Ptberlian Ar09 Ly200410 (Final Version)

PT BERLIAN LAJU TANKER Tbk
AnnuAl RepoRt 2009
Stay Vigilant, Stay Resilient
w w w . b l t . c o . i d
DAfTAR ISI | Contents

VISI DAN MISI | Vision and Mission 01 RIwAyAT SINgKAT PERUSAhAAN | Company at Glance 02 ToNggAK PENTINg PERJALANAN PERSERoAN | Corporate Milestones 04 IKhTISAR DATA KEUANgAN PENTINg | Financial Highlights 06 STRUKTUR oRgANISASI | organization structure 08 INfoRMASI PERSERoAN | Company Information 09 SAMBUTAN DEwAN KoMISARIS | Remarks from Board of Commissioners 10 LAPoRAN TUgAS PENgAwASAN DEwAN KoMISARIS | supervisory Report of the Board of Commissioners 14 SAMBUTAN DIREKSI | Remarks from Board of Directors 20 PEMBAhASAN oPERASIoNAL | operations Review 29 RINgKASAN AKTIVITAS USAhA | Business Activities 29 KAPASITAS DAN KoMPoSISI ARMADA PERUSAhAAN | Capacity and Composition of the Companys Fleet 30 PENJUALAN DAN PEMASARAN | sales and Marketing 37 KEKUATAN DAyA SAINg | Competitive strengths 40 STRATEgI | strategy 44 PRoSPEK USAhA DAN KoNDISI PASAR | Business Prospects and Market Conditions 47 ANAK PERUSAhAAN UTAMA | Major subsidiaries 50 KINERJA SAhAM | share Performance 53 PENghARgAAN DAN SERTIfIKASI | Awards and Certifications 56 TATA KELoLA PERUSAhAAN yANg BAIK | Good Corporate Governance 59 KEBIJAKAN DIVIDEN | Dividend Policy 77 PENERBITAN oBLIgASI KoRPoRASI | Corporate Bond Issuance 79 wESEL BAyAR | notes Payable 81 PENERBITAN oBLIgASI KoNVERSI | Issuance of Convertible Bonds 81 PEMERINgKATAN EfEK | Financial Ratings 83 SUSANAN KEPEMILIKAN SAhAM PERSERoAN | statistics of shareholdings 84 PENgEMBANgAN SUMBER DAyA MANUSIA | Human Resources Development 86 MANAJEMEN SERTA PELATIhAN AwAK KAPAL | Crew Management and Crew training 87 TANggUB JAwAB SoSIAL PERUSAhAAN | Corporate social Responsibility 89 ANALISA DAN PEMBAhASAN MANAJEMEN | Managements Discussion and Analysis 93 DEwAN KoMISARIS | Board of Commissioners 98 DIREKSI | Board of Directors 100 SURAT PERNyATAAN | statement Letter 101 LAPoRAN AUDIToR INDEPENDEN | Independent Auditors Report 109 group Addresses (on inside back cover)
pt BeRliAn lAju tAnkeR tBk Annual Report 2009
VISI
untuk menjadi perusahaan pelayaran Multinasional terkemuka baik dalam pengangkutan di dalam negeri maupun internasional dengan memperkerjakan sumber daya yang berkualitas dan memiliki keunggulan bersaing agar dapat memberikan layanan yang berkualitas tinggi.
MISI
untuk melayani kepentingan publik dan kebutuhan pelanggan dengan melakukan pencegahan kehilangan jiwa, kecelakaan di laut dan pencemaran lingkungan.
VISIoN
to be the preferred Multinational Shipping Company in domestic and international trading by employing good and competitive resources to deliver high-quality services.
MISSIoN
to serve the public interest, as well as the needs of our customers by preventing loss of life, marine casualties, and environmental pollution.
Riwayat singkat peRusahaan
RIwAyAT SINgKAT PERUSAhAAN
pt Berlian laju tanker tbk (perseroan) pada mulanya berdiri dengan nama pt Bhaita laju tanker pada tahun 1981. perseroan memulai kiprahnya dalam industri pelayaran dengan mengoperasikan 2 kapal tanker minyak, Mt Brotojoyo dan Mt Anjasmoro dengan total bobot sebesar 12.050 DWt. kedua kapal tanker tersebut disewakan oleh perseroan kepada pertamina yang sekaligus menjadi tonggak awal hubungan bisnis perseroan dengan pertamina. pada tahun 1988, perseroan resmi berganti nama menjadi pt Berlian laju tanker. usaha perseroan dalam menyediakan jasa angkutan muatan cair ternyata berkembang dengan sangat pesat. perkembangan dalam industri petrokimia dan minyak nabati pada era 80an ternyata membuka peluang bagi perseroan untuk memperluas cakupan usahanya dan masuk ke dalam segmen usaha baru. Dengan melihat potensi bisnis yang cukup menjanjikan pada segmen gas dan kimia cair, maka pada tahun 1986 perseroan memutuskan untuk memperluas cakupan muatan cair yang dilayani, antara lain meliputi bahan kimia, bahan bakar gas cair (lpG) dan minyak nabati. pada tahun 1990, perseroan menjadi perusahaan pelayaran pertama di indonesia yang mencatatkan sahamnya di Bursa efek indonesia. Dengan lingkup usaha pelayaran berskala internasional, maka pada tanggal 30 oktober 2006 perseroan mencatatkan sahamnya pada Singapore exchange Securities trading limited (SGX) dan menjadi perusahaan indonesia pertama yang melakukan pencatatan saham di Bursa efek indonesia dan Singapura (dual listed). Singapura sejak lama telah dikenal sebagai pusat pelayaran antar negara dan pusat kegiatan ekonomi regional. karena itulah, tindakan ini diharapkan dapat memberi pengaruh positif terhadap perkembangan perseroan di masa mendatang.
PT Berlian Laju Tanker Tbk (the Company) was initially established under the name of PT Bhaita Laju Tanker in 1981. The Company started its business in the shipping industry by operating 2 oil tankers, namely MT Brotojoyo and MT Anjasmoro with dead weight capacities of 12,050 DWT each. These two tankers were chartered by the Company to Pertamina, which later on became a landmark of the business relationship between the Company and Pertamina. In 1988, the Company officially changed its name to become PT Berlian Laju Tanker. The business of the Company in providing the liquid cargo transportation services apparently grew very fast. The development in the petrochemical and vegetable oil industries in the 1980s opened a new business opportunity for the Company to expand its business coverage and enter into a new business segment. To better respond the market demand, in 1986, the Company expanded its services to include transportation of a wider range of chemicals, liquified petroleum gas (LPG) and vegetable oils. In 1990, the Company became the first Indonesian shipping company to be listed on the Indonesia Stock Exchange. With an international shipping business coverage in hand, on October 30, 2006 the Company listed its shares on the Singapore Exchange Securities Trading Limited (SGX) and became the first Indonesian company to be listed in both Indonesia Stock Exchange and Singapore Stock Exchange (dual listed). Since a long time ago, Singapore has been known as an intra country shipping center and a center of regional business activities therefore this action was expected to positively affect the growth of the Company in the future.
Company at a Glance
CoMPAny At A GLAnCe
perseroan memiliki jaringan internasional yang luas dalam hal pengoperasian, penjualan, dan pemasaran. perseroan mempertahankan pertumbuhan jaringan usahanya di luar negeri, dan di saat yang bersamaan, terus meningkatkan komitmen perseroan atas operasi usaha yang global namun terkontrol dan terintegrasi penuh dengan seluruh jaringan operasi usaha perseroan. Selain kantor-kantor operasional di jakarta, Singapura, Hongkong, Bangkok, taiwan, Shanghai, dan Beijing, perseroan juga memiliki kantor-kantor pemasaran di Dubai, untuk melayani para pelanggan di timur tengah, Mumbai, untuk melayani pelanggan di Asia Selatan, Glasgow untuk melayani pelanggan di eropa dan Westport - Connecticut dan Sao paolo - Brasil untuk melayani pelanggan di Amerika utara dan Amerika Selatan. Dengan mengakuisisi Chembulk tankers llC (Chembulk) pada akhir tahun 2007, perseroan mampu menyediakan jasa transportasi ke seluruh dunia termasuk eropa, Baltik, Amerika, Asia timur, Asia tenggara, Asia Selatan, timur tengah serta Australia. Sebagai perusahaan pelayaran k e l a s d u n i a , pe r s e r o a n sangat memahami bahwa kondisi armada yang dimiliki akan menentukan peluang keberhasilan bisnis perseroan di tengah kompetisi global. Hampir seluruh kapal yang dimiliki oleh perseroan merupakan kapal berlambung ganda (double hull) dan seluruh armada kapal tanker kimia perseroan telah memenuhi standard iMo ii/iii. Spesifikasi modern dari kapal kapal yang dimiliki oleh perseroan juga didukung dengan perwira dan awak yang terlatih, berpengalaman, dan bersertifikat internasional. Sampai dengan akhir tahun 2009, perseroan telah mengoperasikan 91 kapal tanker berbobot total sekitar 2,2 juta DWt. Melalui semboyan Mengangkut dengan Selamat, kompetitif dan tepat Waktu, perseroan senantiasa berkomitmen untuk memberikan pelayanan bermutu, terbaik, dan merata kepada setiap pelanggannya. komitmen ini diwujudkan melalui pemenuhan standar keselamatan internasional (international Safety Management Code/iSM Code) dan standar iSo 9001:2000, standar iSo 14001:2004 dan standar oHSAS 18001:1999 dimana perseroan telah memperoleh sertifikat dari lembaga-lembaga internasional tersebut. komitmen perseroan untuk memberikan pelayanan terbaik dan mematuhi standar tertinggi diyakini akan dapat menjamin kelangsungan bisnis perseroan hingga masa mendatang. The Company has a wide international network for the purpose of its operation, sales and marketing. The Company maintains its business network growth in abroad and at the same time keeps increasing the commitment of the Company to the global business operations yet fully controlled and integrated with the whole business operation network of the Company. In addition to the operational offices in Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai and Beijing, the Company also has marketing offices in Dubai for attending customers in the Middle East, Mumbai for attending customers in the South Asia, Glasgow and for attending customers in Europe, and Westport, Connecticut and Sao Paolo, Brazil for attending customers in North America and South America. By acquiring Chembulk Tankers LLC (Chembulk) at the end of 2007, the Company managed to provide transportation services to the whole world, including Europe, Baltic, America, East Asia, Southeast Asia, South Asia, Middle East as well as Australia.
As a world class shipping company, the Company truly understands that the condition of its fleets will determine the business achievement of the Company in the midst of global competition. Nearly all of the vessels owned by the Company are double hulled vessels and stainless steel and all chemical tankers of the Company have fulfilled the IMO II/III standards. The modern specifications of the vessels owned by the Company, is also supported with well trained and highly experienced officers and crews with international certifications. Up to the end of 2009, the Company operates 91 tankers with a total capacity of approximately 2.2 million DWT.
With a motto Delivers with Safety, Competitiveness and Timeliness the Company always commits itself to provide excellent, the best, equivalent services to all its customers. This commitment is materialized by fulfilling the international safety standards (International Safety Management Code/ISM Code) and ISO 9001:2000 standard, ISO 14001:2004 standard and OHSAS 18001:1999 standard in which the Company has obtained the relevant certifications from the above mentioned international institutions. The commitment of the Company to provide its best services and fulfill the highest standards is believed to secure the business sustainability.
tonggak penting peRjalanan peRseRoan Corporate Milestones
Didirikan dengan memiliki dua kapal sebagai aset yang disewakan ke Pertamina
Memulai transportasi bahan kimia cair dari dan untuk beberapa manufaktur kimia besar
Memulai transportasi gas cair
Penawaran Umum Saham Perdana Perseroan di BEJ dan BES (saat ini dikenal sebagai Bursa Efek Indonesia)
Mengakuisisi Asean Maritime Corp. termasuk anak perusahaannya; gold Bridge Shipping Corp, yang memiliki tujuh kapal tanker bahan kimia. Akuisisi ini dimaksudkan untuk mempercepat pertumbuhan pangsa pasar Perseroan di wilayah Timur Jauh dan China
Meresmikan beroperasinya kantor perwakilan di glasgow guna melayani pasar Eropa
ToNggAK PENTINg PERJALANAN PERSERoAN

1981 1986 1989 1990 1998 2004
established with two vessels as assets chartered to Pertamina
Commenced transportation of liquid chemical substances from and for several major chemical manufacturers
Commenced transportation of liquified gas
Conducted the Initial Public offering of the Company at BeJ and Bes (presently known as Bursa efek Indonesia (Indonesia stock exchange))
Acquired Asean Maritime Corp. including its subsidiary; Gold Bridge shipping Corp. which has seven chemical tankers. the acquisition was aimed to accelerate the growth of the Companys market share in the Far east and China regions
Commenced the operation of a representative office in Glasgow to serve the european market
tonggak penting peRjalanan peRseRoan Corporate Milestones

Penawaran Saham Perdana pada Bursa Singapura dan menjadi perusahaan pertama yang terdaftar di Bursa di Indonesia sekaligus Singapura; BLT menjadi perusahaan penyedia jasa transportasi terbesar untuk segmen transportasi bahan kimia cair antar negara Asia, yang memiliki armada tanker kimia terbesar ketiga di kelas berbobot dibawah 20.000 DwT. Memulai usaha di bidang offshore dengan memiliki kapal fPSo (floating, Production, Storage, and offloading) Membuka kantor pemasaran di Mumbai, India Mengakuisisi Chembulk Tankers LLC - USA, yang mengoperasikan 16 kapal tanker kimia baja anti karat berukuran besar. Langkah akuisisi ini menempatkan Perseroan menjadi salah satu perusahaan penyedia jasa transportasi terbesar di dunia, untuk segmen bahan kimia cair.
2009 Melakukan Rights Issue pada dua bursa yang berbeda sekaligus, yaitu Bursa Efek Indonesia dan Bursa Efek Singapura Pada akhir 2009 Perseroan beroperasi di semua wilayah pasar utama dunia, dengan armada yang terdiri dari 91 kapal (63 tanker kimia, 14 tanker minyak, 13 tanker gas dan 1 fPSo) dan total kapasitas angkut berbobot mati sekitar 2,2 juta DwT.
Membuka kantor perwakilan di Dubai
Membuka kantor pemasaran di Sao Paolo, Brasil, untuk lebih dalam menembus pasar Amerika Selatan dan Amerika Utara
2005
2006
2007
2008
2009
CoRPoRAte MILestones
opened a representative office in Dubai
Conducted the Initial Public offering at the singapore exchange securities trading Limited (sGX-st) and became the first company listed on both stock exchanges in Indonesia and singapore BLt became the largest transporter in the intraAsia chemical transportation market, with the third largest sub-20,000 DWt chemical tanker fleet globally Commenced offshore business by owning FPso (Floating, Production, storage and offloading) vessel
opened a marketing office in Mumbai, India Acquired Chembulk tankers LLC UsA which operated 16 large sized stainless steel chemical bulk tankers. With this acquisition, the Company becomes one of the largest transportation service providers in the world for the liquid chemical bulk segment.
opened a marketing office in sao Paolo, Brazil penetrating the south American and north American markets.
Conducted Rights Issues in two different stock exchanges simultaneously, namely Bursa efek Indonesia (Indonesia stock exchange) and singapore exchange securities trading Limited. At the end of 2009, the Company had operations in all global major markets with 91 vessels (63 chemical tankers, 14 oil tankers, 13 gas tankers and 1 FPso) and with a total transportation capacity of 2.2 million DWt.
ikhtisaR data keuangan penting Financial Highlights
in uSD or Rupiah based on inDo GAAp 2009

(USD 000)
2008
(USD 000)
2007
(Rp Million)
2006
(Rp Million)
2005
(Rp Million)
Laporan Laba Rugi| Income statement pendapatan usaha Revenues laba kotor Gross Profit laba usaha Operating Profit laba Bersih Net Profit 618,346 132,834 99,907 (285,876) 723,682 229,624 193,313 218,364 3,641,773 1,137,092 898,071 758,982 3,073,788 1,122,293 946,392 1,205,280 2,617,192 1,048,574 945,822 645,186
Neraca | Balance sheet Aktiva tetap Bersih Property, vessels and equipment net jumlah Aktiva Total Assets jumlah kewajiban Liabilities ekuitas Equity jumlah Saham yang beredar (000 unit) Share Issued (000 units) jumlah rata-rata tertimbang Saham beredar (000 unit) Weighted average number of shares (000 units) 1,946,389 2,497,922 1,879,630 618,292 5,981,591 5,109,770 1,896,264 2,295,926 1,742,099 553,827 4,589,281 4,781,577 15,810,719 20,668,625 17,353,043 3,315,582 4,159,010 3,810,883 5,903,932 8,205,956 5,074,796 3,131,160 4,157,572 3,973,970 5,184,774 7,908,587 5,900,202 2,008,385 4,157,214 4,046,588
Data Per Saham | Per share Data per share data laba Bersih per Saham Net Earning per Share (0.0559) 0.0457 199 303 159
Rasio | Ratios laba Bersih / jumlah Aktiva (%) Net Profit / Total Assets (%) laba Bersih / ekuitas (%) Net Profit / Equity (%) Rasio lancar (x) Current Ratio (x) jumlah kewajiban / ekuitas (%) Total Liabilities / Equity (%) jumlah kewajiban / Aktiva (%) Total Liabilities / Assets (%) -11.4 -46.2 0.8 304 75.2 9.5 39.4 0.7 314.6 75.9 3.7 22.9 0.7 523.4 84.0 14.7 38.5 1.5 162.1 61.8 8.2 32.1 1.5 293.8 74.6
ikhtisaR data keuangan penting Financial Highlights
in uSD based on iFRS 2009

(USD 000)
2008
(USD 000)
2007
(USD 000)
2006
(USD 000)
2005
(USD 000)
Laporan Laba Rugi| Income statement pendapatan usaha RevenuesRevenues laba kotor Gross Profit laba usaha Operating Profit laba Bersih Net Profit 618,346 132,237 101,084 (117,004) 723,682 217,652 182,167 24,892 398,643 118,794 96,824 76,778 335,217 113,442 94,921 107,490 266,405 101,619 91,370 60,210
Neraca (USD) | Balance sheet (UsD) Aktiva tetap Bersih Property, vessels and equipment net jumlah Aktiva Total Assets jumlah kewajiban Liabilities ekuitas Equity jumlah Saham yang beredar (000 unit) Share Issued (000 units) jumlah rata-rata tertimbang Saham beredar (000 unit) Weighted average number of shares (000 units) 1,991,975 2,522,015 1,873,256 648,759 5,981,591 5,109,770 1,982,260 2,405,724 1,736,400 669,324 4,589,281 4,176,930 1,891,626 2,413,086 1,837,860 575,226 4,159,010 3,810,883 817,556 1,077,989 560,780 517,210 4,157,572 3,973,970 677,148 960,141 603,062 357,079 4,157,214 4,046,588
Data Per Saham | Per share Data laba Bersih per Saham Net Earning per Share 0.0052 0.0060 0.020 0.027 0.014
Rasio | Ratios laba Bersih / jumlah Aktiva (%) Net Profit / Total Assets (%) laba Bersih / ekuitas (%) Net Profit / Equity (%) Rasio lancar (x) Current Ratio (x) jumlah kewajiban / ekuitas (%) Total Liabilities / Equity (%) jumlah kewajiban / jumlah aktiva (%) Total Liabilities / Total Assets (%) -4.6 -18 0.76 288.7 74.3 1.0 3.7 0.71 259.4 72.2 3.2 13.3 0.7 319.5 76.2 10.0 20.8 1.5 108.4 52.0 6.3 16.9 1.3 168.9 62.8
stRuktuR oRganisasi Organization Structure
STRUKTUR oRgANISASI oRGAnIzAtIon stRUCtURe

Board of Commissioners nomination Committee Remuneration Committee Audit Committee
president Director
Management Representative
Corporate Secretary
internal Audit
Quality MR
HSe MR
Business Development Director
Commercial Director
Finance Director
Administration Director
Corporate
Commercial
Finance Accounting Ship Management Controller
legal & insurance Business Dev & Asset Management people Management
Marketing & operation
Finance operation treasury
information technology
Chartering
investor Relations
organization Development Adm & office Management
Marketing & operation Agency
Branch Management
offshore
project
Business Relation
infoRmasi peRseRoan Company Information
BoARD of CoMMISSIoNERS Mr hadi Surya president Commissioner Mr harijadi Soedarjo Commissioner Mr Alan Jonathan Tangkas Darmawan independent Commissioner Mr Jaka Prasetya independent Commissioner BoARD of DIRECToRS Mr widihardja Tanudjaja president Director Mr henrianto Kuswendi Commercial Director Mr Michael Murni gunawan Administration Director Ms Siana Anggraeni Surya Business Development Director Mr wong Kevin Finance Director AUDIT CoMMITTEE Mr Alan Jonathan Tangkas Darmawan Chairman Mr Jaka Prasetya Mr Max Sumakno Budiarto REMUNERATIoN CoMMITTEE Mr Alan Jonathan Tangkas Darmawan Chairman Mr hadi Surya Mr Jaka Prasetya NoMINATIoN CoMMITTEE Mr Alan Jonathan Tangkas Darmawan Chairman Mr hadi Surya Mr Jaka Prasetya CoRPoRATE SECRETARy Mr wong Kevin
REgISTERED offICE & BUSINESS ADDRESSES PT Berlian Laju Tanker Tbk Wisma BSG, 10th floor jalan Abdul Muis no.40 jakarta 10160 indonesia phone : +62 21 30060300 Fax : +62 21 30060389, +62 21 30060391 email : investor@blt.co.id , marketing@blt.co.id ShARE REgISTRARS PT Sinartama gunita as Share Registrar for Shares registered in Bursa Efek Indonesia PT Sinartama gunita plaza Bii, tower 3, 12th floor jl. M.H thamrin no.51, jakarta 10350 - indonesia Boardroom Limited as Share Transfer Agent for Shares registered in Singapore Exchange Securities Trading Ltd (SgX-ST) Boardroom Limited 50 Raffles place Singapore land tower #32-01 Singapore 048623 AUDIToR osman Bing Satrio & Rekan Member of Deloitte Touche Tohmatsu Wisma Antara 12th Floor, jl. Medan Merdeka Selatan no.17 jakarta -10110
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sambutan dewan komisaRis
SAMBUTAN DEwAN KoMISARIS

yang terhormat para Pemegang Saham dan Mitra Usaha Perseroan pertama-tama Dewan komisaris menyampaikan terima kasih kepada para pemegang Saham, Direksi, beserta jajaran Manajemen atas dukungan dan kerja keras selama tahun 2009 sehingga membawa perseroan tetap bertahan dan berkembang baik. Dewan komisaris patut memberikan apresiasi terhadap kerja keras Direksi dan seluruh jajaran Manajemen atas berbagai upaya untuk menjalankan usaha perseroan sepanjang tahun 2009 yang cukup sulit akibat krisis perekonomian global. Apresiasi yang sama patut diberikan juga kepada seluruh pemegang saham yang dengan caranya masing-masing tetap mendukung berbagai langkah yang dilakukan perseroan dalam menghadapi situasi krisis sepanjang tahun 2009. Dewan komisaris menilai bahwa Direksi beserta jajaran Manajemen telah cukup banyak melakukan inovasi sehingga perseroan mampu melewati tahapan krisis global. konsolidasi ke dalam dan pengendalian biaya berjalan cukup baik kendati masih perlu melakukan beberapa penyesuaian paradigma agar perseroan tetap mampu mengikuti perubahan dan perkembangan ekonomi dunia yang terus-menerus terjadi. Valued shareholders and Business Partners of the Company Firstly, the Board of Commissioners would like to express its gratitude to all Shareholders, to Members of the Board of Directors and to the Management of the Company for their ongoing support and their hard work throughout 2009, as a result of which the Company has achieved its present progress and growth. The Board of Commissioners commemorates its appreciation towards the hard work presented by the Board of Directors and the Management of the Company for their effort in running the Companys business through the difficult time of 2009 as a result of global economic crisis. The equal appreciation is also given to the Shareholders who had in their own ways supported the necessary steps taken by the Company when facing the crisis in 2009. The Board of Commissioners is in the view that the Board of Directors along with the Management have done numerous innovations that led the Company through the global crisis phase. Internal consolidation and cost control were well implemented despite a few paradigm adjustments that need to be done for the Company to track the ongoing changes and development of global economy.
Remarks from Board of Commissioners
11
ReMARks FRoM BoARD oF CoMMIssIoneRs

keadaan ekonomi makro yang masih belum stabil hingga tahun 2009 akibat krisis keuangan global memang menjadi tantangan, namun pertumbuhan ekonomi bangsa kita masih cukup baik walaupun ada risiko, namun tidak terlalu mengkhawatirkan. Suku bunga relatif membaik dan laju inflasi dalam kisaran 6-7 persen. pada tahun 2009 Dewan komisaris mencatat beberapa hal penting yang berhasil dicapai oleh perseroan, antara lain: a. perkembangan Armada - secara keseluruhan, perseroan telah meningkatkan kapasitas armadanya sehingga pada akhir tahun 2009 total armada perseroan mencapai 91 unit dengan total bobot sekitar 2,2 juta DWt. Suatu peningkatan dibandingkan dengan akhir tahun 2008 dimana perseroan mengoperasikan 88 unit dengan total bobot sekitar 2,1 juta DWt. Sebagai antisipasi terhadap meningkatnya pertumbuhan permintaan jasa transportasi laut di dalam negeri terutama sehubungan dengan penerapan azas cabotage di indonesia, perseroan dalam tahun 2009 telah berhasil mengkonversikan sebanyak 7 kapal perseroan menjadi kapal berbendera indonesia dan 3 kapal lainnya dikonversikan pada awal tahun 2010. The instability of the macro economy condition in 2009 which was caused by a global financial crisis proved to be quite a challenge. Fortunately, the rate of economic growth within Indonesia was still good, and although this growth is subject to risk factors, these are not cause for excessive concern. Interest rates continued to decline while the rate of inflation was in the range of 6-7%. In 2009, the Board of Commissioners was gratified to note a number of important achievements by the Company, including the following: a. Fleet development - Overall the Company has increased the capacity of its fleet so that at the end of 2009, the fleet consisted of 91 vessels with a total capacity of 2.2 million DWT. This is an increase over the size and capacity of the fleet compared with the end of 2008, when the fleet consisted of 88 vessels with a total capacity of 2.1 million DWT. In anticipation of the increase in demand growth for marine transportation services with domestic waters especially in relation with the implementation of cabotage principle in Indonesia, the Company has converted 7 of its vessels into Indonesian flag vessels during 2009 and with 3 additional conversion in the beginning of 2010. Following the crisis in the global economy where the freight rate of international liquid cargo is far from conducive, the implementation of cabotage principle was a golden opportunity for the Company which lead to the Companys decision to divert several of its vessels which were originally operated in international waters to domestic waters and provide relatively better opportunity and freight rate.
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sambutan dewan komisaRis
b. Diversifikasi sejalan dengan peningkatan kapasitas armada, perseroan telah melakukan diversifikasi, baik dengan memperkuat bisnis baru seperti offshore, memperkuat sektor angkutan gas cair, maupun pengembangan daerah usaha dengan lebih mengintensifkan angkutan ke beberapa daerah di luar Asia seperti Mediterania, Afrika, eropa dan Amerika latin untuk meningkatkan fleksibilitas dan kemampuan perseroan dalam mengoperasikan armadanya ke kawasan yang lebih menguntungkan. c. Mempertahankan likuiditas, Cashflow, dan Rasio keuangan dalam upaya memperbesar armada dan merebut pangsa pasar yang lebih luas, perseroan tetap memperhatikan dan mempertahankan likuiditas maupun rasio pinjaman terhadap ekuitas. d. Mengintegrasikan armada anak perusahaan, Chembulk tankers llC, kedalam usaha perseroan sehingga secara langsung berdampak tidak saja pada penambahan kapasitas angkutan armada, tetapi juga memberikan kontribusi yang lebih besar dalam memperluas wilayah operasi dan pasar perseroan, disamping akses terhadap pelanggan baru sehingga lebih melengkapi dan memperkuat posisi perseroan sebagai pemain global. Walaupun iklim usaha sepanjang tahun 2009 cukup berat, namun secara umum jalannya usaha perseroan masih terkendali dan perseroan telah membuktikan kemampuan dalam memenuhi kewajiban-kewajiban keuangannya. keadaan ini memberi keyakinan pada jajaran Manajemen dalam menghadapi tantangan di tahun-tahun mendatang dimana diperkirakan kondisi usaha akan semakin membaik dan mewujudkan cita-cita perseroan menjadi salah satu perusahaan pelayaran angkutan cair terbaik di indonesia maupun internasional. untuk mencapai hal tersebut tentu
b. Diversification along with the increase of fleet capacity, the Company has diversified its business, through establishment of new businesses such as offshore, strengthening of liquid gas cargo transportation, and also geographical expansion through intensification of transportation to several regions outside Asia such as the Mediterranean, Africa, Europe and Latin America to improve the Companys flexibility and its ability to operate its fleet in areas that offer profitable margins. c. Maintain Liquidity, Cashflow and Financial Ratio As part of its endeavors to expand its fleet and to win a larger market share, the Company should continue to focus and maintain liquidity and debt to equity ratio. d. Integration of Chembulk Tankers LLC, subsidiary of the Company, into the Companys business which will directly impact not only the additional capacity of the fleet, but also a larger contribution through expansion of the Companys operational area and market, aside from access to new customers which completed and strengthen the Companys position as global player. Although the business climate in 2009 was quite challenging, in general the Companys business was well under control and the Company has shown its ability to fulfill its financial liabilities. This condition provides a strong basis for the management of the Company to face the challenges that will emerge in years to come where the business condition is expected to improve and to achieve the goal of transforming the Company into the best provider of maritime transportation services specializing in the transportation of liquid chemicals in Indonesia and
Remarks from Board of Commissioners
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menuntut kerja yang lebih keras dan komitmen penuh serta rasa percaya diri baik pada jajaran Manajemen dan seluruh karyawan maupun dukungan penuh dari para pemegang Saham dan Mitra usaha. Selain itu, untuk mencapai cita-cita perseroan, seluruh jajaran dalam perseroan terus bahu-membahu mempertahankan kinerja dengan terus memacu revenue dan lebih ketat dalam pengawasan biaya sehingga likuiditas tetap meningkat dan pertumbuhan perseroan dapat terus berkesinambungan. Melihat kondisi perkembangan perseroan sejauh ini dan perkiraan akan peningkatan pertumbuhan ekonomi yang cukup baik di kawasan Asia pasifik, Dewan komisaris yakin bahwa perseroan bersama jajaran Manajemen yang telah teruji dapat mempertahankan dan meningkatkan kinerja dengan memanfaatkan pertumbuhan ekonomi regional, bahkan mampu melintas pada jalur ekonomi dunia, demi pertumbuhan perseroan di masa-masa mendatang. Dewan komisaris juga berharap agar seluruh jajaran Manajemen lebih berani melakukan inovasi untuk perkembangan perseroan dan menyesuaikan cara pandang baru dalam menjalankan aktivitas bisnis dalam lingkungan usaha yang terus berubah. Setelah mempelajari laporan keuangan perseroan untuk tahun buku yang berakhir tanggal 31 Desember 2009 yang telah diaudit oleh kantor Akuntan publik osman, Ramli Satrio & Rekan (member of Deloitte touche tohmatsu) dengan pendapat Wajar tanpa pengecualian, Dewan komisaris berpendapat bahwa secara umum usaha perseroan selama tahun 2009 berjalan cukup baik dan dapat dipertanggungjawabkan. Direksi perseroan bersama jajaran Manajemennya telah mengambil kebijakan-kebijakan yang efektif dalam mengembangkan armada dan mencoba mengatasi kondisi krisis dunia dan faktor eksternal lainnya yang kurang kondusif sehingga perseroan tetap mampu bertahan pada kondisi krisis perekonomian global dan tetap dapat berkembang dan memberikan nilai tambah bagi para pemegang Saham. untuk itu, Dewan komisaris merekomendasikan kepada para pemegang Saham perseroan agar menanggapi secara positif laporan hasil usaha dan laporan keuangan perseroan tahun buku 2009 ini. Akhirnya, Dewan komisaris menyampaikan terima kasih kepada para pemegang Saham, Direksi beserta jajaran Manajemen, dan seluruh karyawan atas dukungannya. Dewan komisaris juga menyampaikan terima kasih kepada komite Audit, komite nominasi, dan komite Remunerasi atas usaha dan kerjasama yang baik sehingga tugas pengawasan yang diemban Dewan komisaris dapat terlaksana dengan baik.
throughout the globe. In order to achieve this, extensive hard work and total commitment as well as confidence from all levels of Management and staff, together with the support of Shareholders and business partners, will be required. n addition, in order to achieve the Companys goals, all layers of management and staff within the Company must continue to strive to increase revenues and to control cost rigorously so that liquidity will continue to improve, thus ensuring the ongoing growth and development of the Company. Looking at the Companys growth to this point and based on the forecast of ongoing stable economic growth in the Asia Pacific region, the Board of Commissioners is confident that the current well proven Management of the Company will continue to maintain and improve the Companys performance and to harness regional and global economic growth to ensure its future growth. The Board of Commissioner also expects that the Management of the Company would dare to conduct innovations for the Companys development and adjust its point of view in carrying business activities in an ever changing business environment. After examining the Companys financial reports for the book year ending 31 December 2009, which have been audited and affirmed to be a fair representation by the Public Accountant Osman Bing Satrio & Rekan (member of Deloitte Touche Tohmatsu), the Board of Commissioners is of the opinion that the Company has been run properly and the business performance is accountable. The Board of Directors of the Company and its management have implemented the appropriate policies to expand the Companys fleet and overcome the global crisis condition and other unsupportive external factors which lead to its current standing and continue to grow and provide values to the shareholders. Thus, the Board of Commissioners has no hesitation in recommending that the Companys Shareholders accept this report of the Companys business operations and financial performance in 2009.
Finally, the Board of Commissioners would like to express its gratitude to Shareholders, members of the Board of Directors and all members of the Companys management and staff for their ongoing support. The Board of Commissioners would also like to express its gratitude to the Audit Committee, Nomination Committee, Remuneration Committee, and to the Independent Commissioners for their cooperation and efforts in assisting the Board of Commissioners to exercise their supervisory role appropriately. Best Regards and Thank You, the Board of Commissioners
Sekian dan terima kasih. Dewan Komisaris
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lapoRan tugas pengawasan dewan komisaRis
LAPoRAN TUgAS
PENgAwASAN DEwAN KoMISARIS

yang terhormat para Pemegang Saham dan Mitra Usaha Perseroan, pertama-tama Dewan komisaris menyampaikan terima kasih kepada para pemegang Saham, Direksi beserta jajaran Manajemen atas dukungan dan kerja keras selama tahun 2009 sehingga membawa perseroan tetap maju dan berkembang. Sesuai dengan fungsi Dewan komisaris yang bertugas untuk mengawasi kinerja Direksi dan Manajemen perseroan untuk melindungi kepentingan para pemegang Saham, serta memastikan perseroan mencapai tujuan tujuan yang telah ditetapkan sebelumnya, maka bersama ini, Dewan komisaris melaporkan tindakan tindakan yang telah dilakukan dalam kapasitasnya untuk mengawasi dan memberikan nasihat kepada Direksi dan Manajemen. Kinerja Keuangan pada tahun 2009, kinerja keuangan perseroan memang tidak sebaik pada tahun 2008. pendapatan perseroan turun sebesar 14,6% dibandingkan tahun 2008 berdasarkan indoGAAp total aktiva perseroan pada posisi 31 Desember 2009 mencapai uSD 2,50 milyar atau tumbuh 8,8% dibanding periode yang sama tahun 2008 dan merupakan bentuk komitmen perseroan untuk terus mengembangkan usahanya di masa depan. pada tahun 2009, Dewan komisaris juga telah memantau bahwa tidak terdapat pelanggaran transaksi benturan kepentingan yang terjadi yang dilakukan oleh Direksi dan Manajemen perseroan. Dewan komisaris telah pula melihat adanya peningkatan praktek good corporate governance dengan adanya penerapan masa reses dari transaksi efek (black out periods) bagi Direksi dan Manajemen termasuk staff lainnya untuk menghindari perdagangan efek orang dalam (insider trading). pada tahun 2009, Direksi dan Manajemen perseroan pt Berlian laju tanker tbk telah menjalankan usaha perseroan dengan baik sesuai dengan prosedur dan rencana kerja tanpa melanggar rambu-rambu yang telah ditetapkan oleh Dewan komisaris. Dear shareholders and Business Partners, First of all, we, the Board of Commissioners, would like to convey our gratitude to the Shareholders, to the Board of Directors and all levels of the Company management for their support and hard work during 2009 which has kept the Company progressing in the right direction as we all look forward to. In line with the function of the Board of Commissioners, i.e. to supervise the performance of the Board of Directors and Management of the Company in order to protect the interest of the Shareholders, and to ensure that the Company achieves the objectives as designated from the start, therefore, the Board of Commissioners shall herewith report the activities that have been undertaken in order to supervise and to provide advice to the Board of Directors and the Management. Financial Performance In 2009, the Companys financial performance was not as bright as 2008. The Companys revenue was down 14.6% compared with year 2008 based on IndoGAAP Total Company assets by 31 December 2009 has expanded by 8,8% to a total value of USD 2.50 billion compared to the same period of 2008, which is a materialization of the Companys commitment to continuously expand its business in the future. The Board of Commissioners has also concluded that in 2009 there were no cases of conflict of interest transactions by the Board of Directors or the Management of the Company. The Board of Commissioners has also observed improvement in the good corporate governance practices in terms of application of black out periods for the Board of Directors and Management members including staff alike, to prevent any insider trading. During the year of 2009, the Board of Directors and the Management of PT Berlian Laju Tanker Tbk have done their task well and in line with the procedure and work plan, without any breach to the guidelines set by the Board of Commissioners.
Supervisory Report of the Board of Commissioners
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sUPeRVIsoRy RePoRt oF
Kinerja operasional ekspansi armada yang telah dilakukan perseroan sepanjang tahun 2009 telah meningkatkan kapasitas angkut perseroan menjadi semakin besar sehingga meningkatkan skala operasi dimana jumlah kapal dalam armada perseroan telah meningkat menjadi 91 kapal pada tahun 2009 dibandingkan dengan 88 kapal pada tahun 2008. Dari segi kapasitas, perusahaan juga menunjukkan peningkatan dimana pada tahun 2008 total kapasitas angkut armada perseroan adalah sekitar 2,1 juta DWt dan pada tahun 2009 jumlah tersebut telah naik menjadi sekitar 2,2 juta DWt. Dengan jumlah dan kapasitas armada yang dimiliki perseroan, maka perseroan memiliki keunggulan kompetitif yang kuat untuk semakin memperbesar pangsa pasar global yang dimilikinya, terutama pada segmen transportasi kimia cair. Secara keseluruhan, Dewan komisaris menilai bahwa kinerja perusahaan selama tahun 2009 telah menunjukkan prestasi yang cukup baik. Dalam menjalankan tugas pengawasannya, Dewan komisaris telah membentuk beberapa komite untuk mendukung kinerja pengawasan Dewan komisaris. komite komite tersebut adalah komite nominasi, komite Remunerasi, dan komite Audit. Setiap komite tersebut terdiri atas anggota anggota Dewan komisaris dimana telah ditunjuk satu ketua untuk setiap komite tersebut.
tHe BoARD oF CoMMIssIoneRs

