasilitas cerukan ini masing-masing sejumlahRp6.726.156.146 dan Rp3.417.040.307.

Tri Sapta Jaya obtained overdraft facility from Permata with a maximum credit limit of Rp10 billion. This facility will remain valid until Juni 11, 2011. As of March 31, 2011 and 2010, the outstanding drawdowns for this overdraft facility amounted to Rp6,726,156,146 and Rp3,417,040,307, respectively.

Tri Sapta Jaya memiliki fasilitas bank garansi dari

Permata dengan jumlah maksimum masing-masingsejumlah Rp2,5 miliar dan Rp500 juta. Padatanggal 31 Maret 2011 dan 2010, tidak terdapatsaldo terhutang atas fasilitas tersebut. Fasilitas iniberlaku sampai dengan tanggal 11 Juni 2011.Fasilitas ini tidak dijamin oleh aset Tri Sapta Jaya.

Tri Sapta Jaya obtained a bank guarantee facility

from Permata with maximum amount of Rp2.5 billion and Rp500 million, respectively. As of March 31, 2011 dan 2010, there were no outstanding drawdowns for these facilities. This facility is valid until Juni 11, 2011. This facility is not secured by any of Tri Sapta Jaya’s asset.

Hexpharm Hexpharm

Pada tanggal 27 Oktober 2009, Hexpharmmemperoleh fasilitas kredit dari PT BankCommonwealth berupa fasilitas cerukan sejumlahRp3 miliar dan fasilitas demand loan sejumlahRp7 miliar. Pada tanggal 31 Maret 2010, tidak

terdapat saldo terhutang atas fasilitas tersebut.Fasilitas ini jatuh tempo pada tanggal 27 Januari2011 dan tidak diperpanjang lagi. Fasilitaspinjaman tersebut dijamin dengan tanah danbangunan Hexpharm sejumlah Rp10 miliar sertamesin Hexpharm sejumlah Rp4,9 miliar(Catatan 11).

On October 27, 2009, Hexpharm obtained credit facilities from PT Bank Commonwealth, which consist of an overdraft facility with a maximum credit limit of Rp3 billion and demand loan facility of Rp7 billion. As of March 31, 2010, there was no

outstanding drawdowns from the said credit facilities. These loan facilities were valid up to January 27, 2011 and no longer extended. These loan facilities are secured by Hexpharm’s land and building amounting to Rp10 billion and machinery amounting to Rp4.9 billion (Note 11).

14. HUTANG USAHA 14. TRADE PAYABLES

Hutang usaha timbul terutama dari pembelianbahan baku kepada pihak ketiga. Rincian akun iniadalah sebagai berikut:

Trade payables mainly arise from purchases of raw materials from third parties. The details of this account are as follows:

2011 2010

Pemasok lokal 460.127.039.825 464.984.737.196 Local suppliers

Pemasok luar negeri 58.607.367.235 24.450.384.202 Foreign suppliers

Jumlah Hutang Usaha 518.734.407.060 489.435.121.398 Total Trade Payables

Analisa umur hutang usaha berdasarkan tanggalfaktur adalah sebagai berikut:

An aging analysis of the above trade payables based on invoice date is as follows:

2011 2010

Lancar 491.495.913.028 446.268.801.168 Current Lewat jatuh tempo: Overdue:

Lebih 1 bulan sampai 3 bulan 25.621.244.332 40.455.252.325 Over 1 month up to 3 months Lebih 3 bulan sampai 6 bulan 1.495.931.874 2.603.414.524 Over 3 months up to 6 months

Lebih 6 bulan 121.317.826 107.653.381 Over 6 months

Jumlah 518.734.407.060 489.435.121.398 Total










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14. HUTANG USAHA (lanjutan) 14. TRADE PAYABLES (continued)

Tidak diperlukan jaminan atas hutang usaha yangdiperoleh Grup.

No guarantees are required for trade payables obtained by the Group.

Rincian hutang usaha berdasarkan mata uangadalah sebagai berikut:

The details of trade payables by currency denomination are as follows:

2011 2010

Rupiah 392.178.231.103 379.673.638.772 Rupiah Dolar A.S. U.S. Dollar

(US$12.443.480 pada periode 2011 (US$12,443,480 in 2011 and dan US$9.096.097 pada periode 2010) 108.370.263.219 82.910.922.225 US$9,096,097 in 2010)

Mata uang asing lainnya 18.185.912.738 26.850.560.401 In other foreign currencies

Jumlah 518.734.407.060 489.435.121.398 Total

15. BIAYA MASIH HARUS DIBAYAR 15. ACCRUED EXPENSES

Akun ini terdiri dari akrual untuk biaya-biayasebagai berikut:

This account consists of accruals for the following expenses:

2011 2010

Penjualan 180.899.468.816 235.439.909.977 Selling Gaji, upah dan kesejahteraan karyawan 33.849.958.708 30.176.915.292 Salaries, wages and employee benefits Royalti (Catatan 28b, 28f, 28g dan 28h) 16.641.311.355 13.825.844.750 Royalty fees (Notes 28b, 28f, 28g and 28h)

Lain-lain (masing-masingdi bawah Rp5 miliar) 39.063.459.857 37.267.285.138 Others (each below Rp5 billion)

Jumlah 270.454.198.736 316.709.955.157 Total

Akrual beban penjualan mencakup akrual promosi,perlengkapan penjualan dan lainnya.

Selling expense accrual includes accrual for promotions, selling supplies and others.

16. PERPAJAKAN 16. TAXATION

Hutang pajak terdiri dari: Taxes payable consist of the following:

2011 2010

Pajak penghasilan: Income taxes: Pasal 21 6.305.285.111 6.403.184.666 Article 21 Pasal 23 3.178.198.608 3.367.046.484 Article 23 Pasal 25 39.995.038.454 26.278.637.222 Article 25 Pasal 26 2.012.142.394 1.560.213.934 Article 26 Pasal 4 (2) 1.078.723.617 1.533.671.741 Article 4 (2)Pasal 29 92.593.233.586 97.196.641.447 Article 29

Pajak pertambahan nilai 20.685.637.646 124.813.100.384 Value added tax

Jumlah 165.848.259.416 261.152.495.878 Total










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16. PERPAJAKAN (lanjutan) 16. TAXATION (continued)

Rekonsiliasi antara laba sebelum manfaat (beban)pajak penghasilan, seperti yang disajikan dalamlaporan laba rugi konsolidasi, dan taksiranpenghasilan kena pajak untuk periode yangberakhir pada tanggal-tanggal 31 Maret 2011 dan2010 adalah sebagai berikut:

A reconciliation between income before income tax benefit (expense), as shown in the consolidated statements of income, and the estimated taxable income for the periods ended March 31, 2011 and 2010, is as follows:

2011 2010

Laba sebelum manfaat (beban) pajakpenghasilan menurut laporan Income before income tax benefit (expense) laba rugi konsolidasi 430.284.154.809 387.253.593.675 per consolidated statements of income

Dikurangi: Deduct: Laba Entitas Anak sebelum manfaat Income of Subsidiaries before income

(beban) pajak penghasilan, bersih (220.889.321.741) (203.106.658.665) tax benefit (expense), net

Laba Perusahaan sebelum manfaat Income before income tax benefit (beban) pajak penghasilan 209.394.833.068 184.146.935.010 (expense) attributable to the Company

Beda temporer: Temporary differences: Depreciation of property, plant

Penyusutan aset tetap 1.740.721.052 2.847.687.150 and equipment Gain on sale of property and

Laba penjualan aset tetap (95.554.471) (220.286.093) equipment

Beda tetap: Permanent differences: Beban bunga 5.833.719 205.000.000 Interest expense Promosi 133.004.388 138.557.049 Promotions

Penghasilan bunga dan investasi yang Interest and investment income telah dikenakan pajak final (13.141.975.238) (3.410.837.710) already subjected to final tax Penghasilan sewa yang telah Rent income already subjected

dikenakan pajak final (8.322.561.241) (4.860.937.065) to final tax Lain-lain 137.695.348 647.990.284 Others

Taksiran penghasilan kena pajak 189.851.996.625 179.494.108.625 Estimated taxable income

Perhitungan beban pajak penghasilan (tahunberjalan) dan taksiran hutang (tagihan restitusi)pajak penghasilan Grup adalah sebagai berikut:

The income tax expense (current) and the computation of the estimated income tax payable (claims for tax refund) of the Group are as follows:

2011 2010

Taksiran penghasilan kena pajak - Estimated taxable income -

dibulatkan rounded-off Perusahaan 189.851.996.000 179.494.108.000 Company

Entitas Anak 267.729.667.000 300.436.859.000 Subsidiaries

Beban pajak penghasilan - periode berjalan Income tax expense - current period Perusahaan 37.970.399.200 35.898.821.600 Company Entitas Anak 66.932.416.815 75.109.214.797 Subsidiaries

Jumlah menurut laporan laba Total per consolidated statements rugi konsolidasi 104.902.816.015 111.008.036.397 of income










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2011 2010

Dikurangi pajak penghasilan dibayar di muka Less prepayments of income taxes Perusahaan 6.912.102.024 7.386.508.485 Company Entitas Anak 5.397.480.405 6.424.886.465 Subsidiaries

Jumlah pajak penghasilan dibayar di muka 12.309.582.429 13.811.394.950 Total prepayments of income taxes

Taksiran hutang pajak penghasilan -Pasal 29 Estimated income tax payable - Article 29 Perusahaan 31.058.297.176 28.512.313.115 Company Entitas Anak 61.534.936.410 68.684.328.332 Subsidiaries

Jumlah 92.593.233.586 97.196.641.447 Total

Taksiran tagihan restitusi Estimated claims for income pajak penghasilan - periode berjalan tax refund - current period Perusahaan - - Company Entitas Anak 22.163.925.902 30.762.831.107 Subsidiaries

Jumlah 22.163.925.902 30.762.831.107 Total

Rincian dari taksiran tagihan restitusi pajakpenghasilan pada tanggal-tanggal 31 Maret 2011dan 2010 adalah sebagai berikut:

The details of the estimated claims for income tax refund as of March 31, 2011 and 2010 are as follows:

Tahun fiskal 2011 2010 Fiscal Year

2010 21.023.613.585 1.783.132.673 2010 2009 1.140.312.317 4.835.361.119 2009 2008 - 24.144.337.315 2008

Jumlah 22.163.925.902 30.762.831.107 Total

Jumlah taksiran tagihan restitusi pajak penghasilandisajikan di dalam “Aset Tidak Lancar” padalaporan posisi keuangan (neraca) konsolidasi.

The above estimated claims for income tax refund are presented under “Non-current Assets” in the consolidated statements of financial position (balance sheets).

Pada tanggal 30 Desember 2008, MenteriKeuangan menandatangani Peraturan MenteriKeuangan No. 238/PMK.03/2008 (”PMK

238/2008”) tentang ”Tata Cara Pelaksanaan danPengawasan Pemberian Penurunan Tarif bagiWajib Pajak Badan Dalam Negeri yang BerbentukPerseroan Terbuka” sehubungan denganPP 81/2007 tertanggal 28 Desember 2007.

On December 30, 2008, the Minister of Finance signed Ministry of Finance Rule No. 238/PMK.03/2008 (“PMK 238/2008”)

regarding the Guidelines on the Implementation and Supervision on the Tariff Reduction for Domestic Tax Payers in the Form of Public Companies in relation to PP 81/2007 dated December 28, 2007.










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Berdasarkan PMK 238/2008 ini, perseroan terbukadalam negeri di Indonesia dapat memperolehpenurunan tarif Pajak Penghasilan sebesar 5%lebih rendah dari tarif tertinggi Pajak Penghasilansebagaimana diatur dalam Pasal 17 ayat 1bUndang-undang Pajak Penghasilan, jika memenuhikriteria yang ditentukan, sebagai berikut:

Under this rule, domestic tax payers in the form of public companies can avail of tax reduction at 5% lower than the highest income tax rate in the same manner as stated in subsection 1b of Article 17 on Income Tax Regulation (“Undang-undang Pajak Penghasilan”) if the following criteria are met:

1. Apabila jumlah kepemilikan saham publiknya40% (empat puluh persen) atau lebih darikeseluruhan saham yang disetor dan saham

tersebut dimiliki paling sedikit oleh 300 (tigaratus) Pihak.

1. The total publicly-owned shares are 40% (forty percent) or more of the total paid-up shares and such shares are owned by at least 300

(three hundred) Parties.

2. Masing-masing Pihak hanya boleh memilikisaham kurang dari 5% (lima persen) darikeseluruhan saham yang disetor dalam waktupaling singkat 6 (enam) bulan atau 183(seratus delapan puluh tiga) hari kalenderdalam jangka waktu 1 (satu) tahun pajak.

2. Each of the above-mentioned 300 parties can only own less than 5% (five percent) shares from the total paid-up shares, and should be fulfilled by the taxpayer within 6 (six) months or 183 (one hundred and eighty three) calendar days in 1 (one) tax/fiscal year.

3. Wajib Pajak harus melampirkan suratketerangan dari Biro Administrasi Efek padaSurat Pemberitahuan Tahunan PPh WPBadan dengan melampirkan formulir X.H.1-6sebagaimana diatur dalam PeraturanBAPEPAM-LK No. X.H.1 untuk setiap tahunpajak terkait.

3. The taxpayer should attach the Declaration Letter ("Surat Keterangan") from the Securities Administration Agency ("Biro Administrasi Efek") on the Annual Income Tax Return of the Taxpayer with the form X.H.1-6 as provided in BAPEPAM-LK Regulation No. X.H.1 for each concerned tax/fiscal year.

Berdasarkan surat dari Biro Administrasi Efektertanggal 7 Januari 2011, Perusahaan telahmemenuhi kriteria-kriteria tersebut di atas dan olehkarena itu Perusahaan telah menerapkanpenurunan tarif pajak dalam perhitungan pajakpenghasilan tahun 2010.

Based on letter from Security Administration Agency dated January 7, 2011, the Company has complied with the above criteria and accordingly,has applied the tax reduction in its 2010 income tax calculation.

17. KEPENTINGAN NONPENGENDALI 17. NON-CONTROLLING INTERESTS

Akun ini merupakan kepentingan nonpengendali(Catatan 2b), dengan rincian sebagai berikut:

This account represents non-controlling interests (Note 2b), with the following details:

2011 2010

EPMT 343.919.271.266 269.378.304.790 EPMT KMI 93.801.659.162 89.665.628.922 KMI AKPI 8.902.202.720 2.226.542.967 AKPI Innogene 1.705.446.375 2.279.646.329 Innogene PML 840.760.392 1.002.220.233 PML Kageo Igar - 85.069.997.803 Kageo Igar Avesta - 31.260.102.850 Avesta Indogravure - 22.227.581.693 Indogravure

Jumlah 449.169.339.915 503.110.025.587 Total

Pada tanggal 31 Maret 2011, kepentingan

nonpengendali EPMT termasuk uang muka setoranmodal sejumlah Rp41.475.437.500 sehubungandengan Penawaran Umum Terbatas I (Catatan 2b).

As of March 31, 2011, non-controlling interest of

EPMT includes advances for shares subscription amounting to Rp41,475,437,500 in relation with Rights Issue I (Note 2b).










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18. MODAL SAHAM 18. CAPITAL STOCK

Rincian pemilikan saham pada tanggal-tanggal31 Maret 2011 dan 2010 adalah sebagai berikut:

The details of share ownerships as of March 31,2011 and 2010 are as follows:

2011

Jumlah SahamDitempatkan Persentase

dan Disetor Penuh/ Pemilikan/Number of Percentage

Shares Issued of Jumlah/Pemegang Saham and Fully Paid Ownership Amount Shareholders

PT Gira Sole Prima 953.574.577 10,17% 47.678.728.850 PT Gira Sole Prima PT Santa Seha Sanadi 901.929.368 9,62 45.096.468.400 PT Santa Seha Sanadi PT Diptanala Bahana 889.594.088 9,49 44.479.704.400 PT Diptanala Bahana

PT Lucasta Murni Cemerlang 887.979.088 9,47 44.398.954.400 PT Lucasta Murni Cemerlang PT Ladang Ira Panen 864.590.588 9,22 43.229.529.400 PT Ladang Ira Panen PT Bina Artha Charisma 812.999.808 8,67 40.649.990.400 PT Bina Artha Charisma Masyarakat (masing-masing Public (each below

pemilikan di bawah 5%) 4.064.356.905 43,36 203.217.845.250 5% ownership)

Sub-jumlah 9.375.024.422 100,00% 468.751.221.100 Sub-total

Saham yang diperoleh kembali 780.990.000 39.049.500.000 Treasury stock

Jumlah 10.156.014.422 507.800.721.100 Total

2010

Jumlah SahamDitempatkan Persentase

dan Disetor Penuh/ Pemilikan/Number of Percentage

Shares Issued of Jumlah/Pemegang Saham and Fully Paid Ownership Amount Shareholders

PT Gira Sole Prima 953.574.577 10,17% 47.678.728.850 PT Gira Sole Prima PT Santa Seha Sanadi 901.929.368 9,62 45.096.468.400 PT Santa Seha Sanadi PT Diptanala Bahana 889.594.088 9,49 44.479.704.400 PT Diptanala Bahana PT Lucasta Murni Cemerlang 887.979.088 9,47 44.398.954.400 PT Lucasta Murni Cemerlang PT Ladang Ira Panen 864.590.588 9,22 43.229.529.400 PT Ladang Ira Panen PT Bina Artha Charisma 814.924.808 8,70 40.746.240.400 PT Bina Artha Charisma Masyarakat (masing-masing Public (each below

pemilikan di bawah 5%) 4.060.931.905 43,33 203.046.595.250 5% ownership)

Sub-jumlah 9.373.524.422 100,00% 468.676.221.100 Sub-total

Saham yang diperoleh kembali 782.490.000 39.124.500.000 Treasury stock

Jumlah 10.156.014.422 507.800.721.100 Total

Berdasarkan Rapat Umum Pemegang SahamTahunan yang diselenggarakan pada tanggal27 Mei 2010, yang diaktakan dengan akta notarisDR. Irawan Soerodjo, S.H., Msi., No. 217, parapemegang saham memutuskan hal-hal sebagaiberikut:

Based on the Shareholders’ Annual General Meetings held on May 27, 2010, which were covered by notarial deeds No. 217 of DR. Irawan Soerodjo, S.H., Msi., the shareholders approved the following:

i. Penambahan cadangan umum atas saldo labayang telah ditentukan penggunaannya sejumlahRp9.290.037.403 pada tahun 2010.

i. Additional appropriation of retained earnings for general reserves amounting to Rp9,290,037,403 in 2010.

ii. Pembagian dividen kas yang berasal dari saldolaba sejumlah Rp25 per lembar saham atau

Rp253.900.360.551 pada tahun 2010.

ii. Distribution of cash dividends from the retained earnings totaling Rp25 per share or amounting

to Rp253,900,360,551 in 2010.










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18. MODAL SAHAM (lanjutan) 18. CAPITAL STOCK (continued)

Berdasarkan Rapat Umum Pemegang Saham LuarBiasa yang diselenggarakan pada tanggal17 September 2008 dan 8 Februari 2007, yangdiaktakan dengan akta notaris DR. IrawanSoerodjo, S.H., Msi., No. 149 dan 24, parapemegang saham memutuskan untuk melakukanpembelian kembali saham Perusahaan yang dimilikipublik tahap II dan I, dengan jumlah masing-masingtidak lebih dari 5,1% dan 10% dari jumlah sahamPerusahaan yang ditempatkan dan disetor penuh.

Based on the Shareholders’ Extraordinary General Meeting held on September 17, 2008 and February 8, 2007, which was covered by notarial deed No. 149 and 24 of DR. Irawan Soerodjo, S.H., Msi., the shareholders approved to buy back the Company’s shares held by the public (batch II and I), which shall not be more than 5.1% and 10% of the total number of existing issued and fully paid shares of the Company.

Sehubungan dengan hal-hal tersebut di atas,

sampai dengan tanggal 31 Desember 2009,Perusahaan telah membeli kembali sebanyak782.490.000 lembar saham dengan nilai perolehansejumlah Rp688.603.393.009. Seluruh saham yangdiperoleh kembali tersebut dicatat dan disajikansebagai “Modal Saham yang Diperoleh Kembali”pada bagian “Ekuitas” dalam laporan posisikeuangan (neraca) konsolidasi. Perusahaan dapatmenjual kembali saham yang telah dibeli tersebutmelalui bursa efek sesuai dengan peraturan dankebijakan yang relevan.

Relative to the above, up to December 31, 2009,

the Company had already repurchased shares of 782,490,000 with total cost amounting to Rp688,603,393,009. The said repurchased shares are accounted for and presented as “Treasury Stock” under the “Equity” section of the consolidated statements of financial position (balance sheets). It is possible for the Company to reissue the repurchased shares through the stock exchange in compliance with the relevant rules and regulations.

Pada tahun 2010, Perusahaan menjual kembalisaham yang telah dibeli tersebut melalui bursa efek

sejumlah 1.500.000 lembar saham dengan nilaiRp3.121.157.136. Selisih lebih penerimaan daripenjualan kembali saham tersebut sebesarRp1.801.133.136 dicatat dan disajikan sebagaipenambah “Agio Saham”.

In 2010, the Company re-sold its treasury stocks of 1,500,000 shares through the stock exchange

amounting to Rp3,121,157,136. The excess of proceeds from the re-sale of treasury stock amounting to Rp1,801,133,136 is accounted for and presented as an addition to “Additional Paid- in Capital”.

Seluruh saham Perusahaan telah dicatat di BursaEfek Indonesia.

All of the Company’s shares are now listed in the Indonesia Stock Exchange.

Pada tanggal 31 Maret 2011 dan 2010, DireksiPerusahaan yang memiliki saham Perusahaanadalah Ibu Bernadette Ruth Irawati Setiadymasing-masing sebanyak 2.124.500 saham dan6.100.000 saham.

As of March 31, 2011 and 2010, the Company’s Director who is also shareholder of the Company is Ms. Bernadette Ruth Irawati Setiady owning 2,124,500 shares and 6,100,000 shares,respectively.

19. INFORMASI SEGMEN OPERASI 19. OPERATING SEGMENT INFORMATION

Sesuai dengan PSAK No. 5 (Revisi 2009),“Segmen Operasi ”, informasi keuangan berikut inidisajikan berdasarkan informasi yang digunakanmanajemen dalam mengevaluasi kinerja tiapsegmen dan menentukan pengalokasian sumberdaya.

