PT Summarecon Agung Tbk | Laporan Tahunan 2010 Annual Report

These consolidated financial statements are originally issued in Indonesian language.
PT SUMMARECON AGUNG Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2010 and 2009
(Expressed in thousands of rupiah, unless otherwise stated)
4. INVESTMENTS IN ASSOCIATED COMPANIES AND OTHERS (continued)
Investments in associated companies (continued)
Income (losses)
in equity of Carrying value
Percentage of associated December 31,
Investee ownership (%) Cost companies 2009
PT Swaraeka Prasetia (SEP) 1) 25.33 7,600,000 (7,600,000) -
PT Bahagia Niaga Lestari (BNL) 49.00 5,880,000 902,112 6,782,112
PT Inovasi Jaya Properti (IJP) 40.00 40,000 - 40,000
PT Maju Lestari Properti (MLP) 40.00 40,000 - 40,000
PT Sukmapersada Nusa (SPN) 2) 50.00 13,000 (13,000) -
Total 13,573,000 (6,710,888) 6,862,112
1) SEP has been inactive since 1998
2) SPN has been inactive since 2004
In April 2010, the Company acquired 599 additional shares of IJP for Rp59,900, with nominal amount
of Rp100,000 (full amount), increasing the percentage of ownership of the Company from 40% to
99.90% (Note 1c).
In December 2010, the Company and BMS, a Subsidiary, sold all their shares of stock in BNL for
Rp6,771,114 based on the sale/purchase of shares agreement notarized under deeds No. 105 and
No. 106 dated December 23, 2010 of Dewi Himijati Tandika, S.H. There was no gain on the sale.
In October 2009, the Company sold all its shares of stock in PT Jakartabaru Grahapermai (JBGP) to
Mantolli International Corporation (Mantolli), Republic of Mauritius, for Rp47,620,000 (Note 6) based
on the sale/purchase of shares agreement notarized under deed No. 18 dated October 30, 2009 of
Suzy Anggraini Muharam, S.H. The gain on the sale of shares in JBGP amounting to Rp41,674 was
presented as part of other income in the 2009 consolidated statement of income.
Movements in the balances of the investments in BNL and JBGP in 2010 and 2009, respectively, are
as follows:
2010 2009
Carrying value at beginning of period 6,782,112 22,266,212
Equity in net income of BNL 204,985 -
Equity in net income of JBGP - 25,312,114
Carrying value at end of period 6,987,097 47,578,326
Selling price 6,771,114 47,620,000
Gain (loss) on sale of investment (215,983) 41,674
As of December 31, 2010 and 2009, IJP and MLP have not started commercial operations.
The principal activities of the above investees are as follows:
Investee
Country of Domicile
26
2009
Principal business activity
PT Swaraeka Prasetia Indonesia Real estate
PT Bahagia Niaga Lestari Indonesia Retail
PT Inovasi Jaya Properti Indonesia Real estate
PT Maju Lestari Properti Indonesia Real estate
PT Sukmapersada Nusa Indonesia Real estate