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)
14. LOANS FROM BANKS AND FINANCING INSTITUTION (continued)
PT Bank Central Asia Tbk (BCA) (continued)
b. Investment credit facility II with a maximum amount of Rp150,000,000 which was fully drawn in
2007 and is payable in quarterly installments starting from 2007 until 2012. The outstanding loan
balance as of December 31, 2010 and 2009 amounted to Rp52,500,000 and Rp82,500,000,
respectively.
c. Investment credit facility “Installment Loan II” with a maximum amount of Rp150,000,000 which
was fully drawn in 2008 and is payable in quarterly installments starting from 2008 until 2015. The
outstanding loan balance as of December 31, 2010 and 2009 amounted to Rp124,500,000 and
Rp138,000,000, respectively.
d. Overdraft facility with a maximum amount of Rp80,000,000 with credit period of one year. The
outstanding balance of the loan as of December 31, 2009 amounted to Rp60,022,035. There was
no outstanding drawdown from the facilities as of December 31, 2010.
The above loans from BCA are collateralized by trade receivables, investment properties, escrow
accounts and restricted time deposits (Notes 5, 12 and 13). Interest payments on the loans from BCA
are collateralized by the restricted time deposit in BCA (Note 13). The loans bear interest at annual
rates ranging from 9.75% to 11% in 2010 and from 11.00% to 13.50% in 2009.
On September 15, 2006, LMD obtained an investment credit facility from BCA with a maximum amount
of Rp160,000,000, which was fully drawn in 2007 and is payable in quarterly installments starting from
2007 until 2012. It is collateralized by LMD’s trade receivables, investment properties, escrow
accounts and restricted time deposits (Notes 5, 12 and 13). Interest payments on the loan are
collateralized by the restricted time deposits in BCA (Note 13). The outstanding loan balance as of
December 31, 2010 and 2009 amounted to Rp106,999,607 and Rp126,999,607, respectively, and
bears interest at annual rates ranging from 9.75% to 11% in 2010 and from 11.00% to 13.50% in 2009.
On September 23, 2008, SH obtained an investment credit facility from BCA with a maximum amount
of Rp150,000,000 with grace period until March 31, 2010 and has been extended to December 31,
2011. Based on the credit facility agreement, this credit facility was payable in quarterly installments
starting from 2012 until 2018 and was collateralized by the Company’s investment properties and letter
of undertaking, escrow accounts and SH’s cash flows (Notes 11 and 13). As of December 31, 2010,
there was no outstanding loan balance from this facility.
SCK obtained the following credit facilities from BCA:
a. Working capital credit facility with a maximum amount of Rp30,000,000 and a credit period of one
year. The outstanding loan balance as of December 31, 2010 amounted to Rp3,596,787.
b. Investment credit facility II with a maximum amount of Rp20,000,000 and a credit period of one
year. As of December 31, 2010 and 2009, there was no outstanding loan balance from this facility.
c. Investment credit facility III with a maximum amount of Rp130,000,000 which was fully drawn in
August 2008 and is payable in quarterly installments starting 2009 until 2013. The outstanding loan
balance as of December 31, 2010 and 2009 amounted to Rp89,375,000 and Rp121,875,000,
respectively.
The above loans are collateralized by undeveloped land managed by KSO Summarecon Serpong
(Note 10) and escrow account owned by KSO Summarecon Serpong (Note 13). The loans bear
interest at annual rates ranging from 9.75% to 11.31% in 2010 and from 12.25% to 13.00% in 2009.
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