In accordance with SFAS No. 5 (Revised 2009),“Operating Segment”, the following financial information is presented based on the information used by management in evaluating the performance of each segment and in determining allocations of resources.

a. Informasi Segmen Primer a. Primary Segment Information

Grup mengklasifikasikan usahanya menjadiempat (4) segmen usaha yaitu: obat resep,produk kesehatan, nutrisi serta distribusi dankemasan. Informasi mengenai segmen usahatersebut pada tanggal-tanggal 31 Maret 2011dan 2010 adalah sebagai berikut:

The Group classifies its businesses into four (4) core business segments, namely: prescription pharmaceutical, consumer health, nutritionals, distribution and packaging. Information about these business segments as of March 31, 2011 and 2010 is as follows:














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19. INFORMASI SEGMEN (lanjutan) 19. SEGMENT INFORMATION (continued)

b. Informasi Segmen Sekunder b. Secondary Segment Information

Informasi mengenai segmen usaha Grupberdasarkan wilayah geografis adalah sebagaiberikut:

Information about the Group’s business segments by geographical location is as follows:

2011 2010

Penjualan bersih Net sales Domestik 2.263.346.250.615 2.118.247.661.866 Domestic Ekspor 89.204.101.048 70.091.341.076 Export

Jumlah 2.352.550.351.663 2.188.339.002.942 Total

Aset Assets Domestik 7.286.330.498.198 6.347.252.256.945 Domestic

Pengeluaran untuk barang modal Capital expenditures Domestik 86.797.472.309 74.406.467.625 Domestic

20. PENJUALAN BERSIH 20. NET SALES

Rincian penjualan bersih kepada pihak ketigadiklasifikasi berdasarkan segmen usaha Grupseperti yang dijelaskan pada Catatan 19a di atas,adalah sebagai berikut:

The details of net sales to third parties classified according to the Group’s core operating segments, as explained in Note 19a above, are as follows:

2011 2010

Domestik Domestic Obat resep 636.960.172.978 582.040.225.748 Prescription pharmaceutical Produk kesehatan 378.756.980.294 332.329.679.013 Consumer health Nutrisi 532.828.233.387 446.206.307.613 Nutritionals Distribusi dan logistik 714.800.863.956 757.671.449.492 Distribution and logistic

Sub-jumlah 2.263.346.250.615 2.118.247.661.866 Sub-total

Ekspor Export

Obat resep 34.306.982.665 22.598.574.859 Prescription pharmaceutical Produk kesehatan 49.674.595.173 43.063.957.539 Consumer health Nutrisi 5.222.523.210 3.128.330.404 Nutritionals Distribusi dan logistik - 1.300.478.274 Distribution and logistic

Sub-jumlah 89.204.101.048 70.091.341.076 Sub-total Jumlah 2.352.550.351.663 2.188.339.002.942 Total

Pada periode 2011 dan 2010, tidak terdapatpenjualan kepada satu pelanggan yang jumlahpenjualan selama setahun melebihi 10% daripenjualan bersih konsolidasi.

In 2011 and 2010, there were no sales to any single customer with annual cumulative amount exceeding 10% of consolidated net sales.

Untuk periode yang berakhir pada tanggal 31 Maret2010, segmen distribusi dan logistik termasuk hasilusaha Kageo Igar (Catatan 3).

For period ended March 31, 2011, distribution and logistic segment included result of operations of Kageo Igar (Note 3).










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21. BEBAN POKOK PENJUALAN 21. COST OF GOODS SOLD

Rincian beban pokok penjualan adalah sebagaiberikut:

The details of cost of goods sold are as follows:

2011 2010

Bahan baku dan kemasan yang digunakan 347.788.672.450 367.738.263.704 Raw and packaging materials used Upah buruh langsung 21.209.612.170 26.789.840.737 Direct labor Beban pabrikasi 134.961.042.531 132.740.226.269 Manufacturing overhead

Jumlah Beban Produksi 503.959.327.151 527.268.330.710 Total Manufacturing Cost

Persediaan Barang Dalam Proses Work in Process Inventories Awal periode 16.908.445.873 28.920.080.790 At beginning of period

Akhir periode (Catatan 8) (22.446.796.279) (33.717.934.783) At end of period (Note 8)

Beban Pokok Produksi 498.420.976.745 522.470.476.717 Cost of Goods Manufactured

Persediaan Barang Jadi Finished Goods Inventories Awal periode 408.440.883.682 428.329.768.202 At beginning of period Pembelian 27.636.734.962 40.783.334.532 Purchases Akhir periode (Catatan 8) (393.586.349.680) (384.702.045.219) At end of period (Note 8)

Beban Pokok Penjualan - produksi 540.912.245.710 606.881.534.232 Cost of Goods Sold - manufacturing

Distribusi Distribution Persediaan barang jadi Finished Goods Inventories

Awal periode 783.289.146.961 769.435.780.341 At beginning of period Pembelian 576.409.003.616 594.987.593.058 Purchases

Persediaan barang jadi yang tersediauntuk dijual 1.359.698.150.577 1.364.423.373.399 Finished goods available for sale

Persediaan barang jadi akhir periode(Catatan 8) (767.744.889.941) (881.406.077.320) Finished goods at end of period (Note 8)

Beban pokok penjualan - distribusi 591.953.260.636 483.017.296.079 Cost of goods sold - distribution

Jumlah Beban Pokok Penjualan 1.132.865.506.346 .089.898.830.311 Total Cost of Goods Sold 1

Pada periode 2011 dan 2010, tidak ada pembeliandari satu pihak pemasok dengan jumlah akumulasisetahun di atas 10% dari jumlah penjualan bersihkonsolidasi.

In 2011 and 2010, there were no purchases made from any single supplier with annual cumulative amount exceeding 10% of consolidated net sales.

22. BEBAN USAHA 22. OPERATING EXPENSES

Rincian beban usaha adalah sebagai berikut: The details of operating expenses are as follows:

2011 2010

Beban Penjualan Selling Expenses Promosi 176.281.224.714 124.286.955.225 Promotions Gaji, upah dan kesejahteraan karyawan 173.784.420.285 162.977.483.538 Salaries, wages and employee benefits Perlengkapan penjualan 57.402.003.225 49.387.378.063 Selling supplies Penelitian dan pengembangan pasar 49.265.797.185 68.192.697.889 Market research and development Konferensi dan pertemuan 37.917.170.001 31.394.672.395 Conferences and conventions Transportasi dan pengiriman 34.166.688.154 39.421.694.040 Transportation and delivery Royalti (Catatan 28b, 28f, 28g dan 28h) 18.816.831.339 15.703.913.806 Royalty fees (Notes 28b, 28f, 28g and 28h)Perjalanan 15.090.175.391 13.839.496.570 Travelling Representasi dan jamuan 15.031.283.463 6.064.097.338 Representation and entertainment

Sewa 14.221.733.404 16.092.836.275 Rental Penyusutan (Catatan 11) 13.948.971.991 12.131.849.303 Depreciation (Note 11)Pos dan telekomunikasi 9.902.570.514 7.152.197.491 Postage and telecommunication










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22. BEBAN USAHA (lanjutan) 22. OPERATING EXPENSES (continued)

2011 2010

Beban Penjualan (lanjutan) Selling Expenses (continued)

Peralatan dan perlengkapan 6.395.922.507 5.147.303.336 Equipment and supplies Pemeliharaan dan perbaikan 6.171.224.495 6.379.443.668 Repairs and maintenance Pensiun 5.907.636.311 5.337.267.243 Pension costs Lain-lain (masing-masing

di bawah Rp5 miliar) 13.253.291.890 10.130.624.273 Others (each below Rp5 billion)

Jumlah Beban Penjualan 647.556.944.869 573.639.910.453 Total Selling Expenses

Beban Umum dan Administrasi General and Administrative Expenses Gaji, upah dan kesejahteraan karyawan 67.351.165.015 60.730.486.818 Salaries, wages and employee benefits

Penyusutan (Catatan 11) 13.094.989.040 15.562.311.678 Depreciation (Note 11)Hubungan masyarakat 9.362.114.696 3.824.845.364 Public relations Pemeliharaan dan perbaikan 5.762.682.595 6.427.756.446 Repairs and maintenance Perjalanan 5.169.758.564 4.019.607.648 Travelling Pos dan telekomunikasi 4.882.610.871 4.388.342.656 Postage and telecommunication Listrik, air dan gas 4.075.861.296 3.712.825.792 Electricity, water and gas Sewa 4.064.296.801 4.002.320.722 Rental Pensiun 4.001.249.821 6.851.846.878 Pension costs Pelatihan dan perekrutan tenaga kerja 3.437.245.510 1.460.030.505 Personnel training and recruitment Jasa profesional 3.385.363.573 2.484.063.148 Professional fees Peralatan dan perlengkapan 2.548.733.906 2.260.434.049 Equipment and supplies Asuransi dan pajak 1.937.951.047 1.829.298.704 Insurance and taxes Perijinan dan keamanan 1.677.220.801 1.517.557.887 License and security Lain-lain (masing-masing


Jumlah Beban Umum dan Administrasi 135.385.694.524 120.832.067.477 Total General and Administrative Expenses

Beban Penelitian dan Pengembangan Research and Development Expenses Gaji, upah dan kesejahteraan karyawan 11.561.426.990 10.355.298.100 Salaries, wages and employee benefits Bahan baku 1.747.653.607 1.114.755.159 Materials Percobaan klinis 1.369.198.809 723.613.300 Clinical trials Penyusutan (Catatan 11) 1.081.567.715 988.201.364 Depreciation (Note 11)Jasa profesional 488.603.485 1.100.057.038 Professional fees Lain-lain (masing-masing


Jumlah Beban Penelitian Total Research and dan Pengembangan 19.624.977.499 17.273.828.539 Development Expenses

Jumlah Beban Usaha 802.567.616.892 711.745.806.469 Total Operating Expenses










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23. PENGHASILAN BUNGA 23. INTEREST INCOME

Penghasilan bunga diperoleh dan dihasilkan dari: Interest income was derived and earned from the following:

2011 2010

Call deposit dan deposito berjangka 21.035.288.199 10.950.331.786 Call and time deposits Jasa giro dan lainnya 1.015.859.084 34.821.915 Current accounts and others

Jumlah 22.051.147.283 10.985.153.701 Total

24. BEBAN BUNGA DAN KEUANGAN 24. INTEREST EXPENSE AND FINANCIAL

CHARGES

Rincian beban bunga dan keuangan adalahsebagai berikut:

The details of interest expense and financial charges are as follows:

2011 2010

Beban bunga dan provisi: Interest expense and provision: Pinjaman bank dan lain-lain 387.634.196 1.408.456.319 Bank loans and others Hutang sewa pembiayaan 31.384.373 44.837.254 Obligations under finance leases

Beban administrasi 939.569.720 964.226.399 Administration charges

Jumlah 1.358.588.289 2.417.519.972 Total

25. IMBALAN KERJA KARYAWAN 25. EMPLOYEES’ SERVICE ENTITLEMENT BENEFITS

Program Dana Pensiun Pension Plan

Perusahaan, Bifarma, Danfar, Sanghiang, BintangToedjoe, Hexpharm, KMI, Fima, TSJ, GCM, MDI,EMP dan EPMT, menyelenggarakan program danapensiun imbalan pasti untuk semua karyawan tetapyang memenuhi persyaratan. Program inimemberikan imbalan kerja berdasarkanpenghasilan dasar pensiun dan masa kerjakaryawan. Program pensiunan Perusahaan danEntitas Anak tersebut dikelola oleh Dana Pensiun

Kalbe, yang telah memperoleh izin dari MenteriKeuangan Republik Indonesia. Pendanaanprogram pensiun Grup berasal dari kontribusipemberi kerja berkisar antara 6,5% sampai dengan11,4% dari penghasilan dasar pensiun.

The Company, Bifarma, Danfar, Sanghiang,Bintang Toedjoe, Hexpharm, KMI, Fima, TSJ,GCM, MDI, EMP and EPMT have defined benefit retirement plans covering all of their qualified permanent employees. These plans provide employee benefits based on basic pensionable earnings and years of service of the covered employees. The pension plans of the Company and said Subsidiaries are managed by Dana

Pensiun Kalbe. These pension programs has obtained license from the Ministry of Finance of the Republic of Indonesia. The Group’s contributions/funding to the said pension programs are determined at rates ranging from 6.5% to 11.4% of basic pensionable earnings of the covered employees.

Aset program tertentu terdiri dari rekening girobank, deposito berjangka, saham diperdagangkandi bursa, tanah dan bangunan, unit reksa danaserta penyertaan saham.

The plan assets consist of cash in banks, time deposits, investments in shares listed in the stock exchange, land and building, mutual fund units and investments in shares.










