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PT LIPPO KARAWACI Tbk and SUBSIDIARIES PT LIPPO KARAWACI Tbk AND SUBSIDIARIES Consolidated Financial Statements For the 9 (nine) Months Ended September 30, 2011 (Unaudited) These consolidated financial statements are originally issued in Indonesian language PT LIPPO KARAWACI Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As of September 30, 2011 and December 31, 2010 (Expressed In Full Rupiah, Unless Otherwise Stated) ASSETS Notes September 30, 2011 December 31, 2010 Rp Rp Cash and Cash Equivalent 2.c, 2.d, 2.x, 3, 35, 37 2,913,963,459,607 3,660,087,191,120 Investments 2.c, 2.e, 2.x, 4, 9, 35, 37 2,034,646,826,573 534,223,727,332 Trade Accounts Receivable 2.c, 2.g, 2.x, 5, 35, 37 Third Parties 567,182,238,619 656,604,474,581 (Net of allowance for doubtful accounts of Rp 44,473,774,184 and Rp 44,734,119,179 as of September 30, 2011 and December 31, 2010, respectively) Related Parties 2.f, 9 2,186,188,435 5,083,171,699 Other Accounts Receivable 2.c, 2.g, 2.s, 2.x, 6, 33.c 154,452,880,712 141,624,955,538 (Net of allowance for doubtful accounts of 35, 37 Rp 6,353,293,962 as of September 30, 2011 and December 31, 2010, respectively) Inventories 2.h, 2.m, 7 7,993,965,436,548 7,068,539,007,802 (Net of allowance for decline in inventories value of Rp 39,505,683 as of September 30, 2011 and December 31, 2010, respectively) Prepaid Taxes and Expenses 2.i, 2.l, 2.u 388,094,317,145 255,637,355,778 Advances 8 655,849,432,732 699,295,415,957 Due from Related Parties 2.f, 2.x, 9, 37 8,952,482,995 9,373,247,862 (Net of allowance for doubtful accounts of Rp 12,004,700,338 and Rp 12,255,328,472 as of September 30, 2011 and December 31, 2010, respectively) Deferred Tax Assets - Net 2.u, 17.b 70,082,434,233 72,636,806,041 Land for Development 2.h, 2.m, 10 970,342,634,081 953,759,187,924 Investment Properties 2.j, 2.l, 2.n, 11 502,913,258,414 517,985,863,654 (Net of accumulated depreciation of Rp 64,248,997,348 and 46,246,106,530 as of September 30, 2011 and December 31, 2010, respectively) Property and Equipment 2.k, 2.l, 2.n, 12 1,502,649,991,088 1,206,374,544,429 (Net of accumulated depreciation of Rp 943,657,303,226 and Rp 808,428,507,527 as of September 30, 2011 and December 31, 2010, respectively) Intangible Assets 2.o, 13 382,689,135,392 104,623,556,841 (Net of accumulated amortization of Rp 140,473,466,289 and Rp 134,504,453,123 as of September 30, 2011 and December 31, 2010, respectively) Other Assets 2.c, 2.x, 14, 33.a, 35, 37 475,368,774,071 269,536,413,368 TOTAL ASSETS 18,623,339,490,645 16,155,384,919,926 See the Accompanying Notes which are an integral part of these Consolidated Financial Statements. Final Draft - 11/4/2011 3:15:35 PM 1 paraf: These consolidated financial statements are originally issued in Indonesian language PT LIPPO KARAWACI Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Continued) As of September 30, 2011 and December 31, 2010 (Expressed In Full Rupiah, Unless Otherwise Stated) LIABILITIES AND EQUITY Notes September 30, 2011 December 31, 2010 Rp Rp LIABILITIES Loans 2.c,2.m,2.p, 2.s, 2.x, Third Parties 15, 35, 37 3,726,462,387,258 3,375,862,742,114 Trade Accounts Payable 2.c, 2.x, 35, 37 Third Parties 243,971,597,381 265,820,833,435 Related Party 