operational Performance The fleet expansion by the Company throughout 2009 has expanded the tonnage capacity of the Companys vessel and in terms of operational scale, in 2009 our fleet consists of 91 vessels, compared to 88 vessels in 2008. The fleets total tonnage capacity itself has increased from 2.1 million DWT in 2008 to 2.2 million DWT in 2009. With the current number and total capacity of the Companys operated fleet, the Company has obtained a competitive advantage to enlarge its global market share, especially in the liquid chemical cargo transportation segment.
In overall, the Board of Commissioners regards the Companys 2009 performance as satisfying. In carrying out its supervisory function, the Board of Commissioners also has established several committees which supports the function of the Board of Commissioners. These are the Nomination Committee, Remuneration Committee, and Audit Committee. Each committee consists of members of the Board of Commissioners, and one chairman was appointed to lead each of the committees.
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Laporan Komite Nominasi tujuan dari pendirian komite nominasi adalah untuk memfasilitasi Dewan komisaris dalam menentukan susunan Direksi dan Dewan komisaris yang dapat dipercaya untuk membawa perseroan mencapai tujuan tujuan yang telah digariskan sebelumnya oleh para pemegang saham. tugas dan tanggung jawab dari komite nominasi adalah sebagai berikut: 1. Meneliti dan menilai calon anggota Dewan komisaris dan Direksi . 2. Memberikan rekomendasi nama nama yang dinilai memiliki kapasitas yang cukup sebagai anggota Dewan komisaris dan Direksi. 3. Menyusun komposisi dan jumlah komisaris independen untuk memastikan adanya keseimbangan keahlian dan kemampuan yang tepat di antara Dewan komisaris dan Direksi.
Report of the nomination Committee The objective of establishment of the Nomination Committee is to assist the Board of Commissioners in making decision on the composition of the Companys board of directors and board of commissioners who will be entrusted to lead the Company toward the designated targets as set forth by the Shareholders. Nomination Committee has the duties of, among other things: 1. reviewing and assessing candidates for directorships and commissionership. 2. reviewing and recommending to our Shareholders the individuals considered to have the capacity to be Directors and Commissioners. 3. reviewing the composition of the Companys Board of Directors and Board of Commissioners annually to ensure that we have an appropriate balance of independent Commissioners and to ensure there is an appropriate balance of expertise, skills, attributes and ability among Directors and Commissioners; 4. determining the independence of the Companys Independent Commissioners, that have been appointed by the Shareholders. 5. deciding whether the Directors and Commissioners can continue to contribute effectively and demonstrate commitment to their roles. Prior to 2009 Shareholders Annual General Meeting, the Nomination Committee has carried out assessment on the performance of each of the Directors, based on individual performance during 2008 and reevaluated the decision to maintain composition of the Board of Directors, to ensure they have the right competence and capacity as needed by the Company. There are challenges to develop the Company in the future. The same evaluation is also applied to members of the Board of Commissioners, in which their performance for 2008 has been used as reference, also to determine what kind of composition of the Board of Commissioners shall be recommended for the following period. The Board of Commissioners is in the view that the performance of the Board of Directors in 2009 was satisfactory. Report of the Remuneration Committee The Remuneration Committee was established to assist the Board of Commissioners for one key duty; to ensure the availability of a formal and transparent procedure to determine remuneration package for the Board of
4. Menilai independensi dari komisaris independen yang telah ditunjuk oleh Rapat umum pemegang Saham. 5. Menentukan sejauh mana setiap anggota Dewan komisaris dan Direksi dapat berkontribusi secara efektif dan menunjukkan komitmen yang tinggi terhadap tanggung jawab mereka. Menjelang Rapat umum pemegang Saham tahun 2009, komite nominasi melakukan penilaian terhadap kinerja setiap Direktur perseroan. penilaian ini didasarkan pada kinerja dan pencapaian yang telah ditunjukkan Direksi selama tahun 2008 dan mengevaluasi kembali apakah komposisi Direksi tersebut memiliki kompetensi dan kapasitas yang dibutuhkan perseroan untuk menjawab tantangan tantangan yang ada di masa depan. evaluasi yang sama juga dilakukan terhadap anggota anggota Dewan komisaris dimana kinerja pengawasan yang telah ditunjukkan selama tahun 2008 dinilai dan digunakan sebagai acuan dalam penentuan komposisi Dewan komisaris pada periode selanjutnya. Dewan komisaris menilai bahwa kinerja Direksi selama tahun 2009 adalah baik adanya. Laporan Komite Remunerasi komite Remunerasi dibentuk dengan tujuan utama adalah memastikan tersedianya prosedur formal dan transparan untuk penentuan paket remunerasi yang sesuai kepada Direksi. Dalam penentuan paket remunerasi tersebut,
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komite nominasi bekerja secara independen tanpa ada pengaruh dari satupun Direktur perseroan. Dalam menentukan paket remunerasi, komite mempertimbangkan beberapa hal berikut seperti: kinerja setiap Direktur pada tahun tahun sebelumnya, keahlian dan kompetensi yang dimiliki, tugas dan tanggung jawab yang akan diemban, dan kondisi keuangan perseroan. lingkup tugas dari komite Remunerasi mencakup hal hal sebagai berikut: 1. Memberikan rekomendasi kepada Dewan komisaris mengenai kebijakan dan panduan dalam penentuan paket remunerasi bagi para anggota Direksi. 2. Menyetujui target kinerja serta mekanisme penilaian yang akan digunakan dalam mengevaluasi kinerja para anggota Direksi. 3. Memberikan rekomendasi kepada Dewan komisaris mengenai paket remunerasi yang dianggap sesuai dan pantas bagi para anggota Direksi. Dalam penentuan paket Remunerasi tersebut, komite Remunerasi juga telah mempertimbangkan dan merancang suatu tingkat remunerasi yang cukup menarik untuk mempertahankan dan memotivasi Direksi perseroan dan di saat yang bersamaan menghindari paket remunerasi yang berlebihan dan tidak sesuai dengan kepentingan perseroan. kegiatan yang dilakukan oleh komite Remunerasi pada tahun 2009 adalah menetapkan untuk memberikan usulan gaji dan/atau tunjangan bagi seluruh anggota Direksi perseroan setelah dipotong pajak penghasilan tidak melebihi Rp.16.500.000.000 (enam belas miliar lima ratus juta Rupiah) setahun.
Directors. To do this task, the Nomination Committee works independently, apart from any influences from any Directors of the Company. There are several considerations to be included, such as individual performance of the Directors on previous years, their capability, expertise and competence, duty and responsibility assigned to them, and the Companys financial situation. Remuneration Committee has the duties of, among other things: 1. recommending to the Board of Commissioners for endorsement, the remuneration policies and guidelines for setting remuneration for the Directors and Commissioners. 2. Approving performance targets for assessing the performance of our Directors; and 3. Recommending specific remuneration packages for each Director for endorsement by our Board of Commissioners. Decision on the level of remuneration should be appropriate to attract, retain and motivate the directors to run the company successfully but companies should avoid paying too much for this purpose, or a proportion which has no relation to the Companys interest. Accomplishment by the Remuneration Committee in 2009 were recommendation to salary and/or allowance for all members of the Board of Directors, which in total, after being deducted by income tax, shall not exceed Rp.16,500,000,000 (sixteen billion five hundred million Rupiah) annually.
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Laporan Komite Audit Dalam memastikan fungsi pengawasan Dewan komisaris dapat berjalan dengan optimal dan menyeluruh, maka Dewan komisaris membentuk komite Audit. komite Audit memiliki tugas utama melakukan penelaahan terhadap sistem akuntansi internal, pengawasan operasional, serta kepatuhan dan manajemen risiko, melalui kerjasama dengan auditor internal maupun eksternal perseroan. tugas dan tanggung jawab komite Audit adalah sebagai berikut: 1. Melakukan penelaahan atas laporan keuangan terkonsolidasi dan laporan auditor atas laporan keuangan tersebut, termasuk kepatuhan atas standar pencatatan/pelaporan akuntansi yang berlaku. 2. Melakukan pembahasan bersama dengan auditor eksternal mengenai, apabila ada, dugaan terjadinya penipuan ataupun pelanggaran terhadap ketentuan ketentuan yang telah diatur dalam undang undang dan berdampak material terhadap kondisi operasional dan keuangan perseroan 3. Menelaah transaksi transaksi yang dilakukan perseroan menyangkut instrumen derivatif keuangan 4. Meneliti dan menilai independensi auditor eksternal dan memberikan rekomendasi penunjukan auditor eksternal 5. Melakukan pengujian terhadap transaksi transaksi benturan kepentingan 6. Melaporkan risiko risiko yang dihadapi perseroan dan dampaknya terhadap kinerja operasional dan keuangan perseroan Sepanjang tahun 2009, komite Audit mengadakan pertemuan dengan perseroan dengan frekuensi satu kali dalam satu bulan dan pertemuan dengan auditor eksternal sebanyak dua kali dalam tahun tersebut. kegiatan kegiatan yang dilakukan oleh komite Audit pada tahun 2009 adalah sebagai berikut: 1. Meminta penjelasan manajemen mengenai kepatuhan terhadap regulasi regulasi yang berlaku di Singapura dan indonesia sehubungan dengan dual listing perseroan di indonesia dan Singapura. 2. Memonitor perkembangan pembuatan kapal baru dan dana sehubungan dengan pembuatan kapal tersebut 3. Memantau transaksi transaksi dengan pihak tertentu dan pihak terafiliasi 4. Meninjau rencana kerja audit internal dan memberi masukan terhadap rencana audit tersebut 5. Memutakhirkan (meng-update) pedoman kerja komite Audit (Audit Committee Charter).
Report of the Audit Committee To ensure the fulfillment of supervisory function of the Board of Commissioners in an optimum and thorough way, the Board of Commissioners has established an Audit Committee, with key duties to review the internal accounting system, to supervise operational activities in relation to compliance and risk management, in collaboration with the internal and external auditor of the Company. The duties and responsibilities of the Audit Committee are as follows: 1. Examining the consolidated financial statement and auditors report on the financial statement, including compliance of the reporting to the applicable rules in accounting. 2. Examining and discussing with external auditors regarding suspicion of fraud, unusual matters or breach of law or regulation which might have material effect to the result of the Companys operation and/or financial position. 3. Examining the transactions undertaken by the Company which involve financial derivative instruments 4. Reviewing and asses the independence of the external auditor and providing recommendation for appointment of an external auditor 5. Examining conflict of interests transactions based on applicable rules and regulations. 6. Reporting any risks which the Company faces and their impact on the Companys operational performance and financial condition. Throughout 2009, the Audit Committee met with the Companys management once every month, and with the external auditor twice during that year. Activities undertaken by the Audit Committee in 2009 were as follows: 1. Requesting explanation to the management regarding the compliance to applicable rules and regulation both in Indonesia and Singapore in relation to the Company plan to dual-listing shares. 2. Following the construction progress of the Companys new vessels and funding related to it 3. Discussing and monitoring related-party transactions 4. Reviewing the scope and working plan of the Companys Internal Audit, providing advices and monitoring the results of Internal Audit 5. Updating the Companys Audit Committee Charter.
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hal-hal yang Perlu Mendapat Perhatian Manajemen Berdasarkan pengawasan atas realisasi kinerja dan pelaksanaan program kerja perseroan tahun 2009, maka Dewan komisaris menyampaikan beberapa hal yang perlu mendapat perhatian manajemen dalam menghadapi tahun 2010 antara lain sebagai berikut: 1. pada tahun 2010, kondisi makro ekonomi global telah mulai stabil dan beberapa indikator ekonomi telah menunjukkan tanda - tanda perbaikan dibandingkan dengan tahun 2009. oleh karena itu, perseroan perlu menyiapkan strategi yang tepat untuk memanfaatkan momentum kenaikan industri pengangkutan laut kargo cair. 2. terus melakukan perbaikan perbaikan yang berkelanjutan terhadap proses bisnis yang ada sehingga perseroan semakin mantap dalam pengembangan bisnis ke depan. 3. Melakukan upaya upaya efisiensi dan menanamkan budaya efisiensi di dalam perseroan dengan tidak mengganggu proses bisnis yang ada. Hal ini terutama mengingat efek dari krisis yang dialami sekarang ini sehingga dirasa perlu untuk melakukan peningkatan pengelolaan efisiensi operasional yang dilaksanakan secara berkelanjutan dengan memperbaiki struktur biaya melalui program efisiensi operasional yang berkesinambungan dan harus dilaksanakan secara sistematik. 4. perseroan harus memanfaatkan dengan sebaik baiknya implementasi prinsip cabotage di indonesia untuk memperkuat operasional perseroan di perairan domestik. Seluruh komite telah melaksanakan tugas dan kewajibannya dengan baik serta telah mampu memberikan laporan dan rekomendasi yang berguna kepada Dewan komisaris dalam menjalankan tugas serta wewenangnya. oleh karena itu, Dewan komisaris mengucapkan terima kasih atas segala upaya yang telah diberikan komite komite terkait dalam mendukung kinerja Dewan komisaris dalam melaksanakan tanggung jawabnya seperti yang telah diamanatkan oleh para pemegang saham. Demikian laporan Dewan komisaris atas pelaksanaan pengawasan terhadap perseoran selama tahun 2009. Sekian dan terima kasih. Dewan Komisaris
Matters of Importance to Consider by the Company Management Based on supervision on the performance and realization of the Companys 2009 work program, the Board of Commissioners has come to conclusion on some key aspects to be considered by the Management in the year 2010, as follows: 1. In 2010, the global macro economy has started to stabilize and several economic indicators have shown signs or recovery compared with 2009. Therefore, the Company should prepare the exact strategy to tap the rebound momentum of the marine liquid cargo transportation industry. 2. Continuous improvement on existing business activity to strengthen the Companys position in the market.
3. Efficiency measures and culture shall be enforced and nurtured internally, without disrupting the existing business process. Due to the impact of current crisis, it is necessary to continue the improvement of operational efficiency in a sustainable and systematic way, by creating a better cost structure and more efficient operational activities.
4. The Company should fully utilize the implementation of cabotage principle in Indonesia to strengthen the Companys operation in domestic waters. All the Committees have carried out their duties and obligations well, and are capable to provide the required reports and recommendation necessary for the Board of Commissioners to fulfill their duties and authority. Therefore, the Board of Commissioners is thankful for their hard works and dedication to assist the performance of the Board of Commissioners in meeting the assignment as trusted by the Companys Shareholders. The Report of the Board of Commissioners on supervision of the Company in 2009 is duly made. Thank you. Board of Commissioners
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sambutan diReksi
SAMBUTAN DIREKSI
yang terhormat para Pemegang Saham dan Mitra Usaha Perseroan tahun 2009 adalah tahun yang penuh dengan gejolak yang ditandai dengan pelemahan struktur ekonomi global yang signifikan sebagai kelanjutan dari krisis yang terjadi pada tahun 2008. krisis yang berdampak luas ini telah menyebabkan kesulitan keuangan pada banyak usaha dan industri utama, penurunan pertumbuhan GDp global yang signifikan menjadi negatif 2,2%, berkurangnya kekayaan masyarakat dalam jumlah yang diperkirakan mencapai milyaran Dollar Amerika Serikat, jaminan keuangan yang harus diberikan oleh banyak pemerintahan dan bank sentral pada lembaga keuangan mereka, dan penurunan aktifitas usaha global yang cukup besar. oleh karena itu menurut banyak ahli perekonomian, krisis ini adalah krisis ekonomi dunia terburuk sejak depresi besar yang terjadi pada sekitar tahun 1933. kesulitan likuiditas dan pinjaman juga melanda dimana-mana yang menyebabkan sistem keuangan global berada pada situasi yang sangat memprihatinkan. Sehubungan dengan kondisi kritis tersebut, 20 negara dengan perekonomian terbesar yang disebut dengan G-20, telah melakukan beberapa kali pertemuan tingkat tinggi dunia pada tahun 2009 dan telah membuat beberapa kebijakan penting yang walaupun sulit, namun telah memberikan dampak yang cukup baik dalam mencegah potensi efek beruntun yang dapat mengakibatkan krisis yang jauh lebih buruk. kebijakan yang diambil banyak negara maju sebagai hasil diskusi G-20 itu antara lain: melakukan ekspansi suplai di pasar uang, menyediakan paket stimulus fiskal dengan skala besar, dan menyelamatkan banyak perusahaan termasuk lembaga keuangan besar dari kerusakan yang lebih parah. kerjasama yang baik dan kebijakan-kebijakan yang diambil oleh negara-negara dalam G-20 sampai saat ini cukup berhasil dalam menyelamatkan ekonomi dunia, menghindari potensi krisis yang lebih berat, serta membawa ekonomi global ke fase pemulihan (recovery). krisis pada tahun 2009 tersebut, telah menyebabkan penurunan permintaan yang sangat besar pada berbagai jenis barang dan jasa, terutama karena krisis ini bermula dari kawasan pengimpor barang dan jasa yang besar yaitu negara-negara di Amerika utara dan di eropa Barat dimana krisis yang menimpa kawasan tersebut ternyata jauh lebih berat dari perkiraan semula. industri angkutan laut yang berperan penting dalam perdagangan internasional telah mengalami dampak paling berat sejak tahun 2008 akibat perlambatan ekonomi dunia tersebut. Sama seperti hampir semua industri-industri lainnya, industri pelayaran pada umumnya juga terimbas oleh penurunan permintaan yang signifikan.
Distinguished stakeholders and partners of the company The year 2009 was a year that was characterized by turmoils as indicated by a significantly weakened global economic structure following the global crisis in 2008. The crisis, which had an extensive impact, has caused a lot of major businesses and industries to fold, a significant decrease in the global GDP to a negative 2.2%, a loss in public wealth estimated amounted to billions of US Dollars, financial commitments that have to be pledged by many governments and central banks to their financial institutions and a substantial decrease in the world business activities. Therefore, according to many economic pundits, this crisis is considered as the worst crisis since the great depression that took place in 1933. Liquidity and credit crunch also affected many areas causing a severe distressed to the global financial system.
Due to this critical conditions, the 20 countries with the biggest economy in the world, also known as the G-20, swiftly conducted a series of world summits in 2009 and produced several important and difficult policies that have resulted in a positive impact in order to prevent a potential domino effect that can result in a much worse crisis. Policies issued by many developed countries as a result of the G-20 discussions include the expansions of supply in the money market, the provision of fiscal stimulus package in a big scale and the rescue of many companies including big financial institutions from a more severe damage. Good cooperation among the G-20 countries coupled with strong implementation of such policies taken by the G-20 countries have alleviated the calamity and somehow have proven to be quite successful not only in saving the worlds economy but also in avoiding a potentially bigger crisis and managed to bring the global economy to the recovery phase. The crisis in 2009 resulted in a significant decrease of demands for various types of goods and services, especially since the crisis was first started from areas which usually imported a large number of goods and services, countries in North America and West Europe, and the effect of crisis in these areas were even more severe than previously predicted. The seaborne transportation industry, which plays a very important role in the international trading, has suffered the biggest impact since 2008 due to the meltdown of the economy. Just like in any other industries, shipping industries in general also suffered from a significant decline in demand.
Remarks from Board of Directors
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ReMARks FRoM BoARD oF DIReCtoRs
Segmen angkutan kimia cair yang pada krisis-krisis sebelumnya menunjukkan kinerja yang relatif lebih stabil dibanding dengan segmen angkutan laut lainnya, pada krisis kali ini mengalami penurunan kinerja yang cukup berarti walaupun perlu dicatat bahwa besarnya penurunan tarif tambang pada sektor ini masih relatif lebih kecil dibanding pelemahan tarif tambang pada segmen lainnya seperti segmen curah kering dan kontainer. Secara umum permintaan angkutan produk kimia cair dan sejenisnya pada tahun 2009 mengalami stagnasi, padahal pada tahun-tahun sebelum krisis, peningkatan permintaan yang tinggi terus terjadi dari tahun ke tahun. Dalam kurun waktu 2003-2007 total angkutan muatan kimia cair meningkat dari 144 juta ton menjadi 213,5 juta ton. namun permintaan angkutan segmen ini kemudian mengalami penurunan pada tahun 2008 menjadi 210,8 juta ton dan angka ini tidak berubah pada tahun 2009. Sementara itu, permintaan angkutan tanker minyak juga mengalami penurunan sebesar 1,5% pada tahun 2009 dibanding dengan periode yang sama tahun lalu. ini merupakan faktor yang semakin memberatkan bagi industri pelayaran. Seperti biasanya, sektor yang memberikan kontribusi terbesar dalam pertumbuhan permintaan ruang kapal tanker kimia adalah angkutan kimia organik. Data menunjukkan bahwa negara-negara pengimpor terbesar di Amerika utara dan eropa memberikan kontribusi besar atas turunnya tingkat perdagangan kimia organik ini. Bahkan pengimpor kimia organik besar lainnya seperti China dan india yang setiap tahun biasanya selalu meningkatkan impor juga mengurangi impor pada tahun 2008 dan
The segment of liquid chemical cargoes transportation, which in previous crises showed a relatively more stable performance compared to other segments in shipping industry, also suffered a rather significant decline in performance, although it has to be noted that the weakened freight rate in this particular segment is relatively lighter when compared to the free fall in freight rate of other segments such as the dry bulk cargo and the containership. In general the demands for the shipment of liquid chemical cargoes and related similar cargoes in 2009 suffered a stagnation while in previous years before the crisis, the annual increase of the demand was significant. From 2003 to 2007, the total liquid chemical cargoes being transported increased from 144 million tons to 213.5 million tons. However, the demand for shipment in this particular segment suffered a decrease in 2008 to 210,8 million tons and this number did not change in 2009. Meanwhile, the demand for oil tanker suffered a decrease of 1.5% in 2009 compared to the same period of the previous year. This was a factor that brought even more burden for the shipping industry in general. As usual, sector that gives the most contribution to the growth in the demands for chemical tankers is the organic chemical cargoes. The data shows that major importing countries in North America and Europe have contributed a significant impact in the decrease of the demand from the trading of organic chemical cargoes. Even other major organic chemical importing countries like China and India, which usually increased their import annually, also reduced their import in 2008 and at the beginning
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awal tahun 2009, walaupun mendekati akhir tahun 2009 kembali menunjukkan peningkatan perdagangan sektor ini dibandingkan periode yang sama tahun 2008. Meskipun perdagangan angkutan kimia organik dunia pada tahun 2009 relatif sedikit melemah dibandingkan dengan tahun 2008, namun impor kimia organik dari negara di kawasan Asia secara keseluruhan pada tahun 2009 tetap meningkat dibandingkan dengan tahun 2008 sehingga memberikan kompensasi atas penurunan impor yang substansial oleh negara-negara di kawasan Amerika utara dan eropa. Dalam periode tersebut, berdasarkan laporan Drewry 4Q09, impor kimia cair organik dari China, korea Selatan, taiwan, india dan Asia tenggara mengalami kenaikan dari 34,9 juta ton pada tahun 2008 (dari angka rata-rata) menjadi 44,1 juta ton pada tahun 2009 atau naik dari 43% dibanding total impor kimia cair dunia pada tahun 2008 menjadi 59%. kondisi ini memberikan sinyal semakin pentingnya Asia dalam perdagangan kimia organik di dunia, sesuai dan didukung oleh faktor jumlah penduduknya yang mencapai lebih dari setengah penduduk dunia. Di sektor angkutan minyak sebagaimana kita ketahui, pertumbuhan permintaan jasa angkutan sangat dipengaruhi oleh volume produksi dan konsumsi minyak dunia. tingkat produksi minyak dunia mengalami kontraksi sebesar 1,7% pada tahun 2009. Selain turunnya produksi minyak di Amerika utara dan eropa, produksi minyak negara-negara opeC mengalami penurunan yang lebih tajam yakni sebesar 6,1% pada tahun 2009. permintaan konsumsi minyak dunia juga telah turun sebesar 0,3% pada tahun 2008 dan kembali turun sebesar 1,5% pada tahun 2009. penurunan konsumsi sebagian besar disebabkan oleh melemahnya pertumbuhan ekonomi di seluruh dunia terutama di negara-negara maju yang tingkat konsumsi minyaknya relatif lebih tinggi. penurunan tingkat konsumsi minyak negara-negara oeCD pada tahun 2009 adalah sebesar 3%. kondisi ini menyebabkan turunnya harga rata-rata minyak mentah spot (spot crude oil price) kategori brent dari uSD 97,5 per barrel pada tahun 2008 menjadi uSD 61,8 per barrel pada tahun 2009. penurunan harga ini sebagian besar terjadi pada akhir tahun 2008 atau awal tahun 2009 setelah pada pertengahan tahun 2008 sempat menyentuh harga uSD 115 per barrel sehingga secara rata-rata harga minyak sepanjang tahun 2008 menjadi tinggi. Secara keseluruhan sebenarnya dari awal tahun 2009 sampai akhir tahun 2009, telah terjadi kenaikan harga minyak mentah spot kategori brent dari uSD 44,6 per barrel menjadi uSD 74,9 per barrel. untuk gas cair, permintaan atas transportasi umumnya didorong oleh permintaan industri dan konsumen atas produk-produk turunan gas petrokimia seperti plastik, produk-produk sintetis, tekstil, dan lain-lain. oleh karena tingkat pembangunan kapal gas yang relatif tinggi pada tahun 2009 dan sementara itu telah terjadi penurunan ekonomi global yang menyebabkan penurunan permintaan atas angkutan jenis ini, maka tarif tambang angkutan gas juga
of 2009 although at the end of 2009 they started to show an improvement in the trading of this sector compared to the same period in 2008. Despite the trading and transportation of organic chemical cargoes in 2009 was relatively weaker compared to last year, in 2009 the import of organic chemical from Asian countries saw some improvement and it managed to compensate the substantial decrease of import from countries in North America and Europe. Within this period, based on the Drewry 4Q09 report, the import of organic liquid chemical substances from China, South Korea, Taiwan, India and South East Asia increased from 34,9 million tons (annualised from 2Q09 number) in 2008 to 44.1 million tons in 2009 or an increase from 43% compared to the total import of the global liquid chemical substances in 2008 to 59%. This condition indicates the important position of Asian countries in the world organic chemical trading, in line with the number of their population which is more than half of the worlds population. In oil transportation sector, as we all know, the increase in the demand for transportation services highly depends on the volume of world production and consumption of oil. The level of world oil production suffered a contraction of 1.7% in 2009. Besides the decrease of oil productions in North America and Europe, the oil production of the OPEC countries also suffered an even sharper decrease of 6.1% in 2009. The world demand for oil also suffered a decline of 0.3% in 2008 and, again, declined by 1.5% in 2009. The decline in the consumption was mostly due to the weakened economic growth all over the world, especially among developed countries which had a relatively higher consumption of oil. The decrease in the level of oil consumption among OECD countries in 2009 was 3%. Due to this conditions, the annual average price of the spot crude oil price of the brent category suffered a decrease from USD 97.5 per barrel in 2008 to USD 61.8 per barrel in 2009. The decrease in the annual average price was mostly due to the significant decrease of oil price at the end of 2008 or early 2009, after it once reached USD 115 per barrel in the mid of 2008 so that the average price of oil in 2008 was high. In general, compared to the beginning of 2009, the end of 2009 saw an increase in price of spot crude oil price of the brent category from USD 44.6 per barrel to USD74.9 per barrel.
For liquid gas, the demand for its transportation in general was encouraged by the demand of industries and consumers of the petrochemical gas derivative products such as plastics, synthetic products, textiles, etc. Due to a relatively high level of newbuildings for gas tankers in 2009 and a decrease in the global economy at the same time that caused a weaker demand for this type of transportation, the freight rate of gas transportation also
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mengalami pelemahan pada tahun 2009. namun sejalan dengan pertumbuhan ekonomi global maka permintaan transportasi gas cair diperkirakan juga akan meningkat pada tahun 2010, selain itu peningkatan produksi minyak mentah dan gas alam juga akan meningkatkan permintaan angkutan lpG dan lain-lain gas petrokimia sebagai produk turunan dari minyak dan gas alam cair tersebut. Akibat krisis yang melanda pada tahun 2009 dan berbagai faktor penyebab yang disebutkan di atas, perseroan mencatat penurunan pendapatan operasi pada tahun buku 2009. Dalam hubungannya dengan pencatatan saham perseroan di bursa efek Singapura, seperti tahun lalu perseroan selain menyajikan laporan keuangan sesuai prinsip Akuntansi Yang Berlaku umum di indonesia, juga menyajikan laporan keuangan sesuai Standard pelaporan keuangan internasional (iFRS). perbandingan kinerja perseroan di tahun 2009 dibandingkan dengan tahun 2008 sesuai dengan kedua standard pelaporan keuangan tersebut dapat dilihat pada tabel sebagai berikut:
suffered in 2009. But, in line with the recovery of the global economy, it is predicted that the demand for liquid gas transportation will increase again in 2010, while the increase in production of crude oil and natural gas will also improve the demand for the transportation of LPG and other petrochemical gases as a derivative products of the oil and liquid natural gas. Due to the crisis in 2009 and various factors mentioned above, the company recorded a decline in its total revenues in the fiscal year of 2009. In relation to the Companys status as a listed company as well in the Singapore Exchange Securities Trading Pte Ltd., similar to the previous year, the Company, besides preparing a financial report in line with the Indonesia Generally Accepted Accounting Principles, also presented a financial report according to the International Financial Reporting Standard (IFRS). The Companys performance in 2009 compared to 2008 in both financial reporting standards is illustrated in table below:
Revenue Gross profit net profit/(loss)
INDoNESIAN gAAP in uSD000 2008 2009 (Re Measurement) 723,682 618,346 229,624 132,834 218,364 (285,876)
IfRS increase/ (Decrease) (15%) (42%) (231%) in uSD000 2008 2009 (Re Measurement) 723,682 618,346 217,652 132,237 24,892 (117,004) increase/ (Decrease) (15%) (39%) (570%)
Sesuai dengan keputusan Menteri keuangan no: kep1514/Wpj.07/BD.04/2008 maka mulai tahun buku 2009 dan seterusnya, perseroan menyelenggarakan pembukuan indoGAAp dalam mata uang dollar Amerika Serikat dan dalam Bahasa inggris. tahun 2009 merupakan tahun pertama perseroan menyelenggarakan pembukuan indoGAAp dalam mata uang Dollar Amerika Serikat dan dengan adanya perubahan penggunaan mata uang tersebut pelaporan dari mata uang Rupiah ke mata uang Dollar Amerika Serikat dilakukan secara retroaktif sehingga laporan keuangan pembanding yakni laporan keuangan tahun 2008 dilakukan pengukuran kembali. Selain itu, mulai tahun 2009 perseroan telah menerapkan pSAk 16 mengenai revaluasi aktiva tetap pada pembukuan indoGAAp. penurunan atas pendapatan dalam tahun buku 2009 berdasarkan laporan keuangan indoGAAp adalah sebesar 15% dibandingkan dengan periode yang sama tahun 2008 terutama disebabkan oleh penurunan tarif tambang untuk hampir semua segmen angkutan yang digeluti oleh perseroan. Hal ini disebabkan oleh kondisi perekonomian global yang mengalami krisis yang serius sepanjang tahun 2009 sebagaimana yang telah dijelaskan di atas.
In accordance with the Decree of the Finance Minister No: KEP-1514/WPJ.07/BD.04/2008, starting from financial year 2009 onwards, the Company will record its IndoGAAP financials in United States (US) Dollar currency and in English language. 2009 will be the first year for the Company in implementing US Dollar currency as the recording currency in IndoGAAP and along with the changes in the currency, the reporting from Indonesian Rupiah to US Dollar was done in a retroactive manner and thus the 2008 financial report was remeasured. Starting from 2009, the Company has also implemented PSAK 16 regarding revaluation of fixed assets in the IndoGAAP financials.
Decrease in Total Revenue in the financial year 2009 based on IndoGAAP financials was around 15% compared with the same period last year. This is mainly caused by the decrease of freight rate for all the Companys business segments. This was the result of a serious crisis suffered by the global economic condition through out 2009 as previously mentioned.
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Sejalan dengan penurunan pendapatan maka perseroan juga mencatat adanya penurunan laba kotor pada tahun 2009 dibandingkan dengan tahun 2008 namun penurunan laba kotor terjadi dengan margin yang lebih tinggi daripada penurunan pendapatan perseroan. Hal ini sebagian besar disebabkan oleh naiknya harga harga bahan bakar (bunker) dunia yang cukup signifikan mulai dari awal tahun 2009 sampai akhir tahun 2009 dan naiknya biaya perbaikan dan perawatan kapal. laba usaha untuk tahun 2009 berdasarkan laporan keuangan indoGAAp mengalami penurunan sebesar 48% dibandingkan periode yang sama tahun 2008. Walaupun Biaya umum dan Administrasi pada tahun 2009 mengalami penurunan sebesar 10% dibandingkan dengan tahun 2008 namun oleh karena pendapatan usaha mengalami penurunan yang lebih tinggi, maka laba usaha untuk tahun 2009 tersebut juga mengalami penurunan. perseroan pada tahun 2009 mengalami kerugian terutama karena besarnya kerugian non-operasional yang sebagian besar disebabkan oleh penerapan pSAk 16 mengenai revaluasi aktiva tetap sehingga terjadi penurunan nilai kapal sebesar uSD 227,8 juta untuk laporan keuangan indoGAAp. Selain itu, terdapat pula kerugian yang belum terealisasi (unrealised losses) sebesar uSD 196,4 juta sehubungan dengan perubahan nilai wajar atas obligasi konversi dan wesel bayar yang diterbitkan perseroan dan berdampak pada laba bersih perseroan pada kedua laporan keuangan baik indoGAAp maupun laporan keuangan iFRS. namun perlu dikemukakan disini bahwa kerugian non-operasional yang disebutkan diatas tidak berdampak pada arus kas perseroan (non-cash items). Sehubungan dengan hasil laporan keuangan perseroan di atas, perseroan terus mengantisipasi perkembangan pasar yang ada dan terus berbenah diri untuk menghadapi segala kemungkinan yang dapat terjadi. oleh karena itu, untuk menghadapi krisis ekonomi ini, Manajemen perseroan tetap melakukan program pengetatan dan penghematan yang merupakan kelanjutan dari program yang dicanangkan pada tahun lalu. Hal ini dipertegas dan dibahas dalam kegiatan Blt Global executive Meeting 2010 yang diadakan perseroan pada bulan Maret 2010. Selain hal-hal diatas, perseroan juga masih fokus pada prioritas yang telah ditetapkan tahun lalu dimana di dalam rencana tindak lanjut perseroan, telah ditetapkan hal-hal sebagai berikut sebagai bentuk antisipasi terhadap risiko usaha yang dapat timbul sehubungan dengan krisis ini: 1. Memperkuat likuiditas dengan menjalin kerjasama dengan berbagai sumber pendanaan; 2. Meningkatkan persentase pendapatan dari kontrak. Hal ini bertujuan untuk mengamankan pendapatan dari fluktuasi tarif uang tambang; 3. Memantau pasar untuk menentukan saat yang tepat untuk mengambil kesempatan yang akan timbul ditengah krisis dunia;
Along with the decrease in revenue, the Company has also recorded a decline in Gross Profit during 2009 compared with 2008 but the margin of the decrease in gross profit is relatively higher than the decrease in the total revenue. This is mainly caused by the significant increase in global fuel (bunker) price starting from the beginning until the end of 2009, coupled with the increase of vessels repair and maintenance costs. The Companys Operating Profit in 2009 suffered a 48% decrease compared with the previous year. Although General and Administrative expenses in 2009 was down around 10% compared to the same period last year, however since the total revenue has declined rather significantly in 2009, then the Operating Profit also took a tumble in the particular year.
The Company suffered a net loss in 2009 which was mainly due to the existence of sizeable non operating losses and this in turn was caused among others by the implementation of PSAK 16 which requires a revaluation of fixed assets and this has resulted in the decrease of vessels value amounting to USD 227.8 million based on IndoGAAP financials. In addition, there was also an unrealized loss amounting to USD 196.4 million with regard to the change in the fair value of the Companys convertible bonds and notes payable issued by the Company and this has negatively impacted the Companys financial statement both in IndoGAAP and IFRS. However, it should be noted that such non-operational loss as mentioned above did not impact the Companys cash flow (non-cash items) position. In relation to the above financial results, the Company continues to monitor the development of existing markets and stays vigilant through the improvement of its internal systems and procedures in order to face various possibilities. Therefore, in order to overcome the current crisis, the Management of the Company continues to be on the guard through the implementation of cost cutting measures and efficiency programs which is the continuation of the similar programs that was declared last year. This has been emphasized and discussed in the BLT Global Executive Meeting 2010 organized by the company in March 2010. Besides the above-mentioned points, the company focus is still consistent with the priority established last year whereas in the follow up plan, the followings have been established as a form of anticipation to overcome business risks that may come up as a result of the crisis: 1. Strengthening the liquidity of the Company by cooperating with various financiers; 2. Improving the revenue from contracts. The aim is to secure revenues against fluctuation of the freight rates; 3. Closely monitoring the market in order to determine the right time to take opportunities amidst the global crisis;
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4. Menitikberatkan fokus perkembangan di dalam negeri; 5. pengembangan armada dengan memperhatikan struktur permodalan. Hal ini untuk menjaga agar perseroan tetap memiliki likuiditas yang cukup saat menghadapi kondisi usaha yang kurang mendukung. Memasuki tahun 2010, banyak ahli ekonomi yang memperkirakan bahwa krisis sudah mencapai titik terendah pada akhir tahun 2009 dan diharapkan akan kembali membaik pada tahun 2010 sesuai dengan beberapa indikator ekonomi yang ada. international Monetary Funds (iMF) telah melakukan beberapa kali revisi mengenai pertumbuhan GDp global pada 2010 dari 2,8% pada akhir tahun 2008 menjadi 3,1% pada awal tahun 2009 dan kembali merubahnya menjadi 3,9% pada akhir tahun 2009. namun berbeda dengan krisis-krisis sebelumnya dimana penggerak kebangkitan ekonomi pasca krisis adalah berasal dari negara-negara maju bagian belahan dunia barat, pemulihan krisis kali ini lebih didukung oleh adanya perkembangan ekonomi yang relatif baik pada negara-negara berkembang di Asia yang menjadi penopang pertumbuhan ekonomi dunia termasuk China, india, dan negara-negara Asia lainnya termasuk indonesia. Bank Dunia pada akhir tahun 2008 memprediksikan bahwa pertumbuhan ekonomi China pada tahun 2010 diprediksikan hanya sebesar 6,5% namun pada november 2009 merubahnya menjadi 8,7%. iMF bahkan memperkirakan pertumbuhan GDp China pada tahun 2010 adalah sebesar 10%. iMF juga merasa cukup optimis terhadap perekonomian india dimana perkiraan pertumbuhan GDp diperkirakan sebesar 7,7% untuk tahun 2010 dan 7,8% pada tahun 2011. Sementara itu, iMF pada januari 2010 memperkirakan pertumbuhan ekonomi pada ASeAn-5 adalah sebesar 4,7% pada tahun 2010 dan 5,5% pada tahun 2011.
4. Grow and more focus on domestic business opportunity; 5. Fleet expansion to be in line with the preferable capital structure. This is to make sure that the Company still has sufficient liquidity in the facing of an unconducive business climate. Entering 2010, a lot of economists have predicted that the crisis reached its lowest point at the end of 2009 and it is expected that the economic performance will improve in 2010 and various existing economic indicators have already shown such trend. The International Monetary Funds (IMF) has revised its forecast for several times on the global GDP growth for 2010 starting from 2.8% made at the end of 2008 to 3.1% at the beginning of 2009 and once again changed into 3.9% at the end of 2009. However, unlike previous crises where the post-crisis economy development started from developed countries from the western part of the world, the recovery of this crisis is supported by a relatively good economic growth of developing countries in Asia which supports worlds economic growths, including countries like China, India and other Asian countries including Indonesia. World Bank at the end of 2008 predicted that the Chinas economy growth will be 6,5% but changed its projection in November 2009 to 8.7%. IMF even predicted that GDP growth of China in 2010 is 10%. IMF is also bullish in its prediction of Indias economy in which it forecasted that the GDP growth of the country to 7.7% in 2010 and 7.8% in 2011. Meanwhile, IMF in 2010 predicted that the economy growth of the five ASEAN countries to be at 4.7% in 2010 and 5.5% in 2011.
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iMF menyatakan bahwa pertumbuhan ekonomi pada negaranegara berkembang terutama disebabkan oleh dukungan permintaan domestik yang kuat pada negara-negara tersebut, namun iMF juga mengingatkan bahwa banyaknya aliran dana pada negara-negara tersebut semakin menunjukkan tren yang perlu mendapatkan perhatian karena hal ini akan dapat menyebabkan penggelembungan harga aset dan terjadinya inflasi harga barang serta appresiasi mata uang negara-negara berkembang tersebut. iMF juga mengingatkan bahwa walaupun pasar keuangan telah pulih lebih cepat dari perkiraan awal, kondisi-kondisi keuangan global akan tetap mengalami kesulitan seperti sebelum krisis terutama pada negara-negara di mana pertumbuhan kredit domestik masih terjadi kontraksi. Dari rencana beberapa langkah antisipasi yang disebutkan di atas dan didukung oleh harapan pemulihan ekonomi setelah krisis, serta iklim usaha domestik yang cukup kondusif maka Manajemen melihat masih ada peluang bagi perseroan untuk terus memperkuat dan mengembangkan armadanya baik di sektor angkutan kimia cair, maupun minyak dan gas. pada tahun 2009 perseroan telah berhasil mengembangkan armadanya dengan membeli 4 kapal baru dan bekas dan menjual 1 kapal perseroan, sehingga pada akhir tahun 2009 armada perseroan bertambah menjadi 91 kapal tanker dengan total bobot mati atau DWt sekitar 2,2 juta ton. Selain itu perseroan juga memiliki kontrak pesanan kapal baru sejumlah 13 kapal yang akan bergabung dengan armada perseroan pada tahun 2010-2012. pengembangan armada kapal membutuhkan dana yang cukup besar. Dalam hal ini perseroan telah membuktikan fleksibilitas maupun kredibilitas dalam bidang pendanaan eksternal yang terdiri dari berbagai tipe pendanaan seperti pinjaman bank baik dari dalam negeri maupun luar negeri, obligasi, dan obligasi konversi. Dari sisi pendanaan, walaupun krisis global yang hebat melanda pada tahun 2009, perseroan tetap berhasil mencari sumber pendanaan yang diperlukan untuk pengembangan usaha melalui penerbitan obligasi Rupiah iV dan Sukuk ijarah ii Berlian laju tanker sebesar Rp. 500 milyar dan penerbitan saham melalui rights issue sebesar uSD 57 juta yang merupakan perusahaan indonesia pertama yang melakukan penawaran rights pada dua pasar modal yang berbeda yakni pada Bursa efek indonesia dan Bursa efek Singapura. Dengan adanya fleksibilitas dalam menggalang dana, perseroan memiliki lebih banyak pilihan untuk mendapatkan sumber dana yang lebih murah dan fleksibel dimana hal ini merupakan faktor penting bagi persaingan dalam industri pelayaran yang padat modal. Berdasarkan data historis, setelah krisis berlalu biasanya tarif tambang angkutan pelayaran akan mengalami kenaikan yang cukup signifikan. oleh karena itu, walaupun ekonomi global belum menunjukkan perubahan pertumbuhan permintaan angkutan pelayaran yang sangat signifikan, prospek pada 2010 diharapkan cukup positif bagi industri pelayaran secara keseluruhan dan pada perseroan khususnya oleh karena faktor-faktor dibawah ini.
IMF stated that the positive economy growth in developing countries is due to the strong domestic demands within the countries, however, the IMF also warns that a lot of fund circulation in the countries showed the trends that need to be monitored closely since it can result in the tendency to mark-up the asset values as well as the inflations of product prices and in the appreciation of the countries currencies. IMF also warns that although the condition of the financial market recovers faster that the earlier prediction, the global finacial condition is still facing difficulties as before the crisis took place, especially from the pockets in which the the growth of domestic loan still suffer from contraction which limits the growth of domestic credits. Based on the above-mentioned steps and the expectations of economic recovery from the severe crisis in 2009, there is an opportunity for the Company to strengthen and develop its fleet both for the liquid chemical transportation as well as oil and gas transportations. In 2009, the Company was able to develop its fleet by purchasing 4 new and old vessels and sold 1 Companys vessel, so that by the end of 2009 the number of Companys fleet was 91 vessels with total capacity of around 2.2 million tons. Besides that, the Company also has new buildings on order for additional 13 vessels that will join the Companys fleet in 2010 - 2012. The development of the fleet surely requires a large amount of funds. In this case, the Company has proven its flexibility as well as its credibility in external funding of various types such as from domestic banks as well as international banks, from international bonds issuance and domestic bonds, etc. From the funding side, although there was a serious crisis in 2009, the Company was able to obtain necessary funding sources in order to develop its business through the issuance of Obligasi Rupiah IV and Sukuk Ijarah II Berlian Laju Tanker in the amount of IDR 500 billions and the rights issue of the Companys stocks in the capital market amounting to USD 57 million making it the first Indonesian company offering its stocks in two exchanges, the Indonesian Stock Exchange and the Singapore Exchange Securities Trading Pte Ltd. By having this flexibility in gathering funds, the Company has more options to source funds from a cheaper and more flexible sources which is an important factor in being competitive in a capital intensive shipping industry. Based on historical data, after the crisis usually the freight rate of shipping transportation tend to have a significant raise. Therefore, although the global economy has not yet shown a significant growth in the shipping transportation demand, the prospect in 2010 is quite positive for shipping industry as a whole and especially for the Company due to the following factors below.
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permintaan terhadap angkutan kimia cair sangat berkorelasi erat dengan pertumbuhan Gross Domestic product (GDp) dunia dan pertumbuhan produksi industri. Hal ini dikarenakan produk-produk kimia yang diproduksi oleh pabrikan kimia dijual dan ditransportasikan kepada perusahaan-perusahaan manufaktur pada berbagai kegiatan industri yang ada di dunia sebagai bahan baku dan ini akan mempengaruhi permintaan terhadap angkutan kimia cair. kami percaya bahwa dengan adanya perubahan aktifitas ekonomi dunia yang lebih kondusif pada tahun 2010 yang direfleksikan dari pemulihan penimbunan kembali persediaan produk kimia cair maupun oleh karena peningkatan produksi industri di semua negara dan dengan adanya perkiraaan pertumbuhan GDp yang cukup signifikan dari sekitar -2% menjadi positif hampir 4% maka permintaan atas angkutan kimia cair akan kembali naik. terlebih lagi, pertumbuhan permintaan angkutan kimia cair biasanya adalah sekitar 2 (dua) kali dari pertumbuhan GDp dunia. Selain itu, adanya efek ekspansi ton mile (ton mile expansion) yang disebabkan oleh naiknya tingkat kapasitas produksi kimia pada negaranegara di timur tengah dan Asia yang dapat memproduksi bahan baku kimia dengan harga yang lebih kompetitif menyebabkan terjadinya ekspansi jarak tempuh kapal karena kapal-kapal tanker harus berlayar lebih jauh untuk mentransportasikan kargo kimia pada konsumen yang masih sebagian besar terletak di dunia bagian barat. penggunaan biofuel, bioethanol, biodiesel dan minyak sayur (vegetable oils) sebagai pengganti minyak mentah yang harganya semakin tinggi dan peraturan lingkungan hidup yang lebih ketat sehubungan dengan pengurangan tingkat emisi global juga akan meningkatkan permintaan terhadap bahan-bahan kimia jenis ini.
The demand for liquid chemical substance transportation is closely related to the growth of the worlds Gross Domestic Product (GDP) and the growth of industrial products. This is due to the fact that chemical products manufactured by chemical factories are sold and transported to the manufacturers, in various industrial activities, which will use them as raw materials and this will influence the demand for liquid chemical transportation. We believe that with a change in the worlds economy activities that become more conducive in 2010 as reflected in the restocking of the inventory of liquid chemical products as well as due to increase in the industrial production of all countries and the significant GDP growth from -2% to almost positive 4% guarantees the demands for liquid chemical cargoes transportation to increase. Moreover, the growth of liquid chemical cargoes transportation usually doubles the worlds GDP growth. Besides, there is also a ton mile expansion due to the increase in the chemical production capacity of Middle East and Asian Countries that can produce a more competitive chemical raw materials causing the expansion of the distance that the tanker ships have to sail in order to transport these chemical cargos to consumers that mostly are still located in the western part of the world. The use of biofuel, bioethanol, biodiesel and vegetable oil to replace crude oil, which price keeps on increasing, and stricter environmental rules related to the efforts to reduce the global emissions will also increase the demand for the same types of chemical substances.
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sambutan diReksi
Dari sisi penawaran, walaupun jumlah kapal tanker kimia yang telah dipesan untuk dibangun diperkirakan mencapai sekitar 25% (iMo ii) untuk tiga tahun kedepan dari 2010 2012, jumlah pesanan tersebut masih akan mengalami kontraksi oleh karena terjadinya pembatalan pemesanan oleh perusahaan-perusahaan yang tidak dapat mencari sumber pendanaan maupun terjadinya kemunduran penyerahan kapal (delays) yang akan meringankan akibat yang dapat timbul dari jumlah kapal yang ada di pasar. Selain itu, diperkirakan hampir 10% dari armada kapal tanker kimia inti (selain epoxy-coated tanker) sudah mencapai masa pembesituaan dan ini akan memberikan efek positif bagi pemain di segmen tersebut. proyeksi pertumbuhan ini ditunjang dengan implementasi regulasi iMo tentang pengangkutan vegetables oil yang harus menggunakan kapal tanker tipe iMo ii sehingga memberikan keyakinan akan pertumbuhan permintaan kapal tanker kimia tipe iMo ii. Disisi lain mengingat hampir seluruh kapal tanker kimia dalam armada perseroan merupakan tipe iMo ii stainless steel, dan kondisi galangan kapal yang telah maksimal maka Manajemen cukup optimistik bahwa walaupun sekarang terjadi stagnasi kenaikan tarif uang tambang di sektor ini namun pada pertengahan semester pertama 2010 tarif akan meningkat dan selanjutnya diperkirakan akan meningkat secara tajam dalam tahun-tahun mendatang. Bergabungnya Chembulk tankers llC kedalam group perseroan dimana seluruh armadanya terdiri dari kapal tanker kimia stainless steel iMo ii telah memberikan kontribusi yang cukup besar pada kinerja perseroan di tahun ini dan diharapkan kontribusi ini semakin membaik di tahun-tahun mendatang. oleh karena faktor-faktor di atas, maka manajemen berharap tahun 2010 dapat memberikan kinerja yang lebih baik dari tahun 2009. Sementara perekonomian dunia pada tahun 2009 mengalami kontraksi, perekonomian indonesia menunjukkan kinerja yang relatif cukup baik dengan tumbuh sebesar 5,4% pada kuartal ke-empat tahun 2009 berdasarkan data dari Biro pusat Statistik sehingga pertumbuhan sepanjang tahun 2009 tercatat sebesar 4,5%. pertumbuhan ini relatif lebih baik daripada pertumbuhan negara-negara lain di Asia tenggara seperti Singapura, Malaysia, phillipines dan thailand. pada tahun 2010, pertumbuhan GDp indonesia diperkirakan akan berkisar antara 5,5% sampai 6%. Harapan akan pertumbuhan ekonomi yang baik dan ditunjang oleh implementasi azas cabotage di dalam negeri akan memberi peluang yang besar bagi usaha perseroan karena azas ini mengharuskan semua kapal yang beroperasi di dalam negeri (bahkan pada hal-hal tertentu juga mencakup impor dan ekspor) menggunakan kapal berbendera indonesia dan ini mencakup semua jenis transportasi air termasuk tanker minyak dan gas, FpSo/FSo, unit jasa lepas pantai (offshore services unit) yang termasuk di dalamnya pSV (platform Support Vessel), oSV (offshore Supply Vessel), AHtS, kendaraaan survey seismic (seismic survey vessel) dan lainnya, FSRu (Floating Storage and Regassification units) untuk lnG, unit
From the supply side, although the number of chemical tankers that have been ordered to be built reaches around 25% (IMO II) for the next three years of 2010 2012, this order will still go through a contraction since there will be a cancelation in the order by companies that cannot find financial sources as well as due to the delays in the handover of the tankers that can reduce the effects causing by the number of tankers in the market. Besides that, almost 10% of the core chemical tankers (besides the epoxy-coated tanker) has reached the time to be scrapped and this will give a postive effect for the players in this segment. The growth projection in chemical market is supported by the implementation of the IMO regulation on the transportation of vegetables oil that stipulates the use of IMO II Type chemical tankers. On the other hand, since almost all chemical tankers of the Companys fleet are the stainless steel IMO II type, the management is quite optimist that although there is a stagnation in the freight rate at this time, by the middle of the first semester of 2010 the rate will increase and then will even increase sharply in the next years. The merger of Chembulk Tankers LLC to the Company group, where all its fleet are IMO II stainless steel chemical tankers have given a considerable contribution to the performance of the Company this year and in the years to come. Due to the above-mentioned factors, the management hopes that the year 2010 can provide a better performance compared to the year 2009.
While the worlds economy in 2009 suffered from a heavy setbacks, the Indonesian economy showed a relatively good performance with a growth of 5.4% in the fourth quarter of 2009 based on the data of the National Statistical Agency so that the growth in 2009 was 4.5%. This was relatively better than the growths of other countries in South East Asia such as Singapore, Malaysia, the Phillipines and Thailand. In 2010, the Indonesian GDP growth is predicted to be around 5.5% to 6%. Aside from that, the implementation of the cabotage principle will provide a bigger opportunity for the Company since this policy requires all vessels sailing within Indonesian waters (even in certain cases it also include the import and export) to use the vessels with Indonesia flag, covering all types of water transportation, including oil and gas tankers, FPSO/FSO, offshore service units, including PSV (Platform Support Vessels), OSV (Offshore Supply Vessel), AHTS, seismic survey vessel and others, FSRU (Floating Storage and Regassification Units) for LNG, production and oil drilling units, dry bulk vessel and other types of vessels. The introduction
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produksi dan pengeboran minyak, kapal curah kering dan lain sebagainya. kesempatan ini cukup besar mengingat masih banyaknya kapal-kapal berbendera asing yang dioperasikan di dalam negeri. perseroan memiliki posisi yang unik untuk dapat menangkap peluang-peluang yang besar dengan penerapan azas cabotage ini maupun berkembangnya pasar domestik secara keseluruhan. Dengan adanya penerapan perjanjian perdagangan bebas (free trade agreement) antara negara-negara yang termasuk di dalam kawasan Asia tenggara (ASeAn) dengan China dan adanya penurunan tarif perdagangan antara sesama anggota negara-negara ASeAn yang mulai berlaku sejak tanggal 1 januari 2010 pada dasarnya akan berdampak positif bagi perkembangan industri pelayaran. kedua peristiwa tersebut diharapkan dapat mengakibatkan kenaikan perdagangan dan investasi yang signifikan di kasawan ini. Berdasarkan hal-hal yang diutarakan di atas dan perkembangan perseroan selama ini, manajemen yakin dan optimis bahwa perseroan akan dapat melewati periode krisis ini dan bahkan keluar dari kondisi prihatin ini dengan kemampuan yang lebih baik untuk mendapatkan peluang yang lebih besar. Akhir kata, Direksi mengucapkan banyak terima kasih atas kepercayaan yang telah diberikan selama ini oleh para pemegang saham, mitra usaha perseroan, dan para karyawan baik karyawan laut dan karyawan darat yang telah memberikan dedikasi, bekerja keras dan turut berperan serta membesarkan dan mengembangkan usaha perseroan selama ini. ucapan terimakasih kami sampaikan pula kepada Dewan komisaris beserta komite-komite yang membantunya, dan lembaga-lembaga profesi maupun penunjang pasar modal lainnya yang telah memberikan masukan-masukan berharga kepada Direksi dalam menjalankan usaha perseroan. Saran dan pendapat yang membangun dari semua pihak demi kemajuan perseroan di masa yang akan datang senantiasa kami nantikan. Sekian dan terima kasih. Direksi
of this cabotage principle provides huge opportunity for the Company given than there are a lot of vessels which are still foreign flagged in Indonesia.
With the implementations of free trade agreement between ASEAN countries and China and with a decrease in the trading tariffs among ASEAN countries that started to take effect on January 1, 2010, basically will result in a positive impact for the development of shipping industry. Both events are expected to cause a significant increase in trading and investments in this part of the world.
Based on the the afore-mentioned situation and the current development of the Company, the management is confident and optimist that the Company shall survive the crisis and exit this condition becoming more resilient to grabmore opportunities. Lastly, the Board of Directors would like to express its gratitude for the confidence that has been extended by the shareholders, Companys partners, and on-shore and off-shore employees who have shown their dedications, hardwork and taken part in the businesses development of the Company. Our sincere gratitude is also expressed to the Board of Commissioners, Audit Committee, Nomination Committee, Remuneration Committee and professionals and capital market supporting institutions that have given great inputs to the Board of Directors in running the Company. Constructive suggestions and opinions from all parties for the future progress of the Company are always welcome. Thank you, Board of Directors
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pembahasan opeRasional
PEMBAhASAN oPERASIoNAL
RINgKASAN AKTIVITAS USAhA perseroan bergerak di bidang angkutan laut, khususnya pengangkutan muatan cair. jenis muatan cair tersebut antara lain: kimia cair (organik dan non-organik) Minyak nabati dan hewani Minyak bumi (minyak mentah, bahan bakar minyak, dan jenis lainnya) pelumas (pelumas dasar dan aditif) Gas cair (lpG, propylene, propane, ethylene, lnG, dan gas-gas lainnya) kegiatan usaha utama perseroan dapat dikategorisasi menjadi beberapa bidang usaha, yaitu: Penyewaan Kapal perseroan menyewa kapal-kapal dari pihak ketiga melalui perjanjian Short term time Charter, Medium term time Charter, dan long term time Charter. Pengoperasian Kapal perseroan menyewakan ruang muatan kapal kepada pihak ketiga. kapal yang dioperasikan adalah kapal-kapal milik perseroan serta kapal kapal yang disewa dari pihak ketiga. Muatan yang diangkut berasal dari spot market dan Contract of Affreightment (CoA). CoA merupakan kontrak pengangkutan dengan jumlah muatan tertentu untuk periode waktu tertentu. BUsIness ACtIVItIes The Companys main business is the maritime transportation of liquid bulk cargo. The types of cargo carried by the Companys fleet include: Liquid Chemical (organic and unorganic); Vegetable oil and animal fats. Crude oil and petroleum products; Lubricating Oil (Base Oil and additives);
Liquified gas (LPG, propylene, propane, ethylene, LNG and others); The Company offers a wide range of maritime transportation and related services, including the following: Vessel Chartering The Company charters in its vessels from third parties on a range of terms, including Short-Term Time Charter; Medium-Term Time Charter; and Long-Term Time Charter basis. Vessel operations The Company charters out cargo spaces in its vessels to the third parties. The vessels used to provide these services include vessels owned by the Company and chartered-in vessels. Cargo is carried according to a range of terms, including spot market contracts and Contract Of Affreightment (COA). COA is a contract for the transportation of a certain volume of cargo within a specified period of time.
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oPeRAtIons ReVIeW
Jasa Keagenan Kapal Sesuai dengan regulasi yang berlaku di indonesia, kapal-kapal asing yang mengunjungi pelabuhan indonesia diwajibkan untuk menunjuk perusahaan indonesia untuk bertindak selaku agen. pada bidang usaha ini, perseroan bertindak sebagai agen bagi banyak kapal asing. Beberapa perusahaan pelayaran terkemuka di dunia yang armadanya sering melakukan aktivitas bisnis di pelabuhan indonesia telah mempercayai dan menunjuk perseroan sebagai agen untuk mengurus perizinan, pelabuhan, dan pemasokan keperluan-keperluan kapal, seperti bahan bakar, air tawar, suku cadang, perbaikan, dan lain-lain. Selain memberikan kontribusi yang menguntungkan bagi pendapatan perseroan, kegiatan keagenan ini juga akan memperluas jaringan kerja sama perseroan dengan perusahaan pelayaran di luar negeri. Penyewaan Tanki Penyimpanan Di Darat proses bongkar muat muatan cair di pelabuhan membutuhkan tangki-tangki penampung di darat yang digunakan sebagai tempat penyimpanan sementara sebelum muatan cair tersebut diangkut oleh kapal tanker atau didistribusikan ke tempat pemrosesan. perseroan memiliki beberapa tangki darat yang disewakan kepada pemilik muatan cair. Vessel Agency services Pursuant to the prevailing regulations in Indonesia, foreign vessels calling at Indonesian ports are required to appoint an Indonesian company or companies to act as their general agent. As a registered Indonesian company, the Company acts as the general agent for many foreign vessels. Foreign shipping companies whose vessels enter into Indonesian waters contract a range of agency services from the Company, including the arrangement of permits, the arrangement of port facilities, and the provision of supplies such as fuels, freshwater, spare-parts, repair services, and others. Besides contributing directly to the Companys revenues and profits, the agency business facilitates the expansion of the Companys network with foreign shipping companies.
shore storage Rental Liquid cargo must be stored in the appropriate facilities in ports before being transported by oil tankers or distributed to processing plants. The Company owns and operates shore storage facilities which it rents to the owners of liquid cargo.
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KAPASITAS DAN KoMPoSISI ARMADA PERUSAhAAN Dalam usaha transportasi kelautan, jumlah kapal merupakan faktor yang sangat menentukan dan langsung mempengaruhi hasil operasi perusahaan. Seiring dengan meningkatnya jumlah kapal yang dimiliki oleh armada perseroan, maka kapasitas tonase yang dimiliki oleh perseroan juga meningkat dan tentunya terjadi pula peningkatan dalam pendapatan perseroan. Walaupun penambahan jumlah kapal ini juga meningkatkan biaya pelayaran dan biaya operasional kapal, namun peningkatan biaya biaya tersebut terjadi dalam jumlah yang secara signifikan lebih kecil daripada peningkatan pendapatan yang didapatkan dari penambahan kapal tersebut. tabel berikut menunjukkan komposisi armada perseroan, berdasarkan segmen usaha per 31 Desember 2009: jumlah kapal number of Vessels 61 14 13 1 91
CAPACIty AnD CoMPosItIon oF tHe CoMPAnys FLeet In the world of maritime transportation, the number of vessels operated by one entity plays a pivotal role to a companys performance and operational capability. As the number of vessels in the Companys fleet has increased, the tonnage capacity owned by the Company also increases and at the same time increases the revenue of the Company. Although the increase of the number of vessel simultaneously increases the voyage costs and the vessel operational expenses, the increase of such expenses is significantly less compared to the increase of the revenue generated by the Company from such increase of fleets. The following table shows the composition of the Companys fleet categorized based on business segments as of 31 December 2009: Rata-rata usia Average Age 8,4 16,4 9,0 29 9,7
DWt (000) 1010,74 929,72 209,50 60,87 2210,83
Bahan kimia Minyak Gas(1)1) FpSo jumlah
Chemical Oil Gas(1) FPSO Total
Catatan: (1) kapasitas kapal tanker gas yang disajikan di sini dalam DWt tetapi dapat juga disajikan dalam CBM.
Note: (1) The capacity of the gas tanker is presented here in DWT although it can be presented in CBM as well.
Selain ukuran dan kapasitas, karakteristik penting yang dimiliki oleh armada perseroan adalah komposisi dari armadanya. Armada yang dimiliki oleh perseroan terdiri atas kapal tanker pengangkut bahan kimia cair, minyak mentah, produk minyak, gas cair dan tanker FpSo, serta dua buah kapal angkutan lnG yang dioperasikan khusus untuk proyek lnG tangguh. kapal-kapal ini memiliki perbedaan dalam hal ukuran (demikian juga kapasitas tonasenya) umur, fungsi, keandalan, jangkauan dan penggunaan, dan juga dalam peralatan teknisnya. Selama ini, perseroan berusaha menjaga portofolio kapalkapal yang berbeda dalam armadanya dan menjaga keseimbangan antara kapal dalam keempat segmen usaha yang dimiliki oleh perseroan, dengan demikian perseroan dapat memberikan layanan dalam wilayah maupun pasar tertentu yang dipercaya perseroan akan tumbuh dan tetap menguntungkan pada masa yang akan datang serta mampu untuk menjaga marjin dalam mengoperasikan kapalnya. Kapal Tanker Kimia Segmen kapal tanker kimia merupakan segmen usaha perseroan dengan jumlah kapal terbesar dibandingkan dengan segmen segmen usaha lainnya. per 31 Desember 2009, perseroan mengoperasikan 63 kapal tanker kimia dengan total tonase sebesar 1.010.736 DWt dan merupakan salah satu perusahaan pelayaran tanker kimia terbesar di dunia dalam jumlah tonase. Rata-rata umur kapal tanker kimia yang dioperasikan oleh perseroan adalah sekitar 8,4 tahun, dibandingkan armada pada industri yang rata-rata berusia sekitar 11,1 tahun. untuk memperkuat armada kapal tanker kimia yang sudah ada sekaligus untuk
In addition to the size and shipping capacity, another important consideration for the Company is the composition and diversification of its fleet. The Companys fleet includes chemical tankers, crude oil tankers, oil product tankers, gas tankers, an FPSO and two LNG carriers specially dedicated for LNG Tangguh project. These vessels vary in terms of size and tonnage capacity; age; functionality; reliability; nautical reach and usage; as well as their technical equipment. The Company has been trying to maintain this portfolio composition of different purpose cargo vessels in a good balance on all four business segments, in order to be able to meet specific demands from different customers. This allows the Company to better service a wide range of geographical and markets and product types, and to maintain profitable margins across different segments. Chemical tankers The chemical tanker segment is a business segment of the Company with the largest number of vessels compared to the other segments. As of 31 December 2009, the Company is recognized as one of the largest shipping companies in the world in terms of the tonnage capacity for liquid chemical transportation, which in total has reached 1.010.736 DWT. On average, the age of the Companys vessels used for transportation of the liquid chemical is 8.4 years old, a lot younger compared to the industrys average age of 11.1 years. By 31 December 2009, the Company had placed orders
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peremajaan armada dan memperkuat posisi perseroan di pasar, maka per 31 Desember 2009, perseroan telah memesan 9 buah kapal tanker kimia baru yang kini dalam proses pembangunan, dengan kapasitas total 178.480 DWt yang akan diserahterimakan dari galangan kapal kepada perseroan antara tahun 2010 dan 2011. tabel berikut memberikan gambaran singkat mengenai kapal tanker pengangkut bahan kimia yang dioperasikan oleh perseroan per 31 Desember 2009.
to acquire 9 more new chemical tankers with total capacity of 178,480 DWT. The new vessels will be delivered between 2010 and 2011.
The following table gives a brief explanation on the chemical tankers operated by the Company as of 31 December 2009.
no. owned Vessels 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Mt Dragonaria Mt erowati Mt Gagarmayang Mt ulupi Mt Yanaseni Mt Bauhinia Mt Celosia Mt Cendanawati Mt eustoma Mt Fatmawati Mt Fatmarini Mt Frabandari Mt Freesia Mt Gerbera Mt Harsanadi Mt Hartati Mt indradi Mt larasati
Built 1998 1999 2004 1999 1992 1997 1997 1997 1994 1996 2004 2004 2003 2004 2005 2004 1993 1991
DWt 6.555 6.688 40.354 6.690 9.202 5.851 7.477 3.159 4.990 7.527 8.578 8.575 8.521 8.738 14.271 14.312 13.944 3.665
type (1) iMo ii/iii iMo ii/iii iMo ii/iii iMo ii/iii iMo ii/iii iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS
Flag Singapore Singapore Singapore Singapore Singapore Singapore Hong kong Singapore Hong kong Singapore Singapore Singapore Hong kong Hong kong Singapore Singapore Singapore Hong kong
Hull (1) DH DH DH DH DH DH DH DH DH DH DH DH DH DH DH DH DB DH
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19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44
Mt Mustokoweni Mt nogogini Mt nolowati Mt Ratih Mt Rasawulan Mt Rengganis Mt Setyawati Mt tirtasari Mt Wulansari CB Virgin Gorda CB Hong kong CB Savannah CB new York CB Yokohama CB kobe CB Gibraltar CB Shanghai CB ulsan CB Barcelona CB Houston Mt Anggraini Mt Anjasmoro Mt jembawati Mt kunti Mt pramesti Mt Hyacinth
1991 1996 1998 1996 1996 1993 1994 1997 1992 2004 2003 2002 2002 2003 2002 2001 2000 2004 2004 2003 1995 1996 1999 1992 2009 2009 Built 2008 2008 2007 2006 2006 2006 2004 2008 Built 2003 2003 2007 2007 2006 2008 2008 2007 2008 2008 2009
3.199 11.639 11.636 10.329 10.332 3.667 3.189 5.878 11.055 32.000 32.000 25.000 27.000 19.500 19.500 19.500 19.500 19.500 32.300 16.400 31.225 32.696 6.685 3.984 19.900 12.500 DWt 19.990 19.900 19.900 19.970 19.998 19.900 40.354 19.900 DWt 6.689 6.678 19.500 19.500 32.000 32.000 19.500 32.000 13,000 19,600 19.500
iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo iii iMo iii iMo iii iMo iii iMo ii/iii SuS iMo ii/iii SuS type (1) iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii iMo ii/iii SuS type (1) iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii SuS iMo ii/iii iMo ii/iii iMo ii/iii SuS
Singapore Singapore Singapore Singapore Singapore Singapore Hong kong indonesia Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore indonesia Singapore Hong kong Flag Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Flag panama panama Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore
DB DH DH DH DH DH DH DH DB DH DH DH DH DH DH DH DH DH DH DH DH DH DH DB DH DH Hull (1) DH DH DH DH DH DH DH DH Hull (1) DH DH DH DH DH DH DH DH DH DH DH
no. Bareboat Charter 45 46 47 48 49 50 51 52 Mt pramoni(7) Mt puspawati(7) Mt purwati(7) Mt pertiwi(2) Mt prita Dewi(2) Mt pujawati(2) Mt Gagarmayang(7) Mt purbasari(7)
no. time Charter 53 54 55 56 57 58 59 60 61 62 63 Mt Bestari(4) Mt Bidadari(4) Mt CB Singapore(3) Mt CB tortola(3) Mt CB Westport(3) Mt CB lindy Alice(3) Mt CB kings point(3) Mt CB Minneapolis(3) Mt Golden Ambrosia(4) Mt Royal Flos(6) Mt CB jakarta(5)
tabel pertama menunjukkan tanker pengangkut bahan kimia yang seluruhnya dimiliki oleh perseroan sementara tabel kedua dan ketiga menunjukkan kapal yang disewa oleh perseroan.
The first table shows the chemical tankers owned by the Company while the second and the third tables show the vessels chartered by the Company.
Operations Review
Catatan: 1) SuS mengacu pada kapal tanker dengan tangki kargo terbuat dari stainless steel, DH berarti Double Hull, DB berarti Double Bottom 2) Bareboat charter untuk periode 12 tahun, akan jatuh tempo pada bulan juni, juli dan September 2018. 3) time Charter 10 tahun, akan jatuh tempo pada bulan Agustus dan oktober 2016 hingga 2018 4) time Charter 6 tahun, akan jatuh tempo pada bulan Agustus dan oktober 2009 5) time Charter 4 tahun, akan jatuh tempo pada bulan Februari 2013 6) time Charter 3 tahun, akan jatuh tempo pada bulan juni 2011 7) Sewa guna usaha operasi 12 tahun akan jatuh tempo pada tahun 2020 dan 2021 Note: (1) SUS refers to tankers with cargo tank made of stainless steel, DH means Double Hull, DB means Double Bottom. (2) Bareboat charter for a period of 12 years, will expire in June, July and September 2018. (3) Time charter for 10 years, will expire in August and October 2016 up to 2018. (4) Time charter for 6 years, will expire in August and October 2009. (5) Time charter for 4 years, will expire in February 2013. (6) Time charter for 3 years, will expire in June 2011. (7) Leasing for 12 years, will expire in 2020 and 2021.
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kapal Mt purwati, Mt Gagarmayang, Mt pramoni, dan Mt puspawati sebelumnya adalah kapal milik perseroan, namun pada akhir tahun 2008 kapal tersebut telah dijual kepada pihak lain dan disewa kembali oleh perseroan (sale and lease back) sesuai dengan rencana awal perseroan untuk mengurangi jumlah beban hutang yang ada sehubungan dengan akuisisi Chembulk. Sepanjang tahun 2009 perseroan kembali melakukan sale and leaseback terhadap kapal tanker kimia Mt purbasari. Setiap kapal tanker pengangkut bahan kimia perseroan didaftarkan dalam salah satu klasifikasi kapal. untuk kapal tanker pengangkut bahan kimia, klasifikasi ini adalah: lloyds Register, nippon kaiji kyokai, Bureau Veritas dan Det norske Veritas dan Badan klasifikasi indonesia (Bki). Kapal Tanker Minyak untuk armada kapal tanker minyak, perseroan mengoperasikan 14 kapal tanker minyak dengan jumlah kapasitas 929.723 DWt per 31 Desember 2009. kapasitas tonase dan jenis kapal tanker minyak yang dimiliki juga telah terdiversifikasi sesuai dengan kebutuhan pasar yang berbeda. Dilihat dari jenis kapal berdasarkan tonase, armada tanker minyak yang yang kini dioperasikan oleh perseroan terdiri dari 2 unit Suezmax, 4 unit Aframax, 5 unit Handysize dan 3 unit small-range tanker serta apabila dilihat dari jenis kargo yang diangkut maka armada kapal tanker minyak perseroan terdiri dari 6 oil product tanker dan 8 Crude oil tanker. Armada tanker minyak perseroan rata-rata berusia sekitar 16,4 tahun. Seiring dengan asas cabotage di dalam negeri yang akan diimplementasikan di indonesia pada tahun 2010, maka perseroan sedang mempersiapkan armada kapal tanker minyaknya untuk memenuhi kebutuhan akan kapal tanker minyak berbendera indonesia melalui perubahan bendera beberapa kapal tanker minyak perseroan serta tidak tertutup kemungkinan untuk membeli beberapa kapal tanker minyak second hand untuk memperbesar armada.
MT Purwati, MT Gagarmayang, MT Pramoni and PT Puspawati previously were tankers owned by the Company but at the end of 2008, the above tankers were sold to another party and leased back to the Company (sale and lease back) in accordance with the initial plan of the Company to reduce the amount of debts in relations to the acquisition of Chembulk. During 2009, the Company conducted another sale and lease back for chemical tanker MT Purbasari. Each of the Companys chemical tankers is registered to one of several classification organizations. For the Companys chemical tankers, these organizations include Lloyds Register, Nippon Kaji Kyokai, Bureau Veritas and Det Norske Veritas and Indonesian Classification Bureau. oil tankers For oil tankers, the Company operated 14 oil tankers with a total capacity of 929,723 DWT as of 31 December2009. The Company also diversifies its oil tanker vessels based on tonnage capacity and type of oil tankers it owns in order to fulfill different market needs. From tonnage capacity differentiation, the oil tankers currently operated by the Company consist of 2 units of Suezmax, 4 units of Aframax, 5 units of Handysize and 3 units of small-range tankers, and from segregation on the type of cargoes transported, the fleet consists of 6 Oil Product Tankers and 8 Crude Oil Tankers. The average age of the oil tankers of the Company is approximately 16,4 years old. In conjunction with the implementation of the cabotage principle which will be implemented for domestic Indonesia in 2010, the Company prepares its oil tankers fleet to fulfill the needs of Indonesian flag oil tankers through flag conversion of several oil tankers currently owned by the Company. In addition, the Company holds an option to purchase several second hand oil tankers to increase the size of its fleets.
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tabel di bawah memberikan penjelasan singkat mengenai kapal tanker minyak yang dioperasikan perseroan per 31 Desember 2009. kecuali untuk kapal Mt Gandari yang merupakan kapal sewa kosong (bareboat charter), seluruh kapal dalam daftar ini dimiliki oleh perseroan. no. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 operated Vessels Mt tridonawati Mt trirasa Mt Badraini Mt Barunawati Mt Barawati Mt Bramani Mt pergiwo Mt Anjani Mt pradapa Mt Gandini Mt Gandari(1) Mt ontari Mt Dewayani Mt Dewi Sri Year of Construction 1991 1991 1991 1992 1990 1990 1993 1985 1993 1998 1999 1993 1999 1999 DWt 154.970 154.970 111.777 111.689 101.134 96.672 37.087 36.882 36.362 32.042 30.500 18.520 3.561 3.557
The following table provides a brief overview of the oil tankers operated by the Company as at 31 December 2009. Except for MT Gandari which falls under bareboat charter, all vessels are fully owned by the Company.
type (1) Crude oil tanker Crude oil tanker Crude oil tanker Crude oil tanker Crude oil tanker Crude oil tanker Crude oil tanker oil product tanker Crude oil tanker oil product tanker oil product tanker oil product tanker oil product tanker oil product tanker
Flag liberia Singapore indonesia Singapore indonesia indonesia indonesia indonesia indonesia indonesia Singapore indonesia indonesia indonesia
Hull (2) DH DH DB DB SH SH SH SH DS DH DH SH DB DB
Catatan: 1) kepemilikan secara sewa bareboat selama 10 tahun yang akan berakhir pada bulan Mei 2012. 2) DH berarti Double Hull, DS berarti Double Side, SH berarti Single Hull dan DB berarti Double Bottom.
Note: (1) The ownership based on bareboat charter for a period of 10 years which will expire in May 2012. (2) DH means Double Hull, DS means Double Side, SH means Single Hull and DB means Double Bottom.
Setiap kapal tanker pengangkut minyak tersebut terdaftar dalam salah satu klasifikasi, yaitu nippon kaiji kyokai, Bureau Veritas dan Det norske Veritas dan Biro klasifikasi indonesia.
Each of the Companys oil tankers is registered to one of several classifications organizations, namely Nippon Kaiji Kyokai, Bureau Veritas and Det Norske Veritas and Biro Klasifikasi Indonesia (Indonesian Classification Bureau).
Kapal Tanker gas per 31 Desember 2009, perseroan mengoperasikan 13 kapal tanker pengangkut gas, yang sebagian besar adalah tanker gas pengangkut lpG namun akhir-akhir ini perseroan menambah 2 lnG Carrier dimana total kapasitas dari semua kapal tersebut menjadi 365.626 CBM (209.500 DWt). Armada tanker gas perseroan memiliki umur rata rata sekitar 9,0 tahun, dibandingkan dengan umur rata-rata untuk industri yaitu 16,4 tahun. perseroan saat ini memiliki 4 unit tanker pengangkut gas lpG yang sedang dibangun, dengan kapasitas keseluruhan 17.000 CBM (17.800 DWt). kapal-kapal tersebut akan diserahterimakan kepada perseroan antara tahun 20102012. khusus untuk 2 kapal lnG Carrier yang dioperasikan oleh perseroan, yaitu Mt tangguh Hiri dan Mt tangguh Sago, perseroan memiliki 30 persen saham pada kedua lnG Carrier tersebut. kedua lnG Carrier tersebut khusus didedikasikan untuk pengangkutan lnG dari proyek lnG
Gas tankers As of 31 December 2009, the Company operated 13 gas tankers, of which the majority were designed for the transportation of LPG and other gas substances and recently the Company added 2 LNG carriers with a total combined capacity of 365,626 CBM (209,500 DWT). The gas fleet of the Company has an average age of approximately 9 years, a lot younger compared to the industry average of 16.4 years. The Company currently has four gas tankers under construction for the transportation of LPG with total shipping capacity of 17,000 CBM (17.800 DWT). The new building vessels will be put under operation between 2010 and 2012. For the 2 LNG carriers operated by the Company, namely MT Tangguh Hiri and MT Tangguh Sago, the Company has 30% shares in both LNG carriers. These 2 LNG carriers are solely dedicated to transport LNG from the LNG Blok Tangguh Project in Papua Barat.
Operations Review
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Blok tangguh yang berada di papua Barat. perseroan bermaksud untuk meningkatkan pangsa pasar untuk pengangkutan gas petroleum/petrochemical di wilayah Asia tengah, eropa, dan Asia timur jauh. tabel berikut memberikan gambaran singkat mengenai kapal tanker pengangkut gas yang dioperasikan oleh perseroan per 31 Desember 2009, dimana seluruh kapal ini dimiliki oleh perseroan. no owned Vessels 1 2 3 4 5 6 7 8 9 10 11 12 13 Mt Gas Maluku Mt Gas Sumatera Mt Gas jawa Mt Gas indonesia Mt Gas kalimantan Mt Gas Sulawesi Mt Gas papua Mt Gas Bali Mt Gas lombok Mt Gas Sumbawa Mt Gas natuna Mt tangguh Hiri Mt tangguh Sago Built 1996 1989 1989 1990 1996 2006 2007 2007 2008 2008 2008 2008 2009 type
The Company aims to increase its market share in the transportation of LPG and petrochemical gases in the Middle Asian, Europe, and Far East Asian region. The following table provides a brief overview of the gas tankers operated by the Company as at 31 December 2009. All vessels are fully owned by the Company.
Flag indonesia indonesia indonesia indonesia indonesia Singapore Singapore Singapore Singapore Singapore indonesia Bahamas Bahamas
Hull DH DH DH DH DH DH DH DH DH DH DH DH DH
CBM 5.000 3.512 3.596 3.518 3.500 5.000 5.000 5.000 9.000 9.000 3.500 155.000 155.000
pressurized Gas tanker pressurized Gas tanker pressurized Gas tanker pressurized Gas tanker pressurized Gas tanker pressurized Gas tanker pressurized Gas tanker pressurized Gas tanker ethylene Gas tanker ethylene Gas tanker pressurized Gas tanker lnG Carrier lnG Carrier
Setiap kapal tanker pengangkut gas perseroan terdaftar pada salah satu klasifikasi yaitu nippon kaiji kyokai dan Biro klasifikasi indonesia serta Det norske Veritas.
Each gas tanker of the Company is registered to one of several different classification organizations, namely Nippon Kaiji Kyokai and Biro Klasifikasi Indonesia (Indonesian Classification Bureau) as well as Det Norske Veritas.
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Kapal Tanker fPSo kapal tanker FpSo (Floating, production, Storage, and offloading) adalah kapal tanker yang digunakan sebagai fasilitas terapung untuk produksi, penyimpanan dan bongkar muat minyak bumi. per 31 Desember 2009, perseroan memiliki satu tanker FpSo dalam armadanya. perseroan membeli tanker ini yang digunakan sebagai tanker minyak pada bulan Desember 2005 dan kemudian mengkonversinya menjadi kapal FpSo. konversi ke FpSo diselesaikan pada bulan Agustus 2006. kapal ini memiliki total kapasitas 60.874 DWt.
FPso tanker An FPSO tanker is a tanker used as a floating production, storage and offloading facility. As of 31 December 2009, the Company had one single FPSO tanker in its fleet. The Company bought this tanker as an oil tanker in December 2005 and converted it to its current purpose as an FPSO tanker. The conversion was completed in August 2006. This vessel has a shipping capacity of 60,874 DWT.
perseroan juga tengah mengikuti beberapa tender FpSo/ FSo yang kini sedang berjalan. Dari seluruh kapal FpSo/ FSo yang kini beroperasi di perairan indonesia, 75% diantaranya merupakan kapal berbendera asing dan hanya 25% yang berbendera indonesia. Sesuai dengan penerapan asas cabotage maka kapal kapal FpSo/FSo berbendera asing tersebut harus digantikan dengan kapal kapal FpSo/ FSo berbendera indonesia paling lambat pada 1 januari 2011. Hal ini tentunya merupakan kesempatan yang sangat baik bagi perseroan yang sudah memiliki pengalaman dalam mengoperasikan FpSo sejak tahun 2006.
The Company is currently participating in several FPSO/FSO tenders which are still ongoing. Of all FPSO/FSO vessels presently operating in Indonesia waters, around 75% of them are still foreign flag vessels and therefore only 25% of them are Indonesian flag vessels. In accordance with the implementation of the cabotage principle, the foreign flag FPSO/FSO vessels must be replaced by Indonesian flag vessels at the latest on 1 January 2011 based on prevailing regulations. This policy opens a lucrative opportunity for the Company which is well experienced in operating FPSO vessel since 2006.
Operations Review
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tabel dibawah ini memberikan penjelasan singkat mengenai tanker FpSo perseroan yang telah dioperasikan per 31 Desember 2009. tanker FpSo perseroan terdaftar dalam klasifikasi, yaitu Biro klasifikasi indonesia.
The following table provides a brief overview of the FPSO tanker operated as of 31 December 2009. The FPSO is registered in Biro Klasifikasi Indonesia (Indonesian Classification Bureau).
no 1
owned Vessels FpSo Brotojoyo
Year of Construction 1980
DWt 60.874
type FpSo tanker
Flag indonesia
Hull DB
Kapal Baru Dalam Pembangunan Sesuai dengan strategi perseroan untuk terus mengembangkan armadanya, maka perseroan juga melakukan pemesanan atas beberapa kapal baru yang perseroan anggap sesuai dengan kondisi kebutuhan pasar dan memenuhi standar standar internasional yang berlaku dalam industri perkapalan dunia. Dalam pembangunan kapal tanker, perseroan selalu menggunakan perusahaan galangan kapal yang berpengalaman dan berkualifikasi tinggi guna memastikan kualitas kapal yang dibangun. Beberapa galangan kapal yang rutin perseroan gunakan untuk pembangunan kapal tanker baru adalah: Fukuoka Shipyard Co. ltd, usuki Shipyard Co. ltd, Asakawa Shipyard Co. ltd, Shin kurushima Dockyard Co., ltd. Shitanoe Shipbuilding Co., ltd., Yamanishi Corporation, Hyundai Heavy industries Co., ltd. Selama ini perseroan selalu menggunakan perusahaan galangan kapal yang berasal dari jepang dan korea Selatan.
new Vessels Under Construction Following the Companys strategy to continuously increase the size of its fleet, the Company has ordered several new vessels that the Company considered as in line with the market needs and fulfills the prevailing international standards within the global shipping industry. In constructing these tankers, the Company always engages experienced and highly qualified shipyards in order to ensure the quality of the constructed tankers. Several shipyards which the Company regularly engages for the construction of new tankers are Fukuoka Shipyard Co. Ltd, Usuki Shipyard Co. Ltd, Asakawa Shipyard Co. Ltd, Shin Kurushima Dockyard Co., Ltd., Shitanoe Shipbuilding Co., Ltd., Yamanishi Corporation, Hyundai Heavy Industries Co., Ltd. The Company always employs shipyards from Japan and South Korea.
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tabel di bawah memberikan penjelasan singkat mengenai kapal perseroan yang masih dalam pembangunan, beserta rencana tonase dan rencana tanggal penyerahan per 31 Desember 2009. Seluruh kapal ini sepenuhnya dimiliki oleh perseroan. untuk tanker pengangkut bahan kimia ukuran kapal tersebut dinilai dengan DWt, dan untuk tanker pengangkut gas satuan diukur dalam satuan CBM. no. 1 2 3 4 5 6 7 8 9 10 11 12 13 name Mt Gas Bangka Mt Gas Madura Mt Gas Batam Mt Gas karimun Mt iris Mt Wilutama Mt Watari Mt Setyaboma Mt Sakuntala Mt Wardani Mt Widawati Mt pitaloka Mt partawati expected Delivery 2010 2010 2011 2012 2011 2011 2011 2011 2011 2011 2011 2010 2010 DWt/ CBM 3,500 3,500 5,000 5,000 12,500 25,100 25,400 12,500 12,500 25,400 25,100 19,990 19,990
The following table provides a brief overview of the vessels under construction including the planned capacity and the scheduled delivery date of each tanker as at 31 December 2009. All tankers are fully owned by the Company. For chemical tankers, the size of the vessels is measured in DWT while for the gas tankers are measured in CBM. type pressurized Gas tanker pressurized Gas tanker pressurized Gas tanker pressurized Gas tanker tanker kimia iMo ii/iii SuS tanker kimia iMo ii/iii SuS tanker kimia iMo ii/iii SuS tanker kimia iMo ii/iii SuS tanker kimia iMo ii/iii SuS tanker kimia iMo ii/iii SuS tanker kimia iMo ii/iii SuS tanker kimia iMo ii/iii SuS tanker kimia iMo ii/iii SuS Flag Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Hull DH DH DH DH DH DH DH DH DH DH DH DH DH
Pertumbuhan Armada Grafik berikut menunjukkan pertumbuhan armada perseroan menurut tonase dan jumlah kapal yang dimiliki perseroan selama satu dekade terakhir:
2500
Fleet Growth The following bar chart demonstrates the growth in the Companys fleet in terms of deadweight tonnage and number of vessels over the past decade.
91 100 90 80 70 60 50 40 30 20 10
88 78
2000
59
Tonnage ('000 DWT)
1500 44
53 40
1000 28 500
30
35
35
0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Tonnage ('000 DWT)
Number of Ships
PENJUALAN DAN PEMASARAN Sebagai salah satu pemain global dalam industri pelayaran, perseroan sangat bergantung terhadap jaringan penjualan dan pemasaran perseroan yang tersebar luas, sehingga memungkinkan perseroan memasarkan dan menjual layanannya langsung dimana pelanggan perseroan
sALes AnD MARketInG As one of the global players in the shipping industry, the Company relies on the vast and extensive sales and marketing network which allows the Company to market and sell its services directly to where the customers engage their business activities. Due to its strategic value
No. of ships
Operations Review
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beraktivitas. perseroan memilih untuk melakukan sendiri seluruh kegiatan pemasaran, karena perseroan beranggapan bidang ini sangat strategis bagi kelangsungan usaha perseroan. tim pemasaran dan operasional terdiri dari 172 orang, yang tersebar di berbagai kantor perseroan, yaitu: di jakarta, Singapura, Hong kong, Bangkok, taiwan, Shanghai, Beijing, Xiamen, Dubai, Mumbai, Glasgow, Westport Connecticut, dan Sao paulo Brazil. kantor perseroan di jakarta, Hong kong, Singapura, dan Westport - Connecticut melayani segala aspek operasional, dari pemasaran dan pengelolaan kapal hingga penawaran dan penandatanganan kontrak, pengalokasian kapal, pembelian kapal dan pengelolaan umum lainnya. Sedangkan kantor kantor yang lain memiliki kegiatan utama terbatas untuk pemasaran dan pengelolaan kapal saja. untuk mendukung pengoperasian armada bagian barat, perseroan telah membuka kantor pemasaran di Glasgow tahun 2004 di Dubai tahun 2005 dan di Mumbai tahun 2007, dan perseroan telah membuka kantor pemasaran di Shanghai untuk mendukung operasional di daerah Asia timur jauh serta di Brasil pada tahun 2008 untuk mendukung operasional di daerah Amerika Selatan. Di tengah iklim persaingan yang cukup ketat, perseroan tetap berpegang kepada prinsip bersaing secara fair dan menggunakan jalur penjualan yang biasa dilakukan dalam industri transportasi laut. Contract of Affreightment (CoA) biasanya ditenderkan dalam pasar terbuka, dan perseroan berpartisipasi dalam penawaran CoA yang mencakup wilayah geografis di sekitar mana kapal kapal perseroan beroperasi melalui proses tender normal. kontrak spot biasanya ditawarkan dalam pasar terbuka dan tim penjualan dan pemasaran perseroan melakukan kontak dengan para penyewa dan broker untuk memasarkan ruang kapal dengan memperhatikan posisi dan timing kapal. Departemen pemasaran juga senantiasa menginformasikan kepada pelanggan tentang ketersediaan ruang kapal dan lokasinya.
in the Companys business continuity, the Company decided to run its own marketing activities.
The marketing and operations team consists of 172 people working in the Companys offices in Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai, Beijing, Xiamen, Dubai, Mumbai, Glasgow, Brazil, and Westport - Connecticut. The Companys offices in Jakarta, Singapore, Hong Kong, and Westport - Connecticut, handle and oversee all major aspects of the operations, from marketing and vessel management to bidding and closing of contracts, allocation of shipping resources, acquisition of new vessels and other general management issues. Other offices are primarily dealing with local ship management and marketing activities only. To support the operation of the Companys fleet in the western hemisphere, the Company opened a marketing office in Glasgow in 2004, Dubai office in 2005 and Mumbai in 2007. In order to support its operations in Far East Asia, the Company has opened a marketing office in Shanghai in 2007, and another in Brazil for operational in South America in 2008. In the midst of a highly competitive environment, the Company firmly holds to a fair competition principle and competes for business through established channels of sales commonly used in the maritime transportation industry. COA (Contract Of Affreightment) are normally tendered in the open market, and the Company participates in bidding through the normal tender process for those COA that covered some geographic areas in which or near which the Companys vessels are operating. Spot contracts are usually offered on the open market. The Companys marketing and sales team maintains contact with charterers and brokers to market vessel space according to the position and timing of particular vessels. The marketing department also continually updates charterers on the availability of space on the Companys vessels and their geographic location.
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Persaingan perseroan terutama melayani segmen pengangkutan muatan bahan cair, dan tanker yang dimiliki oleh perseroan digunakan untuk melakukan transportasi muatan bahan cair baik dalam negeri maupun luar negeri. persaingan dalam industri ini sangat ketat, namun barrier to entry juga cukup kuat sehingga tidak banyak pemain baru yang mencoba untuk masuk dalam industri ini. Salah satu barrier to entry yang cukup kuat adalah kebutuhan modal yang sangat besar dan standar standar industri yang cukup tinggi dan berlaku secara internasional sehingga menyulitkan pemain baru untuk masuk ke dalam industri ini. Secara umum persaingan terjadi berdasarkan tingkat ketersediaan kapal yang sesuai dengan spesifikasi dari muatan yang akan diangkut di wilayah wilayah atau rute rute tertentu dan harga. Selain itu faktor yang juga sangat berpengaruh dalam memenangkan persaingan adalah kehandalan dan reputasi di dalam industri.
Market Competition The Company caters primarily to the liquid cargo segment in the shipping industry, as the Companys tankers are transshipping for both domestic and foreign trade. Competition in this segment of the industry can be extremely intense, but the barrier to entry is also quite strong and thus only a few new players enter this particular industry. One of the most immense barrier to entry is high capital expenditures and tough industrial standards that apply globally which makes it difficult for the new players to enter this industry. In general, competition occurs based on the level of ships availability that match with the specification of the cargo to be transported in particular regions or routes, and also price. Another factor that is crucial in thriving the competition is reliability and reputation in the industry.
Dalam segmen pengangkutan domestik yang melibatkan pengangkutan di dalam wilayah indonesia jumlah pesaing yang dihadapi perseroan lebih sedikit dibandingkan dengan segmen pengangkutan internasional. pesaing utama untuk pengangkutan domestik adalah beberapa perusahaan pelayaran terkemuka di dalam negeri. untuk segmen kapal tanker kimia dengan rute internasional, perseroan memiliki sejumlah pesaing dari berbagai negara. pesaing utama adalah group pelayaran asing khususnya yang berasal dari jepang dan wilayah lain di eropa. Dalam segmen kapal tanker minyak, kimia dan gas cair dengan rute internasional, pesaing utama adalah beberapa perusahaan pelayaran terkemuka dunia yang khusus di bidangnya.
Within the domestic market, the number of operators in this market segment is considerably fewer than in the international arena. In terms of transportation services within the Indonesian waters, the Company competes primarily with some profound shipping companies. In the segment of chemical tankers servicing international routes, the Company has a number of different competitors, primarily shipping groups based in Japan and elsewhere in Europe. In the area of the international oil, chemical, and gas transshipment, the Companys competitors are major players who specialize in their fields.
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Pelanggan perusahaan mempunyai hubungan jangka panjang yang kuat dengan banyak pelanggan termasuk diantaranya perusahaan kimia dan minyak terkemuka dunia seperti pertamina, Celanese Corporation, exxon Mobil Corporation, Shell, BASF, SABiC, ipCC, Dow Chemical dan sebagainya. Masuknya perusahaan perusahaan kimia dan minyak tersebut merupakan bukti dari dipercayanya layanan yang perseroan berikan kepada mereka, mengingat perusahaan perusahaan tersebut memiliki standar tinggi dalam menentukan perusahaan pelayaran mana yang bisa mengangkut muatan cair mereka. perseroan memiliki hubungan bisnis jangka panjang dengan pertamina, perusahaan minyak dan gas milik pemerintah indonesia yang saat ini mengontrol distribusi minyak yang diproduksi di indonesia dan produk turunannya di wilayah perairan indonesia. Semua kontrak sewa jangka panjang perseroan adalah dengan pertamina. Dilihat dari sumber pendapatan perseroan berdasarkan pelanggan, maka pertamina merupakan pelanggan terbesar perseroan. namun, meskipun demikian pendapatan dari pertamina hanya merepresentasikan sekitar 8% dari total pendapatan perseroan. Selain pertamina, tidak ada satu pelanggan pun yang memberi kontribusi lebih dari 5% terhadap total pendapatan perseroan pada tahun 2009. Dengan demikian, perseroan tidak memiliki resiko ketergantungan pada masing-masing pelanggannya. perseroan mencari pelanggan dan menerima order jasa pengangkutan baik melalui broker pelayaran maupun melalui kontak langsung dengan pelanggan yang dilakukan oleh tim pemasaran dan penjualan. para pelanggan memilih menggunakan layanan yang diberikan oleh perseroan dibandingkan dengan para pesaing lainnya karena kombinasi dari reputasi perseroan yang dikenal luas tentang keselamatan, kehandalan awak kapal yang dimiliki, dan harga yang bersaing serta ketersediaan kapal dari berbagai tipe dan ukuran. Selain itu, sekitar 92% dari total armada kapal tanker kimia yang dimiliki perseroan merupakan kapal tanker kimia dengan lambung ganda yang terbuat dari stainless steel dan dengan demikian kapal kapal tanker kimia perseroan mampu untuk mengangkut semua jenis muatan kimia cair dan memastikan kondisi muatan tetap terjaga baik selama pelayaran.
our Customers The Company has in general established long-term relationships with the majority of its customers, to include some major international oil and chemical companies such as Pertamina, Celanese Corporation, Exxon Mobil Corporation, Shell, BASF, SABIC, IPCC, and Dow Chemical, etc. The relationship with the above chemical and oil companies proves the reliable services provided by the Company considering that they apply high standards in determining which shipping companies are qualified enough to carry their liquid cargoes. In particular, the Company has an established long-term mutual & strategic business relationship with Pertamina, the Indonesian state-owned oil company, which currently controls the distribution of Indonesian oil and gas and other refinery products within Indonesian waters. All long-term contracts are with Pertamina. From the Companys revenue point of view, Pertamina is the Companys largest customer. Even so, Pertamina only contributed around 8% of the Companys total revenue. Other than Pertamina, there is no single customer that contributed more than 5% of the Companys total revenue in 2009. Therefore, the Company holds no dependency risk towards any of its customers
The Company establishes contact with customers and receives orders for shipping transportation services through brokers and direct contacts with the Companys marketing and sales team. Customers choose the Companys services over those of competitors on the basis of the Companys established reputation for safety and reliability; competitive prices; and the availability of various types and size of vessels. Another reason is that, 92% of the total chemical tankers within the Companys fleet is double hulled with stainless steel which allows the Companys chemical tankers to carry all types of liquid chemical cargoes and ensure the cargoes carried is kept in fine condition during the voyage.
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Sebagai bagian dari tim pemasaran dan penjualan, perseroan menunjuk personil khusus untuk pelayanan pelanggan yang bertugas khusus melayani dan memenuhi kebutuhan pelanggan utama tertentu secara eksklusif. Melalui kontak dengan pelanggan ini, perseroan mampu mengantisipasi atau mengetahui pada wilayah mana pelanggan tertentu akan membutuhkan layanan pengangkutan di masa yang akan datang sehingga perseroan dapat memenuhi kebutuhan tersebut. untuk memenuhi permintaan pelanggan pada wilayah tertentu atau untuk pelayaran tertentu, perseroan kadang-kadang menyewa kapal dalam jangka pendek dari perusahaan pelayaran lain yang memiliki reputasi yang baik. pelayanan dan fleksibilitas ini memungkinkan perseroan untuk menjaga hubungan jangka panjang dengan para pelanggan, dan pada saat yang bersamaan mampu membangun reputasi untuk dapat memenangkan kontrak pengangkutan baru. wilayah operasional Armada perseroan membagi operasi armadanya menjadi empat wilayah geografis untuk kapal tanker kimia, dan masingmasing satu wilayah geografis untuk armada tanker minyak dan armada tanker gas. Divisi i untuk segmen kapal tanker kimia meliputi wilayah operasi di dalam wilayah Asia tenggara, yaitu antar pelabuhan-pelabuhan di indonesia, thailand, Malaysia, dan Singapura. Divisi 2 meliputi wilayah operasi dari Asia tenggara hingga Asia timur jauh, dan didalam wilayah Asia timur jauh dan pengangkutan balik dari Asia timur jauh dengan pelabuhan tujuan utama di China, korea, taiwan dan jepang. Divisi 3 meliputi wilayah operasi dari wilayah Asia tenggara ke arah barat, menuju india, wilayah timur tengah, dan eropa, selain operasi didalam wilayah itu sendiri dan pengangkutan baliknya. pelabuhan tujuan utama untuk Divisi 3 berlokasi di india, iran, Saudi Arabia, kuwait, Qatar, Mesir, italia, Spanyol, Belanda, dan inggris. Divisi 4 meliputi wilayah operasi dari wilayah Amerika utara Amerika Selatan, Amerika ke eropa melalui Samudera Atlantik dan Amerika ke Asia melalui Samudera pasifik.
Within its marketing and sales teams, the Company employs designated customer service representatives who focus exclusively on one or more major customer accounts in order to address the needs of valued customers. In this way, the Company can always anticipate any particular, specific needs of the customer in terms of shipping capacity and geographical destination, allowing the Company to deploy its fleet effectively to meet these needs. In order to fulfill the needs of customers for transshipment services in a particular area or at a particular time, the Company occasionally charters vessels from other, reputable shipping companies on a short term charter basis. This allows the Company to maintain long-term relationships with its customers and to build on the Companys reputation to win new contracts.
Areas of operation The Company divides the operation of its chemical tanker fleet into four geographical zones, one zone for oil tanker fleet, and another for its gas tankers. In the chemical tanker segment, Section 1 includes the area within Southeast Asia, between ports in Indonesia, Thailand, Malaysia and Singapore. Section 2 includes the area from Southeast Asia to/within Northern Asia, as well as the backhaul from the region, with primary destination ports located in China, Korea, Taiwan and Japan. Section 3 includes the area from Southeast Asia to the west; to India, Middle East countries and Europe as well as trade within these areas and backhaul from these areas. Primary destination ports for Section 3 are located in India, Iran, Saudi, Kuwait, Qatar, Egypt, Italy, Spain, Netherlands and England. Section 4 covers trade to/between North and South America, from America to Europe through the Atlantic Ocean, and from America to Asia through the Pacific Ocean.
Glasgow Beijing Westport,CT Shanghai Seoul
Tokyo
Middle East Dubai Myanmar Taiwan North Af rica Hong Kong Mumbai Bangkok Singapore Sao Paulo Headquarter Representative Office / Operation Center Chembulk Trading Coverage BLT Trading Coverage Jakarta Australia
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perseroan menempatkan kapal yang dimilikinya pada wilayah operasinya agar dapat merespon kondisi pasar dan kebutuhan dari para pelanggan dengan tanggap. perseroan senantiasa berusaha untuk dapat mengantisipasi lokasi dari permintaan terbanyak untuk kapal yang dimiliki oleh perseroan, dan pada saat yang bersamaan menjaga tingkat diversifikasi penempatan kapal-kapal pada wilayah geografis yang berbeda. KEKUATAN DAyA SAINg industri perkapalan pada dasarnya diwarnai persaingan yang cukup ketat, dan paling menuntut kekuatan daya saing yang tinggi dibandingkan kebanyakan industri pada umumnya. Walaupun demikian, perseroan menyimpan sejumlah faktor yang memperkuat daya saing yang memungkinkan pencapaian visinya, yaitu menjadi perusahaan pengangkutan laut multinasional terpilih bagi para pengguna jasa ini, baik untuk perdagangan domestik maupun internasional. Faktor-faktor kekuatan daya saing tersebut antara lain: Armada operasional Kapal-kapal berbagai tipe dan ukuran, dengan fleksibilitas dan kualitas tinggi, diawaki, dikendalikan, dan dikelola oleh para awak kapal serta staf darat yang berpengalaman. perseroan mengharapkan industri kimia dan minyak bumi masih akan terus bertumbuh dalam beberapa tahun mendatang, dan dengan demikian, kebutuhan layanan transportasi laut bagi industri tersebut juga meningkat. Dengan armada yang terdiri dari beragam kapal tanker dalam ukuran dan spesifikasi yang berbeda, keseluruhannya 91 kapal, perseroan saat ini berada dalam posisi yang sangat siap untuk menyediakan layanan transportasi yang dibutuhkan tersebut, bahkan bagi perusahaan-perusahaan perdagangan multinasional dan regional yang memiliki berbagai macam produk dan kelompok muatan.
The Company deploys its vessels throughout its area of operations on the basis of market conditions and customer requirements. It is part of the Companys strategy to continue anticipating where the load of demand for next transportation services will be needed, while at the same time maintaining a broadly diversified position by spreading its vessels across a range of different geographic areas. CoMPetItIVe stRenGtHs Shipping industry is competitive in nature and one of the most notorious ones compare to other industries in general. However, the Company possesses a number of competitive strengths that will enable it to achieve its vision of becoming the preferred multinational shipping company in domestic and international trade. These strengths include the following:
operating Fleet Large, flexible, modern, high quality ships manned, operated and managed by experienced crew and staff The Company expects that the chemical and petroleum industries will continue to grow over the next several years and with this growth, the demand for shipping services will continue to increase. With its extensive and diverse fleet, comprised of 91 vessels, the Company is well positioned to service the widely varying transportation needs of even the largest multinational companies and regional trading companies and for a wide range of different products and product groups.
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Armada tanker pengangkut bahan kimia, minyak dan gas perseroan terus dijaga dalam kondisi prima, serta dioperasikan oleh awak kapal terbaik, dimana kombinasi dari armada yang modern dan awak kapal yang professional akan mampu mengembangkan sekaligus mempertahankan relasi bisnis jangka panjang dengan para klien dan memastikan perseroan akan selalu dapat memberikan pelayanan berkualitas tinggi serta efisien dari segi biaya. Armada yang dimiliki perseroan sudah terbukti jauh lebih moderen dibandingkan kebanyakan pesaingnya: per tanggal 31 Desember 2009, umur rata-rata tanker bahan kimia, minyak serta gas yang dimiliki perseroan adalah masing-masing 8,4, 16,4 dan 9,0 tahun dimana rata-rata umur tanker dalam industri ini berkisar masing-masing antara 11,1, 9,4 dan 16,4 tahun. kualitas prima para awak kapal perseroan telah dibuktikan dengan diperolehnya Sertifikasi iSo 9001:2000 dari nippon kaiji kyokai untuk crew management & manning division serta untuk bisnis perkapalan dan keagenan. perseroan bangga menggunakan armada kapal yang moderen dan berklasifikasi tinggi, dimana hampir semua kapal yang dimiliki telah berlambung ganda dan hampir semua tanker kimia memiliki sertifikasi iMo kelas ii / iii. Sertifikasi iMo tersebut menyatakan bahwa kapal tersebut dapat membawa bahan kimia cair mulai dari grade biasa hingga grade khusus dengan spesifikasi tinggi, sehingga memberikan fleksibilitas kemampuan mengangkut hingga fleksibilitas dalam menentukan pilihan produk minyak dan bahan kimia yang mampu ditransportasikan. Selain itu, hampir semua tangki muatan untuk kapal-kapal pengangkut bahan kimia terbuat dari baja antikarat (stainless steel) berkualitas tinggi, yang menambah kemampuan serta fleksibilitas untuk mengangkut muatan bernilai tinggi. Seluruh kapal yang dioperasikan oleh perseroan dibangun di jepang dan korea Selatan yang sudah diakui oleh dunia internasional memiliki galangan galangan kapal terbaik dan berteknologi mutakhir. kemampuan armada perseroan untuk mengangkut produk produk minyak dan kimia grade khusus telah mampu memberikan perseroan posisi yang baik di pasar sekaligus menjadi keunggulan kompetitif perseroan yang mampu memberikan margin tersendiri
The Companys fleet of modern chemical, oil and gas tankers is well maintained and operated by highly qualified crews, facilitating its ability to develop and maintain longterm relationships with its clients by providing consistently high-quality and cost efficient services. The Companys fleet is demonstrably more recently constructed than that of the majority of its competitors: as of 31 December 2009, the average age of the Companys chemical, oil and gas tankers was approximately 8.4, 16.4 and 9.0 years respectively, compared to industry averages of approximately 11.1, 9.4 and 16.4 respectively.
The quality of the Companys crews has been demonstrated by the fact that it has been granted ISO 9001:2000 certification from Nippon Kaiji Kyokai for the crew management and manning division and for shipping and agency business. The Company enjoys the use of modern and high classification fleet of vessels in which almost all of our vessels are double hulled, stainless steel and almost all of our chemical tankers have IMO type II/III class notation. IMO Type II/III class notation means that we can carry highly sophisticated and specialized grade of liquid chemicals and this creates flexibility to transport the various types of oil and chemical products. In addition, almost all of the cargo tanks of our chemical ships are made of high grade stainless steel which has even greater flexibility to carry high value cargoes. All the tankers operated by the Company were constructed in Japan and South Korea, 2 countries that are internationally admitted to have the best shipyards with state of the art technology. The Companys ability to carry special grades oil products and liquid chemicals has become a competitive advantage that presents the Company with a strategic position in the market that awards the Company with a higher margin.
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Kinerja finansial Laba usaha yang berkesinambungan, serta peningkatan pendapatan bersih yang berkelanjutan Sejak terdaftar dalam perdagangan saham di Bursa efek jakarta di tahun 1990, perseroan menunjukkan peningkatan dalam kinerja keuangan setiap tahunnya. peningkatan ini seiring dengan komitmen perseroan untuk terus mengembangkan armadanya dan memperluas cakupan operasional perseroan. pada tahun 2009, sebagai bukti dari komitmen perseroan untuk terus mengembangkan bisnisnya, total aktiva perseroan telah tumbuh sekitar 8,8% dari tahun sebelumnya menjadi uSD 2,50 milyar pada tahun 2009, meskipun perseroan menghadapi masa-masa sulit yaitu krisis ekonomi global. kinerja finansial yang cukup baik tersebut, dapat diraih perseroan dengan mengadopsi satu strategi unik yaitu keseimbangan berbagai bisnis yang berasal dari sektor kimia, minyak serta gas. Sama halnya, perseroan juga mengadopsi gabungan yang tepat antara kontrak dan sewa spot. Strategi-strategi inilah yang memungkinkan perseroan mempertahankan tingkat keuntungan melalui siklus bisnis yang tepat.
Financial Performance Consistent profitability and steady, ongoing increases in net revenues Since its listing on the Jakarta Stock Exchange in 1990, the Company has shown improvement in its financial performance annually. This improvement is in line with the Companys commitment to continuously develop its fleet and expand its operational coverage. In 2009, as a form of its commitment to grow its business, the Companys total assets has grown 8.8% compared with the previous year where in 2009 the amount of the Companys total assets is USD 2.50 billion, despite the fact that the Company was facing difficult times during the global economic crisis. The Company has achieved this excellent financial performance by adopting a strategy of a balanced business mix between the chemical, oil, and gas sectors. Similarly, it has adopted a strategy of a balanced mix of contract and spot charters. These strategies enable the Company to maintain its profitability through business cycles.
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Relasi dengan Pelanggan Dibangun diatas kemampuan yang sudah terbukti dalam memberikan layanan transportasi laut yang handal, aman, terjamin serta efisien perseroan terus berupaya mempertahankan hubungan kerja sama bisnis yang sudah kuat dan terjalin lama dengan para kliennya, termasuk banyak perusahaan migas dan kimia internasional utama seperti pt pertamina (persero), exxon Mobil, Shell, BASF, ipCC, Celanese, Dow, SABiC dan lain sebagainya. Dasar dari relasi bisnis yang kuat tersebut tidak lain adalah kemampuan perseroan yang sudah terbukti untuk menyediakan layanan transportasi laut yang handal, aman, terjamin serta efisien. Dengan ekspansi armada kapal yang terus berkelanjutan seiring dengan pertumbuhan permintaan global, perseroan mengharapkan bahwa relasi yang sudah terbina ini dapat menjadi batu loncatan mendapatkan pelanggan-pelanggan baru di pasar-pasar wilayah lain. Berdasarkan relasi yang kuat dengan para klien inilah, perseroan telah melanjutkan upaya memperluas pasar dan jaringan, memposisikan diri dengan kuat dalam industri ini, serta terus meningkatkan pangsa pasar di wilayah-wilayah tersebut. Jaringan Pemasaran dan operasional Mendapatkan manfaat dari jaringan global yang sudah terbangun perseroan telah mengembangkan jaringan pemasaran serta penjualan internasional, baik untuk melayani klien yang sudah ada maupun mengidentifikasi peluang-peluang bisnis baru di pasar global. perseroan berupaya menciptakan suatu kehadiran yang terpadu di tengah pasar-pasar Asia utama, dengan memiliki kantor-kantor di jakarta, Singapore, Hong kong, Bangkok, taiwan, Shanghai dan Beijing. Selain itu, perseroan juga sudah memiliki perwakilan untuk wilayah timur tengah, dimana kantor pemasarannya berada di Dubai; untuk wilayah eropa berkantor di Glasgow; untuk Asia Selatan di Mumbai; dan untuk Amerika utara serta Selatan di Westport, Connecticut dan Sao paolo, Brasil. Komitmen Membangun Budaya Pelatihan yang ekstensif Program Pelatihan yang Sistematis dan Ketat bagi para Staf onshore dan offshore Aset terbesar perseroan adalah para karyawannya, yang bekerja baik di darat ataupun di laut (di kapal). oleh karena itu, perseroan tidak ragu untuk berinvestasi di sumber daya manusia yang dimiliki untuk meningkatkan kompetensi, profesionalitas, dan performa kerja dan investasi ini akan terus dilanjutkan oleh perseroan di masa masa yang akan datang sebagai bagian dari strategi perseroan dalam memenangkan persaingan dan memberikan kualitas pelayanan terbaik bagi para pelanggannya. perseroan melaksanakan program pelatihan yang luas cakupannya bagi semua karyawan di setiap tingkatan baik untuk lokasi kerja di darat maupun di laut. program-program pelatihan tersebut beragam, mulai dari pembentukan motivasi untuk pengetahuan industri ini secara khusus, yang
Customer Relationships Building on proven ability to provide dependable, secure and efficient marine transportation services The Company has worked to develop strong, long standing relationships with its clients, who include major international oil and gas as well as chemical companies such as PT Pertamina (Persero), Exxon Mobil, Shell, BASF, Celanese, Dow, IPCC, SABIC and many other clients. The basis for these strong customer relationships is the Companys proven ability to provide dependable, safe and efficient transportation services. With the ongoing expansion of the Companys fleet, it expects to be able to build a stepping stone on these existing relationships to win the trust of new clients by providing them with a greater geographical reach. By leveraging on the strong relationship with our customers, the Company has continued to expand our presence and position ourselves with a strong foothold in principal markets in our segments and has continued to increase our market shares in those regions. Marketing and operating network Leveraging from our global networks The Company has developed an extensive international sales and marketing network, both to serve existing clients and to enable it to identify new business opportunities. The Company maintains an integrated marketing presence in the customers key Asian markets by setting up offices in Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai and Beijing. In addition, the Company has established a presence in the Middle East through marketing offices in Dubai; in Europe through office in Glasgow; in South Asia through offices in Mumbai; and in North America and South America through offices in Westport - Connecticut and Sao Paolo - Brasil. Commitment to extensive training Culture systematic and Rigorous training Programs for onshore and offshore staff The Companys greatest assets are its people who work both onshore and off-shore (on board its vessels) hence the Company has no doubt in investing in human resources to leverage competence level, professionalism, and performance. The Company is committed to continue this form of investment in the future as an integral part of the Companys strategy in thriving through the competition and provide the best quality service for its customers. We have extensive training programs for all employees at all levels both for onshore staff as well as for those who work offshore. The trainings ranging from motivation programs to specific industry knowledge are designed systematically such that they meet the level of rigor and thoroughness to ensure all employees continue to be
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dirancang secara sistematis sehingga para lulusannya sudah memenuhi standar kemampuan secara ketat dan lengkap. program-program ini perlu agar semua karyawan selalu memiliki pengetahuan dan kemampuan kerja terbaru sesuai perubahan terakhir, serta terus meningkatkan keahlian di bidang dan/atau fungsi masing - masing. perseroan percaya bahwa pelatihan dan program pelatihan yang tepat adalah investasi yang sangat berharga bagi pengembangan individu para karyawan dan juga, penting bagi pertumbuhan bisnis perseroan di masa mendatang, yang akan menentukan sukses tidaknya organisasi ini di kemudian hari. untuk tujuan pelatihan awak kapal, perseroan telah berinvestasi banyak melalui pengadaan perangkat simulator anjungan kapal atau kamar mesin kapal dan bagan pompa muatan termasuk juga berbagai investasi lainnya seperti laboratorium Bahasa inggris agar para awak kapal dapat terus meningkatkan ketrampilan dan pengetahuan mereka sesuai dengan perkembangan industri terbaru serta mempertajam keahlian yang dibutuhkan untuk menjadi seorang pelaut yang berpengalaman. khusus untuk perangkat simulator anjungan kapal, perseroan merupakan satu satunya perusahaan perkapalan swasta nasional yang memiliki perangkat tersebut. Simulator yang dimiliki oleh perseroan adalah tipe tRAnSAS navy trainer 4000 Bridge Simulator dan eRS 4000 engine Room Simulator buatan Rusia serta telah memenuhi standar yang ditetapkan oleh Sea Fleet Service of Russias Ministry of transport dan Marine Safety Agency uk. Selain itu, perseroan juga telah melengkap perangkat simulator ini dengan electronic Chart Display and information System (eCDiS), yaitu suatu sistem navigasi yang diwajibkan oleh international Maritime organization (iMo) untuk digunakan oleh setiap kapal di seluruh dunia pada tahun 2012. Simulator yang dimiliki oleh perseroan memiliki kemampuan untuk menciptakan situasi sesungguhnya yang akan dialami oleh para awak kapal dalam mengoperasikan kapal. Dengan demikian, perseroan dapat memastikan bahwa bekal pendidikan dan kompetensi yang dimiliki oleh para awak kapal sebelum naik ke kapal sudah cukup untuk memastikan operasional kapal dapat berjalan dengan baik, keamanan dan keselamatan terjaga, dan pelayanan yang memuaskan bagi para pelanggan perseroan.
updated with recent changes and provide development in the area of their expertise and/or functions. The Company believes that the training and the appropriate training programs are investments in nature and are important for the personal development for the employees as much as it is important for the future growth of the Company which can determine future success of our organization. For seafarers or crews trainings purposes, the Company invested heavily on the in-house bridge or engine room simulator and cargo pump mock up as well as other investments such as English language laboratory to ensure the offshore crews continue to get upgrading of their skills and the sharpening of the expertise for our seasoned seamen.
Specifically on bridge simulator, the Company is the only national private shipping company which owns a bridge simulator. The simulator is a TRANSAS Navy Trainer 4000 Bridge Simulator and ERS 4000 Engine Room Simulator made in Russia which has fulfilled the standards established by the Sea Fleet Service of Russias Ministry of Transport and Marine Safety Agency of the United Kingdom. In addition, the Company has added this simulator equipment with Electronic Chart Display and Information System (ECDIS), a navigation system which will be made compulsory pursuant to the International Maritime Organization (IMO) to be installed and applied in each vessel in the world starting from 2012. The simulator has the ability to create a close to real life experience which demonstrates the various conditions that crews might encounter in operating the vessel. Therefore, the Company guarantees that the education level and capability of the crews before boarding to a vessel are sufficient to ensure a smooth and safe operation of the vessel will be smooth, safe and provide satisfactory services for the customers. In general, we have onshore and offshore staffs who are not only highly skilled, promoting best practices, and continuously improve our performance but also have shown their strong commitment to the growth of the Company.
Secara umum, perseroan kini memiliki staf baik darat maupun laut yang tidak hanya memiliki tingkat ketrampilan tinggi, tetapi juga mampu menerapkan praktek kerja terbaik, serta terus-menerus meningkatkan kinerjanya, serta telah membuktikan komitmen mereka yang kuat bagi pertumbuhan bisnis perseroan.
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Pengelolaan Kapal Layanan berkualitas tinggi serta efektif dari segi biaya, melalui anak-anak perusahaan perseroan menyediakan semua layanan manajemen kapal yang dibutuhkan untuk pengoperasian armada kapal yang dimilikinya, termasuk operasi pendukung, perawatan kapal, dukungan teknis, penempatan staf teknis, pengawasan pekerjaan di galangan kapal serta manajemen komersial, yang dilakukan oleh anak anak perusahaan yang sepenuhnya dimiliki oleh perseroan. perseroan percaya bahwa dengan menempatkan layanan layanan tersebut dibawah kendali anak-anak perusahaan tersebut, kualitas layanan yang memuaskan, serta tingkat efektivitas biaya yang lebih tinggi akan dapat dicapai. Tim Manajemen Berpengalaman Pengalaman panjang di dunia perkapalan, kesetiaan dan komitmen kepada Perseroan para eksekutif senior serta staf kunci perseroan telah memegang pengalaman luas dalam industri perkapalan internasional, dengan masa kerja rata-rata 20 tahun. Selain itu, loyalitas serta komitmen anggota tim manajemen senior tersebut kepada perseroan telah terbukti dalam hal jumlah tahun yang telah mereka baktikan ke perseroan, yaitu rata-rata hampir 18 tahun kerja. Dengan masa kerja sedemikian lama, tim manajemen perseroan telah memiliki keterampilan di semua bidang dalam bisnis perkapalan ini, termasuk pengelolaan aspek komersial dan teknisnya. pengalaman ekstensif tersebut tentunya menjadi modal keunggulan kompetitif yang kuat dalam upaya perseroan untuk memfokuskan diri pada pemasaran, mempertahankan kualitas dan kontrol biaya, operasional yang efektif serta pemantauan tingkat keselamatan kerja.
Vessel Management High-quality and cost effective services through wholly owned subsidiaries The Company provides all of the vessel management services required to operate the fleet, including operations support, tanker maintenance and technical support, crewing, shipyard supervision and commercial management, through wholly owned subsidiaries. The Company believes that by performing these services through wholly owned subsidiaries, the Company is able to ensure a satisfying quality service and to achieve a greater level of cost efficiency.
experienced Management team extensive experience in the shipping industry and loyalty and commitment to the Company The Companys senior executives and key employees have extensive experience in the international shipping industry, with an average of 20 years of experience. In addition, members of the senior management teams loyalty and commitment to the Company are demonstrated by the fact that they have on average been employed by the Company for almost 18 years. With their extensive experience, Companys management team has expertise in all areas of the shipping business, including commercial and technical management. This long experience provides the basis for a focused marketing effort, rigorous quality and costs controls, effective operations and safety monitoring.
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STRATEgI Dalam rangka mempertahankan dan meningkatkan pangsa pasar serta meningkatkan kinerja finansial secara konsisten, dalam berbagai siklus ekonomi dan perkapalan, maka perseroan berencana untuk mewujudkan beberapa prakarsa strategis berikut ini: Portofolio yang Seimbang Mengurangi perubahan perubahan dengan cara menjaga keseimbangan lintas sektor kimia, minyak dan gas Fakta menyebutkan bahwa sektor industri kimia, minyak dan gas selalu terpengaruh oleh pola siklus perluasan dan penurunan, yang juga berdampak besar pada kebutuhan layanan transportasi bagi produk-produk yang dihasilkannya. namun, juga jelas bahwa tiga sektor tersebut memiliki pola siklus berbeda yang masing-masing tidak langsung saling terkait. Dengan demikian, diversifikasi layanan di ketiga bidang tersebut, yaitu untuk pasar minyak, kimia dan gas, akan dapat mengurangi naik atau turunnya permintaan secara drastis di salah satu sektor sehingga kelangsungan bisnis perseroan tidak hanya tergantung pada satu segmen bisnis saja. Agar dapat mengelola resiko serta mencapai tingkat pertumbuhan yang konsisten, perseroan berniat untuk mempertahankan keseimbangan tersebut, yaitu layanan transportasi laut bagi ketiga sektor yang menjadi segmen utama bisnis perseroan saat ini. Pengaturan Kontraktual Memanfaatkan pengaturan kontrak guna menumbuhkan dan mempertahankan arus kas operasi. perseroan terus berupaya memastikan stabilitas arus kas yang lebih kuat, melalui kontrak-kontrak serta sewa dengan jangka waktu tertentu pada sebagian armada kapalnya, sekaligus mempertahankan fleksibilitas armadanya agar dapat meraih pendapatan di peningkatan pasar spot. perseroan selalu mengamati dengan cermat kondisi pasar dan mencari cara mengatisipasi kebutuhan transportasi laut yang muncul, dan merespon dengan cepat jika suatu peluang chartering yang menguntungkan muncul. Ekspansi Armada Armada kapal yang terus bertumbuh, sementara struktur modal dikelola dengan seksama Sejak januari 2005, pertumbuhan bersih armada perseroan (net fleet growth) yang dihitung berdasarkan jumlah kapal yang dibeli dikurangi dengan jumlah kapal yang dijual adalah sebanyak 48 kapal baru serta yang diperbarui, dengan mengeluarkan biaya keseluruhan sebesar uSD 1.198,0 juta, sehingga total kapasitas angkut sekarang menjadi 2.210.833 DWt. perseroan bermaksud terus menambah jumlah armada kapalnya dengan 13 kapal baru lainnya, sehingga nantinya kapasitas akan bertambah sebanyak 196.280 DWt, yang keseluruhannya akan selesai proses pembangunannya dan diserah-terimakan dalam waktu 3 tahun mendatang.
stRAteGy In order to maintain and increase its market share and to achieve a consistently strong financial performance through economic and shipping cycles, the Company plans to pursue the following strategic initiatives: A Balanced Portfolio Reducing volatility by maintaining a balance between the chemical, oil, and gas sectors It is a fact that the chemical, oil, and gas sectors are subject to cyclical patterns of expansion and contraction, and that this will impact the demand for shipping services in each of these respective sectors. However, it is also clear that each of these three sectors is governed by cycles that are not directly correlated. Thus, by diversifying its focus across the oil, chemical and gas markets, the Company can reduce its exposure to volatilities in any one particular sector. In order to manage risk and achieve consistent growth, the Company intends to maintain a balance between these three main segments of its business.
Contractual Arrangements Utilize contractual arrangements to grow and maintain stable operating cash flow The Company seeks to ensure greater cash flow stability through the use of contracts and time charters for a significant portion of our fleet, while maintaining the flexibility to benefit from spot market rate improvements. The Company constantly monitors the market and seeks to anticipate clients transportation needs and to respond promptly to attractive chartering opportunities.
Fleet expansion Consistently growing the fleet while prudently managing the capital structure. Since January 2005, the Companys net fleet growth, which is calculated based on the number of vessels purchased deducted with the number of vessels sold, is 48 new and refurbished vessels for an aggregate cost of approximately USD 1.198,0 million which made the Companys total capacity at 2.210.833 DWT. The Company intends to continue to expand its fleet, with 13 new builds, representing a total capacity of 196.280 DWT, scheduled to be accomplished and delivered over the next 3 years.
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Membuka Pasar Baru Memperluas cakupan layanan geografis ke dalam pasarpasar utama lainnya Sejak tahun 1998, perseroan mulai menerapkan strategi perluasan layanan untuk mencakup wilayah pasar-pasar baru, melalui pusat operasional yang sudah berdiri di Asia tenggara. Di tahun 1998, perseroan mengakuisisi satu anak perusahaan di Hong kong sebagai langkah perwujudan menembus pasar Asia utara lainnya. pada tahun 2001, perseroan melebarkan wilayah perdagangan dan operasionalnya sampai ke timur tengah dan india. tahun 2004 ditandai pembukaan kantor pemasaran perseroan di Glasgow, Skotlandia. pada tahun 2007 perseroan kembali mengakuisisi satu perusahaan pelayaran di Amerika, guna meraih pangsa pasar di Amerika utara dan Selatan. Selain fokus perhatian pada pasar utama di Asia, perseroan akan terus memperluas dan melebarkan sayap operasi ke kawasan eropa, Amerika utara dan Selatan, serta menekankan pada upaya memenuhi kebutuhan pelanggan di pasar eropa dan Amerika tersebut. Strategi perluasan sayap operasi ke kedua kawasan tersebut terbukti berhasil dimana sekitar 44% dari total pendapatan perseroan berasal dari kedua wilayah tersebut. pihak manajemen perseroan percaya bahwa pasar di kedua wilayah utama ini menawarkan peluang yang cukup menjanjikan, mengingat begitu banyak pelanggan terbesar Asia saat ini juga berbisnis dengan pasar-pasar tersebut, sementara permintaan untuk layanan perkapalan yang handal, efisien serta hemat biaya di wilayah-wilayah tersebut masih tinggi. perseroan bermaksud membangun relasi bisnis dengan para pelanggan yang ada, sebagai batu loncatan perluasan layanan tersebut, serta mendapatkan pelanggan-pelanggan baru dari eropa dan Amerika. pada waktu yang sama, perseroan juga merencanakan menggunakan keunggulan efisiensi biaya yang telah tercapai lewat pangsa pasar yang telah dimilikinya di Asia, dan menawarkannya dalam bentuk harga yang kompetitif bagi para pelanggan di eropa, Amerika utara serta Amerika latin. perseroan juga tengah bersiap diri untuk menyambut implementasi asas cabotage di indonesia dimana untuk segmen minyak dan gas asas ini akan diterapkan secara penuh pada tahun 2010 dan untuk segmen angkutan lepas pantai (offshore) akan diterapkan secara penuh pada tahun 2011. Sehubungan dengan segmen angkutan lepas pantai, Blt telah menandatangani Memorandum of understanding (Mou) dengan salah satu perusahaan jasa angkutan pendukung lepas pantai terkemuka untuk membentuk perusahaan patungan (joint Venture) bersama guna menangkap peluang yang ada pada segmen jasa angkutan pendukung lepas pantai (offshore support vessels). Asas cabotage mengharuskan kapal-kapal yang mengangkut muatan antar pulau di dalam wilayah perairan indonesia adalah kapal-kapal berbendera indonesia dan diawaki oleh warga negara indonesia. Asas cabotage ini tentunya merupakan kesempatan yang sangat baik sebagai peluang bagi perluasan operasi dalam negeri.
Penetrating new Markets expand the geographic presence in customers key markets Since 1998, the Company has implemented a strategy of expanding into new geographical markets from its established operational centre in Southeast Asia. In 1998, the Company acquired a subsidiary in Hong Kong as a means to penetrate North Asian markets. In 2001, the Company extended its area of trading and operations into the Middle East and India. In 2004, the Company established a marketing office in Glasgow, Scotland. In 2007 the Company acquired a shipping company in America to penetrate North and South America. Other than focusing on the major market in Asia, the Company continuously expands its operation to European, North and South American region, and emphasize on fulfilling customer needs in both European and American market. The Companys expansion strategy to both regions is proven successful where around 44% of the Companys total revenue derived from both regions. The Companys management believes that the market in both regions offer a promising opportunity, considering that major Asian customers are also making business in those regions, while on the other hand the demand for efficient and capable shipping services in those regions remain high.
The Company intends to build on established relationships with existing customers in order to facilitate expansion and gain a greater share of their European and American shipping businesses. At the same time, the Company also plans to take advantage of the cost efficiencies it has achieved through its established presence in Asia to offer competitive pricing to customers in European, North American as well as Latin American markets. In addition, the Company is preparing itself to welcome the implementation of the cabotage principle in Indonesia whereas for the gas and oil segment this principle will be put to action in 2010 and for offshore it will be fully implemented in 2011. In relations with the offshore transportation segment, BLT has signed a Memorandum of Understanding with a profound offshore transportation services company, to form a joint venture company together with BLT to grasp the opportunity lies with the offshore support vessels segment. Cabotage principle is a new Indonesian shipping regulations which stipulate that intra-Indonesian shipping services may only be provided by domestic ship owners using Indonesian-flagged vessels and manned by Indonesians as well. This cabotage principle certainly offers a uniques opportunity to expand the Companys domestic operation.
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Pasar fSo dan fPSo Perluasan operasi di wilayah yang berpotensi tinggi perseroan percaya bahwa pasar FSo dan FpSo untuk melayani kebutuhan operasi lepas pantai masih memiliki potensi tumbuh yang sangat menjanjikan. Sejalan dengan itu, perseroan akan terus mengembangkan kekuatan dan layanan di bidang ini, dengan cara mendapatkan lebih banyak perjanjian layanan jangka panjang dengan para operator eksplorasi minyak dan fasilitas produksi lepas pantai, untuk layanan pengelolaan penyimpanan, offloading dan layanan lepas pantai lainnya. tahun 2006 perseroan telah mengubah satu dari kapal tanker yang dimilikinya agar dapat melayani FpSo, menandai awal masuknya perseroan ke pasar ini. PRoSPEK USAhA DAN KoNDISI PASAR industri pelayaran angkutan muatan cair sangat dipengaruhi oleh kondisi dari pasar yang sering kali berada diluar kendali perusahaan pelayaran. Hasil operasi perseroan bisa jadi berfluktuasi secara signifikan karena dipengaruhi oleh faktor-faktor seperti: kondisi perekonomian global, tingkat permintaan dan penawaran dari pengangkutan muatan cair, serta siklus yang dimiliki oleh industri pengangkutan muatan cair. pengangkutan bahan kimia cair, minyak dan gas merupakan penyumbang utama hasil operasi perseroan. pasar untuk transportasi bahan kimia cair, minyak dan gas memiliki tingkat perubahan yang tinggi seiring dengan tingkat permintaan global terhadap produk ini yang berfluktuasi. perubahan tingkat permintaan untuk pengangkutan minyak, bahan kimia cair, dan gas sangat dipengaruhi oleh banyak faktor seperti: perubahan produksi minyak dan gas global dan hubungannya dengan perubahan harga minyak dan gas, tingkat ekspor dan impor pada perdagangan minyak dunia, permintaan dunia terhadap energi, khususnya minyak dan produk turunannya, tingkat fluktuasi pada perdagangan dan produksi global serta regional, tingkat nilai tukar mata uang, tingkat persediaan minyak dan gas terutama di negara pengimpor komoditas tersebut, dan perubahan peraturan yang mengatur tentang perkapalan dan industri pelayaran.
Fso and FPso Markets expanding operations into areas with high growth potential The Company believes that the FSO and FPSO markets for offshore services possess a high growth potential. Thus, the Company will seek to expand its involvement in this area by entering into long-term agreements with operators of oil exploration and production facilities to manage storage, off-loading and other offshore services. The Company has converted one of its existing tankers to serve as an FPSO in 2006 which marked the Companys presence in this segment.
BUsIness PRosPeCts AnD MARket ConDItIons The liquid cargo shipping industry is easily affected by market conditions that are often outside the control of shipping companies. Thus, the Companys operational and financial performance may fluctuate significantly due to external factors including global economic conditions; supply and demand for liquid shipping transportation services; and business cycles affecting the liquid cargo maritime shipping industry itself. The majority of the Companys revenue comes from shipping operation of chemicals, oil and gas. Demand for these services is known historically to be always volatile, as global demand for these three products fluctuates from time to time. Demand for oil, chemicals and gas is closely interrelated with global patterns of economic development, growth and activity. Fluctuations in the demand for services involving the transportation of these commodities are influenced by a number of factors, including changes in oil and gas production level and demand for oil and gas related to changes in the prices of these commodities; export and import levels in the global energy market; the level of global demand for energy products and particularly petroleum and other refinery products; fluctuations in global and regional trade; in currency exchange rates; in the oil and gas inventory levels, particularly in importing countries; and changes in the regulatory regimes governing the shipping industry. During the last several years, the global demand for transportation services involving the shipping of oil, chemicals and gas has risen steadily. The volume of liquid chemicals transported by sea has risen by approximately 58.50 per cent since 2001, from 133 million tons to 210.8 million tons in 2009; whereas the volume of petroleum transported by sea has increased from approximately 249.9 million DWT in 2003 to approximately 267.1 million DWT in 2009; and the volume of LPG, ammonia and petrochemical gas altogether has risen from 67.5 million tons in 2002 to 78.2 million tons in 2009.
Selama beberapa tahun terakhir ini, tingkat permintaan dunia terhadap pengangkutan minyak, bahan kimia, dan gas meningkat secara stabil. pengangkutan bahan kimia mengalami peningkatan sebesar 58,50 persen sejak tahun 2001, yaitu dari 133 juta ton menjadi 210,8 juta ton di tahun 2009. Sedangkan tingkat permintaan untuk tanker pengangkut minyak telah meningkat dari sekitar 249,9 juta DWt di tahun 2003 menjadi sekitar 267,1 juta DWt di tahun 2009. untuk sektor gas terjadi peningkatan tingkat permintaan dari 67,5 juta ton untuk pengangkutan lpG, amonia, dan gas petrokimia pada tahun 2002 menjadi 78,2 juta ton di tahun 2009.
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Selama beberapa tahun terakhir ini, tingkat penawaran pengangkutan muatan cair mengalami peningkatan sebagai akibat dari kenaikan pada tingkat permintaan. Menurut Drewry Shipping Consultants ltd., sejak tahun 2002 armada tanker pengangkut bahan kimia dunia berkembang dari sekitar 40,6 juta DWt menjadi 71,4 juta DWt pada akhir tahun 2009. (termasuk didalamnya kapal yang memiliki peringkat kimia terbatas tapi pada umumnya digunakan untuk transportasi produk minyak). jumlah armada kapal tanker pengangkut minyak telah berkembang dari sekitar 265,5 juta DWt pada tahun 2003 menjadi lebih dari 371,6 juta DWt pada akhir tahun 2009 sedangkan armada kapal tanker gas dunia berkembang dari 14,4 juta CBM pada tahun 2003 menjadi sekitar 19,18 juta CBM pada akhir tahun 2009. Segmen Kapal Tanker Kimia Volume kargo cair yang diangkut dengan kapal tanker kimia berkembang secara konsisten sejak awal dekade 1980an, didorong terutama oleh pertumbuhan pergerakan bahan kimia organik dan bahan petrokimia. Dalam periode antara tahun 2001 sampai dengan 2009 rata-rata pertumbuhan angkutan laut untuk bahan kimia adalah sebesar 3,36%. Bahan kimia organik masih mendominasi dengan rata rata kontribusi per tahun dalam periode 2001 2009 sebesar 52,26% dari total angkutan laut untuk bahan kimia. Secara umum total angkutan laut bahan kimia telah tumbuh sebesar 25,93% pada tahun 2009 atau naik 34,5 juta ton menjadi 167,5 juta ton dibandingkan posisi tahun 2001. Drewry memperkirakan bahwa trend naik angkutan laut bahan kimia masih akan terus terjadi di masa depan dan diperkirakan total kargo laut bahan kimia akan mencapai 231,5 juta ton pada tahun 2012. Seiring dengan pertumbuhan tersebut, maka tingkat permintaan kapasitas kapal tanker juga akan turut berkembang.
Over the past several years, supply of liquid cargo maritime transshipment services has increased in response to the growth of demand. According to Drewry Shipping Consultants Ltd, since 2002, the total combined capacity of the world chemical tankers has grown from approximately 40.6 million DWT to 71.4 million DWT by end of 2009 (including vessels with a limited chemical rating but are primarily used for transporting oil products). The total combined capacity of the worlds oil tankers has expanded from approximately 265.5 million DWT in 2003 to approximately 371.6 million DWT at the end of 2009, while the combined capacity of the worlds gas tankers has grown from 14.4 million CBM in 2003 to approximately 19.18 million CBM by end of 2009. Chemical tanker segment The liquid cargo volume transported by chemical tankers has increased consistently since the beginning of the 1980s which was marked by the growth of the organic chemical and petrochemical substances. During the period of 2001 until 2009, the sea transportation growth for chemical substances is averagely 3.36%. The organic chemical cargo still dominates the annual average contribution for the period of 2001 2009, around 52.26% of the total sea transportation of chemical cargoes. In general, the total chemical sea transportation has increased by 25.93% in 2009 or increased from 34.5 million tons to become 167.5 million tons compared to it in 2001. Drewry estimates that the upscaling trend of the chemical substances sea transportation will continue in the future and it is estimated that the total chemical substance sea cargo will reach 231.5 million tons in 2012. In line with such growth, the demand rate for tankers capacities has also increased.
Grafik permintaan kimia Cair Dunia / Global Liquid Chemical Demand Graphic
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Sekitar 50% dari seluruh jasa angkutan bahan kimia dilakukan berdasarkan CoA, sementara pasar spot mencakup sekitar 35% sampai dengan 40%. Sisanya terdiri atas berbagai kontrak charter lainnya dan kargo diangkut dalam volume tonase yang diatur oleh para eksportir dan importir. untuk angkutan laut bahan kimia berjarak pendek, kontrak-kontraknya biasanya berlaku sampai dengan 1 (satu) tahun, tetapi untuk jasa angkutan laut bahan kimia berjarak jauh, komitmennya lebih sering berjangka waktu 2 (dua) sampai dengan 3 (tiga) tahun, dimana persyaratan komersialnya diperbaharui setiap tahun. Segmen Kapal Tanker Minyak tingkat permintaan minyak secara umum telah mengalami pertumbuhan yang berkesinambungan untuk dekade terakhir meskipun mengalami perlambatan pada tahun 2007 dan 2008. Secara umum, permintaan minyak dunia hanya naik 0.09% y-o-y pada 3Q08. Hal ini disebabkan oleh penurunan permintaan yang terus terjadi di negara negara oeCD terutama Amerika utara. pada 3Q08 permintaan dari Amerika utara turun 4.7% sebagai akibat dari memburuknya kondisi ekonomi. namun di lain pihak, penurunan permintaan dari negara negara oeCD diimbangi oleh kenaikan permintaan dari negara negara non oeCD terutama China. China menjadi penggerak pertumbuhan permintaan akan minyak bumi seiring dengan diadakannya olimpiade dan peningkatan penjualan kendaraan bermotor di negara tersebut. Secara umum, permintaan dari negara negara non oeCD naik 4.4% y-o-y pada 3Q08 dan kenaikan ini membuat permintaan minyak dunia secara global masih naik sebesar 0.09% y-o-y meskipun terjadi penurunan di negara negara oeCD.
Approximately 50% of the total chemical substance transportation is made based on the COA while the spot market covers approximately 35% up to 40%. The rest consists of various other charter contracts and the cargo is transported in tonnage volume which is determined by the exporters and importers. For the short distance chemical cargo sea transportation, the contracts are usually valid up to 1 (one) year but for the long distance chemical cargo sea transportation, the commitment is more common for a term of 2 up to 3 years where the commercial terms are renewed every year. oil tanker segment The oil demand rate in general has increased sustainably for the last decade although there was a decrease in 2007 and 2008. In general, the global oil demand only increased 0.09% y-o-y in 3Q08. This is caused by the continuing decrease of demand in OECD countries, especially North America. In 3Q08, the demand from North America decreased 4.7% as a result of the worsening economic condition. On the other hand, the decrease of demand in the OECD countries was balanced by the increase of demand from the non OECD countries especially China. China became the stimulant for the demand growth of natural oil as a result of the Olympic Games and the increase of the sale of motor vehicles in this country. In general, the demand from the non OECD countries increased by 4.4% y-o-y in 3Q08 and this increase resulted in the increase of the global oil demand by 0.09% y-o-y although there was a decrease in the OECD countries.
Grafik permintaan Global Atas kapal tanker Minyak / Global Demand of Oil Tankers Graphic
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tren musiman juga mempengaruhi tingkat konsumsi minyak dunia dan selanjutnya mempengaruhi tingkat permintaan tanker minyak. Sementara tren konsumsi bervariasi tergantung musim, puncak permintaan tanker minyak seringkali mendahului puncak konsumsi minyak musiman, dimana para penyuling minyak dan pemasok minyak telah mengantisipasi permintaan konsumen. puncak musiman permintaan minyak secara garis besar bisa diklasifikasikan menjadi dua kategori: (i) peningkatan permintaan minyak sebelum musim dingin belahan utara dunia, dimana konsumsi minyak untuk pemanas meningkat; dan (ii) peningkatan permintaan minyak sebelum musim panas di Amerika Serikat, dimana banyak konsumen akan mengemudikan kendaraan bermotor. Segmen Kapal Tanker gas tingkat permintaan untuk kapal pengangkut lpG didorong terutama oleh tingkat permintaan lpG, amonia dan gas petrokimia di negara-negara yang tidak memiliki pasokan dalam negeri yang cukup untuk memenuhi kebutuhan konsumsinya. pengangkutan gas petrokimia terutama didorong oleh konsumen dan industri yang memerlukan produk-produk yang dihasilkan dari gas petrokimia, seperti plastik/polymer, produk berbasis sintetik, tekstil, bahanbahan kimia dan karet. Sedangkan lpG merupakan gas terasosiasi dengan minyak, yang diproduksi sebagai produk sampingan minyak mentah dan gas alam dan dipergunakan terutama untuk transportasi, pemakaian untuk pemanasan dan memasak residensial dan komersial dan sebagai bahan baku (feedstock) untuk memproduksi petrokimia. Dengan meningkatnya produksi minyak mentah dan gas alam, volume lpG juga diperkirakan meningkat. pertumbuhan ekonomi merupakan salah satu indikator terbaik terhadap perubahan tingkat permintaan transportasi gas lewat laut. namun demikian, meningkatnya produksi minyak mentah dan gas alam yang mengakibatkan naiknya volume lpG dan meningkatnya kegiatan perniagaan juga dapat mengakibatkan meningkatnya permintaan untuk transportasi gas lewat laut.
The seasonal trend always influences the global oil consumption rate and subsequently influences the oil tanker demand rate. While the consumption trend varies depending on the season, the peak of oil tanker demand usually precedes the peak of the seasonal oil consumption where the oil refineries and oil suppliers have anticipated the consumer demands. The peak of the seasonal oil demand in general may be classified into two categories: (i) the increase of oil demand prior to the winter in the north part of the world where the oil consumption for heaters increases and (ii) the increase of oil demand before the summer in the United States where a lot of consumers ride motor vehicles. Gas tanker segment The demand rate for LPG carrier tankers is mainly driven by the LPG, ammonia and petrochemical demand rates in countries which do not have sufficient domestic supply to fulfill their consumption needs. The petrochemical gas transportation is mainly driven by consumers and industry which require products originated from petrochemical gas such as plastic/ polymer, synthetic based products, textiles, chemical and rubber substances. While LPG is gas associated with oil which is produced as a form of side products of crude oil and natural gas and used mainly for transportation, heating and residential as well as commercial cooking and as feedstock for producing petrochemical. With the increase of crude oil production and natural gas, the LPG volume is estimated to increase. The economy growth is one of the best indicators to the change of the demand rate of the sea transportation of gas. However, the increase of the production of crude oil and natural gas resulting in the increase of LPG volume and the increase of the commercial activities may also result in the increase of demand for the transportation of gas by sea.
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Siklus Bisnis yang Berbeda antar Segmen Siklus usaha dari masing-masing kegiatan usaha perseroan, yaitu: pengangkutan bahan kimia, minyak, dan gas, belum tentu saling berhubungan satu dan yang lainnya. Siklus usaha yang berbeda inilah yang menjadi dasar mengapa perseroan bergerak di ketiga bisnis tersebut, yaitu mengurangi ketergantungan pada segmen tertentu saja dan mengurangi resiko dari dampak negatif yang terjadi apabila salah satu segmen usaha mengalami penurunan yang signifikan.
Different Business Cycles From Different segments The business cycle of each business activities of the Company, consist of liquid chemical, oil, and gas cargoes, is not necessarily related from one to another. The different business cycle becomes the basis why the Company engages in these three businesses, where this strategy will reduce the dependency to certain segments and to reduce the risks resulting from the negative impacts if one of the business segments experiences a significant downfall.
Rute operasi perseroan yang bervariasi dan variasi produk yang diangkut memiliki paparan yang berbeda-beda dengan siklus uang tambang tersebut. perseroan berusaha untuk selalu mengelola risiko tersebut dengan menjaga keseimbangan dari berbagai macam produk, dengan menjaga keseimbangan antara sewa spot dan kontrak jangka panjang dan dengan mengalihkan operasi armada perseroan ke wilayah geografis yang diperkirakan memiliki tingkat permintaan yang tinggi dan relatif stabil.
The various operation routes serviced by the Company and the variety of the products carried have different presentations with the cycle of the freight rates. The Company is trying to always maintain such risks by keeping the balance of the various types of products by keeping the balance between spot charters and long term contracts and by transferring fleets of the Company to geographical areas which are expected to have high and pretty stable demand rate.
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ANAK PERUSAhAAN UTAMA
MAJoR sUBsIDIARIes
gBLT Ship Management Pte. Ltd. (Singapore)
GBlt Ship Management pte. ltd. (GBlt), anak perusahaan yang dimiliki sepenuhnya oleh pt Berlian laju tanker tbk. (Blt), didirikan di Singapura pada tanggal 1 juni 2002. GBlt didirikan untuk memberikan pelayanan independen untuk pengelolaan teknis bagi armada kapal Blt. GBlt mengelola armada tanker, termasuk kapal minyak, kimia, dan gas yang beroperasi dari pelabuhan-pelabuhan yang berasal dari/ke indonesia dan dari/ke Asia tenggara, Asia dan timur tengah, meluas ke Mediterania, eropa dan lintas benua menuju Amerika Selatan. untuk dapat mencapai misinya dalam menyediakan pelayanan yang berkualitas dunia dan profesional, GBlt berkomitmen pada pencapaian ZeRo accident dan ZeRo spills dalam pengelolaan kapal-kapal. perseroan senantiasa melakukan perbaikan-perbaikan yang berkesinambungan untuk mencapai tujuan-tujuan tersebut. Melalui struktur program pelatihan in-house yang dimiliki, berdasarkan orientasi standar keunggulan keselamatan dan lingkungan, GBlt menetapkan standarstandar pencegahan pencemaran, memberikan pelayanan pengelolaan kapal yang kompeten dan menetapkan strategi-strategi untuk meningkatkan kinerja keselamatan dan pencegahan pencemaran secara keseluruhan bagi armada kapal. tim manajemen GBlt yang terdiri atas professional internasional mampu memberikan pandangan dan pengalaman yang lebih baik dalam semua aspek manajemen kapal untuk tetap menjadi yang terdepan dalam industri maritim.
GBLT Ship Management Pte. Ltd. (GBLT) a wholly owned subsidiary of PT Berlian Laju Tanker Tbk. (BLT) , was established in Singapore on 1st June 2002. It was set up to provide an independent technical management services to BLT fleet. GBLT manages a fleet of tankers, which include Petroleum, Chemical, and Gas vessels, trading from the home ports of Indonesia to South East Asia, Asia and the Middle East, extending to the Mediterranean, Europe, and across the continents to South America. To uphold its Mission Statement to provide a world class quality and professional services, GBLT is committed to ZERO accident and ZERO spills in the management of all our vessels and we aim to achieve these goals through continuous improvement. Through its in-house structured training program, based on safety and environmental excellence, GBLT defines standards, provides competent ship management services and maps out strategies to improve the overall safety performance and pollution prevention of the fleet. GBLTs management team of international professionals provides better insight and experience to all areas of ship management to stay at the forefront of the maritime industry.
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gBLT Shipmanagement (UK) Ltd
Sebagai salah satu anak perusahaan pt Berlian laju tanker tbk (Blt), GBlt Shipmanagement (uk) ltd (GBlt uk) menempati lokasi strategis di Glasgow, Skotlandia untuk membantu ekspansi ke pasar-pasar eropa dan Afrika. Glasgow adalah kota yang kaya akan tradisi pembuatan kapal dan saat ini merupakan pusat pengelolaan kapal yang terkemuka. perusahaan telah menunjukkan kapasitas dan pengalaman, yang dikombinasikan dengan etika yang kuat serta komitmen terhadap keselamatan, dan ini diyakini akan menentukan suksesnya perseroan di eropa. GBlt uk memiliki wewenang untuk menyewakan dan mengoperasikan semua kapal Blt yang berada di pasarpasar eropa, laut Mediterania, dan Afrika utara. Sementara itu, disaat kapal-kapal terus beroperasi secara reguler di wilayah ini, GBlt uk juga mengembangkan pelayananpelayanan adminstratif dan teknis (termasuk audit kapal, melayani pelatihan kadet dan superintenden kapal) untuk menjamin dukungan terbaik bagi kapal mana pun yang berlayar ke eropa. Selain melaksanakan pemeriksaan semua kapal GBlt uk setiap tahunnya, departemen teknis seringkali mengadakan kunjungan inspeksi ke kapal-kapal Blt yang singgah di pelabuhan-pelabuhan eropa. GBlt uk juga merekrut dan melatih para kadet dari akademi dan/atau universitas universitas maritim setempat, yang proses pelatihannya dilakukan di atas kapal Blt. GBlt uk telah mendapatkan sertifikasi manajemen mutu iSo 9001 dari llyods Register pada tahun 2006. perusahaan terus mempertahankan standar-standar yang tinggi yang berkaitan dengan kualitas dan pelayanan jasa. GBlt uk membeli kantor baru dan menempatinya pada bulan januari 2008. kantor baru tersebut terletak di Sentra Bisnis Glasgow yang berada tidak jauh dari pusat kota Glasgow. kantor baru yang lebih luas memberikan GBlt uk suatu kebebasan untuk mengakomodasi anggota tim mereka yang terus berkembang.
As a subsidiary of PT Berlian Laju Tanker Tbk (BLT), GBLT Shipmanagement (UK) Ltd. (GBLT UK) is strategically located in Glasgow, Scotland to assist with the Groups expansion into the European and African markets. Glasgow is a city with a rich shipbuilding tradition and in the present day is a centre of ship management excellence. The Companys demonstrated capability and experience, combined with strong ethics and a commitment to safety, will determine its success in Europe. GBLT UK has authority for the chartering and operations of all BLT vessels trading in the European, Mediterranean Sea, and North African markets. Indeed, as the vessels continue to trade more regularly in this area, developed administrative and technical services (including ship audit, cadet training and marine superintendent services) to ensure the best possible support for any of the vessels calling to Europe. Along with auditing all GBLT UK vessels on an annual basis, the technical department often visits BLT vessels calling in European ports. GBLT UK also recruits and train cadets of local maritime academies and/or universities, and part of their training being conducted onboard BLT vessels. GBLT UK obtained ISO 9001 quality certification from Lloyds Register in 2006. The office continues to maintain high standards of quality and service. GBLT UK recently purchased new office and relocated to the new premises in January 2008. The new offices are situated in the Glasgow Business Park which is only a short distance from the centre of Glasgow. The spacious new office affords GBLT UK the freedom to accommodate their expanding team.
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gold Bridge Shipping Ltd (hong Kong)
industri petrokimia Asia telah berubah menjadi pusat penyulingan besar dan berhubungan langsung dengan pusat lalu lintas pengapalan guna memenuhi lonjakan permintaan akan produk-produk petrokimia dan perminyakan yang semakin meningkat di kawasan ini. pusat-pusat kilang besar di Asia utara, Asia tenggara dan timur tengah memberikan peluang bisnis yang baik dalam permintaan akan transportasi laut bahan kimia cair dan perminyakan di kawasan ini. Dibalik pertumbuhan tersebut, Gold Bridge Shipping ltd. (Gold Bridge) telah melayani industri petrokimia dan perminyakan Asia sejak 1990. Gold Bridge merupakan anak perusahaan yang dimiliki seluruhnya oleh pt Berlian laju tanker tbk (Blt). Blt memiliki lebih dari 24 tahun pengalaman dibidang pengangkutan muatan cair, dan terlibat dalam semua aspek industri tanker seperti bahanbahan kimia cair, produk minyak mentah dan bahan bakar minyak, tanker aspal dan tanker gas. Dengan kehadiran Gold Bridge yang kuat di Asia utara dan Blt di kawasan lainnya, Blt telah menjadi operator tanker bahan kimia terkemuka di kawasan ini.
Asia petrochemical industry has transformed itself as a major refining centre and transshipment hub to feed the ever increasing demand for petrochemicals and petroleum products in the region. Major refining centers in North Asia, Southeast Asia and the Middle East provide a buoyant trade in the demand for liquid chemical and petroleum marine transportation in the region. Behind this growth, Gold Bridge Shipping Ltd. (Gold Bridge) has been serving the Asian petrochemical and petroleum industry since 1990. Gold Bridge is a subsidiary of PT Berlian Laju Tanker Tbk (BLT). BLT has over 24 years of liquid marine transportation experience, and is involved in all aspects of tanker industry from chemical, product crude oil, asphalt and gas tankers. With Gold Bridge strong presence in North Asia and BLT in other regions, BLT has become a leading chemical tanker operator in the region.
Chembulk Tankers LLC (Chembulk)
Chembulk tankers llC (Chembulk) didirikan pada bulan januari 2007 sebagai salah satu penyedia pengangkutan laut mutakhir abad 21 untuk bahan kimia cair yang menggunakan kapal-kapal angkut berbahan baja anti karat (stainless steel) sesuai dengan spesifikasi industri tertinggi. Dengan komitmennya akan keunggulan dalam semua aspek yang ditetapkan baik karena persaingan maupun peraturan yang ada, Chembulk memadukan kemampuan berbisnis yang baik dengan kecakapan operasional guna menjamin pengangkutan kargo pelanggan dengan handal. Chembulk merupakan anak perusahaan yang dimiliki sepenuhnya oleh pt. Berlian laju tanker tbk. (Blt). Wilayah operasi Chembulk adalah di kawasan Amerika, eropa dan Asia timur. Dengan bergabungnya Chembulk ke dalam Blt, maka wilayah operasional Blt kini menjangkau seluruh dunia.
Chembulk Tankers LLC (Chembulk) was formed in January 2007 as a cutting edge provider of marine transportation for the chemical industry deploying stainless steel chemical tankers built to the industrys highest specifications. With its commitment to excellence in all aspects demanded by a competitive commercial and regulatory arena. Chembulk combines commercially sound business acumen with rigorous operational capabilities ensuring seamless transportation of customer cargo. Chembulk is a wholly owned subsidiary of PT Berlian Laju Tanker Tbk (BLT). Chembulk operating areas are in America, Europe and East Asia. With the existence of Chembulk, BLTs operational area has become worldwide.
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KINERJA SAhAM Sejak penawaran umum perdana saham perseroan pada tanggal 22 januari 1990 yang kemudian terdaftar di Bursa efek indonesia, sebelumnya dikenal dengan nama Bursa efek jakarta dan Bursa efek Surabaya, perseroan telah melakukan 4 kali penawaran umum terbatas disertai dengan pre-emptive Rights yaitu di tahun 1993, 1998, 2001, dan 2009. Selain itu, beberapa langkah strategis telah diambil perseroan di pasar modal tersebut, misalnya pembagian Saham Bonus sebagai penghargaan perseroan kepada para pemegang saham, dan pemecahan nilai Saham (Stock Split) yang dimaksudkan untuk meningkatkan likuiditas perdagangan saham perseroan. perseroan akan selalu mempertimbangkan berbagai alternatif bagi pemanfaatan dana di pasar modal, yang dapat digunakan untuk investasi dan mendorong aktivitas operasional perseroan. Salah satu alternatif pendanaan lain yang, di masa sebelumnya, belum pernah secara serius dicoba perseroan adalah pasar dana internasional. perseroan pernah merintis akses ke pendanaan pasar modal luar negeri tersebut dengan menerbitkan obligasi konversi yang sukses dilakukan perseroan pada akhir tahun 2005. kemudian, tanggal 30 oktober 2006, perseroan mencatatkan penjualan sahamnya di Singapore exchange Securities trading limited (SGX-St) sebagai basis untuk memperluas akses ke pasar modal luar negeri, meningkatkan likuiditas dan visibilitas saham bagi pemegang saham. Di awal tahun 2007 perseroan juga telah berhasil menerbitkan Guaranteed notes serta obligasi konversi kedua, yang juga didaftarkan di Singapore exchange Securities trading limited, dan menerbitkan obligasi Rupiah ketiga serta Sukuk ijarah yang tercatat di Bursa efek indonesia. Sebagaimana yang telah disebutkan di atas, pada tahun 2009, perseroan melakukan penerbitan Hak Memegang efek terlebih Dahulu (HMetD) atau Rights issue kepada pemegang saham pada dua bursa yang berbeda yakni Bursa efek indonesia (Bei) dan Singapore exchange Securities trading limited (SGX-St) dengan nilai ekuivalen sebesar uSD57juta dengan harga penawaran sebesar Rp 425 per saham. Rangkuman Aktivitas perseroan di pasar Modal:
sHARe PeRFoRMAnCe Since the Company conducted The Initial Public Offering on 22 January 1990 which was subsequently listed at Indonesia Stock Exchange previously known as Jakarta Stock Exchange and Surabaya Stock Exchange, the Company has conducted 4 Limited Public Offering With the Pre-emptive Rights in the year of 1993, 1998, 2001 and 2009. In addition, some corporate action in the capital market has also been conducted such as distribution of Bonus Shares as an appreciation of the Company to shareholders, and Stock Split which were intended to increase the trading liquidity of the Companys shares. The Company shall always consider various alternatives of financing which can be conducted for investment and operational activity of the Company. One financing alternative which, in the past, has not been a major area of focus for the Company is the international capital market. The Company has initiated access to the overseas capital market financing by issuance of Convertible Bond that has been successfully issued by the Company at the end of year 2005. Thereafter, on 30 October 2006, the Company has registered its share in the Singapore Exchange (Singapore Exchange Securities Trading Limited) as a foundation which can be used by the Company to access overseas capital market. In early 2007 Company also succeeded in issuing Guaranteed Notes and the second Convertible Bond which was also listed in Singapore Exchange Securities Trading Limited, and issuing its Third Rupiah Bond and Sukuk Ijarah which were listed in Indonesia Stock Exchange. As mentioned previously, in 2009 the Company executed a limited public offering or rights issue addressed for the shareholders in both capital market, the Indonesia Stock Exchange (IDX) and Singapore Stock Exchange Securities Trading Limited (SGX-ST) with a total value equivalent to USD 57 million with execution price of Rp 425 per share. Summary of Companys activities in Capital Market :
Aksi Korporasi Sebelum penawaran umum perdana penawaran umum perdana (@ Rp 8.500) Saham Bonus i (2:1) Saham Bonus ii (5:2) penawaran umum terbatas i (1:1 @ Rp 1.600) pemecahan nilai Saham (1:2) Saham Bonus iii (500:150)
tanggal pencatatan Recording Date 26-Mar-90 20-jul-91 24-Sep-92 24-May-93 27-jan-97 4-Mar-97
Saham Baru new share 2,100,000 7,000,000 8,400,000 29,400,000 58,800,000 35,280,000
jumlah Saham total share 11,900,000 14,000,000 21,000,000 29,400,000 58,800,000 117,600,000 152,880,000
nilai nominal nominal Value Rp. 1,000 Rp. 1,000 Rp. 1,000 Rp. 1,000 Rp. 1,000 Rp. 500 Rp. 500
Corporate Action Before ipo initial public offering (@ Rp 8,500) Stock Bonus i (2:1) Stock Bonus ii (5:2) Rights issue i (1:1 @ Rp 1,600) Stock Split (1:2) Stock Bonus iii (500:150)
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penawaran umum terbatas ii (1:2 @ Rp 1.200, 10 HMetD + 2 Waran) konversi Waran penawaran umum terbatas iii (17:2 @ Rp 1.100) pembelian kembali Saham * konversi Waran pemecahan nilai Saham (1:4) konversi Waran konversi Waran pemecahan nilai Saham (1:2) konversi Waran pembelian kembali Saham * konversi Waran pembelian kembali Saham * konversi Waran konversi Waran penawaran umum terbatas iV (3:1 @ Rp 425)
16-jan-98 up to 31-Dec-00 19-jan-01 Start from oct-01 up to 6-Feb-02 6-Feb-02 up to 31-Dec-03 up to 12-nov-04 12-nov-04 up to 31-Dec-04 Start from May-05 up to 31-Dec-05 Start from jul-06 up to 31-Dec-06 up to 31-Dec-07 10-Aug-09
305,760,000 6,380 53,958,150 51,260,000 839,262 1,540,331,376 14,482,420 3,923,900 2,072,181,488 22,500 412,433,000 12,828,960 113,938,000 358,000 1,438,000 1,392,310,059
458,640,000 458,646,380 512,604,530 512,604,530 513,443,792 2,053,775,168 2,068,257,588 2,072,181,488 4,144,362,976 4,144,385,476 4,144,385,476 4,157,214,436 4,157,214,436 4,157,572,436 4,159,010,436 5,981,591,235
Rp. 500 Rp. 500 Rp. 500 Rp. 500 Rp. 500 Rp. 125 Rp. 125 Rp. 125 Rp. 62.50 Rp. 62.50 Rp. 62.50 Rp. 62.50 Rp. 62.50 Rp. 62.50 Rp. 62.50 Rp. 62.50
Rights issue ii (1:2 @ Rp 1,200, 10 Rights + 2 Warrant) Warrant Conversion Rights issue iii (17:2 @ Rp 1,100) Stock Buy Back(*) Warrant Conversion Stock Split (1:4) Warrant Conversion Warrant Conversion Stock Split (1:2) Warrant Conversion Stock Buy Back(*) Warrant Conversion Stock Buy Back(*) Warrant Conversion Warrant Conversion Rights issue i (3:1 @ Rp 425)
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total saham tercatat di Bei dan SGX-St sampai 31 Desember 2009 adalah 5.981.591.235 lembar kinerja Saham di kwartal Awal 2008 dan 2009 disajikan dalam bentuk grafik sebagai berikut:
Total Listed Share in IDX and SGX on 31 December 2009 is 5.981.591.235 shares Performance of Share at the Early Quarter in 2008 and 2009 is presented in the following graphics
indonesia Stock exchange (iDX)
Singapore Stock exchange (SGX)
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PENghARgAAN DAN SERTIfIKASI perseroan berupaya meningkatkan dan memperluas pangsa pasar, dengan cara memperkuat dan meningkatkan keunggulan kompetitifnya di segala bidang, terutama yang berkaitan dengan sistem-sistem manajemen, performa operasional, performa finansial, yang berkaitan dengan prinsip perusahaan yang dikelola dengan baik (good corporate governance), dan peningkatan nilai untuk para pemegang saham. perseroan sangat berterimakasih bahwa upaya-upaya dalam menciptakan keunggulan di semua bidang-bidang tersebut telah mendapatkan pengakuan melalui penghargaan-penghargaan dan sertifikasi yang diterima perseroan dari sejumlah lembaga, badan-badan sertifikasi, dan pihak ketiga lainnya. pada tahun 20072009, perseroan antara lain menerima penghargaanpenghargaan berikut:
AWARDs AnD CeRtIFICAtIons The Company is engaged in an ongoing endeavor to develop and expand its market share by strengthening and developing its competitive excellence especially those related to management systems, operational performance, financial performance, adherence to the principles of good corporate governance, and creating value for shareholders. The Company is extremely gratified that its endeavors to achieve excellence in all these areas has been recognized and acknowledged through awards and certificates granted by a number of prestigious agencies, certifying bodies, and other third parties. In 2007-2009, amongst others, the Company received the following awards:
Investor Award 2007: perusahaan publik terbaik di bidang infrastruktur Investor Award 2007: Best Public Company in Infrastructure Sector
Business Review Award 2007: Ceo terbaik ke-6 Bisnis Review Award 2007: 6th Best CEO
Investor Best Syariah 2007: peringkat kedua untuk obligasi Syariah Mudharabah Investor Best syariah 2007: 2nd Place for Syariah Mudharabah Bond
Best gCg Most Improved Category 2009 pemenang GCG Award 2009
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tata kelola peRusahaan yang baik
TATA KELoLA
PERUSAhAAN yANg BAIK

TATA KELoLA PERUSAhAAN yANg BAIK perseroan bertekad untuk terus meningkatkan dan mempertahankan standar tinggi di bidang tata kelola korporasi, sesuai dengan prinsip-prinsip dan panduan yang telah digariskan dalam Code of Corporate Governance 2005 yang baru dan Best practices Guide yang diterbitkan oleh otoritas Singapore exchange Securities limited (Bursa Singapura) dimana prinsipprinsip tersebut juga sejalan dengan aturan tata kelola perusahaan yang Baik tahun 2001 di indonesia serta beberapa standar lain yang berlaku dan digunakan di indonesia. pelaksanaan prinsip tata kelola korporasi di perseroan pada tahun 2009 dijelaskan sebagai berikut: Ketentuan tentang Dewan Komisaris dan Direksi prinsip no.1: Setiap perusahaan harus dipimpin oleh satu Dewan yang efektif untuk dapat memimpin serta mengontrol jalannya perusahaan. Komposisi dan Keseimbangan Dewan Komisaris dan Direksi prinsip no.2: Harus terdapat satu elemen yang kuat serta independen di dalam Dewan tersebut, yang mampu memberikan penilaian obyektif mengenai urusan korporasi secara independen, khususnya, dari pihak Manajemen. tidak satupun individu ataupun sekelompok kecil individu yang diperbolehkan mendominasi proses pengambilan keputusan di Dewan tersebut. GooD CoRPoRAte GoVeRnAnCe The Company is committed to achieving and maintaining high standards of corporate governance, in compliance with the principles and guidelines set out in the new Code of Corporate Governance 2005 (Code 2005) and the Best Practices Guide issued by the Singapore Exchanges Securities Limited (the SGXST) and these are in line in principle with the Indonesian Code of Good Corporate Governance 2001 and other prevailing standards adopted and used in Indonesia. The corporate governance practices of the Company in 2009 are described herein under the following sections: the Boards Conduct of its Affairs Principle 1: Every company should be chaired by an effective Board to lead and control the company. Board Composition and Balance Principle 2: There should be a strong and independent element within the Board, which is able to exercise objective judgment on corporate affairs independently, in particular, from the Management. No individual or small group of individuals should be allowed to dominate the Boards decision making.
Good Corporate Governance
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GooD
CoRPoRAte GoVeRnAnCe
Komposisi Dewan Komisaris dan Direksi Serta Komite-Komite komposisi Dewan serta komite-komite di bawahnya dapat ditampilkan sebagai berikut:
Dewan komisaris Board of Commissioners Hadi Surya Harijadi Soedarjo Alan jonathan t. Darmawan* jaka prasetya* Max Sumakno Budiarto Widihardja tanudjaja Siana Anggraeni Surya kevin Wong Michael Murni Gunawan Henrianto kuswendi C M M M -
Composition of the Board And Its Committees The composition of the Board and its Committee are as follows:
komite nominasi Nomination Committee M C M M komite Remunerasi Remuneration Committee M C M M -
Direksi Board of Directors C M M M M
komite Audit Audit Committee C M M -
Catatan: C- ketua; M Anggota; * - komisaris independen
Note: C Chairman; M Member; * - Independent Commissioner
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Dewan Komisaris Sesuai dengan ketentuan di dalam Anggaran Dasar perseroan, Dewan komisaris, yang memegang tugas mengawasi manajemen perseroan, harus terdiri dari paling sedikit tiga orang anggota, termasuk seorang komisaris utama. Suatu perusahaan yang tercatat di Bursa efek indonesia dan Bursa efek Singapura, seperti halnya perseroan, juga dituntut agar memiliki komisaris independen (atau direktur non-eksekutif independen yang dipersyaratkan oleh Bursa Singapura) sebagai anggota dari Dewan komisaris yang dimilikinya. Fungsi utama Dewan komisaris adalah memberikan nasihat dan mengawasi kebijakan-kebijakan yang dibuat oleh Direksi. Dewan komisaris diharuskan untuk melakukan tugasnya dalam itikad baik serta untuk kepentingan terbaik bagi perseroan. Rapat-rapat Dewan komisaris dapat diselenggarakan kapanpun jika dianggap perlu oleh komisaris utama atau dua anggota dari Dewan komisaris, atau jika diminta secara tertulis oleh satu atau lebih anggota Direksi atau satu atau lebih pemegang saham yang secara bersama-sama mewakili paling sedikit 1/10 (satu per sepuluh) dari total saham dengan hak suara yang diterbitkan oleh perseroan. Rapat Dewan komisaris akan dianggap sah dan berhak menentukan resolusi rapat apapun yang mengikat perseroan hanya jika lebih dari 50 persen dari anggota Dewan komisaris hadir dan/atau diwakili di dalam rapat tersebut. para anggota Dewan komisaris diangkat dan diberhentikan melalui Rapat umum pemegang Saham. Dalam menjalankan tugas yang diberikan, setiap anggota Dewan komisaris mendapatkan gaji/honorarium yang besarnya ditentukan oleh Rapat umum pemegang Saham. Direksi Direksi bertugas mengelola jalannya perseroan seharihari. Sesuai Anggaran Dasar perseroan, Direksi harus paling sedikit terdiri dari tiga orang anggota, salah satu di antaranya adalah Direktur utama. Apabila diperlukan, satu atau lebih dari anggota Direksi dapat ditunjuk sebagai Wakil Direktur utama. Direksi berkewajiban menjalankan tugasnya dengan itikad baik dan penuh tanggung jawab dengan selalu memperhatikan kepentingan perseroan. Direksi memiliki kewenangan untuk bertindak untuk kepentingan dan atas nama perseroan, berkaitan dengan semua transaksi manajemen dan administrasi perseroan. Walaupun demikian, berdasarkan Anggaran Dasar perseroan dan undang undang yang berlaku di indonesia, ada tindakan-tindakan tertentu yang memerlukan persetujuan tertulis dari dan/atau akta yang bersangkutan turut ditandatangani oleh komisaris utama atau dari/oleh dua anggota Dewan komisaris bila komisaris utama berhalangan hadir atau oleh semua anggota Dewan komisaris bersama-sama. Rapat Direksi dapat dilakukan sewaktu-waktu apabila dipandang perlu, oleh Direktur utama atau satu atau lebih dari satu anggota Direksi, atau berdasarkan permintaan tertulis, baik dari seorang atau lebih anggota Dewan komisaris atau atas permintaan tertulis 1 (satu) pemegang saham atau lebih yang bersama-sama mewakili 1/10 (satu per sepuluh) bagian dari jumlah seluruh saham dengan hak suara yang sah.
Board of Commissioners Under the Companys Articles of Association, the Board of Commissioners, which has the task of supervising the Companys management, must consist of at least three members, including the President Commissioner. A company listed on the Indonesia Stock Exchange (IDX) and Singapore Exchange Securities Trading Limited (SGX), such as the Company, is also required to have independent commissioners (or independent non-executive director in the case of Singapore Exchange requirement) as members of its Board of Commissioners. The principal functions of the Board of Commissioners are to give advice to and supervise the policies of the Board of Directors. The Board of Commissioners is required to perform its duties in good faith and in the best interests of the Company. Meetings of the Board of Commissioners may be held at any time deemed necessary by the President Commissioner or two members of the Board of Commissioners, or upon the request in writing from either one or more members of the Board of Directors or one or more of the shareholders jointly representing at least one-tenth of the total voting shares issued by the Company. A meeting of the Board of Commissioners will be valid and entitled to adopt binding resolutions only if more than 50 percent of the members of the Board of Commissioners are present and/ or represented at the meeting. The members of the Board of Commissioners are appointed and dismissed by a general meeting of shareholders. Each Commissioner is granted an honorarium for serving, the amount of which is determined at a general meeting of shareholders. Board of Directors The Board of Directors manages the Company on a dayto-day basis. Under the Articles of Association of the Company, the Board of Directors is required to be made up of at least three members, one of whom is the President Director and if deemed necessary, one or more Directors may be appointed as Vice-President Director. The Board of Directors is required to perform its duties in good faith and in the best interests of the Company. The Board of Directors has the power to perform for and on behalf of the Company all transactions concerning the Companys management and administration. However, pursuant to the Companys Articles of Association and in conjunction with the Indonesian Company Law, certain actions of the Company require written approval or the relevant deed relating to such actions must also be signed by the President Commissioner or in the absence of the President Commissioner by two other Commissioners.
Meetings of the Board of Directors may be held at any time deemed necessary by the President Director or one or more members of the Board of Directors, or upon the request in writing from either one or more members of the Board of Commissioners or one or more of the shareholders jointly representing at least one-tenth of the total voting shares issued by the Company.
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Suatu rapat Direksi akan dianggap sah dan berhak menerapkan keputusan-keputusan rapat tersebut jika lebih dari 50 persen anggota Direksi hadir atau diwakilkan. Seluruh rapat Direksi dipimpin oleh Direktur utama. Apabila Direktur utama berhalangan hadir hal mana tidak perlu dibuktikan kepada pihak ketiga, maka Rapat Direksi akan dipimpin oleh salah satu dari anggota Direksi yang secara khusus ditunjuk oleh Rapat Direksi tersebut.
A meeting of the Board of Directors will be valid and entitled to adopt binding resolutions only if more than 50 percent of the members of the Board of Directors are present or represented at the meeting. All meetings of the Board of Directors are chaired by the President Director. In the event of the absence or disability of the President Director, the impediment of which need not be evidenced to any third parties, a meeting of the Board of Directors will be chaired by another member of the Board of Directors specifically appointed by the meeting of the Board of Directors. Resolutions of a meeting of the Board of Directors are generally adopted on the basis of a mutual consensus. In the event a mutual consensus is not reached, then a resolution may be adopted on the basis of an affirmative vote of more than 50 per cent. of the members of the Board of Directors present and/or represented at the meeting. Performance Management and Crisis Management are the trainings held by the Company to improve the competency level of the Board of Directors. The members of the Board of Directors are appointed and dismissed by a general meeting of shareholders. In accordance with the Companys Articles of Association, members of the Board of Directors may be given monthly salary and other benefits, including pension benefits, which amount shall be determined by the General Meeting of Shareholders of the Company. The authority of the General Meeting of Shareholders to determine the amount of the salary and benefits of each member of the Board of Directors may be delegated to the Board of Commissioners. Management Responsibilities Principle 3: There should be a clear division of responsibilities at the top of the company the working of the Board and the executive responsibility of the companys business which will ensure a balance of power and authority, such that no one individual represents a considerable concentration of power. The roles of President Director and those of the other executive directors are separated to ensure an appropriate balance of power, increased accountability and greater capacity of the Board for independent decision making. They are not related to each other. The President Directors role in the Board of Directors includes among others, the following: a) schedule meetings that enable the Board to perform its duties responsibly while not interfering with the flow of the companys operations;
keputusan rapat Direksi umumnya diambil lewat cara musyawarah mufakat, namun bila tidak tercapai suatu mufakat, maka keputusan diambil berdasarkan pemungutan suara dimana suara setuju harus lebih dari 50% (lima puluh persen) dari jumlah anggota Direksi yang hadir dan/atau diwakili dalam rapat. Manajemen kinerja dan Manajemen krisis adalah pelatihan yang diselenggarakan oleh perseroan untuk meningkatkan kompetensi para Direksi. Anggota Direksi diangkat dan diberhentikan oleh Rapat umum pemegang Saham. Berdasarkan Anggaran Dasar perseroan setiap anggota Direksi mendapatkan gaji bulanan dan tunjangan lainnya, termasuk santunan purna jabatan yang jumlahnya ditentukan oleh Rapat umum pemegang Saham. kewenangan Rapat umum pemegang Saham untuk menentukan jumlah gaji dan tunjangan yang diberikan kepada masing-masing Direksi tersebut dapat didelegasikan kepada Dewan komisaris.
Tanggung Jawab Manajemen prinsip no.3: Harus ada pembagian tanggung jawab yang jelas antara para pemimpin perusahaan pekerjaan Dewan komisaris dan Direksi dan eksekutif yang bertanggung jawab terhadap bisnis perusahaan yang dapat menjamin keseimbangan kekuasaan dan wewenang, mengingat tidak satupun individu boleh bertindak sebagai pusat semua kekuasaan. peran Direktur utama dan direktur-direktur eksekutif lainnya dibuat terpisah, untuk menjamin perimbangan kekuasaan, meningkatkan akuntabilitas dan kapasitas Direksi dalam mengambil keputusan independen. para Direktur tidak terkait satu sama lain. peran Direktur utama dalam Rapat Direksi di antaranya sebagai berikut: a) Mengatur waktu rapat Direksi sedemikian hingga Direksi dapat menjalankan kewajibannya tanpa menghambat jalannya aktivitas bisnis rutin perusahaan;
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b) Mempersiapkan agenda pertemuan yang dikonsultasikan dengan Direksi; c) Mengendalikan kualitas, kuantitas dan jadwal aliran informasi antara Manajemen dan Direksi; dan d) Memberikan bantuan untuk menjamin kepatuhan terhadap ketentuan-ketentuan perusahaan terkait dengan penerapan tata kelola perusahaan yang baik. Keanggotaan Direksi prinsip no.4: Harus ada suatu proses formal dan transparan dalam penunjukan direktur baru. Sesuai ketentuan tata kelola perusahaan, maka semua direktur diminta mendaftarkan diri untuk pencalonan dan pemilihan ulang setelah suatu periode tertentu yang tetap. Komite Nominasi para anggota komite nominasi perseroan adalah Alan jonathan tangkas Darmawan, Hadi Surya, dan jaka prasetya, dan diketuai oleh Alan jonathan tangkas Darmawan. komite nominasi memiliki beberapa tugas, antara lain adalah: Meneliti dan menilai calon Direksi dan komisaris sebelum mengajukan nama-nama mereka ke pemegang saham perseroan untuk disetujui sebagai Direktur dan komisaris perseroan; Meneliti dan memberikan rekomendasi kepada pemegang saham perseroan mengenai berakhirnya masa jabatan atau pengangkatan kembali Direktur dan komisaris sesuai dengan Anggaran Dasar perseroan pada setiap rapat tahunan; Meneliti komposisi Dewan komisaris dan Direksi setiap tahun untuk memastikan bahwa perseroan memiliki cukup komisaris independen dan untuk memastikan adanya keseimbangan keahlian dan kemampuan yang tepat di antara para Direktur dan komisaris perseroan; Setiap tahun menentukan tingkat independensi para komisaris independen perseroan, sesuai dengan peraturan perundang-undangan dan pedoman yang berlaku; Menentukan sejauh mana Direktur dan komisaris dapat memberikan kontribusi secara efektif dan menunjukkan komitmen mereka terhadap tugas-tugas mereka. Kinerja Dewan Komisaris dan Direksi prinsip no.5: Harus ada suatu evaluasi formal atas efektivitas kerja Dewan secara keseluruannya dan kontribusi yang diberikan oleh setiap direktur bagi efektivitas kerja Dewan tersebut.
b) prepare meeting agenda in consultation with the Board; c) exercise control over quality, quantity and timeliness of the flow of information between Management and the Board; and d) assist in ensuring compliance with companys guidelines on corporate governance. Board Membership Principle 4: There should be a formal and transparent process for the appointment of new directors to the Board. As a principle of good corporate governance, all directors should be required to submit themselves for re-nomination and reelection at regular intervals. nomination Committee The Nomination Committee members are Alan Jonathan Tangkas Darmawan, Hadi Surya, and Jaka Prasetya. The Chairman of our Nomination Committee is Alan Jonathan Tangkas Darmawan. Nomination Committee has the duties of, among other things: reviewing and assessing candidates for directorships and commissionership before making recommendations to Shareholders for appointment of Directors and Commissioners; reviewing and recommending to our Shareholders the retirement or re-election of Directors and Commissioners in accordance with the Companys Articles of Association at each annual general meeting; reviewing the composition of the Companys Board of Directors and Board of Commissioners annually to ensure that we have an appropriate balance of independent Commissioners and to ensure there is an appropriate balance of expertise, skills, attributes and ability among Directors and Commissioners; determining annually the independence of the Companys Independent Commissioners, in accordance with applicable codes and guidelines; and deciding whether the Directors and Commissioners can continue to contribute effectively and demonstrate commitment to their roles. Board Performance Principle 5: There should be a formal assessment of the effectiveness of the Board as a whole and the contribution of each director to the effectiveness of the Board.
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Pengambilan Keputusan Berdasarkan Informasi yang Tepat keputusan yang dibuat oleh Dewan komisaris dan/atau Direksi dibuat berdasarkan: Diskusi mengenai topik utama yaitu suatu masalah/ proyek harus dilakukan dalam suatu kerangka kerja yang benar, dengan cara mendefinisikan cakupan dari masalah/proyek tersebut, asumsinya serta hasil akhirnya. pihak manajemen menunjukkan alternatif-alternatif yang ada ke Dewan komisaris dan / atau Direksi sebagai dasar penyusunan kebijakan / keputusan yang diambil. Menyajikan informasi yang terpadu serta dapat dipercaya kepada Dewan komisaris dan / atau Direksi untuk mendukung proses pembuatan keputusan yang diambil dengan mempertimbangkan berbagai aspek dari masalah/ proyek tersebut, termasuk memberikan perhatian pada masukan dan / atau cara pandang dari pelanggan dan pemangku kepentingan lain. kebijakan akhir harus disetujui oleh Dewan komisaris dan Direksi yang didasarkan atas penjelasan yang jelas, masuk akal, serta beralasan, dan sifatnya terukur termasuk juga dapat dibandingkan. keputusan-keputusan tersebut harus dapat dilaksanakan, mereka yang melaksanakan keputusan-keputusan tersebut harus bertanggungjawab untuk hasilnya dan ketepatan waktu penyelesaiannya. Pengelolaan Resiko perseroan mengelola resiko melalui satu kerangka kerja dan proses yang jelas, dimana satu budaya kesadaran akan resiko serta pengelolaan resiko terus dikembangkan dan dibina dalam organisasi ini, termasuk didalamnya kemampuan: Mengenali jenis-jenis resiko yang berbeda, yang mungkin ditemui perseroan dalam menjalankan operasi sehari-hari dan/atau membuat keputusan Memastikan agar terdapat satu anggota manajemen senior yang bertanggungjawab untuk menanggapi atau mengatur langkah mitigasi terhadap resiko tersebut. Pengelolaan Krisis perseroan menyadari berbagai jenis krisis yang mungkin terjadi di lapangan dan dalam lingkungan kerja yang membutuhkan suatu pengelolaan krisis yang efektif. Rencana bagi pengelolaan krisis secara efektif diformulasikan didasarkan atas kelemahan kelemahan yang diidentifikasi dalam rangka membentuk suatu proses bisnis yang teruji dan handal.
Proper Information for Decision Making The decision made by the Board of Commissioners and/ or Board of Directors based on: Discussion of the main topic of an issue/project should be carried out in a correct framework by defining scope of issue/project, assumption, and its final results.
Presenting alternatives (by management) to the Board of Commissioners and/or Board of Directors as a basis of the policy / decision taken. Delivering integrated and reliable information to the Board of Commissioners and/or Board of Directors as to serve the decision making process which is taken by considering various aspects of the issue / project including paying attention to customers and other stakeholders input and/or perspective Final policy approved by the Board of Commissioners and Board of Directors is based on a clear, logical, sound explanation, and is measurable as well as comparable. Decisions are executable and people who implement the decisions should take responsibility for the result and project timeliness. Risk Management Company manages risk through a framework and processes, whereby a culture of risk awareness and risk management is encouraged in the organization, which involves: Recognizing different types of risk the company may encounter in running daily operation and/or making decision Ensuring that there is one accountable senior management member who may answer or take responsibility for mitigating the risk Crisis Management The Company recognizes various types of crisis that might occur on site and in working environment that require an effective crisis management. Plan for effective crisis management is formulated based on the weaknesses identified in order to establish a proven and reliable business process.
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Dewan komisaris dan Direksi perseroan berkomitmen dalam menerapkan tata kelola perusahaan dalam mengendalikan jalannya perseroan untuk mencapai tujuan usaha. Dengan memiliki mekanisme yang mendukung proses pengambilan keputusan yang baik, pengenalan dan pengendalian risiko bisnis, serta kesiapan dalam menghadapi krisis, maka perseroan memiliki cukup bekal untuk menjalankan usaha secara efektif. Diperkuat dengan mekanisme pengendalian biaya yang baik maka diyakini bahwa perseroan akan tumbuh berkelanjutan dan memberikan imbal hasil investasi yang layak. Sekretaris Korporasi pada saat ini Sekretaris perusahaan dijabat oleh Wong kevin yang juga adalah Direktur keuangan perseroan. Resume dari Wong kevin dapat dilihat pada profil direksi perseroan. Sedangkan tugas dan fungsi Sekretaris perusahaan adalah, antara lain, sebagai berikut: Mengikuti perkembangan pasar modal, khususnya peraturan peraturan baru yang berlaku di bidang pasar modal; Memberikan pelayanan kepada masyarakat atau investor yang memerlukan informasi berkaitan dengan kondisi perseroan; Memberikan masukan bagi Direksi perseroan dalam upaya mematuhi ketentuan peraturan perundangundangan yang berlaku; Sebagai penghubung antara perseroan dan otoritas perdagangan saham serta masyarakat Rapat Dewan dan Akses Mendapatkan Information prinsip no.6: Dalam rangka melaksanakan tanggung jawabnya, anggota Dewan komisaris dan Direksi harus mendapatkan informasi yang benar, lengkap, dan tepat waktu, sebelum rapat dewan dan secara teratur. Sebelum waktu rapat Dewan komisaris dan Direksi, manajemen berkewajiban menyediakan informasi yang lengkap dan tepat waktu bagi anggota komisaris dan Direksi untuk membantu Dewan komisaris dan Direksi memenuhi tanggung jawab mereka. informasi yang disediakan termasuk latar belakang dan penjelasan mengenai masalah-masalah yang akan disampaikan oleh Dewan komisaris dan Direksi, salinan dokumen-dokumen yang perlu disampaikan, pernyataan finansial bulanan, laporan pengelolaan risiko, anggaran dan prediksi. untuk anggaran, setiap perbedaan penting antara proyeksi dan hasil nyata juga harus disampaikan dan dijelaskan.
Board of Commissioners and Directors are committed to put into practice Good Corporate Governance in managing the business to achieve Companys objectives. By having a mechanism that promotes good decision making process, recognizing and addressing business risk, as well as being prepared to deal with event of crisis the Company is well equipped to run an effective business. Coupled with good cost control mechanism, the Company will surely deliver a sustainable growth and worthy investment results.
Corporate secretary Currently the Corporate Secretary post is held by Wong Kevin, who is also a Director of the Company. For the resume of Mr. Wong Kevin, please refer to the Board of Directors profile. The tasks and function of the Corporate Secretary are as follow: keep informed with respect to capital market developments, especially capital market regulations; provide the public with all information needed by investors regarding the condition of the Company; make recommendations to the Companys Board of Directors with respect to compliance with the applicable law, rules, and regulation; act as the Companys contact person with capital market authorities and the public. Board Meetings and Access to Information Principle 6: In order to fulfill their responsibilities, board members should be provided with complete, adequate and timely information prior to board meetings and on an on-going basis. Prior to each Board meeting, management has an obligation to provide members of the Commissioners and the Directors with timely and complete information to enable members to fulfill their responsibilities. Information provided includes background and explanatory notes on matters to be addressed by the Boards, copies of disclosure documents, monthly internal financial statements, risk management reports, budgets and forecasts. In respect of budgets, any material variance between the projections and actual results should also be disclosed and explained.
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Sesuai prosedur Dewan komisaris dan Direksi, para komisaris dan direksi, secara individual atau berkelompok, dapat meminta pendapat profesional yang independen, jika diperlukan untuk mendukung pekerjaan mereka, yang dibiayai perusahaan. Selama tahun buku 2009 yang berakhir tanggal 31 Desember 2009, lima (5) Rapat Dewan komisaris dan Direksi dan dua-belas (12) Rapat evaluasi Manajemen telah diselenggarakan, dimana kehadiran para komisaris dan Direksi dalam rapat-rapat komite terebut dapat dilihat pada tabel berikut ini:
The Boards have a procedure for commissioners and directors, either individually or as a group, in the furtherance of their duties, to take independent professional advice, if necessary, at the companys expense. During the financial year ended 31st December 2009, five (5) Board Meetings and twelve (12) Management Review Meetings were held. The attendance records of the Commissioners and Directors, together with their attendance at Committee Meetings are as follows:
Rapat Dewan Board Meeting Hadi Surya Harijadi Soedarjo Alan jonathan t. Darmawan jaka prasetya Max Sumakno Budiarto Widihardja tanudjaja Siana Anggraeni Surya kevin Wong Michael Murni Gunawan Henrianto kuswendi 3/5 5/5 5/5 5/5 5/5 3/5 4/5 5/5 4/5
Rapat evaluasi Manajemen Management Review Mtg 11/12 7/12 9/12 12/12 10/12
komite Audit Audit Committee 11/11 10/11 10/11 9/11 -
komisi nominasi nomination Committee 1/1 1/1 1/1 -
komite Remunerasi Remuneration Committee 1/1 1/1 1/1 -
Remunerasi Prosedur untuk Mengembangkan Kebijakan Remunerasi prinsip no.7: Harus ada suatu prosedur formal dan transparan bagi penentuan paket remunerasi untuk masing-masing direktur. tidak satupun direktur boleh terlibat dalam penentuan remunerasi untuk dirinya sendiri. Komite Remunerasi komite Remunerasi perseroan beranggotakan Alan jonathan tangkas Darmawan, Hadi Surya, dan jaka prasetya. ketua dari komite Remunerasi perseroan tersebut adalah Alan jonathan tangkas Darmawan. jika satu orang anggota komite Remunerasi memiliki kepentingan terkait ke satu hal tertentu yang sedang dipertimbangkan oleh komite tersebut, maka dia harus abstain/menarik suaranya dari proses kajian, pengambilan keputusan dan persetujuan oleh komite Remunerasi terkait hal tertentu tersebut. komite Remunerasi memiliki tugas-tugas, antara lain: Memberikan rekomendasi bagi Dewan komisaris mengenai dukungan, kebijakan remunerasi dan panduan bagi penentuan paket remunerasi bagi para anggota Direksi, komisaris dan posisi eksekutif kunci lainnya;
Remuneration Matters Procedures for Developing Remuneration Policies Principle 7: There should be a formal and transparent procedure for fixing the remuneration packages of individual directors. No director should be involved in deciding his own remuneration. Remuneration Committee The Companys Remuneration Committee members are Alan Jonathan Tangkas Darmawan, Hadi Surya, and Jaka Prasetya. The Chairman of the Companys Remuneration Committee is Alan Jonathan Tangkas Darmawan. If a member of the Remuneration Committee has an interest in a matter being deliberated upon by the Committee, he will abstain from participating in the review and approval process of the Remuneration Committee in relation to that matter. Remuneration Committee has the duties of, among other things: recommending to the Board of Commissioners for endorsement, the remuneration policies and guidelines for setting remuneration for the Directors, Commissioners and key executives;
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Menyetujui target kinerja untuk penilaian kinerja dari para anggota Direksi; dan Memberikan rekomendasi bagi paket remunerasi khusus untuk setiap Direktur untuk diajukan dan disetujui oleh Dewan komisaris. Tingkat dan gabungan Remunerasi prinsip no.8: tingkat remunerasi harus dirancang tepat agar mampu menarik, mempertahankan serta memotivasi para anggota Direksi agar menjalankan perseroan menuju sukses, namun perusahaan juga harus menghindari membayar berlebihan untuk tujuan tersebut. Satu proporsi paket remunerasi tersebut, khususnya bagi direktur eksekutif, harus dikaitkan ke kinerja mereka. Keputusan mengenai Remunerasi prinsip no.9: Setiap perusahaan harus menyediakan kebijakan remunerasi yang jelas, tingkat dan komposisi remunerasi, dan prosedur untuk menerapkan remunerasi, di dalam laporan tahunan perusahaan tersebut. Berdasarkan Rapat umum pemegang Saham tahunan perseroan yang diadakan pada tanggal 22 April 2009 ditetapkan bahwa besarnya gaji dan /atau tunjangan lainnya bagi seluruh anggota Dewan komisaris perseroan setelah dipotong pajak penghasilan jumlahnya tidak melebihi Rp 8,000,000,000,- (delapan miliar Rupiah) setahun. Gaji dan/atau tunjangan yang diberikan pada masing-masing anggota Dewan komisaris, yang besarnya kurang dari SGD 250,000,- (kecuali untuk presiden komisaris yang berkisar antara SGD250,000-SGD500,000) dan diberikan sebagai penghargaan perseroan atas pengabdian yang mereka telah berikan selama tahun yang berakhir pada tanggal 31 Desember 2009, termasuk di dalamnya segala benefit atau kompensasi pada tahun fiskal tersebut yang dibayarkan secara akumulasi dan pada waktu yang telah ditentukan, adalah sebagai berikut:
nama/name Hadi Surya Harijadi Soedarjo jaka prasetya Alan jonathan tangkas Darmawan Dibawah/Below SGD250,000 -
Approving performance targets for assessing the performance of our Directors; and Recommending specific remuneration packages for each Director for endorsement by our Board of Commissioners. Level and Mix of Remuneration Principle 8: The level of remuneration should be appropriate to attract, retain and motivate the directors needed to run the company successfully but company should avoid paying excessively for this purpose. A proportion of the remuneration,especially that of executive directors, should be linked to performance. Disclosure on Remuneration Principle 9: Each company should provide clear disclosure of its remuneration policy, level and mix of remuneration, and the procedure for setting remuneration, in the companys annual report. On the Annual General Meeting of the Company which was held on 22 April 2009, it was resolved that the annual compensation for all members of Board of Commissioners after income tax is not more than Rp 8.000.000.00,- (eight billion Rupiah). The compensation for commissioners is below SGD250.000 (except for the President Commissioner which is in the band of SGD250.000-SGD500.000) paid by the Company to each of the Commissioners for services rendered by them in all capacities to the Company for the years ended 31 December 2009, including any benefitin-kind and any deferred compensation accrued for the financial year in question and payable at a later date, are as follows:
Antara/Between SGD250,000 - SGD500,000
Diatas/Above SGD500,000 -
Berdasarkan Rapat umum pemegang Saham tahunan perseroan yang diadakan pada tanggal 22 April 2009 ditetapkan bahwa besarnya gaji dan /atau tunjangan lainnya bagi seluruh anggota Direksi perseroan setelah dipotong pajak penghasilan tidak melebihi Rp 16.500.000.000.-
On the Annual General Meeting of the Company which was held on 22 April 2009, it was resolved that the annual compensation for all members of Board of Directors after income tax is not more than Rp 16.500.000.000,- (sixteen billion five hundred million Rupiah). The compensation
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(enam belas miliar lima ratus juta Rupiah) setahun. Gaji dan/atau tunjangan yang diberikan pada masingmasing anggota Direksi, yaitu antara SGD250.000 - SGD500.000 sebagai balas jasa atas pengabdian yang diberikan kepada perseroan selama tahun yang berakhir pada tanggal 31 Desember 2008, termasuk didalamnya segala benefit atau kompensasi pada tahun tersebut yang dibayarkan secara akumulatif dan dibayarkan pada waktu yang telah ditentukan, adalah sebagai berikut:
Dibawah/Below SgD250,000 -
is in the band of SGD250.000-SGD500.000 paid by our Company to each of our Directors for services rendered by them in all capacities to our Company for the years ended 31 December 2008, including any benefit-in-kind and any deferred compensation accrued for the financial year in question and payable at a later date, are as follows:
name/name Widihardja tanudjaja kevin Wong Siana Anggraeni Surya Henrianto kuswendi Michael Murni Gunawan
Antara/Between SgD250,000 - SgD500,000
Diatas/Above SgD500,000 -
Accountability and Audit
Akuntabilitas dan Audit Akuntabilitas prinsip no.10: Dewan komisaris dan Direksi bertanggungjawab kepada para pemegang saham sedangkan pihak manajemen bertanggungjawab kepada Dewan komisaris dan Direksi. Dewan komisaris dan Direksi berupaya memberikan suatu penilaian yang berimbang dan dapat dipahami oleh para pemegang saham, mengenai kinerja perseroan, serta posisi dan peluang pada tiap kuartal. tanggung jawab ini juga meliputi penyusunan laporan interim dan laporan lain yang sifatnya sensitif, serta laporan kepada regulator (jika diperlukan). pihak Manajemen menyediakan laporan yang berimbang dan mudah dipahami mengenai kinerja, posisi, dan peluang perusahaan setiap bulan, untuk kepentingan anggota Dewan. Akuntabilitas bagi Pemegang Saham Dewan komisaris dan Direksi memahami pentingnya ketersediaan informasi yang tepat dan berkualitas tinggi, sebagaimana dibutuhkan oleh para pemegang saham secara tepat waktu agar mereka bisa mengikuti semua perkembangan terakhir yang mempengaruhi kinerja perseroan. Guna menjamin diseminasi informasi secara efektif, perseroan memiliki kebijakan Hubungan komunikasi dengan pemegang Saham dan investor. kebijakan tersebut menggarisbawahi bagaimana perseroan mengidentifikasi dan membagikan informasi tepat waktu kepada semua pemegang saham. Hal tersebut juga memperkuat komitmen perseroan terhadap kewajiban-kewajiban untuk mengungkapkan informasi secara terus-menerus sebagaimana diharuskan oleh regulasi yang berlaku, dan menggambarkan prosedur-prosedur yang diimplementasikan untuk menjamin kepatuhan terhadap regulasi.
Accountability Principle 10: The Board is accountable to the shareholders while the Management is accountable to the Board.
The Board strives to provide its shareholders with a balanced and understandable assessment of the Companys performance, position and prospects on a quarterly basis. This responsibility extends to interim and other price sensitive public reports, and reports to regulators (if required). The Management provides to all members of the Boards with a balanced and understandable management accounts of the companys performance, position and prospects on a quarterly basis. Accountability to shareholders The Board of Commissioners and Board of Directors acknowledge the importance of ensuring high quality, relevant information are made available to shareholders in a timely manner to keep them abreast of all material business matters affecting the Company. Towards ensuring the effective dissemination of information, the Company maintains a Shareholders Communication and Investor Relation Policy. The Policy outlines how the Company identifies and distributes information in a timely manner to all shareholders. It also reinforces the Companys commitment to the continuous disclosure obligations imposed by law, and describes the procedures implemented to ensure compliance.
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pengumuman peraturan, laporan tahunan, Hasil Finansial per kuartal dan informasi terkait lainnya dapat diakses melalui situs web perseroan di www.blt.co.id. Siapa pun yang ingin mendapatkan atau mengajukan permohonan untuk mendapat dokumen tertentu dapat disampaikan melalui situs perseroan. Selain itu, pemegang saham juga diundang untuk menghadiri Rapat umum pemegang Saham (RupS) tahunan yang dihadiri oleh para komisaris, Direksi dan auditor eksternal, di mana pemegang saham tersebut dapat mengajukan pertanyaan, menyampaikan kekhawatiran atau menggunakan hak suara mereka untuk penentuan langkah bisnis perseroan ke depan. Laporan finansial Direksi bertanggung jawab untuk menyediakan pandangan yang wajar dan berimbang mengenai kinerja dan peluang finansial perseroan dalam semua laporannya kepada pemegang Saham dan pihak otoritas yang berwenang. pertanggungjawaban tersebut dibuktikan melalui laporan finansial yang telah diaudit, pengumuman pengumuman setiap kuartal tentang hasil finansial perseroan yang belum diaudit, begitu pula dengan Sambutan Dewan komisaris, Sambutan Direksi, serta Diskusi dan Analisis Manajemen dalam laporan tahunan. perseroan selalu berupaya agar semua pengumuman kinerja dan pernyataan pers dapat disampaikan tepat waktu kepada media. Dalam kaitan dengan tanggung jawab fidusia dan gadainya, Dewan dibantu oleh komite Audit dalam mengawasi proses pelaporan finansial perseroan dan kualitas laporan keuangan tersebut. pernyataan tanggung jawab Direksi dalam hal penyelenggaraan pemeriksaan laporan keuangan tahunan yang telah diaudit untuk evaluasi tahun buku ini dapat dilihat pada halaman 115 pada buku laporan tahunan ini. Komite Audit prinsip no.11: Dewan harus membentuk suatu komite Audit dengan disertai ketentuan yang menggariskan dengan jelas wewenang dan kewajiban komite tersebut. komite Audit perseroan saat ini beranggotakan Alan jonathan tangkas Darmawan, Max Sumakno Budiarto dan jaka prasetya. ketua komite Audit adalah Alan jonathan tangkas Darmawan yang diangkat sejak tanggal 19 Desember 2006. komite Audit perseroan dibentuk Dewan komisaris untuk mengawasi Direksi dan bertanggung jawab penuh terhadap Dewan komisaris. Sesuai dengan peraturan yang berlaku di indonesia, perseroan telah mengangkat Bpk. Max Sumakno Budiarto menjadi anggota komite Audit, sebagai seseorang yang independen terhadap anggota Dewan komisaris maupun Direksi, sehingga diperoleh perpaduan keahlian dan pengalaman di antara anggota komite Audit untuk mencapai seluruh tujuan dibentuknya komite Audit tersebut. tugas dan tanggung jawab komite Audit adalah sebagai berikut:
Regulatory Announcements, Annual Reports, Quarterly Financial Results and other relevant information are accessible via the Companys website at www.blt.co.id. Any persons wishing to receive or make any request for documents are able to do so via submission to the Groups website. Additionally, shareholders are encouraged to attend the Annual General Meeting (AGM) which is attended by the Commissioners, Directors and external auditors, where shareholders may raise questions, voice their concerns and vote on proposed resolutions.
Financial Reporting The Board of Directors is committed to providing a balanced and fair view of its financial performance and prospects in all its reports to stakeholders and regulatory authorities. This is channeled through the audited financial statements, quarterly announcements of the Companys unaudited financial results as well as the Remarks from Board of Commissioners, Remarks from Board of Directors and Management Discussion and Analysis in the Annual Report. The Company strives to make timely releases of all result announcements and press releases to the media.
In discharging its fiduciary responsibility, the Boards are assisted by the Audit Committee to oversee the financial reporting processes and the quality of the Companys financial statements. The Statement of Responsibility by Directors in respect of the preparation of the annual audited financial statements for the financial year under review is set out on page 115 of this Annual Report. Audit Committee Principle 11: The Board should establish an Audit Committee with written terms of reference which clearly set out its authority and duties. The Audit Committee members are Alan Jonathan Tangkas Darmawan, Max Sumakno Budiarto and Jaka Prasetya. The Chairman of our Audit Committee is Alan Jonathan Tangkas Darmawan which was appointed since 19 December 2006. Our Audit Committee is formed by the Board of Commissioners to assist the Board of Commissioners in supervising the Board of Directors and is accountable to the Board of Commissioners. In accordance with Indonesian law and regulations, the Company has appointed one member of our Audit Committee Mr. Max Sumakno Budiarto, who is independent of our Board of Directors and Board of Commissioners, in order to have a mix of relevant skills, experience and other qualities among the members of the Audit Committee to achieve all of the Audit Committees objectives. The tasks and responsibilities of the Audit Committee are as follows:
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Meneliti rencana audit auditor eksternal dan internal perseroan, termasuk hasil auditor perseroan dalam menelaah dan mengevaluasi sistem akuntansi internal, pengawasan operasional, kepatuhan dan manajemen risiko, serta memastikan koordinasi antara auditor internal, auditor eksternal, dan manajemen perseroan, yang kegiatannya diadakan sekurang-kurangnya setahun sekali; Melakukan penelaahan atas laporan keuangan terkonsolidasi dan laporan auditor atas laporan keuangan tersebut, membahas setiap penyesuaian penting dan bidang-bidang yang berisiko tinggi, perubahan kebijakan akuntansi, kepatuhan tehadap standar-standar pelaporan keuangan berdasarkan ketentuan yang berlaku, masalahmasalah yang timbul dari hasil audit, termasuk hal-hal yang ingin dibahas oleh auditor eksternal tetapi tidak di hadapan manajemen (jika diperlukan), sebelum diajukan kepada Dewan komisaris untuk disetujui; Melakukan penelaahan dan pembahasan bersama dengan auditor eksternal tentang dugaan penipuan, hal-hal yang janggal atau pelanggaran peraturan perundang-undangan yang berakibat atau kemungkinan dapat berdampak material terhadap hasil operasional perseroan dan atau posisi keuangan perseroan dan tanggapan dari manajemen atas hal-hal tersebut di atas; Mengkaji ulang kerjasama yang diberikan manajemen kepada auditor perseroan; Menelaah transaksi-transaksi yang dilakukan perseroan menyangkut instrumen derivatif keuangan; Mempertimbangkan penunjukan dan penunjukan kembali auditor eksternal dan meneliti ketidakberpihakan serta objektifitas auditor eksternal setiap tahun; Melakukan pengujian atas transaksi-transaksi benturan kepentingan berdasarkan peraturan-peraturan yang berlaku; Mengkaji ulang dan menyetujui biaya auditor perseroan; Melakukan penelitian-penelitian lain dan tugas-tugas yang diminta oleh Dewan komisaris dan melaporkan hasil temuan kepada Dewan komisaris dari waktu ke waktu atas hal-hal yang timbul dan membutuhkan perhatian komisaris; Melaporkan risiko-risiko yang dihadapi perseroan dan implementasi risiko manajemen oleh perseroan kepada Dewan komisaris; Melakukan penelaahan dan melaporkan keluhan-keluhan mengenai perseroan kepada Dewan komisaris; Meneliti kepatuhan perseroan terhadap semua peraturan dan perundang-undangan di bawah hukum pasar modal dan peraturan perundang-undangan tempat perseroan beroperasi; dan Secara umum melakukan fungsi-fungsi dan tugas-tugas lain yang diwajibkan oleh hukum yang berlaku dari waktu ke waktu
Examining the audit plan of the Companys external and internal auditor in evaluating the internal accounting system, operational supervision, compliance and risk management, and ensuring coordination among the internal auditor, external auditor and the Companys management at least once a year; Examining the consolidated financial statement and auditors report on the financial statement, discussing every important adjustment and high-risk areas, changes in accounting policies, compliance of the reporting to the applicable rules, issues found from audit process, including matters which the external auditor wish to discuss without the presence of management (if necessary), prior to submission to Board of Commissioners for approval; Examining and discussing with external auditors regarding suspicion of fraud, unusual matters or breach of law or regulation which might have material effect to the result of the Companys operation and/or financial position and managements responds on the above issues; Examining the cooperation given by the management to the Companys auditor; Examining the transactions undertaken by the Company which involve financial derivative instruments; Considering the appointment and re-appointment of external auditor and examining the independence and objectivity of external auditor annually; Examining conflict of interests transactions based on applicable rules and regulations; Examining and approving the fees of the Auditors of the Company; Conducting other researches and other tasks assigned by Board of Commissioners from time to time on issues which require Commissioners attention; Reporting the risks which the Company faces and the implementation of risk management by the Company to Board of Commissioners; Examining and reporting complaints regarding the Company to Board of Commissioners; Examining the compliance of the Company to all applicable rules and regulation in capital market and the law where the Company is operating; and In general conducting the functions and other tasks which are required by applicable law from time to time.
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Selain dari tugas-tugas yang disebutkan di atas, komite Audit juga membangun suatu mekanisme agar pegawai perseroan dapat menyampaikan (secara rahasia) halhal mengenai kemungkinan pelanggaran sehubungan dengan laporan keuangan atau hal lainnya. komite Audit akan meneliti penemuan-penemuan investigasi internal mengenai masalah-masalah tersebut atau masalah-masalah di mana diduga terjadi penipuan atau kejanggalan atau kegagalan pengawasan internal atau pelanggaran hukum dan peraturan perundang-undangan yang berlaku yang memiliki atau dapat memiliki dampak material terhadap hasil operasional atau posisi keuangan perseroan. komite Audit juga akan memastikan tindakan-tindakan lanjutan yang diperlukan sudah dilakukan. Setiap anggota komite Audit yang memiliki konflik kepentingan tidak boleh memberikan suara dalam hal pengambilan keputusankeputusan komite. Sepanjang tahun 2009, komite Audit mengadakan pertemuan dengan perseroan, dengan frekuensi sekali dalam dua bulan, sedangkan pertemuan komite Audit dengan Auditor eksternal perseroan dilakukan dua kali dalam setahun. kegiatan-kegiatan komite Audit selama tahun 2009 sebagai berikut: Meminta penjelasan kepada Manajemen mengenai kinerja keuangan perseroan pada setiap kuartal sehubungan dengan penyampaian laporan keuangan kepada pihak otoritas; Meminta penjelasan tentang kepatuhan terhadap peraturan terkait, yang berlaku di indonesia dan di Singapura, sehubungan dengan kondisi dual-listing perseroan; Meninjau ruang lingkup rencana kerja internal Audit perseroan, memberi masukan dan memonitor hasil kerja internal Audit; Mengikuti perkembangan kapal kapal yang masih dalam proses pembangunan Mendiskusikan dan memantau transaksi dengan pihakpihak tertentu; Berdiskusi secara rutin dengan Manajemen perseroan mengenai perkembangan terakhir perseroan dan regulasi-regulasi terkait bisnis perseroan; Mengadakan pertemuan dengan Auditor eksternal dan Manajemen perseroan dalam membahas lingkup Audit, hasil Audit, dan surat kepada Manajemen; Mendiskusikan mengenai peran dan fungsi komite Audit serta rencana memperbarui pedoman kerja komite Audit.
Other than the above mentioned tasks, the Audit Committee shall provide a mechanism so that the Companys employees can confidentially communicate the possible breach with regard to financial reports or other matters. The Audit Committee shall examine the findings of internal investigation regarding the issues and whereby fraud or unusual matter is suspected or the failure in internal supervision, or breach of applicable law, rules and regulations which have or may have material impact to the Companys operational result or financial position. The Audit Committee also ensures necessary mitigation measures are taken. Any member of the Audit Committee cannot vote on decision whereby the member has conflict of interests.
During the year 2009, the Audit Committee has conducted meetings with the Companys management once in two months. The meetings with external auditor were conducted twice a year. In the year 2009, the Audit Committee conducted activities as follows: Requesting explanation from the management regarding the financial performance of the Company on every quarters with regard to the submission of the financial statements to the authorities; Requesting explanation to the management regarding the compliance to applicable rules and regulation both in Indonesia and Singapore in relation to the Companys dual-listing status; Reviewing the scope of work and audit plan of the Internal Audit of the Company, providing inputs and suggestions as well as monitoring of the work and results of the work of the internal audit function. Following the progress of the Companys new building vessels; Discussing and monitoring related-party transactions; Routinely discussing with the Companys management regarding the latest development of the Company and regulations related the Companys business; Conducting meeting with external auditors and the Companys management in discussing scope of audit, result of audit and Management Letter; Discussing the role and function of Audit Committee and the plan to update the Audit Committee Charter.
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komite Audit dan perseroan telah mengevaluasi dan mengkonfirmasikan bahwa tim auditor eksternal dari kantor osman, Bing, Satrio & Rekan tidak menyediakan jasa-jasa non audit apapun kepada perusahaan dan oleh karena itu tidak ada biaya yang dibayarkan untuk jasa jasa tersebut. Pengendalian Internal prinsip no.12: Dewan harus menjamin agar pihak Manajemen selalu memiliki suatu sistem pengendalian internal untuk menjaga investasi pemegang saham dan aset-aset perseroan. Manajemen perseroan menyadari bahwa sistem pengendalian internal yang baik merupakan salah satu elemen penting dalam kerangka tata kelola perusahaan, sekaligus membantu untuk mencapai tujuan perseroan dan mencegah atau mendeteksi apabila terjadi penyimpangan. perseroan telah memiliki serangkaian elemen kontrol yang terpadu, mulai dari pengendalian lingkungan dengan membuat suatu aturan pelaksana yang tepat dan sepakat untuk patuh terhadap nilai-nilai korporasi sebagai panduan dalam menjalankan bisnis. kegiatan pengendalian dimulai dengan cara menetapkan pembagian tugas, wewenang dan tanggung jawab yang jelas di semua tingkat staf dalam struktur organisasi. Saluran-saluran yang tepat mengenai penilaian resiko, penerapan pengendalian aliran informasi dan komunikasi, dan pengawasan berkelanjutan, diterapkan melalui pemeriksaan internal dan kegiatan kolaboratif lainnya yang dilaksanakan untuk menjaga integritas dari sistem kontrol itu sendiri. tujuan dari pengendalian tersebut adalah untuk menetapkan dan menerapkan sistem pengendalian internal yang mencakup: pengendalian keuangan; pengendalian operasional; dan pengendalian ketaatan atas Hukum dan peraturan yang berlaku. Audit Internal prinsip no.13: perseroan harus membentuk suatu fungsi pemeriksaan internal yang independen terpisah dari kegiatan operasi bisnis normal. Setiap level dalam struktur organisasi perseroan ikut bertanggung jawab dalam menerapkan sistem pengendalian internal yang baik. untuk memastikan efektivitas pengendalian internal tersebut, Direksi dibantu oleh auditor internal. Peran Auditor Internal Auditor internal perseroan melakukan pengujian atas tingkat kecukupan dan ketaatan pada kebijakan, prosedur, hukum dan peraturan yang ada, serta kehandalan informasi dan laporan keuangan. Di samping itu, auditor internal juga memberikan pandangan mengenai pengendalian internal dan rekomendasi kepada bagian yang diaudit agar segera melakukan tindakan perbaikan atas kelemahan implementasi pengendalian internal yang ditemukan.
The Audit Committee and the Company has reviewed and confirmed that the external auditors, Osman Bing Satrio & Rekan did not provide non-audit services to the Company and therefore no such fee being paid for such services. Internal Controls Principle 12: The Board should ensure that the Management maintains a sound system of internal controls to safeguard the shareholders investments and the companys assets. The Companys management recognized the importance of a good internal control system as an important element in the framework of Good Corporate Governance, which helps the Company to achieve its goals and prevent or detect wrong doings. The Company has established a series of integrated control element, starting with environment control by establishing a strict code of conduct and adopting adherence to its Corporate Values as guidelines in doing business. Activities controls are created by setting a clear division of tasks, authority and responsibility at all level of staff within the organization structure. Proper channels of risk assessment, controlled information flow and communication, and continuous monitoring conducted through internal audit and other collaborative activities, are all undertaken to safe guard the integrity of the control systems.
The essence of the controls is that the Company is aiming to establish and implement internal control system which covers: Financial Controls; Operational Controls; and Compliance Controls Internal Audit Principle 13: The Company should establish an internal audit function that is independent from the activities it audits. All levels of staff within the Company are required to adhere to a prescribed internal control system. To ensure the effectiveness of the Companys internal control system, the Board of Directors is assisted by internal auditor.
the Role of an Internal Auditor Internal auditor conducts tests on the sufficiency and compliance on policies, procedures, law and regulations, and verify the reliability of information and financial reports. In addition, internal auditor also provide his views on internal controls and make appropriate recommendations to the auditees to immediately undertake corrective actions on the weaknesses identified during the investigative process and to ensure the completeness of internal control implementation.
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Komunikasi dengan Pemegang Saham prinsip no.14: perusahaan harus melibatkan diri dalam komunikasi dengan para pemegang saham yang dilakukan secara rutin, efektif dan jujur. perseroan berusaha memberikan informasi tepat waktu dan transparan kepada para pemegang saham dan publik. Semua informasi mengenai inisiatif-inisiatif baru perseroan akan disebarkan pertama kali melalui situs SGXnet dan iDXnet yang diikuti oleh satu siaran pers apabila diperlukan dan sejauh memungkinkan. perseroan saat ini selalu melakukan pertemuan dengan media dan analis. Sebagai tambahan terhadap pertemuan media dan analis tersebut, perseroan telah ikut serta dalam berbagai road show. informasi yang sensitif terhadap pergerakan saham umumnya akan dipublikasikan pertama kali kepada publik melalui situs SGXnet dan iDXnet, baik sebelum perseroan bertemu dengan kelompok investor atau analis atau keduanya sekaligus. Hasil dan laporan kuartalan dan tahunan diumumkan atau dikeluarkan dalam jangka waktu yang ditetapkan oleh Bursa efek indonesia dan Bursa efek Singapura. pada rapat umum pemegang saham perseroan, pemegang saham diberikan kesempatan untuk menyampaikan pandangan mereka dan bertanya mengenai perseroan dan grup. Selama tahun 2009, perseroan telah melaksanakan beberapa kali roadshow baik di dalam negeri maupun ke luar negeri. Selain itu dalam beberapa kesempatan, perseroan juga mengadakan analyst meeting dan konferensi pers yang bertujuan untuk menginformasikan perkembangan terbaru perseroan. Disamping itu, perseroan juga telah melaksanakan paparan publik yang diadakan minimal satu tahun sekali. tabel di bawah ini menjelaskan kegiatan Departemen Hubungan investor sepanjang tahun 2009. Kegiatan Relasi dengan Investor di tahun 2009
Communication with shareholders Principle 14: Companies should engage in regular, effective and fair communication with shareholders. The Company strives for timeliness and transparency in its disclosures to the shareholders and the public. All information on the Companys new initiatives will be first disseminated via SGXNET and IDXNET followed by a news release, where appropriate. The Company currently holds media and analyst briefing upon the release of its quarterly financial results. In addition to the media and analyst briefings, the Company has taken part in various road shows. Price-sensitive information is first publicly released via SGXNET and IDXNET, either before the Company meets with any group of investors or analysts or simultaneously with such meetings. Results and annual reports are announced or issued within the period prescribed by the Indonesia Stock Exchange and Singapore Stock Exchange. At general meetings of the Company, shareholders are given the opportunity to express their views and ask questions regarding the Company and the Group. During 2009 the Company has conducted several road shows in Indonesia and overseas. Furthermore, in various opportunities the Company has also held analyst meetings and press conference which were aimed to disclose the latest development of the Company. Aside from that, the Company has conducted public exposes which were held at least once a year. Below is the table of the Investor Relations activities across the year 2009.
Investor Relations Activities in 2009
investor Relations Activities in 2009 public expose General Meetings of Shareholders (AGM and eGM) Bondholders Meetings press Releases iDX press Releases SGX investor Conferences Road Shows Correspondences with Authorities Analysts/investors Meetings or Conference Calls
jumlah kegiatan number of Activities 1 2 2 23 27 3 5 24 72
Waktu timing December 2009 April & june 2009 March & April 2009 Sebagaimana saat diumumkan As per publication date Sebagaimana saat diumumkan As per publication date April, May, october & november 2009 june, September & october 2009 Rata-rata dua kali sebulan Average twice a month Rata-rata sekali sebulan Average once a month
kebijakan transaksi Dengan Benturan kepentingan
Interested Person Transactions (IPTS) Policy
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Perjanjian / Kontrak Terkait Kepentingan Komisaris, Direktur, dan Pemegang Saham Mayoritas tidak ada perjanjian atau kontrak apapun yang ditandatangani antara perseroan dan anak-anak perusahaannya yang melibatkan kepentingan diri komisaris, direktur atau pemegang saham pengendali perseroan, baik yang masih berlaku sampai dengan akhir tahun fiskal dalam laporan ini, ataupun jika tidak, yang ditandatangani pada akhir tahun fiskal sebelumnya. Kontrak-kontrak Terkait Transaksi Pihak Terafiliasi Selain daripada kontrak yang dimasukkan dan diumumkan sebagai transaksi Dengan pihak terafiliasi dalam Catatan no.38 laporan keuangan, tidak ada perjanjian atau kontrak apapun, termasuk kontrak terkait dengan pinjaman (yang bukan bagian dari bisnis biasa) perseroan, yang melibatkan kepentingan-kepentingan para komisaris, Direksi dan pemegang saham utama, baik yang masih berlaku pada akhir tahun fiskal ini, atau, jika tidak, berlaku atau ditandatangani sejak akhir dari tahun fiskal sebelumnya. Pengumuman Transaksi Berulang dengan Pihak Terafiliasi jumlah nilai transaksi berulang dengan pihak terafiliasi berubah ubah, tergantung pada cakupan dari transaksi tersebut dalam tahun tertentu dan juga disebutkan dalam catatan no.38 dari laporan keuangan. Pengumuman Transaksi Dengan Pihak Terafiliasi Dalam kaitan dengan pendapatan usaha yang didapat dari transaksi pihak terafiliasi yang diperlukan oleh perseroan dalam operasi sehari-harinya dan ditransaksikan dalam bentuk kegiatan bisnis biasa dengan pihak pihak terkait, perseroan biasanya segera membuat laporan atau pengumuman kepada Bursa efek indonesia dan Bursa Singapura sejauh dipandang perlu dan diharuskan oleh regulasi yang berlaku di kedua bursa tersebut.
Material Contracts Involving Commissioners, Directors and Major shareholders Interest No material contract has been entered into between the Company and its subsidiaries which involve the interests of each commissioners, directors or controlling shareholder of the Company, either still subsisting at the end of the financial year or it not then subsisting, entered into since the end of the previous financial year. other Contracts in Relation to Related Party transactions Other than contracts entered into and disclosed as Related Party Transactions in Note 38 to the Financial Statements, there are no other material contracts, including contracts relating to loans (not being in the ordinary course of business) of the Company, involving Commissioners, Directors and major shareholders interests, either still subsisting at the end of the financial year or, if not then subsisting, entered into since the end of the previous financial year. Disclosure of Recurrent Related Party transaction The amount of the recurrent related party transaction varies depends on the depth of the transaction in a particular year and it is also stated in the note 38 of the notes to the Financial Statements of the Company. Disclosure of Related Party transactions of trading nature In relation to Related Party Transactions of a revenue of trading nature which are necessary for the Companys dayto-day operations and transacted in the ordinary course of business with related parties, the Company will make an immediate notification or announcement to Indonesia Stock Exchange and Singapore Stock Exchange where appropriate and required.
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transaksi signifikan dengan pihak terafiliasi dijelaskan dalam Catatan no. 38 dari laporan keuangan. perseroan telah menyetujui kebijakan internal mengenai setiap transaksi dengan pihak-pihak yang terafiliasi dan telah menetapkan suatu prosedur untuk evaluasi dan persetujuan transaksi pihak yang memiliki hubungan istimewa dengan perseroan dan rekanannya, yang dilindungi oleh Mandat pemegang Saham yang disetujui pada setiap rapat umum. komite Audit mengevaluasi Mandat pemegang Saham secara teratur, dan menyatakan puas akan prosedur evaluasi untuk transaksi Dengan pihak Yang Berkepentingan. evaluasi tersebut akan dibuat secara teratur oleh komite Audit untuk menjamin agar transaksi Dengan pihak Yang Berkepentingan dapat dilakukan dengan ketentuan ketentuan biasa dan tidak mengesampingkan kepentingan perseroan dan pemegang saham minoritasnya. Transaksi Efek Sejalan dengan keputusan Direksi pt Bursa efek jakarta nomor: kep-305/Bej/07-2004 serta Bab 12 Aturan 18 dari buku panduan pendaftaran di Bursa Singapura mengenai masalah transaksi efek, perseroan telah mengadopsi suatu aturan kepatuhan internal yang secara substansial mencerminkan ketentuan-ketentuan panduan praktek praktek terbaik dalam buku panduan pendaftaran tersebut, sebagai arahan bagi para Direksi dan pejabat peseroan dalam kaitan dengan transaksi efek. Aturan perseroan tersebut melarang Direksi dan karyawan melakukan transaksi efek ketika sedang memegang/ mengetahui informasi yang dapat mempengaruhi harga saham. perseroan menerbitkan edaran kepada Direksi, pejabat tinggi dan pejabat terkait lainnya yang memiliki akses ke informasi penting yang belum diterbitkan, dan untuk mengingatkan mereka akan keharusan melaporkan transaksi efek yang mereka lakukan. Direksi dan karyawan juga dilarang melakukan transaksi efek milik perseroan pada periode dua minggu sebelum pengumuman hasil laporan keuangan perseroan untuk setiap kuartal dan enam minggu sebelum pengumuman hasil laporan keuangan tahunan perseroan. pada tahun 2009, Direksi dan beberapa karyawan tertentu juga dilarang untuk melakukan transaksi efek perseroan pada periode 2 (dua) minggu sebelum pengumuman laporan keuangan perseroan untuk setiap kuartal atau 6 (enam) minggu sebelum laporan keuangan tahunan diterbitkan dan berakhir pada tanggal pengumuman laporan keuangan tersebut. periode Black out dalam transaksi efek tersebut diimplementasikan untuk menghindari transaksi orang dalam. Informasi Lain-lain konflik kepentingan komisaris & Direksi komisaris dan Direksi tidak memiliki konflik kepentingan atau kepentingan apapun dalam perjanjian bisnis yang melibatkan pt Berlian laju tanker tbk., berserta anak-anak perusahaannya.
Significant Related Party Transactions are disclosed in note 38 of the Financial Statements. The Company has adopted an internal policy in respect of any transactions with interested persons and has set out the procedures for review and approval of the Companys interested person transactions and its associates, which are covered by a Shareholders Mandate approved at each general meeting. The Audit Committee reviews the Shareholders Mandate at regular intervals, and is satisfied that the review procedures for IPTs and the reviews to be made periodically by the Audit Committee in relation thereto are adequate to ensure that the IPTs will be transacted on normal terms and will not be prejudicial to the interests of the Company and its minority shareholders. Dealing In securities In line with Chapter 12 Rule 18 of the Listing Manual of SGX-ST on dealings in securities, the Company has adopted an internal compliance code which mirrors substantially the provisions of the Best Practices Guide in the Listing Manual to provide guidance to its directors and officers in relation to dealings in its securities.
The Companys Code prohibits securities dealings by the Directors and employees while in possession of price-sensitive information. The Company issues regular circulars to its Directors, principal officers and relevant officers who have access to unpublished material pricesensitive information to remind them of the aforementioned prohibition and to remind them of the requirement to report their dealings in shares of the Company.
In 2009, The Directors and selected employees are also prohibited from dealing in the securities of the Company during the period commencing 2 (two) weeks before the announcement of financial results of the Company for each quarters of its financial year or 6 (six) weeks before the yearly financial statements issuance, as the case may be, and ending on the date of the announcement of the relevant results. These Black Out periods for the dealing in securities is implemented to avoid insider trading actitivities. other Information Commissioners & Directors Conflict of Interest The Commissioners and Directors do not have any existing conflicts of interest or any interest in any business arrangement involving PT Berlian Laju Tanker Tbk., and its subsidiaries.
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Sanksi dan/atau Penalti untuk tahun fiskal yang dilaporkan disini, tidak ada Sanksi dan/atau penalti yang dikenakan kepada perseroan, para komisaris, Direksi ataupun pihak Manajemen. Perbedaan hasil Audit tidak terdapat perbedaan mencolok antara hasil-hasil audit atas tahun fiskal ini, dan hasil yang belum diaudit yang telah diumumkan sebelumnya, jika ada. Pembayaran Diluar Biaya Audit perseroan tidak membayar apapun diluar biaya audit yang ditetapkan, kepada para auditor selama tahun fiskal yang dilaporkan yang berakhir pada tanggal 31 Desember 2009. Program Pembelian-Kembali Saham Berikut ini adalah kegiatan pembelian kembali saham yang dilakukan perseroan selama tahun yang berakhir pada tanggal 31Desember 2009. Harga Beli Saham adalah harga rata-rata untuk semua saham yang dibeli pada bulan yang bersangkutan dan total Harga Beli adalah harga beli yang termasuk biaya insidentil. Semua saham telah disimpan sebagai saham milik perseroan, dan tidak ada penjualan kembali saham perseroan tersebut, ataupun tidak ada saham yang dibatalkan selama tahun yang dilaporkan disini.
sanctions and/or Penalties For the financial year under review, there were no sanctions and/or penalties imposed on the Company, its Commissioners, and its Directors or Management. Variation in Results There were no significant variations between the audited results for the financial year and the unaudited results previously announced, if any. non Audit Fees There is no Non Audit Fees paid to the auditor during the financial year under review ended 31 December 2009 . share Buy-Backs The following is the Share Buy Back actioned during the year under review ended 31 December 2009. The Purchase Price of Shares is the average price for all shares purchased in the month and the Total Purchase Price includes incidental costs. All shares have been maintained as treasury shares and there have been no resale of the Companys treasury shares nor have there been any shares cancelled during the year under review.
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Program Kepemilikan Saham Untuk Karyawan Saat ini, perseroan tidak memiliki program kepemilikan saham untuk karyawan. Pedoman Tata Kelola Perseroan perseroan saat ini sedang dalam proses merumuskan kebijakan kebijakan dalam menerapkan pedoman tata kelola perusahaan yang dikeluarkan oleh komite tata kelola perusahaan Singapura dan indonesia dan tujuannya adalah untuk menerapkan dan melaksanakannya sejauh tidak berbenturan dengan hukum dan peraturan yang berlaku di indonesia. Properti Untuk Tujuan Pengembangan, Penjualan dan Investasi keseluruhan nilai dari semua tanah dan bangunan yang dimiliki oleh perseroan untuk dibangun, dijual dan diinvestasikan tidak melebihi 15% dari nilai bersih aktiva berwujud atau tidak memberikan kontribusi melebihi 15% dari laba operasi sebelum pajak, setelah konsolidasi. Pihak yang Dapat Dihubungi Untuk Informasi Mengenai Perseroan pt Berlian laju tanker tbk Wisma BSG, 10th Floor jalan Abdul Muis no. 40 jakarta 10160 indonesia phone: +62 21 3006 0300 Facsimile: + 62 21 3006 0389 email: investor@blt.co.id
employee stock option scheme Currently the Company does not have any employee share option scheme or plan in place. Code of Corporate Governance The Company is in the process of setting up the policies to adopt the Code of Corporate Governance issued by the Committee on Corporate Governance of Singapore (the Code) and intends to fully adopt and comply with the Code to the extend that it does not contravene with Indonesian laws and regulations. Properties for Development, sale and Investment Purposes The aggregate value of all properties held by the Company for development, sale or investment purposes does not represent more than 15% of the value of the consolidated net tangible assets, or contribute more than 15% of the consolidated pre-tax operating profit of the Company. Contact Information For Inquiries Regarding the Company PT Berlian Laju Tanker Tbk Wisma BSG, 10th Floor Jalan Abdul Muis No. 40 Jakarta 10160 Indonesia Phone: +62 21 3006 0300 Facsimile: + 62 21 3006 0389 Email: investor@blt.co.id
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KEBIJAKAN DIVIDEN Sebagaimana disetujui bersama dalam Rapat umum tahunan pemegang Saham pada tanggal 22 April 2009, perseroan telah membayarkan dividen sebesar Rp.5 per saham, sebagai hasil dari kinerja tahun 2008.
DIVIDenD PoLICy As approved by The Annual General Meeting of Shareholders held on 22 April 2009, the Company paid dividend of Rp 5 per share out of year 2008s performance.
tahun Fiskal/ Fiscal Year 1990 (interim) 1990 (Final) 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003* 2004 2005* 2006 2007 2008
Dividen tunai / Cash Dividend Rp per Saham / Rp per Share 50.0 70.0 120.0 50.0 50.0 100.0 100.0 30.0 15.0 10.0 15.0 12.5 12.5 15.0 15.0 20.0 40.0 50.0 5.0 jumlah Dividen / total Dividend (Rp) 595,000,000 980,000,000 2,520,000,000 2,940,000,000 2,940,000,000 5,880,000,000 5,880,000,000 4,586,400,000 6,879,600,000 4,586,463,800 7,689,067,950 23,151,630,850 22,288,155,850 27,994,748,820 62,333,360,640 75,420,628,720 166,302,897,440 208,846,508,000 20,884,650,880
laba Bersih / net profit (Rp) 5,252,487,257 5,252,487,357 8,165,320,975 9,435,826,023 12,004,519,839 10,186,663,218 9,645,533,121 13,232,719,380 20,673,859,675 74,539,573,249 132,641,573,249 25,451,979,791 112,831,220,587 106,505,436,280 149,149,512,900 243,204,229,960 645,185,592,405 1,205,279,899,017 758,981783,247 1,567,926,000,000
Rasio pembayaran / pay out Ratio 11.33% 18.66% 30.86% 31.16% 24.49% 57.72% 60.96% 34.66% 33.28% 0.00% 3.46% 30.21% 20.52% 20.93% 18.77% 25.63% 11.69% 13.80% 27.52% 1.33%
* perhitungan Dividen di luar saham yang dibeli kembali
* Dividend calculation excluding the shares bought back
Direksi telah mengikuti prinsip umum yang ditentukan dalam memformulasikan rekomendasi mengenai pembayaran dividen tahunan atau interim, dan hasil rekomendasi tersebut juga diajukan kepada para pemegang saham perseroan untuk mendapatkan persetujuan. nilai dividen yang dibayarkan sesungguhnya dan direkomendasikan atau diumumkan oleh Direksi pada tahun fiskal tertentu atau periode tertentu akan dipengaruhi beberapa faktor pertimbangan sebagaimana dijelaskan di bawah ini, termasuk juga faktor lain yang dinilai relevan oleh Direksi. kebijakan dividen yang berlaku saat ini adalah sebagai berikut: Dalam menentukan rasio pembayaran dividen untuk tahun fiskal tertentu, maka perseroan akan mempertimbangkan tujuan dalam menjaga serta meningkatkan pembayaran dividen untuk memaksimalkan nilai bagi para pemegang saham untuk jangka panjang, dan
The Board of Directors adheres to certain general principles when formulating its recommendations regarding annual or interim dividend payments, with these recommendations subject to approval by the Companys shareholders. The actual value of the dividends that the Board of Directors may recommend or declare in respect of any particular financial year or period will be subject to the factors outlined below as well as such other factors deemed relevant by the Board of Directors.
The current dividend policy is as follows: In determining the Companys dividend payout ratio in respect of any particular financial year, the Company will take into account its goal of maintaining and increasing dividend levels and of maximizing shareholder value over the longer term; and
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untuk dividen yang dibayarkan dalam tahun fiskal tertentu, maka dividen tersebut diumumkan pada kwartal kedua, dan dibayarkan pada kwartal ketiga pada tahun fiskal berikutnya. Dalam memformulasikan rekomendasi mengenai jumlah dividen yang harus dibayarkan, Direksi ikut mempertimbangkan beberapa faktor berikut ini: total nilai kas, gearing, return on equity (Roe) dan retained earning yang dimiliki perseroan saat ini; perkiraan kinerja finansial perseroan; perkiraan tingkat pengeluaran modal perseroan untuk tahun tersebut, termasuk rencana-rencana investasi lainnya; tingkat dividen, jika dapat diterapkan, yaitu dividen yang diterima perseroan dari anak-anak perusahaannya; Hasil dividen yang dibayarkan oleh perusahaan sejenis dengan dan perusahaan-perusahaan perkapalan lain yang sebanding di negara lain; dan Batasan pembayaran dividen yang mungkin akan dikenakan pada perseroan oleh perjanjian-perjanjian pendanaan tertentu.
When dividends are paid in any particular financial year, these dividends are generally declared in the second quarter and paid in the third quarter of the following financial year. In formulating its recommendations regarding the amount of dividends to be paid, the Board of Directors will take into account the following factors: The total value of the Companys cash, gearing, return on equity and retained earnings; The Companys expected financial performance; The Companys projected levels of capital expenditure and other investment plans; The level of dividends, if any, that the Company receives from its subsidiaries; The dividend yield of similar companies and comparable shipping companies globally; and Restrictions on payment of dividends that may be imposed on the Company by financing arrangements.
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perseroan dapat mengumumkan dividen yang akan disetujui sebagai suatu resolusi biasa, yang dibuat dalam suatu Rapat umum tahunan pemegang Saham. Walaupun demikian, tidak diperkenankan untuk membayarkan dividen melebihi jumlah yang direkomendasikan oleh Direksi. Direksi juga dapat mengumumkan suatu dividen interim setelah disetujui dalam rapat Dewan komisaris, sejauh dividen interim tersebut nantinya akan dikurangkan dari dividen tahunan yang dibagikan setelah diputuskan oleh Rapat umum tahunan pemegang Saham berikutnya. perseroan akan membayar dividen berdasarkan jumlah keuntungan yang didapatkan setelah dikurangi jumlah dana cadangan sesuai tingkat yang diwajibkan oleh peraturan yang berlaku. Saat diumumkan, jumlah dividen akan disebutkan dalam mata uang Rupiah. Direksi dapat, sesuai pertimbangan mereka, mengubah atau membatalkan kebijakan dividen yang berlaku saat ini, melalui persetujuan yang disepakati oleh suatu Rapat umum tahunan pemegang Saham. Direksi dapat juga mengurangi tingkat dividen yang diberikan sesuai kebijakan pembayaran dividen saat ini, ataupun menghentikan keseluruhan pembayaran dividen tersebut. PENERBITAN oBLIgASI KoRPoRASI instrumen pendanaan yang berbentuk selain ekuitas juga dibutuhkan oleh perseroan untuk diversifikasi jenis dan resiko pendanaan untuk pengembangan usaha dan armada kapal. keberhasilan perseroan dalam memberikan nilai tambah bagi para pemegang saham menjadi alasan yang kuat bagi manajemen perseroan untuk menerbitkan instrumen obligasi korporasi sebagai salah satu sumber pendanaan yang digunakan untuk pengembangan armada kapal. pada bulan juli tahun 2000, perseroan menerbitkan obligasi Berlian laju tanker i tahun 2000 yang berjangka waktu lima tahun dengan tingkat bunga tetap dan atau mengambang yang nilai nominal keseluruhannya berjumlah Rp 200.000.000.000. pada saat diterbitkan, obligasi ini memperoleh peringkat idA- (stable outlook) dari pt pemeringkat efek indonesia (pefindo). obligasi ini terdiri dari 2 seri yaitu seri A yang memiliki tingkat bunga tetap sebesar 17% per tahun dan Seri B yang memiliki tingkat bunga tetap sebesar 17% pada tahun pertama dan tingkat bunga mengambang untuk tahun kedua sampai dengan tahun kelima dengan patokan bunga deposito berjangka enam bulan ditambah marjin sebesar 3%. obligasi ini telah dibayar lunas pada tahun 2005. perkembangan pasar obligasi korporasi yang semakin membaik telah memberikan kesempatan bagi perseroan untuk menerbitkan obligasi Berlian laju tanker ii tahun 2003 yang juga berjangka waktu lima tahun atau jatuh tempo pada tanggal 28 Mei 2008. pada saat diterbitkan, obligasi ini memperoleh peringkat idA- (positive outlook) dari pt pemeringkat efek indonesia (pefindo), dengan nilai nominal keseluruhan sebesar Rp. 340.000.000.000. obligasi
The Company may declare dividends to be approved by ordinary resolution of shareholders at the Annual General Meeting of Shareholders. However, it is not permitted to pay dividends in excess of the amount recommended by the Board of Directors. The Board of Directors may also declare an interim dividend with the approval of the meeting of the Board of Commissioners, provided that such interim dividends are offset against the dividends that are distributed on the basis of resolutions of the next Annual General Meeting of Shareholders. The Company will pay dividends on the basis of the amount of the Companys profits after deducting amounts reserve for the required reserve funds as prescribed by the prevailing regulations. When dividends are declared, they will be declared in Rupiah. The Board of Directors may, at its discretion, amend or repeal the current dividend policy subject to shareholders approval at the Annual General Meeting of Shareholders. The Board of Directors may decrease the level of dividends provided for in this dividend policy or entirely discontinue the payment of dividends. CoRPoRAte BonD IssUAnCe In addition to equities, the Company utilizes a number of other financing instruments available in the market in order to seek different sources of financing and reduce risk there upon. Funds raised from these instruments are used to develop the Companys business and to expand its fleet of vessels. The Companys success in providing added value to shareholders justifies the confidence of management in their issuance of corporate bonds as a source of funds for the development of the Companys fleet. In July 2000, the Company issued the Berlian Laju Tanker Bonds 2000, with five-year maturity period from the date of issuance and had both fixed and floating interest rates, with a total nominal value of Rp 200 billion. The bond was rated idA- (stable outlook) by PT Pemeringkat Efek Indonesia (Pefindo). It consisted of two series, the A series, consisting of bonds with fixed interest rates of 17 per cent per annum; and the B series, consisting of bonds with fixed interest rates of 17 per cent in the first year, and floating interest rates from the second until the fifth year, based on interest rates for six months term deposits with an additional margin of three per cent. The overall bonds were due and paid in full by the Company in 2005. Improvements in the corporate bond market created opportunities for the Company to issue the second Berlian Laju Tanker Bonds in 2003, which also had a five-year maturity period ending on 28 May 2008. The bond was again rated id A- (positive outlook) by PT Pemeringkat Efek Indonesia (Pefindo) and has a total nominal value of Rp 340 billion. It also consisted of two series, the A Series, with a fixed interest rate of 14,75 per cent per
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ini memiliki 2 seri yang terdiri dari seri A yang memiliki tingkat bunga tetap sebesar 14,75% per tahun dan Seri B yang memiliki tingkat bunga tetap sebesar 14,75% pada tahun pertama dan mengambang untuk tahun kedua sampai dengan tahun kelima dengan patokan bunga tiga bulan SBi ditambah marjin sebesar 2,5% dengan batas bunga maksimum sebesar 16,75%. obligasi ini terdaftar di obligasi ini tercatat di Bursa efek indonesia (d/h Bursa efek Surabaya) dengan pt Bank Mandiri (persero) tbk bertindak sebagai wali amanat. obligasi ini telah dibayar lunas pada tahun 2008. Selain itu pada saat yang bersamaan, perseroan juga telah memperoleh kepercayaan dari Dewan Syariah nasional Majelis ulama indonesia untuk ikut serta mendorong bangkitnya pasar Modal Syariah dengan menerbitkan obligasi Syariah Mudharabah Berlian laju tanker tahun 2003 dengan jangka waktu lima tahun atau sampai dengan tanggal 28 Mei 2008. nilai nominal keseluruhan obligasi Syariah ini adalah sebesar Rp. 60.000.000.000 dan pada saat diterbitkan telah memperoleh peringkat idA-(sy) (positive outlook) dari pt. pemeringkat efek indonesia (pefindo). obligasi Syariah ini ditawarkan dengan ketentuan yang mewajibkan perseroan untuk membayar kepada pemegang obligasi Syariah sejumlah pendapatan Bagi Hasil yang besarnya dihitung berdasarkan perkalian antara nisbah pemegang obligasi Syariah dengan pendapatan Yang Dibagihasilkan. obligasi ini tercatat di Bursa efek indonesia (d/h Bursa efek Surabaya) dengan pt Bank Mandiri (persero) tbk bertindak sebagai wali amanat. obligasi ini telah dibayar lunas pada tahun 2008. pada tahun 2007, perseroan melihat perkembangan pasar obligasi korporasi yang semakin membaik, karena itu perseroan menerbitkan obligasi Berlian laju tanker iii tahun 2007 yang juga berjangka waktu lima tahun atau akan jatuh tempo pada tanggal 5 juli 2012. pada saat diterbitkan, obligasi ini memperoleh peringkat idAA- (stable outlook) dari pt. pemeringkat efek indonesia (pefindo), dengan nilai nominal keseluruhan sebesar Rp. 700.000.000.000. obligasi ini memiliki tingkat bunga tetap sebesar 10,35% per tahun. Seluruh obligasi dijual dengan harga sebesar nilai nominal dan tercatat di Bursa efek indonesia (d/h Bursa efek Surabaya) dengan pt Bank Mandiri (persero) tbk bertindak sebagai wali amanat. pada saat yang sama, perseroan kembali dipercaya oleh Dewan Syariah nasional Majelis ulama indonesia untuk terus mendorong bangkitnya pasar Modal Syariah dengan menerbitkan obligasi Sukuk ijarah Berlian laju tanker tahun 2007 dengan jangka waktu lima tahun atau sampai dengan tanggal 5 juli 2012. nilai nominal keseluruhan obligasi Syariah ini adalah sebesar Rp 200.000.000.000. dan pada saat diterbitkan telah memperoleh peringkat idAA-(sy) (stable outlook) dari pt pemeringkat efek indonesia (pefindo). obligasi Syariah ini ditawarkan dengan ketentuan yang mewajibkan perusahaan untuk
year; and the B Series, with a fixed interest rate of 14,75 per cent in the first year, and a floating interest rate from the second until the fifth year, based on the interest rate for three month SBI with an additional margin of 2,5 per cent and with a maximum interest rate of 16,75 per cent. This bond is listed on the Indonesia Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the Trustee.This bond has been fully repaid in 2008.
Around the same time, with support from the National Syariah Council Majelis Ulama Indonesia, the Company, as participation to develop Syariaah Capital Market, issued the Syariah Mudarabah Berlian Laju Tanker Bond 2003, which would fall due within five years of issuance, on 28 May 2008. The nominal value of this Syariah Bond is Rp 60 billion. At the time of issuance it received a rating of id A-(sy) (positive outlook) from PT. Pemeringkat Efek Indonesia (Pefindo). According to the terms of this bond, the Company is obliged to pay the holder of the bond a sum based on a share of the profits calculated according to an established ratio between the Syariah Bond Holder Ratio and revenues. This bond is listed on the Indonesia Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the Trustee. This bond has also been fully paid in 2008.
In 2007, convinced with positive development in corporate bonds market, the Company again issued the third Berlian Laju Tanker Bonds in 2007, with another five-year maturity period due on 5 July 2012. At the time of issuance, these bonds were rated id AA- (stable outlook) by PT. Pemeringkat Efek Indonesia (Pefindo) with a total nominal value of Rp 700 billion. These bonds had a fixed interest rate of 10,35% per annum. All of these bonds were sold at their nominal value and were registered on the Indonesia Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the Trustee.
At the same time, the Company again received encouragement from the National Syariah Council Majelis Ulama Indonesia and determined to participate in developing the Syariah Capital Market through the issuance of Sukuk Ijarah Berlian Laju Tanker Bond 2007, which will fall due within five years of issuance, on 5 July 2012. The nominal value of this Syariah Bond is Rp 200 billion. At the time of issuance it received a rating of idAA- (sy) (positive outlook) from PT. Pemeringkat Efek Indonesia (Pefindo). This Syariah bond was offered with the provision obliging the Company to pay Rp 20.6 billion
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membayar kepada pemegang Sukuk ijarah sejumlah Cicilan imbalan ijarah sebesar Rp 20.600.000.000 per tahun. Seluruh Sukuk ijarah dijual dengan harga sebesar nilai nominal, dan tercatat di Bursa efek indonesia (d/h Bursa efek Surabaya) dengan pt Bank Mandiri (persero) tbk bertindak sebagai wali amanat. pada tanggal 18 Desember 2007, sebagai bentuk dari kepatuhan terhadap Rapat umum pemegang obligasi, para pemegang obligasi Berlian laju tanker iii tahun 2007, pemegang Sukuk ijarah Berlian laju tanker iii tahun 2007, dan pemegang obligasi Syariah Mudharabah Berlian laju tanker tahun 2003 setuju untuk mengganti pt Bank Mandiri tbk (persero) sebagai wali amanat dan menunjuk pt Bank niaga tbk sebagai wali amanat. pada tanggal 22 januari 2008 Berdasarkan Rapat umum pemegang obligasi, para pemegang obligasi Berlian laju tanker ii tahun 2003 setuju untuk mengganti pt Bank Mandiri tbk (persero) sebagai wali amanat dan menunjuk pt Bank niaga tbk sebagai wali amanat yang baru. penggantian Wali Amanat ini bertujuan untuk menghindari Benturan kepentingan sesuai dengan peraturan pasar modal dimana wali amanat tidak boleh memiliki hubungan kredit dengan emiten. pada tanggal 16 juni 2008, berdasarkan Rapat umum pemegang obligasi, para pemegang obligasi Berlian laju tanker iii tahun 2007, setuju untuk merubah net Debt to equity Ratio dalam perjanjian perwaliamanatan sehingga untuk laporan keuangan sampai dengan laporan keuangan yang berakhir pada tanggal 31 Desember 2008 maksimum menjadi sebesar 4,5:1 dan untuk laporan keuangan periode setelah tanggal 31 Desember 2008 sampai dengan obligasi tersebut jatuh tempo maksimum menjadi sebesar 3,5:1. pada tanggal 6 juli 2008, berdasarkan Rapat umum pemegang obligasi, para pemegang obligasi Sukuk ijarah Mudharabah tahun 2007, setuju untuk merubah net Debt to equity Ratio dalam perjanjian perwaliamanatan sehingga untuk laporan keuangan sampai dengan laporan keuangan yang berakhir pada tanggal 31 Desember 2008 maksimum menjadi sebesar 4,5:1 dan untuk laporan keuangan periode setelah tanggal 31 Desember 2008 sampai dengan obligasi tersebut jatuh tempo maksimum menjadi sebesar 3,5:1.
per year to the holder of the bond. All of these bonds were sold at their nominal value and listed on the Indonesia Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the Trustee.
On 18 December 2007, as a form of compliance to the resolution of the General Bond Holders Meeting, holders of the Berlian Laju Tanker III Bond 2007, the Sukuk Ijarah Berlian Laju Tanker III, and the Syariah Mudharabah Berlian laju Tanker 2003 approved the replacement of PT Bank Mandiri (Persero) Tbk. with PT Bank Niaga Tbk as Trustee of the bond. On 22 January 2008, following the General Bond Holders Meeting, holders of the Berlian Laju Tanker II Bond 2003 decided to replace PT Bank Mandiri Tbk (Persero) as the Trustee of the bond with PT Bank Niaga Tbk. The decision to nominate a change in the Trustee was intended to avoid conflicts of interest as defined by regulations governing the capital market, with these regulations stating that an appointed the Trustee may not have a credit connection with the issuer. On 16 June 2008, the Companys General Bond Holders Meeting, holders of the 2007 Berlian Laju Tanker III collectively decided to change the Net Debt to Equity Ratio in the Trustee Agreement, so that for the financial statement for the period ending 31 December 2008, the ratio in maximum has changed to 4,5:1 and for the period after 31 December 2008 until the maturity date of the bond, the ratio shall stay at maximum 3,5:1.
On 6 July 2008, the Companys General Bond Holders Meeting, holders of the 2007 Sukuk Ijarah Mudharabah Berlian Laju Tanker Bond collectively decided to change the Net Debt to Equity Ratio in the Trustee Agreement, so that for the financial statement for the period ending 31 December 2008, the ratio in maximum has changed to 4.5:1 and for the period after 31 December 2008 until the maturity date of the bond, the ratio shall stay at maximum 3.5:1.
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pada tahun 2009, perseroan melihat bahwa pasar obligasi korporasi di indonesia tetap kondusif dan memberikan kesempatan yang sangat baik bagi perseroan untuk mendapatkan sumber pendanaan. Atas pertimbangan itu, perseroan menerbitkan obligasi Berlian laju tanker iV tahun 2009 yang memiliki 3 seri yaitu Seri A yang berjangka waktu 1 tahun, Seri B yang berjangka waktu 3 tahun dan seri C yang berjangka watu 5 tahun dengan nilai nominal keseluruhan sebesar Rp. 400.000.000.000 dan pada saat diterbitkan obligasi ini memperoleh peringkat idA (stable outlook) dari pt. pemeringkat efek indonesia (pefindo). Seluruh obligasi dijual dengan harga sebesar nilai nominal dan tercatat di Bursa efek indonesia dengan pt Bank CiMB niaga tbk bertindak sebagai wali amanat. Selain menerbitkan obligasi konvensional, perseroan juga melihat maraknya penerbitan obligasi berbasis Syariah dan respon positif dari pasar terhadap obligasi Syariah tersebut. oleh karena itu, bersamaan dengan penerbitan obligasi Berlian laju tanker iV, perseroan juga menerbitkan obligasi Sukuk ijarah Berlian laju tanker ii yang memiliki 2 seri yaitu Seri A yang berjangka waktu 3 tahun, dan Seri B yang berjangka waktu 5 tahun dengan nilai nominal keseluruhan sebesar Rp. 100.000.000.000. obligasi Syariah ini ditawarkan dengan ketentuan yang mewajibkan perusahaan untuk membayar kepada pemegang Sukuk ijarah seri A sejumlah Cicilan imbalan ijarah sebesar Rp 45.000.000.000 per tahun dan kepada pemegang Sukuk ijarah seri B imbalan ijarah sebesar Rp 55.000.000.000 per tahun. Seluruh Sukuk ijarah dijual dengan harga sebesar nilai nominal, dan tercatat di Bursa efek indonesia dengan pt Bank CiMB niaga tbk bertindak sebagai wali amanat. wESEL BAyAR Dengan semakin dipercayanya perseroan oleh masyarakat internasional dimana perseroan pun telah terdaftar di Bursa Singapura (Singapore exchange Securities trading limited), maka perseroan pada tanggal 4 Mei 2007 melalui anak perusahaan, Blt Finance B.V. menerbitkan wesel bayar (Guaranteed Senior notes) senilai uSD 400.000.000. Wesel bayar ini ditawarkan kepada masyarakat internasional dengan tingkat bunga 7,5% per tahun dengan jangka waktu selama 7 tahun yang akan jatuh tempo pada tanggal 15 Mei 2014 dengan harga sebesar nilai nominal, dan pada saat penerbitan wesel bayar ini telah memperoleh peringkat idBB- dari Standard & poors Ratings Group dan Fitch ratings ltd. Wesel bayar ini terdaftar di Bursa Singapura (SGX-St) dengan the HSBC Bank uSA, national Association sebagai wali amanat. Blt Finance BV (BltFBV) memiliki opsi untuk membeli kembali wesel bayar pada harga tertentu sesuai dengan syarat dan ketentuan yang berlaku. pada bulan December 2009 Standard & poors dan Fitch Ratings ltd memberikan peringkat masing masing B (negative outlook) dan B (RWn) untuk wesel bayar ini.
In 2009, the Company considered that the corporate bonds market remained condusive and provided a positive opportunity for the Company to gain source of funding. Based on that consideration, the Company again issued the fourth Berlian Laju Tanker Bonds IV in 2009 that has 3 series, which is A Series with one-year maturity period, B Series with three-years maturity period, and C Series with five-years maturity period with a total nominal value of Rp 400 billion. At the time of issuance, these bonds were rated idA (stable outlook) by PT. Pemeringkat Efek Indonesia (Pefindo) with a total nominal value of Rp 700 billion. All of these bonds were sold at their nominal value and were registered on the Indonesia Stock Exchange with PT Bank CIMB Niaga Tbk as the Trustee. Aside of issuing conventional bonds, the Company was also aware of the rise of Syaria Bond and the positive respond from it received from the market. Based on that consideration, along with the issuance of Berlian Laju Tanker Bonds IV, the Company also issued Sukuk Ijarah Berlian Laju Tanker II Bonds which consists of 2 series, Series A with three-years maturity period, and B Series with five-years maturity period with a total nominal value of Rp 100 billion. This Syaria Bond was offered according to the terms of this bond,which obliged the Company to pay to the Bondholders a total of Rp 45 billion per year for Series A Bondholders and Rp 55 billion per year for Series B Bondholders. All these bonds were sold at their nominal value and were registered on the Indonesia Stock Exchange with PT Bank CIMB Niaga Tbk as the Trustee.
notes PAyABLe With increasing trust in the Company by the international investor community demonstrated by positive response of the Companys listing of its shares on the Singapore Exchange (Singapore Stock Exchange Trading Limited), on 4 May 2007, the Company, through its subsidiary BLT Finance B.V., issued Guaranteed Senior Notes with a total value of USD 400 million. These notes payable were offered to the international investor community with interest rates of 7,5 per cent per annum and with a term of seven years, to fall due on 15 May 2014 at a price determined by the nominal value. At the time of issuance, these notes payable received a rating of BB- from Standard and Poors Rating Group and Fitch Ratings Limited. These notes payable were listed on the Singapore Stock Exchange (SGX-ST) with The HSBC Bank USA, National Association, acting as the Trustee. BLT Finance BV (BLTFBV) retains the option to buy back these notes payable at prices determined by defined conditions and stipulations. On January 2008, Standard & Poors and Fitch Ratings Ltd rated the notes with idB+(stable outlook) assessment.
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PENERBITAN oBLIgASI KoNVERSI Setelah mempelajari kondisi internal dan eksternal perseroan khususnya dalam hal pembiayaan untuk pengembangan armada kapal, pada tanggal 14 Desember 2005, perseroan melalui anak perusahaan Blt Finance Corporation yang seluruh sahamnya dimiliki oleh perseroan, berhasil menerbitkan obligasi konversi dalam mata uang dollar Amerika Serikat senilai uSD 50.000.000 obligasi konversi ini diterbitkan dengan harga nominal 100%, dengan tingkat suku bunga tetap sebesar 1,25% per tahun. obligasi konversi ini berjangka waktu 5 tahun dengan nilai obligasi pada saat jatuh tempo sebesar 130,44%. obligasi konversi ini, atas pilihan pemegang obligasi konversi, dapat dikonversikan dengan saham-saham perseroan hasil pembelian kembali pada harga konversi sebesar Rp. 1.250. jumlah saham yang akan diterima pada saat konversi, akan ditentukan dengan membagi jumlah pokok obligasi konversi dengan yang akan dikonversikan (setelah disetarakan ke dalam mata uang Rupiah pada kurs yang sudah ditetapkan yaitu Rp. 10.078 per uSD) dengan Harga konversi. Setelah jangka waktu 3 tahun sejak obligasi konversi diterbitkan, Blt Finance Corporation memiliki hak opsi untuk membeli kembali (Call option) obligasi konversi seluruhnya sesuai dengan syarat-syarat dan ketentuan yang berlaku. Selain itu, setelah jangka waktu 2 tahun sejak obligasi diterbitkan, pemegang obligasi konversi memiliki hak opsi untuk menjual obligasi konversi kepada Blt Finance Corporaton (put option) sesuai dengan syarat-syarat dan ketentuan yang berlaku. obligasi konversi ini telah dikonversikan seluruhnya sampai dengan bulan Mei 2007. pada tanggal 17 Mei 2007, perseroan melalui anak perusahaannya Blt Finance B.V. yang seluruh sahamnya dimiliki oleh perseroan, berhasil menerbitkan obligasi konversi dalam mata uang dollar Amerika Serikat senilai uSD 125.000.000 obligasi konversi ini diterbitkan dengan harga nominal 100%, tanpa bunga, dengan jangka waktu selama 5 tahun yang akan jatuh tempo pada tanggal 17 Mei 2012 dengan nilai obligasi pada saat jatuh tempo adalah 129,58% dari harga pokok. pada saat penerbitan wesel bayar ini telah memperoleh peringkat BB- dari Standard & poors Ratings Group dan Fitch ratings ltd. Wesel bayar ini terdaftar di Bursa Singapura (SGX-St) dengan the Hongkong and Shanghai Banking Corporation ltd sebagai wali amanat. obligasi konversi ini, atas pilihan pemegang obligasi konversi, dapat dikonversikan dengan saham-saham perseroan hasil pembelian kembali pada harga konversi awal sebesar SGD 0,4965 per saham. jumlah saham yang akan diterima pada saat konversi, akan ditentukan berdasarkan saham yang tercatat pada SGX-St, dengan membagi jumlah pokok obligasi konversi dengan yang akan dikonversikan (setelah disetarakan menggunakan kurs tetap SGD 1,5143 per uSD 1 atau Rp 8.894 per uSD 1) dengan Harga konversi pada saat konversi.
IssUAnCe oF ConVeRtIBLe BonDs After reflecting on the internal and external conditions of the Company, especially with regard to the plan to further develop the fleet of vessels, on 14 December 2005, the Company successfully issued a USD 50 million convertible bond through its wholly-owned subsidiary BLT Finance Corporation. This convertible bond was issued at the nominal cost of 100 per cent, with a fixed interest rate of 1,25 per cent per year. This five-year maturity period Convertible Bond shall have a bond value at the due date amounted to 130,44 per cent.
This Convertible Bond can be converted into common shares of the Company, if desired by the holder, at a conversion rate of Rp.1,250. The number of shares to be received at the time of conversion shall be determined by dividing the nominal value of the Convertible Bond to be converted (using a fixed exchange rate of Rp.10.078 per USD), by the conversion rate. The BLT Finance Corporation retains the option to buy back (Call Option) the Convertible Bond after three years in accordance with predetermined terms and conditions. In addition, the bond holder retains the option to sell (Put Option) the convertible bond to BLT Finance Corporation two years after the convertible bonds were issued in accordance with predetermined terms and conditions. This Convertible Bonds were fully converted in May 2007. On 17 May 2007, the Company, through its subsidiary BLT Finance B.V., issued another Convertible Bond with a total value of USD 125 million. These bonds were issued with a nominal price of 100 percent, no interest, and 5-year maturity date to be due on 17 May 2012, and offered to the international investor community with bond value of 129.58% from the nominal price at maturity date. At the time of issuance, these bonds received a BB- rating from Standard and Poors Rating Group and Fitch Ratings Limited. The bonds were listed on the Singapore Stock Exchange (SGX-ST) with The HSBC Bank USA, National Association, acting as the Trustee. If opted by the bond holder, This Convertible Bond can be converted to the Company shares through a Share Buy Back program with an initial conversion rate of SGD 0,4965 per share. The amount of shares to be received by the bond holder at the time of the conversion are to be determined the shares listed at SGX-ST at that time, by dividing the nominal value of the Convertible Bond to be converted (using the fixed exchange rate of SGD 1,5143 per USD 1 or Rp 8.894,- per USD 1) by the conversion rate.
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Setelah jangka waktu 2 tahun sejak obligasi konversi diterbitkan, Blt Finance B.V. memiliki hak opsi untuk membeli kembali (Call option) obligasi konversi seluruhnya sesuai dengan syaratsyarat dan ketentuan yang berlaku. Selain itu, setelah jangka waktu 3 tahun sejak obligasi diterbitkan, pemegang obligasi konversi memiliki hak opsi untuk menjual obligasi konversi kepada Blt Finance Corporaton (put option) sesuai dengan syarat-syarat dan ketentuan yang berlaku. pada tahun 2009, perseroan juga melakukan penawaran umum terbatas dengan nilai sebesar uSD 57 juta, dan menjadi perusahaan indonesia pertama yang melakukan penawaran umum terbatas di dua pasar modal yang berbeda (Bursa efek indonesia dan Singapura). Dengan fleksibilitas untuk meraih dana dari berbagai sumber yang berbeda, perseroan memiliki lebih banyak pilihan pembiayaan dengan harapan untuk mendapatkan sumber dana yang lebih murah dan memiliki akses untuk pembiayaan yang lebih fleksibel di pasar. Sebagai pemain di industri yang meiliki karakteristik padat modal, kemampuan untuk mencari dana yang murah dan fleksibel adalah faktor yang sangat penting dalam memenangkan kompetisi. Pertanggungjawaban Penggunaan Dana hasil Penawaran Umum Sepanjang tahun 2009, perseroan telah melakukan 2 kali penawaran umum, yaitu penawaran umum atas obligasi Berlian laju tanker iV tahun 2009 dan Sukuk ijarah Berlian laju tanker ii tahun 2009, serta penawaran umum terbatas iV tahun 2009. keseluruhan dana yang dihimpun dari kedua penawaran umum tersebut telah perseroan gunakan sesuai dengan rencana peruntukan dana yang perseroan nyatakan di dalam prospektus yang terkait dengan kedua penawaran umum tersebut. obligasi Berlian Laju Tanker IV tahun 2009 dan Sukuk Ijarah Berlian Laju Tanker II tahun 2009 Dalam prospektus obligasi Berlian laju tanker iV tahun 2009, rencana penggunaan dana bersih hasil penawaran umum obligasi tersebut (dikurangi oleh biaya2 terkait penawaran umum obligasi) telah diungkapkan sebagai berikut: Sekitar 48% atau lebih kurang Rp 192 miliar akan digunakan untuk pembelian kapal Sekitar 10% atau lebih kurang Rp 40 miliar akan digunakan untuk modal kerja Sekitar 42% atau lebih kurang sebesar Rp 168 miliar digunakan untuk pendanaan kembali sehubungan dengan penerapan uu no 17 tahun 2008 tentang pelayaran Dari rencana penggunaan dana tersebut, realisasi yang telah dilaporkan kepada Badan pengawas pasar Modal dan lembaga keuangan (Bapepam & lk) adalah sebagai berikut:
After two years after the issuance, the BLT Finance Corporation retains the option to buy back (Call Option) the overall Convertible Bond based on predetermined terms and conditions. In addition, after 3 years of the issuance date, the bond holder also retains the option to sell (Put Option) the convertible bond to BLT Finance Corporation based on predetermined terms and conditions. In 2009, the Company also conducted a rights issue amounting to approximately of USD57million, the first Indonesian company to conduct its rights issue exercise in two different markets (Indonesia and Singapore stock exchanges). With the flexibility of being able to garner funds from different sources, the company can have more choices in its financing options with the hope of being able to source cheaper funds and to tap more flexible funding in the market. Being in a capital intensive industry, ability to source cheaper and flexible funds is an important factor in the competition in the market.
Accountability on the Use of Proceeds from Public offering Throughout 2009, the Company has executed 2 Public Offerings, namely the Public Offering for Berlian Laju Tanker Bond IV year 2009 and Sukuk Ijarah Berlian Laju Tanker II year 2009, and Limited Public Offering year 2009. All the funds collected from both Public Offerings were fully utilized by the Company in accordance with the use of proceeds plan stated by the Company in the prospectus related with both Public Offerings. Berlian Laju tanker Bond IV year 2009 and sukuk Berlian Laju tanker II year 2009 The Company has disclosed in the Berlian Laju Tanker Bond IV prospectus the utilization plan for the use of net proceeds as a result of the Public Offering on this particular bonds (after deducted with expenses related to the Public Offering) as follows: Approximately 48% or around Rp 192 billion will be used for vessels purchasing Approximately 10% or around Rp 40 billion will be used for working capital Approximately 42% or around Rp 168 billion will be used for refinancing in relation with the implementation of Law No.17 year 2008 on shipping. The Company has reported the utilization of the realized net proceeds to Indonesia Capital Market and Financial Institution Supervisory Board (Bapepam & LK) as follows:
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untuk periode pelaporan 30 September 2009, perseroan telah melaporkan bahwa sebesar Rp 206,92 miliar telah digunakan oleh perseroan dengan perincian sebagai berikut: Rp 166,93 miliar adalah untuk pendanaan kembali sesuai uu no 17 tahun 2008. Rp 40 miliar telah digunakan untuk modal kerja. oleh karena itu, pada periode pelaporan tersebut, masih tersisa dana bersih dari penerbitan obligasi tersebut sebesar Rp 190,92 miliar.
For the reporting period of 30 September 2009, the Company has reported that a total amount of Rp 206.92 billion was utilized with details as follow: Rp 166.93 billion was utilized for refinancing in accordance with Law No.17 year 2008 on shipping. Rp 40 billion was utilized for working capital Therefore, in this reporting period there was still unutilized net proceeds with a total amount of Rp 190.92 billion
untuk periode pelaporan 31 Desember 2009, realisasi penggunaan dana obligasi tersebut adalah sebagai berikut: Rp 168 miliar untuk pendanaan kembali sesuai uu no 17 tahun 2008 Rp 40 miliar untuk modal kerja Rp 189,84 miliar untuk pembelian kapal Dengan demikian seluruh dana hasil penawaran umum obligasi tersebut telah digunakan seluruhnya sesuai dengan rencana penggunaan dana yang diungkapkan dalam prospektus
For the reporting period of 31 December 2009, the Company has reported the utilization of net proceeds with details as follow: Rp 168 billion was utilized for refinancing in accordance with Law No.17 year 2008 on shipping. Rp 40 billion was utilized for working capital Rp 189.84 billion was utilized for vessels purchasing Therefore, all the net proceeds derived from the Public Offering of the bonds was fully utilized as disclosed in the utilization plan for the use of net proceeds stated in the related prospectus.
Sesuai peraturan Bapepam & lk nomor X.k.4, karena seluruh dana hasil penawaran umum telah habis digunakan, maka perseroan tidak melakukan pelaporan lagi atas penggunaan dana tersebut. Dalam prospektus Sukuk ijarah Berlian laju tanker ii tahun 2009, rencana penggunaan dana bersih hasil penawaran umum obligasi tersebut (dikurangi oleh biaya2 terkait penawaran umum sukuk ijarah) telah diungkapkan sebagai berikut: Sekitar 48% atau lebih kurang Rp 48 miliar akan digunakan untuk pembelian kapal Sekitar 10% atau lebih kurang Rp 10 miliar akan digunakan untuk modal kerja Sekitar 42% atau lebih kurang sebesar Rp 42 miliar digunakan untuk pendanaan kembali sehubungan dengan penerapan uu no 17 tahun 2008 tentang pelayaran Dari rencana penggunaan dana tersebut, realisasi yang telah dilaporkan kepada Bapepam & lk adalah sebagai berikut:
In accordance with Bapepam & LK regulation number X.K.4, because the net proceeds derived from the Public Offering was fully utilized, the Company is no longer obligated to report upon this particular use of net proceeds. The Company has disclosed in the Sukuk Ijarah Berlian Laju Tanker II prospectus the utilization plan for the use of net proceeds as a result of the Public Offering on this particular bonds (after deducted with expenses related to the Public Offering) as follows: Approximately 48% or around Rp 48 billion will be used for vessels purchasing Approximately 10% or around Rp 10 billion will be used for working capital Approximately 42% or around Rp 42 billion will be used for refinancing in relation with the implementation of Law No.17 year 2008 on shipping. The Company has reported the utilization of the realized net proceeds to Bapepam & LK as follows:
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untuk periode pelaporan 30 September 2009, perseroan telah melaporkan bahwa sebesar Rp 99,46 miliar telah digunakan oleh perseroan dengan perincian sebagai berikut: Rp 43,07 miliar adalah untuk pendanaan kembali sesuai uu no 17 tahun 2008 Rp 10 miliar telah digunakan untuk modal kerja oleh karena itu, masih tersisa dana bersih dari penerbitan sukuk ijarah tersebut sebesar Rp 46,38 miliar
For the reporting period of 30 September 2009, the Company has reported that a total amount of Rp 99.46 billion was utilized with details as follow: Rp 43.07 billion was utilized for refinancing in accordance with Law No.17 year 2008 on shipping. Rp 10 billion was utilized for working capital Therefore, in this reporting period there was still unutilized net proceeds with a total amount of Rp 46.38 billion
untuk periode pelaporan 31 Desember 2009, realisasi penggunaan dana sukuk ijarah tersebut adalah sbb: Rp 43,07 miliar untuk pendanaan kembali sesuai uu no 17 tahun 2008 Rp 10 miliar untuk modal kerja Rp 46,38 miliar untuk pembelian kapal Dengan demikian seluruh dana hasil penawaran umum obligasi tersebut telah digunakan seluruhnya sesuai dengan rencana penggunaan dana yang diungkapkan dalam prospektus
For the reporting period of 31 December 2009, the Company has reported the utilization of net proceeds with details as follow: Rp 43.07 billion was utilized for refinancing in accordance with Law No.17 year 2008 on shipping. Rp 10 billion was utilized for working capital Rp 46.38 billion was utilized for vessels purchasing Therefore, all the net proceeds derived from the Public Offering of the bonds was fully utilized as disclosed in the utilization plan for the use of net proceeds stated in the related prospectus.
Sesuai peraturan Bapepam nomor X.k.4, karena seluruh dana hasil penawaran umum telah habis digunakan, maka perseroan tidak melakukan pelaporan lagi atas penggunaan dana tersebut. Penawaran Umum Terbatas IV tahun 2009 Dalam penawaran umum terbatas iV tahun 2009, rencana penggunaan dana bersih hasil penawaran umum terbatas tersebut (dikurangi oleh biaya2 terkait penawaran umum obligasi) adalah seluruhnya untuk modal kerja perseroan Dari rencana penggunaan dana tersebut, realisasi yang telah dilaporkan kepada Bapepam adalah sbb: untuk periode pelaporan 30 September 2009, perseroan telah melaporkan bahwa sebesar Rp 341,62 miliar telah habis digunakan untuk modal kerja perseroan. Sisa dana hasil penawaran umum yang tersisa adalah sebesar Rp 243,43 miliar. untuk periode pelaporan 31 Desember 2009, perseroan telah melaporkan bahwa seluruh dana hasil penawaran umum tersebut telah digunakan seluruhnya untuk modal kerja perseroan.
In accordance with Bapepam & LK regulation number X.K.4, because the net proceeds derived from the Public Offering was fully utilized, the Company is no longer obligated to report upon this particular use of net proceeds. Limited Public offering year 2009 In the Limited Public Offering eyar 2009, the utilization plan for the use of net proceeds from this particular Public Offering (after deducted with expenses related with the Public Offering) was entirely for working capital. The Company has reported the utilization of the realized net proceeds to Bapepam & LK as follows: For the reporting period of 30 September 2009, the Company has reported that a total amount of USD 341.62 billion was utilized for the Companys working capital. The unutilized net proceeds total amount was Rp 243.43 billion For the reporting period of 30 September 2009, the Company has reported that all the net proceeds derived from the Public Offering was fully utilized for the Companys working capital.
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PEMERINgKATAN EfEK Hasil pemeringkatan diperoleh perseroan sejak tahun 2000 yang dilakukan oleh pt pemeringkat efek indonesia atau pefindo. Hasil pemeringkatan selama ini terus meningkat dari tahun ke tahun yang mencerminkan semakin baiknya posisi keuangan dan kekuatan keuangan perseroan serta kemampuan dalam mengendalikan resiko secara efektif.
May 2000 october 2001 May 2002 April 2003 june 2004 May 2005 july 2006 May 2007 April 2008 november 2008 April 2009
FInAnCIAL RAtInGs Since 2000, the Company has received financial ratings from PT Pemeringkat Efek Indonesia, or Pefindo, with good outlook. These ratings have improved steadily, reflecting the steady improvement in the financial position and the financial strength of the Company and its ability to manage risk effectively.
id A - / Stable outlook n/A id A - / Stable outlook id A - / positive outlook id A / Stable outlook id A / Stable outlook id A + / Stable outlook id AA - / Stable outlook id A + / Stable outlook id A + / negative outlook id A / Stable outlook
By pefindo
By Fitch Ratings long term - Foreign Currency long term - local Currency Senior unsecured loans june 2007 january 2008 july 2008 B+ / Stable outlook B+ / Stable outlook B / Stable outlook october 2008 B+ / Stable outlook B+ / Stable outlook B / Stable outlook october 2009 B / Rating Watch negative B / Rating Watch negative CCC / Rating Watch negative
BB - / Stable outlook B+ / Stable outlook BB - / Stable outlook B+ / Stable outlook BB - / Stable outlook B+ / Stable outlook
By Fitch Ratings
May 2007 january 2008 March 2008 november 2008 December 2009 BB - / Stable outlook B + / Stable outlook B / negative Watch B / negative outlook B / negative outlook
By Standard & poors terjadinya penurunan peringkat yang diberikan oleh perusahaan pemeringkat pada perseroan pada tahun 2009 sebagian besar disebabkan oleh faktor perekonomian dunia yang secara keseluruhan masih berada pada situasi krisis yang dimulai pada akhir tahun 2008 dan memuncak pada tahun 2009 dan juga oleh adanya persepsi umum industri perkapalan yang secara keseluruhan kurang mendukung terutama akibat penurunan kinerja industri perkapalan segmen angkutan curah kering dan angkutan container. Sejalan dengan membaiknya perekonomian global memasuki tahun 2010 ditunjang dengan naiknya tarif tambang perkapalan, maka perseroan berharap bahwa pemeringkatan yang diberikan pada perseroan dapat menjadi lebih baik ditahun 2010. The downgrade in rating published by rating agencies toward the Company in 2009 was mainly caused by global economic factor engulfed under serious crisis started in the end of 2008 and culminated in 2009, and the general perception that the shipping industry as a whole was less supportive especially due to the decrease of performance in the dry bulk segment and container segment. In line with the improvement of global economy in the beginning of 2010 and supported with the increase of freight rate, the Company expects improvement in the rating for 2010.
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SUSUNAN KEPEMILIKAN SAhAM PERSERoAN per tanggal 31 December 2009, perseroan telah menerbitkan 5.981.591.235 saham (termasuk sejumlah 412.351.000 lembar saham yang diperoleh kembali). tabel berikut menjelaskan kepemilikan saham oleh Direksi, komisaris perseroan, para pemegang Saham utama dan sebagainya sampai dengan tanggal 31 Desember 2009. pemegang Saham utama adalah pihak yang secara langsung maupun tidak langsung, memiliki lima persen atau lebih saham perseroan. kepemilikan demikian, termasuk saham dimana satu pihak secara sendiri atau bersama-sama, memberikan hak suara ataupun hak melakukan keputusan investasi. Susunan Kepemilikan Saham Perseroan sampai dengan tanggal 31 Desember 2009
name of Shareholders Directors Widihardja tanudjaja Siana Anggraeni Surya other Shareholders pt tunggaladhi Baskara Meadowstream limited public Shareholders treasury Stock total
stAtIstICs oF sHAReHoLDInGs As of 31 December 2009, the Company has 5,981,591,235 issued shares (including 412,351,000 shares held in treasury). The following table sets forth the shareholdings of the Companys Directors, Commissioners, Substantial Shareholders and others as at 31 December 2009. A Substantial Shareholder is one who, directly or indirectly, beneficially owns five per cent. or more of the Companys shares. Beneficial ownership generally includes any shares over which a person exercises sole or shared voting or investment power.
share ownership as of 31 December 2009

percentage of total outstanding Shares 0.04% 0.00% 54.56% 3.01% 34.61% 8.99% 100.00%
number of Shares Held 2,620,800 62,400 3,263,633,018 184,000,000 2,121,607,217 412,351,000 5,981,591,235
Catatan : 1. Meadowstream limited merupakan anak perusahaan atau cabang usaha dari pt . tunggaladhi Baskara. 2. Sampai dengan tanggal 31 Desember 2009, Widihardja tanudjaja (presiden Direktur) dan Siana Anggraeni Surya (Direktur) memiliki 2.620.800 serta 62.400 bagian saham perusahaan, melalui kepemilikan saham langsung atau tidak langsung. tidak ada kepemilikan saham langsung atau tidak langsung milik perusahaan yang dipegang oleh direktur lainnya.
Notes : 1. Meadowstream Limited is wholly owned subsidiary of PT Tunggaladhi Baskara 2. As of 31 December 2009, Widihardja Tanudjaja (President Director) and Siana Anggraeni Surya ( Director) held 2,620,800 and 62,400 shared of the company respectively, either through direct or deemed interest of the companys share. No direct shareholding or deemed interest of the Companys shares held by other Director.
Nilai Kapitalisasi Pasar Saham Perseroan berdasarkan harga IDX dan Sg X sampai dengan tanggal 31 Desember 2009
number of Shares iDX price (Rp) SGX price (Sing $)
total Capitalisation by IDX price and sGX price as of 31 December 2009

Capitalisation 3,888,034,302,750 598,159,123.50
5,981,591,235 650 0.100
Sampai dengan tanggal 31 Maret 2010, perseroan memiliki modal dasar sebesar 14.676.480.000 lembar saham biasa yang bernilai nominal Rp.62,50 per lembar. Modal yang ditempatkan dan disetorkan perseroan adalah senilai dengan 5.981.591.235 lembar saham biasa. Semua saham yang telah diterbitkan memiliki klasifikasi yang sama, yaitu saham biasa, dengan hak suara yang sama pula. tabel di bawah adalah statistik kepemilikan saham yang dikeluarkan oleh perseroan sampai dengan tanggal 31 Maret 2010.
As at 31 March 2010, the Company has an authorized capital stock of 14,676,480,000 ordinary shares with par value of Rp 62.50 per share. The issued and fully paid-up capital stock was 5,981,591,235 ordinary shares. All of the issued shares have similar class which is ordinary shares with equal voting rights.
The tables set forth below are the statistic of shareholding of the issued shares of the Company as at 31 March 2010.
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Daftar Distribusi Saham

Size of Shareholdings 1,000,001 and above 10,001 1,000,000 1,000 10,000 1 - 999 total no. of Shareholders 195 6,534 3,056 410 10,195
Distribution schedule of the shares

% 1.91% 64.09% 29.98% 4.02% 100.00% number of Shares 5,367,905,511 596,869,655 16,679,416 136,653 5,981,591,235 % 89.74% 9.98% 0.28% 0.00% 100.00%
Daftar Pemegang Saham Utama Langsung dan Tidak Langsung

Substantial Shareholders pt tunggaladhi Baskara Meadowstream limited Direct interest 3,263,633,018 184,000,000
List of substantial shareholders and Its Deemed Interest

% 54.56 3.08 Deemed interest 3,447,633,018
% 57.64
kepemilikan tidak langsung pt tunggaladhi Baskara, termasuk didalamnya kepemilikan saham Meadowstream limited sebagai anak perusahaan dari pt tunggaladhi Baskara, yang dinominasikan oleh DB nominees (S) pte. ltd.
Catatan:
Notes: The deemed interests of PT Tunggaladhi Baskara includes the shareholding interest of Meadowstream Limited as a wholly owned subsidiary of PT Tunggaladhi Baskara. The shareholding of Meadowstream Limited is held in nominee by DB Nominees (S) Pte Ltd.
Duapuluh Pemegang Saham Terbesar

no name 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 tunggaladhi Baskara - 2 pt pt. BeRliAn lAju tAnkeR tBk teCHFAitH inteRnAtionAl liMiteD Meadowstream limited Genial properties limited jiAnG pinG pinG CiMB-Gk SeCuRitieS pte. ltD. CitiBAnk neW YoRk S/A DiMenSionAl eMeRGi Yeung Sheung ngor (F) HSBC (SinGApoRe) noMS pte ltD pt pRuDentiAl liFe ASSuRAnCe-ReF pRAtAMA CApitAl inDoneSiA, pt SSB XBj2 SSl C/o SSB,BoSton SCottiSH WiD pHillip SeCuRitieS pte ltD Widetech international limited DBS noMineeS pte ltD BAMBAnG SiHono kusmanto ichsan Dana pensiun Angkasa pura i tHe noRtHeRn tRuSt S/A AVFC total
twenty Largest shareholders

no of Shares 3,263,633,018 412,351,000 226,600,000 184,000,000 120,400,295 83,116,500 75,443,250 69,965,733 57,659,000 56,507,123 33,986,000 24,399,500 19,432,833 19,270,098 18,903,500 18,722,796 16,756,000 15,723,000 14,699,333 14,014,333 4,745,583,312 % 54.56% 6.89% 3.79% 3.08% 2.01% 1.39% 1.26% 1.17% 0.96% 0.94% 0.57% 0.41% 0.32% 0.32% 0.32% 0.31% 0.28% 0.26% 0.25% 0.23% 79.34%
Berdasarkan informasi yang dimiliki perseroan sampai dengan tanggal 31 Maret 2010, kurang lebih 34,66% saham yang dikeluarkan oleh perseroan dimiliki oleh publik. Dengan demikian, peraturan 723 sebagaimana tercantum di peraturan pencatatan Singapore exchange Securities trading limited telah dipenuhi.
Based on information available to the Company as at 31 March 2009, approximately 34.61% of the issued ordinary shares of the Company is held by the public and therefore, Rule 723 of the Listing Manual of Singapore Exchange Securities Trading Limited is complied with.
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PENgEMBANgAN SUMBER DAyA MANUSIA perseroan, sebagai perusahaan penyedia jasa angkutan laut khusus muatan cair terkemuka di kawasan dunia, berusaha untuk senantiasa berkembang dan meningkatkan pangsa pasarnya. untuk mewujudkan tujuan tersebut, perseroan memperkuat dan memperluas keunggulan bersaing untuk jangka panjang, yaitu melalui pengembangan sumber daya manusia. perseroan percaya bahwa sumber daya manusia adalah aset strategis yang dapat memberikan keunggulan bersaing dalam menghasilkan kinerja maksimal. Menghadapi perubahan di lingkungan bisnis dan ketatnya persaingan pasar global, perseroan mempersiapkan sumber daya manusia melalui peningkatan kapabilitas dan komitmen karyawan. Sebagai inisiatif strategis, peningkatan tersebut dilakukan melalui pengembangan terhadap hard dan soft kompetensi karyawan untuk menghasilkan sumber daya manusia dengan kompetensi unggul dan memiliki komitmen tinggi. khusus untuk awak kapal program pengembangan yang dilakukan telah mengacu pada Standard For training, Certification & Watchkeeping for Seafarer 1978 as Amended 1995 (StCW 95) yang ditentukan oleh international Maritime organization (iMo). perseroan menyadari sepenuhnya bahwa organisasi yang kompeten sepenuhnya didukung oleh karyawan yang memiliki kompetensi. oleh karena itu, perseroan dengan segala upaya mempersiapkan karyawan yang berkualitas dan berdedikasi tinggi sesuai dengan standar yang ditetapkan, baik dari segi pengetahuan, keterampilan, dan sikap. upaya ini tidak hanya dilakukan untuk membentuk, dan mengembangkan karyawan yang sudah ada, tetapi sudah dimulai sejak rekrutmen karyawan baru yang dilakukan secara selektif. perseroan menyadari sumber daya manusia merupakan aset yang berharga dalam mengoperasikan bisnis serta memberikan keunggulan bersaing bagi perseroan. Dalam rangka meningkatkan kinerja perseroan secara maksimal untuk jangka panjang. Manajemen perseroan secara konsisten menempatkan pengembangan sumber daya manusia sebagai salah satu fokus utama dan menjadikannya komitmen bersama untuk terus meningkatkan kompetensi Sumber Daya Manusia perseroan. per 31 Desember 2009,perseroan memiliki jumlah pegawai tetap sebanyak 433 orang dan pegawai kontrak sebanyak 1837 orang. tabel berikut ini menunjukan komposisi dari pegawai perseroan berdasarkan aktivitas dan lokasi:
HUMAn ResoURCes DeVeLoPMent As a leading provider of maritime transshipment services specialized in liquid cargoes across the globe, it is a challenge for the Company to always develop and expand its market share. To achive this goal, the Company strengthens and develops its long run competitive advantage through the development of human resources competencies. The Company is committed to the belief that human resources are a strategic asset that provides the Company with the competitive excellence needed to achieve maximum performance. In an ever changing and increasingly competitive global market, the Company strives to develop its human resources by improving the capabilities and strengthening commitment among its employees. As a strategic initiative, improvements are made in terms of hard and soft competencies in order to ensure the highest possible degree of competence and commitment. Particularly, to improve the vessel crews competence and commitment, the Company refers its training standards to the ones established by the International Maritime Organization (IMO) such as the Standard For Training, Certification & Watchkeeping for Seafarer 1978 as Amended 1995 (STCW 95). The Company is fully aware that developing a competent organization is only possible when supported by competent staff, the Company makes every possible effort to implement the highest possible training standards to ensure dedication and competence of its staff in terms of knowledge, skills and attitudes. This strategy is not merely applicable to the ongoing training and development of existing employees, but starting with a selective recruitment process for new generations of qualified employees. The Company is also aware that human resources are a vital asset in the operation of the business to ensure the Companys competitive excellence. In order to ensure the ongoing growth and development of the Company in the long term, the Company consistently strives to develop the human resources by improving competencies of the Companys staff and employees. As of 31 December 2009, the Company had 433 permanent employees and 1837 contract workers. The following table shows the composition of the Companys employee:
jumlah karyawan Berdasarkan Aktivitas pemasaran / operasi Manajemen kapal Administrasi / it keuangan Sumber Daya Manusia Hukum / pengembangan Bisnis jumlah 184 97 93 25 25 9
employees by Activity Marketing / operation Ship Management Administration / it Finance Human Resource legal / Business Development total
jumlah karyawan Berdasarkan Daerah Geografis indonesia Singapura Hong kong inggris China uni emirat Arab india Amerika 295 45 23 11 22 3 5 29
employees by Geographic Region indonesia Singapore Hong kong united kingdom China united Arab emirates india America
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MANAJEMEN SERTA PELATIhAN AwAK KAPAL para awak kapal yang bekerja di laut mengendalikan kapalkapal perseroan adalah satu dari sumber daya terpenting yang dimiliki perusahaan. tanpa pelaut-pelaut handal tersebut, maka manajemen teknis yang efisien akan sulit dilakukan, dan hanya menambah beban kerja bagi para staf yang berada di darat. para awak kapal yang dipekerjakan telah disaring melalui uji seleksi serta prosedur pelatihan yang ketat, sehingga menghasilkan sejumlah perwira dan awak kapal yang siap ditugaskan, berkompetensi dan memiliki standar kemampuan sesuai aturan maritim internasional serta berpengalaman mengendalikan semua segmen operasi kapal tanker yang ditangani perseroan, yakni di sektor kimia, minyak dan gas. Dalam kelompok terpilih ini, aktivitas rekrutmen, pelatihan serta upaya mempertahankan standar kecakapan pelaut setinggi mungkin terus dilakukan oleh satu perusahaan mandiri, pt karya Bakti Adil (pt kBA), sebagai yang bertanggungjawab atas penempatan staf di atas kapal-kapal armada perseroan. perusahaan ini juga kadang-kadang melayani kebutuhan penempatan tenaga kerja terlatih di kapal pihak ketiga, sebagai agen tenaga kerja berlisensi. Melalui pt kBA, perseroan mendapatkan para pelaut dari indonesia, dan meskipun potensi mendapatkan pelaut berkualitas dari indonesia cukup besar, beberapa tahun terakhir perseroan juga merekrut pelaut dari negaranegara asia lain, yaitu yang berkewarganegaraan China, Myanmar/Burma, india, pakistan serta dari wilayah lainnya, dan kesemuanya dapat terpadu membentuk suatu unit manajemen pengendalian kapal yang efisien dan merekat. perseroan memiliki jaringan rekrutmen melalui lembaga pendidikan dan pelatihan maritim di Asia, termasuk akademi dan universitas, guna memastikan secara terus menerus tersedianya sejumlah tenaga pelaut yang memiliki kualifikasi yang diminta, pada saat dibutuhkan dalam operasi. Sebagai tambahan, perseroan juga telah membuka program magang kadet untuk membina sendiri kelompok perwira laut untuk kebutuhan masa mendatang. Saat ini, perseroan mempekerjakan kurang-lebih 1.800 orang Awak kapal dan melatih lebih dari 200 kadet per tahun, yang berasal dari berbagai universitas dan akademi maritim berbagai negara (kebanyakan berkewarganegaraan indonesia, China, Burma, india, uk, dll) sebagai bagian dari tanggungjawab sosial korporat sekaligus menjamin ketersediaan generasi baru pelaut pelaut yang handal. program manajemen awak kapal perseroan cukup beragam dan menerapkan standar tertinggi dalam praktekpraktek sumber daya manusia. Beberapa dari layanan pengembangan sumber daya manusia yang disediakan dalam program tersebut adalah: Rekrutmen awak kapal serta prosedur bagi awak kapal yang baru akan bergabung, serta pengembalian awak kapal ke negara asal implementasi, pengawasan, dan kelanjutan dari kebijakan anti narkoba/minuman keras Asuransi p&i bagi awak kapal termasuk menangani klaim klaim yang berhubungan dengannya
CReW MAnAGeMent & CReW tRAInInG The seagoing staff that man our vessels are one of our most important resources and valuable assets of the company. Without quality seafarers onboard our vessels, efficient technical management is difficult and will put more burden and work load to our shore staff. We do the employing of crews through our rigorous selection and training procedures thereby producing a large pool of competent and high standard officers and crews with hands on experience on all tanker segments that we are involved in i.e. chemical, oil and gas sectors.
Within our group, the activity of recruiting, training and retaining the high standard seafarers are carried out through a separate group entity PT Karya Bakti Adil (PT KBA). PT KBA is an independent entity and responsible for manning the Companys management fleet. They also at times supply seafarers to third parties as a licensed manning agent.
Through PT KBA, The Company employs seafarers from Indonesia and while Indonesia is still a potential country for seagoing staff sourcing with its large pool of talents supply, recently we have included the employment of seafarers from other seafaring nations ranging from Chinese, Myanmar/Burma, India, Pakistan and other Asian nationalities all of which blend to form a cohesive and efficient shipboard management unit. We have scouting networks across Asian maritime educational institutions including academies and universities ensuring smooth flow of qualified people coming into the system. In addition, we have also established cadetship program for grooming future pool of offshore staff.
Right now, we employ around 1.800 crews and train more than 200 cadets per year from many maritime universities and academies in many different countries (mostly Indonesian, Chinese, Burmese, Indian, UK, etc) as part of our corporate social responsibility as well as for the regeneration of our present seafarers. Our crew management programs are wide ranging and have applied the highest standards of human resources management. Some of the services it provides include the following services: crew recruitment and procedures for joining ship and repatriating crew implementation and follow up of drug and alcohol policies crew P&I insurance as well as handling of respective claims
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kualifikasi dan sertifikasi yang tepat bagi para awak kapal program pelatihan dan pengembangan awak kapal agar mereka mampu mengoperasikan armada perseroan yang modern dan pemahaman yang lengkap dan mendalam terhadap regulasi regulasi pelayaran internasional program kesejahteraan pelaut serta keluarga pelaut perseroan saat ini menjalankan sejumlah program pelatihan bagi awak kapal, demi memastikan ketersediaan para perwira muda yang berdedikasi serta setia di masa mendatang. pandangan ke arah masa depan inilah yang akan memastikan komitmen total perseroan kepada para pelanggan dan prinsipal dalam memperoleh tenaga-tenaga pelaut yang siap / sigap dan mampu bekerja. Selain itu, tingginya permintaan bagi awak kapal yang berkualitas dan berjiwa melayani, serta fokus para pelanggan terus meningkat. Di sisi lain, perseroan juga menekankan pada faktor keselamatan dalam operasional kapal dan untuk memenuhi standar keselamatan yang semakin tinggi maka perseroan selalu berupaya untuk meningkatkan standar kualitas awak kapalnya. Budaya komitmen pada kualitas dan keselamatan tersebut ditanamkan kepada para awak kapal lewat berbagai program pelatihan berkualitas yang secara metodik dan intensif memperkenalkan, memperbaharui serta menambah pengetahuan serta ketrampilan mereka, dalam bentuk: 1. kursus kepemimpinan serta manajemen bagi semua perwira senior 2. konferensi periodik bagi perwira senior 3. pelajaran di kelas bagi para perwira dan pelatihan pengkajian kepemimpinan bagi para perwira pertama yang akan dipromosikan ke tingkat nahkoda 4. latihan dengan bagan pompa muatan yang dimiliki sendiri 5. program pelatihan berbasis komputer 6. latihan dengan simulator anjungan kapal dan kamar mesin kapal berbasis komputer yang berfokus ke praktek-praktek keselamatan dan perlindungan lingkungan di kapal 7. laboratorium bahasa inggris bagi pelaut kebijaksanaan untuk berinvestasi secara luas pada perencanaan dan pelatihan sumber daya manusia dan juga pengembangan karir telah dianut oleh perseroan sejak dulu, dan kini menghasilkan jajaran staf pelaut yang handal, dengan tingkat retensi sangat tinggi. Hal ini penting dalam memastikan ketersediaan para awak kapal dan perwira yang mampu dan cakap dalam mengendalikan kapal-kapal perseroan, mengingat jumlah armada yang semakin tumbuh dari waktu ke waktu.
proper qualification and certification of crew training and development
seafarers welfare programs The Company operates a number of crew training schemes, thereby securing loyal dedicated young officers for the future. It is exactly this long term view which assures our principals of our total commitment in obtaining reliable and industrious crews. In addition, with higher demand for quality and service oriented crews and with the everincreasing focus on quality and safety by our customers, we continue to strive to improve our crewing standards. Commitment to quality and safety is reflected in the quality training and development programs that methodically and intensively reinforced towards the companys commitment to excellence:
1. Leadership and management course for all senior officers 2. Periodic Senior officer conference 3. Classroom lessons for officers and command assessment training for chief officers to be promoted to masters 4. in house training for cargo pump mock up 5. Computer-based training programs 6. In house computer-based Full Bridge and Engine Room simulators focusing on safety and environmental protection practices 7. English language laboratory for seamen A high level of investment in manpower planning and training as well as career development has been put in place by the Company and this has results in a stable seagoing staff with a very high retention level. This is important to ensure continuing supply of capable and high quality crews and masters for our ships as we continue to grow our fleet.
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TANggUNg JAwAB SoSIAL PERUSAhAAN Misi perseroan adalah memenuhi kepentingan masyarakat banyak, sebagaimana juga kebutuhan dari para pelanggan, dengan cara menghindarkan jatuhnya korban jiwa, kecelakaan dalam operasional kapal, serta pencemaran laut. Misi tersebut mengandung arti bahwa perseroan bertekad tidak hanya melayani keinginan para pemegang sahamnya, namun juga memenuhi kebutuhan masyarakat yang lebih luas. Sebagai warga negara yang baik, perseroan selalu menempatkan upaya kelanjutan aktivitas kontribusi sosial dalam prioritas tinggi. perseroan percaya bahwa relasi saling menguntungkan antara perseroan dan para pemangku kepentingan sekitarnya penting untuk dibina. tujuan yang ingin dicapai adalah menciptakan masyarakat yang lebih sejahtera, melalui prakarsa prakarsa sosial. perseroan sadar mengenai pentingnya menjaga relasi yang baik dengan semua anggota masyarakat setempat, khususnya di tempat dimana perseroan beroperasi. Agar dapat memfasilitasi terbentuknya relasi semacam itu, perseroan bertekat untuk terlibat dalam sejumlah kegiatan yang bertujuan membawa sejumlah manfaat bagi anggota masyarakat. perseroan berupaya membangun relasi dengan anggota masyarakat tersebut lewat berbagai cara, termasuk proyek-proyek sosial yang mendorong terciptanya pertukaran antar basis-basis operasional serta masyarakat sekitar basis,serta aktivitas lain yang membantu membentuk kemampuan kerja masyarakat setempat, dan prakarsa sosial lainnya. Salah satu bentuk kepedulian terhadap masyarakat dan lingkungannya adalah melalui kegiatan sosial berupa donor darah yang rutin dilakukan setiap tahunnya. tahun 2009, perseroan telah melakukan kegiatan donor darah pada bulan Agustus. untuk mendukung kegiatan ini, perseroan bekerjasama dengan palang Merah indonesia dan mengundang lebih dari 100 pendonor untuk setiap kegiatannya. pendonor berasal dari karyawan perseroan maupun dari pihak eksternal yang telah rutin berpartisipasi menyumbangkan darahnya. perseroan juga selalu membantu keluarga karyawan yang terkena musibah bencana. Dengan menunjukkan perhatian kepada karyawan, perseroan membangun ikatan yang loyal antara perseroan dengan karyawan. Dalam jangka panjang, hal ini akan memberi manfaat kepada perseroan. karyawan akan melihat adanya komitmen perseroan untuk melindungi kepentingan jangka panjang mereka. Dengan begitu, mereka akan berusaha memberi kontribusi terbaik kepada perseroan.
CoRPoRAte soCIAL ResPonsIBILIty The Companys mission is to serve the public interest, as well as the needs of our customers by preventing loss of life, marine casualties, and environmental pollution. This mission means The Company is committed not only to serving the needs of stakeholders, but also to serving members of the broader community. As a good corporate citizen, The Company regards continued social contribution activities as a high priority. The Company believes a mutually beneficial relationship between The Company and local stakeholder is essential. We are sparing no effort to create a more prosperous society through those initiatives. The Company is aware of the importance of maintaining good relationships with all members of the community, particularly those of communities in the areas surrounding the Companys operations. In order to facilitate such relationships, the Company is committed to engaging in a number of activities intended to benefit members of the community. The Company strives to build relationships with local communities in a wide variety of ways, including projects that promote exchanges among its operational bases and their surrounding communities and activities that lend a helping hand to build human capital and other social initiatives. As one manifestation of its concern for the community and the environment around it, the Company takes part in routine blood donation programs. In August 2009 as an integral part of this program, the Company worked in cooperation with the Indonesian Red Cross, inviting more than 100 donors to participate. These donors included both members of the Company staff and those from outside the Company who have taken in blood donation programs. The Company also provided assistance to staff members and family who were themselves directly affected by natural disasters. By demonstrating its commitment to the welfare of its staff, the Company strengthened long-term bonds of loyalty with these staff. In the long term, this will provide direct benefit for the Company itself, as members of staff will become aware of the Companys commitment to protecting their long-term interests. As a result, they will be inspired to make the best possible contribution to the Company.
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Selain kepada keluarga karyawan, perseroan juga turut melakukan aksi nyata dalam membantu meringankan penderitaan saudara saudara kita yang terkena bencana gempa padang. pada bulan oktober 2009, perseroan mengirimkan bantuan secara langsung ke padang dan memonitor serta memastikan bantuan bantuan tersebut diterima oleh mereka yang benar benar membutuhkan. perseroan juga memberikan bantuan langsung kepada para putra-putri karyawan Blt yang berprestasi di bidang akademik tertentu, dalam bentuk beberapa jenis dana bantuan. program Siswa/Siswi Berprestasi tersebut diarahkan untuk mendorong anak anak karyawan Blt untuk melanjutkan pencapaian prestasi akademis mereka sekaligus memupuk semangat bersaing secara sehat di kalangan murid-murid sekolah tersebut. program ini juga menyediakan penghargaan bagi mereka yang berhasil mendapatkan prestasi akademis menonjol, sekaligus memacu mereka untuk terus melanjutkan prestasi tersebut di masa depan. untuk tahun ini, perseroan memberikan penghargaan bagi 13 siswa berprestasi terbaik. Sebagai bagian dari komitmen perseroan terhadap pengembangan pendidikan keahlian maritim di indonesia, perseroan juga mendukung dan mensponsori program pendidikan dan pelatihan beberapa pemuda terbaik dari negeri ini. pada tahun 2009, program tersebut menyediakan beasiswa bagi pemuda-pemuda tersebut yang berstatus siswa di tiga lembaga akademi maritim terkemuka di indonesia, yakni: 1. Sekolah tinggi ilmu pelayaran (Stip), jakarta 2. politeknik ilmu pelayaran (pip), Semarang 3. politeknik ilmu pelayaran (pip), Makassar para pemuda tahun ketiga yang terpilih melalui seleksi tersebut akan diberi kesempatan untuk menjalani magang pada tahun ketiga mereka tersebut di salah satu kapal yang dioperasikan oleh Blt dan kemudian di satu tahun terakhir, mereka juga akan menghadiri program kelas Blt. program kelas Blt adalah suatu program pendidikan lanjutan yang dirancang khusus menciptakan para perwira kapal dengan jabatan deck officers atau marine engineers di tanker-tanker minyak, kimia dan gas perseroan. Di dalam program ini, peserta diajari mengenai pengetahuan teknis tentang perkapalan dan kelautan, sejarah dan latar belakang grup
Aside from supporting the families of its employees, we also involved in alleviate the suffering of our relatives affected by the earthquake incident in Padang. In October 2009, the Company sent aid directly to Padang and monitored the distribution to ensure the aid was received by those who truly need it.
The Company has also provided appreciation to the children of BLTs employees that have achieved certain academic achievement in the form of several types of funds. The High Achiever Student Programs are aimed to encourage children of BLTS employees to continue to perform their best in their education and foster the spirit of competitiveness among the children. This is also to provide an appreciation to those who have excel academically so as to provide them more motivation to continue to perform well in the future. For this year, the Company granted appreciation to 13 high-achieving students.
As part of our commitment to the future of maritime education in Indonesia, Company supports and sponsors the ongoing education and training of some of the countrys best young people. Launched in 2008, the programs funded students from three Maritime Training Institutes in Indonesia. The three Colleges are:
1. Merchant Marine College - Jakarta 2. Merchant Marine Polytechnic - Semarang 3. Merchant Marine Polytechnic - Makassar The selected 3rd year students will be spending their third year at sea in BLTs vessels and continuing their final year back at college to attend BLT Class Program. BLT Class Program is an advance educational program which is designated to create experienced deck officers or marine engineers on the Companys oil going tankers, chemical and gas carriers. In BLT Class Program, cadets will be taught about the technical knowledge on shipping, the history and background of BLT groups, maritime English language training and finally the standard of facilities and technicalities needed to be seafarers. BLT will provide
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Blt, ketrampilan Bahasa inggris maritim serta tidak ketingalan standar fasilitas dan pengetahuan teknis yang diperlukan untuk menjadi seorang pelaut kelas dunia. Blt menyediakan kelas beserta semua fasilitas lain yang diperlukan para peserta, termasuk simulasi anjungan kapal, ruang mesin kapal, bagan pompa muatan, dan ruang belajar berbasis komputer. pelajaran diberikan dalam kelompok. Satu-satunya persyaratan kepesertaan adalah bahwa peserta diharuskan mampu mengaplikasikan ketrampilan dan pengetahuan yang mereka dapat dari program ini, dengan bekerja di perseroan sampai dengan 5 tahun, setelah lulus dan mendapatkan lisensi kelas-1. program kelas Blt tersebut juga berkontribusi bagi peningkatan kualitas pengajar di lembaga-lembaga pendidikan & pelatihan yang telah disebutkan diatas, dimana perseroan bekerjasama dengan Glasgow College of nautical Studies (GCnS). Beberapa pengajar terpilih dikirim ke GCnS, Glasgow untuk mengikuti kursus-kursus spesial yang meningkatkan pengetahuan dan ketrampilan mereka dalam bidang kelautan. Metode melatih para pelatih tersebut diharapkan dapat meningkatkan ketrampilan serta mutu materi pengajaran mereka, khususnya dalam nantinya mengembangkan sendiri materi dan kurikulum pengajaran sebagai bagian dari proses belajar mengajar di lembaga masingmasing. program ini juga akan mendorong para akademi maritim untuk bergerak kearah metodologi pengajaran yang mutakhir dan sesuai dengan perkembangan teknologi serta regulasi maritim internasional. Dengan demikian, pelatihan tersebut memiliki sasaran spesifik yaitu memperkenalkan metode pengajaran yang modern, sekaligus membantu para pengajar mengembangkan mutu belajar mengajar di kelas mereka masing-masing. penandatanganan kerjasama perseroan dengan lembaga lembaga pendidikan maritim tersebut menjadi peristiwa yang pertama dimana sebuah perusahaan pelayaran nasional menyediakan peluang latihan kerja langsung bagi para kadet akademi maritim indonesia. Blt bermaksud meningkatkan program tersebut di masa depan dengan cara melibatkan lebih banyak sekolah dan akademi pelayaran setempat, sehingga Blt dapat menjadi bagian dari gerakan nasional peningkatan standar pendidikan indonesia, yang juga sekaligus penciptaan tenaga kerja yang lebih berkualitas bagi negara ini. Dukungan dan komitmen perseroan kepada dunia pendidikan maritim di indonesia akan terus berlanjut dan semakin penting perannya di saat indonesia menerapkan prinsip Cabotage yang mengharuskan pengangkutan muatan antar pelabuhan domestik menggunakan kapal berbedera indonesia yang dimiliki oleh perusahaan pelayaran indonesia dan diawaki oleh pelaut indonesia. Dengan mendukung dan berperan aktif dalam memajukan dunia pendidikan maritim indonesia, perseroan juga secara tidak langsung turut berkontribusi dalam mensukseskan penerapan prinsip Cabotage di indonesia dalam hal penyediaan awak kapal yang terlatih dan kompeten. program dan aktivitas sosial yang dilakukan oleh perseroan dirancang untuk mengembangkan relasi yang saling menguntungkan dengan para anggota masyarakat setempat. peningkatan kesejahteraan masyarakat tersebut juga diharapkan membawa manfaat bagi perseroan secara tidak langsung, yaitu meningkatnya permintaan dan kebutuhan layanan transportasi melalui laut sebagai dampak dari peningkatan kegiatan ekonomi.
classrooms and all the facilities needed by the students including bridge simulators, engine room mock up and PC-based learning room. The lessons will be taught in groups. The only condition of these programs is that the recipients must apply the skills and knowledge that they had gained from the program in the Company up to 5 years after graduated class-1 license.
Our BLT Class Program also contributes in improving lecturers of the Maritime Training Institutes by cooperating with Glasgow College of Nautical Studies (GCNS). Selected lecturers will be sent to GCNS, Glasgow to attend special courses to enhance their knowledge and expertise in maritime subjects. This training for the trainers method will improve lecturers skill and proficiency, especially to progress and develop their own material as part of the teaching process whilst also moving towards modern teaching methodology. Hence, the training has the specific goal of introducing modern teaching methodologies, supporting lecturers to develop their own teaching.
By signing the join cooperation with those maritime academies, BLT has become the first national shipping company in Indonesia to provide such opportunity for Indonesian maritime cadets. BLT intends to increase such activities in the future by engaging with more maritime schools and academies so that BLT can be part of national movement of increasing educational standard of Indonesian cadets and therefore create a better human capital for the country.
the Companys support and commitment towards the maritime education in Indonesia will continue going forward especially after the implementation of Cabotage law which stipulates that all cargo deliveries between domestic ports must be transported by Indonesian flagged vessels, owned by an Indonesian company, and manned by Indonesian crews. By playing an active roll and continuously giving support in leveraging the maritime education in Indonesia, the Company has indirectly contributed in the success of the Cabotage principle implementation, especially in providing well trained and competent Indonesian seamen. The social programs and activities conducted by the Company are designed to develop mutually beneficial relationships with members of the community. With improvements to the welfare of members of the broader community, it is hoped that the Company will benefit indirectly from the increased demand for maritime transportation services created by improvements to the economy.
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analisa dan pembahasan manajemen
ANALISA DAN PEMBAhASAN MANAJEMEN
Tinjauan Atas Pendapatan dan Beban Biaya PENDAPATAN perseroan mendapatkan pendapatan dari empat kegiatan usahanya yaitu penyewaan kapal, pengoperasian kapal, jasa keagenan kapal serta penyewaan tangki penyimpanan di darat. pendapatan utama perseroan didapat dari penyewaan kapal dan pengoperasian kapal. kedua kegiatan usaha pengangkutan cair ini oleh perseroan dibagi kedalam 4 segmen yaitu segmen pengangkutan kargo kimia cair, segmen pengangkutan kargo minyak, dan segmen pengangkutan kargo gas serta segmen baru yang dimasuki oleh perseroan sejak tahun 2006 yaitu segmen FpSo. tabel berikut ini menunjukkan pendapatan operasi perseroan untuk tahun 2009 menurut segmen usaha. Segment Chemical oil Gas FpSo others* total uSD 000 475.987 85.861 44.137 10.367 1.994 618.346
overview of Revenue and expenses ReVenUe The Company derives its revenues from four main areas of activity, namely chartering out of its own vessels; operating own vessels; agency fees; and onshore storage fees, with a large proportion of revenue coming from the first two activities. The Companys transshipment operations is further divided into four main segments: transportation of bulk liquid chemicals; oil; gas; and a new segment that started in 2006, the FPSO services. The following table shows the operating revenues for 2009 according to business segment:
% 76,9% 13,9% 7,1% 1,7% 0,4% 100,0%
Segment kimia Minya Gas FpSo lain - lain* jumlah
*pendapatan dari jasa keagenan dan penyimpanan
*Revenue from Agency and storage fee
Managements Discussion and Analysis
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MAnAGeMents DIsCUssIon AnD AnALysIs
pendapatan perseroan tahun 2009 adalah sebesar uSD 616.3 juta, turun sebesar 15% apabila dibandingkan dengan tahun 2008, dimana perseroan membukukan total pendapatan sebesar uSD 723,7 juta. penurunan pendapatan ini tidak lepas dari imbas negatif krisis ekonomi global yang mempengaruhi industri perkapalan secara keseluruhan, meskipun dampaknya pada segmen transportasi laut kargo cair masih lebih baik dibandingkan dengan segmen curah kering dan kontainer. pada tahun 2009, armada perseroan bertambah sebanyak 3 kapal dimana perseroan membeli 2 kapal tanker kimia, 1 kapal tanker gas, dan menyewa 1 kapal tanker kimia. Sepanjang tahun 2009, perseroan juga menjual 1 kapal tanker kimia. penambahan armada yang dilakukan oleh perseroan menambah daya angkut perseroan menjadi sebesar 127.350 DWt, sehingga total kapasitas angkut perseroan pada akhir tahun 2009 adalah sebanyak 91 buah kapal dengan total kapasitas angkut sebesar 2,2 juta DWt. jumlah rata-rata kapal untuk tahun 2008 adalah sebanyak 84,5 kapal sedangkan pada tahun 2009 jumlah tersebut telah naik menjadi 91 kapal.
The Companys total revenue for 2009 was USD 616.3 million, a decrease of around 15% compared with 2008, where in that period the Company was able to book a total revenue of USD 723.7 million. The decrease in revenue was related to the negative impact from the global economic crisis which has impacted the shipping industry in general, although the repercussion to marine transportation for liquid cargo segment was relatively less severe as compared with dry bulk and container segments. In 2009, there was addition of 3 vessels coming into the Companys fleet, where the Company bought 2 new chemical tankers, 1 new gas tanker, and chartered 1 chemical tanker. Throughout 2009, the Company also sold 1 chemical tanker outright. The additional vessels in the Companys fleet was done in order to increase the Companys transportation capacity for another 127,350 DWT which resulted in the Companys total fleet capacity by the end of 2009 at 2.2 million DWT consisted of 91 vessels. The average number of vessel in 2008 was 84.5 vessels while in 2009 that number has increased into 91 vessels.
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BIAyA Biaya utama perseroan dapat dibagi menjadi menjadi seperti berikut: Biaya Pelayaran Biaya berlayar perseroan terdiri dari biaya bahan bakar dan biaya sandar/jasa pelabuhan (port charges). Biaya bahan bakar dipengaruhi oleh jumlah kapal dan ukuran armada perseroan, dan harga bahan bakar. Biaya bahan bakar termasuk biaya marine fuel oil(MFo) yang digunakan sebagai bahan bakar mesin utama (main engines) kapal, dan marine gas oil (MGo) untuk bahan bakar mesin tambahan(auxiliary engines). Dari jumlah bahan bakar yang dipakai perseroan, sekitar dua-pertiganya adalah MFo dan sepertiganya adalah MGo. Biaya sandar terdiri dari biaya jasa pelabuhan saat kapal bersandar dan biaya pasasi (passing charges) untuk melalui terusan(canal). Biaya ini sangat dipengaruhi oleh jumlah kapal armada perseroan dan jumlah pelabuhan yang harus disinggahi. Biaya sandar sudah termasuk biaya jasa pelabuhan yang ditagih oleh pihak pelabuhan dimana kapal singgah termasuk biaya pasasi (passing charges) untuk melewati terusan (canal). Biaya sandar perseroan ditentukan terutama oleh jumlah kapal dalam armada perseroan dan jumlah pelabuhan yang disinggahinya. Biaya pelabuhan juga dipengaruhi oleh rata rata biaya jasa pelabuhan setiap kali singgah. Biaya Sewa Biaya Sewa adalah biaya yang harus dikeluarkan oleh perseroan untuk menyewa kapal dari pihak ketiga. Biaya operasi Kapal Biaya operasi kapal perseroan adalah biaya yang dikeluarkan perseroan untuk menjalankan kapalnya. Biaya ini terdiri dari biaya untuk gaji awak kapal, biaya untuk perbaikan dan pemeliharaan kapal, baik yang bersifat rutin maupun diluar kebiasaan, termasuk untuk membeli suku cadang, biaya asuransi, biaya perlengkapan berlayar dan biaya transportasi untuk mengangkut suku cadang pada saat kapal sedang transit, uang makan untuk para awak kapal, pengurusan dokumen, dan biaya pelumas untuk mesin-mesin kapal. Besarnya biaya dari masing - masing segmen bisnis perseroan terhadap biaya operasi kapal ini dipengaruhi oleh beberapa faktor, yang terutama adalah oleh ukuran dan usia kapal itu sendiri, selain itu juga bergantung pada biaya pokok yang terkait dengan jenis kapal yang berbeda antara tanker kimia, tanker minyak dan tanker gas serta tanker FpSo.
eXPenses The Companys main expenses can be described as follows: Voyage expenses The Companys voyage expenses consist primarily of fuel expenses and port charges. The Companys fuel costs are determined primarily by the size of its fleet and the cost of fuel on the open market. Fuel costs include the cost of Marine Fuel Oil (MFO), used in the main engines of the Companys vessels, and the cost of Marine Gas Oil (MGO), used in auxiliary engines. Of the Companys total expenditure on fuel, approximately two thirds is for the purchase of MFO, while another one third is for the purchase of MGO. The Companys expenditure on port charges is heavily influenced by the number of vessels in the Companys fleet and the number of port calls made by these vessels. Port charges include harbor services fees imposed by ports visited by the Companys vessels and including canal passing charges. The Companys expenses for port charges depend primarily on the size of the fleet and the resultant number of port calls by the vessels. Port charges also depend on the average fee imposed for each port call.
Charter expenses Charter expenses consist of expenses and other costs incurred by the Company for chartering vessels belonging to third parties. ship operating expenses The Companys ship operating expenses are the costs related to the running of the vessels. These costs consist of salaries and wages for the crew of the vessels; the cost of repairs and maintenance, including both routine and extraordinary repairs; the purchase of spare parts; cost of insurance; the cost of supplies and the transportation of spare parts; the cost of catering and meal allowances for crew members; costs related to documentation; and lubricants for the engines. The relative expenditure on each of the Companys business segments is influenced by a number of factors, primarily the size and age of each vessel, as well as different principal cost basis for chemical tanker, oil tanker, gas tanker, and FPSO vessel.
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Penyusutan Beban penyusutan merupakan komponen biaya yang paling besar bagi perseroan untuk untuk mengoperasikan kapal milik perseroan. perseroan menghitung penyusutan menggunakan metode garis lurus (straight line method) berdasarkan estimasi usia ekonomis masing masing kapal, dengan jangka waktu antara 5 tahun sampai 25 tahun. penyusutan didasarkan pada biaya perolehan kapal dikurangi perkiraan nilai akhir/residunya. Beban ini bervariasi untuk setiap tahunnya karena perhitungannya sebagian didasarkan atas penilaian yang dilakukan oleh pihak ketiga. Biaya Umum dan Administrasi Beban umum dan administrasi perseroan terdiri dari gaji karyawan darat, biaya operasional kantor untuk kantorkantor perseroan yang berlokasi di 14 kota yang tersebar di kawasan Asia, eropa, Amerika dan timur tengah (termasuk biaya tertentu yang berkaitan dengan pembukaan beberapa kantor pemasaran diantaranya yang dibuka akhir-akhir ini di kota Rotterdam dan Westport, Connecticut), biaya jasa profesional untuk penasihat keuangan, penasihat hukum dan konsultan, biaya pemasaran, biaya biaya telekomunikasi, biaya bank, biaya transportasi, biaya penyusutan peralatan kantor, imbalan paska kerja/pensiun, pendidikan dan pelatihan karyawan. Gaji merupakan komponen terbesar dari biaya umum dan administrasi in, Biaya tersebut terdiri dari upah, pembayaran jaminan sosial dan pembayaran pensiunan pegawai darat, juga pembayaran awak kapal yang dibayar selaku pegawai darat. Beban Keuangan Bersih dan Beban Lain Lain Beban keuangan bersih dan beban lain-lain perseroan termasuk keuntungan dan kerugian dari perubahan nilai tukar mata uang asing, keuntungan atau kerugian dari transaksi swap, keuntungan dari kepemilikan saham pada anak perusahaan asosiasi, pendapatan investasi, beban keuangan dan keuntungan atau kerugian lainnya. komponen terbesar dari Beban keuangan Bersih dan beban lain-lain ini adalah beban keuangan yang harus dikeluarkan untuk membiayai pembelian kapal untuk pengembangan armada perseroan. Beban keuangan ini terdiri dari pembayaran bunga pinjaman bank dan dan biaya bunga obligasi yang berhasil diterbitkan oleh perseroan. hASIL oPERASI Pendapatan operasi total pendapatan operasi perseroan tahun 2009 menurun sebesar uSD 105,3 juta yang terutama disebabkan oleh melemahnya tarif uang tambang dan turunnya permintaan atas pengangkutan laut kargo cair. Di saat yang sama, armada kapal perseroan bertambah sebanyak 3 kapal sehingga total armada perseroan per 31 Desember 2009 mencapai 91 kapal tanker dengan total kapasitas sebesar 2,2 juta DWt.
Depreciation Depreciation makes up the largest proportion of the Companys costs in the operation of vessels owned by the Company itself. The Company apply the straight line method to calculate depreciation cost, which is based on the estimated economic lifespan of each vessel, ranging from 5 to 25 years. The cost of appreciation is determined by calculating the cost of obtaining the vessel in question and subtracting its residual value. The estimated costs of depreciation vary from year to year as a result of differences in the valuations made by third parties. General and Administrative Cost The Companys general and administrative costs consist primarily of salaries for onshore personnel; expenses related to the running of the Companys offices in 14 different cities throughout Asia, Europe, the Americas, and the Middle East (including expenses related to the opening of marketing offices, most recently in Westport, Connecticut - USA); professional fees for financial, legal and other consultants and specialists; costs related to marketing; telecommunications costs; banking charges; transportation costs; the cost of depreciation in value of office equipment; and the cost of providing pensions, training and education to employees. Wages and salaries, including social security, pension payments for onshore personnel, and payments for crew members stationed as onshore personnel, make up the biggest proportion of these general and administrative costs. net Financial and other Costs The Companys net financial and other costs include gains or losses from foreign exchange transactions; gains or losses from swap transactions; gains or losses resulting from net earnings of associated companies; investment income; financial costs; and other miscellaneous gains and losses. The largest proportion of net financial and other costs is made up of financial costs incurred by the Company in financing the acquisition of vessels for the expansion of its fleet. These financial costs consist primarily of interest payments on bank loans and, to a lesser extent, interest payments on the Companys outstanding bonds. ResULts oF oPeRAtIon operating Revenue The Companys total revenue in 2009 has declined by about USD 105.3 million which was mainly due to the weakened freight rate and lower demand for marine transportation of liquid cargo. At the same time, The Companys fleet had an additional 3 vessels which raised the number of vessels in the Companys fleet into 91 tankers with total capacity of 2.2 million DWT.
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Biaya Pelayaran total biaya pelayaran perseroan menurun sebesar 23,5% dari uSD 193,0 juta menjadi uSD 147.6 juta dan ini terjadi seiring dengan turunnya permintaan jasa transportasi dan dengan demikian memberi dampak pada tarif tambang yang berlaku dipasar dan juga mempengaruhi tingkat utilisasi kapal perseroan. penurunan ini juga disebabkan oleh karena menurunnya biaya sandar yang memang berbanding lurus dengan turunnya permintaan akan ruang kapal. Biaya Sewa total Biaya Sewa perseroan meningkat sebesar 5,0% dari uSD 91,8 juta pada tahun 2008 menjadi uSD 96,3 juta pada tahun 2009. kenaikan ini seiring dengan penambahan armada perseroan termasuk adanya kenaikan pada biaya sandar (port charges) yang terjadi pada tahun 2009. Biaya Pengoperasian Kapal total Biaya pengoperasian kapal pada tahun 2009 turun dibandingkan dengan tahun 2008 dimana pada tahun 2009 biaya pengoperasian kapal adalah sebesar uSD 120,86 juta sedangkan pada tahun 2008 adalah sebesar uSD 121,46 juta. kenaikan biaya gaji, yang merepresentasikan 47,6% dari total biaya operasi kapal, naik seiring dengan bertambahnya jumlah kapal yang dioperasikan oleh perseroan. namun di sisi lain biaya perbaikan dan perawatan kapal turun pada tahun 2009 dimana pada tahun tersebut perseroan membukukan total biaya sebesar uSD 13,18 juta sedangkan pada tahun 2008 jumlah biaya perbaikan dan perawatan kapal adalah sebesar uSD 19,13 juta. Biaya Penyusutan Kapal Beban penyusutan kapal perseroan meningkat sebesar 29,61% pada tahun 2009 bila dibandingkan dengan tahun 2008. peningkatan ini dikarenakan adanya peningkatan armada rata-rata perseroan dari 84,5 kapal pada tahun 2008 menjadi 91 kapal pada tahun 2009. Biaya Umum dan Administrasi total Biaya umum dan Administrasi perseroan menurun sebesar 9,32% pada tahun 2009 dibandingkan dengan tahun 2008. penurunan ini terutama dikarenakan perseroan menjalankan program efisiensi biaya yang efektif pada tahun 2009. Selain itu, sepanjang tahun 2009 perseroan juga tidak melakukan pembukaan kantor baru seperti yang perseroan lakukan pada tahun 2008, sehingga turut menekan Biaya umum dan Administrasi. Dalam hal biaya pendidikan dan pelatihan, perseroan juga giat melaksanakan in-house training yang dilakukan di kantor perseroan tanpa mengurangi efektifitas serta kualitas dari pelatihan itu sendiri.
Voyage expense The Companys total voyage expense decreased by 23.5% from previously USD 193.0 million in 2008 into USD 147,6 million which mainly due to lower demand for transportation services and thus impacted the market freight rate as well as the Companys ships utilization rate. The decrease was also caused by lower port charges which was directly proportional with the decrease on demand of cargo space. Charter expense The Companys total charter expense was up 5% from from USD 91.8 million in 2008 into USD 96.3 million in 2009. This increase was paralel with the additional vessels in the Companys fleet as well as increase in port charges which occured in 2009. ship operating expense Total ship operating expense in 2009 slightly decreased compared with 2008 where in 2009 the ship operating expense was USD 120.86 million compared with 2008 where the total ship operating expense was USD 121.46 million. The increase in crew wages, which represented 47.6% of the total ship operating expense, was due to the increase on number of vessels operated by the Company. On the other hand, the repairs and maintenance expense decreased where in 2009 the Company booked a total expense of USD 13.18 million while the total repairs and maintenance expense in 2008 was USD 19.13 million. Cost of Vessel Depreciation The Companys depreciation expense in 2009 rose by 29.61% compared with 2008. This increase was due to the increase of the Companys average number of vessels where in 2008 the average number of vessels was 84.5 and in 2009 it increased into 91 vessels. General and Administrative expense The total expense for general and administration was down 9.32% in 2009 compared with 2008. The decrease was mainly caused by the effective efficiency program runned by the Company in 2009. Beside that, in 2009 the Comopany did not open a new representative office as previously done in 2008, which also helped to suppress the general and administration expense. In terms of education and training expense, the Company has engaged in in-house training conducted in the Companys office without sacrificing the effectivity and quality of the training.
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Pendapatan /Beban Keuangan Bersih dan Pendapatan/ Beban Lain Lain. Beban keuangan Bersih dan Beban lain-lain perseroan meningkat cukup signifikan dibandingkan dengan tahun 2008. perseroan sesungguhnya telah berhasil menurunkan beban keuangan sebesar 6,59% dari yang semula sebesar uSD 117,23 juta pada tahun 2008 menjadi sebesar uSD 109,50 juta pada tahun 2009. Meskipun demikian, perseroan mencatat kerugian belum terealisasi (unrealised losses) akibat perubahan nilai wajar atas obligasi konversi dan wesel bayar perseroan, yaitu sebesar uSD 196,42 juta serta kerugian dari penurunan revaluasi sebesar uSD 227,78 juta sebagai akibat dari penerapan pSAk 16 sehubungan dengan ketentuan revaluasi aktiva tetap. Meskipun demikian, perlu dicatat bahwa kerugian dari perubahan nilai wajar serta revaluasi kapal bukanlah disebabkan oleh kinerja operasional perseroan dan tidak berdampak terhadap arus kas perseroan (non cash items). BELANJA MoDAL Belanja modal perseroan terutama terkait dengan pembelian kapal kapal baru, baik bekas maupun yang baru dibangun. perseroan melakukan investasi dengan nilai keseluruhan sebesar uSD 137,3juta untuk belanja modal tersebut yang berasal dari kas hasil operasi perseroan dan dari pinjamaan bank. Belanja modal perseroan selanjutnya terkait dengan pembuatan kapal baru yang saat ini sedang dibangun. DIVESTASI Divestasi utama perseroan terkait dengan pelepasan kapal. tahun 2009 perseroan telah menjual 2 kapal anak perusahaan yaitu Mt Dewi Madrim dan Mt purbasari. Sehubungan dengan penjualan Mt purbasari, perusahaan melakukan perjanjian sewa balik dengan pembeli kapal selama periode 12 tahun.
net Financial and other Costs The Companys net financial and other costs increased quite significantly in 2009 compared with 2008. The Company has actually managed to reduce the financial cost by around 6.59% from previously USD 117.23 million in 2008 into USD 109.50 million in 2009. Even so, the Company booked unrealised losses due to change in fair value of its convertible bonds and notes payable, amounting to USD 196.42 million and losses from decrease of fair value of assets due to revaluation amounting to USD 227.78 million as a result of the implementation of PSAK 16 regarding revaluation of fixed assets. However, it is important to note that the losses occured from change in fair value and ships revaluation was not caused by the Companys operational performance and thus it would not impact the Companys cash flow (non cash items). CAPItAL eXPenDItURes The Companys capital expenditures is especially related with the purchase of new vessels, either newly built vessels or second hand vessel. The Company has conducted an investment with a total value of USD 137.3 million for capital expenditures which was funded by cash from the Companys operation and bank loans. The Companys future capital expenditures is related to the vessels currently being built. DIVestMent The Companys main divestment is related with the selling of vessels. In 2009 the Company sold 2 vessels owned by the Companys subsidiaries, namely MT Dewi Madrim and MT Purbasari. Especially for MT Purbasari, the Company engaged in a sale and lease back agreement with the buyer for a 12 years period. MT Dewi Madrim was sold outright.
110
dewan komisaRis
hADI SURyA komisaris utama/ President Commissioner
umur 71 tahun, diangkat sebagai presiden komisaris perseroan pada tanggal 26 juni 2000. Bergabung dengan perseroan pada tahun 1981, sebelumnya menjabat sebagai Direktur utama perseroan (1989-2000). pada saat ini juga menjabat selaku komisaris pt. jaya Agra Wattie (sejak 1990), komisaris utama pt Dwibina prima (sejak 2004), komisaris pt. Banyu laju Shipping (sejak 2002) dan komisaris utama pt Alas Watu utama (sejak 1990). Sebelumnya juga menjabat sebagai komisaris CV kartika pabrik triplex (1955-1959), komisaris pt Daya Sakti timber Corporation (19701994) dan komisaris pt Daya Sakti krida unggul (1985-1999). Menyelesaikan pendidikan di lian Huo High School di Surabaya pada tahun 1954. pada tahun 2002 mendapatkan penghargaan sebagai entrepreneur of the Year indonesia oleh ernst & Young.
Aged 71, was appointed as the President Commissioner of the Company on 26 June 2000. He joined the Company in 1981 and was previously the President Director of the Company (19892000). He is also currently a Commissioner of PT Jaya Agra Wattie (since 1990), the President Commissioner of PT Dwibina Prima (since 2004), a Commissioner of PT Banyu Laju Shipping (since 2002) and the President Commissioner of PT Alas Watu Utama (since 1990). He was previously a Commissioner of CV Kartika Pabrik Triplex (19551959), a Commissioner of PT Daya Sakti Timber Corporation (1970 1994) and a Commissioner of PT Daya Sakti Krida Unggul (19851999). He graduated from Lian Huo High School in Surabaya in 1954. In 2002, he was awarded the Entrepreneur of the Year Indonesia by Ernst & Young.
umur 47, diangkat sebagai komisaris perseroan pada 30 juni 1991. pada saat ini menduduki jabatan sebagai Direktur utama pt jaya Agra Wattie (sejak 1990). Sebelumnya sebagai Wakil Direktur pt jaya Agra Wattie (1987-1988). Direktur pt jaya Agra Wattie (19881990) dan Direktur pt Daya Sakti unggul Corporation tbk (19941998). Memperoleh gelar MBA dari Golden Gate university, San Francisco pada tahun 1987.
Aged 47, was appointed as a Commissioner of the Company on 30 June 1991. He is currently the President Director of PT Jaya Agra Wattie (since 1990). He was previously an Assistant Director of PT Jaya Agra Wattie (19871988), a Director of PT Jaya Agra Wattie (19881990) and a Director of PT Daya Sakti Unggul Corporation Tbk (1994 1998). He received an MBA from Golden Gate University, San Francisco in 1987.
hARIJADI SoEDARJo komisaris/ Commissioner

Board of Commissioners
111
umur 42, diangkat sebagai ko m i s a r i s pe r s e r o a n p a d a 11 September 2006. Saat ini menjabat sebagai Direktur pt Asuransi Allianz life indonesia. Sebelumnya menduduki jabatan sebagai konsultan jasa keuangan pada American international Assurance Co. ltd di Singapura (2002-2004), Direktur pt Asuransi Allianz life indonesia (2001-2002), Vice president pada pt Asuransi jiwa principal indonesia (20002001), dan Vice president pada pt. puri Dana Bersama (1997-2000). lulusan dari indiana university pada tahun 1991. ALAN JoNAThAN TANgKAS DhARMAwAN komisaris independen/ Independent Commissioner
Aged 42, was appointed as a Commissioner of the Company on 11 September 2006. He is currently a Director of PT Asuransi Allianz Life Indonesia. He was previously a financial services consultant at the American International Assurance Co. Ltd in Singapore (20022004), Director of PT Asuransi Allianz Life Indonesia (20012002), Vice President at PT Asuransi Jiwa Principal Indonesia (2000 2001) and Vice President at PT Puri Dana Bersama (1997 2000). He graduated from Indiana University in 1991.
JAKA PRASETyA komisaris independen/ Independent Commissioner
umur 38 tahun, diangkat sebagai komisaris perseroan pada tanggal 11 September 2006. pada saat ini menduduki jabatan sebagai Direktur pada Standard Chartered private equity di Singapore. Sebelumnya menjabat sebagai Ceo pada united Fiber System ltd (2006-2009), Direktur pada Deutsche Bank (20042006), Wakil presiden pada Zurich Financial Services (2002-2004), sebagai Associate pada Merrill lynch (2000-2002) dan Associate Direktur pada uBS (1998-2000). lulusan dari institut teknologi Bandung pada 1994 dan memperoleh gelar MBA dari Massachusetts institute of technology Sloan School of Management pada tahun 1998. Saat ini juga menjabat sebagai Direktur di united Fiber System ltd.
Aged 38, was appointed as a Commissioner of the Company on 11 September 2006. He is currently a Director at Standard Chartered Private Equity in Singapore. Previously, he was the CEO of United Fiber System Ltd (20062009) and prior to that, a Director at Deutsche Bank (20042006), Vice President at Zurich Financial Services (20022004), an Associate at Merrill Lynch (2000 2002) and an Associate Director at UBS (19982000). He graduated from the Bandung Institute of Technology in 1994 and received an MBA from the Massachusetts Institute of Technology Sloan School of Management in 1998. Currently also a Director at United Fiber System Ltd.
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diReksi
wIDIhARDJA TANUDJAJA Direktur utama/ President Director
umur 59, diangkat sebagai presiden Direktur pada 26 juni 2000. Bertanggung jawab atas seluruh aspek operasional perseroan. Bergabung dengan perseroan pada tahun 1981, sebelumnya menduduki jabatan sebagai operation Manager perusahaan (1984-1987). General Manager (1987-1990) dan Commercial Director (1990-2000). Saat ini menjabat sebagai Direktur utama pt Banyu laju Shipping (sejak 2002) dan sebelumnya menduduki jabatan sebagai komisaris pt Banyu laju Shipping sejak 1999 sampai 2000. lulusan dari tokyo university of Mercantile Marine dengan memperoleh gelar master dalam ilmu kelautan dan master dalam bidang Hukum dari Hosei university of tokyo pada 1979, dan gelar sarjana dalam bidang ilmu kelautan dari tokyo university of Mercantile Marine pada 1976. Merupakan ketua komite indonesia dari nippon kaiji kyokai sejak 2001. juga menjabat sebagai ketua Divisi Cargo Cair dari indonesian national Ship owners Association (2005-2008) dan Wakil ketua Forum komunikasi Rekanan kapal Charter pt pertamina (20052008). umur 48, diangkat sebagai Direktur perseroan pada 22 juni 1999. Bertanggungjawab terhadap bidang komersial dan operasional perseroan. Bergabung dengan perseroan pada 1986, menduduki jabatan sebagai Marketing Manager (1990-1994), Asisten General Manager, Divisi komersial (1994-1997) dan General Manager, Divisi niaga (1997-1999). Memperoleh gelar sarjana dalam bidang manajemen dari universitas padjadjaran, Bandung, indonesia pada tahun 1985.
Aged 59, was appointed as President Director on 26 June 2000. He oversees all aspects of the Groups operations. He joined the Company in 1981. He previously served as the Companys Operation Manager (19841987), General Manager (19871990) and Commercial Director (19902000). He currently serves as President Director of PT Banyu Laju Shipping (since 2002) and previously served as a Commissioner of PT Banyu Laju Shipping from 1999 to 2000. He graduated with a Masters degree in Maritime Science from Tokyo University of Mercantile Marine and a Bachelors degree in Law from Hosei University of Tokyo in 1979, and a Bachelors degree in Maritime Science from Tokyo University of Mercantile Marine in 1976. He has been the Chairman of the Nippon Kaiji Kyokais Indonesia Committee since 2001. He also serves as the Chairman of Liquid Cargo Division of the Indonesian National Ship owners Association (20052008) and the Vice Chairman of the Forum Komunikasi Rekanan Kapal Charter PT Pertamina (20052008), a forum of approved Pertamina partners. Aged 48, was appointed as a Director of the Company on 22 June 1999. He is responsible for the operational and commercial areas of the Group. He joined the Company in 1986, served as Marketing Manager (19901994), Assistant General Manager, Commercial Division (19941997) and General Manager, Commercial Division (19971999). He graduated with a Bachelors degree in management from Padjadjaran University, Bandung, Indonesia in 1985.
hENRIANTo KUSwENDI Direktur komersial/ Commercial Director
Board of Directors
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MIChAEL MURNI gUNAwAN Direktur Administrasi/ Administration Director
umur 47, diangkat sebagai Direktur pe r s e r o a n p a d a 2 2 ju n i 1 9 9 9 . Bertanggungjawab terhadap bidang akunting, audit internal dan teknologi informasi perseroan. Bergabung dengan perseroan pada bulan januari 1999 sebagai General Manager Divisi Admnistrasi. Sebelum bergabung dengan perseroan, menjabat sebagai Head of Corporate Administration and information System dari BSG Corporation (1996-1998), information technology Manager pt Daya Sakti timber Corporation (1991-1994), dan Assistant Accounting Manager pt Daya Sakti timber Corporation (1986-1991). Memperoleh gelar sarjana dalam bidang akuntansi dari universitas Airlangga Surabaya tahun 1985 dan memperoleh gelar MBA dari university of San Diego pada tahun 1996.
Aged 47, was appointed as a Director of the Company on 22 June 1999. He is responsible for the accounting, internal audit and information technology areas of the Group. He joined the Company in January 1999 as General Manager of the Administration Division, a post he held until June 1999. Prior to joining the Company, he was Head of Corporate Administration and Information System of BSG Corporation (19961998), Information Technology Manager of PT Daya Sakti Timber Corporation (19911994), and Assistant Accounting Manager of PT Daya Sakti Timber Corporation (19861991). He graduated with a bachelors degree of accounting from Airlangga University Surabaya in 1985 and received his MBA from the University of San Diego in 1996.
SIANA ANggRAENI SURyA Direktur korporat dan pengembangan usaha/ Corporate and Business Development Director
umur 42 tahun, diangkat sebagai Direktur perseroan pada 22 juni 1999. Bertanggungjawab terhadap bidang hukum, klaim & asuransi, Sumber daya manusia dan pengembangan usaha perseroan. Bergabung dengan perseroan pada 1994 dan menduduki jabatan sebagai Marketing Manager sejak 1997 sampai 1999. Sebelum bergabung dengan perusahaan, menduduki jabatan sebagai Marketing Sales pada iCi jepang (19931994). Mengambil jurusan kimia terapan dan memperoleh gelar sarjana dalam bidang chemical engineering dari Waseda university tokyo pada 1991 dan gelar master dalam chemical engineering dari Waseda university tokyo pada 1993.
Aged 42, was appointed as a Director of the Company on 22 June 1999. She is responsible for the legal, claims & insurance, human resources and business development areas of the Group. She joined the Company in 1994 and served as Marketing Manager from 1997 to 1999. Prior to joining the Company, she was in Marketing Sales at ICI Japan (19931994). She majored in Applied Chemistry and graduated with a bachelors degree in engineering from Waseda University Tokyo in 1991 and a masters degree in engineering from Waseda University Tokyo in 1993.
woNg KEVIN Direktur keuangan/ Finance Director
umur 41, Diangkat sebagai Direktur perseroan pada 22 juni 1999. Bergabung dengan perseroan pada 1996 sebagai Sekretaris perusahaan, posisi yang masih dijabat sampai dengan saat ini. pernah menduduki jabatan sebagai General Manager, Divisi keuangan perusahaan (januari 1999-juni 1999). Sebelum bergabung dengan perusahaan, pernah menjabat sebagai Associate Direktur pan union Co.ltd (1995-1996). Associate pt Bahana pembinaan usaha indonesia (1994-1995), dan Assistant Manager Citibank, n.A. jakarta (1992-1994). Dia memperoleh gelar BA dalam bidang administrasi bisnis dari lewis and Clark College pada 1989 dan gelar BA dalam teknik mesin dari Columbia university pada 1991.
Aged 41, was appointed as a Director of the Company on 22 June 1999. He joined the Company in 1996 as Corporate Secretary, a position he still holds currently. He also served as General Manager, Finance Division of the Company (January 1999 June 1999). Prior to joining the Company, he was an Associate Director of Pan Union Co. Ltd (19951996), an Associate of PT Bahana Pembinaan Usaha Indonesia (19941995), and an Assistant Manager of Citibank, N.A. Jakarta (19921994). He graduated with a Bachelor of Arts degree in business administration from Lewis and Clark College in 1989 and a Bachelor of Science degree in mechanical engineering from Columbia University in 1991.
PT BERLIAN LAJU TANKER Tbk

Surat Pernyataan
Dewan Komisaris Perseroan bertanggung jawab penuh atas kebenaran informasi yang terdapat dalam Laporan Tahunan Tahun 2009 ini.
Statement Letter
The Board of Commissioners of the Company accept full responsibility for the accuracy of the information contained in this 2009 Annual Report.
Jakarta, 23 April 2010
Dewan Komisaris The Board of Commissioners
Hadi Surya Komisaris Utama President Commissioner
Harijadi Soedarjo Komisaris Commissioner
Alan Jonathan Tangkas Darmawan Komisaris Independen Independent Commissioner
Jaka Prasetya Komisaris Independen Independent Commissioner
LAPoRAN AUDIToR INDEPENDEN
InDePenDent AUDItoRs RePoRt
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN/AND ITS SUBSIDIARIES
LAPORAN KEUANGAN KONSOLIDASI/ CONSOLIDATED FINANCIAL STATEMENTS UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2009 DAN 2008/ FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008 DAN LAPORAN AUDITOR INDEPENDEN/ AND INDEPENDENT AUDITORS REPORT
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN DAFTAR ISI Halaman/ Page SURAT PERNYATAAN DIREKSI LAPORAN AUDITOR INDEPENDEN LAPORAN KEUANGAN KONSOLIDASI Pada tanggal 31 Desember 2009 dan 2008 serta untuk tahun-tahun yang berakhir pada tanggal tersebut Neraca Konsolidasi Laporan Laba Rugi Konsolidasi Laporan Perubahan Ekuitas Konsolidasi Laporan Arus Kas Konsolidasi Catatan atas Laporan Keuangan Konsolidasi 3 5 6 7 8 1
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES TABLE OF CONTENTS
DIRECTORS STATEMENT LETTER INDEPENDENT AUDITORS REPORT CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2009 and 2008 and for the years then ended
Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Changes in Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASI 31 DESEMBER 2009 DAN 2008
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2009 AND 2008 2008 (Pengukuran kembali Catatan 2/ As remeasured Note 2) US$'000 ASSETS CURRENT ASSETS Cash and cash equivalents Available-for-sale investments Trade accounts receivable Related parties Third parties Other accounts receivable Inventories Advances Prepaid taxes Prepaid expenses Derivative financial instruments Total Current Assets NONCURRENT ASSETS Investments in associates Property, vessels and equipment - net of accumulated depreciation and impairment of USD 497,412 thousand in 2009 and USD 363,006 thousand in 2008 Advance for purchase of vessels Security deposits and deferred charges Goodwill - net Derivative financial instruments Total Noncurrent Assets TOTAL ASSETS
2009 US$'000 ASET ASET LANCAR Kas dan setara kas Investasi tersedia untuk dijual Piutang usaha Pihak hubungan istimewa Pihak ketiga Piutang lain-lain Persediaan Uang muka Pajak dibayar dimuka Biaya dibayar dimuka Instrumen keuangan derivatif Jumlah Aset Lancar ASET TIDAK LANCAR Investasi pada perusahaan asosiasi Aset tetap - setelah dikurangi akumulasi penyusutan dan penurunan nilai aset sebesar USD 497.412 ribu tahun 2009 dan USD 363.006 ribu tahun 2008 Uang muka pembelian kapal Uang jaminan dan beban tangguhan Goodwill - bersih Instrumen keuangan derivatif Jumlah Aset Tidak Lancar JUMLAH ASET
Catatan/ Notes
118.732 44.898 129.976 7.350 15.604 8.546 29 10.116 2.259 337.510
3f,4 3g,5 3h,6 34
65.250 129.386 982 95.692 4.667 12.786 6.650 544 8.147 324.104
3i,7
3j 3v,33
76.125
3g,8
273
1.946.389 46.905 30.273 43.776 16.944 2.160.412 2.497.922
3k,3l,3p,9 9 3c,3l,10 3v,33
1.896.264 28.637 46.648 1.971.822 2.295.926
Lihat catatan atas laporan keuangan konsolidasi yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi.
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
-3-
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASI 31 DESEMBER 2009 DAN 2008 (Lanjutan)
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2009 AND 2008 (Continued) 2008 (Pengukuran kembali Catatan 2/ As remeasured Note 2) US$'000 LIABILITIES AND EQUITY CURRENT LIABILITIES Derivative financial instruments Bank loans Trade accounts payable Related parties Third parties Taxes payable Accrued expenses Current maturities of long-term liabilities Financial institution Bonds payable Obligations under finance lease Other long-term payable Convertible bonds Deferred gain on sales and leaseback transaction Other current liabilities Total Current Liabilities NONCURRENT LIABILITIES Long-term liabilities - net of current maturities Financial institution Bonds payable Notes payable Obligations under finance lease Other long-term payable Post-employment benefit obligation Derivative financial instruments Convertible bonds Deferred gain on sale and leaseback transaction Total Noncurrent Liabilities EQUITY Capital stock - Rp 62.5 par value per share Authorized - 14,676,480,000 shares Subscribed and paid-up - 5,981,591,235 shares in 2009 and 4,589,281,176 shares in 2008 Additional paid-in capital Translation adjustment Unrealized gain (loss) on available-for-sale investments Revaluation reserve Retained earnings Appropriated Unappropriated Total Less cost of treasury stocks - 412,351,000 shares Total Equity TOTAL LIABILITIES AND EQUITY
2009 US$'000 KEWAJIBAN DAN EKUITAS KEWAJIBAN LANCAR Instrumen keuangan derivatif Hutang bank Hutang usaha Pihak hubungan istimewa Pihak ketiga Hutang pajak Biaya masih harus dibayar Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Kewajiban sewa pembiayaan Hutang lain-lain jangka panjang Obligasi konversi Keuntungan atas transaksi jual dan sewa-balik yang ditangguhkan Kewajiban lancar lainnya Jumlah Kewajiban Lancar KEWAJIBAN TIDAK LANCAR Hutang jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Wesel bayar Kewajiban sewa pembiayaan Hutang lain-lain jangka panjang Kewajiban imbalan pasca kerja Instrumen keuangan derivatif Obligasi konversi Keuntungan atas transaksi jual dan sewa-balik yang ditangguhkan Jumlah Kewajiban Tidak Lancar EKUITAS Modal saham - nilai nominal Rp 62,5 per saham Modal dasar - 14.676.480.000 saham Modal ditempatkan dan disetor - 5.981.591.235 saham tahun 2009 dan 4.589.281.176 saham tahun 2008 Agio saham Selisih kurs karena penjabaran laporan keuangan Keuntungan (kerugian) yang belum direalisasi dari pemilikan efek Surplus revaluasi Saldo laba Ditentukan penggunaannya Tidak ditentukan penggunaannya Jumlah Dikurangi harga perolehan saham diperoleh kembali 412.351.000 saham Jumlah Ekuitas JUMLAH KEWAJIBAN DAN EKUITAS
Catatan/ Notes
10.877 65.225 929 34.250 957 45.347
3v,33 11 12 34 3t,13 14
30.784 176.589 84 17.262 1.606 34.636
138.674 6.322 32.572 1.181 99.560 208 8.862 444.964
15 3m,16 3p,18 19 3o,21 3p,9
99.217 88.152 591 208 3.602 452.731
779.538 141.575 249.809 228.925 11.228 4.126 17.407 2.058 1.434.666
15 3m,16 3n,17 3p,18 19 3s,20 3v,33 3o,21 3p,9
721.496 81.450 132.000 155.376 12.409 2.922 145.199 36.250 2.266 1.289.368
70.936 114.824 (16.828) 757 237.677 5.898 291.656 704.920 (86.628) 618.292 2.497.922
22 23 3d 3g,5 3k,25
62.191 64.823 (15.615) (1.865) 5.898 525.023 640.455
3q,24
(86.628) 553.827 2.295.926
-4-
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN LABA RUGI KONSOLIDASI UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2009 DAN 2008
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008
2009 US$'000 PENDAPATAN USAHA BEBAN LANGSUNG LABA KOTOR BEBAN UMUM DAN ADMINISTRASI LABA USAHA PENGHASILAN (BEBAN) LAIN-LAIN Keuntungan (kerugian) transaksi derivatif bersih Pendapatan investasi Bagian laba (rugi) bersih perusahaan asosiasi Keuntungan penjualan aset tetap Penurunan revaluasi Perubahan nilai wajar obligasi konversi dan wesel bayar Beban keuangan Kerugian kurs mata uang asing - bersih Kerugian penurunan nilai aset tetap Penurunan nilai goodwill Lain-lain - bersih Penghasilan (Beban) Lain-lain - Bersih LABA (RUGI) SEBELUM PAJAK BEBAN PAJAK LABA (RUGI) BERSIH 618.346 485.512 132.834 32.927 99.907
Catatan/ Notes
2008 (Pengukuran kembali Catatan 2/ As remeasured Note 2) US$'000 723.682 494.058 229.624 OPERATING REVENUES DIRECT COST GROSS PROFIT GENERAL AND ADMINISTRATIVE EXPENSES INCOME FROM OPERATIONS OTHER INCOME (CHARGES)
3r,26,34 3r,27,34
3r,28
36.311 193.313
148.898 18.078 9.621 762 (227.778) (196.420) (109.500) (26.698) (1.785) (384.822) (284.915) (961) (285.876) 2009 US$
3v,33 3g,30 3g,8 3k,3p,9 3k,3l,9 3n,3o,17,21 3p,29 3d 3k,3l,9 3c,10
(163.179) 16.294 (18.524) 94.989 305.958 (117.231) (17.286) (37.841) (29.136) (7.977) 26.067 219.380
Net gain (loss) on derivative transactions Investment income Equity in net income (loss) of associates Gain on sale of property, vessels and equipment Revaluation decrease Change in fair value of convertible bonds and notes payable Finance cost Foreign exchange loss - net Impairment loss on asset Impairment of goodwill Others - net Other Income (Charges) - Net INCOME (LOSS) BEFORE TAX TAX EXPENSE NET INCOME (LOSS)
3t,13
(1.016) 218.364 2008 US$
LABA (RUGI) PER SAHAM (dalam nilai penuh) Dasar Dilusian
3u,31 (0,0559) (0,0559) 0,0457 0,0248
EARNINGS (LOSS) PER SHARE (in full amount) Basic Diluted
-5-
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN PERUBAHAN EKUITAS KONSOLIDASI UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2009 DAN 2008
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008
Catatan/ Notes
Modal ditempatkan dan disetor/ Subscribed and paid-up capital stock US$'000 Modal saham diperoleh kembali/ Treasury stocks US$'000 Jumlah Ekuitas/ Total equity US$'000 Saldo Laba/Retained earnings Ditentukan Tidak ditentukan penggunaannya/ penggunaannya/ Appropriated Unappropriated US$'000 US$'000
Agio saham/ Additional paid-in capital US$'000
Keuntungan (kerugian) yang belum Selisih transaksi direalisasi dari perubahan ekuitas pemilikan efek/ perusahaan asosiasi/ Unrealized gain (loss) Difference due to on available-for-sale change in equity Surplus revaluasi/ investments of associate Revaluation reserve US$'000 US$'000 US$'000 Selisih kurs karena penjabaran laporan keuangan/ Translation adjustment US$'000
59.348 3.981 551 (22.876) (551) (2.140) (1.865) (15.524) -
60.842
(86.628)
2.140
(4.158)
(91)
5.347
330.086
366.886 (15.524) (2.140) (1.865) 6.824 (22.876) -
Balance as of January 1, 2008 (As remeasured - Note 2)
Saldo per 1 Januari 2008 (Pengukuran kembali - Catatan 2) Selisih kurs karena penjabaran laporan keuangan Laba (rugi) pemilikan efek Sudah direalisasi Belum direalisasi
3d 3g,5
22,23 32 32
2.843 -
Pelaksanaan waran Dividen Pembentukan cadangan umum Selisih transaksi perubahan ekuitas perusahaan asosiasi Laba bersih 64.823 (86.628) (1.865) (15.615) 5.898 4.158 -
3g,8
218.364 525.023
4.158 218.364 553.827
Translation adjustment Gain (loss) on securities Realized Unrealized Issuance of shares through exercise of warrants Dividends Appropriation for general reserve Difference due to change in equity of associate Net income
62.191
22,23 292.268 (54.591)
8.745 (1.213)
50.001
58.746 (1.213)
Balance as of December 31, 2008 (As remeasured - Note 2) Issuance of shares through right issue
3d
25 25 3g,5
54.591
292.268 -
Saldo per 31 Desember 2008 (Pengukuran kembali - catatan 2) Pengeluaran saham baru melalui penawaran umum terbatas Selisih kurs karena penjabaran laporan keuangan Surplus revaluasi bersih selama tahun berjalan Transfer ke laba ditahan Laba pemilikan efek Sudah direalisasi Belum direalisasi Dividen Rugi bersih (86.628) 757 237.677 1.865 757 (16.828)
32
5.898
(2.082) (285.876) 291.656
1.865 757 (2.082) (285.876) 618.292
Translation adjustment Net revaluation reserve during the year Transfer to retained earnings Gain on securities Realized Unrealized Dividends Net loss Balance as of December 31, 2009
Saldo per 31 Desember 2009
70.936
114.824
-6-
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN ARUS KAS KONSOLIDASI UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2009 DAN 2008
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008 2008 (Pengukuran kembali Catatan 2/ As remeasured Note 2) US$'000 711.176 (417.466) 293.710 (129.919) (3.616) (2.737) 809 158.247 351.549 (402.148) 5.871 228.839 840 (407.877) (22.195) 8.400 138 (236.583) CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers Cash paid to suppliers and employees Cash generated from operations Interest paid Profit sharing paid on Syari'ah Mudharabah and Sukuk Ijarah Income tax paid Receipts from insurance claim Net Cash Provided by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Withdrawal of temporary investments Placement of temporary investments Interest received Net proceeds from sale of property, vessels and equipment Decrease (increase) in advances for the purchase of property, vessels and equipment Acquisitions of property, vessels and equipment Security deposit on vessels leased back Return of capital from investment in associate Acquisition associates company Acquisition of subsidiary Net Cash Used in Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from loans from banks and other financial institutions Proceeds from issuance of new shares through rights issue Net proceeds from issuance of bonds payable Payments of loans from banks and other financial institutions Payment of other long-term payable Dividends paid Payment of bonds payable Payments of obligations under finance lease Proceeds of capital stock from exercise of warrants Net Cash Provided by (Used in) Financing Activities NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Reclassification of restricted cash Effect of exchange rate changes on cash CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR SUPPLEMENTAL DISCLOSURES Noncash investing and financing activities: Addition to property, vessels and equipment through lease payable Increase (decrease) due to translation adjustments in: Property, vessels and equipment Accumulated depreciation Long-term bank loans
2009 US$'000 ARUS KAS DARI AKTIVITAS OPERASI Penerimaan dari pelanggan Pembayaran kepada pemasok dan karyawan Kas dihasilkan dari operasi Pembayaran bunga Pembayaran bagi hasil Obligasi Syari'ah Mudharabah dan Sukuk Ijarah Pembayaran pajak penghasilan Penerimaan klaim asuransi Kas Bersih Diperoleh dari Aktivitas Operasi ARUS KAS DARI AKTIVITAS INVESTASI Pencairan investasi sementara Penempatan investasi sementara Penerimaan bunga Hasil penjualan aset tetap - bersih Pengurangan (penambahan) uang muka pembelian aset tetap Perolehan aset tetap Uang jaminan atas sewa balik kapal Pengembalian modal dari investasi pada perusahaan asosiasi Akuisisi perusahaan asosiasi Akuisisi anak perusahaan Kas Bersih Digunakan untuk Aktivitas Investasi ARUS KAS DARI AKTIVITAS PENDANAAN Penerimaan dari hutang bank dan lembaga keuangan Pengeluaran saham baru melalui penawaran umum terbatas Penerimaan bersih dari penerbitan hutang obligasi Pembayaran hutang bank dan lembaga keuangan Pembayaran hutang lain-lain jangka panjang Pembayaran dividen Pembayaran hutang obligasi Pembayaran kewajiban sewa pembiayaan Penerimaan setoran modal dari pelaksanaan waran Kas Bersih Diperoleh dari (Digunakan untuk) Aktivitas Pendanaan KENAIKAN (PENURUNAN) BERSIH KAS DAN SETARA KAS Reklasifikasi kas yang dibatasi penggunaannya Pengaruh perubahan kurs mata uang asing KAS DAN SETARA KAS AWAL TAHUN KAS DAN SETARA KAS AKHIR TAHUN PENGUNGKAPAN TAMBAHAN Aktivitas investasi dan pendanaan yang tidak mempengaruhi kas: Penambahan aset tetap melalui kewajiban sewa pembiayaan Penambahan (pengurangan) karena penjabaran laporan keuangan: Aset tetap Akumulasi penyusutan Hutang bank jangka panjang Lihat catatan atas laporan keuangan konsolidasi yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi. 290.868 58.746 48.520 (323.756) (591) (2.103) (11.709) 582.216 (356.907) 225.309 (120.646) (2.307) (932) 215 101.639 139.124 (48.176) 1.068 50.075 (46.905) (137.297) (66.231) (108.342)
285.337 (288.519) (22.941) (42.644) (34.313) 6.824
59.975 53.272 210 65.250 118.732
(96.256) (174.592) 29.200 327 210.315 65.250
35.895
91.952
425 709 12.288
(19.900) (3.098) 82.627
-7-
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2009 DAN 2008 SERTA UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED
1.
UMUM a. Pendirian dan Informasi Umum P.T. Berlian Laju Tanker Tbk (Perusahaan) didirikan berdasarkan akta No. 60 tanggal 12 Maret 1981 dengan nama P.T. Bhaita Laju Tanker, yang kemudian dengan akta No. 4 tanggal 5 September 1988 diubah namanya menjadi P.T. Berlian Laju Tanker. Kedua akta tersebut dibuat dihadapan Raden Santoso, notaris di Jakarta, dan telah mendapat persetujuan dari Menteri Kehakiman Republik Indonesia dalam Surat Keputusannya No.C2-2630.HT.01.01-Th.89 tanggal 31 Maret 1989, serta diumumkan dalam Berita Negara Republik Indonesia No. 70 tanggal 1 September 1989, Tambahan No. 1729. Anggaran Dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dengan akta No. 31 tanggal 28 Juli 2009 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, mengenai peningkatan modal disetor. Perubahan anggaran dasar tersebut telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusannya No. AHU-AH.01.10-15036 tanggal 4 September 2009.
1.
GENERAL a. Establishment and General Information P.T. Berlian Laju Tanker Tbk (the Company) was established based on notarial deed No. 60 dated March 12, 1981 under the name of P.T. Bhaita Laju Tanker. The Company's name was changed to P.T. Berlian Laju Tanker based on notarial deed No. 4 dated September 5, 1988. Both deeds were notarized by Raden Santoso, notary in Jakarta. The deed of establishment was approved by the Minister of Justice of the Republic of Indonesia in his Decision Letter No. C2-2630.HT.01.01.Th.89 dated March 31, 1989 and was published in State Gazette of the Republic of Indonesia No. 70 dated September 1, 1989, Supplement No. 1729. The Company's articles of association have been amended several times, most recently by notarial deed No. 31 dated July 28, 2009 of Amrul Partomuan Pohan, S.H., LLM, notary in Jakarta, concerning the additional paid up capital stock. Such amendments were approved by the Minister of Law and Human Rights of the Republic of Indonesia in his Decision Letter No. AHU-AH.01.10-15036 dated September 4, 2009. The Company is domiciled in Jakarta and has two branches in Merak, Dumai and representative offices in China, India, Brazil, United Arab Emirates and Taiwan. Its head office is located at Wisma Bina Surya Group th (BSG) 10 Floor, Jl. Abdul Muis No. 40, Jakarta. In accordance with article 3 of the Companys articles of association, the scope of its activities comprise of local and overseas shipping including but not limited to tanker, barges and tugboat operations. The Company is presently engaged in providing cargo shipping with concentration on liquid cargo transportation services in Indonesia, Asia, Europe and America. The Company started its commercial operations in 1981. The Company had average total number of employees of 403 in 2009 and 388 in 2008.
Perusahaan berkedudukan di Jakarta, mempunyai dua kantor cabang di Merak, Dumai dan kantor perwakilan di Cina, India, Brazil, Uni Emirat Arab dan Taiwan. Kantor pusat beralamat di Wisma Bina Surya Group (BSG) Lt. 10 Jl. Abdul Muis No. 40 Jakarta. Sesuai dengan pasal 3 anggaran dasar Perusahaan, ruang lingkup kegiatan Perusahaan meliputi usaha dalam bidang perkapalan dalam dan luar negeri dengan menggunakan kapal-kapal, termasuk tetapi tidak terbatas pada kapal tanker, tongkang dan kapal tunda (tugboat). Perusahaan bergerak dalam bidang jasa seperti pelayaran/angkutan laut dengan konsentrasi pada angkutan muatan bahan cair baik dalam kawasan Indonesia maupun Asia, Eropa dan Amerika. Perusahaan mulai beroperasi secara komersial pada tahun 1981. Jumlah karyawan Perusahaan rata-rata 403 karyawan untuk tahun 2009 dan 388 karyawan untuk tahun 2008.
-8-
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2009 DAN 2008 SERTA UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued)
Susunan pengurus Perusahaan pada tanggal 31 Desember 2009 adalah sebagai berikut: Dewan Komisaris Komisaris Utama Komisaris Komisaris Independen Dewan Direksi Direktur Utama Direktur
The Companys management as of December 31, 2009 consisted of the following: Board of Commissioners President Commissioner Commissioner Independent Commissioners Board of Directors President Director Directors
Hadi Surya Harijadi Soedarjo Alan Jonathan Tangkas Darmawan Jaka Prasetya Widihardja Tanudjaja Michael Murni Gunawan Wong Kevin Siana Anggraeni Surya Henrianto Kuswendi Alan Jonathan Tangkas Darmawan Jaka Prasetya Max Budiarto Sumakno
Komite Audit Ketua Anggota b. Anak Perusahaan
Audit Committee Chairman Members
b. Subsidiaries The Company owns 100% equity in Indigo Pacific Corporation, Diamond Pacific International Corporation, Asean Maritime Corporation (all domiciled in foreign country) and P.T. BLT International Group (domiciled in Indonesia), all of which are operating as investment holding companies. The Company also owns P.T. Banyu Laju Shipping, P.T. Brotojoyo Maritime and P.T. Buana Listya Tama, owners and operators of vessels, and P.T. Bayu Lestari Tanaya, operating as a shipping agency, which are all domiciled in Indonesia. Details of the Companys subsidiaries, directly or indirectly owned, are as follows:
Perusahaan memiliki 100% saham Indigo Pacific Corporation, Diamond Pacific International Corporation, Asean Maritime Corporation (ketiganya berkedudukan di luar negeri) dan P.T. BLT International Group (berkedudukan di Indonesia), semuanya bergerak dalam bidang investasi. Perusahaan juga memiliki P.T. Banyu Laju Shipping, P.T. Brotojoyo Maritime dan P.T. Buana Listya Tama yang bergerak dalam bidang pengoperasian dan pemilikan kapal serta P.T. Bayu Lestari Tanaya yang bergerak dalam bidang agen perkapalan, keempat anak perusahaan ini berdomisili di Indonesia. Berikut adalah rincian anak perusahaan yang dimiliki oleh Perusahaan, baik langsung maupun tidak langsung melalui anak perusahaan:
Tahun Operasi Komersial/ Bidang usaha/ Anak Perusahaan/Subsidiaries Type of business Domisili/ Domicile Start of Commercial Operations
Jumlah Aset 31 Desember 2009/ Total Assets as of December 31, 2009 US$'000 263.930
1.
Indigo Pacific Corporation
Perusahaan Investasi/ Investment holding company Perusahaan Investasi/ Investment holding company Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Labuan, Malaysia British Virgin Islands Panama
24 Desember 1997/ December 24, 1997 8 Pebruari 1993/ February 8, 1993 24 Pebruari 1993/ February 24, 1993 24 Juni 1997/ June 24, 1997 11 Oktober 2000/ October 11, 2000 15 Nopember 2000/ November 15, 2000 24 Nopember 2001/ November 24, 2001
1.1.
Indigo Pacific Corporation
265.177
1.1.1.
Melani Maritime Inc.
32.934
1.1.2.
Zona Overseas International Shipping S.A. Kunti Maritime Pte. Ltd.
Panama
79.702
1.1.3.
Singapore
4.236
1.1.4.
Jembawati Maritime Pte. Ltd.
Singapore
14.845
1.1.5.
Tirtasari Maritime Pte. Ltd.
Singapore
3.691
-9-
Tahun Operasi Komersial/ Jumlah Aset 31 Desember 2009/ Total Assets as of December 31, 2009 US$'000 9.732
Bidang usaha/ Anak Perusahaan/Subsidiaries Type of business
Domisili/ Domicile
Start of Commercial Operations
1.1.6.
Pergiwo Navigation Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pembiayaan/Financing
Singapore
26 April 2002/ April 26, 2002 14 Agustus 2002/ August 14, 2002 26 Agustus 2002/ August 26, 2002 26 Agustus 2002/ August 26, 2002 20 Juni 2005/ June 20, 2005 10 Maret 2006/ March 10, 2006 12 Maret 2006/ March 12, 2006 5 Juni 2006/ June 5, 2006 12 April 2006/ April 12, 2006 27 April 2007/ April 27, 2007 6 Juni 2007/ June 6, 2007 23 Juni 2007/ June 23, 2007 21 Juni 2007/ June 21, 2007 6 Juni 2007/ June 6, 2007 16 April 2008/ April 16, 2008 12 Oktober 2008/ October 12, 2008 12 Oktober 2008/ October 12, 2008 12 Oktober 2008/ October 12, 2008 12 Oktober 2008/ October 12, 2008 12 Oktober 2008/ October 12, 2008 12 Oktober 2008/ October 12, 2008 12 Oktober 2008/ October 12, 2008
1.1.7.
Fatmarini Maritime Pte. Ltd.
Singapore
32.773
1.1.8.
Harsanadi Maritime Pte. Ltd.
Singapore
5.519
1.1.9.
Hartati Maritime Pte. Ltd.
Singapore
2.720
1.1.10.
BLT Finance Corporation
British Virgin Islands
19.260
1.1.11.
Pujawati Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pembiayaan/Financing
Singapore
6.030
1.1.12.
Pertiwi Maritime Pte. Ltd.
Singapore
8.417
1.1.13.
Anggraini Maritime Pte. Ltd.
Singapore
41.587
1.1.14.
Emerald Maritime Pte. Ltd.
Singapore
15.531
1.1.15.
BLT Finance B.V
The Netherlands
367.548
1.1.16.
Tridonawati Maritime Pte. Ltd
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
52
1.1.17.
Purbasari Maritime Pte. Ltd
Singapore
20.394
1.1.18.
Tridonawati Maritime Corporation
Liberia
44.937
1.1.19.
Trirasa Maritime Pte. Ltd
Singapore
27
1.1.20.
Pramoni Maritime Pte. Ltd
Singapore
30.925
1.1.21.
Fatmarini Shipping Pte. Ltd
Singapore
23.613
1.1.22.
Frabandari Shipping Pte. Ltd
Singapore
23.898
1.1.23.
Harsanadi Shipping Pte. Ltd
Singapore
34.240
1.1.24.
Hartati Shipping Pte. Ltd
Singapore
31.637
1.1.25.
Nogogini Shipping Pte. Ltd
Singapore
20.753
1.1.26.
Nolowati Shipping Pte. Ltd
Singapore
19.281
1.1.27.
Ratih Shipping Pte. Ltd
Singapore
17.759
- 10 -
Domisili/ Domicile
2.
Diamond Pacific International Corporation Diamond Pacific International Corporation Lenani Maritime Inc.
Perusahaan Investasi/ Investment holding company Perusahaan Investasi/ Investment holding company Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Agen perkapalan/ Shipping agency Pengoperasian kapal/ Operator of vessel Manajemen perkapalan/ Ship management Manajemen perkapalan/ Ship management Pengoperasian kapal/ Operator of vessel Pengoperasian kapal/ Operator of vessel Pengoperasian kapal/ Operator of vessel Pengoperasian kapal/ Operator of vessel Pengoperasian kapal/ Operator of vessel Pengoperasian kapal/ Operator of vessel Pengoperasian kapal/ Operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian kapal/ Operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
24 Desember 1997/ December 24, 1997 9 Pebruari 1993/ February 9, 1993 24 Pebruari 1993/ February 24, 1993 25 Juli 2002 July 25, 2002 27 Mei 1998/ May 27, 1998 26 April 2002/ April 26, 2002 10 Maret 2002/ March 10, 2002 2 Pebruari 2004/ February 2, 2004 2 Pebruari 2004/ February 2, 2004 2 Pebruari 2004/ February 2, 2004 2 Pebruari 2004/ February 2, 2004 2 Pebruari 2004/ February 2, 2004 2 Pebruari 2004/ February 2, 2004 2 Pebruari 2004/ February 2, 2004 2 Pebruari 2004/ February 2, 2004 25 Juli 2002/ July 25, 2002 14 Agustus 2002/ August 14, 2002 3 Juli 2003/ July 3, 2003 3 Juli 2003/ July 3, 2003 17 Maret 2004/ March 17, 2004 20 Maret 2008/ March 20, 2008 12 Juni 2008/ June 12, 2008
2.1.
164.133
2.1.1.
65.027
2.1.1.1
Ontari Maritime Pte. Ltd.
Singapore
8.579
2.1.2.
Averina Maritime S.A.
Panama
45.848
2.1.3.
Gandari Navigation Pte. Ltd.
Singapore
782
2.1.4.
GBLT Shipmanagement Pte. Ltd.
Singapore
1.191
2.1.4.1.
GBLT Shipmanagement Ltd.
United Kingdom
3.414
2.1.4.1.1
Harsanadi Shipping Ltd.
United Kingdom
24
2.1.4.1.2
Hartati Shipping Ltd.
United Kingdom
144
2.1.4.1.3
Frabandari Shipping Ltd.
United Kingdom
122
2.1.4.1.4
Fatmarini Shipping Ltd.
United Kingdom
627
2.1.4.1.5
Nolowati Shipping Ltd.
United Kingdom
23
2.1.4.1.6
Nogogini Shipping Ltd.
United Kingdom
173
2.1.4.1.7
Ratih Shipping Ltd.
United Kingdom
473
2.1.5.
Cendanawati Navigation Pte. Ltd.
Singapore
10.129
2.1.6.
Frabandari Maritime Pte. Ltd.
Singapore
25.510
2.1.7.
Brotojoyo Maritime Pte. Ltd.
Singapore
18.276
2.1.8.
Berlian Laju Tanker Pte. Ltd.
Singapore
9.025
2.1.9.
Anjasmoro Maritime Pte. Ltd.
Singapore
47.193
2.1.10.
Gas Lombok Maritime Pte. Ltd.
Singapore
44.023
2.1.11.
Gas Sumbawa Maritime Pte. Ltd.
Singapore
44.150
- 11 -
Domisili/ Domicile
2.2.
BLT LNG Tangguh Corporation
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Perusahaan Investasi/ Investment holding company Perusahaan Investasi/ Investment holding company Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Agen perkapalan/ Shipping agency Agen perkapalan/ Shipping agency Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Marshall Island
8 Juli 2005/ July 8, 2005 16 September 1997/ September 16, 1997 20 Nopember 1996/ November 20, 1996 30 Mei 1996/ May 30, 1996 23 Juni 1997/ June 23, 1997 27 April 1990/ April 27, 1990 27 Juli 2006/ July 27, 2006 23 Juni 1997/ June 23, 1997 1 Nopember 2002/ November 1, 2002 22 Nopember 1984/ November 22, 1984 23 Juni 1997/ June 23, 1997 2 Januari 2002/ January 2, 2002 3 Desember 1993/ December 3, 1993 26 Mei 1994/ May 26, 1994 23 Juni 1997/ June 23, 1997 20 Januari 2002/ January 20, 2002 23 Juni 1997/ June 23, 1997 1 Nopember 2002/ November 1, 2002 29 Januari 1997/ January 29, 1997 24 Nopember 1997/ November 24, 1997 6 April 2001/ April 6, 2001 18 April 2001/ April 18, 2001
3.
Asean Maritime Corporation
374.330
3.1.
Gold Bridge Shipping Corporation
32.832
3.1.1.
Bauhinia Navigation S.A.
1.788
3.1.2.
Cempaka Navigation S.A.
Panama
5.551
3.1.3.
Gold Bridge Shipping Ltd.
Hong Kong
3.963
3.1.3.1
BLT Shipping Shanghai Co. Ltd.
China
749
3.1.4.
Great Tirta Shipping S.A.
Panama
4.797
3.1.4.1.
Dewayani Maritime Pte. Ltd.
Singapore
3.041
3.1.5.
Hopeway Marine Inc.
Panama
16.796
3.1.6.
Lestari International Shipping S.A.
Panama
5.439
3.1.6.1.
Gandini Maritime Pte. Ltd.
Singapore
4.361
3.1.7.
Quimera Maritime S.A.
Panama
10.182
3.1.8.
South Eastern Overseas Navigation S.A. Zenith Overseas Maritime S.A.
Panama
5.199
3.1.9.
Panama
231
3.1.9.1.
Gandari Maritime Pte. Ltd.
Singapore
129.537
3.1.10.
Zona Shipping S.A.
Panama
4.296
3.1.10.1.
Dewi Sri Maritime Pte. Ltd.
Singapore
2.735
3.1.11.
Dahlia Navigation S.A.
Panama
1.286
3.1.12.
Eglantine Navigation S.A.
Panama
1.819
3.1.13.
Wulansari Maritime Pte. Ltd.
Singapore
15.761
3.1.14.
Yanaseni Maritime Pte. Ltd.
Singapore
11.105
- 12 -
Domisili/ Domicile
3.1.15.
Indradi Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Perusahaan Investasi/ Investment holding company Jasa penyimpanan/ Storage services Agen perkapalan/ Shipping agency Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
13 September 2001/ September 13, 2001 4 Juni 2001/ June 4, 2001 8 Juni 2001/ June 8, 2001 26 September 2001/ September 26, 2001 24 Nopember 2001/ November 24, 2001 25 Juli 2002/ July 25, 2002 25 Juli 2002/ July 25, 2002 15 Nopember 2002/ November 15, 2002 29 Nopember 2002/ November 29, 2002 12 Agustus 2004/ August 12, 2004 12 Agustus 2004/ August 12, 2004 12 Agustus 2004/ August 12, 2004 10 Nopember 2004/ November 10, 2004 8 Nopember 2004/ November 8, 2004 10 Nopember 2004/ November 10, 2004 11 Nopember 2004/ November 11, 2004 12 Nopember 2004/ November 12, 2004 13 Nopember 2004/ November 13 2004 14 Nopember 2004/ November 14, 2004 8 Oktober 2004/ October 8, 2004 8 Januari 2005/ January 8, 2005 8 Januari 2005/ January 8, 2005 19 Januari 2005/ January 19, 2005
3.1.16.
Gold Bridge Logistic Ltd.
Hong Kong
1.000
3.1.16.1
Beihai New Resources Logistic Corporation Gold Bridge Shipping Agencies S.A. Elite Bauhinia Navigation Pte. Ltd.
China
2.338
3.1.17.
Panama
755
3.1.18.
Singapore
11.339
3.1.19.
Cempaka Navigation Pte. Ltd.
Singapore
1.743
3.1.20.
Dahlia Navigation Pte. Ltd.
Singapore
15.895
3.1.21.
Freesia Navigation S.A.
Panama
20.002
3.1.22.
Gerbera Navigation S.A.
Panama
27.515
3.1.23.
Mustokoweni Maritime Pte Ltd.
Singapore
1.817
3.1.24.
Ulupi Maritime Pte. Ltd.
Singapore
16.283
3.1.25.
Erowati Maritime Pte. Ltd.
Singapore
14.705
3.1.26.
Gas Papua Maritime Pte Ltd.
Singapore
24.338
3.1.27.
Rasawulan Maritime Pte. Ltd.
Singapore
15.703
3.1.28.
Gas Sulawesi Maritime Pte. Ltd.
Singapore
21.635
3.1.29.
Tribuana Maritime Pte. Ltd.
Singapore
19.643
3.1.30.
Gagarmayang Maritime Pte. Ltd.
Singapore
47.806
3.1.31.
Prita Dewi Maritime Pte. Ltd.
Singapore
22.869
3.1.32.
Purwati Maritime Pte. Ltd.
Singapore
38.986
3.1.33.
Trijata Maritime Pte Ltd.
Singapore
20.632
3.1.34.
Pradapa Maritime Pte. Ltd.
Singapore
3.1.35.
Pergiwati Maritime Pte. Ltd.
Singapore
51.442
3.1.36.
Badraini Maritime Pte. Ltd.
Singapore
20.417
- 13 -
Domisili/ Domicile
3.1.37.
Barunawati Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Pengoperasian dan pemilikan kapal/ Owner and operator of vessel Perusahaan investasi/ Investment holding company Perusahaan investasi/ Investment holding company Perusahaan investasi/ Investment holding company Perusahaan investasi/ Investment holding company Penyimpanan dan penjualan produk kimia/Storage and sale of chemical product Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel Perusahaan investasi/ Investment holding company Perusahaan investasi/ Investment holding company Pengoperasian & pemilikan kapal/ Owner and operator of vessel Manajemen perkapalan/ Ship management Manajemen perkapalan/ Ship management Manajemen perkapalan/ Ship management Manajemen perkapalan/ Ship management Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Singapore
19 Januari 2005/ January 19, 2005 8 April 2005/ April 8, 2005 22 April 2005/ April 22, 2005 6 Juli 2005/ July 6, 2005 12 Agustus 2005/ August 12, 2005 26 September 2005/ September 26, 2005 18 Januari 2007/ January 18, 2007 14 Juni 2007/ June 14, 2007 18 Agustus 2006/ August 18, 2006 25 Agustus 2006/ August 25, 2006 12 Juli 2007 July 12, 2007
3.1.38.
Gas Maluku Maritime Pte. Ltd.
Singapore
11.822
3.1.39.
Barawati Maritime Pte. Ltd.
Singapore
10.665
3.1.40.
Gas Bali Maritime Pte. Ltd.
Singapore
21.590
3.1.41.
Eustoma Navigation S.A.
Panama
9.288
3.1.42.
Puspawati Maritime Pte. Ltd.
Singapore
31.722
3.1.43.
Diamond Flow Ltd.
Hong Kong
3.1.44
Likabula International Ltd.
Hong Kong
246
3.1.45.
Richesse International Corp
British Virgin Islands Hong Kong
16
3.1.45.1
Richesse Logistic (International) Ltd. Richesse Logistic (Fangcheng Port) Co. Ltd.
10.533
3.1.45.1.1
China
21.244
3.1.46
Hyacinth Navigation S.A
Panama
12 Maret 2008/ March 12, 2008 12 Maret 2008/ March 12, 2008 5 Oktober 2007/ October 5, 2007 25 Januari 2007/ January 25, 2007 25 Januari 2007/ January 25, 2007 25 Januari 2007/ January 25, 2007 22 Mei 2007/ May 22, 2007 29 Maret 2007/ March 29, 2007 17 Juli 2008/ July 17, 2008 2 Nopember 2007/ November 2, 2007 2 Nopember 2007/ November 2, 2007
32.388
3.1.47
Irish Maritime International S.A
Panama
3.744
3.2.
BLT Chembulk Corp BVI
British Virgin Islands Marshall Islands
129.706
3.2.1
Chembulk Tankers LLC
33.633
3.2.1.1
Chembulk Trading II LLC
Marshall Islands
377.381
3.2.1.2
Chembulk Management LLC
United States of America The Netherlands
1.226
3.2.1.3
Chembulk Management B.V.
156
3.2.1.4
Chembulk Management Pte. Ltd.
Singapore
1.210
3.2.1.5
CBL Tankers Do Brazil Ltd.
Brazil
3.2.2
Chembulk Barcelona Pte. Ltd.
Singapore
60.247
3.2.3
Chembulk Gibraltar Pte. Ltd.
Singapore
36.713
- 14 -
Domisili/ Domicile
3.2.4
Chembulk Hong Kong Pte. Ltd.
Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel * Perusahaan investasi/ Investment holding company ** Perusahaan investasi/ Investment holding company Pengoperasian & pemilikan kapal/ Owner and operator of vessel Perusahaan investasi/ Investment holding company Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian kapal/ Operator of vessel Agen kru/Crew agency
Singapore
2 Nopember 2007/ November 2, 2007 2 Nopember 2007/ November 2, 2007 2 Nopember 2007/ November 2, 2007 2 Nopember 2007/ November 2, 2007 2 Nopember 2007/ November 2, 2007 2 Nopember 2007/ November 2, 2007 2 Nopember 2007/ November 2, 2007 2 Nopember 2007/ November 2, 2007 2 Nopember 2007/ November 2, 2007 22 Juni 2008/ June 22, 2008 22 Oktober 2009/ October 22, 2009 1 Agustus 2007/ August 1, 2007 25 Juli 1991/ July 25, 1991 18 Desember 2003/ December 18, 2003 20 Januari 2003/ January 20, 2003 10 Nopember 2003/ November 10, 2003 20 Nopember 2003/ November 20, 2003 12 Mei 2005/ May 12, 2005 24 Maret 2006/ March 24, 2006 9 Nopember 2006/ November 9, 2006 9 Nopember 2006/ November 9, 2006 9 Nopember 2006/ November 9, 2006
3.2.5
Chembulk Houston Pte. Ltd.
Singapore
36.121
3.2.6
Chembulk Kobe Pte. Ltd.
Singapore
38.374
3.2.7
Chembulk New York Pte. Ltd.
Singapore
48.118
3.2.8
Chembulk Savannah Pte. Ltd.
Singapore
45.402
3.2.9
Chembulk Shanghai Pte. Ltd.
Singapore
35.306
3.2.10
Chembulk Ulsan Pte. Ltd.
Singapore
40.906
3.2.11
Chembulk Virgin Gorda Pte. Ltd.
Singapore
60.608
3.2.12
Chembulk Yokohama Pte. Ltd.
Singapore
40.219
3.2.13
Chembulk New Orleans Pte. Ltd.
Singapore
67.698
3.3
BLT International Corp.
Hong Kong
50
3.4
Nevaeh Limited
British Virgin Island Indonesia
4.
PT Banyu Laju Shipping
21.879
4.1.
Banyu Laju Corporation
Labuan, Malaysia Indonesia
163
5.
PT Brotojoyo Maritime
11.059
5.1.
PT Gemilang Bina Lintas Tirta
Indonesia
1.079
5.1.1.
PT Karya Bakti Adil
Indonesia
1.656
6.
PT Buana Listya Tama
Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Indonesia
128.527
6.1.
PT Anjasmoro Maritime
Indonesia
20
6.2.
PT Pearl Maritime
Indonesia
4.493
6.3.
PT Ruby Maritime
Indonesia
41.004
6.4.
PT Sapphire Maritime
Indonesia
13.594
- 15 -
Domisili/ Domicile
6.5.
PT Citrine Maritime
Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel Pengoperasian & pemilikan kapal/ Owner and operator of vessel * Pengoperasian & pemilikan kapal/ Owner and operator of vessel * Pengoperasian & pemilikan kapal/ Owner and operator of vessel * Pengoperasian & pemilikan kapal/ Owner and operator of vessel Agen Perkapalan/Shipping agency
Indonesia
29 Mei 2006/ May 29, 2006 29 Mei 2006/ May 29, 2006 29 Mei 2006/ May 29, 2006 19 Mei 2009/ May 19, 2009 19 Mei 2009/ May 19, 2009 19 Mei 2009/ May 19, 2009 22 Maret 2005/ March 22, 2005 16 Nopember 2007/ November 16, 2007 23 Desember 2009/ December 23, 2009
6.6.
PT Diamond Maritime
Indonesia
26.435
6.7.
PT Emerald Maritime
Indonesia
61.138
6.8.
PT Jade Maritime
Indonesia
26
6.9.
PT Onyx Maritime
Indonesia
26
6.10.
PT Topaz Maritime
Indonesia
26
7.
PT Bayu Lestari Tanaya
Indonesia
40
7.1.
PT Berlian Dumai Logistic
Perdagangan umum/ General trading * Perusahaan investasi/ Investment holding company
Indonesia
24
PT BLT International Group
Indonesia
27
* Merupakan pendirian perusahaan baru di tahun 2009/Newly established companies in 2009. ** Merupakan akuisisi perusahaan di tahun 2009/Newly acquired company in 2009. c. Penawaran Umum Efek Perusahaan dan Obligasi Saham Perusahaan menawarkan 2.100.000 saham kepada masyarakat melalui bursa efek di Indonesia seharga Rp 8.500 setiap saham, yang telah disetujui oleh Menteri Keuangan Republik Indonesia dengan Surat Keputusannya No. S1-076/SHM/MK.01/1990 tanggal 22 Januari 1990. Saham-saham tersebut telah tercatat pada bursa efek di Indonesia pada tanggal 26 Maret 1990. Pada tanggal 27 Januari 1993, Perusahaan memperoleh Surat Pemberitahuan Efektif No. S-109A/PM/1993 dari Ketua Badan Pengawas Pasar Modal (Bapepam) (sekarang menjadi Bapepam-LK) untuk mengadakan Penawaran Umum Terbatas I kepada para pemegang saham sejumlah 29.400.000 saham seharga Rp 1.600 setiap saham. Saham-saham tersebut telah tercatat pada Bursa Efek Jakarta dan Bursa Efek Surabaya (sekarang Bursa Efek Indonesia) pada tanggal 24 Mei 1993. c. Public Offering of Shares and Bonds
Shares The Companys offering of 2,100,000 shares to the public through the stock exchanges in Indonesia, at a price of Rp 8,500 per share, was approved by the Minister of Finance of the Republic of Indonesia in his Decision Letter No. S1-076/SHM/MK.01/1990 dated January 22, 1990. These shares were listed on the stock exchanges in Indonesia on March 26, 1990.
On January 27, 1993, the Company obtained the notice of effectivity from the Chairman of the Capital Market Supervisory Agency (Bapepam) (currently Bapepam-LK) in his letter No. S-109A/PM/1993 for its Rights Issue I to the stockholders totaling 29,400,000 shares at a price of Rp 1,600 per share. These shares were listed on the Jakarta and Surabaya Stock Exchanges (currently Indonesian Stock Exchange) on May 24, 1993.
- 16 -
Pada tanggal 26 Desember 1997, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam dengan suratnya No. S-2966/PM/1997 untuk melakukan Penawaran Umum Terbatas II dengan Hak Memesan Efek Terlebih Dahulu kepada pada pemegang saham sebanyak 305.760.000 saham dan 61.152.000 waran dengan harga pelaksanaan Rp 1.200 per waran. Pemegang waran dapat melaksanakan haknya untuk membeli saham mulai tanggal 16 Juli 1998 sampai dengan tanggal 20 Januari 2003. Berdasarkan Addendum Pernyataan Penerbitan Waran sebagaimana tercantum dalam akta No. 32 tanggal 17 Oktober 2002 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, Perusahaan memutuskan untuk menambah jangka waktu waran selama 5 (lima) tahun sampai tanggal 18 Januari 2008. Bila waran tidak dilaksanakan sampai masa berlakunya habis, maka waran tersebut menjadi kadaluarsa dan tidak ada nilainya. Sahamsaham tersebut telah dicatat pada Bursa Efek Jakarta dan Bursa Efek Surabaya pada tanggal 16 Januari 1998. Perusahaan melakukan stock split 4:1 pada tahun 2002 dan 2:1 pada tahun 2004. Dengan demikian harga pelaksanaan waran sejak tahun 2005 adalah sebesar Rp 150 per saham. Pada tanggal 18 Desember 2000, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam dengan suratnya No. S-3690/PM/2000 untuk melakukan Penawaran Umum Terbatas III dengan Hak Memesan Efek Terlebih Dahulu kepada para pemegang saham sebanyak 61.152.000 saham. Perusahaan telah mengeluarkan saham baru sebanyak 53.958.150 saham biasa atas nama dengan nilai nominal Rp 500 per saham yang ditawarkan dengan harga Rp 1.100 per saham. Pada tanggal 22 September 2006, Perusahaan memperoleh ijin untuk mencatatkan sahamnya di papan utama (SGX-Mainboard) berdasarkan surat No. RMR/IR/YCH/260407 dari Singapore Exchange Securities Limited (SGX-ST). Sehubungan dengan pencatatan saham tersebut Perusahaan telah merubah anggaran dasarnya yang telah disetujui oleh para pemegang saham dalam Rapat Umum Para Pemegang Saham Luar Biasa pada tanggal 11 September 2006. Pada tanggal 29 Juni 2009, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam-LK dengan suratnya No. S-5658/BL/2009 untuk melakukan Penawaran Umum Terbatas IV dengan Hak Memesan Efek Terlebih Dahulu kepada para pemegang saham. Perusahaan telah mengeluarkan sebanyak 1.392.310.059 saham biasa baru dengan harga penawaran Rp 425 per saham. Pada tanggal 31 Desember 2009, seluruh saham Perusahaan sejumlah 5.981.591.235 saham telah tercatat di Bursa Efek Indonesia dan Singapura. - 17 -
On December 26, 1997, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-2966/PM/1997 for its Rights Issue II with pre-emptive right to stockholders totaling 305,760,000 shares with 61,152,000 warrants at an exercise price of Rp 1,200 per warrant. The holders of warrants can exercise the right to purchase one share from July 16, 1998 to January 20, 2003. Based on the addendum on the statement of warrant issuance which was notarized with notarial deed No. 32 dated October 17, 2002 of Amrul Partomuan Pohan, S.H., LLM, notary in Jakarta, the Company decided to extend the period of warrants for five (5) years until January 18, 2008. If the warrants are not exercised during this period, the warrants will expire and will have no value. The shares were listed on the Jakarta and Surabaya stock exchanges on January 16, 1998.
The Company conducted a stock split of 4:1 in 2002 and 2:1 in 2004. Thus, the exercise price of the warrants since 2005 became Rp 150 per share. On December 18, 2000, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-3690/PM/2000 for its Rights Issue III with pre-emptive right to stockholders totaling 61,152,000 shares. The Company issued 53,958,150 new common shares with nominal value of Rp 500 per share at a price of Rp 1,100 per share.
On September 22, 2006, the Company obtained the eligibility to list all of its shares on the SGX-Mainboard based on letter No. RMR/IR/YCH/260407 from Singapore Exchange Securities Limited (SGX-ST). In connection with the Companys listing of shares, the Company also amended certain provisions of its Articles of Association as approved by the shareholders in their Extraordinary Shareholders Meetings held on September 11, 2006. On June 29, 2009, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-5658/BL/2009 for its rights issue IV with pre-emptive rights to stockholders. The Company issued 1,392,310,059 common shares at an exercise price of Rp 425 per share.
As of December 31, 2009, 5,981,591,235 shares have been listed on the Stock Exchanges in Indonesia and Singapore.
Obligasi dan Wesel Bayar Pada tanggal 4 Mei 2007 dan 17 Mei 2007, BLT Finance B.V. (BLT FBV), anak perusahaan, menerbitkan 7,5% Guaranteed Senior Notes senilai USD 400 juta jatuh tempo tahun 2014 dan USD 125 juta Zero Coupon Guaranteed Convertible Bond jatuh tempo tahun 2012, yang keduanya terdaftar di Bursa Efek Singapura (SGX-ST). Pada tanggal 25 Juni 2007, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam-LK dengan suratnya No. S-3117/BL/2007 untuk melakukan Penawaran Umum Obligasi Berlian Laju Tanker III tahun 2007 sejumlah Rp 700.000 juta dengan tingkat bunga tetap dan Obligasi Sukuk Ijarah tahun 2007 sejumlah Rp 200.000 juta. Pada tanggal 15 Mei 2009, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam-LK dengan suratnya No. S-3908/BL/2009 untuk melakukan Penawaran Umum Obligasi Berlian Laju Tanker IV tahun 2009 sebesar Rp 400.000 juta dan Obligasi Sukuk Ijarah II tahun 2009 sebesar Rp 100.000 juta. 2. PERUBAHAN KEBIJAKAN AKUNTANSI Agar penyajian posisi keuangan, kinerja keuangan atau arus kas Perusahaan dan anak perusahaan lebih relevan dan andal (reliable), Perusahaan melakukan perubahan kebijakan akuntansi sebagai berikut: Perubahan Pengukuran Aset Tetap Efektif 1 Januari 2009, Perusahaan merubah pengukuran aset tetap - kapal termasuk kapal sewa pembiayaan dari model biaya ke model revaluasi. Perubahan kebijakan akuntansi ini diperlakukan secara prospektif. Sebagai akibat dari perubahan kebijakan akuntansi ini, pada tanggal 1 Januari 2009, Perusahaan mencatat saldo Surplus Revaluasi sebesar USD 247.253 ribu dalam ekuitas dan Penurunan Revaluasi sebesar USD 160.215 ribu dalam laporan laba rugi, serta mencatat peningkatan nilai tercatat aset tetap - kapal sebesar USD 87.038 ribu. Perubahan Mata Uang Pelaporan Sampai dengan 31 Desember 2008, pencatatan akuntansi Perusahaan diselenggarakan dalam mata uang Rupiah. Efektif 1 Januari 2009, Perusahaan merubah mata uang pencatatan dan pelaporan dari Rupiah menjadi Dollar Amerika Serikat, yang merupakan mata uang fungsional Perusahaan. Perusahaan telah mendapatkan persetujuan dari Menteri Keuangan Republik Indonesia untuk menyelenggarakan pembukuan dengan menggunakan bahasa Inggris dan mata uang Dollar Amerika Serikat (USD) mulai tahun pajak 2009. 2.
Bonds and Notes Payable On May 4, 2007, and May 17, 2007, BLT Finance B.V. (BLT FBV), a subsidiary, issued USD 400 million 7.5% Guaranteed Senior Notes due 2014 and USD 125 million Zero Coupon Guaranteed Convertible Bonds due 2012, respectively, which were both registered on the SGX-ST. On June 25, 2007, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-3117/BL/2007 for its public offering of Berlian Laju Tanker III Bond year 2007 amounting to Rp 700,000 million with fixed interest rate and Sukuk Ijarah year 2007 amounting Rp 200,000 million. On May 15, 2009, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-3908/BL/2009 for its public offering of Berlian Laju Tanker IV Bonds year 2009 amounting to Rp 400,000 million and Sukuk Ijarah II year 2009 amounting to Rp 100,000 million.
CHANGES IN ACCOUNTING POLICY In order for the presentation of financial position, financial performance or cash flows of the Company and its subsidiaries to be more relevant and reliable, the Company has changed the following accounting policies: Change the Measurement of Vessels Effective January 1, 2009, the Company changed the measurement of its vessel including leased vessels from cost model to revaluation model. This change in accounting policy has been accounted for prospectively. As a result of this change, on January 1, 2009, the Company has recorded "Revaluation Reserve of USD 247,253 thousand in equity and Revaluation Decrease of USD 160,215 thousand in profit and loss, and an increase in the carrying amount of vessels of USD 87,038 thousand.
Change in Reporting Currency Until December 31, 2008, the books of accounts of the Company are maintained in Indonesian Rupiah. Effective January 1, 2009, the Company changed its recording and reporting currency from the Indonesian Rupiah to the U.S. Dollar, which is its functional currency. The Company had received the approval from the Minister of Finance of the Republic of Indonesia to maintain its accounting records in the English language and in United States (U.S.) Dollar reporting currency starting from the 2009 fiscal year.
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Penentuan saldo awal untuk tujuan pencatatan akuntansi dilakukan dengan pengukuran kembali akun-akun laporan keuangan seolah-olah mata uang fungsional tersebut telah digunakan dalam pencatatan transaksi sejak tanggal terjadinya transaksi. Prosedur pengukuran kembali, adalah sebagai berikut: a) aset dan kewajiban moneter diukur kembali dengan menggunakan kurs pada tanggal neraca; aset dan kewajiban non-moneter serta modal saham diukur kembali dengan menggunakan kurs historis, atau kurs pada tanggal perolehan aset tetap, atau kewajiban diakui, atau penerimaan setoran modal saham; pendapatan dan beban diukur kembali dengan menggunakan kurs rata-rata tertimbang selama periode yang diperbandingkan, kecuali untuk beban penyusutan aset tetap atau amortisasi aset non-moneter yang diukur kembali dengan menggunakan kurs historis aset yang bersangkutan; dividen diukur dengan menggunakan tanggal pencatatan dividen tersebut; kurs
Beginning balance for the purpose of the accounting records is determined by remeasuring the financial statements as if the functional currency had been used to record the transactions at the date the transactions are recognized. The procedures for remeasurement are as follows: a) monetary assets and liabilities are remeasured using the exchange rate on the balance sheet date; non-monetary assets and liabilities and capital stock are remeasured using the historical exchange rates, or the rates on the date on which fixed assets are acquired, or liabilities are recognized, or capital stock-subscriptions are received; income and expenses are remeasured using the weighted average exchange rate for the comparative period, except for depreciation of fixed assets or amortization of non-monetary assets which is remeasured using the historical exchange rates of the underlying assets; dividends are remeasured using the exchange rate on the date on which the dividends are recorded; the difference as a result of the above remeasurement is recognized in retained earnings.
b)
b)
c)
c)
d)
d)
e)
perbedaan yang timbul dari pengukuran kembali di atas dicatat dalam saldo laba.
e)
Pengukuran kembali tersebut diatas dilakukan surut (retroaktif) hingga tahun di mana mata uang fungsional tersebut mulai berlaku. Neraca dan laporan laba rugi konsolidasi tahun 2008 sebelum dan setelah pengukuran kembali adalah sebagai berikut:
The remeasurements as specified above are performed retroactively to the year when the functional currency became effective. The consolidated balance sheet and profit and loss year 2008 before and after the remeasurement are as follows:
2008 Sebelum Setelah pengukuran pengukuran kembali/ kembali/ Before After Remeasurement Remeasurement Rp'000.000 US$'000 ASET ASET LANCAR Kas dan setara kas Investasi tersedia untuk dijual Piutang usaha Persediaan Aset lancar lainnya Jumlah Aset Lancar ASET TIDAK LANCAR Aset tetap - bersih Uang jaminan dan beban tangguhan Goodwill - bersih Aset tidak lancar lainnya Jumlah Aset Tidak Lancar JUMLAH ASET ASSETS CURRENT ASSETS Cash and cash equivalents Available-for-sale investments Trade accounts receivable Inventories Others current assets Total Current Assets NONCURRENT ASSETS Property, vessels and equipment - net Security deposits and deferred charges Goodwill - net Others noncurrent assets Total Noncurrent Assets TOTAL ASSETS
714.446 1.416.774 1.058.576 139.627 211.745 3.541.168
65.250 129.386 96.674 12.786 20.008 324.104
20.657.220 244.542 461.984 71.410 21.435.156 24.976.324
1.896.264 28.637 46.648 273 1.971.822 2.295.926
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2008 Sebelum pengukuran kembali/ Before Remeasurement Rp'000.000 KEWAJIBAN DAN EKUITAS KEWAJIBAN LANCAR Instrumen keuangan derivatif Hutang bank Hutang usaha Biaya masih harus dibayar Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Kewajiban lancar lainnya Jumlah Kewajiban Lancar KEWAJIBAN TIDAK LANCAR Hutang jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Wesel bayar Kewajiban sewa pembiayaan Hutang lain-lain jangka panjang Instrumen keuangan derivatif Obligasi konversi Kewajiban tidak lancar lainnya Jumlah Kewajiban Tidak Lancar EKUITAS Modal saham Agio saham Selisih kurs karena penjabaran laporan keuangan Kerugian yang belum direalisasi dari pemilikan efek Saldo laba Ditentukan penggunaannya Tidak ditentukan penggunaannya Jumlah Dikurangi harga perolehan saham diperoleh kembali 412.351.000 saham Jumlah Ekuitas JUMLAH KEWAJIBAN DAN EKUITAS
Setelah pengukuran kembali/ After Remeasurement US$'000 LIABILITIES AND EQUITY CURRENT LIABILITIES Derivative financial instruments Bank loans Trade accounts payable Accrued expenses Current maturities of long-term liabilities Others current liabilities Total Current Liabilities NONCURRENT LIABILITIES
337.089 1.933.650 189.896 380.823 2.058.163 59.250 4.958.871
30.784 176.589 17.346 34.636 187.960 5.416 452.731
7.900.384 893.263 1.445.400 1.701.365 135.880 1.589.928 396.938 56.807 14.119.965
721.496 81.450 132.000 155.376 12.409 145.199 36.250 5.188 1.289.368
Long-term liabilities - net of current maturities Financial institutions Bonds payable Notes payable Obligations under finance lease Other long-term payable Derivative financial instruments Convertible bonds Others noncurrent liabilities Total Noncurrent Liabilities EQUITY Capital stock Additional paid-in capital Translation adjustment Unrealized loss on available-for-sale investment Retained earnings Appropriated Unappropriated Total Less cost of treasury stock - 412,351,000 shares Total Equity TOTAL LIABILITIES AND EQUITY
286.830 570.659 1.362.125 (20.420) 57.366 4.421.850 6.678.410 (780.922) 5.897.488 24.976.324
62.191 64.823 (15.615) (1.865) 5.898 525.023 640.455 (86.628) 553.827 2.295.926
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2008 Sebelum pengukuran kembali/ Before Remeasurement Rp'000.000 PENDAPATAN USAHA BEBAN LANGSUNG LABA KOTOR BEBAN UMUM DAN ADMINISTRASI LABA USAHA PENGHASILAN (BEBAN) LAIN-LAIN Perubahan nilai wajar obligasi konversi dan wesel bayar Keuntungan penjualan aset tetap Pendapatan investasi Kerugian transaksi derivatif Beban keuangan Kerugian penurunan nilai aset tetap Penurunan nilai goodwill Kerugian kurs mata uang asing - bersih Bagian rugi bersih perusahaan asosiasi Lain-lain - bersih Penghasilan (Beban) Lain-lain - Bersih LABA SEBELUM PAJAK BEBAN PAJAK LABA BERSIH 7.005.851 4.762.118 2.243.733 351.819 1.891.914
Setelah pengukuran kembali/ After Remeasurement US$'000 723.682 494.058 229.624 36.311 193.313 OPERATING REVENUES DIRECT COST GROSS PROFIT GENERAL AND ADMINISTRATIVE EXPENSES INCOME FROM OPERATIONS OTHER INCOME (CHARGES) Change in fair value of convertible bonds and notes payable Gain on sale of property, vessels and equipment Investment income Net loss on derivative transactions Finance cost Impairment loss on asset Impairment of goodwill Foreign exchange loss - net Equity in net loss of associates Others - net Other Income (Charges) - Net INCOME BEFORE TAX TAX EXPENSE NET INCOME
2.961.090 919.311 164.746 (1.784.179) (1.135.694) (434.868) (319.042) (447.786) (179.266) (68.415) (324.103) 1.567.811 (9.849) 1.557.962
305.958 94.989 16.294 (163.179) (117.231) (37.841) (29.136) (17.286) (18.524) (7.977) 26.067 219.380 (1.016) 218.364
3.
KEBIJAKAN AKUNTANSI
3.
SUMMARY POLICIES a.
OF
SIGNIFICANT
ACCOUNTING
a.
Penyajian Laporan Keuangan Konsolidasi
Consolidated Presentation
Financial
Statement
Laporan keuangan konsolidasi disusun dengan menggunakan prinsip dan praktek akuntansi yang berlaku umum di Indonesia.
The consolidated financial statements have been prepared using accounting principles and reporting practices generally accepted in Indonesia. The consolidated financial statements, except for the consolidated statements of cash flows, are prepared under the accrual basis of accounting. The reporting currency used in the preparation of the consolidated financial statements is the U.S. Dollar (USD), while the measurement basis used is the historical cost, except for certain accounts which are measured on the bases described in the related accounting policies.
Dasar penyusunan laporan keuangan konsolidasi, kecuali untuk laporan arus kas, adalah dasar akrual. Mata uang pelaporan yang digunakan untuk penyusunan laporan keuangan konsolidasi adalah mata uang Dollar Amerika Serikat (USD). Laporan keuangan konsolidasi tersebut disusun berdasarkan nilai historis, kecuali beberapa akun tertentu disusun berdasarkan pengukuran lain sebagaimana diuraikan dalam kebijakan akuntansi masingmasing akun tersebut.
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Laporan arus kas konsolidasi disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas dalam aktivitas operasi, investasi dan pendanaan. Sehubungan dengan pencatatan saham Perusahaan di Bursa Efek Singapura (SGX-ST), Perusahaan juga menerbitkan laporan keuangan konsolidasi berdasarkan Standar Pelaporan Keuangan Internasional (International Financial Reporting Standards). Perbedaan signifikan antara prinsip-prinsip akuntansi yang berlaku umum di Indonesia dengan Standar Pelaporan Keuangan Internasional dijelaskan pada Catatan 37 atas laporan keuangan konsolidasi. b. Prinsip Konsolidasi Laporan keuangan konsolidasi menggabungkan laporan keuangan Perusahaan dan entitas yang dikendalikan oleh Perusahaan (dan anak perusahaan). Pengendalian dianggap ada apabila Perusahaan mempunyai hak untuk mengatur dan menentukan kebijakan finansial dan operasional dari investee untuk memperoleh manfaat dari aktivitasnya. Pengendalian juga dianggap ada apabila induk perusahaan memiliki baik secara langsung atau tidak langsung melalui anak perusahaan lebih dari 50% hak suara. Hak minoritas terdiri dari jumlah kepemilikan pada tanggal terjadinya penggabungan usaha (Catatan 3c) dan bagian minoritas dari perubahan ekuitas sejak tanggal dimulainya penggabungan usaha. Kerugian yang menjadi bagian minoritas melebihi hak minoritas dialokasikan kepada bagian induk perusahaan. Hasil dari anak perusahaan yang diakuisisi atau dijual selama tahun berjalan dari tanggal efektif akuisisi atau sampai dengan tanggal efektif penjualan termasuk dalam laporan laba rugi konsolidasi. Penyesuaian dapat dilakukan terhadap laporan keuangan anak perusahaan agar kebijakan akuntansi yang digunakan sesuai dengan kebijakan akuntansi yang digunakan oleh Perusahaan. Seluruh transaksi antar perusahaan, saldo, penghasilan dan beban dieliminasi pada saat konsolidasi. c. Penggabungan usaha Akuisisi anak perusahaan dicatat dengan menggunakan metode pembelian (purchase method). Biaya penggabungan usaha adalah keseluruhan nilai wajar (pada tanggal pertukaran) dari aset yang diperoleh, kewajiban yang terjadi atau yang diasumsikan dan instrumen ekuitas yang diterbitkan sebagai penggantian atas pengendalian dari perolehan ditambah biaya-biaya lain yang secara langsung dapat diatribusikan pada penggabungan usaha tersebut. - 22 c. b.
The consolidated statements of cash flows are prepared using the direct method with classifications of cash flows into operating, investing and financing activities. In connection with the listing of the Companys shares on the SGX-ST, the Company issued separate consolidated financial statements prepared under International Financial Reporting Standards (IFRS). Significant differences between Indonesian GAAP and IFRS are summarized in Note 37 to the consolidated financial statement.
Principles of Consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (and its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of the investee entity so as to obtain benefits from its activities. Control is presumed to exist when the Company owns directly or indirectly through subsidiaries, more than 50% of the voting rights.
The minority interest consists of the amount of those interest at the date of original business combination (Note 3c) and minority's share of movements in equity since the date of the business combination. Any losses applicable to the minority interest in excess of the minority interest are allocated against the interests of the parent. The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of the subsidiaries to bring the accounting policies used in line with those used by the Company. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Business Combinations Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is the aggregate of the fair value (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued in exchange for control of the acquire, plus any costs directly attributable to the business combination.
Pada saat akuisisi, aset dan kewajiban anak perusahaan diukur sebesar nilai wajarnya pada tanggal akuisisi. Selisih lebih antara biaya perolehan dan bagian Perusahaan atas nilai wajar aset dan kewajiban yang dapat diidentifikasi diakui sebagai goodwill dan diamortisasi dengan menggunakan metode garis lurus selama dua puluh tahun. Jika biaya perolehan lebih rendah dari bagian Perusahaan atas nilai wajar aset dan kewajiban yang dapat diidentifikasi yang diakui pada tanggal akuisisi (diskon atas akuisisi), maka nilai wajar aset non-moneter yang diakuisisi harus diturunkan secara proposional, sampai seluruh selisih tersebut tereliminasi. Kepemilikan pemegang saham minoritas dicatat sebagai bagian dari minoritas atas biaya historis dari aset bersih. d. Transaksi dan Penjabaran Keuangan dalam Mata Uang Asing Laporan d.
On acquisition, the assets and liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognized as goodwill and amortized using the straight-line method over twenty years. When the cost of acquisition is less than the interest in the fair values of the identifiable assets and liabilities acquired as at the date of acquisition (i.e. discount on acquisition), the fair values of the acquired non-monetary assets are reduced proportionately until all the excess is eliminated.
The interest of the minority is stated at the minoritys proportion of the historical cost of the net assets. Foreign Currency Translation Transactions and
Pembukuan Perusahaan dan anak perusahaan yang berlokasi di luar negeri diselenggarakan dalam Dollar Amerika Serikat. Transaksitransaksi selama tahun berjalan dalam mata uang selain Dollar Amerika Serikat dicatat dengan kurs yang berlaku pada saat terjadinya transaksi. Pada tanggal neraca, aset dan kewajiban moneter dalam mata uang selain mata uang Dollar Amerika Serikat disesuaikan untuk mencerminkan kurs yang berlaku pada tanggal tersebut. Keuntungan atau kerugian kurs yang timbul dikreditkan atau dibebankan pada laporan laba rugi tahun berjalan. Pembukuan anak perusahaan yang berlokasi di dalam negeri (Indonesia) diselenggarakan dalam mata uang Rupiah. Untuk tujuan laporan keuangan konsolidasi, aset dan kewajiban anak perusahaan tersebut pada tanggal neraca dijabarkan dalam mata uang Dollar Amerika Serikat masing-masing dengan menggunakan kurs yang berlaku pada tanggal neraca, sedangkan pendapatan dan beban dijabarkan dengan menggunakan kurs yang berlaku pada tanggal transaksi. Selisih kurs yang terjadi disajikan sebagai bagian dari ekuitas pada akun selisih kurs karena penjabaran laporan keuangan sampai pelepasan investasi neto yang bersangkutan. e. Penggunaan Estimasi Penyusunan laporan keuangan konsolidasi sesuai dengan prinsip akuntansi yang berlaku umum di Indonesia mengharuskan manajemen membuat estimasi dan asumsi yang mempengaruhi jumlah aset dan kewajiban yang dilaporkan dan pengungkapan aset dan kewajiban kontinjensi pada tanggal laporan keuangan serta jumlah pendapatan dan beban selama periode pelaporan. Realisasi dapat berbeda dengan jumlah yang diestimasi.
The books of accounts of the Company and its foreign subsidiaries are maintained in US Dollar. Transactions during the year involving currencies other than US Dollar are recorded at the rates of exchange prevailing at the time the transactions are made. At balance sheet date, monetary assets and liabilities denominated in currencies other than US Dollar are adjusted to reflect the rates of exchange prevailing at that date. The resulting gains or losses are credited or charged to current operations.
The books of accounts of the domestic (Indonesia) subsidiaries are maintained in Rupiah. For consolidation purposes, assets and liabilities of these subsidiaries at balance sheet date are translated into U.S. Dollar using the exchange rates at balance sheet date, while revenues and expenses are translated using the rates of exchange prevailing at the time transactions are made. The resulting gain of loss are credited or charged to current opeation. The differences resulting from translation adjustment are shown as part of equity under the account Translation Adjustments until the disposal of the related net investment. e. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in Indonesia requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could be different from these estimates.
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f.
Kas dan Setara Kas Kas dan setara kas terdiri dari kas, bank dan semua investasi yang jatuh tempo dalam waktu tiga bulan atau kurang dari tanggal perolehannya dan yang tidak dijaminkan serta tidak dibatasi penggunaannya.
f. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and in banks and all unrestricted investments with maturities of three months or less from the date of placement. g. Investment Investments in equity securities with readily determinable fair values Investments in available-for-sale securities are stated at fair value. Gains and losses arising from changes in fair value are recognized directly in equity, until the security is disposed of or is determined to be impaired, at which time, the cumulative gain or loss previously recognized in equity is included in current operations.
g.
Investasi Investasi efek ekuitas yang nilai wajarnya tersedia Investasi dalam efek yang tersedia untuk dijual dinyatakan sebesar nilai wajarnya. Keuntungan dan kerugian yang timbul dari perubahan nilai wajar diakui langsung dalam ekuitas sampai pada saat efek tersebut dijual atau telah terjadi penurunan nilai. Pada saat itu, keuntungan atau kerugian kumulatif yang sebelumnya dicatat dalam ekuitas dibebankan dalam laba rugi tahun berjalan. Untuk menghitung laba atau rugi yang direalisasi, biaya perolehan efek ditentukan berdasarkan metode rata-rata tertimbang. Investasi dalam Reksadana Investasi dalam reksadana dinyatakan sebesar nilai wajarnya berdasarkan nilai aset bersih. Kenaikan (penurunan) nilai aset bersih disajikan dalam laporan laba rugi konsolidasi tahun berjalan. Investasi pada perusahaan asosiasi Perusahaan asosiasi adalah suatu perusahaan dimana induk Perusahaan mempunyai pengaruh yang signifikan, namun tidak mempunyai pengendalian atau pengendalian bersama, melalui partisipasi dalam pengambilan keputusan atas kebijakan finansial dan operasional investee. Penghasilan, aset dan kewajiban dari perusahaan asosiasi digabungkan dalam laporan keuangan konsolidasi dicatat dengan mengunakan metode ekuitas. Investasi pada perusahaan asosiasi dicatat di neraca sebesar biaya perolehan dan selanjutnya disesuaikan untuk perubahan dalam bagian kepemilikan Perusahaan atas aset bersih perusahaan asosiasi yang terjadi setelah perolehan, dikurangi dengan penurunan nilai yang ditentukan untuk setiap investasi secara individu. Bagian Perusahaan atas kerugian perusahaan asosiasi yang melebihi nilai tercatat dari investasi tidak diakui kecuali jika Perusahaan mempunyai kewajiban atau melakukan pembayaran kewajiban perusahaan asosiasi yang dijaminnya, dalam hal demikian, tambahan kerugian diakui sebesar kewajiban atau pembayaran tersebut.
Cost of securities sold is determined using the weighted average method. Investment in Mutual Fund Investment in mutual fund are stated at fair value based on the net asset value of the funds. Increase (decrease) in net asset value is reflected in the consolidated statements of income. Investments in associates An associate is an entity over which the Company is in a position to exercise significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee.
The results of operations, assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Companys share of the net assets of the associate, less any impairment in the value of the individual investments. Losses of the associates in excess of the Companys interest in those associates are not recognized except if the Company has incurred obligations or made payments on behalf of the associates to satisfy obligations of the associates that the Company has guaranteed, in which case, additional losses are recognized to the extent of such obligations or payments.
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Selisih lebih antara biaya perolehan dengan bagian Perusahaan atas nilai wajar aset bersih perusahaan asosiasi yang dapat diidentifikasi pada saat akuisisi diakui sebagai goodwill. Goodwill termasuk dalam nilai investasi dan dinilai untuk penurunan nilai sebagai bagian dari investasi. Apabila terdapat transaksi antara Perusahaan dengan perusahaan asosiasi, keuntungan dan kerugian yang terjadi dieliminasi sebesar bagian Perusahaan pada perusahaan asosiasi tersebut. h. Penyisihan Piutang Ragu-ragu Penyisihan piutang ragu-ragu ditetapkan berdasarkan penelaahan terhadap masingmasing akun piutang pada akhir tahun. i. Persediaan Persediaan dinyatakan berdasarkan biaya perolehan atau nilai realisasi bersih, mana yang lebih rendah. Biaya perolehan ditentukan dengan metode first-in, first-out (FIFO). j. Biaya Dibayar Dimuka Biaya dibayar dimuka diamortisasi selama manfaat masing-masing biaya dengan menggunakan metode garis lurus. k. Aset Tetap Kapal Sejak tahun 2009, kapal termasuk kapal sewa pembiayaan dicatat pada jumlah revaluasian, yaitu nilai wajar pada tanggal revaluasi dikurangi akumulasi penyusutan dan akumulasi rugi penurunan nilai yang terjadi setelah tanggal revaluasi. Revaluasi dilakukan dengan keteraturan yang cukup reguler untuk memastikan bahwa jumlah tercatat tidak berbeda secara material dari jumlah yang ditentukan dengan menggunakan nilai wajar pada tanggal neraca. Penyusutan kapal dihitung dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomis dari kapal yaitu 5 - 25 tahun. Kenaikan yang berasal dari revaluasi kapal tersebut langsung dikreditkan ke surplus revaluasi pada bagian ekuitas, kecuali sebelumnya penurunan revaluasi atas aset yang sama pernah diakui dalam laporan laba rugi, dalam hal ini, kenaikan revaluasi hingga sebesar penurunan nilai aset akibat revaluasi tersebut, dikreditkan dalam laporan laba rugi. Penurunan jumlah tercatat yang berasal dari revaluasi kapal dibebankan dalam laporan laba rugi apabila penurunan tersebut melebihi saldo akun surplus revaluasi kapal yang berasal dari revaluasi sebelumnya, jika ada. j. i.
Any excess of the cost of acquisition over the Companys share of the fair values of the identifiable net assets of the associate at the date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of investment. Where a company transacts with an associate, profits and losses are eliminated to the extent of the Companys interest in the relevant associate. h. Allowance for Doubtful Accounts Allowance for doubtful accounts is provided based on a review of the status of the individual receivable accounts at the end of the year. Inventories Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined using the first-in, first-out method. Prepaid Expenses Prepaid expenses are amortized over their beneficial periods using the straight-line method. k. Property, Vessels and Equipment Vessels Since 2009, vessels including leased vessels are stated at their revalued amount, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the balance sheet date. Depreciation of vessels is calculated on a straight line basis over the estimated useful life of the vessels between 5 25 years.
Any revaluation increase arising on the revaluation of such vessels is credited to vessels revaluation surplus in the equity section, except to the extent that it reverses a revaluation decrease, for the same asset which was previously recognized in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously charged. A decrease in carrying amount arising on the revaluation of such vessels is charged to profit or loss to the extent that it exceeds the balance, if any, held in the vessels revaluation surplus relating to a previous revaluation of such vessels, if any.
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Penyusutan atas nilai revaluasian kapal dibebankan ke laporan laba rugi. Sejalan dengan penggunaan kapal oleh Perusahaan dan anak perusahaan, surplus revaluasi kapal dipindahkan ke saldo laba sebesar perbedaan jumlah penyusutan berdasarkan nilai revaluasian kapal dengan jumlah penyusutan berdasarkan biaya perolehan kapal. Bila kemudian kapal yang telah direvaluasi dijual atau dihentikan penggunaannya, saldo surplus revaluasi tersisa dipindahkan langsung ke saldo laba. Sebelumnya, kapal dinyatakan berdasarkan biaya perolehan, dikurangi akumulasi penyusutan dan akumulasi rugi penurunan nilai. Perubahan kebijakan akuntansi dari model biaya ke model revaluasi dalam pengakuan kapal diterapkan secara prospektif. Kapal dalam pembangunan dicatat sebesar biaya perolehan dikurangi penurunan nilai yang ada. Biaya perolehan termasuk biaya profesional, yang timbul selama masa pembangunan dikapitalisasi sesuai dengan kebijakan akuntansi Perusahaan. Penyusutan kapal dimulai sejak kapal siap untuk digunakan. Masa manfaat ekonomis, nilai residu dan metode penyusutan direview setiap akhir tahun buku dan pengaruh dari setiap perubahan tersebut diperlakukan prospektif. Keuntungan dan kerugian yang timbul dari penjualan atau penghentian kapal ditentukan sebesar perbedaan antara jumlah neto hasil penjualan dan jumlah tercatat dari kapal tersebut dan dicatat dalam laporan laba rugi. Biaya Docking Nilai kapal, termasuk biaya docking yang dikapitaliasi pada saat terjadinya dan diamortisasi berdasarkan metode garis lurus sampai dengan docking berikutnya. Aset Tetap Lainnya Aset tetap lainnya dinyatakan berdasarkan biaya perolehan setelah dikurangi akumulasi penyusutan dan akumulasi kerugian penurunan nilai. Penyusutan dihitung dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomis aset tetap sebagai berikut: Tahun/Years Bangunan Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess 20 10 5 5 5
Depreciation on revalued vessels is charged to profit or loss. As the vessels are used, a transfer is made from revaluation reserve to retained earnings equivalent to the difference between depreciation based on revalued carrying amount of the vessels and depreciation based on the vessels original cost. On subsequent sale or retirement of a revalued vessel, the attributable revaluation surplus remaining in the vessels revaluation reserve is transferred directly to retained earnings. Previously, vessels were stated at cost less accumulated depreciatian and any accumulated impairment losses. The changes in accounting policy from cost model to revaluation model in the measurement of the vessel are accounted propectively. Vessels in construction are carried at cost less any impairment loss. Costs, including professional fees, incurred while under construction are capitalized in accordance with the Companys accounting policy. Depreciation of these vessels commences when the vessels are ready for their intended use. The vessels residual values, estimated useful lives and depreciation method are reviewed at each balance sheet date, with the effect of any changes in estimate accounted for on a prospective basis. The gain or loss arising on sale or retirement of vessels is determined as the difference between the sales proceeds and carrying amount of the vessel and is recognized in profit or loss. Dry Docking Cost Included in the balance of vessels is dry docking cost which is capitalized when incurred and is amortized on a straight line basis over the period to the next dry docking. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is computed using the straight-line method based on the estimated useful lives of the assets as follows:
Buildings and premisses Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment
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Aset sewa pembiayaan disusutkan berdasarkan taksiran masa manfaat ekonomis yang sama dengan aset yang dimiliki sendiri atau disusutkan selama jangka waktu yang lebih pendek antara periode masa sewa dan umur manfaatnya. Masa manfaat ekonomis, nilai residu dan metode penyusutan direview setiap akhir tahun dan pengaruh dari setiap perubahan estimasi tersebut berlaku prospektif. Tanah dinyatakan berdasarkan biaya perolehan dan tidak disusutkan. Beban pemeliharaan dan perbaikan dibebankan pada laporan laba rugi konsolidasi pada saat terjadinya. Biaya-biaya lain yang terjadi selanjutnya yang timbul untuk menambah, mengganti atau memperbaiki aset tetap dicatat sebagai biaya perolehan aset jika dan hanya jika besar kemungkinan manfaat ekonomis di masa depan berkenaan dengan aset tersebut akan mengalir ke entitas dan biaya perolehan aset dapat diukur secara andal. Aset tetap yang sudah tidak digunakan lagi atau yang dijual dikeluarkan dari kelompok aset tetap berikut akumulasi penyusutannya. Keuntungan atau kerugian dari penjualan aset tetap tersebut dibukukan dalam laporan laba rugi konsolidasi pada tahun yang bersangkutan. Aset dalam penyelesaian dinyatakan sebesar biaya perolehan. Akumulasi biaya perolehan akan dipindahkan ke masing-masing aset tetap yang bersangkutan pada saat selesai dan siap digunakan. l. Penurunan nilai aset Pada setiap tanggal neraca, Perusahaan dan anak perusahaan me-review nilai tercatat asetnya untuk menentukan ada atau tidaknya indikasi penurunan nilai aset. Jika terdapat indikasi penurunan nilai aset, jumlah yang dapat diperoleh kembali dari aset tersebut diestimasi untuk menentukan besarnya jumlah penurunan nilai aset, jika ada. Jika estimasi jumlah yang dapat diperoleh kembali tidak dapat dilakukan secara individual, Perusahaan dan anak perusahaan melakukan estimasi jumlah yang dapat diperoleh kembali dari unit penghasil kas dimana aset tersebut berada. Nilai yang dapat diperoleh kembali adalah nilai tertinggi antara harga jual neto dengan nilai pakai. Dalam menentukan nilai pakai, taksiran arus kas masa depan didiskontokan ke nilai sekarang menggunakan tarif diskonto sebelum pajak yang menunjukkan taksiran sekarang mengenai nilai waktu uang dan risiko spesifik yang terkait dengan aset yang bersangkutan.
Assets held under finance lease are depreciated based on the same estimated useful life with owned assets or over the lease period which ever is shorter.
The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis. Land is stated at cost and is not depreciated.
The cost of maintenance and repairs is charged to operations as incurred. Other costs incurred subsequently to add to, replace part of, or service an item of property, plant and equipment, are recognized as asset if, and only if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. When assets are retired or otherwise disposed of, their carrying values and the related accumulated depreciation and any impairment loss are removed from the accounts and any resulting gain or loss is reflected in the current operations.
Construction in progress is stated at cost, and is transferred to the respective property, vessels and equipment account when completed and ready for use. l. Impairment of Asset At each balance sheet date, the Company and its subsidiaries review the carrying amounts of their tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Company and its subsidiaries estimate the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of the net realizable less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
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Jika suatu nilai yang dapat diperoleh kembali dari suatu aset ditaksir lebih kecil dari nilai tercatatnya, nilai tercatat aset tersebut atau unit penghasil kasnya harus diturunkan menjadi sebesar nilai yang dapat diperoleh kembali. Rugi penurunan nilai aset segera diakui sebagai beban pada laporan laba rugi, kecuali aset tersebut dicatat dengan metode revaluasi, maka rugi penurunan nilai diperlakukan sebagai penurunan revaluasi (Catatan 3k). Jika rugi penurunan nilai kemudian dipulihkan, nilai tercatat dari aset (unit penghasil kas) dinaikkan ke perubahan taksiran dari nilai yang dapat diperoleh kembali, untuk itu kenaikan nilai yang dapat diperoleh kembali tidak boleh melebihi nilai tercatat yang seharusnya diakui seandainya pada tahun sebelumnya tidak ada pengakuan rugi penurunan nilai. Pemulihan rugi penurunan nilai segera diakui sebagai laba dalam laporan laba rugi, kecuali aset tersebut dicatat dengan metode revaluasi, maka pemulihan rugi penurunan nilai tersebut diperlakukan sebagai kenaikan revaluasi (Catatan 3k). m. Biaya Emisi Obligasi Biaya emisi obligasi langsung dikurangi dari hasil emisi dalam rangka menentukan hasil emisi neto obligasi tersebut. Selisih antara hasil emisi neto dengan nilai nominal merupakan diskonto atau premium yang diamortisasi selama jangka waktu obligasi tersebut dengan metode garis lurus. n. Wesel Bayar Pada saat penerbitan, wesel bayar termasuk derivatif melekat (embedded derivative), diukur dan dicatat pada nilai wajar, laba atau rugi yang timbul sebagai hasil dari perubahan nilai wajar yang terjadi dikemudian hari diakui dalam laporan laba rugi. Nilai wajar ditetapkan berdasarkan referensi kuotasi harga pasar. o. Obligasi Konversi Obligasi konversi yang jatuh tempo tahun 2012 dipertimbangkan sebagai sebuah instrumen campuran (hybrid instrument) dimana di dalamnya termasuk kumpulan kontrak utama hutang dan gabungan instrumen derivatif melekat (embedded derivatives). Pada saat penerbitan obligasi konversi diukur dan dicatat pada nilai wajar, laba atau rugi yang timbul sebagai hasil dari perubahan nilai wajar dikemudian hari diakui dalam laporan laba rugi. Nilai wajar ditetapkan berdasarkan referensi kuotasi harga pasar.
If the recoverable amount of the asset or cashgenerating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at revaluation model, in which case the impairment loss is treated as a revaluation decrease (Note 3k).
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at revaluation model, in which case the reversal of the impairment loss is treated as a revaluation increase (Note 3k). m. Bond Issuance Costs Bond issuance costs are deducted directly from the proceeds of the related bonds to determine the net proceeds. The difference between the net proceeds and nominal value represent discount or premium, which is amortized using the straight-line method over the term of the bonds. n. Notes Payable At the time of issue, the notes payable which included embedded derivative, were measured and recorded at fair value, with any resultant gain or loss as a result of subsequent changes in fair value recognized in profit or loss. Fair values are determined with reference to quoted market prices. o. Convertible Bonds These convertible bonds due in 2012 are considered a hybrid instrument containing a debt host contract and compound embedded derivatives. At the time of issue, the convertible bonds were measured and recorded at fair value, with any resultant gain or loss as a result of subsequent changes in fair value recognized in profit or loss. Fair values are determined with reference to quoted market prices.
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p.
Sewa Sewa diklasifikasikan sebagai sewa pembiayaan jika sewa tersebut mengalihkan secara substantial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset. Sewa lainnya, yang tidak memenuhi kriteria tersebut, diklasifikasikan sebagai sewa operasi. Perusahaan dan Anak Perusahaan Sebagai Lessor Pendapatan sewa dari sewa operasi diakui sebagai pendapatan dengan dasar garis lurus selama masa sewa. Biaya langsung awal yang terjadi dalam proses negosiasi dan pengaturan sewa operasi ditambahkan ke jumlah tercatat dari aset sewaan dan diakui dengan dasar garis lurus selama masa sewa. Perusahaan dan Anak Perusahaan Sebagai Lessee Aset pada sewa pembiayaan dicatat pada awal masa sewa sebesar nilai wajar aset sewaan Perusahaan dan anak perusahaan yang ditentukan pada awal kontrak atau, jika lebih rendah, sebesar nilai kini dari pembayaran sewa minimum. Kewajiban kepada lessor disajikan di dalam neraca sebagai kewajiban sewa pembiayaan. Pembayaran sewa harus dipisahkan antara bagian yang merupakan beban keuangan dan bagian yang merupakan pengurangan dari kewajiban sewa sehingga mencapai suatu tingkat bunga yang konstan (tetap) atas saldo kewajiban. Rental kontinjen dibebankan pada periode terjadinya. Pembayaran sewa operasi diakui sebagai beban dengan dasar garis lurus (straight-line basis) selama masa sewa, kecuali terdapat dasar sistematis lain yang dapat lebih mencerminkan pola waktu dari manfaat aset yang dinikmati pengguna. Rental kontinjen terkait sewa operasi diakui sebagai beban di dalam periode terjadinya. Dalam hal insentif diperoleh dalam sewa operasi, insentif tersebut diakui sebagai kewajiban. Keseluruhan manfaat dari insentif diakui sebagai pengurangan dari biaya sewa dengan dasar garis lurus kecuali terdapat dasar sistematis lain yang lebih mencerminkan pola waktu dari manfaat yang dinikmati pengguna.
p.
Leasing Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The Company and its Subsidiaries as Lessor
Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term. The Company and its Subsidiaries as Lessee
Assets held under finance leases are initially recognized as assets of the Company and subsidiaries at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Contingent rentals are recognized as expenses in the periods in which they are incurred.
Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred. In the event that lease incentives are received to enter into operating leases, such incentives are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
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Jual dan Sewa-balik Aset yang dijual berdasarkan transaksi jual dan sewa balik diperlakukan sebagai berikut: Jika transaksi jual dan sewa-balik merupakan sewa pembiayaan, selisih lebih hasil penjualan dari nilai tercatat aset ditangguhkan dan diamortisasi selama masa sewa. Jika transaksi jual dan sewa-balik merupakan sewa operasi dan jelas bahwa transaksi tersebut terjadi pada nilai wajar, maka laba atau rugi harus diakui segera. Jika harga jual di bawah nilai wajar, maka laba atau rugi harus diakui segera, kecuali rugi tersebut dikompensasikan dengan pembayaran sewa di masa depan yang lebih rendah dari harga pasar, maka rugi tersebut harus ditangguhkan dan diamortisasi secara proporsional dengan pembayaran sewa selama periode penggunaan aset. Jika harga jual di atas nilai wajar, selisih lebih dari nilai wajar tersebut ditangguhkan dan diamortisasi selama periode penggunaan aset. Untuk sewa operasi, jika nilai wajar aset pada saat transaksi jual dan sewa-balik lebih rendah daripada nilai tercatatnya, rugi sebesar selisih antara nilai tercatat dan nilai wajar harus diakui segera.
Sale and Leaseback Assets sold under a sale and leaseback transaction are accounted for as follows: If the sale and leaseback transaction results in a finance lease, any excess of sales proceeds over the carrying amount of the asset is deferred and amortized over the lease term. If the sale and leaseback transaction results in an operating lease, and it is clear that the transaction is established at fair value, any profit or loss is recognized immediately. If the sale price is below fair value, any profit or loss is recognized immediately except that, if the loss is compensated for by future lease payments at below market price, it shall be deferred and amortized in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is deferred and amortized over the period for which the asset is expected to be used. For operating leases, if the fair value at the time of a sale and leaseback transaction is less than the carrying amount of the asset, a loss equal to the amount of the difference between the carrying amount and fair value is recognized immediately. For finance leases, no such adjustment is necessary unless there has been an impairment in value, in which case the carrying amount is reduced to recoverable amount. q. Treasury Stocks Treasury stocks is recorded using the cost method. Under this method, if the treasury stock is subsequently sold, the excess of the selling price over the acquisition cost is recorded as additional paid-in capital, while if the selling price is lower than acquisition cost, the difference is recognized as a deduction from retained earnings. r. Revenue and Expense Recognition Revenues on freight operations are recognized as income by reference to the percentage of completion of the voyage as at balance sheet date. Unearned revenue received is recognized as liability. Time charter revenue is recognized on accrual basis evenly over the terms of the time charter agreements. Voyage freight is recognized evenly over the duration of each voyage.
Untuk sewa pembiayaan, penyesuaian seperti di atas tidak diperlukan kecuali jika telah terjadi penurunan nilai. Dalam hal ini, jumlah tercatat berkurang menjadi jumlah yang dapat dipulihkan. q. Saham Diperoleh Kembali Pembelian kembali saham Perusahaan sendiri (treasury stock) dicatat berdasarkan metode biaya perolehan (cost method). Dengan metode ini bila saham tersebut dijual kembali dengan harga jual yang melebihi harga perolehan, maka kelebihannya akan dicatat sebagai agio saham, sedangkan bila harga jual lebih rendah dari harga perolehan, selisihnya akan dicatat sebagai pengurangan saldo laba. r. Pengakuan Pendapatan dan Beban Pendapatan dari operasi freight diakui berdasarkan persentase penyelesaian rute perjalanan pada tanggal neraca. Pendapatan diterima dimuka diakui sebagai kewajiban.
Pendapatan dari sewa berdasarkan waktu (time charter) diakui sesuai masa manfaatnya dari periode kontrak charter tersebut. Pendapatan berdasarkan rute perjalanan diakui selama jangka waktu perjalanan tersebut.
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Pendapatan jasa perantara kapal dan jasa penyimpanan diakui pada saat jasa tersebut diserahkan kepada pelanggan. Pendapatan bunga diakui sesuai manfaatnya pada periode yang bersangkutan (accrual basis). Beban diakui pada saat terjadinya. s. Imbalan Pasca Kerja Perusahaan memberikan imbalan pasca kerja imbalan pasti untuk karyawan sesuai dengan Undang Undang Ketenagakerjaan No. 13/2003. Tidak terdapat pendanaan yang disisihkan oleh Perusahaan sehubungan dengan imbalan pasca kerja ini. Perhitungan imbalan pasca kerja menggunakan metode Projected Unit Credit. Akumulasi keuntungan dan kerugian aktuarial bersih yang belum diakui yang melebihi 10% dari nilai kini kewajiban imbalan pasti diakui dengan metode garis lurus selama rata-rata sisa masa kerja yang diprakirakan dari para pekerja dalam program tersebut. Biaya jasa lalu dibebankan langsung apabila imbalan tersebut menjadi hak atau vested, dan sebaliknya akan diakui sebagai beban dengan metode garis lurus selama periode rata-rata sampai imbalan tersebut menjadi vested. Jumlah yang diakui sebagai kewajiban imbalan pasti di neraca merupakan nilai kini kewajiban imbalan pasti disesuaikan dengan keuntungan dan kerugian aktuarial yang belum diakui, dan biaya jasa lalu yang belum diakui. t. Pajak Penghasilan Beban pajak kini ditentukan berdasarkan laba kena pajak dalam periode yang bersangkutan yang dihitung berdasarkan tarif pajak yang berlaku. Aset dan kewajiban pajak tangguhan diakui atas konsekuensi pajak periode mendatang yang timbul dari perbedaan jumlah tercatat aset dan kewajiban menurut laporan keuangan dengan dasar pengenaan pajak aset dan kewajiban, kecuali perbedaan yang berhubungan dengan pajak penghasilan final. Kewajiban pajak tangguhan diakui untuk semua perbedaan temporer kena pajak dan aset pajak tangguhan diakui untuk perbedaan temporer yang boleh dikurangkan, sepanjang besar kemungkinan dapat dimanfaatkan untuk mengurangi laba kena pajak pada masa datang.
Revenues from agency services and storage services are recognized when the services are rendered to customers. Interest income on interest-bearing instruments is recognized on accrual basis. Expenses are recognized when incurred. s. Post-Employment Benefits The Company provides defined benefit postemployment benefits to its employees in accordance with Labor Law No. 13/2003. No funding has been made to this defined benefit plan.
The cost of providing post-employment benefits is determined using the Projected Unit Credit Method. The accumulated unrecognized actuarial gains and losses that exceed 10% of the present value of the Companys defined benefit obligations is recognized on straight-line basis over the expected average remaining working lives of the participating employees. Past service cost is recognized immediately to the extent that the benefits are already vested, and otherwise is amortized on a straight-line basis over the average period until the benefits become vested. The benefit obligation recognized in the balance sheet represents the present value of the defined benefit obligation, as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost. t. Income Tax Current tax expense is determined based on the taxable income for the year computed using prevailing tax rates.
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, except for differences between the carrying amounts of asset and liabilities subject to final tax. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized for deductible temporary differences to the extent that it is probable that taxable income will be available in future periods against which the deductible temporary differences can be utilized.
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Pajak tangguhan diukur dengan menggunakan tarif pajak yang berlaku atau secara substansial telah berlaku pada tanggal neraca. Pajak tangguhan dibebankan atau dikreditkan dalam laporan laba rugi, kecuali pajak tangguhan yang dibebankan atau dikreditkan langsung ke ekuitas. Aset dan kewajiban pajak tangguhan disajikan di neraca, kecuali aset dan kewajiban pajak tangguhan untuk entitas yang berbeda, atas dasar kompensasi sesuai dengan penyajian aset dan kewajiban pajak kini. Atas pendapatan dari kapal yang dikenakan pajak penghasilan final, beban pajak diakui proporsional dengan jumlah pendapatan menurut akuntansi yang diakui pada periode berjalan. Selisih antara jumlah pajak penghasilan final terutang dengan jumlah yang dibebankan sebagai pajak kini pada perhitungan laba rugi diakui sebagai pajak dibayar dimuka atau hutang pajak. Akun pajak penghasilan final dibayar dimuka disajikan terpisah dari hutang pajak penghasilan final. Perbedaan nilai tercatat aset atau kewajiban yang berhubungan dengan pajak penghasilan final dengan dasar pengenaan pajaknya tidak diakui sebagai aset atau kewajiban pajak tangguhan. u. Laba (Rugi) Per Saham Laba (rugi) per saham dasar dihitung dengan membagi laba (rugi) bersih residual dengan jumlah rata-rata tertimbang saham beredar pada tahun yang bersangkutan. Laba (rugi) per saham dilusian dihitung dengan membagi laba (rugi) bersih residual dengan jumlah rata-rata tertimbang saham biasa yang telah disesuaikan dengan dampak dari semua efek berpotensi saham biasa yang dilutif. v. Instrumen Keuangan Derivatif Instrumen keuangan derivatif awalnya dinilai berdasarkan nilai wajar pada saat tanggal kontrak dibuat, dan selanjutnya dinilai kembali berdasarkan nilai wajar pada tanggal laporan keuangan. Perubahan nilai wajar dari instrumen keuangan derivatif diakui dalam laporan laba rugi konsolidasi sepanjang tidak dimaksudkan dan tidak memenuhi kualifikasi lindung nilai.
Deferred tax is calculated at the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the statement of income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also charged or credited directly to equity. Deferred tax assets and liabilities are offset in the balance sheet, except if these are for different legal entities, in the same manner the current tax assets and liabilities are presented.
Tax expense on revenues from vessels subject to final tax is recognized proportionately based on the revenue recognized in the current year. The difference between the final tax paid and current tax expense in the statement of income is recognized as prepaid tax or tax payable. Prepaid final tax is presented separately from final tax payable.
Deferred tax is not recognized for the difference between the financial statement carrying amounts of assets and liabilities if the related revenue is subject to final tax. u. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income by the weighted average number of shares outstanding during the year.
Diluted earnings (loss) per share is computed by dividing net income by the weighted average number of shares outstanding as adjusted for the effect of all dilutive potential ordinary shares.
v. Derivative Financial Instruments Derivative financial instruments are initially measured at fair value on the contract date, and are remeasured to fair value at subsequent reporting dates.
Changes in the fair value of derivative financial instruments are recognized in profit or loss as they are not designated and do not qualify for hedge accounting.
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Derivatif yang melekat pada instrumen keuangan lainnya atau kontrak utama nonfinansial lainnya diperlakukan sebagai derivatif yang terpisah bila resiko dan karakteristiknya tidak secara jelas dan erat berhubungan dengan risiko dan karakteristik kontrak utama, dan kontrak utama tersebut tidak dinyatakan dengan nilai wajar, dan perubahan nilai wajar diakui pada laporan laba rugi konsolidasi. Suatu derivatif disajikan sebagai aset atau kewajiban tidak lancar jika nilai sisa dari instrumen yang jatuh tempo lebih dari 12 bulan dan diperkirakan tidak akan direalisasi atau diselesaikan dalam waktu 12 bulan. Derivatif lainnya disajikan sebagai aset atau kewajiban lancar. Penggunaan instrumen keuangan derivatif ditatakelola berdasarkan kebijakan Perusahaan yang disetujui oleh Dewan Direksi yang konsisten dengan strategi risiko manajemen Perusahaan. Perusahaan tidak menggunakan instrumen keuangan derivatif untuk tujuan spekulasi. w. Informasi Segmen Informasi segmen disusun sesuai dengan kebijakan akuntansi yang dianut dalam penyusunan dan penyajian laporan keuangan konsolidasi. Bentuk primer pelaporan segmen adalah segmen usaha sedangkan segmen sekunder adalah segmen geografis.
Derivatives embedded in other financial instruments or other non-financial host contract are treated as a separate derivative when their risks and characteristics are not closely related to the host contract and the host contract is not carried at fair value with changes in fair value recognized in consolidated statement of income.
A derivative is presented as a non current asset or non current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.
The use of financial derivatives is governed by the Companys policies approved by the Board of Directors consistent with the Companys risk management strategy. The Company and subsidiaries do not use derivative financial instruments for speculative purposes. w. Segment Information Segment information is prepared using the accounting policies adopted for preparing and presenting the consolidated financial statements. The primary format in reporting segment information is based on business segment, while the secondary reporting format is based on geographical segment. A business segment is a distinguishable component of an enterprise that is engaged in providing an individual product or service or a group of related products or services and that is subject to risks and returns that are different from those of other business segments.
Segmen usaha adalah komponen Perusahaan yang dapat dibedakan dalam menghasilkan produk atau jasa (baik produk atau jasa individual maupun kelompok produk atau jasa terkait) dan komponen itu memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan segmen lain. Segmen geografis adalah komponen perusahaan yang dapat dibedakan dalam menghasilkan produk atau jasa pada lingkungan (wilayah) ekonomi tertentu dan komponen itu memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan pada komponen yang beroperasi pada lingkungan (wilayah) ekonomi lain. Aset dan kewajiban yang digunakan bersama dalam satu segmen atau lebih dialokasikan kepada setiap segmen jika, dan hanya jika, pendapatan dan beban yang terkait dengan aset tersebut juga dialokasikan kepada segmensegmen tersebut.
A geographical segment is a distinguishable component of an enterprise that is engaged in providing products or services within a particular economic environment and that is subject to risks and returns that are different for those of components operating in other economic environments.
Assets and liabilities that relate jointly to two or more segments are allocated to their respective segments, if and only if, their related revenues and expense are also allocated to those segments.
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4.
KAS DAN SETARA KAS

2009 US$'000 Kas Bank Rupiah Bank Capital Bank Mega Bank INA Perdana Lain-lain (masing-masing dibawah USD 1.300 ribu) Dollar Amerika Serikat DnB NoR Bank ASA, Singapura Deutsche Bank Citibank Nordea Bank Finland PLC Lain-lain (masing-masing dibawah USD 3 juta) Mata uang lainnya (masing-masing dibawah USD 3 juta) Jumlah Bank Deposito berjangka Dollar Amerika Serikat Fortis Bank S.A./ N.V. Bank Mega United Overseas Bank Limited Bank Sumitomo Mitsui Indonesia Bank Mizuho Indonesia Hongkong & Shanghai Banking Corporation Citibank Lainnya (masing-masing dibawah USD 3 juta) Mata uang lainnya Jumlah deposito berjangka Jumlah Tingkat bunga deposito berjangka per tahun Dollar Amerika Serikat Rupiah Dollar Singapura Renmimbi 992
4.
CASH AND CASH EQUIVALENTS

2008 US$'000 860 Cash on hand Cash in banks Rupiah Bank Capital Bank Mega Bank INA Perdana Others (below USD 1,300 thousand each) U.S. Dollars DnB NoR Bank ASA, Singapore Deutsche Bank Citibank Nordea Bank Finland PLC Others (below USD 3 million each) Other currencies (below USD 3 million each) Total Bank Time Deposits U.S. Dollars Fortis Bank S.A./ N.V. Bank Mega United Overseas Bank Limited Bank Sumitomo Mitsui Indonesia Bank Mizuho Indonesia Hongkong & Shanghai Banking Corporation Citibank Other (below USD 3 million each) Other currencies Total time deposits Total Interest rates per annum on time deposits U.S. Dollar Rupiah Singapore Dollar Renmimbi
9.579 5.375 3.490 2.091 21.540 11.422 10.323 4.383 15.325 5.957 89.485
105 175 491 146 381 11.073 4.266 5.694 5.371 27.702
11.521 11.313 3.025 2.323 73 28.255 118.732
230 17.000 6.000 3.494 3.490 5.049 1.425 36.688 65.250
0,03% - 3% 0,08% - 5% 5,75% - 6,9% 6,75% - 9,25% 0,825% 0,825% 3,33%
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5.
INVESTASI TERSEDIA UNTUK DIJUAL Perincian investasi tersedia untuk dijual adalah sebagai berikut:
5.
AVAILABLE-FOR-SALE INVESTMENTS The details of available for sale investments are as follows:
2009 US$'000 Biaya perolehan Investasi melalui manajer investasi: PT Andalan Artha Advisindo Sekuritas PT Danatama Makmur First Strategic Advisors Inc. UBS AG, Singapura Reksadana Nusadana Kombinasi Maxima Rugi yang belum direalisasi Nilai wajar
PT Andalan Artha Advisindo Sekuritas Pada tahun 2009, Perusahaan mengadakan perjanjian manajemen investasi dengan PT Andalan Artha Advisindo Sekuritas untuk mengelola dana yang akan diinvestasikan dalam bentuk surat utang negara, obligasi korporasi, reksadana dan surat berharga pasar uang. Pada tanggal 31 Desember 2009, nilai wajar investasi portofolio sebesar USD 23.800 ribu. PT Danatama Makmur Perusahaan mengadakan perjanjian kontrak jasa manajer investasi tanggal 15 Juni 2009 dan 12 Juni 2008, dengan PT Danatama Makmur sebagai pengelola dana, yang akan diinvestasikan sebagian atau seluruhnya dalam bentuk tunai, deposito, obligasi, surat hutang, saham, mata uang asing, obligasi konversi, waran, opsi, kontrak derivatif dan efek lainnya termasuk skema investasi kolektif. Pada tanggal 31 Desember 2009 dan 2008, nilai wajar investasi portofolio masing-masing sebesar USD 11.708 ribu dan USD 13.003 ribu. First Strategic Advisors Inc. Perusahaan dan anak perusahaan mengadakan perjanjian manajemen investasi dengan First Strategic Advisors, Inc. untuk mengelola dana Perusahaan dan anak perusahaan yang akan diinvestasikan dalam bentuk tunai, surat-surat berharga dan investasi lainnya. Pada tanggal 31 Desember 2009 dan 2008, nilai wajar investasi portofolio masing-masing sebesar USD 9.070 ribu dan USD 67.943 ribu. UBS AG, Singapura Pada bulan Juni 2008, anak perusahaan mengadakan perjanjian manajemen investasi dengan UBS AG untuk mengelola investasi portofolio. Nilai wajar investasi portofolio pada tanggal 31 Desember 2009 dan 2008 masing-masing sebesar USD 61 ribu dan USD 48.271 ribu.
2008 US$'000 Cost Investment through investment management: PT Andalan Artha Advisindo Sekuritas PT Danatama Makmur First Strategic Advisors Inc. UBS AG, Singapore Nusadana Kombinasi Maxima Mutual Fund Unrealized loss Fair value
25.051 11.700 8.927 61 213 (1.054) 44.898
13.000 67.796 50.272 183 (1.865) 129.386
PT Andalan Artha Advisindo Sekuritas In 2009, The Company entered into an investment Management Agreement with PT Andalan Artha Advisindo Sekuritas to manage funds which will be invested in government securities, corporate bonds, mutual funds and money market securities. As of December 31, 2009, the fair value of the investment portofolio amounted to USD 23,800 thousand. PT Danatama Makmur The Company entered into an Investment Management Contract Service Agreement dated June 15, 2009 and June 12, 2008, with PT Danatama Makmur to manage funds, which will be partly or wholly invested in cash, time deposits, bonds, notes payable, shares of stock, foreign currency, convertible bonds, warrants, options, derivative contracts and other securities including collective investment scheme. As of December 31, 2009 and 2008, the fair value of the investment portfolio amounted USD 11,708 thousand and USD 13,003 thousand, respectively. First Strategic Advisors Inc. The Company and its subsidiaries entered into an investment management agreement with First Strategic Advisors, Inc. to manage an investment portfolio of the Company and its subsidiaries, which may be placed in cash, securities and other investments. As of December 31, 2009 and 2008, the fair value of the investment portfolio amounted to USD 9,070 thousand and USD 67,943 thousand, respectively. UBS AG, Singapore In June 2008, the Companys subsidiaries entered into an Investment Management Agreement with UBS AG to manage an investment portfolio. As of December 31, 2009 and 2008, the fair value of investment portfolio amounted to USD 61 thousand and USD 48,271 thousand, respectively.
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6.
PIUTANG USAHA
6.
TRADE ACCOUNTS RECEIVABLE
2009 US$'000 a. Berdasarkan pelanggan Pihak yang mempunyai hubungan istimewa Pan Union Agencies Pte. Ltd. P.T. Arpeni Pratama Ocean Line Tbk Jumlah Pihak ketiga Kapal yang dimiliki dan disewa Jasa perantara perkapalan Jumlah Jumlah Piutang Usaha b. Berdasarkan umur (hari) Belum jatuh tempo Lewat jatuh tempo 1 - 60 hari 61 - 120 hari 121 - 180 hari > 180 hari Jumlah c. Berdasarkan mata uang Dollar Amerika Serikat Rupiah Mata uang lainnya Jumlah
2008 US$'000 a. By Debtor Related parties Pan Union Agencies Pte. Ltd. P.T. Arpeni Pratama Ocean Line Tbk Total Third parties Owned and chartered vessels Agency Total Total Trade Accounts Receivable b. By Age Category Not yet due Past due 1 - 60 days 61 - 120 days 121 - 180 days > 180 days Total c. JBy Currency U.S. Dollars Rupiah Other currencies Total
872 110 982
113.144 16.832 129.976 129.976
81.761 13.931 95.692 96.674
23.886 47.305 26.227 13.864 18.694 129.976
25.572 42.235 17.889 8.326 2.652 96.674
125.162 1.915 2.899 129.976
88.405 3.692 4.577 96.674
Sebelum menerima suatu pelanggan, Perusahaan dan anak perusahaan menilai kualitas kredit pelanggan. Pada tanggal 31 Desember 2009 dan 2008, saldo piutang usaha milik PT Pertamina (Persero) masing-masing sebesar USD 6.241 ribu dan USD 13.142 ribu.
Before accepting any new customer, the Company and its subsidiaries assess the potential customers credit quality. As of December 31, 2009 and 2008, the total balance of trade accounts receivables PT Pertamina (Persero) amounting to USD 6,241 thousand and USD 13,142 thousand, respectively. The Company and subsidiaries do not hold any collateral over these balances. Based on a review of the status of the individual receivable accounts at the end of the year, the Companys management determined that there has not been a significant change in the credit quality and that all trade accounts receivable are collectible. Accordingly, no allowance for doubtful accounts was provided. 7. INVENTORIES Inventories mainly consist of bunker fuel.
Perusahaan dan anak perusahaan tidak menerima jaminan atas piutang usaha. Berdasarkan penelaahan atas status masing-masing piutang pada akhir tahun manajemen Perusahaan memutuskan bahwa tidak terdapat perubahan signifikan terhadap kualitas kredit dan semua piutang usaha dapat tertagih sehingga tidak diadakan penyisihan piutang ragu-ragu. 7. PERSEDIAAN Terutama merupakan persediaan bahan bakar.
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8.
INVESTASI PADA PERUSAHAAN ASOSIASI
8.
INVESTMENTS IN ASSOCIATES
Tempat Kedudukan/ Domicile Metode Ekuitas/Equity Method Brilliant Hero Industrial Limited Teekay BLT Corporation Thai Petra Transport Co. Ltd. PT Berlian Limatama Jiangsu Xinrong Shipyard Company Limited *) Jumlah/Total
*) Dimiliki 48,45% kepemilikan langsung dan tidak langsung oleh Brilliant Hero Industrial Limited. Mutasi investasi dengan metode ekuitas:
Persentase Kepemilikan/ Percentage of Ownership % 45 30 30 50 21,8
2009 US$'000 66.231 9.553 193 148 76.125
2008 US$'000 140 133 273
Hong Kong Marshall Islands Thailand Indonesia China
*) 48.45% direct and indirect ownership by Brilliant Hero Industrial Limited. Changes in investments under the equity method:
2009 US$'000 Saldo awal Penambahan investasi Piutang lain-lain jangka panjang Pengembalian kontribusi modal Bagian laba (rugi) bersih perusahaan asosiasi Saldo Akhir
Brilliant Hero Industrial Limited Pada tahun 2009, Asean Maritime Corporation memperoleh 45% kepemilikan atas Brilliant Hero Industrial Limited, bergerak dalam bidang investasi, dan 21,80% efektif kepemilikan atas Jiangsu Xinrong Shipyard Company Limited, bergerak dalam bidang perbaikan, konversi dan struktur baja, sehubungan dengan akuisisi 100% kepemilikan pada Nevaeh Limited, sebuah perusahaan investasi, dengan harga akuisisi sebesar USD 66.231 ribu. Teekay BLT Corporation Teekay BLT Corporation bergerak dalam bidang jasa pelayaran / angkutan laut mulai beroperasi komersial pada tahun 2006. Berdasarkan kesepakatan bersama Joint Unanimous Written Consent secara tertulis yang dilaksanakan pada tanggal 23 Juni 2008, Dewan Direksi dan Para Pemegang Saham Teekay BLT Corporation memutuskan bahwa modal tercatat atas Teekay BLT Corporation melebihi modal yang disyaratkan sehingga diputuskan modal disetor diturunkan sebesar USD 28 juta. Berdasarkan hal tersebut anak perusahaan menerima pengembalian modal sebesar USD 8,4 juta dari Teekay BLT Corporation. Tidak terjadi perubahan persentase kepemilikan terhadap Teekay BLT Corporation oleh anak perusahaan. - 37 -
2008 US$'000 20.716 2.323 (8.400) (14.366) 273 Balance at beginning of year Additional investment Long-term other receivable Return of contributed capital Equity in net income (loss) of the associate Balance at end of year
273 66.231 9.621 76.125
Brilliant Hero Industrial Limited In 2009, Asean Maritime Corporation acquired 45% ownership in Brilliant Hero Industrial Limited, engaged in investment activities, and an effective ownership of 21.80% in Jiangsu Xinrong Shipyard Company Limited, engaged in ship repair, conversion and steel structure, through the acquisition of 100% ownership in Nevaeh Limited, an investment holding company, at an acquisition cost of USD 66,231 thousand. Teekay BLT Corporation Teekay BLT Corporation is engaged in providing cargo shipping service / sea cargo service and has commenced commercial operations in 2006. In a Joint Unanimous Written Consent executed on June 23, 2008, the Board of Directors and Shareholders of Teekay BLT Corporation have determined that the Listing Stated Capital of Teekay BLT Corporation is in excess of its capital requirements, and determined further that the amount of Stated Capital be reduced by USD 28 million. As a result, the subsidiary received a total amount of USD 8.4 million as a return of capital from Teekay BLT Corporation. There were no changes in the subsidiary percentage of ownership on Teekay BLT Corporation.
Bagian kepemilikan anak perusahaan atas perubahan ekuitas perusahaan asosiasi sebesar USD 4.158 ribu pada tanggal 31 Desember 2007 dibebankan pada laporan laba rugi tahun 2008. Pada tahun 2008, Perusahaan dan anak perusahaan tidak mengakui bagian kerugian bersih dari Teekay BLT Corporation yang melebihi jumlah nilai investasi. Bagian rugi yang tidak diakui tersebut pada tanggal 31 Desember 2008 adalah sebesar USD 2.544 ribu. Pada tahun 2009, Perusahaan dan anak perusahaan mengakui kembali bagian keuntungan bersih Teekay BLT Corporation sebesar USD 9.553 ribu dalam laporan laba rugi konsolidasi. Lainnya Thai Petra Transport Co. Ltd. bergerak dalam bidang pengurusan pelabuhan (keagenan). PT Berlian Limatama bergerak dalam ekspedisi muatan kapal laut. 9. ASET TETAP
Selisih Kurs Penjabaran / 1 Januari 2009 1)/ Translation Penambahan/ January 1, 2009 1) Adjustment Additions
US$'000 Biaya perolehan/revaluasi: Tanah Kapal dan peralatan Kapal sewa pembiayaan Kapal dalam penyelesaian Lain-lain Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess Bangunan Aset dalam penyelesaian Jumlah Akumulasi penyusutan dan penurunan nilai: Kapal dan peralatan Kapal sewa pembiayaan Lain-lain Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess Bangunan Jumlah Jumlah Tercatat 1.330 1.902.432 341.726 83.256 1.405 1.590 3.606 639 2.846 7.478 2.346.308 US$'000 369 (2) 6 51 1 425 US$'000 30.855 35.895 96.719 222 48 912 22 8.519 173.192
The share of changes in associates equity of USD 4,158 thousand as of December 31, 2007 was charged to profit and loss in 2008.
In 2008, the Company and its subsidiaries discontinued recognizing their share of net losses in excess of the total interest in Teekay BLT Corporation. Unrecognized losses as at December 31, 2008 amounted to USD 2,544 thousand.
In 2009, the Company and its subsidiaries resumed recognizing their share in the net profit of Teekay BLT Corporation amounting to USD 9,553 thousand which is included in the consolidated statements of income. Others Thai Petra Transport Co. Ltd. is engaged in port services (agency). PT Berlian Limatama is engaged in providing cargo shipping services. 9. PROPERTY, VESSELS AND EQUIPMENT
31 Desember 2009/ December 31, 2009 Cost Valuation US$'000 US$'000 1.330 111.945 1.625 1.592 4.568 662 2.846 15.997 140.565 1.916.201 387.035 2.303.236 Cost/ Valuation : Land Owned vessels and equipment Leased vessels Vessels under construction Others Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Construction in progress Total Accumulated depreciation and impairment loss: Owned vessels and equipment Leased vessels Others Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total Net Carrying Amount
bidang
Pengurangan/ Reklasifikasi/ Deductions Reclassifications US$'000 US$'000 51.433 2.090 52 1 53.576 68.030 (68.030) -
Revaluasi/ Revaluations US$'000 (34.052) 11.504 (22.548)
Jumlah/ Total US$'000 1.330 1.916.201 387.035 111.945 1.625 1.592 4.568 662 2.846 15.997 2.443.801
337.531 20.605 1.202 936 2.022 426 284 363.006 1.983.302
705 (3) 1 5 1 709
120.098 14.430 25 227 588 106 396 135.870
2.133 39 1 2.173
456.201 35.035 1.224 1.125 2.614 533 680 497.412 1.946.389
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Selisih Kurs Penjabaran / Translation Adjustment US$'000 (19.978) 52 80 (7) (49) 2 (19.900)
1 Januari 2008/ January 1, 2008 US$'000 Biaya perolehan: Tanah Kapal dan peralatan Kapal sewa pembiayaan Kapal dalam penyelesaian Lain-lain Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess Bangunan Aset dalam penyelesaian Jumlah Akumulasi penyusutan dan penurunan nilai: Kapal dan peralatan Kapal sewa pembiayaan Lain-lain Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess Bangunan Jumlah Jumlah Tercatat Biaya docking Jumlah 1.330 1.512.381 329.039 59.014 1.325 1.591 3.138 580 2.245 1.847 1.912.490
Penambahan/ Penurunan nilai/ Akuisisi/ Additions Impairment loss Acquisition US$'000 US$'000 US$'000 199.670 91.952 184.491 96 459 57 102 6.130 482.957 10.401 75 10.476
Pengurangan/ Deductions US$'000 144.526 90 17 144.633
Reklasifikasi/ 31 Desember 2008/ Reclassification December 31, 2008 US$'000 US$'000 238.777 (68.075) (170.702) 499 (499) 1.330 1.786.324 352.916 83.256 1.405 1.590 3.606 639 2.846 7.478 2.241.390 Cost: Land Owned vessels and equipment Leased vessels Vessels under construction Others Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Construction in progress Total Accumulated depreciation and impairment loss: Owned vessels and equipment Leased vessels Others Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total Net carrying amount Docking cost Total
230.551 5.039 1.116 787 1.710 366 145 239.714 1.672.776
(5.024) 1.873 68 (6) (10) 1 (3.098)
85.383 15.655 18 245 327 59 139 101.826
36.102 1.739 37.841
6 6
13.182 90 11 13.283
3.701 (3.701) -
337.531 20.605 1.202 936 2.022 426 284 363.006 1.878.384 17.880 1.896.264
1)
Saldo 1 Januari 2009 termasuk penambahan saldo awal yang berasal dari penambahan nilai revaluasi karena perubahan pengukuran aset kapal dari model biaya ke model revaluasi (Catatan 2) dengan perincian sebagai berikut:
1)
The January 1, 2009 balance includes additions arising from net revaluation revenue as a result of change in the measurement of vessels from cost model to the revaluation model (Note 2) with details as follows:
31 Desember 2008/ December 31, 2008 US$'000 Biaya perolehan/Revaluasi: Kapal dan peralatan Kapal sewa pembiayaan Biaya docking 1.786.324 352.916 17.880
Penerapan model revaluasi/ revaluation model applied US$'000 116.108 (11.190) (17.880)
1 Januari 2009/ January 1, 2009 US$'000 1.902.432 341.726 Cost/Valuation: Owned vessels and equipment Leased vessels Docking cost
Pada tanggal 31 Desember 2009, kapal yang dicatat berdasarkan nilai revaluasi telah direview oleh manajemen dan didukung oleh laporan penilai independen profesional pada tanggal 15 Januari 2010. Apabila kapal diukur berdasarkan dengan perolehan dikurangi akumulasi penyusutan dan penurunan nilai maka nilai tercatat kapal pada tanggal 31 Desember 2009 kurang lebih sebesar USD 1.787 juta. Penambahan kapal pada tahun 2009 terdiri dari pembangunan kapal anak perusahaan yang sudah selesai di bangun (M.T. Pramesti dan M.T. Hyacinth) dan kapal sewa pembiayaan dari anak perusahaan (M.T. Chembulk Jakarta).
As of December 31, 2009, the vessels are stated at their revalued amount, being the fair value reviewed by management and supported by an independent professional valuation carried out on January 15, 2010. Had the vessels been measured on a historical cost less accumulated depreciation and impairment, their carrying amounts as of December 31, 2009 would have been approximately USD 1,787 million. The additions in vessels in 2009 consist of the subsidiaries vessels whose construction had been completed (M.T. Pramesti and M.T. Hyacinth) and subsidiaries vessels under leasing arrangement (M.T. Chembulk Jakarta).
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Penambahan kapal pada tahun 2008 terdiri dari kapal anak perusahaan yang sudah selesai di bangun (M.T. Gas Lombok, M.T. Gas Sumbawa, dan M.T. Purbasari) dan pembelian kapal anak perusahaan (M.T. Fatmarini, M.T. Frabandari, M.T. Harsanadi, M.T. Hartati, M.T. Nogogini, M.T. Nolowati, M.T. Ratih dan M.T. Gas Natuna) dan kapal sewa pembiayaan dari anak perusahaan (M.T. Chembulk Lindy Alice dan M.T. Chembulk King Point) serta pelaksanaan opsi kapal sewa pembiayaan dari anak perusahaan (M.T. Chembulk New Orleans). Pengurangan kapal pada tahun 2009 merupakan penjualan kapal anak perusahaan (M.T. Dewi Madrim dan M.T. Purbasari). Pengurangan kapal pada tahun 2008 merupakan penjualan kapal anak perusahaan (M.T. Gagarmayang, M.T. Puspawati, M.T. Pramoni, M.T. Pergiwati dan M.T. Purwati). Sehubungan dengan penjualan M.T. Purbasari pada tahun 2009 dan penjualan M.T. Gagarmayang, M.T. Puspawati, M.T. Pramoni dan M.T. Purwati pada tahun 2008, Perusahaan dan anak perusahaan melakukan perjanjian sewa balik dengan pembeli kapal tersebut selama periode 12 tahun. Setelah mengevaluasi syarat dan substansi dari perjanjian sewa balik, Direktur Perusahaan berkeyakinan bahwa secara substansial semua risiko dan manfaat dari kepemilikan kapal telah beralih dan berada pada pembeli kapal (lessor). Untuk tahun yang berakhir 31 Desember 2008, keuntungan bersih penjualan dan sewa balik kembali kapal sebesar USD 90.384 ribu dicatat sebagai bagian dalam penghasilan (beban) lain-lain dalam laporan laba rugi konsolidasi. Selisih lebih harga jual atas nilai wajar dari kapal yang dijual dan disewa balik kembali sebesar USD 2.500 ribu pada tahun 2008 dicatat sebagai keuntungan atas transaksi jual dan sewa balik yang ditangguhkan dan diamortisasi selama masa sewa. Rincian keuntungan atas transaksi jual dan sewa balik yang ditangguhan adalah sebagai berikut:
The additions in vessels in 2008 consist of the subsidiaries vessels whose construction had been completed (M.T. Gas Lombok, M.T. Gas Sumbawa, and M.T. Purbasari) and purchase of vesels by the subsidiaries (M.T. Fatmarini, M.T. Frabandari, M.T. Harsanadi, M.T. Hartati, M.T. Nogogini, M.T. Nolowati, M.T. Ratih and M.T. Gas Natuna), vessels under leasing arrangement (M.T. Chembulk Lindy Alice and M.T. Chembulk King Point), and execution of subsidiaries purchase option (M.T. Chembulk New Orleans). The reduction in vessels in 2009 included sale of vessels of the subsidiary (M.T. Dewi Madrim and M.T. Purbasari). The reduction in vessels in 2008 included sale of vessels of the subsidiary (M.T. Gagarmayang, M.T. Puspawati, M.T. Pramoni, M.T. Pergiwati and M.T. Purwati). In conjunction with the sale of M.T. Purbasari in 2009 and the sale of M.T. Gagarmayang, M.T. Puspawati, M.T. Pramoni and M.T. Purwati in 2008, the Company and its subsidiaries entered into leaseback agreements with the purchasers for a period of 12 years. After an evaluation of the terms and substance of the leaseback, the Companys Directors are satisfied that substantially all the risks and rewards incidental to ownership of the vessels have been transferred to and rest with the purchaser-lessor. For the year ended December 31, 2008, the net gain on sale and leaseback of the vessels of USD 90,384 thousand was included in other income (charges) in the consolidated statements of income. The excess of the selling price over the fair value of the vessels sold and leaseback of USD 2,500 thousand in 2008 is accounted for as deferred gain on sale and leaseback transaction and amortized over the lease term. Details of the deferred gain on sale and leaseback transaction are as follows:
2009 US$'000 Saldo awal Akumulasi amortisasi Saldo akhir Dikurangi bagian lancar Bagian tidak lancar - bersih 2.500 234 2.266 208 2.058
2008 US$'000 2.500 26 2.474 208 2.266 Beginning balance Accumulated amortization Ending balance Less current portion Non-current portion
Amortisasi keuntungan atas jual dan sewa balik yang ditangguhkan masing-masing sebesar USD 208 ribu dan USD 26 ribu pada tahun 2009 dan 2008 yang dicatat sebagai pengurang beban sewa. Selain itu, sehubungan dengan perjanjian sewa, Perusahaan dan anak perusahaan telah membayar uang jaminan tanpa bunga sebesar USD 22.195 ribu yang dicatat sebagai uang jaminan. - 40 -
Amortization of deferred income of USD 208 thousand and USD 26 thousand in 2009 and 2008, respectively, is accounted for as reduction of charter expenses. Also, in connection with the lease agreements, the Company and its subsidiaries paid non-interest bearing security deposits of USD 22,195 thousand and were recorded as security deposit.
Seluruh penjualan dilakukan kepada pihak ketiga. Keuntungan penjualan seluruh aset tetap - bersih selama tahun 2009 dan 2008 masing-masing sebesar USD 762 ribu dan USD 94.989 ribu dengan perincian sebagai berikut:
All sales are made with third parties. The net gain on sale of vessels and equipment in 2009 and 2008 amounted to USD 762 thousand and USD 94,989 thousand, respectively, with details as shown below:
2009 US$'000 Harga jual aset tetap Nilai tercatat Bersih Komisi Keuntungan atas transaksi jual dan sewa balik yang ditangguhkan Keuntungan penjualan aset tetap - bersih
Beban penyusutan dialokasi sebagai berikut:
2008 US$'000 230.524 131.350 99.174 1.685 2.500 94.989 Proceeds from sale of property, vessels and equipment Net carrying amount Net Commission Deferred gain on sale and leaseback transaction Gain on sale of property, vessels and equipment - net
expense was allocated to the
50.146 49.313 833 71 762
Depreciation following:
2009 US$'000 Beban usaha Kapal dan tangki yang dimiliki (Catatan 27) Umum dan administrasi (Catatan 28) Selisih kurs penjabaran Jumlah
2008 US$'000 Operating expenses
133.589 1.343 938 135.870
103.070 777 (2.021) 101.826
Owned vessels and tanks (Note 27) General and administrative (Note 28) Translation adjustment Total
Pada tahun 2008, Perusahaan dan anak perusahaan melakukan perubahan estimasi nilai residu kapal berdasarkan penilai independen. Perubahan ini menyebabkan beban penyusutan menurun sebesar USD 3.104 ribu. Pada tanggal 31 Desember 2008, manajemen melakukan pengujian penurunan nilai atas aset tetapnya dan mengakui kerugian penurunan nilai aset tetap sebesar USD 37.841 ribu. Kapal dan peralatan digunakan sebagai jaminan atas hutang bank, hutang lembaga keuangan, kewajiban sewa pembiayaan dan fasilitas stand by letter of credit (Catatan 11, 15, 18 dan 39d). Perusahaan memiliki beberapa bidang tanah yang terletak di kota Dumai, Riau dengan hak legal berupa Hak Guna Bangunan yang berjangka waktu 20 (dua puluh) tahun yang akan jatuh tempo pada tahun 2024, 2036 dan 2037. Manajemen berpendapat tidak terdapat masalah dengan perpanjangan hak atas tanah karena seluruh tanah diperoleh secara sah dan didukung dengan bukti pemilikan yang memadai. Uang muka pembelian kapal merupakan pembayaran uang muka atas pembelian tiga kapal bekas. Kapal dalam penyelesaian tahun 2009 terutama merupakan 13 kapal yang sedang dibangun yang diperkirakan akan selesai pada tahun 2010 - 2011 (Catatan 39c). - 41 -
In 2008, the Company and its subsidiaries changed their estimate of residual values of vessels based on an independent professional valuation. This change resulted to a net decrease of USD 3,104 thousand in depreciation expense. As of December 31, 2008, the management has performed impairment testing and recognized an impairment loss of assets amounting to USD 37,841 thousand. Vessels and equipment are used as collateral for the bank loans, loans from financial institution, obligation under finance lease and stand by letter of credit facility (Notes 11, 15, 18 and 39d). The Company owns several parcels of land located in Dumai, Riau with Building Use Right (Hak Guna Bangunan or HGB) for a period of 20 years until 2024, 2036 and 2037. Management believes that there will be no difficulty in the extension of the landright since all the land were acquired legally and supported by sufficient evidence of ownership.
Advances for purchase of vessels represent advance payments on the purchase of three second- hand vessels. Vessel under construction in progress in 2009 mainly consists of 13 vessels under construction which are estimated to be completed in 2010 - 2011 (Note 39c).
Bangunan dalam penyelesaian merupakan konstruksi atas tangki penyimpanan kimia dan fasilitas lainnya yang terkait. Kapal dan peralatan Perusahaan diasuransikan terhadap kerusakan lambung dan kerusakan kapal (Hull Machinery) dan risiko perang, Increase Value and Additional Owners Interest (I.V & A.O.I.) dengan jumlah pertanggungan seluruhnya sebesar USD 2.359.050 ribu dan USD 1.959.350 ribu masing-masing pada tahun 2009 dan 2008 melalui LCH Insurance (s) Pte. Ltd. dan Sompo Japan Insurance Inc. Kapal dan peralatan Perusahaan dan anak perusahaan diasuransikan juga terhadap perlindungan dan penggantian terhadap pihak ketiga serta ganti rugi yang disebabkan karena pencemaran lingkungan, sehubungan dengan pengoperasian kapal (Protection & Indemnity atau P & I). Manajemen berpendapat bahwa nilai pertanggungan tersebut cukup untuk menutupi kemungkinan kerugian atas aset yang dipertanggungkan. 10. GOODWILL BERSIH Akun ini merupakan selisih antara biaya akuisisi anak perusahaan dengan nilai wajar aset bersih yang diperoleh dengan rincian sebagai berikut:
Building in progress represents construction of chemical storage tanks and other related facilities. The Companys vessels and equipment were insured for hull and machinery damages and war risk, Increased Value and Additional Owners Interest (I.V. & A.O.I) for USD 2,359,050 thousand in 2009 and USD 1,959,350 thousand in 2008, with LCH Insurance (s) Pte. Ltd. and Sompo Japan Insurance Inc.
Those vessels and equipment of the Company and its subsidiaries were also insured for losses of third parties from vessel operations such as environmental pollution caused by accident (Protection and Indemnity or P & I). Management believes that the insurance coverage is adequate to cover possible losses on the assets insured. 10. GOODWILL - NET This account represents the difference between acquisition cost of subsidiaries and fair value of net assets acquired as follows:
2009 US$'000 Harga perolehan Akumulasi amortisasi Akumulasi penurunan goodwill Goodwill - Bersih 87.410 (14.498) (29.136) 43.776
2008 US$'000 87.410 (11.626) (29.136) 46.648 Cost Accumulated amortization Accumulated impairment of goodwill Goodwill - Net
Perusahaan dan anak perusahaan melakukan pengukuran atas penurunan goodwill secara tahunan atau lebih sering, jika terdapat indikasi penurunan nilai goodwill. Pada saat pengukuran penurunan nilai goodwill, goodwill dialokasikan pada unit penghasil kas terendah yang ditentukan oleh Perusahaan yang diharapkan dapat memberikan manfaat dari penggabungan usaha. Jumlah yang dapat diperoleh kembali dari unit penghasil kas ditentukan berdasarkan perhitungan nilai pakainya. Asumsi utama terhadap perhitungan nilai pakai adalah tingkat diskonto, tingkat pertumbuhan, perubahan terhadap nilai jual yang diharapkan serta beban langsung selama tahun berjalan. Manajemen mengestimasi tingkat diskonto menggunakan tarif sebelum pajak yang merefleksikan penilaian pasar saat ini atas nilai waktu daripada uang dan risiko-risiko spesifik atas unit penghasil kas. Tingkat pertumbuhan berdasarkan pada perkiraan tingkat pertumbuhan industri. Perubahan atas nilai jual dan beban langsung didasarkan pada praktek-praktek masa lalu dan ekspektasi dari perubahan pasar di masa yang akan datang.
The Company and its subsidiaries test goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. For impairment testing purposes, goodwill has been allocated principally to the lowest level of cash generating units determined by the Company that is expected to benefit from the business combination. The recoverable amounts of the cash-generating units are determined from value in use calculations. The key assumptions for the value in use calculations are those regarding the discount rate, growth rates and expected changes to selling prices and direct costs during the year. Management estimates the discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the cashgenerating unit. The growth rates are based on industry growth forecasts. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market.
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Perusahaan dan anak perusahaan menyiapkan perkiraan laporan arus kas yang diperoleh dari anggaran keuangan saat ini yang telah disetujui oleh manajemen. Tingkat bunga untuk mendiskontokan perkiraan arus kas dari unit penghasil kas adalah rata-rata tingkat bunga pinjaman pada tanggal neraca yang telah disesuaikan, untuk mengestimasi tingkat bunga dari pasar yang diharapkan dari investasi. Tingkat bunga ini tidak melampui tingkat pertumbuhan rata-rata jangka panjang atas pasar yang relevan. Pada tahun 2008, Perusahaan dan anak perusahaan mengakui kerugian penurunan nilai atas goodwill sebesar USD 29.136 ribu. 11. HUTANG BANK
The Company and its subsidiaries prepare cash flow forecasts derived from the most recent financial budgets approved by management. The rate used to discount the forecast cash flows from the cash generating units is the average borrowing rate at balance sheet dates as adjusted to estimate the rate that the market would expect from the invesment. This rate does not exceed the average long-term growth rate for the relevant markets.
In 2008, the Company and its subsidiaries recognized an impairment of goodwill amounted to USD 29,136 thousand. 11. BANK LOANS
2009 US$'000 DVB Group Merchant Bank (Asia) Ltd Bank Sumitomo Mitsui Indonesia, Jakarta Bank UOB Indonesia, Jakarta Bank Mizuho Indonesia, Jakarta DnB NOR Bank, ASA, Singapura Indonesia Eximbank (d/h Bank Ekspor Indonesia) Bank Mandiri, Jakarta Bank Central Asia, Jakarta Jumlah Tingkat bunga per tahun selama tahun berjalan Dollar Amerika Serikat Tetap Variabel 18.437 17.000 15.958 13.830 65.225
2008 US$'000 17.000 13.699 11.872 50.000 36.530 31.963 15.525 176.589 DVB Group Merchant Bank (Asia) Ltd Bank Sumitomo Mitsui Indonesia, Jakarta Bank UOB Indonesia, Jakarta Bank Mizuho Indonesia, Jakarta DnB NOR Bank, ASA, Singapore Indonesia Eximbank (formerly Bank Ekspor Indonesia) Bank Mandiri, Jakarta Bank Central Asia, Jakarta Total
15% 1,75% - 3,5% diatas/above LIBOR 15% 1,5% - 1,75% diatas/above cost of funds
1% - 1,75% diatas/above LIBOR/SIBOR 8,9% - 14% -
Interest rates per annum during the year U.S. Dollar Fixed Variable
Rupiah Tetap Variabel
Rupiah Fixed Variable
A.
Pinjaman yang diperoleh dari DVB Group Merchant Bank (Asia) Ltd. merupakan fasilitas secure term loan dengan maksimum kredit sebesar USD 25 juta. Pinjaman ini dijamin dengan kapal anak perusahaan tertentu dan jaminan Perusahaan. Pinjaman ini jatuh tempo pada tanggal 20 Januari 2010 dengan tingkat bunga LIBOR ditambah sebesar prosentase tertentu, dimana pembayarannya setiap bulan (Catatan 41c).
A.
Loan obtained from DVB Group Merchant Bank (Asia) Ltd. is a secured term loan facility with a maximum credit of USD 25 million. The loan is secured by a registered mortgage over certain subsidiaries vessels and a corporate guarantee by the Company. The loan is due on January 20, 2010 and interest rate is at LIBOR plus certain percentage which is payable monthly (Note 41c).
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B.
Pinjaman Perusahaan dari Bank Sumitomo Mitsui Indonesia merupakan fasilitas kredit berulang dengan jumlah maksimum Rp 150.000 juta atau ekuivalen dalam USD 17 juta dan akan jatuh tempo pada bulan Juni 2010. Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Indradi, M.T. Cendanawati dan M.T. Mustokoweni). Tingkat bunga sebesar persentase tertentu diatas cost of fund atau LIBOR, dimana pembayarannya setiap bulan.
B.
Loan obtained from Bank Sumitomo Mitsui Indonesia is a revolving credit facility with maximum credit of Rp 150,000 million or equivalent to USD 17 million and is due on June 2010. This loan is collateralized by subsidiaries vessels (M.T. Indradi, M.T. Cendanawati and M.T. Mustokoweni). Annual interest rate is at cost of fund or LIBOR plus certain percentage, which is paid on a monthly basis.
C. Pinjaman dari Bank UOB Indonesia merupakan fasilitas kredit modal kerja dengan maksimum pinjaman Rp 150.000 juta jatuh tempo pada Mei 2010. Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Anjani) dan piutang usaha pendapatan charter ke Pertamina atas kapal M.T. Anjani. Tingkat bunga sebesar persentase tetap tertentu, dimana pembayarannya setiap bulan. D. Pinjaman yang diperoleh dari Bank Mizuho Indonesia adalah time loan revolving dengan jumlah gabungan maksimum kredit sebesar Rp 130.000 juta atau nilai yang setara dalam Dollar Amerika Serikat yang jatuh tempo April 2010. Tingkat bunga per tahun sebesar cost of fund bank atau SIBOR ditambah persentase tertentu, dimana pembayarannya antara 7 - 30 hari. E. Anak perusahaan memperoleh pinjaman secured term loan and reducing revolving credit facilities dari DnB NOR Bank, ASA, Fortis Bank S.A/N.V., ING Bank N.V., dan NIBC Bank Ltd. sebagai pihak pemberi pinjaman utama. DnB NOR Bank, ASA bertindak sebagai agen dan wali bagi para kreditur. Berdasarkan perjanjian, anak perusahaan menggunakan semua pinjaman tersebut untuk perolehan kapal dan untuk tujuan modal kerja. Pinjaman ini jatuh tempo pada tanggal 19 Desember 2008 dan dijamin dengan kapal anak perusahaan jika pinjaman ini belum dibayar sampai dengan enam bulan dari tanggal penggunaan pinjaman. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya 1-3 bulan. Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Bauhinia, M.T. Cendanawati, M.T. Dewayani, M.T. Dewi Sri, M.T. Fatmawati, M.T. Gagarmayang, M.T. Gandini, M.T. Gas Bali, M.T. Gerbera, M.T. Indradi, M.T. Jembawati, M.T. Tirtasari, M.T. Tridonawati dan M.T. Trirasa).
C. Loan obtained from Bank UOB Indonesia is a working capital credit facility with maximum credit of Rp 150,000 million due on May 2010. This loan is secured by subsidiary vessel (M.T. Anjani) and Companys trade accounts receivable from Pertamina in respect of M.T. Anjani. Interest rate per annum is at certain fixed percentage, which is paid monthly.
D. Loan obtained from Bank Mizuho Indonesia is a time revolving loan with a total combined maximum credit of Rp 130,000 million or its US Dollar equivalent due on April 2010. Interest rate per annum is at the banks cost of funds or SIBOR plus certain percentage, which is paid between 7 - 30 days.
E.
The subsidiaries obtained a secured term loan and reducing revolving credit facilities from DnB NOR Bank, ASA, Fortis Bank S.A/N.V, ING Bank N.V., and NIBC Bank Ltd. as original lenders. DnB NOR Bank, ASA acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing the acquisition of the vessels and for general working capital purposes. This loan is due on December 19, 2008 and is secured by the subsidiaries vessels, if the loan remains unpaid up to six months from utilization date. Interest rate is at LIBOR plus certain percentage, which is paid between 1-3 months. This loan is collateralized by subsidiaries vessels (M.T. Bauhinia, M.T. Cendanawati, M.T. Dewayani, M.T. Dewi Sri, M.T. Fatmawati, M.T. Gagarmayang, M.T. Gandini, M.T. Gas Bali, M.T. Gerbera, M.T. Indradi, M.T. Jembawati, M.T. Tirtasari, M.T. Tridonawati and M.T. Trirasa).
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Pada tahun 2008, anak perusahaan telah melunasi fasilitas kreditnya sebesar USD 200 juta, berdasarkan perjanjian tanggal 18 Desember 2008 (yang kemudian diubah pada tanggal 2 Januari 2009), atas sisa saldo hutang kepada DnB NOR Bank, ASA, dan NIBC Bank Ltd. sebesar USD 50 juta telah disetujui diperpanjang sampai dengan 18 Maret 2009. Pinjaman ini dijamin dengan kapal anak perusahaan di atas kecuali M.T. Gagarmayang. Pada bulan January 2009, sisa saldo fasilitas kredit sebesar USD 50 juta dari DnB NOR Bank, ASA, dan NIBC Bank Ltd. selanjutnya ditingkatkan menjadi USD 75 juta dengan Fortis Bank (Netherland) N.V. sebagai pemberi pinjaman tambahan. Pinjaman ini dilunasi seluruhnya pada bulan Maret 2009. F. Pinjaman dari Indonesia Eximbank (d/h Bank Ekspor Indonesia) adalah fasilitas modal kerja dengan maksimum sebesar Rp 400.000 juta yang jatuh tempo pada tanggal 28 Maret 2009. Pinjaman ini dijamin oleh seluruh kekayaan Perusahaan adalah baik yang telah ada maupun yang ada di kemudian hari. Tingkat bunga sebesar persentase tetap tertentu, dimana pembayarannya setiap bulan. Pada bulan Maret 2009, fasilitas kredit modal kerja ini diubah menjadi fasilitas pinjaman ekspor dan jatuh tempo diperpanjang sampai dengan Maret 2014 (Catatan 15E). F.
In 2008, the subsidiaries paid a total amount of USD 200 million of the credit facility. As stated in an agreement dated December 18, 2008 (as amended on January 2, 2009), DnB NOR Bank, ASA, and NIBC Bank Ltd. as the remaining lenders agreed to partially extend the payment of the remaining loan amount of USD 50 million to March 18, 2009. This loan was collaterized with subsidiaries vessels above except M.T. Gagarmayang. In January 2009, the remaining USD 50 million credit facility from DnB NOR Bank, ASA, and NIBC Bank Ltd. was further increased to USD 75 million with Fortis Bank (Netherland) N.V. as additional lender. The loan was paid in full in March 2009.
Loan obtained from Indonesia Eximbank (formerly Bank Ekspor Indonesia) is a working capital facility with maximum credit of Rp 400,000 million and is due on March 28, 2009. The loan is secured by all of the Companys tangible and intangible assets, which are already acquired or will be acquired in the future. Annual interest rate is at certain fixed percentage, which is paid monthly. In March 2009, the working capital loan facility was changed to an export facility loan and the maturity date was extended to March 2014 (Note 15E).
G. Pinjaman yang diperoleh dari Bank Mandiri adalah fasilitas kredit jangka pendek dengan maksimum sebesar Rp 350.000 juta yang jatuh tempo pada tanggal 31 Januari 2009. Dengan tingkat bunga per tahun sebesar persentase tetap tertentu, yang dibayar setiap bulan. Pinjaman ini telah dilunasi pada bulan Januari 2009. H. Pinjaman dari Bank Central Asia merupakan pembiayaan kapal dan fasilitas kredit modal kerja dengan total maksimum kredit sebesar Rp 170.000 juta. Tingkat bunga per tahun sebesar persentase tertentu, dimana pembayarannya setiap bulan dan dijamin dengan jaminan yang sama dengan hutang bank jangka panjang. Bank Central Asia menyetujui untuk memperpanjang tanggal jatuh tempo hingga bulan Januari 2009. Pada bulan Desember 2008, Bank Central Asia menyetujui perpanjangan lainnya atas jatuh tempo pinjaman sampai dengan bulan April 2009. Pada bulan Maret 2009, fasilitas ini diubah menjadi fasilitas pinjaman cicilan yang akan jatuh tempo hingga tahun 2012 (Catatan 15F).
G. Loan obtained from Bank Mandiri is a short term loan facility with maximum credit of Rp 350,000 million and is due on January 31, 2009. Annual interest rate is at certain fixed percentage, which is paid monthly. This loan was paid in full in January 2009.
H. Loan obtained from Bank Central Asia is a vessel refinancing and working capital credit facilities with a total maximum credit of Rp 170,000 million. Interest rate per annum is at certain percentage, which is paid on a monthly basis and is secured by the same collateral as the long-term loans. Bank Central Asia agreed to rollover these loan facilties to extend the maturity date to January 2009. In December 2008, Bank Central Asia approved another extension of the loan maturity to April 2009.
In March 2009, such facilities were changed to become an installment loan facility, due to be paid until 2012 (Note 15F).
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12.
HUTANG USAHA
12. TRADE ACCOUNTS PAYABLE
2009 US$'000 a. Berdasarkan pemasok: Pihak yang mempunyai hubungan istimewa Pan Union Agencies Pte Ltd P.T. Arpeni Pratama Ocean Line Tbk Lain-lain Jumlah Pihak ketiga Pemasok Jasa perantara perkapalan Jumlah Jumlah Hutang Usaha b. Berdasarkan mata uang: Dollar Amerika Serikat Dollar Singapura Rupiah Mata uang lainnya Jumlah
2008 US$'000 a. By creditor Related parties Pan Union Agencies Pte Ltd P.T. Arpeni Pratama Ocean Line Tbk Others Total Third parties Suppliers Shipping agents Total Total Trade Accounts Payable b. By currency U.S. Dollars Singapore Dollars Rupiah Other currencies Total
726 107 96 929
84 84
34.250 34.250 35.179
14.846 2.416 17.262 17.346
31.896 2.060 637 586 35.179
9.123 1.418 3.268 3.537 17.346
Hutang jasa perantara perkapalan pihak ketiga merupakan kewajiban kepada perusahaan yang ditunjuk sebagai perantara dan sub perantara. Hutang pemasok pihak ketiga merupakan kewajiban atas pembelian minyak, bahan bakar, suku cadang, peralatan kapal dan pengeluaran lainnya (disbursements). 13. PAJAK PENGHASILAN Hutang pajak terdiri dari:
The accounts payable to third parties represent liabilities to other shipping companies as agents and to sub-agents, and to suppliers for purchases of oil, fuel and spare parts, vessel equipment, and other disbursements.
13. INCOME TAXES Details of taxes payable are as follows:
2009 US$'000 Hutang pajak penghasilan badan Perusahaan Anak perusahaan Pajak penghasilan Pasal 21 Pasal 23 Pasal 25 Pasal 26 Pajak Pertambahan Nilai - Bersih Hutang pajak final Pasal 4(2) Pasal 15 Jumlah 1 3 516 14 4 4 343 72 957
2008 US$'000 1 5 767 69 3 11 690 19 41 1.606 Corporate income tax The Company Subsidiaries Income taxes Article 21 Article 23 Article 25 Article 26 Value Added Tax - Net Final tax payable Article 4(2) Article 15 Total
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Beban pajak terdiri dari:
2009 US$'000 Kapal dan operasional (Perusahaan dan anak perusahaan) Jasa penyimpanan dan perantara perkapalan anak perusahaan Jasa perantara perkapalan (Perusahaan) Jumlah 825 92 44 961
Details of tax expense are as follows: 2008 US$'000 Vessel and charter operation (Company 927 and its subsidiaries) Storage services and agency of 40 subsidiaries 49 Agency services (Company)
1.016
Total
Perhitungan atas pajak final sehubungan dengan pendapatan atas sewa kapal dan pengoperasian kapal Perusahaan untuk tahun-tahun yang berakhir 31 Desember 2009 dan 2008 adalah sebagai berikut:
The computation of final tax on revenues related to charter and operation of vessels of the Company for the years ended December 31, 2009 and 2008, was as follows:
2009 US$'000 Jumlah pendapatan yang berhubungan dengan sewa kapal dan pengoperasian kapal (Perusahaan) Pajak atas pendapatan sewa kapal 1,2% x USD 13.413 ribu tahun 2009 dan USD 16.039 ribu tahun 2008 Pajak penghasilan anak perusahaan Jumlah beban Pembayaran selama tahun berjalan Hutang Pajak Penghasilan Final
Perhitungan pendapatan yang pajaknya bersifat final adalah sebagai berikut: tidak
2009 US$'000 Pajak penghasilan anak perusahaan yang berhubungan dengan jasa penyimpanan dan perantara perkapalan Pendapatan dari jasa perantara perkapalan Beban yang berhubungan dengan jasa perantara perkapalan Pendapatan lain-lain Penghasilan bunga Pendapatan yang pajaknya tidak bersifat final
2008 US$'000 Revenue from charter and operation of vessels (the Company) Tax on charter vessel revenues 1.2% x USD 13,413 thousand in 2009 and USD 16,039 thousand in 2008 Income tax of subsidiaries Tax expense Payments during the year Final tax payable
13.413
16.039
161 664 825 753 72
192 735 927 886 41
The computation of tax on revenues not subject to final tax is as follows:

2008 US$'000 Income tax of the subsidiaries on storage and agency services Revenue from agency
92 676 (541) 24 159
40 750
(422) Agency expenses (110) Other income (44) Interest income 174 Income not subject to final tax
Perhitungan pajak penghasilan dan hutang pajak penghasilan:
Tax expense and income tax payable are computed as follows:
Pajak Penghasilan - Perusahaan Dikurangi pembayaran pajak dimuka Pajak penghasilan pasal 25 Hutang Pajak Penghasilan
2009 US$'000 44 (43) 1
2008 US$'000 49 (48) 1
Tax expense - The Company Prepayment of tax Income tax - Article 25 Income Tax Payable
Tidak terdapat perbedaan temporer yang berhubungan dengan pendapatan tidak bersifat final sehingga tidak terdapat pengakuan aset dan kewajiban pajak tangguhan.
There were no temporary differences relating to non-final revenue, therefore theres no recognition for deferred tax assets or liabilities.
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Laba kena pajak dan hutang pajak penghasilan Perusahaan tahun 2008 sudah sesuai dengan Surat Pemberitahuan Pajak (SPT) yang disampaikan ke Kantor Pelayanan Pajak. 14. BIAYA MASIH HARUS DIBAYAR
Taxable Income and Tax Payable of the Company for 2008 are in accordance with the annual tax returns (SPT) submitted to the Tax Service Office.
14. ACCRUED EXPENSES
2009 US$'000 Operasi kapal dan docking Bunga Lain-lain Jumlah 35.276 9.037 1.034 45.347
2008 US$'000 28.994 4.486 1.156 34.636 Vessels operation and docking Interest Others Total
15.
HUTANG LEMBAGA KEUANGAN JANGKA PANJANG

2009 US$'000 DnB NOR Bank, ASA, Singapura/ Fortis Bank S.A./N.V. ING Bank N.V. / NIBC Bank Ltd. DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapura Bank Mandiri, Jakarta DVB Group Merchant Bank (Asia) Ltd., Singapura Indonesia Eximbank (d/h Bank Ekspor Indonesia) Bank Central Asia, Jakarta Mitsubishi UFJ Lease & Finance Co. Ltd. Bank Syariah Mandiri/Bank Syariah BRI/ Bank Muamalat Indonesia/ BPD Jatim Divisi Usaha Syariah DnB NOR Bank, ASA, Singapura/ NIBC Bank Ltd. ING Bank N. V., Singapura Mount Gede LLC Bank UOB Indonesia, Jakarta Dialease Maritime S.A., Jepang The Royal Bank of Scotland Plc, Skotlandia Jumlah Bagian yang jatuh tempo dalam waktu satu tahun Hutang Bank Jangka Panjang - Bersih Tingkat bunga per tahun selama tahun berjalan Dollar Amerika Serikat Tetap Variabel
15. LONG-TERM LOANS FROM FINANCIAL INSTITUTION

2008 US$'000 DnB NOR Bank, ASA, Singapore/ Fortis Bank S.A./N.V. ING Bank N.V. / NIBC Bank Ltd. DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapore Bank Mandiri, Jakarta DVB Group Merchant Bank (Asia) Ltd., Singapore Indonesia Eximbank (formerly Bank Ekspor Indonesia) Bank Central Asia, Jakarta Mitsubishi UFJ Lease & Finance Co. Ltd. Bank Syariah Mandiri/Bank Syariah BRI/ Bank Muamalat Indonesia/ BPD Jatim Divisi Usaha Syariah DnB NOR Bank, ASA, Singapore/ NIBC Bank Ltd. ING Bank N. V., Singapore Mount Gede LLC Bank UOB Indonesia, Jakarta Dialease Maritime S.A., Japan The Royal Bank of Scotland Plc, Scotland Total Current maturities Long-Term Portion - Net Interest rates per annum during the year U.S. Dollar Fixed Variable
576.302
656.453
81.000 47.872 42.375 36.569 33.968 28.168
83.400 22.325 26.759 -
19.149 18.960 11.940 7.800 7.680 6.429 918.212 138.674 779.538
13.930 9.120 7.715 1.011 820.713 99.217 721.496
7,75% 0,7% - 4% 0,7% - 2,5% diatas/ above diatas/above LIBOR/SIBOR LIBOR/SIBOR 9,64% - 14,5% 10,25% - 13% 2% diatas/ above Yen LIBOR -
Rupiah Tetap Yen Jepang Variabel
Rupiah Fixed Japanese Yen Variable
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Jadwal pembayaran kembali hutang bank jangka panjang adalah sebagai berikut:
2009 US$'000 Dalam satu tahun Dalam tahun kedua Dalam tahun ketiga Dalam tahun keempat Dalam tahun kelima Setelah lima tahun Jumlah 138.674 152.435 141.390 147.342 72.744 265.627 918.212
The long-term bank loans are repayable as follows:

2008 US$'000 99.217 103.105 109.098 102.439 113.713 293.141 820.713 Within one year In the second year In the third year In the fourth year In the fifth year After five years Total
Rincian hutang bank adalah sebagai berikut: A. DnB NOR Bank, ASA, Singapura / Fortis Bank S.A./N.V. ING Bank N.V. / NIBC Bank Ltd. Pada bulan Juni 2008, anak perusahaan memperoleh pinjaman kredit modal kerja dengan jumlah maksimum sebesar USD 165 juta dari DnB NOR Bank ASA, Singapura, Fortis Bank S.A/N.V., ING Bank N.V., dan NIBC Bank Ltd. Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan setiap 3 bulan sampai tahun 2013 dengan tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya antara 1 - 6 bulan dan dijamin dengan kapal anak perusahaan M.T. Anggraini, M.T. Celosia, M.T. Dragonaria, M.T. Erowati, M.T. Fressia, M.T. Larasati, M.T. Setyawati, M.T. Ulupi, M.T. Gas Lombok dan M.T. Gas Sumbawa. Pada bulan Desember 2007, anak perusahaan memperoleh pinjaman secured term-loan and reducing revolving credit facilities dari DnB NOR Bank ASA, Singapura, Fortis Bank S.A/N.V., ING Bank N.V., dan NIBC Bank Ltd. sebagai pihak pemberi pinjaman utama. DnB NOR Bank ASA, Singapura, bertindak sebagai agen dan wali pemegang jaminan bagi kreditur. Berdasarkan perjanjian, anak perusahaan harus menggunakan semua pinjaman tersebut untuk perolehan kapal dan modal kerja. Pinjaman ini terdiri dari: Fasilitas A adalah term loan facility dalam mata uang Dollar Amerika Serikat dengan jumlah maksimum USD 400 juta. Pinjaman ini dibayar dalam 40 kali cicilan setiap 3 bulan sebesar USD 8 juta untuk cicilan ke -1 sampai ke - 39 dan USD 88 juta untuk cicilan ke - 40. Tingkat bunga sebesar persentase tertentu di atas LIBOR tergantung pada rasio nilai yang harus dipertahankan dari kapal-kapal yang dijaminkan dimana pembayarannya antara 1 - 3 bulan.
Details of the loans are as follows: A. DnB NOR Bank, ASA, Singapore / Fortis Bank S.A./N.V. ING Bank N.V. / NIBC Bank Ltd. In June 2008, a subsidiary obtained a secured term loan facility from DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. with a maximum credit of USD 165 million for general working capital purposes. The loan is payable in 20 quarterly installments until 2013 and bears interest rate at LIBOR plus certain percentage, which is paid between 1 - 6 months. The loan is secured by subsidiaries vessels, M.T. Anggraini, M.T. Celosia, M.T. Dragonaria, M.T. Erowati, M.T. Fressia, M.T. Larasati, M.T. Setyawati, M.T. Ulupi, M.T. Gas Lombok and M.T. Gas Sumbawa. In December 2007, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. as original lenders. DnB NOR Bank ASA, Singapore, acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing in relation to the acquisition of the vessels and for general working capital purposes. The facilities consist of: Facility A, which is a term loan facility in US Dollars in the aggregate amount equal to the facility commitment of USD 400 million. This facility shall be repaid in 40 consecutive quarterly st installments of USD 8 million for the 1 th to 39 installments and USD 88 million th for the 40 installment. Interest rate is at LIBOR plus certain percentage depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.
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Fasilitas B adalah reducing revolving loan facility dalam mata uang Dollar Amerika Serikat dengan jumlah maksimum USD 100 juta. Pinjaman ini dibayar secara triwulan dalam 20 kali cicilan sebesar USD 5 juta sampai dengan tahun 2012. Tingkat bunga sebesar persentase tertentu di atas LIBOR tergantung pada rasio nilai yang harus dipertahankan dari kapal-kapal yang dijaminkan, dimana pembayarannya antara 1 - 3 bulan. Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Chembulk Hong Kong, M.T. Chembulk Virgin Gorda, M.T. Chembulk Savannah, M.T. Chembulk New York, M.T. Chembulk Gilbraltar, M.T. Chembulk Shanghai, M.T. Chembulk Kobe, M.T. Chembulk Yokohama, M.T. Chembulk Barcelona, M.T. Chembulk Houston dan M.T. Chembulk Ulsan). Pinjaman ini juga dijamin dengan jaminan dari Perusahaan dan Gold Bridge Shipping Corporation (corporate guarantee). Pada bulan Maret 2007, anak perusahaan tertentu memperoleh pinjaman dengan maksimum berjumlah USD 65 juta. Pinjaman ini dibayar secara angsuran dalam 32 kali cicilan setiap 3 bulan sampai tahun 2015 dan dijamin oleh Perusahaan dan Gold Bridge Shipping Corporation, anak perusahaan, dan kapal anak perusahaan M.T. Gas Sulawesi, M.T Gas Papua dan M.T. Chembulk New Orleans. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya antara 1 3 bulan. B.
Facility B, which is a reducing revolving loan facility in US Dollars in the aggregate amount equal to the facility commitment of USD 100 million. This facility is payable in 20 quarterly installments of USD 5 million until 2012. Interest rate is at LIBOR plus certain percentage depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.
The loans are collateralized by the subsidiaries vessels (M.T. Chembulk Hong Kong, M.T. Chembulk Virgin Gorda, M.T. Chembulk Savannah, M.T. Chembulk New York, M.T. Chembulk Gilbraltar, M.T. Chembulk Shanghai, M.T. Chembulk Kobe, M.T. Chembulk Yokohama, M.T. Chembulk Barcelona, M.T. Chembulk Houston and M.T. Chembulk Ulsan). The loans are also secured with corporate guarantee from the Company and Gold Bridge Shipping Corporation. In March 2007, certain subsidiaries obtained loan with maximum credit of USD 65 million. This loan is payable in 32 quarterly installments until 2015 and is collateralized by corporate guarantees from the Company and Gold Bridge Shipping Corporation, a subsidiary, and the subsidiaries vessel, M.T. Gas Sulawesi, M.T Gas Papua and M.T. Chembulk New Orleans. Interest rate is at LIBOR plus certain percentage, which is paid between 1 3 months.
B.
DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapura Pada bulan Nopember 2008, anak perusahaan tertentu memperoleh pinjaman senior secured revolving credit facility dengan jumlah maksimum sebesar USD 114 juta dari DVB Group Merchant Bank (Asia) Ltd., dan Nordea Bank Finland Plc, cabang Singapura. Jumlah maksimum fasilitas tersebut akan menurun secara tetap sebesar seperempatpuluh (1/40) dari jumlah maksimum tersebut setiap tiga bulan sampai tahun 2015. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya antara 1 6 bulan. Pinjaman ini dijamin dengan: (a) kapal anak perusahaan (M.T. Fatmarini, M.T. Frabandari, M.T. Harsanadi, M.T. Hartati, M.T. Nogogini, M.T. Nolowati dan M.T. Ratih), (b) Penyerahan pendapatan atas asuransi dan permintaan kompensasi dari kapal anak perusahaan (c) jaminan dan indemnity dari Perusahaan (d) rekening bank, rekening pasar uang, deposito dan akun lain anak perusahaan yang ditempatkan pada Nordea Bank Finland Plc, serta (e) jaminan saham anak perusahaan.
DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapore In November 2008, certain subsidiaries obtained senior secured revolving credit facility from DVB Group Merchant Bank (Asia) Ltd. and Nordea Bank Finland Plc, Singapore Branch with a maximum credit of USD 114 million. The maximum credit shall be reduced quarterly th by one-fortieth (1/40 ) of such amount. The balance of all outstanding drawings is due to be paid in 2015. Interest rate is at LIBOR plus certain percentage, which is paid between 1 6 months. This loan is secured by the following: (a) subsidiaries vessels (M.T. Fatmarini, M.T. Frabandari, M.T. Harsanadi, M.T. Hartati, M.T. Nogogini, M.T. Nolowati and M.T. Ratih), (b) assignment of insurances, earnings and requisition compensation of the subsidiaries vessels, (c) a guarantee and indemnity from the Company, (d) bank accounts, money market accounts, dealer deposit accounts and other accounts of the subsidiaries established with Nordea Bank Finland Plc, and (e) the pledged of the shares of the subsidiaries.
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C. Bank Mandiri, Jakarta Pada bulan Mei 2009, Perusahaan memperoleh pinjaman dari Bank Mandiri dengan maksimum sebesar Rp 500.000 juta. Pinjaman ini dibayar secara angsuran dalam 18 kali cicilan setiap 3 bulan sampai dengan tahun 2013. Pinjaman ini dijamin dengan kapal Perusahaan dan anak perusahaan (M.T. Kunti, M.T. Bramani, M.T. Gas Sumatera, M.T. Gas Jawa, M.T. Pradapa dan M.T. Ontari). Tingkat bunga sebesar persentase tertentu, dimana pembayarannya setiap bulan. D. DVB Group Merchant Bank (Asia) Ltd., Singapura Pada bulan Maret 2009, anak perusahaan memperoleh pinjaman dengan maksimum sebesar USD 27 juta. Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan setiap 3 bulan sampai dengan tahun 2014 dan dijamin oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan (M.T. Pramesti). Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap 3 bulan. Pada bulan September 2005, anak perusahaan memperoleh pinjaman dengan maksimum sebesar USD 43 juta. Pinjaman ini dibayar secara angsuran dalam 32 kali cicilan setiap 3 bulan sampai dengan tahun 2013 dan dijamin oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan (M.T. Anjasmoro, M.T. Rengganis, M.T. Wulansari and M.T. Yanaseni). Tingkat bunga sebesar LIBOR ditambah persentase tertentu berdasarkan pada persentase pinjaman terhadap nilai jaminan, dimana pembayarannya antara 1 - 3 bulan. E. Indonesia Eximbank Indonesia), Jakarta (d/h Bank Ekspor
C. Bank Mandiri, Jakarta In May 2009, the Company obtained financing from Bank Mandiri with a maximum credit of Rp 500,000 million payable in 18 quarterly installments until 2013. This loan is collateralized by The Company and certain subsidiaries vessels (M.T. Kunti, M.T. Bramani, M.T. Gas Sumatera, M.T. Gas Jawa, M.T. Pradapa dan M.T. Ontari). Interest rate is at certain fixed percentage, which is payable monthly. D. DVB Group Merchant Bank (Asia) Ltd., Singapore In March 2009, a subsidiary obtained loan with a maximum credit of USD 27 million. This loan is payable in 20 quarterly installments until 2014 and collateralized by a corporate guarantee from the Company and a subsidiarys vessel (M.T. Pramesti). Interest rate is at LIBOR plus certain percentage, which is paid quarterly.
In September 2005, subsidiaries obtained loan with maximum credit of USD 43 million. This loan is payable in 32 quarterly installments until 2013 and collateralized by corporate guarantee from the Company and the subsidiaries vessels (M.T. Anjasmoro, M.T. Rengganis, M.T. Wulansari and M.T. Yanaseni). Interest rate is at LIBOR plus certain percentage depending on the loan to value percentage, which is paid between 1 - 3 months.
E.
Indonesia Eximbank (formerly Bank Ekspor Indonesia), Jakarta In March 2009, the working capital loan facility with a maximum credit of Rp 400,000 million which from Indonesia Eximbank (formerly Bank Ekspor Indonesia) was changed to an export facility loan and the maturity date was extended to March 2014 (Note 11F). This loan is payable in 20 quarterly installments and secured by the subsidiaries vessels (M.T. Barawati, M.T. Gas Natuna dan M.T. Pergiwo). Interest rate is at certain fixed percentage, which is paid monthly.
Pada bulan Maret 2009, fasilitas kredit modal kerja sebesar Rp 400.000 juta yang diperoleh dari Indonesia Eximbank (dahulu Bank Ekspor Indonesia) diubah menjadi fasilitas pinjaman ekspor dan jatuh tempo diperpanjang sampai dengan bulan Maret 2014 (Catatan 11F). Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan setiap 3 bulan dan dijamin oleh kapal anak perusahaan (M.T. Barawati, M.T. Gas Natuna dan M.T. Pergiwo). Tingkat bunga sebesar persentase tertentu, dimana pembayarannya setiap bulan.
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F.
Bank Central Asia, Jakarta Jenis pinjaman yang diperoleh antara lain: Pada bulan Maret 2009, fasilitas kredit modal kerja sebesar Rp 170.000 juta yang jatuh tempo bulan April 2009 diubah menjadi fasilitas pinjaman cicilan (Catatan 11H). Pinjaman ini dibayar secara angsuran sampai dengan tahun 2012 dan tingkat bunga sebesar persentase tertentu yang dibayar setiap bulan. Pada bulan Nopember 2006, Perusahaan memperoleh fasilitas kredit investasi dengan jumlah maksimum sebesar USD 34 juta. Pinjaman ini dibayar secara angsuran dalam 84 kali setiap bulan sampai tahun 2013 dan dijamin dengan kapal anak perusahaan (FPSO Brotojoyo). Tingkat bunga sebesar persentase tertentu diatas SIBOR, dimana pembayarannya setiap bulan. Pada bulan Januari 2005, Perusahaan memperoleh kredit investasi dengan jumlah maksimum sebesar Rp 125.000 juta berlaku selama 5 tahun. Tingkat bunga per tahun 10,25% - 13%, dimana pembayarannya setiap bulan. Pinjaman ini dijamin dengan kapal M.T. Gas Indonesia dan M.T. Gas Kalimantan dan ditambah jaminan saham Perusahaan milik P.T. Tunggaladhi Baskara sebanyak 66.188.311 saham. Pada bulan April 2008 semua jaminan saham tersebut tidak lagi digunakan sebagai jaminan. Pinjaman ini telah dibayar pada bulan Januari 2010.
F.
Bank Central Asia, Jakarta The loans obtained were as follows: In March 2009, the working capital credit facilities with a total maximum credit of Rp 170,000 million that are due to be paid in April 2009 were changed to become an installment loan facility (Note 11H). This loan is payable in monthly installments until 2012 and bears interest rate of certain fixed percentage, which is payable monthly. In November 2006, the Company obtained investment credit facility with a maximum credit of USD 34 million. This loan is payable in 84 monthly installments until 2013 and collateralized by a subsidiarys vessel (FPSO Brotojoyo). Interest rate is at SIBOR plus certain percentage, which is paid monthly.
In January 2005, the Company obtained an investment credit facility with maximum credit of Rp 125,000 million, due in 5 years. Interest rate for this loan is 10.25% - 13% per annum, which is paid monthly. The loans are collateralized by the vessels, M.T. Gas Indonesia and M.T. Gas Kalimantan, and pledge of the Companys shares amounting to 66,188,311 shares owned by P.T. Tunggaladhi Baskara. In April 2008, all of the pledged shares were no longer used as a collateral. This loan was paid in January 2010.
G. Mitsubishi UFJ Lease and Finance Co. Ltd. Pada bulan September 2009, anak perusahaan memperoleh pinjaman hipotik dari Mitsubishi UFJ Lease & Finance Co. Ltd. sebesar JPY 2.537 juta (ekuivalen USD 28.431 ribu). Pinjaman ini dibayar secara cicilan setiap bulan dalam 84 bulan dengan pembayaran pokok sekaligus sebesar JPY 1.551 juta pada akhir periode pinjaman. Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Hyacinth dan M.T. Rasawulan) dan corporate guarantee dari Perusahaan dan Gold Bridge Shipping Corporation. Tingkat bunga sebesar persentase tertentu diatas Yen LIBOR.
G. Mitsubishi UFJ Lease and Finance Co. Ltd. In September 2009, a subsidiary obtained a mortgage loan from Mitsubishi UFJ Lease & Finance Co. Ltd. in the amount of JPY 2,537 million (equivalent to USD 28,431 thousand). This loan is payable in 84 monthly installments with a balloon payment of JPY 1,551 million on the last repayment date. Such loan is secured by the subsidiarys vessel (M.T. Hyacinth and M.T Rasawulan) and corporate guarantees by the Company and Gold Bridge Shipping Corporation. Interest rate is at Yen LIBOR plus a certain percentage.
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H. Bank Syariah Mandiri / Bank Syariah BRI / Bank Muamalat Indonesia / BPD Jatim Divisi Usaha Syariah Pada bulan Desember 2009, anak perusahaan tertentu memperoleh fasilitas pinjaman investasi jangka panjang berdasarkan skema Syariah (Qardh dan Murabahah) dari Bank Syariah Mandiri (sebagai penanggung jawab utama), Bank Syariah BRI, Bank Muamalat Indonesia, dan BPD Jatim Divisi Usaha Syariah dengan maksimum kredit seluruhnya sebesar Rp 180.000 juta. Fasilitas pinjaman ini dibayar secara cicilan setiap 3 bulan sebanyak 20 kali, dengan nilai pembayaran pokok sekaligus sebesar Rp 20.000 juta pada akhir periode pinjaman. Pinjaman ini dijamin antara lain oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan (M.T. Tirtasari, M.T. Dewayani dan M.T. Dewi Sri). Indicative return sebesar persentase tertentu, dimana pembayarannya setiap 3 bulan. I. DnB NOR Bank, ASA, Singapura / NIBC Bank Ltd. Pada bulan April 2009, anak perusahaan memperoleh pinjaman dari DnB NOR Bank ASA, Singapura dan NIBC Bank Ltd dengan maksimum sebesar USD 31,5 juta. Pinjaman ini dibayar secara angsuran dalam 16 kali cicilan setiap 3 bulan sampai dengan tahun 2013 dan dijamin dengan kapal anak perusahaan (M.T. Gas Bali dan M.T. Gerbera). Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap 3 bulan. J. ING Bank N.V., Singapura Pada bulan Nopember 2005, anak perusahaan memperoleh pinjaman dari ING Bank N.V., Singapura dengan jumlah maksimum USD 19,9 juta. Pinjaman ini dibayar secara angsuran setiap enam bulan sampai bulan Nopember 2015 dan dijamin dengan kapal anak perusahaan M.T. Eustoma dan M.T. Gas Maluku. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap bulan. K. Mount Gede LLC Pinjaman dari Mount Gede LLC merupakan secured junior term loan facility dengan jumlah maksimum sebesar USD 7,8 juta. Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Tridonawati dan M.T. Trirasa) dan jaminan dari Perusahaan (Corporate guarantee). Pinjaman ini jatuh tempo pada tanggal 31 Desember 2011. Tingkat bunga sebesar persentase tetap tertentu.
H. Bank Syariah Mandiri / Bank Syariah BRI / Bank Muamalat Indonesia / BPD Jatim Divisi Usaha Syariah In December 2009, certain subsidiaries obtained long-term investment loan facilities under Syariah (Qardh and Murabahah) scheme from Bank Syariah Mandiri (as lead manager), Bank Syariah BRI, Bank Muamalat Indonesia, and BPD Jatim Divisi Usaha Syariah with a total maximum credit of Rp 180,000 million. These loan facilities are payable in 20 quarterly installments with balloon payments in the total amount of Rp 20,000 million on the last repayment date. Such loans are collateralized, among others, by the subsidiaries vessels (M.T. Tirtasari, M.T. Dewayani and M.T. Dewi Sri). and a corporate guarantee from the Company. Indicative return is at certain fixed percentage, which is payable quarterly.
I.
DnB NOR Bank, ASA, Singapore / NIBC Bank Ltd. In April 2009, certain subsidiaries obtained loan from DnB NOR Bank ASA, Singapore and NIBC Bank Ltd. with a maximum credit of USD 31.5 million. The loan is payable in 16 quarterly installments until 2013 and secured by the subsidiaries vessels (M.T. Gas Bali and M.T. Gerbera). Interest rate is at LIBOR plus certain percentage, which is paid quarterly.
J.
ING Bank N.V., Singapore In November 2005, subsidiaries obtained loan facilities from ING Bank N.V., Singapore with maximum credit of USD 19.9 million. These loan facilities is payable in semi-annual installments until November 2015 and collateralized by subsidiaries vessels, M.T. Eustoma and M.T. Gas Maluku. Interest rate is at LIBOR plus certain percentage, which is paid monthly.
K.
Mount Gede LLC Loan obtained from Mount Gede LLC is a secured junior term loan facility with maximum credit of USD 7.8 million. The loan is secured by a registered mortgage over the subsidiaries vessels (M.T. Tridonawati dan M.T. Trirasa) and a guarantee by the Company. Such loan shall be repaid in full on December 31, 2011. Interest rate is at certain fixed percentage.
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L.
Bank UOB Indonesia, Jakarta Pada bulan Oktober 2006, Perusahaan memperoleh fasilitas kredit investasi dengan jumlah maksimum sebesar USD 12 juta dari Bank UOB Indonesia. Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan setiap bulan sampai dengan tahun 2011 dan dijamin dengan kapal anak perusahaan (M.T. Anjani) dan penyerahan pendapatan charter dari Pertamina atas kapal M.T. Anjani. Tingkat bunga sebesar persentase tertentu diatas SIBOR, dimana pembayarannya setiap 3 bulan. Pada bulan Pebruari 2009, Bank UOB Indonesia menyetujui untuk meninjau kembali fasiltas kredit investasi dan memperpanjang fasilitas kredit Term Loan senilai USD 8.760 ribu yang akan dibayarkan dalam 10 kali cicilan triwulanan sebesar USD 360 ribu dan pembayaran cicilan terakhir senilai USD 5.160 ribu pada saat jatuh tempo yaitu bulan Oktober 2011. Fasilitas pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Anjani) dan piutang usaha atas pendapatan charter ke Pertamina dari kapal anak perusahaan tersebut.
L.
Bank UOB Indonesia, Jakarta In October 2006, the Company obtained investment credit facility with maximum credit of USD 12 million from Bank UOB Indonesia, payable in 20 quarterly installments until 2011. The loan is secured by the subsidiarys vessel, M.T. Anjani, and an assigment of earnings from Pertamina in respect of the vessels used as collateral. Interest rate is at SIBOR plus certain percentage, which is paid quarterly.
In February 2009, Bank UOB Indonesia approved to review the investment credit facility and extend the working capital credit facility of term loan facility of USD 8,760 thousand, payable in 10 quarterly installments of USD 360 thousand each and one last installment of USD 5,160 thousand upon its maturity in October 2011. These loan facilities are secured by a registered mortgage on certain subsidiary's vessel (M.T. Anjani) and the assignment of accounts receivable from Pertamina in respect of the vessel used as collateral. M. Dialease Maritime S.A., Japan In December 2004, a subsidiary obtained loan with maximum credit of JPY 1,347.25 million (equivalent to USD 12.86 million). This loan is payable in 28 quarterly installments until 2011 and collateralized by corporate guarantee from the Company and the subsidiarys vessel, M.T. Rasawulan. Interest rate is at LIBOR plus certain percentage, which is paid quarterly.
M. Dialease Maritime S.A., Jepang Pada bulan Desember 2004, anak perusahaan memperoleh pinjaman dengan maksimum sebesar JPY 1.347,25 juta (ekuivalen USD 12,86 juta). Pinjaman ini dibayarkan secara angsuran dalam 28 kali cicilan setiap 3 bulan sampai dengan tahun 2011 dan dijamin oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan M.T. Rasawulan. Tingkat bunga sebesar percentage tertentu diatas LIBOR, dimana pembayarannya setiap 3 bulan. N. The Royal Bank of Scotland Plc, Skotlandia Pada bulan Oktober 2007, anak perusahaan (GBLT Shipmanagement UK) memperoleh fasilitas kredit investasi dengan jumlah maksimum sebesar USD 1,11 juta dari The Royal Bank of Scotland Plc. Pinjaman ini dibayar secara angsuran dalam 39 kali cicilan setiap 3 bulan sampai dengan tahun 2016 dan dijamin dengan bangunan dan tanah milik anak perusahaan tersebut. Tingkat bunga sebesar persentase tertentu diatas tingkat bunga pinjaman bank untuk mata uang Dollar Amerika Serikat, dimana pembayarannya setiap 3 bulan. Pinjaman ini telah dilunasi pada bulan Agustus 2009. Sehubungan dengan fasilitas pinjaman di atas, Perusahaan dan anak perusahaan diwajibkan memenuhi batasan-batasan tertentu yang telah disepakati bersama sesuai perjanjian termasuk mempertahankan rasio-rasio keuangan tertentu.
N. The Royal Bank of Scotland Plc, Scotland In October 2007, the subsidiary (GBLT Shipmanagement UK) obtained an investment credit facility with maximum credit of USD 1.11 million from The Royal Bank of Scotland Plc. This loan is payable in 39 quarterly installments until 2016 and is collateralized by the subsidiarys land and building and bears interest rate of the banks currency lending rate for US Dollars plus certain percentange which is paid quarterly. This loan was paid in full in August 2009.
In relation to the above loan facilities, the Company and its subsidiaries are required to fulfill certain covenants, including among others the maintenance of certain financial ratios.
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16.
HUTANG OBLIGASI
16. BONDS PAYABLE
2009 US$'000 Nilai nominal Obligasi Berlian Laju Tanker III Obligasi Berlian Laju Tanker IV Sukuk Ijarah I Sukuk Ijarah II Diskonto yang belum diamortisasi Jumlah Bagian yang jatuh tempo dalam waktu satu tahun Hutang obligasi - bersih
2008 US$'000 Nominal value Berlian Laju Tanker III Bond Berlian Laju Tanker IV Bond Sukuk Ijarah I Sukuk Ijarah II Unamortized discount Total Current maturities Bond payable - net
74.468 42.553 21.277 10.638 (1.039) 147.897 6.322 141.575
63.927 18.265 (742) 81.450 81.450
Jumlah amortisasi diskonto sebesar USD 297 ribu dan USD 318 ribu masing-masing untuk tahun 2009 dan 2008. Obligasi Berlian Laju Tanker III Pada tanggal 5 Juli 2007 Perusahaan menerbitkan obligasi Rupiah sebesar Rp 700.000 juta dengan tingkat bunga tetap sebesar 10,35% yang dibayar setiap 3 bulan. Obligasi tersebut tidak dijamin oleh pihak manapun, berjangka waktu 5 (lima) tahun dan akan jatuh tempo pada tanggal 5 Juli 2012. Hak pemegang obligasi adalah pari-passu tanpa hak preferen dengan hak-hak kreditur Perusahaan lainnya. Seluruh obligasi dijual sebesar nilai nominal, tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan P.T. Bank Mandiri Tbk (Persero) bertindak sebagai wali amanat. Pada tanggal 18 Desember 2007, para Pemegang Obligasi setuju untuk mengganti P.T. Bank Mandiri Tbk (Persero) sebagai wali amanat dan menunjuk P.T. CIMB Niaga Tbk sebagai wali amanat yang baru. Pada tanggal 17 Maret 2008, P.T. Bank CIMB Niaga Tbk sebagai wali amanat mengeluarkan pemberitahuan terhadap kegagalan Perusahaan untuk memenuhi salah satu syarat dalam perjanjian wali amanat, dimana harus mempertahankan rasio hutang bersih terhadap ekuitas tidak lebih dari 2,5:1. Pada tanggal 16 Juni 2008, para Pemegang Obligasi setuju untuk merubah rasio hutang bersih terhadap ekuitas pada perjanjian wali amanat dari 2,5:1 menjadi 4,5:1 untuk tahun yang berakhir pada tanggal 31 Desember 2008 dan 3,5:1 untuk periode setelah 31 Desember 2008 berdasarkan laporan keuangan Perusahaan yang disusun berdasarkan prinsip akuntansi yang berlaku umum di Indonesia. Berdasarkan pemeringkatan yang diterbitkan oleh P.T. Pefindo tanggal 13 April 2009 peringkat obligasi adalah idA. - 55 -
Total amortization of discount amounted to USD 297 thousand and USD 318 thousand, in 2009 and 2008, respectively. Berlian Laju Tanker III Bond On July 5, 2007, the Company issued Rupiah Bonds amounting to Rp 700,000 million with fixed interest rate at 10.35% per annum payable every three months. The Bonds are unsecured and have a term of 5 years, due on July 5, 2012. Bondholders right is pari-passu without preferential rights with other creditors of the Company. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with P.T. Bank Mandiri Tbk (Persero) as trustee.
On December 18, 2007, the Bondholders approved the replacement of P.T. Bank Mandiri Tbk (Persero) as trustee and the appointment of P.T. CIMB Niaga Tbk as the new trustee.
On March 17, 2008, P.T. Bank CIMB Niaga Tbk as the trustee issued a notice for the Companys failure to comply with one of the covenants under the Trustee Agreement, which is to maintain a ratio of Net Debt to Equity of not more than 2.5:1.
On June 16, 2008, the Bondholders approved to amend the debt covenant on the Net Debt to Equity Ratio on the Trustee Agreement from 2.5:1 to 4.5:1 for the year ending December 31, 2008 and 3.5:1 after December 31, 2008 based on the Companys statutory accounts prepared under generally accepted accounting principles in Indonesia.
Based on P.T. Pefindos rating dated April 13, 2009, the bonds are rated as idA.
Obligasi Berlian Laju Tanker IV Pada tanggal 29 Mei 2009, Perusahaan menerbitkan obligasi Rupiah sebesar Rp 400.000 juta yang terdiri dari tiga seri sebagai berikut: (i) Obligasi Seri A dengan jumlah pokok obligasi sebesar Rp 60.000 juta dengan tingkat bunga tetap 14,25% per tahun dan jatuh tempo tanggal 28 Mei 2010, (ii) Obligasi Seri B dengan jumlah pokok obligasi sebesar Rp 150.000 juta dengan tingkat bunga tetap 15,5% per tahun dan jatuh tempo tanggal 28 Mei 2012 dan (iii) Obligasi Seri C dengan jumlah pokok obligasi sebesar Rp 190.000 juta dengan tingkat bunga tetap 16,25% dan jatuh tempo tanggal 28 Mei 2014. Pembayaran bunga dilakukan setiap 3 bulan. Obilgasi tersebut tidak dijamin dan hak pemegang obligasi adalah pari-passu tanpa hak preferen dengan hak-hak kreditur Perusahaan lainnya. Setelah lewat satu tahun sejak tanggal emisi, Perusahaan dari waktu ke waktu dapat melakukan pembelian kembali (buy back) atas obligasi tersebut pada harga pasar yang berlaku. Perusahaan harus memenuhi persyaratan tertentu antara lain rasio hutang terhadap ekuitas sebesar 3,5:1. Seluruh obligasi dijual dengan harga sebesar nilai nominal, tercatat di Bursa Efek Indonesia dengan P.T. Bank CIMB Niaga Tbk bertindak sebagai wali amanat. Berdasarkan pemeringkatan yang diterbitkan oleh P.T. Pefindo tanggal 13 April 2009 peringkat obligasi adalah idA. Sukuk Ijarah I Pada tanggal 5 Juli 2007, Perusahaan menerbitkan Sukuk Ijarah senilai Rp 200.000 juta. Obligasi tersebut tidak dijamin oleh pihak manapun, berjangka waktu 5 (lima) tahun dan akan jatuh tempo pada tanggal 5 Juli 2012. Obligasi ini ditawarkan dengan ketentuan yang mewajibkan Perusahaan untuk membayar kepada Pemegang Sukuk Ijarah sejumlah Cicilan Imbalan Ijarah sebesar Rp 20.600 juta per tahun. Para pemegang Sukuk Ijarah mempunyai hak pari-passu tanpa hak preferen dengan hak-hak kreditur Perusahaan lainnya. Setiap saat setelah lewat satu tahun sejak tanggal emisi, Perusahaan dari waktu ke waktu dapat melakukan pembelian kembali sesuai dengan nilai pasar yang berlaku. Seluruh sukuk ijarah dijual sebesar nilai nominal, tercatat di Bursa Efek Indonesia dengan P.T. Bank Mandiri Tbk (Persero) sebagai wali amanatnya. Pada tanggal 18 Desember 2007, para Pemegang Obligasi setuju untuk mengganti P.T. Bank Mandiri Tbk (Persero) sebagai wali amanat dan menunjuk P.T. Bank CIMB Niaga Tbk sebagai wali amanat yang baru.
Berlian Laju Tanker IV Bond On May 29, 2009, the Company issued Rupiah Bonds amounting to Rp 400,000 million, consisting of three series bonds: (i) the series A Bonds with a nominal value of Rp 60,000 million, bearing fixed interest rate of 14.25% per annum and are due on May 28, 2010, (ii) the series B Bonds with a nominal value of Rp 150,000 million, bearing a fixed interest rate of 15.5% per annum and are due on May 28, 2012 and (iii) the series C Bonds with a nominal value of Rp 190,000 million, bearing fixed interest rate of 16.25% per annum and are due on May 28, 2014. Interest is paid quarterly.
These bonds are unsecured and the bondholders right is pari-passu without preferential rights with other creditors of the Company. At any time after the first anniversary of the Bonds, the Company can redeem the Bonds at prevailing market price. The Company is also required to comply with several covenants, which include among others, a Net Debt to Equity ratio of 3.5:1. All of the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange with P.T. Bank CIMB Niaga Tbk as trustee.
Based on P.T. