Siloam's Financial

PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
Interim Consolidated Financial Statements For the Years Ended December 31, 2010, 2011 and 2012 and For the Four (4) Months Period Ended April 30, 2013
Draft/July 26, 2013
Paraf:
PT SILOAM INTERNATIONAL HOSPITALS Tbk

AND SUBSIDIARIES
Table of Contents Directors Statement Letter Independent Auditors Report Interim Consolidated Financial Statements For the Years Ended December 31, 2010, 2011 and 2012 and For the Four (4) Months Period Ended April 30, 2013 Interim Consolidated Statements of Financial Position Interim Consolidated Statements of Comprehensive Income Interim Consolidated Statements of Changes in Equity Interim Consolidated Statements of Cash Flows Interim Notes to the Consolidated Financial Statements Supplementary Information-Separate Financial Statements: Statements of Financial Position (Parent Entity) Statements of Comprehensive Income (Parent Entity) Statements of Changes in Equity (Parent Entity) Statements of Cash Flows ( Parent Entity) Other Disclosures
Page
1 3 4 5 6
Appendix I Appendix II Appendix III Appendix IV Appendix V
D1/July 26, 2013
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These consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of December 31, 2010, 2011 and 2012, and April 30, 2013 (Expressed in Full Rupiah, Unless Otherwise Stated)
ASSETS
Notes
December 31, 2010 Rp
April 30, 2013 Rp
CURRENT ASSET Cash and Cash Equivalent Trade Receivables Related Parties Third Parties Other Current Financial Assets Inventories Prepaid Tax Prepaid Expense Total Current Assets NON-CURRENT ASSET Advances Due from Related Parties Non-Trade Property and Equipment Goodwill Intangible Assets Deferred Tax Assets Other Non-Current Financial Assets Total Non-Current Assets TOTAL ASSETS Total Aset Tidak Lancar TOTAL ASET
3.d, 3.e, 3.f, 3.r, 4, 10, 30, 31 3.r, 5, 31 3.f, 10 3.d, 3.r, 6, 30, 31 3.g, 7 3.q 3.h, 8
22,927,320,549 5,083,171,699 69,122,768,507 28,856,040,680 31,265,133,337 600,000 4,302,662,532 161,557,697,304
146,586,517,428 2,779,461,708 121,384,717,833 33,503,599,006 44,083,509,282 600,000 9,839,422,335 358,177,827,592
168,707,958,679 3,171,020,453 183,895,756,421 8,072,306,481 75,351,731,878 -17,538,003,848 456,736,777,760
156,371,665,579 3,172,248,469 227,975,819,950 11,215,121,909 79,740,788,078 200,000 17,835,122,211 496,310,966,196
9 3.f, 3.r, 10, 31 3.i, 12 3.m, 3.l, 13.a 3.m, 3.l, 13.b 3.q, 15.c 11
106,136,694,680 246,753,041,082 234,134,059,796 7,143,144,198 1,856,558,376 13,753,181,358 7,808,179,538 617,584,859,028 779,142,556,332
36,778,102,717 1,251,373,000 552,255,984,597 106,167,369,555 4,493,252,502 17,243,741,777 36,044,445,504 754,234,269,652 1,112,412,097,244
152,755,381,554 662,399,000 865,292,426,507 54,418,415,585 6,742,214,109 16,308,287,480 33,310,116,097 1,129,489,240,332 1,586,226,018,092
51,369,072,716 662,397,000 994,677,754,999 54,418,415,585 7,176,463,084 17,106,575,546 29,780,392,689 1,155,191,071,619 1,651,502,037,815
The accompanying notes form an integral part of these consolidated financial statements
Draft/26 Juli 2013
paraf:
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Continued)
As of December 31, 2010, 2011 and 2012, and April 30, 2013 (Expressed in Full Rupiah, Unless Otherwise Stated)
LIABILITIES AND EQUITY Notes December 31, 2010 Rp LIABILITIES CURRENT LIABILITIES Trade Payables - Third Parties Short-Term Bank Loan Accrued Expenses Advances from Patients Taxes Payable Other Current Financial Liabilites Current Portion of Long-Term Bank Loans Current Portion of Deferred Gain on Sale and Leaseback Transaction Total Current Liabilities NON-CURRENT LIABILITIES Long-Term Bank Loans Due to Related Parties Non-Trade Deferred Gain on Sales and Leaseback Transaction Long-Term Employment Benefits Liabilities Deferred Tax Liabilities Total Non-Current Liabilities Total Liabilities EQUITY Equity Attributable to Owners of the Parent Entity : Capital Stock, par Value - Rp 100 per share Authorized Capital - 4,000,000,000 shares as of December 31, Issued and Fully Paid - 1,000,000,000 shares Additional Paid-in Capital - Net Retained Earnings Total Equity Attributable to Owners of the Parent Company Non-Controlling Interest TOTAL EQUITY TOTAL LIABILITIES AND EQUITY 3.c, 23 3.r, 18, 31 3.f, 3.r, 10, 31 3.j, 19 3.n, 20 3.q, 15.c -247,427,073,360 178,461,683,217 48,660,273,022 -474,549,029,599 641,563,808,249 65,971,217,878 443,566,346,637 154,666,792,121 61,948,967,622 -726,153,324,258 933,448,640,065 54,753,114,467 798,786,624,559 142,736,750,831 71,022,629,649 6,653,250,000 1,073,952,369,506 1,341,585,219,583 50,889,449,748 827,161,768,449 138,792,666,142 83,148,839,999 6,890,645,060 1,106,883,369,398 1,389,721,886,828 December 31, 2011 Rp December 31, 2012 Rp April 30, 2013 Rp
3.r, 14, 31 3.r, 18, 31 3.r, 17, 31 3.p 3.q, 15.a 3.r, 16, 31 3.r, 18, 31 3.j, 19
88,434,606,799 -14,965,031,333 5,285,205,514 51,205,635,009 7,124,299,995 --167,014,778,650
113,670,130,708 4,930,951,280 18,343,922,812 11,150,236,487 19,615,642,755 20,197,585,173 7,489,401,044 11,897,445,548 207,295,315,807
155,526,637,952 4,853,583,896 33,509,451,861 5,891,297,072 17,811,426,058 26,924,904,271 11,218,103,419 11,897,445,548 267,632,850,077
159,648,150,330 4,924,770,002 31,850,614,067 11,182,692,020 12,498,395,602 39,434,241,754 11,402,208,107 11,897,445,548 282,838,517,430
21 3.o, 22
100,000,000,000 (23,058,434,679) 62,036,547,994 138,978,113,315 (1,399,365,232) 137,578,748,083 779,142,556,332
100,000,000,000 (23,058,434,679) 105,776,894,314 182,718,459,635 (3,755,002,456) 178,963,457,179 1,112,412,097,244
100,000,000,000 (23,058,434,679) 156,238,115,976 233,179,681,297 11,461,117,212 244,640,798,509 1,586,226,018,092
100,000,000,000 (23,058,434,679) 175,667,982,563 252,609,547,884 9,170,603,103 261,780,150,987 1,651,502,037,815
Draft/26 Juli 2013
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PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Years Ended December 31, 2010, 2011 dan 2011, and For the Four (4) Months Period Ended April 30, 2012 and 2013 (Expressed in Full Rupiah, Unless Otherwise Stated)
Notes OPERASI YANG DILANJUTKAN REVENUES COST OF SALES GROSS PROFIT Operating Expenses Others - Net PROFIT FROM OPERATIONS Finance Income Financial Charges PROFIT BEFORE TAX Tax Expenses PROFIT FOR THE PERIOD OTHER COMPREHENSIVE INCOME TOTAL COMPREHENSIVE INCOME FOR THE PERIODS PROFIT FOR THE PERIOD ATTRIBUTABLE TO : Owners of the Parent Company Non-Controlling Interest 3.q, 15.b 3.r, 27 3.p, 27 3.p, 26
2010 (One Year) Rp 1,030,471,740,481 (772,920,713,189) 257,551,027,292 (156,897,787,717) 3,255,964,981 103,909,204,556 366,371,921 (10,706,661,304) 93,568,915,173 (21,695,431,590) 71,873,483,583 -71,873,483,583
2011 (One Year) Rp 1,259,348,565,558 (925,764,461,269) 333,584,104,289 (245,056,197,996) (17,358,728,278) 71,169,178,015 2,761,331,448 (16,189,841,223) 57,740,668,240 (19,860,697,704) 37,879,970,536 -37,879,970,536
2012 (One Year) Rp 1,788,082,522,163 (1,343,268,005,895) 444,814,516,268 (367,863,019,037) 14,516,640,205 91,468,137,436 3,578,943,329 (18,025,499,296) 77,021,581,469 (25,061,978,940) 51,959,602,529 -51,959,602,529
2012 (4 Months) Rp 534,276,820,971 (389,530,805,838) 144,746,015,133 (107,175,536,266) 6,808,393,955 44,378,872,822 1,013,113,331 (6,199,112,491) 39,192,873,662 (8,161,281,851) 31,031,591,811 -31,031,591,811
2013 (4 Months) Rp 789,528,455,696 (581,247,775,750) 208,280,679,946 (175,358,642,867) (1,913,180,034) 31,008,857,045 1,321,763,141 (6,390,381,214) 25,940,238,972 (8,800,886,494) 17,139,352,478 -17,139,352,478
3.p, 24 3.p, 25
3.c
67,476,614,025 4,396,869,558 71,873,483,583
43,740,346,320 (5,860,375,784) 37,879,970,536
50,461,221,662 1,498,380,867 51,959,602,529
27,166,310,748 3,865,281,063 31,031,591,811
19,429,866,587 (2,290,514,109) 17,139,352,478
TOTAL COMPREHENSIVE INCOME YANG ATTRIBUTABLE DAPAT DIATRIBUSIKAN TO : KEPADA: Owners of the Parent Company Non-Controlling Interest
3.c
67,476,614,025 4,396,869,558 71,873,483,583
43,740,346,320 (5,860,375,784) 37,879,970,536
50,461,221,662 1,498,380,867 51,959,602,529
27,166,310,748 3,865,281,063 31,031,591,811
19,429,866,587 (2,290,514,109) 17,139,352,478
BASIC EARNINGS PER SHARE Profit for the period attributable to ordinary shareholders of the parent entity
3.s, 29
143.27
43.74
50.46
27.17
19.43
Draft/26 Juli 2013
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PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Total Equity Attributable to Owners of the Parent Company Notes Paid-in Capital Additional Paid-in Capital - Net Proforma Adjustments Retained Earnings (Deficits) Total Equity Attributable to Owners of the Parent Entity Rp 51,838,649,873 -98,000,000,000 (78,337,150,583) 67,476,614,025 ` 138,978,113,315 -43,740,346,320 ` 182,718,459,635 ` ` NonControlling Interest Rp 101,000 (5,796,335,790) --4,396,869,558 (1,399,365,232) 3,504,738,560 (5,860,375,784) (3,755,002,456) ` ` Total Equity
Rp BALANCE AS OF DECEMBER 31, 2009 Changes in Equity in the Year 2010 Kepentingan Non-Controlling Nonpengendali Interest Tambahan Paid-in Capital Modal Disetor Difference in Value of Transaction Between Entities Under Common Control Total Comprehensive Income for the Year BALANCE AS OF DECEMBER 31, 2010 Changes in Equity in the Year 2011 Kepentingan Non-Controlling Nonpengendali Interest Total Comprehensive Income for the Year BALANCE AS OF DECEMBER 31, 2011 Changes in Equity in the Period April 30, 2012 Kepentingan Non-Controlling Nonpengendali Interest Total Comprehensive Income for the Period BALANCE AS OF APRIL 30, 2012 BALANCE AS OF DECEMBER 31, 2011 Changes in Equity in the Year 2012 Kepentingan Non-Controlling Nonpengendali Interest Total Comprehensive Income for the Year BALANCE AS OF DECEMBER 31, 2012 Changes in Equity in the Period April 30, 2013 Total Comprehensive Income for the Period BALANCE AS OF APRIL 30, 2013 ` ` 3.c --` 100,000,000,000 100,000,000,000 --100,000,000,000 -100,000,000,000 ` ` ` 3.c ` 3.c 21 3.o ` 2,000,000,000 -98,000,000,000 --100,000,000,000 --` 100,000,000,000 ` `
Rp 12,101,504 --(23,070,536,183) -(23,058,434,679) --(23,058,434,679)
Rp 55,266,614,400 --(55,266,614,400) ------
Appropriated Rp ---------` `
Unappropriated Rp (5,440,066,031) ---67,476,614,025 62,036,547,994 -43,740,346,320 105,776,894,314
Rp 51,838,750,873 (5,796,335,790) 98,000,000,000 (78,337,150,583) 71,873,483,583 137,578,748,083 3,504,738,560 37,879,970,536 178,963,457,179
--(23,058,434,679) (23,058,434,679) --(23,058,434,679) -(23,058,434,679)
----------
---------` ` `
-27,166,310,748 132,943,205,063 105,776,894,314 -50,461,221,662 156,238,115,976 19,429,866,587 175,667,982,563 ` ` `
-27,166,310,748 209,884,770,384 182,718,459,635 -50,461,221,662 233,179,681,297 19,429,866,587 252,609,547,884 ` ` `
8,001,570,244 3,865,281,063 8,111,848,851 (3,755,002,456) 13,717,738,801 1,498,380,867 11,461,117,212 (2,290,514,109) 9,170,603,103 ` ` `
8,001,570,244 31,031,591,811 217,996,619,235 178,963,457,179 13,717,738,801 51,959,602,529 244,640,798,509 17,139,352,478 261,780,150,987
The accompanying notes form an integral part of these consolidated financial statements Draft/ 26 July 2013
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PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
2010 (One Year) Rp CASH FLOWS FROM OPERATING ACTIVITIES Collections from Customers Payments to Suppliers Payments to Management and Employees Cash Flows from (Used in) Operations Financial Charges Payment - Net Payments of Taxes Net Cash Provided by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Advances for Purchase of Property and Equipment and Other Advances Property and Equipment Disposal Acquisition Acquisition of subsidiaries, net of Cash Acquired Receipt of Hospital Performance Guarantee Payment of Advances for Investment Net Cash Used in Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES Receipt from (Payment to) Related Parties - Net Proceeds Payment Bank Loans Proceeds Payment Receipt of Paid-in Capital Net Cash Provided by Financing Activities NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT Effect of Foreign Exchange on Cash and Cash Equivalents at the End of the Period CASH AND CASH EQUIVALENTS AT BEGINNING PERIOD CASH AND CASH EQUIVALENTS AT ENDING PERIOD
2011 (One Year) Rp
2012 (One Year) Rp
2012 (4 Months) Rp
2013 (4 Months) Rp
1,012,918,495,073 (567,175,616,152) (148,372,963,517) 297,369,915,404 (10,340,289,383) (23,632,052,250) 263,397,573,771
1,215,161,716,555 (929,372,228,432) (195,789,623,285) 89,999,864,838 (13,428,509,775) (23,146,312,250) 53,425,042,813
1,717,899,210,398 (1,185,761,503,827) (281,533,520,002) 250,604,186,569 (14,446,555,967) (33,150,330,144) 203,007,300,458
504,590,716,320 (209,484,467,998) (80,357,877,279) 214,748,371,043 (5,185,999,160) (16,677,150,999) 192,885,220,884
748,063,449,927 (558,531,169,712) (128,064,190,140) 61,468,090,075 (5,068,618,073) (9,225,679,354) 47,173,792,648
(1,676,266,867) 24,500,000 (165,696,987,329) --(104,098,825,813) (271,447,580,009)
(34,740,233,850) 63,233,901 (246,675,387,886) ---(281,352,387,835)
(128,786,188,553) 45,520,996 (394,108,463,782) (52,811,697,309) 61,000,000,000 -(514,660,828,648)
(108,154,950,119) -(70,012,999,910) (52,811,697,309) --(230,979,647,338)
(12,387,108,295) -(71,510,290,234) ---(83,897,398,529)
364,812,000,000 (446,519,022,300) -(1,009,877,929) 98,000,000,000 15,283,099,771 7,233,093,533 (1,374,849,354) 17,069,076,370 22,927,320,549
973,664,465,115 (616,837,485,787) -(4,919,933,715) -351,907,045,613 123,979,700,591 (320,503,712) 22,927,320,549 146,586,517,428
641,716,869,459 (313,699,617,537) -(7,566,768,420) -320,450,483,502 8,796,955,312 13,324,485,939 146,586,517,428 168,707,958,679
235,360,829,459 (214,980,604,743) -(2,500,664,496) -17,879,560,220 (20,214,866,234) 6,897,848,021 146,586,517,428 133,269,499,215
184,600,000,000 (156,224,854,110) 71,186,106 (3,679,560,031) -24,766,771,965 (11,956,833,916) (379,459,184) 168,707,958,679 156,371,665,579
Draft/26 Juli 2013
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PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the Years Ended December 31, 2010, 2011 and 2012 and For the Four (4) Months Period Ended April 30, 2012 and 2013 (In Full Rupiah, Unless Otherwise Stated)
1. General 1.a. The Companys Establishment PT Siloam International Hospitals Tbk (the Company) was established under the name of PT Sentralindo Wirasta on August 3, 1996 based on the Deed of Establishment No. 3, which was made in the presence of Myra Yuwono, S.H., a notary in Sukabumi. The deed of establishment was approved by the Minister of Justice of the Republic of Indonesia in his decree No. C2-8639.HT.01.01.TH96 dated August 27, 1996 and was published in the State Gazette No. 97, Supplement No. 9518 on December 3, 1996. The Companys articles of association have been amended several times, and the latest was by Notarial Deed No.307 dated March 25, 2013, made in the presence of Dr Irawan Soerodjo, S.H, M.Si, notary in Jakarta, to change the Companys name to PT Siloam International Hospitals Tbk and the approval of issuing maximum of 115,000,000 new shares from the total unissued shares of the Company. The change in articles of association was approved by the Minister of Law and Human Rights of the Republic of Indonesia in his decree No. AHU-15929.A.H.01.02.Tahun 2013 dated March 27, 2013. In accordance with Article 3 of the Company's articles of association, the Company's principal activity is public health services, including setting up and managing hospitals, polyclinics, health facilities and supporting infrastructure, and engaging in government healthcare programs. The Company commenced commercial operations in 2010 after the restructuring of PT Lippo Karawaci Tbks hospital unit. Up to the reporting date, the Company's principal activity is in public health services, including setting up and managing hospitals. The Company and its subsidiaries operate in Sumatra, Java, Bali, Kalimantan and Sulawesi. The Companys head office is located at Jl. Siloam No. 6, Siloam Hospital Lippo Village 5th Floor, Lippo Karawaci, Tangerang 15811, Banten - Indonesia. The Parent entity of the Company is PT Megapratama Karya Persada and the ultimate parent entity is PT Lippo Karawaci Tbk. 1.b. Board of Commissioners, Directors, Employees and Audit Committee Based on Notarial Deed No. 369 dated April 24, 2013, made in the presence of Dr Irawan Soerodjo, S.H, M.Si, notary in Jakarta, which has been accepted by the Ministry of Law and Human Rights of the Republic of Indonesia through notification No. AHU-AH.01.10-15919 dated April 26, 2013: Notarial Deed No. 34 dated December 20, 2012, which made in the presence of Sriwi Bawana Nawaksari, S.H, M.Kn, notary in Tangerang; Notarial Deed No. 01 dated December 21, 2011, which was made in the presence of Muhammad Hafidz, SH, M.Kn, notary in Tangerang and Notarial Deed No. 15 dated July 13, 2010, which was made in the presence of Ny. Poerbaningsih Adi, SH, M.Kn, notary in Jakarta, the composition of the Board of Commisioners and Directors as of December 31, 2010, 2011 and 2012 and April 30, 2013, was as follows:
2010 Commissioners President Commissioner Commissioner Theo Leo Sambuaga Ketut Budi Wijaya Ivan Setiawan Budiono
---
2011 Theo Leo Sambuaga Ketut Budi Wijaya Ivan Setiawan Budiono
-----
2012 Christoper James Williams Theo Leo Sambuaga Farid Harianto Maruarar Sirait Muladi
---
2013 Ketut Budi Wijaya Theo Leo Sambuaga Farid Harianto Agus Benjamin
--
Independent Commissioner Directors : President Director Director
Farid Harianto
--
Muladi Jonathan Limbong Parapak Gershu Chandy Paul Grace Frelita Indradjaja Sugianganto Budisuharto Romeo Fernandez Lledo George Mathew Anang Prayudi *)
Gershu Chandy Paul Grace Frelita Indradjaja Susanto Abednedju Giovano Warani Sangkaeng
---
Gershu Chandy Paul Grace Frelita Indradjaja Susanto Abednedju Giovano Warani Sangkaeng
---
Gershu Chandy Paul Grace Frelita Indradjaja Sugianganto Budisuharto Romeo Fernandez Lledo George Mathew Anang Prayudi
*) Unaffiliated Director
As of April 30, 2013, The Companys corporate secretary is Sugianganto Budisuharto and head of internal audit is Gunawan HP. Up to the reporting date, the Company has no audit commitee and will establish the
DrDraft/ July 26, 2013 6
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PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
audit committee within 6 (six) months after listing. As of December 31, 2010, 2011 and 2012 and April 30, 2013, the number of employees of the Company and its Subsidiaries (the Group) were 2,504, 3,054, 3,551 and 5,319, respectively (unaudited). 1.c. The Groups Structure The Company has ownership of more than 50%, either direct or indirectly, in the following subsidiaries:
Subsidiary Domicile Main Business Trading, Development, Mining, Agriculture, Service, Land Transportation, Printing and Industry Industry, Development, Trading, Land Transportation, Workshop, Printing, Agriculture, Service, Mining and Services Development, Trading and Services Healthcare Trading, Development, Land Transportation, and Services Healthcare Development and Services Healthcare and Pharmacy Trading, Development, Industry, Mining, Land Transportation, Agriculture, Printing, Workshop and Services except Services of Legal and Tax Healthcare including Hospital Clinic and Other related Services Healthcare, Trading, Industry and Services Trading, Development, Printing and Services Hospital services, Clinic and Policlinic, Medical Treatment Clinic and Other related Services Trading, Development and Services Trading, Development, Printing and Services Trading, Development, Real Estate, Industry, Printing, Agribusiness, Services and Transportation Services, Development, Trading, Workshop, Land Transportation, Industry, Printing and Agriculture Trading, Development, Printing and Services Trading, Development, Printing and Services Trading, Development, Printing and Services Direct Ownership Persentage 99.99% Indirect Ownership Persentage -Year of Start of Operation -December 31, 2010 Rp 2,411,189,791 Total Assets December 31, 2011 December 31, 2012 Rp Rp 313,475,859 321,957,363 April 30, 2013 Rp 91,222,500
PT Aritasindo Permaisemesta
Jakarta
PT Perdana Kencana Mandiri
Jakarta
99.75%
--
--
2,430,878,234
139,940,484
139,940,484
600,000
PT Multiselaras Anugerah
Tangerang
99.99%
--
--
2,326,074,749
118,439,411
118,439,411
--
PT Nusa Medika Perkasa PT Siloam Graha Utama and subsidiary
Jakarta Jakarta
-99.99%
59.69% --
---
849,214,066 297,945,757,033
849,214,066 175,313,104,094
880,961,690 174,600,329,936
880,961,690 168,694,422,658
PT East Jakarta Medika PT Guchi Kencana Emas and subsidiary PT Golden First Atlanta
Bekasi Jakarta Jambi
-99.97% --
79.84% -83.00%
2002 -2008
297,945,757,033 ---
175,313,104,094 104,451,101,043 103,351,555,306
174,600,329,936 110,183,689,336 108,824,482,220
168,694,422,658 106,228,934,958 106,211,786,927
PT Prawira Tata Semesta and subsidiary
Jakarta
99.98%
--
--
--
151,221,127,479
180,366,373,950
192,743,360,148
PT Balikpapan Damai Husada
Balikpapan
--
79.61%
2007
--
113,981,340,136
153,184,763,268
164,319,268,746
PT Siloam Emergency Services PT Medika Harapan Cemerlang Indonesia
Tangerang Tangerang
99.99% 99.99%
---
---
---
1,000,000,000 600,000,000
1,000,000,000 600,000,000
1,482,900,923 816,291,324
PT Pancawarna Semesta and subsidiary
Tangerang
99.99%
--
--
--
--
74,993,112,485
73,698,266,945
PT Diagram Healthcare Indonesia
Kota Depok
--
80.00%
2006
--
--
44,450,915,455
43,963,961,873
PT Tirtasari Kencana
Tangerang
99.99%
--
--
--
--
568,796,441
568,602,441
PT Adamanisa Karya Sejahtera
Jakarta
99.90%
--
--
--
--
1,000,000,000
1,000,000,000
PT Agung Cipta Raya
Tangerang
99.90%
--
--
--
--
1,000,000,000
1,000,000,000
PT Bina Cipta Semesta
Jakarta
99.90%
--
--
--
--
1,000,000,000
1,000,000,000
PT Brenada Karya Bangsa
Tangerang
99.99%
--
--
--
--
600,000,000
600,000,000
PT Harmoni Selaras Indah
Tangerang
99.99%
--
--
--
--
600,000,000
600,000,000
PT Krisolis Jaya Mandiri
Tangerang
99.99%
--
--
--
--
600,000,000
600,000,000
Draft/July 26, 2013
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Subsidiary Domicile Main Business Trading, Development, Printing and Services Trading, Industry, and Services Services, Development, Trading, Workshop, Land Transportation, Industry , Printing and Agriculture Trading, Development and Services Healthcare Trading, Development, Real Estate, Industry, Printing, Agribusiness, Services and Transport Services, Development, Trading, Workshop, Land Transportation, Industry, Printing and Agriculture Trading, Development, Printing and Services Trading, Development, Printing and Services Trading, Industry and Services Trading, Development, Printing and Services Trading, Development, Printing and Services Trading, Development, Printing and Services Trading, Development, Real Estate, Industry, Printing, Agribusiness, Services Direct Ownership Persentage 99.99% Indirect Ownership Persentage -Year of Start of Operation -December 31, 2010 Rp -Total Assets December 31, 2011 December 31, 2012 Rp Rp -7,000,000,000 April 30, 2013 Rp 7,000,000,000
PT Kusuma Bhakti Anugerah
Tangerang
PT Kusuma Primadana and subsidiaries
Tangerang
99.99%
--
--
--
--
84,240,136,940
93,080,408,231
PT Adijaya Buana Sakti
Jakarta
--
80.00%
--
--
--
15,496,627,911
12,800,774,319
PT Siloam Sumsel Kemitraan
Tangerang
--
70.00%
--
--
8,000,000,000
16,000,000,000
16,000,000,000
PT RS Siloam Hospital Sumsel (formerly PT Karyatama Indah Sentosa) PT Mega Buana Bhakti
-99.99%
88.00% --
2012 --
---
600,000,000 --
101,823,764,995 6,000,000,000
110,734,936,286 6,000,000,000
Palembang Tangerang
PT Optimum Karya Persada
Jakarta
99.90%
--
--
--
--
1,000,000,000
1,000,000,000
PT Rosela Indah Cipta
Tangerang
99.99%
--
--
--
--
600,000,000
600,000,000
PT Sembada Karya Megah
Tangerang
99.99%
--
--
--
--
600,000,000
600,000,000
PT Taruna Perkasa Megah
Tangerang
99.99%
--
--
--
--
600,000,000
600,000,000
PT Tataka Bumi Karya
Tangerang
99.99%
--
--
--
--
600,000,000
600,000,000
PT Tataka Karya Indah
Tangerang
99.99%
--
--
--
--
600,000,000
600,000,000
PT Trijaya Makmur Bersama
Tangerang
99.99%
--
--
--
--
600,000,000
600,000,000
PT Visindo Galaxi Jaya
Tangerang
99.99%
--
--
--
--
5,000,000,000
5,000,000,000
On March 11, 2011, the Company and PT Megapratama Karya Persada (MKP) acquired ownership in PT Guchi Kencana Emas (GKE) of 99.97% and 0.03% respectively, for a total consideration of Rp 27,506,252,496. GKE has 83% ownership in PT Golden First Atlanta, which commenced commercial operations in 2008. The transaction is a business combination acquisition (see Note 28.b). On March 11, 2011, the Company and MKP acquired respectively, 99.80% and 0.20% ownership in PT Prawira Tata Semesta (PTS), for a total consideration of Rp 45,699,000,000. PTS has a 79.61% ownership in PT Balikpapan Damai Husada, which commenced commercial operations in 2007. The transaction is a business combination acquisition (see Note 28.c). PT Siloam Emergency Services was established under deed No. 18 dated March 25, 2011 made in the presence of Unita Christina Winata, S.H., notary in Tangerang. The deed of establishment was approved by the Minister of Law and Human Rights Republic of Indonesia with decree No. AHU-19053.AH.01.01.Tahun 2011 dated April 15, 2011. PT RS Siloam Hospital Sumsel (formerly PT Karyatama Indah Sentosa) was established under deed No. 2 dated April 1, 2011 made in the presence of Sriwi Bawana Nawaksari, S.H., M.Kn., notary in Tangerang. The deed of establishment was approved by the Minister of Law and Human Rights Republic of Indonesia with decree No. AHU-23018.AH.01.01.Tahun 2011 dated May 6, 2011. PT Siloam Sumsel Kemitraan was established under deed No. 7 dated August 5, 2011 made in the presence of Sriwi Bawana Nawaksari, S.H., M.Kn., notary in Tangerang. The deed of establishment was approved by the Minister of Law and Human Rights Republic of Indonesia with decree No. AHU 41373.AH.01.01.Tahun 2011 dated August 15, 2011.
Draft/July 26, 2013
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PT Medika Harapan Cemerlang Indonesia was established under deed No. 1 dated September 5, 2011 made in the presence of Sriwi Bawana Nawaksari, S.H., M.Kn., notary in Tangerang. The deed of establishment was approved by the Minister of Law and Human Rights Republic of Indonesia with decree No. AHU51717.AH.01.01.Tahun 2011 dated October 24, 2011. On March 26, 2012, the Company and MKP acquired respectively, 99.99% and 0.01% ownership in PT Pancawarna Semesta (PWS). At the acquisition date, PWS has not yet started operation and therefore, it was recorded as an asset acquisition. Based on deed No. 80 dated May 31, 2012, made in the presence of Siti Pertiwi Henny Singgih, SH, Notary in Jakarta, PT Pancawarna Semesta (PWS) acquired 80% ownership in PT Diagram Healthcare Indonesia (DHI), with acquisition cost of Rp 58,752,000,000. This transaction is a business combination acquisition (see Note 28.a). PT DHI commenced commercial operations in 2006. On May 30, 2012, the Company and MKP acquired respectively, 99.99% and 0.01% ownership in PT Bina Cipta Semesta (BCS) with acquisition cost of Rp 999,000,000 and Rp 1,000,000. At the acquisition date, BCS had not yet started operations and therefore, it was recorded as an asset acquisition. On May 30, 2012, the Company and MKP acquired respectively, 99.99% and 0.01% ownership in PT Kusuma Bakti Anugerah (KBA) with acquisition cost of Rp 6,999,900,000 and Rp 100,000. At the acquisition date, KBA had not yet started operations and therefore, it was recorded as an asset acquisition. On May 30, 2012, the Company and MKP acquired respectively, 99.99% and 0.01% ownership in PT Mega Buana Bhakti (MBB) with acquisition cost of Rp 5,999,900,000 and Rp 100,000. At the acquisition date, MBB had not yet started operations and therefore, it was recorded as an asset acquisition. On May 30, 2012, the Company and MKP acquired respectively, 99.99% and 0.01% ownership in PT Visindo Galaxi Jaya (VGJ) with acquisition cost of Rp 4,999,900,000 and Rp 100,000. At the acquisition date, VGJ had not yet started operations and therefore, it was recorded as an asset acquisition. On May 30, 2012, the Company and MKP acquired respectively, 99.99% and 0.01% ownership in PT Agung Cipta Raya (ACR) with acquisition cost of Rp 999,000,000 and Rp 1,000,000. At the acquisition date, ACR had not yet started operations and therefore, it was recorded as an asset acquisition. On June 4, 2012, the Company and MKP acquired respectively, 99.99% and 0.01% ownership in PT Tirtasari Kencana (TK) with acquisition cost of Rp 599,999,000 and Rp 1,000. At the acquisition date, TK had not yet started operations and therefore, it was recorded as an asset acquisition. On June 29, 2012, the Company and MKP acquired respectively, 99.99% and 0.01% ownership in PT Adamanisa Karya Sejahtera (AKS) with acquisition cost of Rp 999,000,000 and Rp 1,000,000. At the acquisition date, AKS had not yet started operations and therefore, it was recorded as an asset acquisition. PT Trijaya Makmur Bersama was established under deed No. 3 dated June 1, 2012 made in the presence of Sriwi Bawana Nawaksari, S.H., M.Kn., notary in Tangerang. The deed of establishment was approved by the Minister of Law and Human Rights Republic of Indonesia with decree No. AHU-32448.AH.01.01.Tahun 2012 dated June 14, 2012. PT Taruna Perkasa Megah was established under deed No. 2 dated June 1, 2012 made in the presence of Sriwi Bawana Nawaksari, S.H., M.Kn., notary in Tangerang. The deed of establishment was approved by the Minister of Law and Human Rights Republic of Indonesia with decree No. AHU-32836.AH.01.01.Tahun 2012 dated June 15, 2012.
Draft/July 26, 2013
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PT Krisolis Jaya Mandiri was established under deed No. 1 dated June 1, 2012 made in the presence of Sriwi Bawana Nawaksari, S.H., M.Kn., notary in Tangerang. The deed of establishment was approved by the Minister of Law and Human Rights Republic of Indonesia with decree No. AHU-32835.AH.01.01.Tahun 2012 dated June 15, 2012. On June 4, 2012, the Company and MKP acquired respectively, 99.99% and 0.01% ownership in PT Optimum Karya Persada (OKP) with acquisition cost of Rp 999,000,000 and Rp 1,000,000. At the acquisition date, OKP had not yet started operations and therefore, it was recorded as an asset acquisition. PT Tataka Karya Indah was established under deed No. 11 dated June 4, 2012 made in the presence of Sriwi Bawana Nawaksari, S.H., M.Kn., notary in Tangerang. The deed of establishment was approved by the Minister of Law and Human Rights Republic of Indonesia with decree No. AHU-32573.AH.01.01.Tahun 2012 dated June 14, 2012. PT Brenada Karya Bangsa was established under deed No. 9 dated June 4, 2012 made in the presence of Sriwi Bawana Nawaksari, S.H., M.Kn., notary in Tangerang. The deed of establishment was approved by the Minister of Law and Human Rights Republic of Indonesia with decree No. AHU-32744.AH.01.01.Tahun 2012 dated June 15, 2012. PT Harmoni Selaras Indah was established under deed No. 13 dated June 4, 2012 made in the presence of Sriwi Bawana Nawaksari, S.H., M.Kn., notary in Tangerang. The deed of establishment was approved by the Minister of Law and Human Rights Republic of Indonesia with decree No. AHU-32893.AH.01.01.Tahun 2012 dated June 15, 2012. PT Rosela Indah Cipta was established under deed No. 12 dated June 4, 2012 made in the presence of Sriwi Bawana Nawaksari, S.H., M.Kn., notary in Tangerang. The deed of establishment was approved by the Minister of Law and Human Rights Republic of Indonesia with decree No. AHU-32746.AH.01.01.Tahun 2012 dated June 15, 2012. PT Tataka Bumi Karya was established under deed No. 10 dated June 4, 2012 made in the presence of Sriwi Bawana Nawaksari, S.H., M.Kn., notary in Tangerang. The deed of establishment was approved by the Minister of Law and Human Rights Republic of Indonesia with decree No. AHU-32745.AH.01.01.Tahun 2012 dated June 15, 2012. PT Sembada Karya Megah was established under deed No. 8 dated June 4, 2012 made in the presence of Sriwi Bawana Nawaksari, S.H., M.Kn., a notary in Tangerang. The deed of establishment was approved by the Minister of Law and Human Rights Republic of Indonesia with decree No. AHU-32890.AH.01.01.Tahun 2012 dated June 15, 2012. On June 21, 2012, the Company and MKP acquired respectively, 99.90% and 0.01% ownership in PT Kusuma Primadana (KP) with acquisition cost of Rp 99,999,000 and Rp 1,000. KP has 80% ownership in PT Adijaya Buana Sakti (ABS). At the acquisition date, KP had not yet started operations and therefore, it was recorded as an asset acquisition.
2. New Financial Accounting Standards Indonesian Financial Accounting Standards (SAK) are Standards and Interpretations issued by the Financial Accounting Standards Board of the Indonesian Institute of Accountants (DSAK-IAI) and the regulation of capital market regulator, that is the Indonesia Financial Services Authority (OJK) (or formerly called Bapepam-LK), for the entity under its supervision. The following new SAK along with its impact applied to the Group:
Draft/July 26, 2013
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Statements and Interpretations issued DSAK-IAI The following is statements (PSAK), Interpretations (ISAK) and the Statements of Withdrawal (PPSAK) which have been issued by DSAK-IAI are to be applied to the consolidated financial statements of the fiscal year beginning on or after January 1, 2013: Adjustments of PSAK No. 60: Financial Instruments and Disclosures PSAK No. 38 (Revised 2011) : Business Combination for Entities Under Common Control ISAK No. 21 : Real Estate Construction Agreement PPSAK No. 7 : Revocation of PSAK No. 44: Accounting for Real Estate Development Activity paragraphs 1-46, 49-55 and 62-64 PPSAK No. 10 : Revocation of PSAK No. 51: Accounting for Quasi-Reorganization The application of ISAK No. 21 and PPSAK No. 7 above have been postponed until a date to be determined later, according to the announcement letter of DSAK-IAI No. 0643/DSAK/IAI/IX/2012 dated September 21, 2012. Whereas PSAK No. 60, PSAK No. 38 and PPSAK No. 10, did not have a material impact to the consolidated financial statements. 3. Summary of Significant Accounting Policies 3.a. Compliance with the Financial Accounting Standards The Groups consolidated financial statements have been prepared and presented in accordance with the Indonesian Financial Accounting Standards which include the Statements and the Interpretations as issued by DSAK-IAI and Regulation of Bapepam-LK No. VIII.G.7 regarding the Guidance of Financial Statements Presentation as set forth in decree No. KEP-347/BL/2012 regarding the amendment to Regulation No. VIII.G.7 and other accounting policies which prevailing in the Capital Market. The financial statements were issued by the Company to OJK in relation to the Registration Statement for the Companys Initial Public Offering. 3.b. Basis of Measurement and Preparation of Consolidated Financial Statements The consolidated financial statements have been prepared on a going concern assumption and on the accrual basis, except for the consolidated statements of cash flows which used the cash basis. The basis of measurement in the preparation of these consolidated financial statements is the historical cost principle, except for certain accounts that were measured using other basis, as described in the respective accounting policy. The consolidated statements of cash flows have been presented by classifying the activities into operating, investing and financing. The cash flows from operating activities were prepared using the direct method. The functional currency of the Company and its subsidiaries is Indonesian Rupiah. Transactions are recorded using the functional currency. The reporting currency used in the preparation of these consolidated financial statements is the Indonesian Rupiah. 3.c. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries (including special purpose entities) either directly or indirectly controlled, as presented in Note 1.c. Control also exists when the parent entity owns half or less of the voting power of an entity when there is: a. power over more than half of the voting rights by virtue of an agreement with other investors; b. power to govern the financial and operating policies of the entity under a statute or an agreement; c. power to appoint or remove the majority of the members of the board of directors or equivalent governing body and control of the entity is by that board or body; or d. power to cast the majority of votes in the meetings of the board of directors or equivalent governing body and control of the entity is by that board or body.
Draft/July 26, 2013
11
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The existence and effect of potential voting rights that can be implemented or converted on the date of the reporting period should be considered when assessing whether an entity has the power to govern financial and operating policies of another entity. The entities are consolidated from the date on which control was transferred to the Company and are no longer consolidated when the Company ceases to have control. Control is obtained when the entity has the power to govern the financial and operating policies of another entity to obtain the benefits of the entity activity. The consolidated financial statements have been prepared on the basis of entity concept. All significant related intercompany accounts, transactions and profits among the consolidated companies have been eliminated to reflect the financial position and result of operations as a whole entity. The changes in the Companys ownership interest in a subsidiary that do not result to a loss of control are accounted for as equity transactions and attributed to the owners of the parent. All major transactions and inter-company account balances (including significant unrealized gain or loss) have been eliminated. Non-controlling interest reflects the profit or loss and net assets of subsidiaries portion that are not attributable directly or indirectly to the parent entity, which is presented in the consolidated statements of comprehensive income and as equity in the consolidated statements of financial position, separated from portion which is attributable to parent entity. 3.d. Foreign Currency Transactions A foreign currency is a currency other than the functional currency. Transactions during the current period using foreign currencies are recorded at the spot rate prevailing on the transaction date. At the reporting date, transactions in foreign currencies were translated using the following closing rates:
December 31, 2010 Rp 1 USD 1 EUR 1 SGD 8,991 11,956 6,981 December 31, 2011 Rp 9,068 11,739 6,974 December 31, 2012 Rp 9,670 12,810 7,907 April 30, 2013 Rp 9,722 12,730 7,879
Gains and losses from foreign exchange differences arising from foreign currency transactions into Rupiah are charged to profit or loss. Whereas the non-monetary assets and liabilities denominated in foreign currencies were measured using the exchange rate on the transaction date and monetary assets and liabilities denominated in foreign currencies were measured at fair value using the exchange rate on the date of fair value measurement. 3.e. Cash and Cash Equivalent Cash consist of cash on hand and in banks, are not used as collateral and not restricted. Cash equivalent consists of time deposits certificates with maturities of not more than or equal to three (3) months from the date of placement and are not restricted.
Draft/July 26, 2013
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3.f. Transactions with Related Parties In its normal business, the Company enters into transactions with related parties. A related party is a person or entity that is related to the Company (referred to as the reporting entity), which includes: a) A person or a close member of that persons family is related to a reporting entity if that person: (i) has control or joint control over the reporting entity; (ii) has significant influence over the reporting entity; (iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity. b) An entity is related to the reporting entity if any of following conditions applies: (i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others); (ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member); (iii) Both entities are joint ventures of the same third party; (iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (v) The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is managing the plan, the sponsoring entity is also related to the reporting entity; (vi) The entity is controlled or jointly controlled by a person identified in (a); or (vii) A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or a parent of the entity). 3.g. Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined by the average method. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and selling cost. The Company determines the allowance for inventory obsolescence based on a review of the status of its inventory at the end of period. 3.h. Prepaid Expenses Prepaid expenses are amortized over the period benefitted using straight line method. 3.i. Property and Equipment At initial recognition, property and equipment are measured at acquisition cost. After initial recognition, property and equipment are accounted for using the cost model which is carried at cost less accumulated depreciation and accumulated impairment losses, if any, except for land which is not depreciated and is carried at cost. Depreciation is computed by using the straight line method based on the estimated useful lives of the assets as follows: Years Building, Infrastructure and Renovations 20 Equipment and Medical Supplies 4 - 10 Furniture, Fixtures and Office Equipment 5 Vehicles 5 The cost of repairs and maintenance is charged to profit or loss as incurred while significant renovations and addition which add estimated useful life or future economic benefits are capitalized. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation and accumulated impairment loss, if any, are removed from the accounts and any resulting gains or losses are charged to operations for the relevant period.
Draft/July 26, 2013
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Accumulated construction costs of property and equipment are capitalized as "Construction in Progress " and recorded in "property and equipment" account until the construction process is completed. These costs are reclassified to property and equipment when the construction are completed. The carrying amount of property and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is credited or charged to operations in the period the asset is derecognized. Management has reviewed the estimated useful lives, depreciation methods and residual values of the propery and equipment, at each reporting period. 3.j. Leases The determination of whether an arrangement is a lease agreement or lease agreement containing the substance of the agreement based on the inception date and whether the fulfillment of the agreement depends on the use of an asset and the agreement provides a right to use the asset. Leases are classified as finance leases if the lease substantially transferred all the risks and benefits related to ownership of the asset. Leases are classified as operating leases if the lease did not substantially transfer all the risks and benefits related to ownership of the asset. Group as Lessee At the beginning of the lease term, the Group recognizes finance leases as assets and liabilities in the consolidated statements of financial position at fair value of the leased property or the present value of the minimum lease payments, if the present value is lower than the fair value. The valuation of a lease is determined at the initial contract. The discount rate used in calculating the present value of the minimum lease payments is the implicit interest rate of the lease, if practicable. If not, the discount rate used is the level of the lessee's incremental borrowing rate applied. Initial direct costs of the lessee are capitalized and recognized as an asset. Leased asset depreciation policy is consistent with the policy for the Groups own property and equipment. Under an operating lease, the Group recognizes lease payments as an expense on a straight-line basis over the lease term. Group as lessor The Group recognizes lease receivables in the consolidated statements of financial position as a net lease investment. Collection of leases are considered as payments of lease principal and finance lease income. Recognition of finance lease income is based on a pattern reflecting a constant periodic rate of return on the Group's net investment as lessor in a finance lease. The Group is required to present assets subject to operating leases in its consolidated statements of financial position according to the nature of the asset. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognized as an expense over the lease term on the same basis as operating rental income. Contingent rents, if any, are recognized as revenue in the periods in which they are earned. Lease income from operating leases is recognized as income on a straight-line basis over the lease term. Sale and Leaseback A sale and leaseback transaction involves the sale of an asset and leasing back the same asset. If a sale and leaseback transaction is a finance lease, any excess of sales proceeds over the carrying value is not immediately recognized as income in the consolidated financial statements of a seller (lessee) but is deferred and amortized over the lease period.
Draft/July 26, 2013
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If a sale and leaseback transaction is an operating lease, and it is clear that the transaction is established at fair value, any profit or loss is recognized immediately. If the sales price is below fair value, any profit or loss is recognized immediately except if the loss is compensated by future lease payments below market price where it is deferred and amortized in proportion to the lease payments over the period for which the asset is expected to be used. 3.k. Impairment of Non-Financial Assets The amount of recoverable assets shall be estimated at the time of the events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognized in the current period. The impairment loss which was recognized in prior periods is reversed if and only if there is a change in the estimates used to determine the assets recoverable amount since the last impairment loss was recognized. Recoverable amount can be recognized only by reversing an amount which has been recognized. In the periods of consolidated financial statements, there were no impairment of non-financial assets. 3.l. Business Combination The Group accounts for each business combination by applying the acquisition method. The consideration transferred for an acquisition is measured at the aggregate of the fair values of assets given-up, liabilities assumed and equity instruments issued by the Company. Acquisition-related costs are recognized in the profit or loss as incurred. The Group recognizes the identifiable assets acquired and liabilities taken over at their fair value on the acquisition date, except for the following: Deferred tax assets or liabilities that are related to assets acquired and liabilities taken over in business combination are recognized and measured in accordance with PSAK No. 46 (Revised 2010), Income Taxes. Liabilities (or assets, if any) related to employee benefit arrangements from the acquiree are recognized and measured in accordance with PSAK No. 24 (Revised 2010), Employee Benefits. Liabilities or equity instruments related to the replacement of an acquirees share-based payment awards are measured in accordance with PSAK No. 53 (Revised 2010), Share-based Payment. Non-current assets (or disposal groups) acquired which are classified as held for sale are measured in accordance with PSAK No. 58 (Revised 2009), Non-current Assets Held for Sale and Discontinued Operations. 3.m. Intangible Assets Goodwill Goodwill arising in a business combination is recognized as an asset on the date that control is acquired. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any noncontrolling interests in the acquiree, and the fair value of the acquirers previously held equity interest in the acquiree over the net of the acquisition date amounts of the identifiable assets acquired and the liabilities taken over. Goodwill is not amortized but is reviewed for impairment at least annually or more frequently when there is an indication that the goodwill may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the cash-generating units expected to benefit from the synergies of the combination. If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit prorated on the basis of the carrying amount of each asset in the unit. An impairment loss is
Draft/July 26, 2013
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charged to the consolidated statements of comprehensive income for the current period. An impairment loss recognized for goodwill is not reversed in the subsequent period. The negative goodwill that resulted from bargain purchases is recognized as gain in profit or loss. The gain is attributed to the acquirer. If goodwill has been allocated to a cash-generating unit and certain operations on the cash-generating unit is stopped, the goodwill associated with discontinued operations are included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill removed is measured based on the relative value of discontinued operations and share of the cash-generating unit retained. Cost of Software Software costs are initially recognized at cost or amounts attributable to the assets at the time of acquisition. Acquisition cost of accounting software is deferred and amortized using the straight line method based on the estimated economic useful life of five (5) years. 3.n. Employee Benefits Short-term employee benefits Short-term employee benefits are recognized as wages and salaries for rendered services to the Company during the accounting period. Post-employment Benefits The Company has a defined benefit pension plan without funding for all its permanent employees and have computed and recorded a provision for employee post-employment benefits in accordance with the Labour Law No. 13/2003 and PSAK No. 24 (Revised 2010), "Employee Benefits". Post-employment benefits are recognized at a discounted amount when the employees have rendered services to the Company during the accounting period. Liabilities and expenses are measured using actuarial techniques which include constructive obligation that arises from the Companys common practices. In calculating such liabilities, the benefit must be discounted using the projected unit credit method. Past service cost is recognized in profit or loss when the benefit becomes vested and recognized as an expense using the straight-line method for the average period of vested benefit. Accumulated unrecognized actuarial gain (loss) that is more than 10% of the present value of defined benefit liabilities are amortized using the straight line method over the remaining projected average service period of employees in the programme. 3.o. Difference in Value from Restructuring Transactions between Entities Under Common Control The restructuring transactions between entities under common control, such as transfers of assets, liabilities, shares or other ownership instruments by re-organizing entities within the same group, do not represent changes of ownership in terms of economic substance, and thus, should not result in a gain or loss for the group of companies as a whole or for the individual entity in the groups. Since restructuring transactions with entities under common control do not result in changes in term of economic substance of ownership in transferred assets, liabilities or other ownership instruments, the transferred assets or liabilities (in legal form) should be recorded at book value in a manner similar to business combination transactions using the pooling of interest method. The difference between transfer price and book value does not represent goodwill. Such difference is recorded in the account Difference in Value from Restructuring Transactions between Entities under Common Control and is presented in additional paid in capital as part of equity. In addition, this account cannot be recognized as a realized gain or loss or reclassified to retained earnings.
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3.p. Revenue and Expense Recognition Revenue is recognized when medical services are rendered or when medical supplies are delivered to patients Expenses are recognized when incurred. 3.q. Income Tax Current income tax is calculated from taxable income, the earnings that have been adjusted to the appropriate tax rules. Amendments to taxation liabilities are recorded when an assessment is received or, if appealed against, when the results of the appeal are determined. Current tax assets and current tax liabilites are offset if, and only if, the entity: 1) has a legally enforceable right to set off the recognised amount; and 2) intends to settle in net basis, or realises and settles the asset and liability simultaneously. All temporary differences between the tax bases of assets and liabilities and their carrying value for financial reporting purposes are recognized as deferred tax using the balance sheet liability method. Currently or substantially enacted tax rates are used to determine deferred income tax. Deferred tax assets and deferred tax liabilites are offset if, and only if, the entity: 1) has a legally enforceable right to set off current tax asset against current tax liability; and 2) the deferred tax asset and the deferred tax liability relate to income taxes levied by the same tax authority on the same taxable entity. 3.r. Financial Instruments Financial Assets The Group classified its financial assets into four (4) categories, as follows (i) financial assets measured at fair value through profit or loss (FVTPL), (ii) loans and receivables, (iii) held-to-maturity financial assets (HTM financial assets) and (iv) available-for-sale financial assets (AFS financial assets). The classification depends on the purpose for which the financial assets were acquired. The management determines the classification of its financial assets at initial recognition. (i) Financial Assets at FVTPL Financial assets which are recognized as FVTPL are financial assets for trading. Assets are classified in this category when they are held principally for the purpose of selling or repurchasing in the near term and there is evidence of a recent actual pattern of short-term profit taking. Derivatives are classified as trading assets, except when designated and effective as hedging instruments At initial recognition, financial assets measured at FVTPL are measured at fair value. Transaction costs related to the acquistion are recognized in the current period profit or loss. Subsequent increase or decrease in fair value is recognized in profit or loss. (ii) Loans and Receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables are initially recognized at fair value plus transaction costs and are subsequently measured at amortized cost using the effective interest rate method. (iii) HTM Financial Assets HTM investments are non-derivative financial assets with fixed or determinable payments and fixed maturity that management has the positive intention and ability to hold to maturity, other than: a. Investments which from initial recognition, were designated as financial assets measured at FVTPL;
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b. Investments which are designated as available-for-sale; and c. Investments that meet the definition of loans and receivables. At initial recognition, HTM investments are recognized at fair value plus transaction costs and are subsequently measured at amortized cost using the effective interest rate method. (iv) AFS Financial Assets AFS financial asset are non-derivative financial assets that are held during a certain period with the intention for sale in order to fulfill liquidity needs, changes in interest rates or foreign exchange, or those that are not classified as loans and receivables, investments that are classified as held-to-maturity or financial assets at fair value through profit or loss. At initial recognition, available for sale financial assets are recognized at fair value plus transaction costs and subsequently measured at fair value with any gain or loss recognized as other comprehensive income, except for impairment loss and foreign exchange, until the derecognition of the financial assets. Financial Liabilities and Equity Instruments Classification as debt or equity Financial liabilities and equity instruments issued by the Group are classified according to the substance of the contractual arrangements entered into and the definitions of financial liabilities and equity instruments. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments are recorded as the proceeds received, net of direct issue costs. Share issuance costs are presented as part of equity under "Additional Paid-in Capital Net. Financial Liabilities Financial liabilities are classified into the categories of (i) financial liabilities measured at fair value through profit or loss (FVTPL) and (ii) financial liabilities measured at amortized cost. (i) Financial liabilities measured at FVTPL Financial liabilities at fair value through profit or loss are the financial liabilities that are designated for trading. Financial liabilities are classified for trading if acquired primarily for the purpose of selling or repurchasing in the near term and there is evidence of a pattern of short-term profit taking. Derivatives are classified as trading liabilities except those effectively designated as hedging instruments. At initial recognition, financial liabilities at FVTPL are recognized at fair value. Transaction costs in connection with to the acquisition are recognized in profit or loss for the period; subsequent increase or decrease in fair value are recognized in the profit or loss. (ii) Financial Liabilities Measured at Amortized Cost Financial liabilities not classified as financial liabilities at fair value through profit or loss are categorized and measured using amortized cost. At initial recognition, financial liabilities measured at amortized cost are recognized at fair value net of transaction costs and subsequently measured at amortized cost using the effective interest rate method. Impairment of Financial Assets Financial assets, other than those at FVTPL, are assessed for indicators of impairment at the reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been impacted. For listed and unlisted equity investments classified as AFS, a significant or prolonged decline in the fair value of the equity investment below its cost is considered to be an objective evidence of impairment
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Some objective evidence for impairment value are as follows: significant financial difficulty of the issuer or counterparty; or default or delinquency in interest or principal payments; or it becoming probable that the borrower will enter bankruptcy or financial reorganization. For certain categories of financial assets, such as receivables, the impairment value of assets are assessed individually. Objective evidence of impairment for a portfolio of receivables could include the Groups past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period and observable changes in the national or local economic conditions that correlate with default on receivables For financial assets carried at amortized cost, the amount of impairment is the difference between the assets carrying amount and the present value of estimated future cash flows, discounted at the financial assets original effective interest rate. The carrying amount of the financial asset is directly reduced by the amount of impairment loss for all financial assets with the exception of receivables, where the carrying amount is reduced through the use of an allowance account. When a receivable is considered uncollectible, it is written-off against the allowance account. Subsequent recoveries of amounts previously written-off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in the profit or loss. When an AFS financial asset is considered to be impaired, cumulative gains or losses previously recognized in equity are reclassified to the profit or loss. With the exception of AFS equity instruments, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment on the date of the impairment is reversed does not exceed the amortized cost had there been no impairment recognized. In respect of AFS equity securities, impairment losses previously recognized in the consolidated statement of comprehensive income are not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss is recognized directly in equity. Reclassification of Financial Assets Reclassification is only permitted in rare circumstances and where the asset is no longer held for the purpose of selling in the short-term. In all cases, reclassification of financial assets is limited to debt instruments. Reclassifications are accounted for at the fair value of the financial asset on the date of reclassification. Offsetting of Financial Instruments Financial assets and liabilities are offset and the net amount is reported in the consolidated statements of financial position when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. Derecognition of Financial Assets and Liabilities The Group derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Group recognizes their retained interest in the asset and an associated liability for the amounts they may have to pay. If the Group retains substantially all the risks and rewards of ownership of a transferred financial asset, the Group continues to recognize the financial asset and also recognizes a collateralized borrowing for the proceeds received.
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The Group derecognizes financial liabilities when, and only when, the Groups obligations are discharged, cancelled or expired Effective Interest Method The effective interest method is a method of calculating the amortized cost of a financial instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and others paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument, or, where appropriate, a shorter period to the net carrying amount on initial recognition. Income is recognized on an effective interest basis for financial instruments other than those financial instruments at FVTPL. Fair Value Determination The fair value of financial assets and liabilities must be estimated for recognition and measurement or for disclosure purposes. PSAK No. 60, Financial Instruments: Disclosures requires disclosure of fair value measurements by level of the following fair value measurement hierarchy: (i) quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) (ii) inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (level 2), and (iii) inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3). The fair value of financial instruments traded in active markets is based on quoted market prices at the reporting date. The quoted market price used for financial assets held by the Group is the current bid price, while ask price is used for financial liabilities. These instruments are included in level 1. The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as minimum as possible on estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities. 3.s. Earnings Per Share Earnings per share is computed by dividing income attributable to the parent by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed considering other securities that potentially have a dilutive effect to ordinary shares outstanding during the reporting period. 3.t. Operating Segments Operating segments are identified based on internal reports on components of the Group that are regularly reviewed by the "operational decision maker" in allocating resources and assessing performance of the operating segments. An operating segment is a component of an entity that engages in business activity in which operating results are evaluated regularly by management, and its financial information can be presented separately. The Group evaluates operating segments based on the business activities of each hospital unit which is a strategic unit that promote products and services in different service areas. Products and services are managed separately because each unit hospital requires different market strategies and resources. Segment accounting policies are the same as described in the summary of significant accounting policies.
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3.u. Significant Accounting Estimation and Justification The preparation of the consolidated financial statements in accordance with the Indonesian Financial Accounting Standards requires the management to make assumptions and estimates that could affect the carrying amounts of certain assets and liabilities at end of reporting period. In the preparation of these consolidated financial statements, accounting assumptions have been made in the process of applying accounting policies that may affect the carrying amounts of assets and liabilties in the consolidated financial statements. In addition, there are accounting assumptions about the sources of estimation uncertainty at end of reporting period that could materially affect the carrying amounts of assets and liabilities in the subsequent reporting period. The management periodically reviews them to ensure that the assumptions and estimates have been made based on all relevant information available on the date in which the consolidated financial statements have been prepared. Because there is inherent uncertainty in making estimates, the value of assets and liabilities to be reported in the future might differ from those estimates. At the reporting date, the management has made significant assumptions and estimates which have the most significant impact to the carrying amount recognized in the consolidated financial statements, as follows: Allowance for Impairment of Accounts Receivable In general, the management analyzes the adequacy of the allowance for impairment based on several data, which include analyzing historical bad debts, the concentration of each customer's trade receivables, credit worthiness and changes in a given period of repayment. The analysis is carried out individually on a significant amount of accounts receivable, while the insignificant group of trade receivables is carried on the collective basis. At the reporting date, the carrying amount of trade receivables has been reflected at fair value and the carrying value may change materially in the subsequent reporting period. The change, however, will not be attributable to the assumptions and estimates made as of this reporting date. Deferred Tax Assets Estimation Management considerations are needed to determine the amount of deferred tax recognized in the profit or loss and the amount recorded as deferred tax assets. Recognition is performed only if it is probable that the asset will be recovered in the form of economic benefits to be received in future periods, in which the temporary differences and tax losses can still be used. Management also considers the future estimated taxable income and strategic tax planning in order to evaluate its deferred tax assets in accordance with applicable tax laws and its updates. As a result, related to its inherent nature, it is likely that the calculation of deferred taxes is related to a complex pattern where assessment requires a judgment and is not expected to provide an accurate calculation. Estimated Useful Lives of Property and Equipment The Group makes a periodic review of the useful lives of property and equipment based on several factors such as physical and technical conditions and development of medical equipment technology in the future. The results of future operations will be materially influenced by the change in estimate as caused by changes in the factors mentioned above. Changes in estimated useful life of property and equipment, if any, are prospectively treated in accordance with PSAK No. 25 (Revised 2010), Accounting Policies, Changes in Accounting Estimates and Errors. Post-employment Benefits The present value of post-employment benefits liability depends on several factors that are determined on an actuarial basis based on several assumptions. Assumptions used to determine the cost (income) include the discount rate. Changes in these assumptions will affect the carrying amount of post-employment benefits.
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The Group determines the appropriate discount rate at the end of the reporting period by the interest rate used to determine the present value of future cash outflows expected to settle an estimated liability. In determining the appropriate level of interest rates, the Group considers the interest rate of government bonds denominated in Rupiah that have a similar period to the corresponding period of the liability. Another key assumption is partly determined by current market conditions during the period in which the postemployment benefits liability is resolved. Changes in the employee benefits assumption will impact recognition of actuarial gains or losses at the end of the reporting period. Fair Value of Financial Instruments When the fair value of financial assets and liabilities recorded in the consolidated statements of financial position is not available in an active market, it is determined using valuation techniques including the use of mathematical models. Input for this model is derived from observable market data through the data available. When observable market data is not available, management judgment is required to determine the fair value. Such considerations include liquidity and volatility feedback model for derivative transactions and long-term discount rates, prepayments, and default rate assumptions. 4. Cash and Cash Equivalent
December 31, 2010 Rp Cash on Hand Cash in Banks Related Party Rupiah PT Bank Nationalnobu Tbk Third Parties Rupiah PT Bank Negara Indonesia (Persero) Tbk PT Bank CIMB Niaga Tbk PT Bank Central Asia Tbk PT Bank Mandiri (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Mega Tbk PT Bank Permata Tbk Others (each below Rp 1 Billion) Foreign Currencies SGD PT Bank CIMB Niaga Tbk USD Others PT Bank (each Negara below Indonesia Rp 1 Billion) (Persero) Tbk EURO PT Bank CIMB Niaga Tbk Others (each below Rp 1 Billion) Subtotal Time Deposits - Third Parties Rupiah PT Bank CIMB Niaga Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Mandiri (Persero) Tbk Subtotal Total Cash and Cash Equivalents 1,067,990,663 December 31, 2011 Rp 2,604,091,041 December 31, 2012 Rp 5,861,795,003 April 30, 2013 Rp 5,149,709,624
--
3,242,979,052
6,091,992,087
10,193,250,949
8,744,417,529 4,930,308,223 4,023,622,000 ---1,438,010,493 104,271,860
8,588,369,051 6,196,710,465 5,452,137,476 --1,608,924,133 492,126,990 1,208,976,595
15,336,141,877 6,074,212,993 7,850,606,577 6,513,929,271 2,641,442,348 125,927,264 -410,688,170
16,919,944,025 8,034,730,256 4,267,771,519 1,209,062,548 11,815,604 1,276,970 -143,099,252
-368,699,781 -19,609,329,886
112,729,417,199 212,785,426 -139,732,426,387
93,421,810,800 281,456,085 147,956,204 138,896,163,676
85,801,735,546 478,876,824 210,392,462 127,271,955,955
2,200,000,000 50,000,000 -2,250,000,000 22,927,320,549
2,200,000,000 2,050,000,000 -4,250,000,000 146,586,517,428
19,900,000,000 2,050,000,000 2,000,000,000 23,950,000,000 168,707,958,679
19,900,000,000 2,050,000,000 2,000,000,000 23,950,000,000 156,371,665,579
Interest rates and maturity period of the time deposits are as follows
December 31, 2010 Rp Contractual Interest Rates Maturity Period 6.50 % - 7.50 % 1 Month December 31, 2011 Rp 5.50 % - 7.50 % 1 Month December 31, 2012 Rp 4.25 % - 6.68 % 1 Month April 30, 2013 Rp 4.25% - 6.25% 1 Month
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There are no cash and cash equivalent pledged as collateral and restricted. Management believes that cash and cash equivalent can be used. 5. Trade Receivables
December 31, 2010 Rp Related Parties (see Note 10) Third Parties Enterprise Individual Credit Card Others (below Rp 500 million each) Subtotal Less: Allowance for Impairment Trade Receivables - Third Parties - Net Trade Receivables - Net 5,083,171,699 December 31, 2011 Rp 2,779,461,708 December 31, 2012 Rp 3,171,020,453 April 30 2013 Rp 3,172,248,469
58,686,740,155 12,913,638,945 957,447,632 616,901,534 73,174,728,266 (4,051,959,759) 69,122,768,507 74,205,940,206
111,406,770,293 9,297,019,782 3,236,699,698 1,589,828,458 125,530,318,231 (4,145,600,398) 121,384,717,833 124,164,179,541
174,525,502,679 9,720,752,753 3,002,598,212 2,814,278,192 190,063,131,836 (6,167,375,415) 183,895,756,421 187,066,776,874
216,133,975,309 13,409,802,268 2,882,268,566 4,392,258,395 236,818,304,538 (8,842,484,588) 227,975,819,950 231,148,068,419
The movements in allowance for impairment are as follows:

2010 (One Year) Rp Third Parties Beginning Balance Allowance for Impairment Receivable Recovery Ending Balance 2,109,403,487 1,942,556,272 -4,051,959,759 2011 (One Year) Rp 4,051,959,759 106,430,639 (12,790,000) 4,145,600,398 2012 (One Year) Rp 4,145,600,398 2,021,775,017 -6,167,375,415 2013 (Four Months) Rp 6,167,375,415 2,675,109,173 -8,842,484,588
All trade receivables are denominated in Rupiah. Trade receivables of PT Golden First Atlanta, a subsidiary, are pledged as collateral for loans obtained from PT Bank Central Asia Tbk (see Note 18). Based on managements reviewed of the individual account of the trade receivables at the end of the reporting date, there were impairment on certain trade receivables. Management has provided adequate allowance for impairment losses based on the Company's accounting policies. Management believes that the allowance was made because the receivables cannot be collected and is adequate to cover possible losses from uncollectible accounts. 6. Other Current Financial Assets
December 31, 2010 Rp Other Receivables - Third Parties Champion Assets Return Rental Receivables Mr Santayana Kiemas PT Graha Pilar Sejahtera Others Total -225,195,814 -22,956,633,310 5,674,211,556 28,856,040,680 December 31, 2011 Rp -1,695,488,786 -22,976,633,104 8,831,477,116 33,503,599,006 December 31, 2012 Rp 3,042,268,061 1,740,687,915 2,400,000,000 -889,350,505 8,072,306,481 April 30, 2013 Rp 3,042,268,061 2,915,419,928 2,400,000,000 -2,857,433,920 11,215,121,909
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Receivables from Champion Assets Return represents receivable from shareholders of PT Diagram Healthcare Indonesia (DHI), a subsidiary, before DHI was acquired by the Company. Rental receivables represent receivables from retail tenants of the leased area in the hospital building. Receivables from PT Graha Pilar Sejahtera (GPS) were incurred in connection with the sale of land and building of Siloam Cikarang Hospital to GPS. This receivable was fully paid on May 16, 2012. Other receivables mainly consist of receivable from Pelita Harapan University related to their medical students internship program. Other receivables has no maturity date, no collateral and are non-interest bearing. Up to the reporting date, the internship program is still ongoing. As of December 31, 2010, 2011 and 2012, and April 30, 2013, the Company did not provide allowance for impairment of receivables since the management believes that all receivables are collectible.
7.
Inventories
December 31, 2010 Rp Medicine Medical Supplies Others Total Inventories 18,454,221,349 11,411,495,083 1,399,416,905 31,265,133,337 December 31, 2011 Rp 24,083,920,610 10,182,572,121 9,817,016,551 44,083,509,282 December 31, 2012 Rp 46,076,980,523 26,266,186,817 3,008,564,538 75,351,731,878 April 30, 2013 Rp 51,065,468,754 25,307,357,133 3,367,962,191 79,740,788,078
The Groups inventory have been insured againts all forms of risk by PT Lippo General Insurance Tbk, a related party, amounting to Rp 17,018,805,244, Rp 23,272,612,161, Rp 59,738,607,785 and Rp 62,238,607,785 as of December 31, 2010, 2011 and 2012 and April 30, 2013, respectively. The management believes that insurance coverage is adequate to cover possible losses of the insured assets. The medicine and consumable goods of PT Golden First Atlanta, a subsidiary, are pledged as collateral for loans obtained from PT Bank Central Asia Tbk (see Note 18). The amount of inventories charged to cost of sales for the years ended December 31, 2010, 2011 and 2012 and for the 4 (four) months period ended April 30, 2013 amounted to Rp 239,592,870,297, Rp 302,845,630,579, Rp 440,201,800,472 and Rp 220,191,347,584, respectively. The management believes that there is no indication of impairment in the carrying value of the inventory as of April 30, 2013. 8. Prepaid Expenses
December 31, 2010 Rp Rent Insurance Others (below Rp 500 millions each) Total 149,666,799 1,179,548,439 2,973,447,294 4,302,662,532 December 31, 2011 Rp 7,138,593,853 660,503,633 2,040,324,849 9,839,422,335 December 31, 2012 Rp 15,832,827,707 566,885,569 1,138,290,572 17,538,003,848 April 30, 2013 Rp 13,112,833,521 2,143,147,460 2,579,141,230 17,835,122,211
Prepaid rent mainly relates to the lease of the land and building of Siloam Hospitals Lippo Cikarang from PT Graha Pilar Sejahtera (see Note 34.a).
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9.
Advances
December 31, 2010 Rp Advances for Purchase of Property and Equipment Investment PT Guchi Kencana Emas PT Prawira Tata Semesta Construction Others (below Rp 500 millions each) Total 1,520,988,674 57,443,246,813 46,655,579,000 -516,880,193 106,136,694,680 December 31, 2011 Rp 11,205,812,335 --23,484,277,582 2,088,012,800 36,778,102,717 December 31, 2012 Rp 141,743,826,536 --9,439,593,907 1,571,961,111 152,755,381,554 April 30, 2013 Rp 46,030,092,390 --1,752,373,246 3,586,607,080 51,369,072,716
Advances for purchase of property and equipment mainly represent the purchase of medical equipment for Siloam Hospitals. Advances for construction represent downpaymen to suppliers related to the renovation of the interior of existing hospitals and certain suppliers of hospitals under construction that will be operated by the Company.
10. Transactions and Balances with Related Parties In its normal business transactions, the Company conducts business transactions with related parties as follows:
Percentage to Total Assets/Liabilities December 31, 2010 Rp Cash and Cash Equivalent PT Bank Nationalnobu Tbk Trade Receivables Employees Non-employees Total Due from Related Parties Non-Trade PT Eramulia Pratamajaya Bridgewater International Ltd PT Primakreasi Propertindo PT Grand Villa Persada PT Megapratama Karya Persada Employees Total 599,997,000 244,335,000,000 974,001,500 1,001,000 -843,041,582 246,753,041,082 662,397,000 ----588,976,000 1,251,373,000 662,397,000 ---2,000 -662,399,000 662,397,000 -----662,397,000 0.00 0.31 0.00 0.00 -0.00 0.32 0.00 ----0.00 0.00 0.00 ---0.00 -0.00 0.00 -----0.00 2,989,240,399 2,093,931,300 5,083,171,699 1,454,191,220 1,325,270,488 2,779,461,708 1,253,220,859 1,917,799,594 3,171,020,453 1,824,557,810 1,347,690,659 3,172,248,469 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 December 31, 2011 Rp December 31, 2012 Rp April 30, 2013 Rp December 31, 2010 % December 31, 2011 % December 31, 2012 % April 30, 2013 %
--
3,242,979,052
6,091,992,087
10,193,250,949
--
0.00
0.00
0.01
Due to Related Parties - Non Trade PT Lippo Karawaci Tbk PT PTPrimakreasi PKP Propertindo Others (below Rp 1 billion each) Total 246,428,074,360 998,999,000 -247,427,073,360 442,567,347,637 998,999,000 -443,566,346,637 796,448,380,152 1,588,998,000 749,246,407 798,786,624,559 827,161,768,449 --827,161,768,449 0.38 0.00 -0.39 0.47 0.00 -0.48 0.59 0.00 0.00 0.60 0.60 --0.60
Percentage to Total Revenues/ Operating Expenses 2010 (One Year) Rp Employee Benefits of Key Management Short Term Employee Benefits Directors Commisioners Others Key Management Total ----9,248,412,683 --9,248,412,683 11,272,616,841 --11,272,616,841 6,322,091,278 --6,322,091,278 3,975,945,000 --3,975,945,000 ----0.04 --0.04 0.03 --0.03 0.06 --0.06 0.02 --0.02 -2011 (One Year) Rp -2012 (One Year) Rp -2012 (Four Months) Rp -2013 (Four Months) % -2010 (One Year) % -2011 (One Year) % -2012 (One Year) Rp -2012 (Four Months) % -2013 (Four Months) % --
The loan obtained from PT Lippo Karawaci is non-interest bearing loan and payment of short term employee benefits of the Directors. The short term employee benefits to the Directors amounted to nil and Rp 9,248,412,683, respectively, for the years ended 31 December 2010 and 2011. The non-interest bearing loan incurred in relation to the restructuring of PT Lippo Karawaci Tbks hospital unit and funding for expansion and acquisition of subsidiaries. On April 30, 2013, the Company entered into a loan agreement with PT Lippo Karawaci Tbk. This agreement was effective from the signing of the agreement and will expire immediately when the Company repays the loan. It does not bear interest if fully paid by December 31, 2013. The entire balance of the related party transactions are transactions denominated in Rupiah.
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The relationship and nature of accounts/ transactions with related parties are as follows: Related Parties Relationship Nature of Accounts/Transaction
PT Bank Nationalnobu Tbk Under common control Placement of cash and cash equivalent Bridgewater International Member of the same group Non-interest bearing and no due date intercompany charges PT Lippo Karawaci Tbk Ultimate parent entity Non-interest bearing, no due date, intercompany charges and key management employee benefits PT Primakreasi Propertindo Member of the same group Non-interest bearing, no due date and intercompany charges PT Eramulia Pratama Member of the same group Non-interest bearing, no due date and intercompany charges PT Grand Villa Persada Member of the same group Non-interest bearing, no due date and intercompany charges Employees Employees Trade receivables, non-interest bearing, no due date and intercompany charges Non-employees Member of the same group Trade receivables Trade receivables from related parties mainly represent healthcare services to the Companys employees. All related parties transactions are disclosed in the consolidated financial statements. 11. Other Non Current Financial Assets
December 31, 2010 Rp Deferred Charges
Others (below Rp 500 millions each)
Total
-7,808,179,538 7,808,179,538
December 31, 2011 Rp 31,340,010,671 4,704,434,833 36,044,445,504
December 31, 2012 Rp 31,340,010,671 1,970,105,426 33,310,116,097
April 30, 2013 Rp 27,857,787,263 1,922,605,426 29,780,392,689
Deferred charges represents expenses related to development of professional staff of the Company for operational planning of future hospitals.
12. Property and Equipment

Beginning Balance Rp Acquisition Cost Direct Ownership Land Building and Infrastructure Medical Equipment Furniture, Fixtures and Office Equipment Transportation Equipment and Vehicles Total Direct Ownership Construction In Progress Total Acquisition Cost Accumulated Depreciation Direct Ownership Building and Infrastructure Medical Equipment Furniture, Fixtures and Office Equipment Transportation Equipment and Vehicles Total Accumulated Depreciation Direct Ownership Carrying Amount Addition Rp 2010 (One Year) Disposal Rp Reclassification Rp Ending Balance Rp
13,365,000,000 39,834,128,112 239,860,452,380 75,973,550,637 3,104,800,319 372,137,931,448 408,715,893 372,546,647,341
-534,090,729 161,262,204,318 7,005,034,244 1,607,858,000 170,409,187,291 2,808,284,716 173,217,472,007
13,365,000,000 40,132,995,813 3,469,825,678 317,142,060 25,000,000 57,309,963,551 -57,309,963,551
-(235,223,028) 2,499,939,617 260,281,028 (25,058,000) 2,499,939,617 (2,499,939,617) --
--400,152,770,637 82,921,723,849 4,662,600,319 487,737,094,805 717,060,992 488,454,155,797
15,229,777,849 168,513,271,710 56,012,381,503 2,363,292,086 242,118,723,148 130,427,924,193
2,743,687,859 22,732,842,469 6,134,713,856 327,008,811 31,938,252,995
17,726,797,201 1,736,739,788 263,343,153 10,000,000 19,736,880,142
(246,668,507) -246,668,507 ---
-189,509,374,391 62,130,420,713 2,680,300,897 254,320,096,001 234,134,059,796
Draft/July 26, 2013
26
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2011 (One Year) Beginning Balance Rp Acquisition Cost Direct Ownership Land Building and Infrastructure Medical Equipment Furniture, Fixtures and Office Equipment Transportation Equipment and Vehicles Total Direct Ownership Construction In Progress Total Acquisition Cost Accumulated Depreciation Direct Ownership Building and Infrastructure Medical Equipment Furniture, Fixtures and Office Equipment Transportation Equipment and Vehicles Total Accumulated Depreciation Direct Ownership Carrying Amount Addition Rp Disposal Rp Reclassification Rp Ending Balance Rp
--400,152,770,637 82,921,723,849 4,662,600,319 487,737,094,805 717,060,992 488,454,155,797
10,309,700,000 122,391,133,811 124,407,564,637 81,077,667,989 2,668,372,000 340,854,438,437 68,014,147,347 408,868,585,784
--5,549,896 54,578,418 13,575,000 73,703,314 -73,703,314
--322,342,192 --322,342,192 (322,342,192) --
10,309,700,000 122,391,133,811 524,877,127,570 163,944,813,420 7,317,397,319 828,840,172,120 68,408,866,147 897,249,038,267
-189,509,374,391 62,130,420,713 2,680,300,897 254,320,096,001 234,134,059,796
19,744,119,196 46,432,608,873 23,069,063,277 1,487,294,637 90,733,085,983
-5,549,896 54,578,418 -60,128,314
------
19,744,119,196 235,936,433,368 85,144,905,572 4,167,595,534 344,993,053,670 552,255,984,597
2012 (One Year) Beginning Balance Rp Acquisition Cost Direct Ownership Land Building and Infrastructure Medical Equipment Furniture, Fixtures and Office Equipment Transportation Equipment and Vehicles Total Direct Ownership Construction In Progress Total Acquisition Cost Accumulated Depreciation Direct Ownership Building and Infrastructure Medical Equipment Furniture, Fixtures and Office Equipment Transportation Equipment and Vehicles Total Accumulated Depreciation Direct Ownership Carrying Amount Addition Rp Disposal Rp Reclassification Rp Ending Balance Rp
10,309,700,000 122,391,133,811 524,877,127,570 163,944,813,420 7,317,397,319 828,840,172,120 68,408,866,147 897,249,038,267
31,869,377,300 2,634,820,561 315,079,111,902 47,379,200,737 3,878,259,400 400,840,769,900 54,113,988,458 454,954,758,358
--1,525,884,081 --1,525,884,081 -1,525,884,081
-2,458,086,666 66,974,301,344 6,426,849,865 589,715,000 76,448,952,875 (76,448,952,875) --
42,179,077,300 127,484,041,038 905,404,656,735 217,750,864,022 11,785,371,719 1,304,604,010,814 46,073,901,730 1,350,677,912,544
19,744,119,196 235,936,433,368 85,144,905,572 4,167,595,534 344,993,053,670 552,255,984,597
8,324,868,013 106,084,119,734 25,627,667,605 1,747,387,539 141,784,042,891
-1,391,610,524 --1,391,610,524
------
28,068,987,209 340,628,942,578 110,772,573,177 5,914,983,073 485,385,486,037 865,292,426,507
Draft/July 26, 2013
27
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2013 (Four Month) Beginning Balance Rp Acquisition Cost Direct Ownership Land Building and Infrastructure Medical Equipment Furniture, Fixtures and Office Equipment Transportation Equipment and Vehicles Total Direct Ownership Construction In Progress Total Acquisition Cost Accumulated Depreciation Direct Ownership Building and Infrastructure Medical Equipment Furniture, Fixtures and Office Equipment Transportation Equipment and Vehicles Total Accumulated Depreciation Direct Ownership Carrying Amount Addition Rp Disposal Rp Reclassification Rp Ending Balance Rp
42,179,077,300 127,484,041,038 905,404,656,735 217,750,864,022 11,785,371,719 1,304,604,010,814 46,073,901,730 1,350,677,912,544
-1,536,846,957 133,721,069,450 44,881,755,868 1,500,037,602 181,639,709,877 3,643,997,490 185,283,707,367
---------
---------
42,179,077,300 129,020,887,995 1,039,125,726,185 262,632,619,890 13,285,409,321 1,486,243,720,691 49,717,899,220 1,535,961,619,911
28,068,987,209 340,628,942,578 110,772,573,177 5,914,983,073 485,385,486,037 865,292,426,507
3,046,019,021 41,724,252,458 10,574,116,877 553,990,520 55,898,378,875
------
------
31,115,006,230 382,353,195,036 121,346,690,054 6,468,973,593 541,283,864,912 994,677,754,999
In 2011, the addition of property and equipment, included property and equipment of the acquired company (see Note 1.c) with a total acquisition value of Rp 162,193,197,898 and accumulated depreciation of Rp 38,581,535,938. In 2012, the addition of property and equipment, included property and equipment of the acquired company (see Note 1.c) with a total acquisition value of Rp 48,037,384,860 and accumulated depreciation of Rp 21,476,460,307. As of April 30, 2013, construction in progress represents mainly the development of building Siloam Hospitals Balikpapan with 70% completion and estimated to be completed in August 2013. Management believes there is no factor which will hinder the completion. Depreciation charges that were allocated in the consolidated statements of comprehensive income are as follows:
2010 (One Year) Rp Cost of Sales Operating Expenses Total Depreciation Charges 26,358,805,173 5,579,447,822 31,938,252,995 2011 (One Year) Rp 30,073,620,935 22,077,929,110 52,151,550,045 2012 (One Year) Rp 88,386,221,967 31,921,360,617 120,307,582,584 2013 (Four Months) Rp 41,500,727,681 14,397,651,194 55,898,378,875
The disposal of the Groups property and equipment are as follows:

2010 (One Year) Rp Acquisition Cost Accumulated Depreciation Carrying Value Carrying value of the sold entity Carrying Value - Net Selling Price Gain (Loss) on Disposal Deferred Gain on Sale and Leaseback Transaction Gain on Sale of Property and Equipments 57,309,963,551 19,736,880,142 37,573,083,409 (2,048,007,078) 35,525,076,331 219,946,183,217 184,421,106,886 178,461,683,217 5,959,423,669 2011 (One Year) Rp 73,703,314 60,128,314 13,575,000 -13,575,000 63,233,901 49,658,901 -49,658,901 2012 (One Year) Rp 1,525,884,081 1,391,610,524 134,273,557 -134,273,557 45,520,996 (88,752,561) -(88,752,561) 2013 (Four Months) Rp ---------
Draft/July 26, 2013
28
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PT East Jakarta Medika (EJM) sold the land and building of Siloam Hospitals Cikarang (Property) to PT Graha Pilar Sejahtera (GPS) for the sale price of SGD 33,333,333 and leased back the property (see Note 19). Related to the transaction, EJM recognized gain on sale leaseback amounting to Rp 5,949,923,669 and deferred gain on sale and leaseback transaction of Rp 178,461,683,217 on December 31, 2010. Land and building, infrastructure, machinery and tools and medical equipment of PT Balikpapan Damai Husada, a subsidiary, are pledged as collateral for loan obtained from Bank Pembangunan Daerah Kalimantan Timur (see Note 18). Land and building, vehicles, furniture, fixtures and office equipment and tools and medical equipment of PT Golden First Atlanta, a subsidiary, are pledged as collateral for loan obtained from PT Bank Central Asia Tbk (see Note 18). There are no borrowing costs capitalized in property and equipment. The Group's property and equipment are insured against fire and other risks with the sum insured amounted to Rp 160,531,689,612, Rp 248,941,927,871, Rp 593,004,074,559 and Rp 873,649,962,843, resepectively, as of December 31, 2010, 2011 and 2012 and April 30, 2013 by PT Lippo General Insurance Tbk, a related party. Management believes that insurance covarege is adequate to cover possible losses of insured assets. The management believes that there is no impairment in the carrying value of property and equipment as of April 30, 2013. 13. Goodwill and Intangible Assets a. Goodwill
Beginning Balance Rp Acquisition Cost Goodwill Total Acquisition Cost Accumulated Impairment Amortization of Goodwill Total Accumulated Impairment Carrying Amount 16,550,545,653 16,550,545,653 6,206,454,630 6,206,454,630 10,344,091,023 Addition Rp 2010 (One Year) Deduction Rp --3,200,946,825 3,200,946,825 ----Ending Balance Rp 16,550,545,653 16,550,545,653 9,407,401,455 9,407,401,455 7,143,144,198
Beginning Balance Rp Acquisition Cost Goodwill Total Acquisition Cost Accumulated Amortization/Impairment Impairment of Goodwill Amortization of Goodwill Total Accumulated Impairment Carrying Amount 16,550,545,653 16,550,545,653 -9,407,401,455 9,407,401,455 7,143,144,198
Addition Rp
2011 (One Year) Deduction Rp 9,407,401,455 9,407,401,455 -9,407,401,455 9,407,401,455
Ending Balance Rp 113,310,513,753 113,310,513,753 7,143,144,198 -7,143,144,198 106,167,369,555
106,167,369,555 106,167,369,555 7,143,144,198 -7,143,144,198
Draft/July 26, 2013
29
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2012 (One Year) Deduction Rp 61,000,000,000 61,000,000,000 ---
Beginning Balance Rp Acquisition Cost Goodwill Total Acquisition Cost Accumulated Amortization/Impairment Impairment of Goodwill Total Accumulated Impairment Carrying Amount 113,310,513,753 113,310,513,753 7,143,144,198 7,143,144,198 106,167,369,555
Addition Rp
Ending Balance Rp 61,561,559,783 61,561,559,783 7,143,144,198 7,143,144,198 54,418,415,585
9,251,046,030 9,251,046,030 ---
Beginning Balance Rp Acquisition Cost Goodwill Total Acquisition Cost Accumulated Impairment Impairment of Goodwill Total Accumulated Impairment Carrying Amount 61,561,559,783 61,561,559,783 7,143,144,198 7,143,144,198 54,418,415,585
2013 (Four Months) Addition Deduction Rp Rp ---------
Ending Balance Rp 61,561,559,783 61,561,559,783 7,143,144,198 7,143,144,198 54,418,415,585
The details of goodwill are as follows:

Acquirer Investment In Year of Acquisition Net Value Desember 31, 2010 Rp ----2,834,372,068 2,329,066,016 1,979,706,114 7,143,144,198 Desember 31, 2011 Rp -55,146,465,217 27,480,578,103 23,540,326,235 ---106,167,369,555 Desember 31, 2012 Rp 9,251,046,030 14,146,465,217 27,480,578,103 3,540,326,235 ---54,418,415,585 April 30, 2013 Rp 9,251,046,030 14,146,465,217 27,480,578,103 3,540,326,235 ---54,418,415,585
PT Pancawarna Semesta PT Siloam International Hospitals PT Prawira Tata Semesta PT Siloam International Hospitals PT Aritasindo Permaisemesta PT Perdana Kencana Mandiri PT Multiselaras Anugrah Total
PT Diagram Healthcare Indonesia PT Prawira Tata Semesta PT Balikpapan Damai Husada PT Guchi Kencana Emas PT Nusa Medika Perkasa PT Nusa Medika Perkasa PT Nusa Medika Perkasa
2012 2011 2011 2011 2008 2008 2008
The management believes that the impairment that occurred for the year ended December 31, 2011 has been assessed adequately. In 2012, deduction of goodwill was due to the obligation of PT Metropolis Propertindo Utama (MPU) as the seller to pay compensation to the Company (as acquirer) since the respective Net Profit After Tax (NPAT) of PT Guchi Kencana Emas (GKE) and PT Prawira Tata Semesta (PTS) as set forth in the purchase agreement of both companies was not achieved. Based on an Agreement dated November 2, 2010, between the Company and MPU on the acquisition of PTS, MPU guaranteed that the NPAT of PT Balikpapan Damai Husada, a subsidiary of PTS, would amount to Rp 17,000,000,000 in 2011, and if the said NPAT did not materialize, which was the case, MPU would provide compensation amounting to Rp 41,000,000,000 to the Company. This compensation was fully paid on May 30, 2012 and recorded as a deduction of goodwill. Based on an Agreement dated October 26, 2010, between the Company and MPU on the acquisition of GKE, MPU guaranteed that the NPAT of PT Golden First Atlanta, a subsidiary of GKE, would amount to Rp 6,400,000,000 in 2011, and if the said NPAT did not materialize, which was case, MPU would provide compensation amounting to Rp 20,000,000,000 to SIH. This compensation was fully paid on May 30, 2012 and recorded as a deduction of goodwill.
Draft/July 26, 2013
30
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b. Intangible Asset
Beginning Balance Rp Acquisition Cost Software Total Acquisition Cost Accumulated Amortization Amortization of Software Total Accumulated Amortization Carrying Amount Addition Rp 2010 (One Year) Deduction Rp Ending Balance Rp
3,309,982,363 3,309,982,363
---
---
3,309,982,363 3,309,982,363
766,117,045 766,117,045 2,543,865,318
687,306,942 687,306,942
---
1,453,423,987 1,453,423,987 1,856,558,376
Beginning Balance Rp Acquisition Cost Software Total Acquisition Cost Accumulated Amortization Amortization of Software Total Accumulated Amortization Carrying Amount
Addition Rp
2011 (One Year) Deduction Rp
Ending Balance Rp
3,309,982,363 3,309,982,363
3,903,699,991 3,903,699,991
---
7,213,682,354 7,213,682,354
1,453,423,987 1,453,423,987 1,856,558,376
1,267,005,865 1,267,005,865
---
2,720,429,852 2,720,429,852 4,493,252,502
Beginning Balance Rp Acquisition Cost Software Total Acquisition Cost Accumulated Amortization Amortization of Software Total Accumulated Amortization Carrying Amount 7,213,682,353 7,213,682,353
Addition Rp
2012 (One Year) Deduction Rp ---
Ending Balance Rp 10,873,117,239 10,873,117,239
3,659,434,886 3,659,434,886
2,720,429,852 2,720,429,852 4,493,252,502
1,410,473,279 1,410,473,279
---
4,130,903,130 4,130,903,130 6,742,214,109
Beginning Balance Rp Acquisition Cost Software Total Acquisition Cost Accumulated Amortization Amortization of Software Total Accumulated Amortization Carrying Amount
2013 (Four Months) Addition Deduction Rp Rp
Ending Balance Rp
10,873,117,239 10,873,117,239
924,577,120 924,577,120
---
11,797,694,359 11,797,694,359
4,130,903,130 4,130,903,130 6,742,214,109
490,328,145 490,328,145
---
4,621,231,275 4,621,231,275 7,176,463,084
All of amortization expense is recorded as part of other charges.
Draft/July 26, 2013
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14. Trade Payables Third Parties This account represents liabilities to pay goods or services that have been received or supplied and have been billed through invoice.
Rupiah Suppliers Profesional Fee Doctor Total December 31, 2010 Rp 27,990,147,601 60,444,459,198 88,434,606,799 December 31, 2011 Rp 61,877,965,883 51,792,164,825 113,670,130,708 December 31, 2012 Rp 89,376,057,849 66,150,580,103 155,526,637,952 April 30, 2013 Rp 95,127,651,337 64,520,498,993 159,648,150,330
Payables to suppliers mainly represent payables to distributors and manufacturers of drugs and medical supplies follows:
December 31, 2010 Rp 4,652,661,803 2,599,257,891 799,680,416 1,461,275,231 158,062,014 795,924,508 1,039,829,162 624,738,252 756,745,585 274,250,409 568,859,909 262,109,042 612,224,045 13,384,529,334 27,990,147,601 December 31, 2011 Rp 9,765,990,705 6,244,244,768 4,226,317,443 3,305,235,789 1,733,336,412 1,210,080,345 2,464,846,372 1,751,477,742 1,633,764,139 1,096,634,096 1,098,773,032 886,060,938 976,793,315 25,484,410,787 61,877,965,883 December 31, 2012 Rp 10,476,367,072 9,147,294,571 6,521,392,283 4,779,266,046 2,522,823,593 1,698,644,819 1,999,068,237 1,920,076,448 2,324,180,084 1,611,920,251 1,015,094,654 1,226,415,628 1,114,899,768 43,018,614,395 89,376,057,849 April 30, 2013 Rp 13,904,262,468 12,163,834,191 10,460,112,966 4,154,164,606 3,276,448,236 2,907,009,173 2,379,435,888 2,153,000,723 2,081,667,547 1,496,068,713 1,490,182,110 1,195,129,008 935,482,408 36,530,853,300 95,127,651,337
PT Anugerah Pharmindo Lestari PT Enseval Putera Megatrading PT Anugrah Argon Medica PT Parit Padang Global PT Mensa Binasukses PT Antar Mitra Sembada PT Dosni Roha PT Merapi Utama Pharma PT Binasan Prima PT Tempo PT Parazelsus Indonesia PT Kebayoran Farma PT Tawada Healthcare Lain-lain Total
There is no collateral given by the Company on these payables.
15. Taxes a. Taxes Payable

December 31, 2010 Rp Income Tax Article 4 (2) Article 21 Article 23 Article 26 Article 25/29 Value Added Tax Total Taxes Payable -3,967,575,762 177,704,682 -23,631,452,250 23,428,902,315 51,205,635,009 724,098,713 5,713,154,241 159,035,800 -12,687,251,143 332,102,858 19,615,642,755 1,000,677,494 11,883,299,151 232,125,472 261,497,763 3,654,677,249 779,148,929 17,811,426,058 35,082,640 7,963,196,199 379,674,315 3,843,564 3,790,745,000 325,853,884 12,498,395,602 December 31, 2011 Rp December 31, 2012 Rp April 30, 2013 Rp
b. Taxes Benefit (Expense)

2010 (One Year) Rp Current Income Tax Current Period Deferred Consolidated Tax Expenses-Net (23,631,452,250) 1,936,020,660 (21,695,431,590) 2011 (One Year) Rp (23,146,312,250) 3,285,614,546 (19,860,697,704) 2012 (One Year) Rp (24,117,756,250) (944,222,690) (25,061,978,940) 2012 (Four Months) Rp (7,645,432,250) (515,849,601) (8,161,281,851) 2013 (Four Months) Rp (9,361,779,500) 560,893,006 (8,800,886,494)
Draft/July 26, 2013
32
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Current Tax The calculation of estimated current tax expense and income tax of the Company and its subsidiaries are as follows:
2010 (One Year) Rp Profit Before Tax as Presented in the Consolidated Statements of Comprehensive Income Less : Profit (Loss) Before Tax of Subsidiaries Profit Before Tax of the Company Timing Differences: Depreciation and Amortization Charges Employee Benefits Allowance for Impairment Losses (587,832,536) 4,415,588,065 1,033,819,684 4,861,575,213 362,244,929 10,175,412,452 -10,537,657,381 (10,606,376,643) 18,267,760,781 654,569,923 8,315,954,061 (8,147,982,356) 4,874,430,203 -(3,273,552,153) (7,510,413,588) 10,010,115,350 400,890,954 2,900,592,716 93,568,915,173 5,424,407,513 88,144,507,660 57,740,668,240 (23,559,963,112) 81,300,631,352 77,021,581,469 (11,445,325,736) 88,466,907,205 39,192,873,662 6,691,794,500 32,501,079,162 25,940,238,972 (9,867,418,413) 35,807,657,385 2011 (One Year) Rp 2012 (One Year) Rp 2012 (Four Months) Rp 2013 (Four Months) Rp
Permanent Differences: Gain on Disposal Property and Equipment Entertainment and Donation Income Already Subjected to Final Tax Salary and Allowances Employees Interest Income already Subjected to Final Tax Others
-588,556,509 (530,525,393) 1,300,941,471 (256,263,509) 417,018,031 1,519,727,109
49,658,901 527,818,690 (49,674,113) 479,242,650 (260,085,321) -746,960,807 92,585,249,540 92,585,249,000 23,146,312,250 -23,146,312,250
-805,666,684 (2,504,993,925) 1,969,273,887 (581,781,923) -(311,835,277) 96,471,025,989 96,471,025,000 24,117,756,250 -24,117,756,250
-171,188,114 (762,653,889) 1,954,984,348 (188,074,748) 178,759,085 1,354,202,910 30,581,729,919 30,581,729,000 7,645,432,250 -7,645,432,250
-302,427,159 (2,088,611,816) 881,355,530 (223,838,768) (132,464,000) (1,261,131,895) 37,447,118,206 37,447,118,000 9,361,779,500 -9,361,779,500
Estimated Current Period Taxable Income Rounded - off Estimated Current Taxes - Company Estimated Current Taxes - Subsidiaries Consolidated Current Tax Expenses Less : Prepayments of Income Tax Pajak Article Penghasilan 25 Pasal 25 Estimated Tax Payable - Art 29 - the Company Estimated Tax Payable - Art 29 - Subsidiaries Consolidated Estimated Tax Payable - Art 29
94,525,809,982 94,525,809,000 23,631,452,250 -23,631,452,250
-23,631,452,250 -23,631,452,250
(10,459,061,107) 12,687,251,143 -12,687,251,143
(22,320,090,501) 1,797,665,749 -1,797,665,749
(5,606,987,001) 2,038,445,249 -2,038,445,249
(7,428,046,000) 1,933,733,500 -1,933,733,500
Calculation of current income tax for the year ended December 31, 2012 as mentioned above is in accordance with the Annual Tax Return (ATR) submitted by the Company to the tax office, while for the years ended December 31, 2010 and 2011, the calculation were different from the ATR. The difference was due to additional fiscal corrections reported in the ATR. The effect of the difference is not material. A reconciliation between profit before tax expense as presented in the consolidated statements of comprehensive income with taxable income of the Company is as follows:
2010 (One Year) Rp Profit Before Income Tax as Presented in the Consolidated Statements of Comprehensive Income Less : Profit (Loss) before Tax of Subsidiaries Profit before Tax of the Company Current Prevailing Tax Rate 25% Gain on Disposal Property and Equipment Entertainment and Donation Income Already Subjected to Final Tax Salary and Allowances Employees Interest Income already Subjected to Final Tax Correction and Recovery of Deferred Tax Others Total of the Company Tax Expenses Deferred Tax - Subsidiaries Total Consolidated Income Tax Expenses 93,568,915,173 5,424,407,513 88,144,507,660 (22,036,126,915) -(147,139,127) 132,631,348 (325,235,368) 64,065,877 (749,028,189) (104,254,508) (23,165,086,882) 1,469,655,292 (21,695,431,590) 57,740,668,240 (23,559,963,112) 81,300,631,352 (20,325,157,838) (12,414,725) (131,954,673) 12,418,528 (119,810,663) 65,021,331 446,254,463 -(20,065,643,577) 204,945,873 (19,860,697,704) 77,021,581,469 (11,445,325,736) 88,466,907,205 (22,116,726,801) -(201,416,671) 626,248,481 (492,318,472) 145,445,481 (3,738,198,799) -(25,776,966,781) 714,987,841 (25,061,978,940) 39,192,873,662 6,691,794,500 32,501,079,162 (8,125,269,791) -(42,797,029) 190,663,472 (488,746,087) 47,018,687 (127,006,853) (44,689,770) (8,590,827,371) 429,545,520 (8,161,281,851) 25,940,238,972 (9,867,418,413) 35,807,657,385 (8,951,914,346) -(75,606,790) 522,152,954 (220,338,883) 55,959,692 -33,116,052 (8,636,631,321) (164,255,173) (8,800,886,494) 2011 (One Year) Rp 2012 (One Year) Rp 2012 (Four Months) Rp 2013 (Four Months) Rp
Draft/July 26, 2013
33
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c.
Deferred Tax
December 31, 2009 Charged (Credited) to Consolidated Statement of Comprehensive Income Rp 1,526,417,604 (146,958,134) 436,522,022 1,815,981,492 120,039,168 1,936,020,660 December 31, 2010 Charged (Credited) to Consolidated Statement of Comprehensive Income Rp 2,794,694,450 237,519,365 5,279,079 3,037,492,894 248,121,652 3,285,614,546 Deferred Tax Asset from the Acquired Company December 31, 2011
Deferred Tax Assets The Company Employee Benefits Depreciation of Property and Equipment Allowance for Impairment Losses Subsidiaries Total Deferred Tax Assets
Rp 10,118,260,803 -349,283,771 10,467,544,574 1,349,616,124 11,817,160,698
Rp 11,644,678,407 (146,958,134) 785,805,793 12,283,526,066 1,469,655,292 13,753,181,358
Rp ----204,945,873 204,945,873
Rp 14,439,372,857 90,561,231 791,084,872 15,321,018,960 1,922,722,817 17,243,741,777
December 31, 2011
Deferred Tax Assets The Company Employee Benefits Depreciation of Property and Equipment Allowance for Impairment Losses Subsidiaries Total Deferred Tax Assets Subsidiaries Deferred Tax Liability
Rp 14,439,372,857 90,561,231 791,084,872 15,321,018,960 1,922,722,817 17,243,741,777 --
Charged (Credited) to Consolidated Statement of Comprehensive Income Rp 918,155,306 (2,742,155,393) 164,789,556 (1,659,210,531) 714,987,841 (944,222,690) --
Correction Deferred Tax
Deferred Tax Liabilities from the Acquired Company
December 31, 2012
Rp ----8,768,393 8,768,393 -------(6,653,250,000) 15,357,528,163 (2,651,594,162) 955,874,428 13,661,808,429 2,646,479,051 16,308,287,480 (6,653,250,000)
Charged (Credited) to Consolidated Statement of Comprehensive Income Rp 2,502,528,837 (1,877,603,397) 100,222,739 725,148,179 73,139,887 798,288,066 (237,395,060)
April 30, 2013
Rp 17,860,057,000 (4,529,197,559) 1,056,097,167 14,386,956,608 2,719,618,938 17,106,575,546 (6,890,645,060)
16. Other Current Financial Liabilities This account mainly represents payables to suppliers/contractors - third party for the purchase of medical equipment, projects related to the construction of hospital buildings and the final installment of PT Pancawarna Semesta, a wholly owned subsidiary of the Company, for the acquisition of the shares of PT Diagram Healthcare Indonesia. The liabilities are non-interest bearing, without collateral and maturity dates. 17. Accrued Expenses This account represents liability to pay for goods or services that have been received but have not been invoiced.
December 31, 2010 Rp Cost of Sales Contract Service Utilities Repair and Maintenance Employees' Salary and Allowances Others (each below Rp 500 million) Total 6,410,123,530 1,525,656,565 2,447,639,492 287,834,576 694,740,464 3,599,036,706 14,965,031,333 December 31, 2011 Rp 6,409,110,835 1,988,091,159 3,357,730,979 1,530,391,060 2,131,645,584 2,926,953,195 18,343,922,812 December 31, 2012 Rp 11,329,841,086 10,582,611,507 4,678,504,462 2,218,357,625 2,209,343,679 2,490,793,502 33,509,451,861 April 30, 2013 Rp 9,402,848,476 8,004,090,040 5,118,586,695 2,939,791,101 2,589,946,690 3,795,351,065 31,850,614,067
All accrued expenses are denominated in Rupiah.
Draft/July 26, 2013
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18. Bank Loans

December 31, 2010 Rp Rupiah - Third Parties Utang Short-Term Bank Bank Jangka Loan Pendek PT Bank Central Asia Tbk Long-Term Bank Loans Bank Pembangunan Daerah Kalimantan Timur PT Bank Central Asia Tbk Subtotal Dikurangi: Less : Current Bagian Maturities Lancar Bagian Bank Loans Jangka - Net Panjang of Current Maturities December 31, 2011 Rp December 31, 2012 Rp April 30, 2013 Rp
-------
4,930,951,280 44,258,018,807 29,202,600,115 73,460,618,922 (7,489,401,044) 65,971,217,878
4,853,583,896 40,035,765,926 25,935,451,960 65,971,217,886 (11,218,103,419) 54,753,114,467
4,924,770,002 38,517,493,559 23,774,164,296 62,291,657,855 (11,402,208,107) 50,889,449,748
PT Bank Central Asia Tbk Based on Credit Agreement No. 1 dated April 1, 2003 made in the presence of Yandes Effriady, S.H., notary in Jambi, and Offering Letter of Credit Agreement No. 0242/JAM/2010 dated February 3, 2010, which was renewed by Credit Agreement No. 0134/ADD/119/IV/13 dated April 30, 2013, PT Golden First Atlanta (GFA), a subsidiary, obtained credit facilities as follows: Local Credit Facility (Current Account) with a maximum amount of Rp 5,000,000,000. Investment Credit Facility with a maximum amount of Rp 32,419,314,946. Both facilities bear interest at an annual rate of 11% and will mature on May 5, 2013 and December 20, 2016, respectively. Both facilities are secured by collaterals as follows: Three (3) parcels of land with an area of 7,112 sqm and building with Right to Build (HGB) Nos. 840, 841 and 842/Paal Merah which are registered under the name of GFA, a subsidiary (see Note 12). Medical equipment, furniture, fixtures and office equipment, machinery and medical equipment, inventory of medicine and consumable goods and trade receivable (see Notes 5, 7 and 12). Based on the loan agreement, GFA needs to maintain maximum debt to equity ratio of 5.83 times. As of December 31, 2011, 2012 and April 30, 2013, GFA has complied with the financial ratio as required. Payment of loan for the current period amounted to Rp 2,161,287,663. Bank Pembangunan Daerah Kalimantan Timur Based on Credit Agreement No. 005/870/9200/KI.59/BPDKP/2008 dated February 25, 2008, PT Balikpapan Damai Husada (BDH), a subsidiary, obtained an investment credit facility (Non-PRK) with a maximum amount of Rp 50,000,000,000 and which bears interest at an annual rate of 11.5%. This loan was used to increase investment funds for financing the development of hospitals and repaying the Companys loan obtained from PT Bank Mandiri Tbk. This loan will mature on February 25, 2019. This facility is secured by collateral as follows: One (1) parcel of land with an area of 12,562 sqm including healthcare building and hospital with an area of 8,024 sqm with Right to Build (HGB) No. 2069 located at Jl. MT. Haryono RT. 35, Balikpapan which is registered under the name of PT Putra Balikpapan Adi Perkasa (see Note 12). Supporting infrastructure, tools and machinery and medical equipment with the estimated value of Rp 8,665,020,000 (see Note 12). There are no restrictive financial ratios which are required to be maintained by BDH. Payments of loan for the current period amounted to Rp 1,518,272,368.
Draft/July 26, 2013
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19. Deferred Gain on Sale and Leaseback Transactions

December 31, 2010 Rp Acquisition Cost Accumulated Depreciation Carrying Value Proceeds Less: Gain Credited to Consolidated Statements of Comprehensive Income Deferred Gain on Sale and Leaseback - Net Less : Accumulated Amortization Subtotal Less: Current Portion Non Current Portion 51,954,383,673 (16,444,307,342) 35,510,076,331 219,921,683,217 (5,949,923,669) 178,461,683,217 -178,461,683,217 -178,461,683,217 December 31, 2011 Rp 51,954,383,673 (16,444,307,342) 35,510,076,331 219,921,683,217 (5,949,923,669) 178,461,683,217 (11,897,445,548) 166,564,237,669 (11,897,445,548) 154,666,792,121 December 31, 2012 Rp 51,954,383,673 (16,444,307,342) 35,510,076,331 219,921,683,217 (5,949,923,669) 178,461,683,217 (23,827,486,838) 154,634,196,379 (11,897,445,548) 142,736,750,831 April 30, 2013 Rp 51,954,383,673 (16,444,307,342) 35,510,076,331 219,921,683,217 (5,949,923,669) 178,461,683,217 (27,771,571,527) 150,690,111,690 (11,897,445,548) 138,792,666,142
Deferred gain on sale and leaseback transactions are amortized proportionately over the lease period of 15 years using the straight-line method (see Note 34.a).
20. Long-Term Employment Benefits Liabilities Post-employment benefits No Funding Defined Benefit Plan The Group appointed independent actuaries to determine and recognize post-employment liability in accordance with the existing manpower regulations. Post-employment benefit liabilities of the Group as of December 31, 2010 was calculated by PT Jasa Aktuaria Japa (JAJ) and PT Dayamandiri Dharmakonsilindo (DD) with reports dated January 12, 2011, respectively, as of December 31 2011 was calculated by the JAJ and DD with reports dated February 8, 2012 and February 15, 2012, respectively, as of December 31, 2012 was calculated by PT Mega Jasa Aktuaria and DD with reports dated February 1, 2013 and as of April 30, 2013 was calculated by DD with report dated May 30, 2013. Management believes that the estimates of post-employment benefits are sufficient to cover such liabilities. Post-employment benefits recognized in the consolidated statements of financial position are as follows:
December 31, 2010 Rp Present Value of Defined Benefit Obigation Liabilities from Acquired Company Unrecognized Past Service Cost Unrecognized Actuarial Gain (Loss) Total Liability 43,855,091,116 -(2,496,568,633) 7,301,750,539 48,660,273,022 December 31, 2011 Rp 59,753,238,222 -(2,365,756,478) 4,561,485,878 61,948,967,622 December 31, 2012 Rp 83,246,126,314 2,897,038,000 (1,159,032,913) (13,961,501,752) 71,022,629,649 April 30, 2013 Rp 96,064,812,000 -(1,136,408,000) (11,779,564,001) 83,148,839,999
The details of post-employment benefit expense recognized in the consolidated statements of comprehensive income are as follows:
2010 (One Year) Rp Current Service Cost Interest Expense Past Service Cost (Non-Vested) Recognized Actuarial Gain Total Expense 4,432,160,627 3,647,755,167 130,812,155 (348,512,226) 7,862,215,723 2011 (One Year) Rp 8,532,934,626 4,494,240,430 130,812,155 (313,877,637) 12,844,109,574 2012 (One Year) Rp 14,869,160,461 3,813,313,358 1,206,723,565 (1,625,752,108) 18,263,445,276 2012 (Four Months) Rp 4,180,983,574 1,677,066,204 43,606,079 (168,240,000) 5,733,415,857 2013 (Four Months) Rp 10,010,297,000 1,959,233,509 23,379,000 172,938,000 12,165,847,509
Draft/July 26, 2013
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Reconciliation of changes in liabilities recognized in the consolidated statements of financial position are as follows:
2010 (One Year) Rp Beginning Balance Payment of Employees' Benefits Beginning Balance of the Acquired Company Companys Contribution During the Period Adjustments Expense During the Period Ending Balance 42,163,125,565 (1,365,068,266) ---7,862,215,723 48,660,273,022 2011 (One Year) Rp 48,660,273,022 (191,716,364) (26,509,574) 662,810,964 -12,844,109,574 61,948,967,622 2012 (One Year) Rp 61,948,967,622 (12,843,138,426) 2,897,038,000 -756,317,177 18,263,445,276 71,022,629,649 2013 (Four Months) Rp 71,022,629,649 ---(39,637,159) 12,165,847,509 83,148,839,999
Reconciliation of changes in present value of defined benefit obligation are as follows:

2010 (One Year) Rp Present Value of Defined Benefit Obigation Beginning Period Interest Expense Current Service Cost Payment of Employees' Benefits in the Current Period Adjustment Present Value in Past Period Past Sevice Cost - Non Vested Unrecognized Actuarial Losses Present Value of Defined Benefit Obigation Ending Period 39,705,112,010 3,647,755,167 4,432,160,627 (1,365,068,266) --(2,564,868,422) 43,855,091,116 2011 (One Year) Rp 43,855,091,116 4,420,876,226 8,213,074,883 (191,716,364) 1,087,313,188 -2,368,599,173 59,753,238,222 2012 (One Year) Rp 59,753,238,222 4,569,630,535 14,869,160,461 (12,843,138,426) --16,897,235,522 83,246,126,314 2013 (Four Months) Rp 83,246,126,314 1,718,724,000 10,010,297,000 (3,529,000) 2,587,729,686 (6,406,645,000) 4,912,109,000 96,064,812,000
The amount of the current period and previous four annual periods of the present value of the defined benefit obligation, the fair value of plan assets and deficits in the program are as follows:
December 31, 2009 Rp Defined Benefit Obligation Plan Assets Deficit Program 39,705,112,010 -39,705,112,010 December 31, 2010 Rp 43,855,091,116 -43,855,091,116 December 31, 2011 Rp 59,753,238,222 -59,753,238,222 December 31, 2012 Rp 83,246,126,314 -83,246,126,314 April 30, 2013 Rp 96,064,812,000 -96,064,812,000
Present value of liability, related current service cost and past service cost has been calculated by independent actuaries using the following assumptions:
December 31, 2010 Discount Rates Salary Increase Projection Rate Mortality Rate Permanent Disability Rate Withdrawal Rate 10% 8% Indonesia II 10% x TMI II 1% for age 18 44, 0% for age 45 54 December 31, 2011 8% 8% Indonesia II 10% x TMI II 1% for age 18 44, 0% for age 45 54 December 31, 2012 8% 8% Indonesia II 10% x TMI II 1% for age 18 44, 0% for age 45 54 : : : : : April 30, 2013 6,4% 8% Indonesia II 10% x TMI II 1% for age 18 44, 0% for age 45 54
Draft/July 26, 2013
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21. Capital Stock The composition of the Company stockholders as of December 31, 2010, 2011 and 2012 and April 30, 2013 are as follows:
Stockholders Total Shares 699,000,000 100,000,000 100,000,000 50,000,000 50,000,000 1,000,000 1,000,000,000 Percentage Ownership (%) 69.90 10.00 10.00 5.00 5.00 0.10 100.00 Issued and Fully Paid Rp 69,900,000,000 10,000,000,000 10,000,000,000 5,000,000,000 5,000,000,000 100,000,000 100,000,000,000
PT Megapratama Karya Persada PT Kalimaya Pundi Bumi PT Safira Prima Utama PT Gloria Mulia PT Nilam Biru Bersinar PT Maharama Sakti Jumlah
Based on the Deed of General Meeting of Shareholders No. 13 dated June 30, 2010, made in the presence of Linda Hapsari Yowono, SH, Notary in Jakarta, the shareholders agreed to change the par value of the shares from Rp 1,000 to Rp 100 per share. These amendments have been reported to the Minister of Law and Human Rights of the Republic of Indonesia by decision decree No. AHU.AH.01.10-17174 dated July 8, 2010. Based on the Deed of the Extraordinaty Annual General Meeting No. 15 dated on July 13, 2010, made in the presence of Poerbaningsih Adi, SH, notary in Jakarta, the shareholders approved: The increase in authorized capital of 80 million shares or equivalent to Rp 8 billion become 4 billion shares or equivalent to Rp 400 billion; Increase the issued and fully paid-in capital of 20 million shares or equivalent to Rp 2 billion become 1 billion shares or equivalent to Rp 100 billion. These amendments have been approved by the Minister of Law and Human Rights of the Republic of Indonesia in his Decision Decree No. AHU-36561.AH.01.02Tahun 2010 dated July 22, 2010. Reconciliation of number of shares outstanding as of December 31, 2010, 2011 and 2012 and April 30, 2013 is as follows:
Outstanding Shares December 31, 2010 (Shares) 2,000,000 18,000,000 980,000,000 1,000,000,000 December 31, 2011 (Shares) 1,000,000,000 --1,000,000,000 December 31, 2012 (Shares) 1,000,000,000 --1,000,000,000 April 30, 2013 (Shares) 1,000,000,000 --1,000,000,000
Number of Shares Oustanding - Beginning Add : Impact from Stock Split Paid in Capital Number of Shares Outstanding - Ending
22. Additional Paid-in Capital - Net Details of additional paid-in capital - net are as follows:
Rp Restructuring Transactions of Entities Under Common Control - Net Changes in Equity Transactions of Subsidiary Total (11,329,652,726) (11,728,781,953) (23,058,434,679)
Draft/July 26, 2013
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Difference in Value Due to Restructuring Transactions between Entities Under Common Control Net Difference in value from restructuring transactions between entities under common control resulted from the transfer of net assets of Hospital Division from PT Lippo Karawaci Tbk to the Company and transfer of share ownership. The details are as follows:
Net Assets Value Transaction Value Difference in Value from Restructuring Transaction between Entities Under Common Control Rp (4,452,912,167) 6,050,752 6,050,752 (1,558,166,625) (1,826,431,797) (3,504,243,641) -(11,329,652,726)
Rp Transfer of Net Assets Value of PT Lippo Karawaci Tbk Hospital Division Transfer of Share Ownership PT Siloam Dinamika Perkasa PT Siloam Tata Prima PT East Jakarta Medika PT Multiselaras Anugerah PT Persada Kencana Mandiri PT Aritasindo Permaisemesta Total 80,547,087,833 243,948,248 243,948,248 (958,167,625) (1,427,431,797) (3,491,744,641) 75,157,640,266
Rp 85,000,000,000 249,999,000 249,999,000 599,999,000 399,000,000 12,499,000 86,511,496,000
Change in Equity Transactions of Subsidiaries The change in equity transactions of subsidiaries are as follows:
Rp PT Aritasindo Permaisemesta PT Siloam Graha Utama PT Nusa Medika Perkasa Total 5,398,081,672 (18,602,651,139) 1,475,787,514 (11,728,781,953)
The change in equity transactions of subsidiaries resulted from the excess of acquisition costs over the net assets value.
23. Non-Controlling Interest Details of non-controlling interests in the equity of each subsidiary are as follows:
December 31, 2010 Rp PT Pancawarna Semesta PT Kusuma Primadana PT Prawira Tata Semesta PT Guchi Kencana Emas PT Siloam Graha Utama Others Total Non-Controlling Interest
----(1,733,603,327) 334,238,095 (1,399,365,232)

--(980,979,143) 2,916,349,097 (5,993,768,432) 303,396,022 (3,755,002,456)

7,543,924,595 3,955,843,441 (572,514,804) 690,026,854 (472,250,406) 316,087,531 11,461,117,212
April 30, 2013 Rp

7,549,657,254 3,006,888,957 (495,629,519) (258,472,598) (972,818,281) 340,977,290 9,170,603,103
Draft/July 26, 2013
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24. Revenues
2010 (One Year) Rp 2011 (One Year) Rp 276,775,088,485 262,741,869,423 89,143,074,456 31,435,091,796 17,370,159,619 767,567,175 43,813,368,997 722,046,219,951 355,539,222,418 164,690,946,824 17,072,176,365 -537,302,345,607 2012 (One Year) Rp 400,301,613,801 402,551,213,913 136,165,709,933 43,219,865,135 25,831,931,415 1,603,312,271 67,272,698,003 1,076,946,344,471 439,214,832,259 220,624,606,988 22,481,988,088 28,814,750,357 711,136,177,692 2012 (Four Months) Rp 116,317,666,788 109,549,229,679 39,795,124,138 13,024,428,369 6,979,631,018 217,961,319 20,004,678,260 305,888,719,571 142,306,565,539 70,725,795,468 7,405,762,183 7,949,978,210 228,388,101,400 2013 (Four Months) Rp 177,349,229,505 185,245,056,891 64,858,025,128 19,520,977,251 10,339,512,856 240,513,812 32,296,547,585 489,849,863,028 183,413,663,604 93,308,122,739 9,907,042,545 13,049,763,780 299,678,592,668
In-Patient Medical Support Services and Professional Fees Drugs and Medical Supplies Room Service Administration Operating Theatre Obsgyn Room Delivery Others Subtotal Out-Patient Medical Support Services and Professional Fees Drugs and Medical Supplies Registration Others Subtotal Total Revenues
233,409,816,079 212,260,416,363 85,624,553,938 29,375,230,725 13,143,127,935 529,159,744 33,123,383,189

607,465,687,973
279,756,697,881 127,685,879,930 15,563,474,697

-423,006,052,508
1,030,471,740,481
1,259,348,565,558
1,788,082,522,163
534,276,820,971
789,528,455,696
There are no sales to customers exceeding 10% of net revenues for the periods.
25. Cost of Sales

2010 (One Year) Rp 2011 (One Year) Rp 2012 (One Year) Rp 2012 (Four Months) Rp 2013 (Four Months) Rp
In-Patient Salaries and Employees' Benefit Drugs and Medical Supplies Depreciation charges Clinical supplies Food and beverage Repairs and maintenance Others Subtotal Out-Patient Salaries and Employees' Benefit Drugs and Medical Supplies Depreciation charges Clinical supplies Repairs and maintenance Others Subtotal Total Cost of Sales
230,957,179,120 144,248,531,651 16,785,391,335 26,296,315,318 12,085,832,583 4,414,325,411 16,283,087,821 451,070,663,239 178,243,031,533 95,344,338,646 9,573,413,838 21,049,517,568 2,731,158,783 14,908,589,582 321,850,049,950 772,920,713,189
271,364,961,219 193,961,350,779 19,059,836,713 31,404,051,066 15,282,048,083 6,185,466,623 18,751,972,487 556,009,686,970 206,522,712,982 108,884,279,800 11,013,784,222 21,742,739,695 4,131,612,060 17,459,645,540 369,754,774,299 925,764,461,269
395,954,128,978 280,972,888,278 57,286,209,082 36,973,906,620 26,302,409,797 5,648,447,777 30,173,578,117 833,311,568,649 272,787,817,492 159,228,912,194 31,100,012,885 27,254,684,779 3,353,644,758 16,231,365,138 509,956,437,246 1,343,268,005,895
110,350,187,301 89,087,931,730 13,042,928,547 11,286,488,656 8,011,126,018 1,492,893,316 6,021,254,146 239,292,809,714 83,259,329,602 43,234,273,061 9,329,228,944 9,088,979,643 868,938,554 4,457,246,320 150,237,996,124 389,530,805,838
168,098,826,448 115,846,918,188 27,307,814,384 19,886,169,348 13,929,849,842 2,003,154,098 16,873,911,380 363,946,643,688 109,469,050,178 76,605,533,578 14,192,913,297 7,852,726,471 1,234,776,567 7,946,131,971 217,301,132,062 581,247,775,750
There are no purchases to supplier exceeding 10% of net revenue for the periods.
26. Operating Expenses

2010 (One Year) Rp Selling Expense Marketing and advertising Gaji Salaries dan Kesejahteraan and employees' Karyawan benefit Lain-lain Others Total Selling Expense Sub Jumlah 2,369,650,355 2,220,655,648 -4,590,306,003 2011 (One Year) Rp 3,720,602,823 2,923,689,317 5,926,150 6,650,218,290 2012 (One Year) Rp 8,812,286,603 7,108,994,477 48,539,941 15,969,821,021 2012 (Four Months) Rp 1,637,054,152 2,098,515,168 32,140,000 3,767,709,320 2013 (Four Months) Rp 4,684,950,658 1,688,391,804 21,794,455 6,395,136,917
Draft/July 26, 2013
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2010 (One Year) Rp
General and Administrative Expense Gaji Salaries dan Kesejahteraan and employees' Karyawan benefit Listrik Waterdan andAir electricity Biaya OtherKantor office expenses Lainnya Penyusutan Depreciation charges Sewa Rental Perbaikan Repair and dan maintenance Perawatan Transportasi Transportation dan and Akomodasi accommodation Perlengkapan Office supplies Kantor Jasa Professional Konsultan fees Komunikasi Communication Pelatihan Training and dandevelopment Pengembangan Asuransi Insurances Legal Permit dan and Perizinan license Lain-lain Others Total Sub Jumlah General and Administrative Expense Total Operating Expenses 56,639,075,649 18,947,902,880 11,614,355,171 5,579,447,822 18,114,528,357 13,224,481,559 2,731,111,155 9,730,799,363 1,529,075,812 4,247,515,481 2,907,646,820 1,934,624,873 2,566,143,652 2,540,773,120 152,307,481,714 156,897,787,717
2011 (One Year) Rp

91,384,885,340 29,288,409,974 15,391,773,114 22,077,929,110 31,849,627,995 14,705,531,578 5,819,854,062 6,519,276,859 2,386,807,244 4,224,681,645 3,256,968,336 2,531,340,297 2,018,174,836 6,950,719,316 238,405,979,706 245,056,197,996
2012 (One Year) Rp

131,457,762,955 49,006,311,516 42,248,493,173 31,921,360,617 30,251,843,966 18,126,965,395 8,599,266,502 8,618,408,639 5,916,101,415 7,225,269,261 5,407,340,840 4,032,282,179 2,109,718,427 6,972,073,131 351,893,198,016 367,863,019,037
2012 (Four Months) Rp

41,064,038,490 14,339,785,014 5,825,430,033 9,003,793,755 10,596,550,876 5,794,664,470 3,330,844,535 2,594,692,508 922,763,006 1,829,487,510 2,310,873,196 1,193,641,976 600,701,164 4,000,560,413 103,407,826,946 107,175,536,266
2013 (Four Months) Rp

69,332,755,153 21,931,247,940 20,674,345,599 14,397,651,194 10,742,546,778 6,784,684,634 5,594,974,332 4,155,637,190 2,419,240,672 2,728,717,186 1,912,419,089 1,360,458,869 1,016,504,002 5,912,323,312 168,963,505,950 175,358,642,867
27. Financial Income (Charges) - Net

2010 (One Year) Rp Interest Income Financial Charges Bank Administration Fee Interest Expense Subtotal Total 366,371,921 (10,706,661,304) -(10,706,661,304) (10,340,289,383) 2011 (One Year) Rp 2,761,331,448 (6,693,207,048) (9,496,634,175) (16,189,841,223) (13,428,509,775)
2012
(One Year)
2012
(Four Months)
2013
(Four Months)
Rp
3,578,943,329 (9,438,966,580) (8,586,532,716) (18,025,499,296) (14,446,555,967)
Rp
1,013,113,331 (3,199,791,463) (2,999,321,028) (6,199,112,491) (5,185,999,160)
Rp
1,321,763,141 (3,948,154,967) (2,442,226,247) (6,390,381,214) (5,068,618,073)
Interest income represents interest income from bank accounts and time deposits (see Note 4), while interest expense represents interest on loans (see Note 18). Bank administration fee represents administrative charges on using electronic data processing (EDC) and bank services.
28. Business Combination a. Acquisition of PT Diagram Healthcare Indonesia (DHI) On March 31, 2012, PT Pancawarna Semesta acquired 80% of the outstanding shares of DHI from third parties, in line with the Companys strategic business expansion plan which supports the Companys business activities. Non-controlling interest is measured by the percentage of the non-controlling ownership of the fair value of net assets of DHI. The following table summarises the identifiable assets acquired and the liabilities taken over at the acquisition date of DHI:
Draft/July 26, 2013
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Book Value Net Assets Cash and Cash Equivalents Trade Receivables Other Current Financial Assets Inventories Prepaid Expenses Other Non Current Financial Assets Property and Equipment Trade Payables-Third Parties Accrued Expenses Taxes Payable Deferred Tax Liability Long-Term Employment Benefits Liabilities Other Non Current Financial Liabilites Fair Value of Net Asset Proportion Acquired Share of Fair Value of Net Assets Goodwill Total Purchase Consideration Rp 5,951,879,958 1,718,362,121 3,402,984,235 3,016,325,388 6,988,810,376 1,693,511,777 25,969,943,963 (1,362,329,594) (812,059,303) (66,187,108) (8,316,562,501) (2,897,038,000) (24,448,849) 35,263,192,463 Fair Value Rp 5,951,879,958 1,718,362,121 3,402,984,235 3,016,325,388 6,988,810,376 1,693,511,777 52,582,943,963 (1,362,329,594) (812,059,303) (66,187,108) (8,316,562,501) (2,897,038,000) (24,448,849) 61,876,192,463 80% 49,500,953,970 9,251,046,030 58,752,000,000
Goodwill arising from the acquisition amounted to Rp 9,251,046,030 (see Note 13) and represents subsidiary business results that support and synergy with the core business of the Company and its subsidiaries. The balance of non-controlling interest on this acquisition was Rp 14,038,550,993. Acquisition related expenses were not calculated in this business combination since they were not material but have been charged to the current period statement of comprehensive income. In connection with the acquisition, the financial statements from the date of acquisition have been consolidated into the financial statements of the Company. Total revenue and loss before tax of DHI since the date of acquisition which are included in the consolidated statement of comprehensive income for the year ended December 31, 2012 amounted to Rp 26,076,661,740 and Rp 5,860,131,989, respectively. Revenues and loss of DHI for the year ended December 31, 2012, as if DHI had been consolidated from January 1, 2012, amounted to Rp 34,134,147,413 and Rp 6,487,148,864, respectively. b. Acquisition of PT Guchi Kencana Emas (GKE) On March 11, 2011, PT Megapratama Karya Persada and the Company acquired respectively, 0.02% and 99.98% of the outstanding shares of GKE from PT Metropolis Propertindo Utama (MPU), a third party, in line with the Companys strategic business expansion plan which support the Companys business activities. The following table summarises the identifiable assets acquired and the liabilities taken over at the acquisition date of GKE:
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Book Value Rp 464,367,390 2,587,043,864 1,400,050,969 813,777,307 201,480,332 17,917,219,085 77,078,672,091 123,328,500 (1,869,959,327) (1,377,969,131) (35,444,504,311) (33,553,021,116) (24,134,835,881) (238,913,973) 3,966,735,799 Fair Value Rp 464,367,390 2,587,043,864 1,400,050,969 813,777,307 201,480,332 17,917,219,085 77,078,672,091 123,328,500 (1,869,959,327) (1,377,969,131) (35,444,504,311) (33,553,021,116) (24,134,835,881) (238,913,973) 3,966,735,799 99.98% 3,965,926,261 23,540,326,235 27,506,252,496
Net Assets Cash and Cash Equivalents Trade Receivables Other Current Financial Assets Inventories Prepaid Expenses Due from Related Parties Non-Trade Property and Equipment Other Non Current Financial Assets Trade Payables-Third Parties Accrued Expenses Bank Loan Due to Related Parties Non-Trade Other Current Financial Assets Other Non Current Financial Assets Fair Value of Net Asset Proportion Acquired Share of Fair Value of Net Assets Goodwill Total Purchase Consideration
Goodwill arising from the acquisition amounted to Rp 23,540,326,235 (Note 13) and represents subsidiary business results that support and synergy with the core business of the Company and its subsidiaries. Non-controlling interest is measured by the percentage of the non-controlling ownership of the fair value from net assets GKE. Acquisition related expenses were not taken into account in the business combination because they were not material and have been charged to the statement of comprehensive income for the period. In connection with the acquisition, GKE financial statements commencing from the acquisition date have been consolidated into the financial statements of the Company. On acquisition of GKE, the former owner guaranteed certain conditions to be achieved by GKE. If these conditions can not be fulfilled, then a refund will be made by the former owner to SIH (see Note 13). On May 30, 2012, the Company obtained a refund of Rp 20,000,000,000 (see Note 13). Total revenue and loss before tax of GKE from the date of acquisition which is included in the consolidated statement of comprehensive income for the year ended December 31, 2011 amounted to Rp 48,097,145,443 and Rp 5,810,575,919, respectively. c. Acquisition of PT Prawira Tata Semesta (PTS) On March 11, 2011, PT Megapratama Karya Persada and the Company acquired respectively, 0.02% and 99.98% of the outstanding shares of PTS from PT Metropolis Propertindo Utama (MPU), a third party, in line with the Companys strategic business expansion plan which support the Companys business activities. The following table summarises the identifiable assets acquired and the liabilities taken over at the acquisition date of PTS:
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Book Value Net Assets Cash and Cash Equivalents Trade Receivables Other Current Financial Assets Inventories Due from Related Parties Non-Trade Property and Equipment Intangible Asset - Net Other Non Current Financial Assets Trade Payables-Third Parties Accrued Expenses Bank Loan Taxes Payable Due to Related Parties Non-Trade Other Non Current Financial Liabilites Fair Value of Net Asset Proportion Acquired Share of Fair Value of Net Assets Goodwill Total Purchase Consideration Rp 2,450,122,146 4,195,833,122 32,303,710,700 1,242,461,120 10,650,000,000 43,432,600,786 27,640,947,894 341,439,942 (1,265,031,469) (1,731,573,364) (48,656,100,504) (38,923,795) (79,828,160,000) (203,724,591) (9,466,398,013) Fair Value Rp 2,450,122,146 4,195,833,122 32,303,710,700 1,242,461,120 10,650,000,000 43,432,600,786 27,640,947,894 341,439,942 (1,265,031,469) (1,731,573,364) (48,656,100,504) (38,923,795) (79,828,160,000) (203,724,591) (9,466,398,013) 99.80% (9,447,465,217) 55,146,465,217 45,699,000,000
Goodwill arising from the acquisition amounted to Rp 55,146,465,217 (see Note 13) and represents subsidiary business results that support and synergy with the core business of the Company and its subsidiaries. Non-controlling interest is measured by the percentage of the non-controlling ownership of the fair value from net assets of PTS. Acquisition related expenses were not taken into account in the business combination because they were not material and have been charged to the current year statement of comprehensive income. In connection with the acquisition, the financial statements of PTS from the date of acquisition have been consolidated into the financial statements of the Company. On the acquisition of PTS, the former owner guaranteed certain conditions to be achieved by PTS. If these conditions can not be fulfilled, then a refund will be made by the former owner to SIH, (see Note 13). On May 30, 2012, SIH obtain a refund of Rp 41,000,000,000 (see Note 13). Total revenue and loss before tax of PTS from the date of acquisition which is included in the consolidated statement of comprehensive income for the year ended December 31, 2011 amounted to amounted to Rp 47,383,884,644 and Rp 5,338,333,857, respectively.
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29. Basic Earnings per Share Calculation of basic earnings per share is as follows:
2010 (One Year) Rp Profit for the period attributable to Owners of the Parent Company (Rupiah) Weighted average number of common stocks (shares) Basic Earnings per Share (Rupiah) 67,476,614,025 470,989,011 143.27 2011 (One Year) Rp 43,740,346,320 1,000,000,000 43.74 2012 (One Year) Rp 50,461,221,662 1,000,000,000 50.46 2012 (Four Months) Rp 27,166,310,748 1,000,000,000 27.17 2013 (Four Months) Rp 19,429,866,587 1,000,000,000 19.43
30. Monetary Asset Denominated in Foreign Currencies

December 31, 2010 Foreign Currencies SGD EURO 41,008 -41,008 -3,288,445 3,288,445
December 31, 2011 Foreign Currencies SGD EURO 23,466 -23,466 16,164,241 3,294,457 19,458,698 ----
USD Assets Cash and Cash Equivalent Other Current Financial Assets Total
Equivalent in Rupiah ---368,699,781 22,956,633,310 23,325,333,091
USD Assets Cash and Cash Equivalent Other Current Financial Assets Total
Equivalent in Rupiah 112,942,202,625 22,976,633,104 135,918,835,729
USD Asset Cash and Cash Equivalent 29,106
December 31, 2012 Foreign Currencies SGD EURO 11,815,077 11,623
Equivalent in Rupiah 93,851,223,089
USD Asset Cash and Cash Equivalent 49,257
April 30, 2013 Foreign Currencies SGD EURO 10,889,360 16,528
Equivalent in Rupiah 86,491,004,832
31. Financial Instruments and Financial Risks Management The main financial risks faced by the Group are credit risk, foreign currency exchange rates risk, interest rate risk, liquidity risk and price risk. Attention to the management of this risk has increased significantly with considerable change and volatility in the Indonesian and international financial markets.
(i)
Credit Risk Credit risk is the risk that the Group will incur a loss arising from customers, patients or counterparties failing to meet their contractual obligations. The Group's financial instruments that have the potential for credit risk consist of cash and cash equivalent, accounts receivable and other receivables. The maximum amount of credit risk exposure equal to the carrying value of these accounts.
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The Group manages credit risk by setting limits on the amount of risk that is acceptable for each customer and receiving assurance from the patient and being more selective in choosing banks and financial institutions which are reputable. The following table analyzes the financial assets by due maturity:
December 31, 2010 Will Due On Less Than 1 Year More Than 1 Years Rp Rp -49,434,234,000 --49,434,234,000 -7,898,577,668 --7,898,577,668
Not Determined Rp Cash and Cash Equivalent Trade Receivables Due from Related Parties Other Current Financial Assets Total 22,927,320,549 20,925,088,297 246,753,041,082 28,856,040,680 319,461,490,608
Total Rp 22,927,320,549 78,257,899,965 246,753,041,082 28,856,040,680 376,794,302,276
Not Determined Rp Cash and Cash Equivalent Trade Receivables Due from Related Parties Other Other Current Current Financial Financial Assets Assets Total 146,586,517,428 39,534,071,511 1,251,373,000 33,503,599,006 220,875,560,945
December 31, 2011 Will Due On Less Than 1 Year More Than 1 Years Rp Rp -77,586,796,814 --77,586,796,814 -11,188,911,614 --11,188,911,614
Total Rp 146,586,517,428 128,309,779,939 1,251,373,000 33,503,599,006 309,651,269,373
Not Determined Rp Cash and Cash Equivalent Trade Receivables Due from Related Parties Other Current Financial Assets Total 168,707,958,679 68,794,566,719 662,399,000 8,072,306,481 246,237,230,879
December 31, 2012 Will Due On Less Than 1 Year More Than 1 Year Rp Rp -114,153,507,973 --114,153,507,973 -10,286,077,597 --10,286,077,597
Total Rp 168,707,958,679 193,234,152,289 662,399,000 8,072,306,481 370,676,816,449
Not Determined Rp Cash and Cash Equivalent Trade Receivables Due from Related Parties Other Current Financial Assets Total 156,371,665,579 82,084,837,882 662,397,000 11,215,121,909 250,334,022,370
April 30, 2013 Will Due On Less Than 1 Year More Than 1 Year Rp Rp -141,341,594,332 --141,341,594,332 -16,564,120,793 --16,564,120,793
Total Rp 156,371,665,579 239,990,553,007 662,397,000 11,215,121,909 408,239,737,495
There is no guarantee of customer receivables which has overdue. The Company has recorded provision for impairment of trade receivables which has overdue accounts (see Note 5).
(ii)
Foreign Currency Risk Currency exchange rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign currency exchange rates. The Group's financial instruments that potentially exchange rate risk consist primarily of cash and cash equivalent.
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Sensitivity Analysis If the rise in the exchange rate of the Rupiah against Singapore Dollar increases by 10%, the Groups profit before tax for the 4 (four) months period ended April 30, 2013 would have increased by Rp 8,580,173,555 (December 31, 2010: Rp 2,295,535,082, December 31, 2011: Rp 11,272,941,673 and December 31, 2012: Rp 9,342,181,384) The increase in the exchange rate against other foreign currencies do not have a material impact on profit after tax. The above analysis is based on the assumption of the weakening and strengthening of all foreign currencies with the similiar pattern, but did not actually happen.
(iii) Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group did not have interest rate risk mainly because it does not have a loan with a floating interest rate. Loans with fixed interest rate have reflected the market interest rates.
(iv) Liquidity Risk
Liquidity risk is the risk that the cash flow position of the Group shows a short-term income that is not sufficient to cover its short-term expenses. The Group manages liquidity risk by maintaining cash and cash equivalent sufficient to meet the Group's commitment to its normal operations and regularly evaluate cash flow projections and actual cash flows, as well as the schedule of due dates of its financial assets and liabilities. The following table details financial liabilities analyzed by maturity:
December 31, 2010 Less Than 1 Year Rp Measured at Amortized cost : Utang Trade Usaha Payables-Third - pihak ketiga Parties Beban Accrued Akrual Expenses Liabilitas Other Current Keuangan Financial Jangka Liabilites Pendek Lainnya Utang Berelasi Non-usaha Due toPihak Related Parties Non-Trade Total 88,434,606,799 14,965,031,333 7,124,299,995 110,523,938,127 Will Due On 1 - 5 Years Rp -----More than 5 Years Rp ----December 31, 2011 Less Than 1 Year Rp Measured at Amortized cost : Utang Trade Usaha Payables-Third - pihak ketiga Parties Utang Bank Loans Bank Beban Accrued Akrual Expenses Liabilitas Other Current Keuangan Financial Jangka Liabilites Pendek Lainnya Utang Berelasi Non-usaha Due toPihak Related Parties Non-Trade Total 113,670,130,708 12,420,352,324 18,343,922,812 20,197,585,173 -164,631,991,017 Will Due On 1 - 5 Years Rp -48,603,725,362 ---48,603,725,362 More than 5 Years Rp -17,367,492,516 --17,367,492,516
December 31, 2012 Less Than 1 Year Rp Measured at Amortized cost : Utang Trade Usaha Payables-Third - pihak ketiga Parties Utang Bank Loans Bank Beban Accrued Akrual Expenses Liabilitas Other Current Keuangan Financial Jangka Liabilites Pendek Lainnya Utang Berelasi Non-usaha Due toPihak Related Parties Non-Trade Total 155,526,637,952 16,071,687,315 33,509,451,861 26,924,904,271 -232,032,681,399 Will Due On 1 - 5 Years Rp -44,868,601,987 ---44,868,601,987 More than 5 Years Rp -9,884,512,480 --9,884,512,480 Maturity Not Determined Rp ----798,786,624,559 798,786,624,559 Total Rp 155,526,637,952 70,824,801,782 33,509,451,861 26,924,904,271 798,786,624,559 1,085,572,420,425
Maturity Not Determined Rp ---247,427,073,360 247,427,073,360
Total Rp 88,434,606,799 14,965,031,333 7,124,299,995 247,427,073,360 357,951,011,487
Maturity Not Determined Rp ----443,566,346,637 443,566,346,637
Total Rp 113,670,130,708 78,391,570,202 18,343,922,812 20,197,585,173 443,566,346,637 674,169,555,532
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April 30, 2013 Less Than 1 Year Rp Measured at Amortized cost : Trade Payables-Third Parties Utang Bank Loans Bank Beban Accrued Akrual Expenses Liabilitas Other Current Keuangan Financial Jangka Liabilites Pendek Lainnya Utang Berelasi Non-usaha Due toPihak Related Parties Non-Trade Total 159,648,150,330 16,326,978,109 31,850,614,067 39,434,241,754 -247,259,984,260 Will Due On 1 - 5 Years Rp -43,695,728,685 ---43,695,728,685 More Than 1 Years Rp -7,193,721,063 ---7,193,721,063 Maturity Not Determined Rp ----827,161,768,449 827,161,768,449 Total Rp 159,648,150,330 67,216,427,857 31,850,614,067 39,434,241,754 827,161,768,449 1,125,311,202,457
Estimation of Fair Value The following table presents the carrying amounts of each category of financial assets and liabilities:
December 31, 2010 Carrying Value Fair Value Rp Rp Financial Assets: Loans and Receivables: Cash and Cash Equivalent Trade Receivables Due from Related Parties Non-Trade Other Current Financial Assets Deposito Total December 31, 2011 Carrying Value Fair Value Rp Rp December 31, 2012 Carrying Value Fair Value Rp Rp April 30, 2013 Carrying Value Fair Value Rp Rp
22,927,320,549 74,205,940,206 246,753,041,082 28,856,040,680 372,742,342,517
22,927,320,549 74,205,940,206 246,753,041,082 28,856,040,680 372,742,342,517
146,586,517,428 124,164,179,541 1,251,373,000 33,503,599,006 305,505,668,975
146,586,517,428 124,164,179,541 1,251,373,000 33,503,599,006 305,505,668,975
168,707,958,679 187,066,776,874 662,399,000 8,072,306,481 364,509,441,034
168,707,958,679 187,066,776,874 662,399,000 8,072,306,481 364,509,441,034
156,371,665,579 231,148,068,419 662,397,000 11,215,121,909 399,397,252,907
156,371,665,579 231,148,068,419 662,397,000 11,215,121,909 399,397,252,907
December 31, 2010 Carrying Value Fair Value Rp Rp Financial Liabilities Measured at Amortized cost : Trade Payables-Third Parties Accrued Expenses Taxes Payable Other Current Financial Liabilites Due to Related Parties Non-Trade Total
December 31, 2011 Carrying Value Fair Value Rp Rp
December 31, 2012 Carrying Value Fair Value Rp Rp
April 30, 2013 Carrying Value Fair Value Rp Rp
88,434,606,799 14,965,031,333 -7,124,299,995 247,427,073,360 357,951,011,487
88,434,606,799 14,965,031,333 -7,124,299,995 247,427,073,360 357,951,011,487
113,670,130,708 18,343,922,812 78,391,570,202 20,197,585,173 443,566,346,637 674,169,555,532
113,670,130,708 18,343,922,812 78,391,570,202 20,197,585,173 443,566,346,637 674,169,555,532
155,526,637,952 33,509,451,861 70,824,801,782 26,924,904,271 798,786,624,559 1,085,572,420,425
155,526,637,952 33,509,451,861 70,824,801,782 26,924,904,271 798,786,624,559 1,085,572,420,425
159,648,150,330 31,850,614,067 67,216,427,857 39,434,241,754 827,161,768,449 1,125,311,202,457
159,648,150,330 31,850,614,067 67,216,427,857 39,434,241,754 827,161,768,449 1,125,311,202,457
As of December 31, 2010, 2011 and 2012 and April 30, 2013, management estimated that the carrying value of the short-term current assets and financial liabilities and those accounts with no determined maturity reflected their fair value.
32. Capital Management

December 31, 2010 Rp Net Liabilities: Total Liabilities Less: Cash and Cash Equivalent Total Total Equity Less: Paid-In Capital Non Controlling Interest Total Total of Adjusted Equity Net Liability Ratio to Adjusted Equity 641,563,808,249 (22,927,320,549) 618,636,487,700 137,578,748,083 23,058,434,679 1,399,365,232 24,457,799,911 162,036,547,994 3.8 December 31, 2011 Rp 933,448,640,065 (146,586,517,428) 786,862,122,637 178,963,457,179 23,058,434,679 3,755,002,456 26,813,437,135 205,776,894,314 3.8 December 31, 2012 Rp 1,341,585,219,583 (168,707,958,679) 1,172,877,260,904 244,640,798,509 23,058,434,679 (11,461,117,212) 11,597,317,467 256,238,115,976 4.6 April 30, 2013 Rp 1,389,721,886,828 (156,371,665,579) 1,233,350,221,249 261,780,150,987 23,058,434,679 (9,170,603,103) 13,887,831,576 275,667,982,563 4.5
The Companys capital management objective is to maintain the continuity of the Company's business (going concern), to maximize the benefits for shareholders and other stakeholders and maintain an optimal capital structure to reduce the cost of capital.
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The Company regularly reviews and manages its capital structure to ensure the return to shareholders is optimal, taking into consideration the future capital needs and the Companys capital efficiency, profitability of the present and the future, projected operating cash flows, projected capital expenditures and projected strategic investment opportunities.
33. Non-cash Transactions The following are investing and financing activities that did not affect cash flows: In 2010, addition of property and equipment of the Companys and subsidiaries from the reclassification of advances amounting to Rp 7,520,484,678. In 2011, acquisition of the Companys subsidiaries from reclassification of advances of investment. In 2012, addition of property and equipment of the Companys and subsidiaries from the reclassification of advances amounting to Rp 12,808,909,716. In April 2013, addition of property and equipment of the Companys and subsidiaries from the reclassification of advances amounting to Rp 113,773,417,133.
34. Commitments and Significant Agreements a. Rental Agreement On December 31, 2010, based on Sale and Purchase Agreement No. 146/2010, PT East Jakarta Medika (EJM), a subsidiary, sold the land and building of Siloam Cikarang Hospital (the Property) to PT Graha Pilar Sejahtera (GPS), a wholly owned subsidiary of First Real Estate Investment Trust (First REIT), at a sale price of SGD 33,333,333 and leased back the Property. Based on the rental agreement of Allen & Gledhill Advocates & Solicitors dated November 8, 2010, EJM, which received novation from PT Lippo Karawaci Tbk, ultimate parent company, on October 8, 2010 entered into a lease agreement with GPS for 15 years. Based on the agreement, EJM shall pay rental fee which consist of base rent and variable rent. Base rent commences in the first year of the lease period and will be adjusted in the following year, while variable rent will commence in the second year of the lease period based on certain percentage of gross revenue. Rental expense will be paid quarterly. Any late payment will be subjected to 2% penalty plus interest rate based on the average lending rate of 3 banks in Singapore. As this sale and leaseback transaction met the classification of operating lease and the transaction price was above its fair value, the difference was recognized as deferred gain (see Note 19). For the years and period ended December 31, 2010, 2011 and 2012 and April 30, 2013, rental expenses for this sale and lease-back transaction amounted to nil, Rp 24,868,800,000, Rp 22,333,390,630 and Rp 9,019,142,280, respectively. On January 7, 2012, the Company entered into a lease agreement for Siloam Hospitals Palembang (Siloam Sriwijaya) with PT Palembangparagon Mall (PM). This agreement is valid for 10 years from the grand opening of the hospital and included a rental free period (grace period) for 3 (three) months after the grand opening of the hospital. Based on the agreement, Siloam Sriwijaya shall pay rental fee in the amount of Rp 3 billion and will be increased by Rp 500 million every three years period. The rental fee is payable in advance for each period not later than the 10th day of the first month of the rental period.
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On October 5, 2012, PM entered into transfer of property ownership agreement with PT Bisma Pratama Karya, thus, Siloam Sriwijaya receive novation of lease ownership. This agreement did not change the terms of the original lease agreement. For the 4 (four) months period ended 30 April 2013, no rental expenses were paid. b. Software licences, Supply & Support Agreement On April 24, 2012, the Company (as Licensee) entered into the Software License, Supply & Support Agreement with PT Solusi Informasi (as Licensor). The parties have agreed that the Licensor wishes to supply a permanent non-exlusive and non-transferable licence of the software MedicOS Centric Enterprise (MCE) and MedicOS Radiag (RIS/PACS) to the Licensee and provide installation, testing, training, release and support services for the software for unlimited use at all hospitals the Licensee owns. The Licensee shall pay certain fee for license fee, one-time software implementation fee, annual software supports fee and other related services. Sub-Lease Agreement between the Company and PT Lippo Karawaci Tbk (LK) On April 30, 2013, the Company entered into a sub-lease agreement with LK, ultimate parent entity of the Company, covering property of Siloam Hospitals Lippo Village, Siloam Hospitals Kebon Jeruk, Siloam Hospitals Surabaya, Siloam Hospitals Semanggi MRCCC, Siloam Hospitals Manado and Siloam Hospitals Makassar. Master Agreement between the Company with PT Lippo Karawaci Tbk (LK) On April 30, 2013, the Company entered into a preliminary agreements with LK, ultimate parent entity of the Company, which include: Property lease agreement of Rumah Sakit Umum Siloam and Siloam Hospitals Bali and the properties to be used as Siloam Hospitals Kemang and Siloam Hospitals St. Moritz; The right to build properties that will be used as Siloam Hospitals Yogyakarta, Siloam Hospitals Bintaro and Siloam Hospitals Surabaya Manyar; The agreement to offer certain property to be operated as Siloam Hospitals Pontianak; and Co-operation agreement Siloam Hospitals Bandung. Master Agreement between the Company with PT Metropolis Propertindo Utama (MPU) On April 30, 2013, the Company entered into a preliminary agreements with MPU which include: Sale and purchase of shares of Siloam Hospitals Malang, Siloam Hospitals Salemba, Siloam Hospitals Palembang, Siloam Hospitals Medan and Siloam Hospitals Surabaya Sea Master; Right to build properties that will be used as Siloam Hospitals Padang, Siloam Hospitals Bangka Belitung, Siloam Hospitals Semarang Srondol, Siloam Hospitals Bogor Internusa, Siloam Hospitals Jember, Siloam Hospitals Bluemall Bekasi, Siloam Hospitals Bekasi Grand Mall, Siloam Hospitals MT Haryono, Siloam Hospitals Salemba, Siloam Hospitals Lampung and Siloam Hospitals Kupang; The right to operate and manage Siloam Hospitals Medan and Siloam Hospitals Kupang; Property lease agreement of Siloam Hospitals Surabaya Sea Master, Siloam Hospitals Pluit and Siloam Hospitals Cempaka Putih; and The agreement to offer certain property to be operated as Siloam Hospitals TB Simatupang, Siloam Hospitals Purwakarta, Siloam Hospitals Ambon, Siloam Hospitals Lubuk Linggau, Siloam Hospitals Manado Kairagi, Siloam Hospitals Serang and Siloam Hospitals Pekanbaru.
c.
d.
e.
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35. Operating Segments

2010 (One Year) Siloam Hospital Lippo Vilage Rp External Revenue In-Patient Out-Patient 275,175,872,767 178,170,803,917 453,346,676,684 Gross Profit In-Patient Out-Patient Siloam Hospital Kebun Jeruk Rp 168,990,128,071 156,121,583,755 325,111,711,826 Siloam Hospital Surabaya Rp 124,582,443,777 52,457,685,618 177,040,129,395 Siloam Hospital Cikarang Rp 38,717,243,358 36,255,979,218 74,973,222,576 Others Elimination Rp ------Consolidation Rp 607,465,687,973 423,006,052,508 1,030,471,740,481
71,654,912,006 42,820,687,808 114,475,599,814 (56,686,649,998) (5,901,411,810) -51,887,538,006 141,293,226,875 93,858,601,036 36,953,360,214 12,249,789,437 1,327,495,146
50,582,961,212 29,928,970,513 80,511,931,725 (40,554,252,717) (3,173,880,272) -36,783,798,736 66,959,190,461 30,175,391,725 18,127,027,633 7,529,604,758 23,049,595
28,418,361,216 22,290,145,119 50,708,506,335 (30,289,720,085) (497,825,255) -19,920,960,995 42,925,603,873 23,004,642,878 5,503,288,277 5,614,118,545 2,459,074,367
5,738,790,300 6,116,199,118 11,854,989,418 (2,449,974,180) (786,809,965) -8,618,205,273 297,945,757,033 313,668,964,685 2,186,158,824 6,544,740,255 17,076,271
---(23,661,225,756) 19,637,919 (21,695,431,590) (45,337,019,427) 230,018,778,090 180,856,207,925 110,447,637,059 -9,866,330,383
-------------
156,395,024,734 101,156,002,558 257,551,027,292 (153,641,822,736) (10,340,289,383) (21,695,431,590) 71,873,483,583 779,142,556,332 641,563,808,249 173,217,472,007 31,938,252,995 13,693,025,762
Operating Expenses and Others Finance Expense - Net Tax Expense Profit for the Year Segment Assets Segment Liabilities Capital Expenditures Depreciation Non-Cash Expense exclude depreciation
2011 (One Year) Siloam Hospital Lippo Vilage Rp External Revenue In-Patient Out-Patient 318,686,822,575 202,464,358,157 521,151,180,732 Gross Profit In-Patient Out-Patient Siloam Hospital Kebun Jeruk Rp 180,127,297,021 160,114,187,785 340,241,484,806 Siloam Hospital Surabaya Rp 124,767,297,868 66,301,207,962 191,068,505,830 MRCCC Rp 18,623,908,763 15,068,708,842 33,692,617,605 Others Rp 79,840,893,724 93,353,882,861 173,194,776,585 Elimination Rp ---Consolidation Rp 722,046,219,951 537,302,345,607 1,259,348,565,558
80,005,766,489 62,681,661,355 142,687,427,844 (64,773,931,019) (3,234,482,449) 74,679,014,376 156,804,945,283 34,691,305,069 12,746,824,127 14,294,176,297 3,311,531,746
33,106,179,883 44,323,808,747 77,429,988,630 (44,272,253,255) (3,044,265,789) 30,113,469,586 69,637,781,457 2,740,513,136 8,587,824,127 9,504,385,089 3,423,764,997
24,595,212,350 27,801,855,978 52,397,068,328 (32,415,246,514) (526,135,807) 19,455,686,007 48,936,943,790 9,560,296,788 6,563,501,644 5,950,880,357 1,989,228,165
5,126,531,580 6,591,803,784 11,718,335,364 (32,920,383,439) (240,415,755) (21,442,463,830) 292,220,693,501 313,663,157,331 122,131,857,187 8,368,533,552 1,091,735,041
23,202,842,679 26,148,441,444 49,351,284,123 (88,033,112,047) (6,383,209,975) (19,860,697,704) (64,925,735,603) 544,811,733,213 572,793,367,741 96,645,380,801 14,033,574,750 11,544,430,326
-------------
166,036,532,981 167,547,571,308 333,584,104,289 (262,414,926,274) (13,428,509,775) (19,860,697,704) 37,879,970,536 1,112,412,097,244 933,448,640,065 246,675,387,886 52,151,550,045 21,360,690,275
Draft/July 26, 2013
51
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Siloam Hospital Lippo Vilage Rp External Revenue Siloam Hospital Kebun Jeruk Rp 211,283,838,645 170,112,563,099 381,396,401,744 43,090,561,218 45,623,814,749 88,714,375,967 (38,422,794,723) (3,244,756,519) -47,046,824,725 167,127,664,428 53,183,571,380 25,582,412,778 12,329,793,742 2,640,533,519 Siloam Hospital Surabaya Rp 143,523,300,383 76,630,968,882 220,154,269,265 26,012,772,881 35,660,107,818 61,672,880,699 (31,930,574,931) (569,997,165) -29,172,308,603 100,465,449,116 31,916,493,511 24,734,220,330 7,765,747,713 2,663,674,649 2012 (One Year) MRCCC Rp 130,657,934,789 80,061,429,020 210,719,363,809 16,113,664,107 19,259,601,919 35,373,266,026 (71,876,666,696) (758,023,968) -(37,261,424,638) 290,895,007,347 349,598,895,814 25,504,056,191 40,190,510,571 3,886,533,671 Others Rp 240,216,189,995 146,671,112,582 386,887,302,577 48,624,016,310 42,937,979,140 91,561,995,450 (147,497,893,328) (6,924,794,095) (25,061,978,940) (87,922,670,913) 717,819,363,298 820,005,929,937 285,693,229,501 41,958,202,236 7,269,795,884 -----Elimination Rp ---------Consolidation Rp 1,076,946,344,471 711,136,177,692 1,788,082,522,163 243,634,775,822 201,179,740,446 444,814,516,268 (353,346,378,832) (14,446,555,967) (25,061,978,940) 51,959,602,529 1,586,226,018,092 1,341,585,219,583 394,108,463,782 120,307,582,584 21,695,693,572
In-Patient Out-Patient
351,265,080,659 237,660,104,109 588,925,184,768 109,793,761,306 57,698,236,820 167,491,998,126 (63,618,449,154) (2,948,984,221) -100,924,564,751 309,918,533,903 86,880,328,941 32,594,544,982 18,063,328,322 5,235,155,849
Gross Profit
Siloam Hospital Lippo Vilage Rp External Revenue
Siloam Hospital Kebun Jeruk Rp 82,189,938,060 61,191,931,222 143,381,869,282 21,647,595,987 11,971,916,474 33,619,512,461 (13,367,994,693) (1,147,478,981) -19,104,038,787 351,363,669,792 218,315,537,823 12,445,428,564 4,604,228,516 1,127,598,224
Siloam Hospital Surabaya Rp 54,527,275,253 28,720,068,329 83,247,343,582 12,223,240,425 13,688,529,735 25,911,770,160 (11,388,071,653) (191,187,202) -14,332,511,305 103,799,344,038 20,917,877,128 1,175,580,182 3,190,910,858 834,624,908
2013 (Four Months) MRCCC Rp 60,660,683,937 40,015,137,584 100,675,821,521 12,120,314,666 9,885,478,870 22,005,793,536 (27,673,037,205) (412,914,611) -(6,080,158,280) 284,112,863,248 352,379,133,403 2,083,136,499 13,740,376,464 1,920,294,294
Others Rp 156,743,993,383 79,162,219,593 235,906,212,976 31,496,120,043 20,010,716,646 51,506,836,689 (98,484,019,248) (2,261,058,209) (8,800,886,494) (58,039,127,262) 547,066,434,260 703,809,904,888 61,927,916,904 27,669,397,756 9,307,772,120
Elimination Rp ----------
Consolidation Rp 489,849,863,028 299,678,592,668 789,528,455,696 125,903,219,339 82,377,460,607 208,280,679,946 (177,271,822,901) (5,068,618,073) (8,800,886,494) 17,139,352,478 -----1,651,502,037,815 1,389,721,886,828 85,811,305,914 55,898,378,875 15,307,703,175
135,727,972,395 90,589,235,940 226,317,208,335 48,415,948,218 26,820,818,882 75,236,767,100 (26,358,700,102) (1,055,979,070) -47,822,087,928 365,159,726,477 94,299,433,586 8,179,243,765 6,693,465,281 2,117,413,629
Gross Profit
36. Litigation Cases On March 27, 2009, dr Doro Soendoro, dr Liem Kian Hong and dr Hardi Susanto as the plaintiffs filed a lawsuit against the Company as defendant regarding the termination of the plaintiffs work contract. All claims were declined through the decision of the District Court Jakarta Barat No. 147/Pdt.G/2009/PN.JKT.BAR dated July 23, 2009 and was upheld on June 29, 2010, through the decision of the High Court of Jakarta No. 626/PDT/2009/PT.DKI. On September 24, 2010, the plaintiffs filed an appeal against the decision to the Supreme Court. Up to the reporting date, this case is still in process. On July 9, 2009, Alfonsus Budi Susanto, SE, MA, the plaintiff, filed a lawsuit against the Company as first defendant and four other defendants in connection with malpractice suffered by plaintiff. All claims were declined through decision of District Court Jakarta Utara No. 237/Pdt.G/2009/PN.Jkt.Ut dated March 11, 2010 and was upheld on May 18, 2011, through the decision of the High Court of Jakarta No. 548/PDT/2010/PT.DKI. On February 23, 2012, the plaintiffs filed an appeal against the decision to the Supreme Court. Up to the reporting date, this case is still in process. On October 1, 2012, Wahju Indrawan the plaintiff, filed a lawsuit No 71/Pdt.G/2012/PN.JBI against GFA, a subsidiary as first defendant and two other defendants in connection with malpractice suffered by plaintiffs wife. Up to the reporting date, this case is still in process.
Draft/July 26, 2013
52
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37. Events After Reporting Date Based on Notarial Deed No. 05 dated June 4, 2013, made in presence of Ir. Nanette Handari Adi Warsito, S.H., notary in Jakarta, it was agreed to increase the issued 115,000,000 shares to 190,500,000 shares. On June 21, 2013, the Company submit Registration Statement in relation to the Companys Initial Public Offering to Otoritas Jasa Keuangan. On July 1, 2013, the Company enter into agreement to acquire the medical equipment owned by PT Elektra Setya Ekatama (ESE) in the amount of Rp 170 billion (excluding VAT). The amount will be paid to ESE in 4 installments. On July 1, 2013, the Company entered into a sub-lease agreement with PT Lippo Karawaci Tbk, ultimate parent company, related to sub-lease property of Siloam Hospitals TB Simatupang.
38. Reissuance of the Consolidated Financial Statements For the purpose of the Initial Public Offering and a review of the Registration Statement from the Indonesian Financial Services Authority, the Company has reissued the consolidated financial statements for the years ended December 31, 2010, 2011 and 2012 and for the four (4) months period ended April 30, 2013 with additional presentation and disclosures in Notes 1, 3, 4, 5, 6, 7, 9, 10, 12, 13, 14, 16, 18, 28, 31,33, 34, 37 and 38 to the previous consolidated financial statements and supplemental information of the separate financial statements of the Parent Entity.
39. Responsibility and Issuance of the Consolidated Financial Statements The management of the Company is responsible for the preparation and presentation of the consolidated financial statements. The consolidated financial statements were authorized for issuance by Directors on July 8, 2013.
Draft/July 26, 2013
53
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Separate Financial Statements - Appendix I PT SILOAM INTERNATIONAL HOSPITALS Tbk INTERIM STATEMENTS OF FINANCIAL POSITION
As of December 31, 2010, 2011, 2012 and April 30, 2013 (In Full Rupiah, Unless Otherwise Stated)
Catatan December 31, 2010 Rp December 31, 2011 Rp December 31, 2012 Rp April 30, 2013 Rp
ASSETS CURRENT ASSETS Cash and Cash Equivalent Trade Receivables Related Parties Third Parties Other Current Financial Assets Inventories Prepaid Tax Prepaid Expense Total Current Assets NON-CURRENT ASSETS Investment in Subsidiaries Advances Due From Related Parties Non-Trade Property and Equipment Intangible Assets Deferred Tax Assets Other Non-Current Financial Assets Total Non-Current Assets TOTAL ASSETS LIABILITIES AND EQUITY LIABILITIES CURRENT LIABILITIES Trade Payables - Third Parties Accrued Expenses Advances from Patients Taxes Payable Other Current Financial Liabilities Total Current Liabilities NON-CURRENT LIABILITIES Due To Related Parties Non-Trade Long-Term Employment Benefits Liabilities Total Non-Current Liabilities Total Liabilities
3.c, 3.d, 3.e, 3.p, 4, 11, 27, 28 3.p, 5, 28 3.e, 11 3.p, 6, 30, 28 3.f, 7 3.o 3.g, 8
13,811,824,960 5,083,171,700 62,481,529,591 6,388,536,567 28,995,631,997 -3,656,880,462 120,417,575,277
23,881,772,675 3,212,204,362 98,385,011,259 10,075,163,179 35,126,653,257 -2,644,014,081 173,324,818,813
28,850,293,362 3,179,809,704 143,785,302,598 2,189,821,556 57,688,547,951 -2,007,045,386 237,700,820,557
31,409,218,505 3,172,248,469 177,059,971,747 3,759,333,416 63,734,638,835 200,000 4,360,683,676 283,496,294,648
3.p, 9 10 3.e, 3.p, 11, 28 3.h, 13 3.j, 3.k, 14 3.o, 16.c 12
1,261,497,000 106,114,694,680 1,991,704,293 223,108,294,767 1,813,730,892 12,283,526,066 7,790,789,292 354,364,236,990 474,781,812,267
76,066,747,496 35,233,311,422 81,901,884,016 334,428,530,189 4,477,084,265 15,321,018,961 39,163,815,493 586,592,391,842 759,917,210,655
43,262,435,496 138,198,808,939 79,811,959,458 512,927,543,039 6,437,862,803 13,661,808,429 33,281,416,097 827,581,834,261 1,065,282,654,818
43,262,435,496 35,169,510,763 79,811,959,459 626,846,530,132 6,892,168,231 14,386,956,608 29,751,692,689 836,121,253,378 1,119,617,548,026
3.r, 15, 28 3.r, 18, 28 3.p 3.o, 16.a 3.r, 17, 28
82,251,766,070 13,651,720,102 5,044,858,409 27,976,779,568 5,502,355,359 134,427,479,508 129,766,588,362 46,578,713,630 176,345,301,992 310,772,781,500
101,685,684,602 17,401,143,290 10,839,030,117 18,282,859,715 16,022,933,553 164,231,651,277 312,727,225,182 57,757,491,428 370,484,716,610 534,716,367,887
131,095,472,772 30,702,935,616 4,646,181,252 15,643,009,840 13,543,234,699 195,630,834,179 520,330,924,798 61,430,112,650 581,761,037,448 777,391,871,627
135,359,545,224 27,819,778,183 10,703,120,051 11,723,093,621 24,184,018,828 209,789,555,907 523,325,954,863 71,440,228,000 594,766,182,863 804,555,738,770
3.f, 3.r, 11, 28 3.l, 19
EKUITAS Capital Stock, par Value - Rp 100 per share Authorized Capital - 4,000,000,000 shares Issued and Fully Paid - 1,000,000,000 shares Difference in Value of Transaction Between Entities Under Common Control Retained Earnings Total Equity TOTAL LIABILITIES AND EQUITY
20 3.m, 21
100,000,000,000 (4,452,912,168) 68,461,942,935 164,009,030,767 474,781,812,267
100,000,000,000 (4,452,912,168) 129,653,754,935 225,200,842,767 759,917,210,655
100,000,000,000 (4,452,912,168) 192,343,695,359 287,890,783,191 1,065,282,654,818
100,000,000,000 (4,452,912,168) 219,514,721,423 315,061,809,255 1,119,617,548,026
Catatan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan
Final Draft/10 June 2013
paraf:
Separate Financial Statements - Appendix II PT SILOAM INTERNATIONAL HOSPITALS Tbk INTERIM STATEMENTS OF COMPREHENSIVE INCOME
For the Period Ended 4 (Four) Months as of April 30, 2012 and 2013 and Years Ended as of December 31, 2010, 2011 and 2012 (In Full Rupiah, Unless Otherwise Stated)
Catatan
2010 (One Year) Rp 955,498,517,905 (710,057,658,612) 245,440,859,293
2011 (One Year) Rp 1,086,153,788,973 (801,920,968,807) 284,232,820,166 (189,086,503,170) (6,798,368,643) 88,347,948,353 306,083,354 (7,353,400,351) 81,300,631,356 (20,108,819,356) 61,191,812,000 -61,191,812,000
2012 (One Year) Rp 1,484,863,148,005 (1,119,425,279,870) 365,437,868,135 (267,871,591,991) (1,427,035,151) 96,139,240,993 586,211,506 (8,258,545,293) 88,466,907,206 (25,776,966,782) 62,689,940,424 -62,689,940,424
2012 (4 Months) Rp 448,034,525,036 (328,277,083,765) 119,757,441,271 (84,080,125,818) (545,389,667) 35,131,925,786 188,072,986 (2,818,919,609) 32,501,079,163 (8,590,827,371) 23,910,251,792 -23,910,251,792
2013 (4 Months) Rp 642,121,897,405 (474,073,999,022) 168,047,898,383 (126,148,512,897) (3,014,999,513) 38,884,385,973 223,838,768 (3,300,567,356) 35,807,657,385 (8,636,631,321) 27,171,026,064 -27,171,026,064
REVENUES COST OF SALES GROSS PROFIT Operating Expenses Others - Net PROFIT FROM OPERATIONS Finance Income Finance Charges PROFIT BEFORE TAX Tax Expenses PROFIT FOR THE PERIOD OTHER COMPREHENSIVE INCOME TOTAL COMPREHENSIVE INCOME FOR THE PERIODS
3.n, 22 3.n, 23
3.n, 24
(146,019,425,859) (1,708,710,661) 97,712,722,773
3.n, 25 3.n, 25
262,617,658 (9,830,832,771) 88,144,507,660
3.o, 16.b
(21,821,824,907) 66,322,682,753 -66,322,682,753
paraf:
Separate Financial Statements - Appendix III PT SILOAM INTERNATIONAL HOSPITALS Tbk INTERIM STATEMENTS OF CHANGES IN EQUITY
For the Period Ended 4 (Four) Months as of April 30, 2012 and 2013 and Years Ended as of December 31, 2010, 2011 dan 2012 (In Full Rupiah, Unless Otherwise Stated)
Catatan Paid-in Capital Difference in Value of Transaction Between Entities Under Common Control Rp -Retained Earnings Unappropriated Rp 2.139.260.182 Total Equity Rp 4.139.260.182
Rp BALANCE AS OF 31 DECEMBER 2009 Changes in Equity in the Year 2010 Additional Paid in Capital The Transfer of the Hospital Division of PT Lippo Karawaci Tbk Total Comprehensive Income for the Current Year BALANCE AS OF DECEMBER 31, 2010 Changes in Equity in the Year 2011 Total Comprehensive Income for the Current Year BALANCE AS OF DECEMBER 31, 2011 Changes in Equity in the Periods April 30, 2012 Total Comprehensive Income for the Current Year BALANCE AS OF APRIL 30, 2012 BALANCE AS OF DECEMBER 31, 2011 Changes in Equity in the Year 2012 Total Comprehensive Income for the Current Year BALANCE AS OF DECEMBER 31, 2012 Changes in Equity in the Periods April 30, 2013 Total Comprehensive Income for the Current Year BALANCE AS OF APRIL 30, 2013 ` -100.000.000.000 ` ` -100.000.000.000 ` ` -100.000.000.000 100.000.000.000 ` ` -100.000.000.000 ` ` # 3.m, 21 98.000.000.000 --100.000.000.000 ` ` 2.000.000.000
-(4.452.912.168) -(4.452.912.168) `
--66.322.682.753 68.461.942.935 `
98.000.000.000 (4.452.912.168) 66.322.682.753 164.009.030.767
-(4.452.912.168) `
61.191.812.000 129.653.754.935 `
61.191.812.000 225.200.842.767
-(4.452.912.168) (4.452.912.168) `
23.910.251.792 153.564.006.727 129.653.754.935 `
23.910.251.792 249.111.094.559 225.200.842.767
-(4.452.912.168) `
62.689.940.424 192.343.695.359 `
62.689.940.424 287.890.783.191
-(4.452.912.168) `
27.171.026.064 219.514.721.423 `
27.171.026.064 315.061.809.255
3 paraf:
Separate Financial Statements - Appendix IV PT SILOAM INTERNATIONAL HOSPITALS Tbk STATEMENTS OF CASH FLOW INTERIM
2010 (One Year) Rp CASH FLOWS FROM OPERATING ACTIVITIES Collections from Customers Payments to Suppliers Payments to Management and Employees Cash Flows from Operations Financial Charges Payment - Net Payments of Taxes Net Cash Provided by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Advances for Purchase of Property and Equipment and Other Advances Property and Equipment Disposal Acquisition Payment of Advances for Investment Receipt of Hospital Performance Guarantee Acquisition of Subsidiaries Net of Cash Receipt Net Cash Used in Investing Activities ARUS KAS DARI AKTIVITAS PENDANAAN Receipt from (Payment to) Related Parties Receipt Payment Receipt of Paid-in Capital Net Cash Provided by (Used in) Financing Activities NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT Effect of Foreign Exchange on Cash and Cash Equivalents at the End of the Period CASH AND CASH EQUIVALENTS AT BEGINNING PERIOD CASH AND CASH EQUIVALENTS AT ENDING PERIOD 868,853,860,631 (587,148,689,666) (146,096,443,055) 135,608,727,910 (9,830,832,771) (23,632,052,250) 102,145,842,889
2011 (One Year) Rp 1,057,894,330,034 (793,535,644,597) (178,257,372,979) 86,101,312,458 (7,353,400,351) (23,146,312,250) 55,601,599,857
2012 (One Year) Rp 1,432,643,244,236 (997,236,394,840) (239,909,335,351) 195,497,514,045 (8,258,545,293) (33,150,330,144) 154,088,638,608
2012 (4 Months) Rp 447,277,609,875 (138,482,904,377) (65,819,016,678) 242,975,688,820 (2,818,919,609) (16,677,150,999) 223,479,618,212
2013 (4 Months) Rp 614,510,837,336 (427,478,165,469) (110,543,663,861) 76,489,008,007 (3,300,567,356) (9,225,679,354) 63,962,761,297
--(90,670,973,457) (104,098,825,813) --(194,769,799,270)
-63,233,901 (147,224,474,143) --(147,161,240,242)
(115,774,407,233) 45,520,996 (254,420,640,645) -61,000,000,000 (52,811,697,309) (361,961,224,191)
(99,741,263,192) -(46,007,175,469) --(52,811,697,309) (198,560,135,970)
(1,523,319,173) -(62,899,662,112) --(64,422,981,285)
364,812,000,000 (362,504,336,629) 98,000,000,000 100,307,663,371 7,683,706,990 (29,161,704) 6,157,279,674 13,811,824,960
935,078,902,553 (833,420,152,749) -101,658,749,804 10,099,109,419 (29,161,704) 13,811,824,960 23,881,772,675
626,273,369,459 (413,380,758,282) -212,892,611,177 5,020,025,594 (51,504,907) 23,881,772,675 28,850,293,362
208,676,329,459 (236,887,302,565) -(28,210,973,106) (3,291,490,864) (26,441,565) 23,881,772,675 20,563,840,246
339,066,380,000 (336,071,349,935) -2,995,030,065 2,534,810,077 24,115,066 28,850,293,362 31,409,218,505
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Separate Financial Statements - Appendix V PT SILOAM INTERNATIONAL HOSPITALS Tbk OTHER DISCLOUSURE
1.
Separate Financial Statements Statements of financial position, comprehensive income, changes in equity and cash flows below are separate financial statements which represent additional information to the consolidated financial statements.
2.
Schedule of Investment in Subsidiaries

Percentage Ownership and Voting Rights 99.99% 99.99% 99.99% 99.99% 99.99% 99.97% 99.98% 99.99% 99.99% 99.99% 99.90% 99.90% 99.90% 99.99% 99.99% 99.99% 99.99% 99.99% 99.99% 99.90% 99.99% 99.99% 99.99% 99.99% 99.99% 99.99% 99.99%
Subsidiaries PT Aritasindo Permaisemesta PT Perdana Kencana Mandiri PT Multiselaras Anugerah PT Siloam Emergency Services PT Siloam Graha Utama PT Guchi Kencana Emas PT Prawira Tata Semesta PT Medika Harapan Cemerlang Indonesia PT Pancawarna Semesta PT Tirtasari Kencana PT Adamanisa Karya Sejahtera PT Agung Cipta Raya PT Bina Cipta Semesta PT Brenada Karya Bangsa PT Harmoni Selaras Indah PT Krisolis Jaya Mandiri PT Kusuma Bhakti Anugerah PT Kusuma Primadana PT Mega Buana Bhakti PT Optimum Karya Persada PT Rosela Indah Cipta PT Sembada Karya Megah PT Taruna Perkasa Megah PT Tataka Bumi Karya PT Tataka Karya Indah PT Trijaya Makmur Bersama PT Visindo Galaxi Jaya
Domicile Jakarta Jakarta Tangerang Jakarta Jakarta Jakarta Jakarta Tangerang Tangerang Tangerang Jakarta Tangerang Jakarta Tangerang Tangerang Tangerang Tangerang Tangerang Tangerang Jakarta Tangerang Tangerang Tangerang Tangerang Tangerang Tangerang Tangerang
3.
Method of Investment Accounting Investment in subsidiaries mentioned in the separate financial statements are accounted for using cost method.
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PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES

Draft/July 26, 2013

PT SILOAM INTERNATIONAL HOSPITALS Tbk

Appendix I Appendix II Appendix III Appendix IV Appendix V

D1/July 26, 2013

These consolidated financial statements are originally issued in Indonesian language

December 31, 2010 Rp

December 31, 2011 Rp

December 31, 2012 Rp

April 30, 2013 Rp

22,927,320,549 5,083,171,699 69,122,768,507 28,856,040,680 31,265,133,337 600,000 4,302,662,532 161,557,697,304

146,586,517,428 2,779,461,708 121,384,717,833 33,503,599,006 44,083,509,282 600,000 9,839,422,335 358,177,827,592

168,707,958,679 3,171,020,453 183,895,756,421 8,072,306,481 75,351,731,878 -17,538,003,848 456,736,777,760

156,371,665,579 3,172,248,469 227,975,819,950 11,215,121,909 79,740,788,078 200,000 17,835,122,211 496,310,966,196

106,136,694,680 246,753,041,082 234,134,059,796 7,143,144,198 1,856,558,376 13,753,181,358 7,808,179,538 617,584,859,028 779,142,556,332

36,778,102,717 1,251,373,000 552,255,984,597 106,167,369,555 4,493,252,502 17,243,741,777 36,044,445,504 754,234,269,652 1,112,412,097,244

152,755,381,554 662,399,000 865,292,426,507 54,418,415,585 6,742,214,109 16,308,287,480 33,310,116,097 1,129,489,240,332 1,586,226,018,092

51,369,072,716 662,397,000 994,677,754,999 54,418,415,585 7,176,463,084 17,106,575,546 29,780,392,689 1,155,191,071,619 1,651,502,037,815

These consolidated financial statements are originally issued in Indonesian language

88,434,606,799 -14,965,031,333 5,285,205,514 51,205,635,009 7,124,299,995 --167,014,778,650

113,670,130,708 4,930,951,280 18,343,922,812 11,150,236,487 19,615,642,755 20,197,585,173 7,489,401,044 11,897,445,548 207,295,315,807

155,526,637,952 4,853,583,896 33,509,451,861 5,891,297,072 17,811,426,058 26,924,904,271 11,218,103,419 11,897,445,548 267,632,850,077

159,648,150,330 4,924,770,002 31,850,614,067 11,182,692,020 12,498,395,602 39,434,241,754 11,402,208,107 11,897,445,548 282,838,517,430

100,000,000,000 (23,058,434,679) 62,036,547,994 138,978,113,315 (1,399,365,232) 137,578,748,083 779,142,556,332

100,000,000,000 (23,058,434,679) 105,776,894,314 182,718,459,635 (3,755,002,456) 178,963,457,179 1,112,412,097,244

100,000,000,000 (23,058,434,679) 156,238,115,976 233,179,681,297 11,461,117,212 244,640,798,509 1,586,226,018,092

100,000,000,000 (23,058,434,679) 175,667,982,563 252,609,547,884 9,170,603,103 261,780,150,987 1,651,502,037,815

These consolidated financial statements are originally issued in Indonesian language

67,476,614,025 4,396,869,558 71,873,483,583

43,740,346,320 (5,860,375,784) 37,879,970,536

50,461,221,662 1,498,380,867 51,959,602,529

27,166,310,748 3,865,281,063 31,031,591,811

19,429,866,587 (2,290,514,109) 17,139,352,478

67,476,614,025 4,396,869,558 71,873,483,583

43,740,346,320 (5,860,375,784) 37,879,970,536

50,461,221,662 1,498,380,867 51,959,602,529

27,166,310,748 3,865,281,063 31,031,591,811

19,429,866,587 (2,290,514,109) 17,139,352,478

These consolidated financial statements are originally issued in Indonesian language

Rp 12,101,504 --(23,070,536,183) -(23,058,434,679) --(23,058,434,679)

Rp 55,266,614,400 --(55,266,614,400) ------

Unappropriated Rp (5,440,066,031) ---67,476,614,025 62,036,547,994 -43,740,346,320 105,776,894,314

Rp 51,838,750,873 (5,796,335,790) 98,000,000,000 (78,337,150,583) 71,873,483,583 137,578,748,083 3,504,738,560 37,879,970,536 178,963,457,179

--(23,058,434,679) (23,058,434,679) --(23,058,434,679) -(23,058,434,679)

-27,166,310,748 132,943,205,063 105,776,894,314 -50,461,221,662 156,238,115,976 19,429,866,587 175,667,982,563 ` ` `

-27,166,310,748 209,884,770,384 182,718,459,635 -50,461,221,662 233,179,681,297 19,429,866,587 252,609,547,884 ` ` `

8,001,570,244 3,865,281,063 8,111,848,851 (3,755,002,456) 13,717,738,801 1,498,380,867 11,461,117,212 (2,290,514,109) 9,170,603,103 ` ` `

8,001,570,244 31,031,591,811 217,996,619,235 178,963,457,179 13,717,738,801 51,959,602,529 244,640,798,509 17,139,352,478 261,780,150,987

These consolidated financial statements are originally issued in Indonesian language

2011 (One Year) Rp

2012 (One Year) Rp

1,012,918,495,073 (567,175,616,152) (148,372,963,517) 297,369,915,404 (10,340,289,383) (23,632,052,250) 263,397,573,771

1,215,161,716,555 (929,372,228,432) (195,789,623,285) 89,999,864,838 (13,428,509,775) (23,146,312,250) 53,425,042,813

1,717,899,210,398 (1,185,761,503,827) (281,533,520,002) 250,604,186,569 (14,446,555,967) (33,150,330,144) 203,007,300,458

504,590,716,320 (209,484,467,998) (80,357,877,279) 214,748,371,043 (5,185,999,160) (16,677,150,999) 192,885,220,884

748,063,449,927 (558,531,169,712) (128,064,190,140) 61,468,090,075 (5,068,618,073) (9,225,679,354) 47,173,792,648

(1,676,266,867) 24,500,000 (165,696,987,329) --(104,098,825,813) (271,447,580,009)

(34,740,233,850) 63,233,901 (246,675,387,886) ---(281,352,387,835)

(128,786,188,553) 45,520,996 (394,108,463,782) (52,811,697,309) 61,000,000,000 -(514,660,828,648)

(108,154,950,119) -(70,012,999,910) (52,811,697,309) --(230,979,647,338)

(12,387,108,295) -(71,510,290,234) ---(83,897,398,529)

364,812,000,000 (446,519,022,300) -(1,009,877,929) 98,000,000,000 15,283,099,771 7,233,093,533 (1,374,849,354) 17,069,076,370 22,927,320,549

973,664,465,115 (616,837,485,787) -(4,919,933,715) -351,907,045,613 123,979,700,591 (320,503,712) 22,927,320,549 146,586,517,428

641,716,869,459 (313,699,617,537) -(7,566,768,420) -320,450,483,502 8,796,955,312 13,324,485,939 146,586,517,428 168,707,958,679

Siloam's Financial

Siloam's Financial