2.f, 9 8,224,775,691 9,710,280,000 Other Accounts Payable 2.c, 2.x, 35, 37 87,402,704,518 194,951,414,425 Accrued Expenses 2.c, 2.t, 2.x, 16, 33.c, 35, 37 581,301,159,041 487,353,660,423 Taxes Payable 2.u, 17.c 189,128,508,739 202,293,996,406 Advance from Customers 2.t, 2.x, 18, 37 2,240,359,297,684 1,678,589,772,974 Customer Deposit 2.x, 37 32,883,585,344 27,417,395,136 Deferred Income 2.f, 2.t, 9, 19 893,806,343,719 910,929,546,289 Obligations Under Finance Lease 2.l - 3,860,271 Due to Related Parties 2.f, 2.x, 9, 37 7,639,664,612 10,307,468,479 Deferred Gain on Sale and Leaseback Transactions 2.l, 20, 33.b 644,441,557,991 695,637,180,197 Estimated Liabilities on Employees’ Benefits 2.q, 21 117,089,448,839 117,089,448,839 Total Liabilities 8,772,711,030,817 7,975,967,598,988 EQUITY Equity attributable to the owners of parent Capital Stock Par Value of Rp 100 per share Authorized Capital - 64,000,000,000 shares Issued and Fully Paid - 23,077,689,619 and 21,627,689,619 shares as of September 30, 2011 and December 31, 2010 22 2,307,768,961,900 2,162,768,961,900 Additional Paid in Capital - Net 23 4,045,608,998,297 3,244,737,189,310 Difference in Value from Restructuring Transactions between Entities Under Common Control - Net 2.b, 2.r, 24 19,535,347,265 19,535,347,265 Unrealized Gain on Changes in Fair Value of Available-for-Sale Financial Assets 2.e, 2.x, 4.a, 25, 37 136,481,454,726 25,583,562,051 Difference from Foreign Currency Translations 2.c 2,763,005,572 3,281,827,017 Retained Earnings Appropriated 4,000,000,000 4,000,000,000 Unappropriated 2,776,128,547,083 2,250,001,459,123 9,292,286,314,843 7,709,908,346,666 Non-controlling Interest 2.b 558,342,144,985 469,508,974,272 Total Equity 9,850,628,459,828 8,179,417,320,938 TOTAL LIABILITIES AND EQUITY 18,623,339,490,645 16,155,384,919,926 See the Accompanying Notes which are an integral part of these Consolidated Financial Statements. Final Draft - 11/4/2011 3:15:35 PM 2 paraf: These consolidated financial statements are originally issued in Indonesian language PT LIPPO KARAWACI Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the 9 (nine) Months Ended September 30, 2011 and 2010 (Expressed In Full Rupiah, Unless Otherwise Stated) Notes September 30, 2011 September 30, 2010 Rp Rp NET SALES, SERVICES AND OTHER REVENUES 2.f, 2.t, 9, 27 2,907,182,360,910 2,228,517,881,291 COST OF SALES AND SERVICES 2.t, 28 1,646,288,641,478 1,205,169,815,817 GROSS PROFIT 1,260,893,719,432 1,023,348,065,474 Distribution Expenses 2.t, 29.a (166,764,309,851) (125,178,756,799) General and Administrative 2.t, 29.b (470,827,729,888) (444,424,134,167) Gain on Foreign Exchange - Net 2.c 81,557,218,735 88,240,305,208 Interest Income (Expense) - Net 31 17,942,308,679 (32,430,070,507) Gain on Disposal of Property and Equipment 2.k, 12 24,999,644 231,012,442 Penalties Expenses - Net 30 (7,720,147,656) (3,066,538,692) Amortization Expenses - Net 2.l, 2.o, 2.x (33,928,652,044) (34,925,161,837) Others - Net 18,056,457,939 (748,958,167) Equity in Net Earning of Associates 2.e, 2.x, 4.b 2,872,604,195 5,457,418,057 INCOME BEFORE INCOME TAX EXPENSE 702,106,469,185 476,503,181,012 INCOME TAX (EXPENSE) BENEFIT 2.u, 17.a Current (129,734,934,076) (88,802,303,534) Deferred (2,554,371,808) 11,264,226,509 Total Income Tax Expense (132,289,305,884) (77,538,077,025) PROFIT FOR THE PERIOD 569,817,163,301 398,965,103,987 OTHER COMPREHENSIVE INCOME, NET OF TAX: Unrealized Gain on Changes in Fair Value of Available-for-Sale Financial Assets 110,897,892,675 22,158,809,932 Adjustment on Adoption of PSAK No. 22 (revised 2010) 45,143,095,372 -- Difference from Foreign Currency Translations (518,821,445) 2,697,098,992 Total Other Comprehensive Income, Net of Tax 155,522,166,602 24,855,908,924 Total Comprehensive Income For The Period 725,339,329,903 423,821,012,911 Profit Attributable to: Owners of Parent Company 480,983,992,588 348,662,816,271 Non-controlling Interest 2.b 88,833,170,713 50,302,287,716 569,817,163,301 398,965,103,987 Comprehensive Income Attributable to: Owners of Parent Company 636,506,159,190 373,518,725,195 Non-controlling Interest 2.b 88,833,170,713 50,302,287,716 725,339,329,903 423,821,012,911 BASIC EARNINGS PER SHARE 2.v, 32 21.62 20.15 See the Accompanying Notes which are an integral part of these Consolidated Financial Statements. Final Draft - 11/4/2011 3:15:35 PM 3 paraf: These consolidated financial statements are originally issued in Indonesian language PT LIPPO KARAWACI Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the 9 (nine) Months Ended September 30, 2011 and 2010 (Expressed In Full Rupiah, Unless Otherwise Stated) Notes Issued and Fully Additional Paid Difference in Value Unrealized Difference Retained Earnings Total Non-controlling Total Paid in Capital in Capital - Net from Restructuring Gain on from Foreign Interest Equity Transactions Changes in Fair Currency Appropriated Unappropriated between Value of Translations Entities Under Available-for- Common Control- Sale Financial Net Assets Rp Rp Rp Rp Rp Rp Rp Rp Rp Rp BALANCE AS OF DECEMBER 31, 2009 1,730,215,169,500 1,304,222,206,548 19,535,347,265 58,597,260,712 (3,814,354,758) 3,000,000,000 1,775,485,869,998 4,887,241,499,265 401,690,095,653 5,288,931,594,918 Unrealized Gain on Changes in Fair Value of Available-for-Sale Financial Assets 2.e, 2.x, 4.a -- -- -- 22,158,809,932 -- -- -- 22,158,809,932 -- 22,158,809,932 Difference from Foreign Currency Translations 2.c -- -- -- -- 2,697,098,992 -- -- 2,697,098,992 -- 2,697,098,992 Reserved Fund 26 -- -- -- -- -- 1,000,000,000 (1,000,000,000) -- -- -- Net Income -- -- -- -- -- -- 348,662,816,271 348,662,816,271 50,302,287,716 398,965,103,987 BALANCE AS OF SEPTEMBER 30, 2010 1,730,215,169,500 1,304,222,206,548 19,535,347,265 80,756,070,644 (1,117,255,766) 4,000,000,000 2,123,148,686,269 5,260,760,224,460 451,992,383,369 5,712,752,607,829 BALANCE AS OF DECEMBER 31, 2010 2,162,768,961,900 3,244,737,189,310 19,535,347,265 25,583,562,051 3,281,827,017 4,000,000,000 2,250,001,459,123 7,709,908,346,666 469,508,974,272 8,179,417,320,938 Unrealized Gain on Changes in Fair Value of Available-for-Sale Financial Assets 2.e, 2.x, 4.a -- -- -- 110,897,892,675 -- -- -- 110,897,892,675 -- 110,897,892,675 Limited Public Offering III - Net 23 -- (10,359,123,161) -- -- -- -- -- (10,359,123,161) -- (10,359,123,161) Non Preemptive Rights Issuance 22, 23 145,000,000,000 811,230,932,148 -- -- -- -- -- 956,230,932,148 -- 956,230,932,148 Adjustment on Adoption of PSAK No.
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