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)
15. BONDS PAYABLE AND SUKUK IJARAH - NET (continued)
41
2010 2009
Less deferred issuance costs
(net of accumulated amortization of
Rp734,904 in 2010 and
Rp637,459 in 2009) (2,347,976) (3,082,880)
Net 297,652,024 296,917,120
The detail of the above deferred issuance costs and the related accumulated amortization are as
follows:
2010 2009
Rupiah Bonds II 1,276,099 1,276,099
Sukuk Ijarah I 2,444,240 2,444,240
Total 3,720,339 3,720,339
Less accumulated amortization of deferred
issuance costs (inclusive of current amortization
of Rp734,904 in 2010 and Rp637,459 in 2009) 1,372,363 637,459
Net 2,347,976 3,082,880
Rupiah Bonds II
On June 25, 2008, the Company issued bonds with a nominal value of Rp100,000,000 which bear
interest at the fixed rate of 14.10% per annum. Interest payments are made quarterly in arrears. The
bonds mature on June 25, 2013.
The bonds are secured by undeveloped land and investment properties (Notes 10 and 12).
The bonds were given a rating of id A (single A, stable outlook) and A- (single A minus, stable outlook)
in 2010 and 2009, respectively, by PT Pemeringkat Efek Indonesia (Pefindo), an Indonesian rating
agency.
Sukuk Ijarah I
On June 25, 2008, the Company issued Sukuk Ijarah with a nominal value of Rp200,000,000, with
obligation to pay cicilan imbalan ijarah amounting to Rp28,200,000 annually payable over 5 years.
Payments of the cicilan imbalan ijarah are made quarterly in arrears. The Sukuk Ijarah will mature on
June 25, 2013.
The Sukuk Ijarah are secured by investment properties of LMD (Note 12).
The Sukuk Ijarah were given a rating of id Asy (single A Syariah, stable outlook) and A-sy (single A
Syariah minus, stable outlook) in 2010 and 2009, respectively, by PT Pemeringkat Efek Indonesia
(Pefindo), an Indonesian rating agency.
The remaining balance arising from the capitalization of amortization of Rupiah Bonds II and Sukuk
Ijarah issuance costs to inventories as of December 31, 2010 and 2009 amounted to Rp32,693 and
Rp114,297, respectively (Note 7).
Amortization of Rupiah Bonds II and Sukuk Ijarah issuance costs amounting to Rp734,904 and
Rp637,459 is presented as part of general and administrative expenses in the 2010 and 2009
consolidated statements of income.