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25. IMBALAN KERJA KARYAWAN (lanjutan) 25. EMPLOYEES’ SERVICE ENTITLEMENT BENEFITS (continued)

Perhitungan imbalan kerja untuk tahun yangberakhir pada tanggal-tanggal 31 Desember 2010dan 2009 dihitung oleh PT Pointera AktuarialStrategis (PAS), aktuaris independen, denganmenggunakan metode “projected unit of credit ”.Asumsi utama yang digunakan oleh aktuaris padatahun 2010 dan 2009 adalah sebagai berikut:

The above-mentioned provisions for employees’ service entitlement benefits for the years ended December 31, 2010 and 2009 are based on the actuarial calculations prepared by PT Pointera Aktuarial Strategis (PAS), independent firm of actuaries, using the “projected unit of credit” method. The key assumptions used for the said actuarial calculations in 2010 and 2009 are as follows:

2010 2009

Tingkat diskonto 10% 11% Discount rate Annual rate of increase in

Tingkat kenaikan gaji per tahun 8,5%-10% 5%-10% compensation Tabel mortalita 100% TMI - 99 100% TMI - 99 Mortality table Tingkat cacat tetap 0,1% TMI - 99 0,1% TMI - 99 Permanent disability rate Tingkat pengunduran diri 1% 1% Resignation rate Usia pensiun 55 tahun/years 55 tahun/years Retirement age

Imbalan Kerja Tanpa Pendanaan Employee Benefits Without Funding

Grup juga memberikan imbalan kerja lain selainimbalan pasti untuk karyawan sesuai denganUndang-undang Ketenagakerjaan.

The Group also provides for other employees’ benefits in addition to the service entitlement benefits provided under the Labor Law.

Tambahan imbalan kerja lain tersebut pada tahun2010 dan 2009 juga dihitung oleh PAS, denganmenggunakan metode “projected unit of credit ”.Asumsi utama yang digunakan oleh aktuaris tahun2010 dan 2009 adalah sebagai berikut:

The above-mentioned additional provisions for other employees’ service entitlement benefits for the years 2010 and 2009 are also based on the actuarial calculations prepared by PAS, using the “projected unit of credit” method. The key assumptions used for the said actuarial calculations in 2010 and 2009 are as follows:

2010 2009

Tingkat diskonto 10% 11% Discount rate Annual rate of increase in

Tingkat kenaikan gaji per tahun 8,5%-10% 5%-10% compensation Tabel mortalita 100% TMI - 99 100% TMI - 99 Mortality table Tingkat cacat tetap 0,1% TMI - 99 0,1% TMI - 99 Permanent disability rate

Tingkat pengunduran diri 1% 1% Resignation rate Usia pensiun 55 tahun/years 55 tahun/years Retirement age

26. TUJUAN DAN KEBIJAKAN MANAJEMEN RISIKOKEUANGAN

26. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

Kewajiban keuangan utama Grup terdiri dari pinjaman jangka pendek, hutang usaha, hutang lain-lain, biayamasih harus dibayar dan hutang sewa pembiayaan.Tujuan utama dari instrumen keuangan ini adalahuntuk membiayai kegiatan operasional Grup. Grup juga mempunyai aset keuangan yang terdiri dari kasdan setara kas, investasi jangka pendek, piutang

usaha, piutang lain-lain dan penyertaan saham.

Group’s principal financial liabilities consist of short-term loans, trade payables, other payables,accrued expenses and obligations under finance leases. These financial instruments are to fund the Group’s operation. Group also have financial assets, consist of cash and cash equivalents,short-term investments, trade receivables, other

receivables and investment in shares of stocks.










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26. TUJUAN DAN KEBIJAKAN MANAJEMEN RISIKOKEUANGAN (lanjutan)

26. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Telah menjadi kebijakan Grup bahwa tidak akan adaperdagangan dalam instrumen keuangan yang akandilakukan.

It is and has been the Group's policy that no trading in financial instruments shall be undertaken.

Risiko utama dari instrumen keuangan Grup adalahrisiko tingkat suku bunga, risiko fluktuasi mata uangasing, risiko kredit dan risiko likuiditas. Berikut adalahpenjelasan masing-masing risiko dan kebijakan yangdisetujui Grup untuk mengelola risiko tersebut:

The main risks arising from Group’s financial instruments are interest rate risk, foreign currency risk, credit risk and liquidity risk. Following are the description for each risks and policy which has been agreed by the Group to manage the risks:

a. Risiko tingkat suku bunga a. Interest rate risk

Risiko tingkat suku bunga yang dihadapi Grupterutama timbul dari pinjaman untuk tujuan modalkerja dan investasi. Pinjaman dengan berbagaitingkat suku bunga variabel menghadapkan Grupkepada nilai wajar risiko tingkat suku bunga.

The Group’s interest rate risk mainly arises from loans for working capital and investment purposes. Loans at variable rates expose the Group to fair value interest rate risk.

Saat ini, Grup tidak mengimplementasikankebijakan formal lindung nilai atas risiko sukubunga.

Currently, the Group do not implement a formal hedging policy for interest rate exposures.

Pada tanggal 31 Maret 2011, jika suku bungapinjaman meningkat/menurun sebesar 100 basispoin dengan semua variable konstan, labasebelum pajak untuk periode yang berakhir pada

tanggal tersebut sebesar Rp155 juta lebihrendah/tinggi, terutama sebagai akibatkenaikan/penurunan biaya bunga atas pinjamandengan tingkat bunga mengambang.

As of March 31, 2011, had the interest rate of the loans been 100 basis points higher/lower with all other variable held constant, income before tax for the period then ended would

have been Rp155 million lower/higher, mainly as a result of higher/lower interest expense on loans with floating interest rates.

b. Risiko mata uang asing b. Foreign currency risk

Mata uang pelaporan adalah Rupiah. Kinerjakeuangan Grup dipengaruhi oleh fluktuasi dalamnilai tukar mata uang Rupiah dan Dolar AS.

The reporting currency is Rupiah. The Group’s financial performance is influenced by the fluctuation in the exchange rate between Rupiah and US Dollar.

Selain karena pinjaman, hal ini dikarenakan Grupmembeli alat-alat kesehatan dan bahan bakudalam mata uang asing, antara lain Dolar AS,

Euro atau harga yang secara signifikandipengaruhi oleh tolak ukur perubahan harganyadalam mata uang asing (terutama Dolar AS)seperti yang dikutip dari pasar internasional.

Besides loans, the Group also purchase medical equipment and raw materials using foreign currencies, such as US Dollar, Euro or

which price is significantly influenced by their benchmark price movements in foreign currencies (mainly US Dollar) as quoted in the international markets.

Grup akan menghadapi risiko mata uang asing jika pendapatan dan pembelian Grup dalam matauang asing tidak seimbang dalam hal jumlah ataupemilihan waktu.

The Group have exposure to foreign currency risk if the revenue and purchases of the Group denominated in foreign currency are not evenly matched in terms of quantity or timing.

Saat ini, Grup tidak mengimplementasikankebijakan formal lindung nilai untuk laju pertukaranmata uang asing. Untuk mengurangi risiko ini,Grup merencanakan pembelian mata uang asing

yang cukup untuk pembelian produk impor,pemantauan mata uang asing yang intensif sertaperencanaan waktu pembelian yang tepat.

Currently, the Group do not implement any formal hedging policy for foreign exchange exposure. The Group plan for the proper buying of foreign currencies for the import

purchase, intensive foreign currency monitoring, and proper timing in purchasing to reduce the foreign currency risk.










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26. TUJUAN DAN KEBIJAKAN MANAJEMEN RISIKOKEUANGAN (lanjutan)

26. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Analisis sensitivitas untuk risiko nilai mata uangasing

Sensitivity analysis for foreign currency risk

Pada tanggal 31 Maret 2011, jika nilai tukarRupiah terhadap Dolar AS menurun/meningkatsebanyak 1% dengan semua variabel konstan,pendapatan sebelum pajak untuk satu periodesebesar Rp4,6 miliar lebih rendah/tinggi, terutamasebagai akibat kerugian/keuntungan translasi kasdan setara kas, piutang usaha, investasi jangkapendek, hutang usaha dan hutang lain-lain dan

pinjaman jangka pendek yang dikenakan dalamDolar AS.

As of March 31, 2011, had the exchange rate of the Rupiah against the US Dollar depreciated/appreciated by 1% with all other variables held constant, income before tax for one period then ended would have been Rp4.6 billion lower/higher, mainly as a result of foreign exchange losses/gains on the translation of cash and cash equivalents,

trade receivables, short-term investments,trade payables and others and short-term loans denominated in US Dollar.

c. Risiko kredit c. Credit risk

Risiko kredit yang dihadapi oleh Grup berasal darikredit yang diberikan kepada outlet.

The Group are exposed to credit risk arising from the credit granted to its outlets.

Grup telah mengambil beberapa kebijakan yangdianggap penting untuk mengurangi risiko ini,yaitu untuk memastikan bahwa penjualan produkhanya ditujukan kepada outlet yang dapatdipercaya dan terbukti mempunyai sejarah kredityang baik.

To mitigate this risk, the Group have policies in place to ensure that sales of products are made only to creditworthy customers with proven track record or good credit history.

Grup juga memberlakukan kebijakan dimanasemua pelanggan yang akan melakukanpembelian secara kredit harus melalui prosedurverifikasi kredit dan memberlakukan batasankredit untuk outlet tertentu. Grup memberikan jangka waktu kredit berkisar antara 30 sampaidengan 45 hari dari tanggal penerbitan faktur.Langkah preventif lain yang diambil Grup, antaralain: pemantauan yang intensif terhadap saldo danumur piutang serta pemberian diskon untukpembayaran tunai guna mengurangi kemungkinanpiutang yang tidak tertagih. Untuk mengurangirisiko kredit, Grup akan menghentikan penyaluran

semua produk kepada pelanggan yang gagalbayar.

It is the Group's policy that all customers who wish to trade on credit are subject to credit verification procedures and the credit limitation for some outlets. The Group’s grant customers credit terms range from 30 to 45 days from the issuance of invoice. The other preventive action taken by the Group are as follows: the intensive monitoring on the receivables amount and aging, and granting discount for cash payment to reduce the uncollectible receivables. To minimize credit risk, the Group will hold all products distribution to defaulted customers.

d. Risiko likuiditas d. Liquidity risk

Grup mengelola likuiditasnya dalam membiayaimodal kerja dan melunasi hutang yang jatuhtempo dengan menyediakan kas dan setara kasyang cukup. Untuk itu, Grup secara berkalamenyusun dan mengevaluasi anggaran atauproyeksi arus kas dan realisasinya.

The Group manages its liquidity in financing its working capital and repayment of matured loan by providing sufficient cash and cash equivalents. Therefore, the Group prepare and evaluate budget or cash flow projection and its realization on regular basis.










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27. NILAI WAJAR DARI INSTRUMEN KEUANGAN 27. FAIR VALUE OF FINANCIAL ASSETS

Tabel berikut menyajikan nilai tercatat dan estimasinilai wajar dari instrumen keuangan Grup padatanggal 31 Maret 2011:

The following table sets out the carrying values and estimated fair values of the Group’s financial instruments as of March 31, 2011:

Nilai tercatat/ Nilai Wajar/Carrying Fair values values

Aset Keuangan Financial Assets Kas dan setara kas 2.317.696.306.770 2.317.696.306.770 Cash and cash equivalents Investasi jangka pendek 5.596.053.580 5.596.053.580 Short-term investments Piutang usaha 1.296.934.013.845 1.296.934.013.845 Accounts receivable - trade Piutang lain-lain 77.294.427.263 77.294.427.263 Other receivables Penyertaan saham 30.450.000.000 30.450.000.000 Investment in shares of stocks

Jumlah 3.727.970.801.458 .727.970.801.458 Total 3

Kewajiban Keuangan Financial Liabilities Pinjaman jangka pendek 196.966.906.146 196.966.906.146 Short-term loans Hutang usaha 518.734.407.060 518.734.407.060 Trade payables Hutang lain-lain 96.169.331.992 96.169.331.992 Other payables Biaya masih harus dibayar 270.454.198.736 270.454.198.736 Accrued expenses Hutang sewa pembiayaan 828.544.388 828.544.388 Obligations under finance leases

Jumlah .083.153.388.322 .083.153.388.322 Total 1 1

Berikut metode dan asumsi yang digunakan untukestimasi nilai wajar:

The following methods and assumptions are used to estimate the fair value:

Nilai wajar kas dan setara kas, investasi jangkapendek, piutang usaha, piutang lain-lain, penyertaansaham, pinjaman jangka pendek, hutang usaha,hutang lain-lain, biaya masih harus dibayar dan hutangsewa pembiayaan mendekati nilai tercatat karena jangka waktu jatuh tempo yang singkat atas instrumenkeuangan tersebut.

Fair value of cash and cash equivalents, short- term investments, trade receivables, other receivables, investment in shares of stocks,short-term loans, trade payables, other payables,accrued expenses and obligations under finance leases approximate their carrying amounts largely due to short-term maturities of these instruments.

28. PERJANJIAN PENTING, KOMITMEN DANKONTINJENSI

28. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES

Pihak Ketiga Third Parties Perusahaan Company

a. Pada tanggal 23 Agustus 2005, Perusahaanmenandatangani perjanjian joint venture dengan Orange Drugs Ltd., Nigeria (“ODL”),sehubungan dengan pendirian Orange KalbeLimited (“OKL”) di Lagos, Nigeria, denganmodal dasar awal sejumlah Naira (N) 20 jutayang terbagi atas 20 juta saham biasa dengannilai nominal per saham sejumlah N1. Darimodal dasar tersebut, sejumlah N6 juta atausebesar 30% kepemilikan saham akan diambildan disetor penuh oleh Perusahaan. OKLantara lain akan bergerak di bidang pabrikan

produk obat-obatan dari ODL dan Perusahaan.

a. On August 23, 2005, the Company entered into a joint venture agreement with Orange Drugs Ltd., Nigeria (“ODL”) in connection with the establishment of Orange Kalbe Limited (“OKL”) in Lagos, Nigeria, with an initial authorized capital amounting to Naira (N) 20 million, consisting of 20 million common shares with par value per share of N1. Out of the said total authorized capital, N6 million or 30% shares ownership shall be subscribed and fully paid by the Company. OKL shall engage, among others, in the manufacture of

pharmaceutical products from ODL and the Company.










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28. PERJANJIAN PENTING, KOMITMEN DANKONTINJENSI (lanjutan)

28. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES (continued)

Pihak Ketiga (lanjutan) Third Parties (continued)


Perjanjian tersebut juga antara lainmengatur kewajiban masing-masingPerusahaan dan ODL sehubungan kegiatanpendirian dan pengembangan OKL.Selanjutnya berdasarkan akta pendirian OKLpada tanggal 29 November 2005, modal dasarOKL menjadi N100 juta yang terbagi atas

100 juta saham biasa dengan persentasekepemilikan saham Perusahaan sebesar 30%.Sampai dengan tanggal 27 April 2011, OKLmasih dalam tahap pengembangan dan belummemulai kegiatan komersialnya.

The said agreement also provides for, among others, the obligations of the Company and ODL in respect of the establishment and development of OKL. Further, based on OKL’s deed of establishment dated November 29,2005, the initial authorized capital was increased to become N100 million, consisting

of 100 million common shares, with the Company’s percentage of ownership still maintained at 30%. Up to April 27, 2011, OKLis still under development stage and has not yet commenced its commercial operations.

b. Perusahaan dan Entitas Anak yang bergerak

di bidang industri farmasi memproduksiproduk tertentu berdasarkan perjanjian lisensidengan perusahaan-perusahaan farmasiinternasional, seperti Astellas Pharma Inc.,Jepang, Baxter Deutschland GMBH, AmerikaSerikat, Baxter International Inc., AmerikaSerikat, BioGaia AB, Swedia, Biochem

Pharmaceutical Industries Ltd., India.,Crawford Healthcare, Ltd., Inggris, Chemo SA,Lugano Branch, Swiss, Daiichi Seiyaku Co.,Ltd., Jepang, Helsinn Birex PharmaceuticalLtd., Irlandia, Laboratories Leon Farma, SA,Spanyol, PT Pfizer Indonesia, Indonesia,Pacific Pharmaceutical Co., Ltd., Korea,Pharmacem Laboratories, Amerika Serikat,dan Sato Pharmaceutical Co., Ltd., Jepang(secara bersama-sama disebut “PemberiLisensi”).

b. The Company and its pharmaceutical Subsidiaries manufacture certain products under licensing agreements with international pharmaceutical companies, such as, Astellas Pharma Inc., Japan, Baxter Deutschland GMBH, USA, Baxter International Inc., USA,BioGaia AB, Sweden, Biochem Pharmaceutical Industries Ltd., India.,

Crawford Healthcare, Ltd., UK, Chemo SA,Lugano Branch, Switzerland, Daiichi Seiyaku Co., Ltd., Japan, Helsinn Birex Pharmaceutical Ltd., Ireland, Laboratories Leon Farma, SA,Spain, PT Pfizer Indonesia, Indonesia, Pacific Pharmaceutical Co., Ltd., Korea, Pharmacem Laboratories, USA, and Sato Pharmaceutical Co., Ltd., Japan (collectively referred to herein as the “Licensors”).

Berdasarkan perjanjian lisensi tersebut,Perusahaan dan Entitas Anak yang bergerak dibidang industri farmasi tersebut memperolehhak eksklusif untuk memproduksi,memasarkan dan melakukan pendaftaranproduk-produk lisensi yang bersangkutan diIndonesia.

Under the related licensing agreements, the Company and its pharmaceutical Subsidiaries have the exclusive rights to produce, market and register the licensed products in Indonesia.

Sebagai kompensasinya, Perusahaan danEntitas Anak membayar royalti kepadaperusahaan pemberi Lisensi yang dihitungberdasarkan persentase tertentu daripenjualan bersih produk berlisensi tersebut.Beban royalti tersebut disajikan sebagai bagiandari “Beban Penjualan ” (Catatan 22).

As compensation, royalty fees are paid to the Licensors computed based on certain agreed percentages of the net sales of the licensed products. Such royalty fees are presented as part of “Selling Expenses” (Note 22).










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c. Perusahaan mengadakan perjanjian distribusidengan Baxter Healthcare (Asia) Pte., Ltd.,Singapura, BioGaia AB, Swedia, BTC S.r.l,Italia, BIPL Co., Ltd., Korea, BoryungPharmaceuticals Co., Ltd., Korea, CrawfordHealthcare, Ltd., Inggris, Cell Biotech Co., Ltd.,Korea, Cipla Ltd., India, Emcure

Pharmaceuticals Ltd., India, FujisawaPharmaceutical Co., Ltd., Jepang, Gan & LeePharmaceutical Ltd., Cina, Gador S.A.,Argentina, Helsinn Birex Pharmaceuticals Ltd.,Irlandia, Helsinn Healthcare SA., Swiss, IBSAInstitut Biochimique SA., Swiss, LallemandPharma AG, Swiss, Laboratoire AguettantS.A.S., Perancis, Lifestream Pharma N.V/S.A.,Belgia, Medestea Research & ProductionS.P.A., Italia, Medicell Pharmaceutical (S) Pte.,Ltd., Singapura, Orion Pharma, Finlandia,PT Pisma Medica Indonesia, Indonesia,ProStrakan Group Plc, Inggris, Q Med AB,Swedia, Samyang Corporation, Korea,

Shandong Kexing Bioproducts Co., Ltd., Cina,Shandong New Time Pharmaceuticals Co.,Ltd., Cina, Sinclair Pharmaceuticals Ltd.,Inggris, Smith & Nephew Pte. Ltd., Singapura,Smith & Nephew Inc., Amerika Serikat,Spencer Food Industrial BV, Belanda, SunstarSuisse SA, Swiss, Sunstar Inc., Jepang, SunPharmaceutical Industries Ltd., India,Samchundang Pharma Co., Ltd., Korea,Sogeval Laboratories, Perancis, ThemisMedicare Ltd., India, Tipco F&B Co., Ltd.,Thailand, Woo Shin Medics Co., Korea danZhuhai United Laboratories, Ltd., Cinasehubungan dengan pendistribusian produk-

produk pemasok di wilayah Indonesia sesuaidengan syarat dan kondisi yang ditetapkandalam perjanjian.

c. The Company entered into distribution agreements with Baxter Healthcare (Asia)Pte., Ltd., Singapore, BioGaia AB, Sweden,BTC S.r.l, Italy, BIPL Co., Ltd., Korea,Boryung Pharmaceuticals Co., Ltd., Korea,Crawford Healthcare, Ltd., UK, Cell Biotech Co., Ltd., Korea, Cipla Ltd., India, Emcure

Pharmaceuticals Ltd., India, Fujisawa Pharmaceutical Co., Ltd., Japan, Gan & Lee Pharmaceutical Ltd., China, Gador S.A.,Argentina, Helsinn Birex Pharmaceuticals Ltd.,Ireland, Helsinn Healthcare SA., Switzerland,IBSA Institut Biochimique SA., Switzerland,Lallemand Pharma AG, Switzerland,Laboratoire Aguettant S.A.S., France,Lifestream Pharma N.V/S.A., Belgium,Medestea Research & Production S.P.A.,Italy, Medicell Pharmaceutical (S) Pte., Ltd.,Singapore, Orion Pharma, Finland, PT Pisma Medica Indonesia, Indonesia, ProStrakan Group Plc, UK, Q Med AB, Sweden, Samyang

Corporation, Korea, Shandong Kexing Bioproducts Co., Ltd., China, Shandong New Time Pharmaceuticals Co., Ltd., China,Sinclair Pharmaceuticals Ltd., UK, Smith &Nephew Pte. Ltd., Singapore, Smith &Nephew Inc., USA, Spencer Food Industrial BV, Netherlands, Sunstar Suisse SA,Switzerland, Sunstar Inc., Japan, Sun Pharmaceutical Industries Ltd., India,Samchundang Pharma Co., Ltd., Korea,Sogeval Laboratories, France, Themis Medicare Ltd., India, Tipco F&B Co., Ltd.,Thailand, Woo Shin Medics Co., Korea and Zhuhai United Laboratories, Ltd., China, in

relation to the distribution of their products in the territory of Indonesia under the terms and conditions as stated in the agreements.

d. Pada bulan Januari 2009, melalui suratketerbukaan informasi Perusahaan kepadaBursa Efek Indonesia No. 004/CSEC-KF/I-09tanggal 16 Januari 2009, Perusahaanmelaporkan bahwa JP Morgan Chase Bank,N.A., London (JP Morgan) telah mengajukanklaim sejumlah US$19.194.206 yang menurutJP Morgan diakibatkan atas pelanggaranpasal tertentu 2002 ISDA Master Agreement mengenai transaksi derivatif. Perusahaanmenolak klaim tersebut karena Perusahaan

belum pernah menyetujui maupunmenandatangani dokumen tersebut.

d. In January 2009, the Company has reported to the Indonesia Stock Exchange with letter No. 004/CSEC-KF/I-09 dated January 16,2009, that the Company has received a claim from JP Morgan Chase Bank, N.A., London (JP Morgan) amounting US$19,194,206. The underlying basis on the claim is the violation of certain article of 2002 ISDA Master Agreement related to derivative transaction. The Company has rejected the claim because the Company never approved and/or signed the above-

mentioned document.










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Kemudian, pada bulan Februari 2009,Perusahaan melalui kuasa hukumnya yaituadvokat dan konsultan hukum dari Law Firm Hotman Paris & Partners telah mengajukangugatan perdata di Pengadilan Negeri JakartaSelatan dengan nomor perkara256/Pdt.G/2009/PN.Jkt.Sel. Gugatan perdata

ini ditujukan kepada JP Morgan Chase Bank,National Association, Cabang Jakarta danpihak-pihak terkait sehubungan dengan klaimdi atas. Dasar gugatan adalah adanyaperbuatan melawan hukum dan pelanggaranterhadap Peraturan Bank Indonesia tertentu,atas hal tersebut Perusahaan menuntutkompensasi ganti rugi sejumlah US$120 juta.

Later, in February 2009, the Company through its legal attorney, Hotman Paris & Partners Law Firm, has filed a lawsuit in the South Jakarta District Court by the case number 256/Pdt.G/2009/PN.Jkt.Sel. This lawsuit was made against JP Morgan Chase Bank,National Association, Jakarta Branch and its

related parties regarding the above-mentioned claim. The underlying basis of the lawsuit is the law violation and a breach of certain articles of Bank Indonesia regulation, for which the Company demanded a compensation of US$120 million.

Gugatan tersebut dicabut oleh Perusahaansesuai suratnya tertanggal 30 Juni 2009melalui kuasa hukum Perusahaan yang telahditerima oleh Pengadilan Negeri JakartaSelatan tertanggal 30 Juni 2009.

This lawsuit was withdrawn by the Company in accordance with the letter dated June 30, 2009 through its legal attorney that was received by the South Jakarta District Court dated June 30,2009.

Pada bulan Maret 2009, JP Morgan ChaseBank N.A., London melalui kuasa hukumnyaAdnan Kelana Haryanto & Hermanto telahmengajukan gugatan perdata di PengadilanNegeri Jakarta Pusat dengan nomor perkara89/Pdt.G/2009/PN.Jkt.Pst. Gugatan perdata iniditujukan kepada Perusahaan untukmelaksanakan Putusan dari The High Court of Justice, Queen’s Bench Division, Commercial Court, Royal Courts of Justice di London.Gugatan tersebut tidak diterima olehPengadilan Negeri Jakarta Pusat sesuaiPutusan tertanggal 1 Juni 2009No. 89/PDT.G/2009/PN.JKT.PST. Kemudianpada tanggal 21 Juli 2009, Perusahaan

menerima Surat Pemberitahuan Banding dariJurusita Pengganti Pengadilan Negeri JakartaPusat yang diajukan oleh JP Morgan ChaseBank, National Association.

In March 2009, JP Morgan Chase Bank N.A.,London through its legal attorney, Adnan Kelana Haryanto & Hermanto, has filed a lawsuit in the Central Jakarta District Court by the case number 89/Pdt.G/2009/PN.Jkt.Pst.This lawsuit was made against the Company to execute the Decision from The High Court of Justice, Queen’s Bench Division,Commercial Court, Royal Courts of Justice in London. This lawsuit was not accepted by the Central Jakarta District Court in accordance with the Decision dated on June 1, 2009 No. 89/PDT.G/2009/PN.JKT.PST. Later, on July 21, 2009, the Company received appeal notification letter from bailiff of Central Jakarta

District Court which filed by JP Morgan Chase Bank, National Association.

Pada tanggal 26 Mei 2010, Perusahaanmenerima pemberitahuan Putusan PengadilanTinggi DKI Jakarta dalam perkara JP Morganmelawan Perusahaan beserta salinan resmidari Putusan Pengadilan Tinggi DKI JakartaNo.509/PDT/2009/PT.DKI Jo.No. 89/Pdt.G/2009/PN.Jkt.Pst. Dalam putusantersebut, Pengadilan Tinggi DKI Jakartamengabulkan eksepsi Perusahaan dan tidak

dapat menerima gugatan JP Morgan.

On May 26, 2010, the Company received the decision notification from DKI Jakarta High Court on JP Morgan Chase against the Company and the official copy of DKI Jakarta High Court Decision No. 509/PDT/2009/PT.DKI Jo. No. 89/Pdt.G/2009/PN.Jkt.Pst. In such decision, DKI Jakarta High Court accepted the Company’s exception and denied the claim of JP Morgan.










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Pada tanggal 7 Juli 2010, Perusahaanmenerima salinan resmi relaas pemberitahuankasasi dan penyerahan memori kasasiNo. 48/Srt.Pdt.Kas/2010/PN.JKT.PST. Jo.No. 89/Pdt.G/2009/PN.Jkt.Pst. dari PengadilanNegeri Jakarta Pusat dalam perkara JPMorgan melawan Perusahaan.

On July 7, 2010, the Company received the official copy of relaas notification of cassation and memorandum of cassation

No. 48/Srt.Pdt.Kas/2010/PN.JKT.PST. Jo.No. 89/Pdt.G/2009/PN.Jkt.Pst. from the Central Jakarta Distric Court on JP Morgan case against the Company.

Pada tanggal 19 Juli 2010, Perusahaan telahmendaftarkan Kontra Memori Kasasi dalamperkara antara Perusahaan melawan JPMorgan atas Putusan Pengadilan Tinggi DKIJakarta No. 509/PDT/2009/PT DKI. Jo.No. 89/Pdt.G/Jkt.Pst. tertanggal 25 Februari2010.

On July 19, 2010, the Company filed Contra Cassation Memorandum on the Company case against JP Morgan on the DKI Jakarta High Court Decision No. 509/PDT/2009/PT DKI. Jo.No. 89/Pdt.G/Jkt.Pst. dated February 25, 2010.

Sampai dengan tanggal 27 April 2011, gugatantersebut masih dalam status banding diPengadilan Tinggi. Manajemen Perusahaanberpendapat, penyelesaian akhir dari masalahhukum tersebut tidak akan berdampak buruk

terhadap hasil usaha dan posisi keuanganPerusahaan.

Up to April 27, 2011, this lawsuit is still under appeal in the High Court. The Company’s management believes that the final outcome of this legal matter will not have a material adverse effect on the results of operations and

financial position of the Company.

Kalbe International Kalbe International

e. Kalbe International mengadakan perjanjianproduksi dengan IDS Manufacturing Sdn.,Bhd., Malaysia dan Wrapsa Packaging &Manufacturing Pty., Ltd., Afrika Selatan (secarabersama-sama disebut “Pabrikan”). Dalamperjanjian tersebut, Kalbe Internationalmenunjuk Pabrikan untuk memproduksi produkdi bawah merek dagang “Woods” di masing-masing wilayah yang bersangkutan.Sehubungan dengan ini, Kalbe International juga secara terpisah mengadakan perjanjiandistribusi dengan Delfi Singapore Pte., Ltd.(Delfi) dan Permark Pty., Ltd., Afrika Selatan(Permark) (secara bersama-sama disebut“Distributor”). Dalam perjanjian distribusitersebut, Kalbe International menunjukdistributor untuk menjual dan mendistribusikanproduk yang diproduksi oleh pabrikan tersebutdiatas di masing-masing wilayah yangbersangkutan. Sebagai kompensasi, KalbeInternational membayar ongkos produksi danbiaya distribusi tertentu masing-masing kepadaPabrikan dan Distributor tersebut.

e. Kalbe International has product manufacturing agreements with IDS Manufacturing Sdn.,Bhd., Malaysia and Wrapsa Packaging &Manufacturing Pty., Ltd., South Africa (collectively referred to herein as the “Contract Manufacturers”). Under these agreements,Kalbe International engages the Contract Manufacturers to manufacture products under the “Woods” trademark in the respective territories of the latter. Relative to this, Kalbe International also separately entered into distributorship agreements with Delfi Singapore Pte., Ltd. (Delfi) and Permark Pty.,Ltd., South Africa (Permark) (collectively referred to herein as the “Distributors”). Under the said distributorship agreements, Kalbe International appointed the Distributors to sell and distribute the subject products manufactured by the Contract Manufacturers in the Territories. As compensation, Kalbe International pays the agreed manufacturing charges and distribution fees to the Contract Manufacturers and Distributors, respectively.










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Kalbe International (lanjutan) Kalbe International (continued)

Perjanjian di atas berlaku selama dua (2) tahunsejak tanggal penandatanganan dan dengansendirinya dapat diperpanjang setiap tahun,sampai salah satu pihak memutuskanperjanjian dengan pemberitahuan tertulisminimal tiga (3) sampai dengan enam (6) bulandi muka.

The above-mentioned agreements were valid for two (2) years from the date of signing, and thereafter, are automatically renewable annually. In case of termination, written notice should be given at least three (3) to six (6)months in advance by the party or parties concerned.

Sanghiang Sanghiang

f. Pada bulan April 2003, Sanghiangmengadakan perjanjian lisensi dan pengadaanpersediaan dengan Martek BiosciencesCorporation, perusahaan Delaware USA(Martek), yang berlaku efektif hingga 25 tahunsejak pertama kali penjualan komersial (bulanSeptember 2003). Berdasarkan perjanjian ini,Sanghiang akan memperoleh lisensi non-eksklusif dari Martek untuk menggunakan,memasarkan, mengimpor, mengekspor,mendistribusikan, melakukan penawaran

penjualan dan/atau menjual setiap produkSanghiang yang berisikan produk Martek.

f. In April 2003, Sanghiang entered into a license and supply agreement with Martek Biosciences Corporation, a Delaware, USAcorporation (Martek), which is valid for 25 years from the date of the first commercial sale (in September 2003). Based on this agreement, Martek granted Sanghiang a non- exclusive license to use, market, import,export, distribute, offer for sale and/or sell any Sanghiang’s products that contain Martek products.

Sebagai kompensasinya, Sanghiangmembayar biaya royalti sesuai denganpersyaratan dan kondisi yang terdapat didalam perjanjian. Biaya royalti yangdibebankan pada operasi disajikan sebagaibagian dari “Beban Penjualan” (Catatan 22).

As compensation, Sanghiang pays Martek royalty fee in accordance with the relevant terms and conditions, as defined in the agreement. Royalty fees charged to operations are presented as part of “Selling Expenses” (Note 22).

g. Sanghiang mengadakan perjanjian lisensidengan Morinaga Milk Industry Co., Ltd.,Jepang (Morinaga), yang berlaku efektifsampai dengan tanggal 1 September 2004 danotomatis diperpanjang selama lima (5) tahun

dari periode terakhir yang berlaku.Berdasarkan perjanjian tersebut, Sanghiangberhak untuk memproduksi dan memasarkanproduk berlisensi dengan merek dagangMorinaga di pasaran lokal. Sebagaikompensasinya, Sanghiang wajib membayarroyalti kepada Morinaga sesuai denganpersyaratan dan kondisi yang terdapat didalam perjanjian. Beban royalti tersebutdisajikan sebagai bagian dari “Beban Penjualan ” (Catatan 22).

g. Sanghiang entered into a license agreement with Morinaga Milk Industry Co., Ltd., Japan (Morinaga), which was initially valid up to September 1, 2004, and was automatically renewed for another five (5) years starting

from the said expiry date of the previous contract period. Based on this agreement,Sanghiang has the right to produce and distribute in the domestic market the licensed products under Morinaga’s trademarks. As compensation, Sanghiang pays Morinaga royalty fees in accordance with the relevant terms and conditions, as defined in the agreement. Such royalty fees are presented as part of “Selling Expenses” (Note 22).










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Sanghiang (lanjutan) Sanghiang (continued)

h. Sanghiang juga mengadakan perjanjian jasabantuan teknis dengan Morinaga, yang berlakusampai dengan tanggal 1 Januari 2004, danotomatis diperpanjang setiap satu (1) tahunberikutnya, kecuali dihentikan oleh salah satupihak dengan pemberitahuan tertulis enam (6)bulan sebelumnya. Berdasarkan perjanjian ini,

Morinaga setuju untuk memberikan bantuanteknologi kepada Sanghiang dalammengembangkan dan memproduksi produkHospital Diet tertentu. Sebagaikompensasinya, Sanghiang wajib membayarroyalti kepada Morinaga sesuai denganpersyaratan dan kondisi yang terdapat didalam perjanjian. Beban royalti yangdibebankan ke operasi disajikan sebagaibagian dari “Beban Penjualan ” (Catatan 22).

h. Sanghiang also has a technical assistance agreement with Morinaga, which was initially valid up to January 1, 2004, and thereafter,automatically renewable on a yearly basis,unless written notice of termination is given six (6) months in advance by either party. Based on this agreement, Morinaga agreed to

provide Sanghiang with technology assistance to develop and manufacture certain hospital diet products. As compensation, Sanghiang pays Morinaga royalty fee in accordance with the relevant terms and conditions, as defined in the agreement. Royalty fees charged to operations are presented as part of “Selling Expenses” (Note 22).

i. Sanghiang mengadakan beberapa perjanjiandengan PT Ultra Jaya Milk Tbk. (UJ),PT Sugizindo (SZ), PT Ikapharmindo Putramas(IP), PT Milko Beverage Industry (MBI),

PT Netania Kasih Karunia (NKK), dan PT SariHusada Tbk. (SH), dan otomatis diperpanjangkecuali dihentikan oleh salah satu pihak.Berdasarkan perjanjian-penjanjian ini, UJ, SZ,IP, MBI, NKK dan SH setuju untukmemproduksi produk tertentu atas namaSanghiang. Sebagai kompensasinya,Sanghiang membayar UJ, SZ, IP, MBI, NKKdan SH biaya produksi sesuai denganpersyaratan dan kondisi yang relevan denganperjanjian.

i. Sanghiang entered into separate agreements with PT Ultra Jaya Milk Tbk. (UJ),PT Sugizindo (SZ), PT Ikapharmindo Putramas (IP), PT Milko Beverage Industry

(MBI), PT Netania Kasih Karunia (NKK), and PT Sari Husada Tbk. (SH), which are all,automatically renewable unless written notice of termination is given by either party. Based on the said agreements, UJ, SZ, IP, MBI, NKK and SH agreed to manufacture certain products on behalf of Sanghiang. As compensation, Sanghiang pays UJ, SZ, IP,MBI, NKK and SH manufacturing fees in accordance with the relevant terms and conditions of their respective a greements.

Bintang Toedjoe Bintang Toedjoe

j. Bintang Toedjoe telah mengajukan gugatan

perdata terhadap PT Henson Farma (HF),Surabaya, melalui Pengadilan Negeri diJakarta Pusat, karena penggunaan merekyang memiliki persamaan dengan merek“ Extra Joss” milik Bintang Toedjoe padatanggal 15 Juli 1997. Pengadilan Negeri diJakarta Pusat telah mengeluarkan putusannyayang menolak gugatan penggugatsebagaimana dijelaskan dalam putusanPengadilan Negeri Jakarta PusatNomor. 272/PDT.G/1997/PN.JKT.PST, tanggal20 November 1997.

j. On July 15, 1997, Bintang Toedjoe has filed a

legal suit against PT Henson Farma,Surabaya (HF) in the district court of Central Jakarta to disallow the continued use by HF of a certain product brand name, which Bintang Toedjoe claims to have a similarity or resemblance to its “Extra Joss”. Such petition by Bintang Toedjoe was rejected by the district court of Central Jakarta in its letter No. 272/PDT.G/1997/PN.JKT.PST, dated November 20, 1997.










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Bintang Toedjoe (lanjutan) Bintang Toedjoe (continued)

Atas putusan Pengadilan Negeri Jakarta Pusatini, Bintang Toedjoe telah melakukan upayahukum kasasi ke Mahkamah Agung (MA),namun kembali permohonan Bintang Toedjoeditolak oleh MA sebagaimana dijelaskan dalamputusan MA Nomor. 4071K/Pdt/1998, tanggal28 April 2000. Atas putusan MA tersebut,

Bintang Toedjoe kembali melakukan upayahukum Peninjauan Kembali atas dasar adanyabukti baru (novum ) ke MA melalui SuratPermohonan Peninjauan Kembali Nomor.03/SRT.PDT.PK/2001/PN. JKT.PST tanggal7 Februari 2001. Permohonan PeninjauanKembali tersebut telah diputuskan dandiselesaikan oleh kedua belah pihak.

Then, Bintang Toedjoe filed an appeal to the Supreme Court. However, the Supreme Court also rejected Bintang Toedjoe’s petition in its decision letter No. 4071K/Pdt/1998 dated April 28, 2000. Bintang Toedjoe has applied for re-evaluation of the said decision of the Supreme Court in its Request for Re-

evaluation Letter No. 03/SRT.PDT.PK/ 2001/PN.JKT.PST dated February 7, 2001.The re-evaluation request has already been resolved and settled between both parties.

k. Pada tanggal 16 Agustus 2006, BintangToedjoe mengadakan perjanjian denganPT Coca Cola Indonesia (“CCI ”) untuk produk“ready to drink ”. Perjanjian tersebut telah dikajidan diubah pada tanggal 14 November 2006

yang mengatur bahwa CCI akan memproduksidan memasarkan produk “ready to drink ”.Perjanjian ini telah dihentikan oleh keduabelah pihak dengan perjanjian penghentian.

k. On August 16, 2006, Bintang Toedjoe entered into an agreement with PT Coca Cola Indonesia (“CCI”) for ready-to-drink products.The agreement has been revised and amended on November 14, 2006, which

provides that CCI shall produce and market ready-to-drink products. This agreement has already been terminated by both parties.

Hexpharm Hexpharm

l. Pada tanggal 2 Juli 2002, Hexpharmmelakukan perjanjian kerjasama toll manufacturing (in) dengan PT SterlingProducts Indonesia (SPI) mengenai beberapamacam produk yang diproduksi. Perjanjian inidiperpanjang secara otomatis dan terakhirdiperpanjang kembali pada tanggal 1 Januari2007.

l. On July 2, 2002, Hexpharm entered into a toll manufacturing (in) agreement with PT Sterling Products Indonesia (SPI) for the production of certain products. This agreement is automatically renewable and the latest renewal was on January 1, 2007.

m. Pada tanggal 2 Januari 2001, Hexpharmmelakukan perjanjian kerjasama toll manufacturing (out) dan toll manufacturing (in)dengan PT Bernofarm. Biaya toll manufacturing ditentukan berdasarkankesepakatan kedua belah pihak. Perjanjian inidiperpanjang secara otomatis denganpersetujuan kedua belah pihak.

m. On January 2, 2001, He xpharm entered into a toll manufacturing (out) and toll manufacturing (in) agreement with PT Bernofarm. Toll manufacturing cost is determined based on the terms agreed by both parties. This agreement is automatically renewable with agreement by both parties.

n. Pada tanggal 1 April 2003, Hexpharmmelakukan perjanjian kerjasama toll manufacturing (out) dan toll manufacturing (in)dengan PT Pyridam Farma Tbk. Biaya toll manufacturing ditentukan berdasarkankesepakatan kedua belah pihak. Perjanjian ini

diperpanjang secara otomatis denganpersetujuan kedua belah pihak.

n. On April 1, 2003, Hexpharm entered into a toll manufacturing (out) and toll manufacturing (in)agreement with PT Pyridam Farma Tbk. Toll manufacturing cost is determined based on the terms agreed by both parties. This agreement is automatically renewable with

agreement by both parties.










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Hexpharm (lanjutan) Hexpharm (continued)

o. Pada tanggal 2 Maret 2009, Hexpharmmelakukan perjanjian kerjasama toll manufacturing (out) dan toll manufacturing (in)dengan PT Pertiwi Agung. Biaya toll manufacturing ditentukan berdasarkankesepakatan kedua belah pihak. Perjanjian inidiperpanjang secara otomatis dengan

persetu juan kedua belah pihak.

o. On March 2, 2009, Hexpharm entered into a toll manufacturing (out) and toll manufacturing (in) agreement with PT Pertiwi Agung. Toll manufacturing cost is determined based on the terms agreed by both parties. This agreement is automatically renewable with agreement by both parties.

Saka Saka

p. Pada tanggal 14 Desember 2009, Sakamelakukan perjanjian kerjasama toll manufacturing (out) dan toll manufacturing (in)dengan CV Buana Artha Graha. Biaya toll manufacturing ditentukan berdasarkankesepakatan kedua belah pihak. Perjanjian inidiperpanjang secara otomatis denganpersetujuan kedua belah pihak.

p. On December 14, 2009, Saka entered into a toll manufacturing (out) and toll manufacturing (in) agreement with CV Buana Artha Graha.Toll manufacturing cost is determined based on the terms agreed by both parties. This agreement is automatically renewable with agreement by both parties.

q. Pada tanggal 19 Januari 2009, Sakamelakukan perjanjian kerjasama toll manufacturing (out) dan toll manufacturing (in)

dengan PT Menara Jopurin. Biaya toll manufacturing ditentukan berdasarkankesepakatan kedua belah pihak. Perjanjian inidiperpanjang secara otomatis denganpersetujuan kedua belah pihak.

q. On January 19, 2009, Saka entered into a toll manufacturing (out) and toll manufacturing (in)agreement with PT Menara Jopurin. Toll

manufacturing cost is determined based on the terms agreed by both parties. This agreement is automatically renewable with agreement by both parties.

r. Pada tanggal 30 April 2010, Saka melakukanperjanjian kerjasama toll manufacturing (out) dan toll manufacturing (in) denganPT Mersifarma Tirmaku. Biaya toll manufacturing ditentukan berdasarkankesepakatan kedua belah pihak. Saat iniaddendum untuk perpanjangan perjanjiansedang dalam proses.

r. On April 30, 2010, Saka entered into a toll manufacturing (out) and toll manufacturing (in)agreement with PT Mersifarma Tirmaku. Toll manufacturing fee is determined based on the terms agreed by both parties. Currently, the addendum for the agreement extention is still on process.

s. Pada tanggal 24 Mei 2010, Saka melakukanperjanjian kerjasama toll manufacturing (out) dan toll manufacturing (in) dengan PT RamaEmerald Multi Sukses. Biaya toll manufacturing ditentukan berdasarkan kesepakatan keduabelah pihak. Saat ini addendum untukperpanjangan perjanjian sedang dalam proses.

s. On May 24, 2010, Saka entered into a toll manufacturing (out) and toll manufacturing (in)agreement with PT Rama Emerald Multi Sukses. Toll manufacturing cost is determined based on the terms agreed by both parties.Currently, the addendum for the agreement extention is still on process.










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Fima Fima

t. Fima mengadakan perjanjian lisensi merekdagang dengan Sarl K’Noe, yang berlakuselama sepuluh (10) tahun, kecuali dihentikanoleh salah satu pihak dengan pemberitahuantertulis delapan belas (18) bulan sebelumnya.Sebagai kompensasinya, Fima wajibmembayar royalti kepada Sarl K’Noe sesuai

dengan persyaratan dan kondisi yang terdapatdi dalam perjanjian.

t. Fima entered into a trade-mark license agreement with Sarl K’Noe, which is valid up to ten (10) years, unless written notice of termination is given eighteen (18) months in advance by either party. As compensation,Fima pays Sarl K’Noe royalty fee in accordance with the relevant terms and

conditions, as defined in the agreement.

u. Fima mengadakan perjanjian kontrak produksidengan prinsipal PT Fresenius Medical CareIndonesia, dimana Fima setuju untukmemproduksi dan mengemas produk-produktertentu milik prinsipal tersebut berdasarkansuatu kontak produksi. Perjanjian tersebutberlaku selama 1 (satu) tahun dan dapatdiperpanjang secara otomatis kecualidibatalkan oleh salah satu pihak sesuaidengan perjanjian.

u. Fima entered into production contracts with principals PT Fresenius Medical Care Indonesia, where Fima agreed to produce and package certain products owned by the principals based on the production contacts.The agreement is valid for a period of 1 (one)year and automatically renewable, unless terminated by either party.

EPMT EPMT

v. EPMT dan Entitas Anaknya mengadakanperjanjian distribusi dengan beberapa pihakketiga, yang terdiri dari pemasok dalam danluar negeri, sehubungan denganpendistribusian produk-produk pemasok diwilayah Indonesia sesuai dengan syarat dankondisi yang ditetapkan dalam perjanjian.Perjanjian ini berlaku selama 1 (satu) hingga5 (lima) tahun dan diperpanjang denganotomatis, kecuali bila diakhiri oleh salah satupihak dengan pemberitahuan tertulis90 (sembilan puluh) hari sebelumnya.

v. EPMT and its Subsidiaries entered into distributorship agreements with third parties,which consist of local and foreign suppliers, in relation to the distribution of their products in the territory of Indonesia under the terms and conditions as stated in the agreements. The agreements are valid for a period of 1 (one) to 5 (five) years and are automatically renewable,unless terminated by either party with a written notice 90 (ninety) days in prior.










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29. LABA PER SAHAM DASAR 29. BASIC EARNINGS PER SHARE

Rincian perhitungan laba per saham dasar adalahsebagai berikut:

The details of earnings per share computation are as follows:

2011

Jumlah SahamRata-rata

Tertimbang/ Laba perWeighted Saham Dasar/

Laba/ Average Number Basic Earnings Income of Shares per Share

Laba per saham dasar Basic earnings per share

Laba usaha 417.117.228.425 9.375.024.422 44 Income from operations

Laba periode berjalan yang Profit for the period dapat diatribusikan kepada attributable to pemilik entitas induk 315.916.710.380 9.375.024.422 34 equity holders of the parent

2010

Jumlah SahamRata-rata

Tertimbang/ Laba perWeighted Saham Dasar/

Laba/ Average Number Basic Earnings Income of Shares per Share

Laba per saham dasar Basic earnings per share

Laba usaha 386.694.366.162 9.373.524.422 41 Income from operations Laba periode berjalan yang Profit for the period

dapat diatribusikan kepada attributable to pemilik entitas induk 256.300.976.902 9.373.524.422 27 equity holders of the parent

30. ASET DAN KEWAJIBAN DALAM MATA UANGASING

30. ASSET AND LIABILITIES IN FOREIGN CURRENCIES

Pada tanggal 31 Maret 2011, Grup memiliki asetdan kewajiban moneter dalam mata uang asingyang signifikan. Nilai yang setara dengan Rupiahatas aset dan kewajiban dalam mata uang asingtersebut pada tanggal 31 Maret 2011 adalahsebagai berikut:

As of March 31, 2011, the Group has significant monetary assets and liabilities denominated in foreign currencies. The equivalent Rupiah values of the said foreign currency denominated assets and liabilities as of March 31, 2011 are as follows:

Jumlah dalamMata Uang Asing/

Amount in Foreign Dalam Rupiah/ Currency In Rupiah

Aset Lancar Current Assets Dalam Dolar A.S. In U.S. Dollar

Kas dan setara kas 46.210.858 402.450.359.137 Cash and cash equivalents Piutang 20.717.975 180.432.840.530 Accounts receivables Investasi jangka pendek 525.000 4.572.225.000 Short-term investments

Dalam Euro In Euro Kas dan setara kas 745.555 9.183.004.565 Cash and cash equivalents Piutang 740.431 9.119.888.627 Accounts receivables

Dalam mata uang asing lainnya 38.312.739.292 In other foreign currencies

Jumlah Aset Lancar 644.071.057.151 Total Current Assets

[










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30. ASET DAN KEWAJIBAN DALAM MATA UANGASING (lanjutan)

30. ASSET AND LIABILITIES IN FOREIGN CURRENCIES

Jumlah dalamMata Uang Asing/

Amount in Foreign Dalam Rupiah/

Currency In Rupiah

Kewajiban Lancar Current Liabilities Dalam Dolar A.S. In U.S. Dollar

Hutang 12.443.480 108.370.263.219 Accounts payables Pinjaman jangka pendek 1.750.000 15.240.750.000 Short-term loan

Dalam Euro In Euro

Hutang 265.755 3.273.299.968 Accounts payables Dalam mata uang asing lainnya 14.912.612.770 In other foreign currencies

Jumlah Kewajiban Lancar 141.796.925.957 Total Current Liabilities

Aset (kewajiban) bersih Net assets (liabilities)Dalam Dolar A.S. 463.844.411.448 In U.S. Dollar Dalam Euro 15.029.593.224 In Euro Dalam mata uang asing lainnya 23.400.126.522 In other currencies

Aset Bersih 502.274.131.194 Net Assets

31. REKLASIFIKASI AKUN 31. RECLASSIFICATION OF ACCOUNTS

Beberapa angka perbandingan pada laporankeuangan konsolidasi tanggal 31 Maret 2010 telahdiklasifikasi kembali untuk meningkatkan dayabanding dengan penyajian laporan keuangankonsolidasi tanggal 31 Maret 2011 danimplementasi PSAK No. 55. Pengklasifikasiankembali disajikan sebagai berikut:

Certain comparative figures in the March 31, 2010 consolidated financial statements have been reclassified to enhance the comparability of the March 31, 2011 consolidated financial statement and implementation of SFAS No. 55. These reclassifications were as follows:

31 Maret 2010/March 31, 2010

Dilaporkan DilaporkanSebelumnya/ Saat Ini/As Previously Reklasifikasi/ As Currently

Reported Reclassifications Reported

ASET TIDAK LANCAR NON-CURRENT ASSETS Piutang pihak-pihak berelasi 1.023.468.099 (1.023.468.099) - Due from related parties Aset tidak lancar lainnya 12.333.851.574 1.023.468.099 13.357.319.673 Other non-current assets










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32. PERNYATAAN STANDAR AKUNTANSIKEUANGAN YANG TELAH DIKELUARKAN TAPIBELUM BERLAKU EFEKTIF

32. STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS ISSUE BUT NOT YET EFFECTIVE

Standar Akuntansi yang telah dikeluarkan olehDewan Standar Akuntansi Keuangan (DSAK), yangrelevan terhadap Grup, sampai dengan tanggalpenyelesaian laporan keuangan konsolidasi Gruptetapi belum efektif untuk tahun 2012 adalahsebagai berikut:

Accounting Standards issued by Indonesian Accounting Standards Board (DSAK), which are relevant to the Group, up to the date of completion of the Group’s consolidated financial statements but not yet effective for year 2012 are summarized below:

Efektif berlaku pada atau setelah tanggal 1 Januari2012:

Effective on or after January 1, 2012:

a. PSAK 10 (Revisi 2010) “Pengaruh PerubahanKurs Valuta Asing”, menjelaskan bagaimanamemasukkan transaksi-transaksi dalam matauang asing dan kegiatan usaha luar negeri kedalam laporan keuangan suatu entitas danmenjabarkan laporan keuangan ke dalamsuatu mata uang pelaporan.

a. SFAS 10 (Revised 2010) “The Effects of Changes in Foreign Exchange Rates”,prescribes how to include foreign currency transactions and foreign operations in the financial statements of an entity and translate financial statements into a presentation currency.

b. PSAK No. 24 (Revisi 2010), “Imbalan Kerja”,mengatur akuntansi dan pengungkapanimbalan kerja.

b. SFAS No. 24 (Revised 2010), “Employee Benefits”, establish the accounting and disclosures for employee benefits.

c. PSAK No. 46 (Revisi 2010), “Akuntansi PajakPenghasilan”, mengatur perlakuan akuntansi

untuk pajak penghasilan dalam menghitungkonsekuensi pajak kini dan masa depan untukpemulihan (penyelesaian) jumlah tercatat aset(liabilitas) di masa depan yang diakui padalaporan posisi keuangan; serta transaksi-transaksi dan kejadian-kejadian lain padaperiode kini yang diakui pada laporankeuangan.

c. SFAS No. 46 (Revised 2010), “Accounting for Income Taxes”, prescribes the accounting

treatment for income taxes to account for the current and future tax consequences of the future recovery (settlement) of the carrying amount of assets (liabilities) that are recognized in the statements of financial position (balance sheet); and transactions and other events of the current period that are recognized in the financial statements.

d. PSAK No. 50 (Revisi 2010), “InstrumenKeuangan: Penyajian”, menetapkan prinsippenyajian instrumen keuangan sebagailiabilitas atau ekuitas dan saling hapus asetkeuangan dan liabilitas keuangan.

d . SFAS No. 50 (Revised 2010), “Financial Instruments: Presentation”, establish the principles for presenting financial instruments as liabilities or equity and for offsetting financial assets and financial liabilities.

e. PSAK No. 60, “Instrumen Keuangan:Pengungkapan”, mensyaratkan pengungkapandalam laporan keuangan yang memungkinkanpara pengguna untuk mengevaluasisignifikansi instrumen keuangan atas posisidan kinerja keuangan; dan jenis dan besarnyarisiko yang timbul dari instrumen keuanganyang mana entitas terekspos selama periodedan pada akhir periode pelaporan, danbagaimana entitas mengelola risiko-risikotersebut.

e . SFAS No. 60, “Financial Instruments: Disclosures”, requires disclosures in financial statements that enable users to evaluate the significance of financial instruments for financial position and performance; and the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the end of the reporting period, and how the entity manages those risks.










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32. PERNYATAAN STANDAR AKUNTANSI KEUANGANYANG TELAH DIKELUARKAN TAPI BELUMBERLAKU EFEKTIF (lanjutan)

32. STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS ISSUE BUT NOT YET EFFECTIVE (continued)

Efektif berlaku pada atau setelah tanggal 1 Januari2012 (lanjutan):

Effective on or after January 1, 2012 (continued):

f. ISAK No. 15, “PSAK No. 24 - Batas AsetImbalan Pasti, Persyaratan PendanaanMinimum dan Interaksinya”, memberikanpedoman bagaimana menilai pembatasan jumlah surplus dalam program imbalan pastiyang dapat diakui sebagai aset dalam PSAK

No. 24 (revisi 2010), “Imbalan Kerja”.

f. ISAK No. 15, “SFAS No. 24 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction”, provides guidance on how to assess the limit on the amount of surplus in a defined scheme that can be recognized as an asset under SFAS

No. 24 (Revised 2010), ”Employee Benefits”. g. ISAK No. 20, “Pajak penghasilan - Perubahan

Dalam Status Pajak Entitas atau ParaPemegang Saham”, membahas bagaimanasuatu entitas memperhitungkan konsekuensipajak kini dan pajak tangguhan karenaperubahan dalam status pajaknya ataupemegang sahamnya.

g . ISAK No. 20, “Income Taxes-Changes in the Tax Status of an Entity or its Shareholders”,prescribes how an entity should account for the current and deferred tax consequences of a change in tax status of entities or its shareholders.

Grup sedang mengevaluasi dan belummenentukan dampak dari Standar dan Interpretasiyang direvisi dan yang baru tersebut terhadaplaporan keuangan konsolidasinya.

The Group is presently evaluating and has not determined the effects of these revised and new Standards and Interpretations on its consolidated financial statements.

33. PENYUSUNAN DAN PENYELESAIAN LAPORANKEUANGAN KONSOLIDASI

33. PREPARATION AND COMPLETION OF THE CONSOLIDATED FINANCIAL STATEMENTS

Manajemen bertanggung jawab atas penyusunanlaporan keuangan konsolidasi yang diselesaikanpada tanggal 27 April 2011.

The management is responsible for the preparation of the consolidated financial statements that were completed on April 27, 2011.



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