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)
Based on the bondsholders and Sukuk Ijarah holders’ general meeting held on August 5, 2008, the
bondholders and Sukuk Ijarah holders agreed that about 70% of the funds generated from the
issuance of the bonds and Sukuk Ijarah will be used to acquire land through the acquisition of GO and
about 30% will be used for working capital.
Based on Perjanjian Perwaliamanatan Obligasi between the Company and Mandiri as a wali amanat
(trustee), the Company is required to comply with the following covenants, among others:
a. Maintain certain financial ratios as follows:
(1) Interest-bearing debt to equity ratio of not more than 3:1
(2) EBITDA to interest expense ratio of not less than 2.5:1
(3) Collateral value which should be appraised every year by an appraiser registered with
BAPEPAM and LK, to the bonds payable of not less than 1:1.
The Company has met all the above financial ratio requirements.
b. The Company is not allowed to:
(1) Enter into merger or acquisition transactions
(2) Reduce the Company’s authorized, issued and fully paid capital stock
(3) Pledge the Company’s assets and its revenues
(4) Transfer the Company’s assets representing more than 15% of the total assets
(5) Provide to or accept loans from other parties
(6) Grant corporate guarantee to another party
(7) Change the Company’s major activities
(8) Enter into business activities which contradict with the Syariah principles (especially for Sukuk
Ijarah).
As of December 31, 2010 and 2009, the Company is not in default of the covenants stated in the
agreements on the bonds and Sukuk Ijarah.
Based on the minutes of the bondholders’ meeting held on June 10, 2010, which are covered by
notarial deeds No. 22 and No. 19 of Fathiah Helmi, S.H., the bondholders approved the replacement of
Mandiri as a wali amanat (trustee) for the bonds by PT Bank Rakyat Indonesia (Persero) Tbk (BRI)
due to new credit facilities amounting to Rp250,000,000 obtained by the Company from Bank Mandiri
in 2010.
16. TRADE PAYABLES TO THIRD PARTIES
Trade payables to third parties consist of liabilities to the following:
42
2010 2009
Suppliers 82,101,840 24,724,693
House construction contractors 63,976,409 14,770,166
Infrastructure construction contractors 34,157,012 18,714,918
Shop houses construction contractors 1,209,925 4,212,050
Apartment construction contractors 219,634 363,443
Total trade payables to third parties 181,664,820 62,785,270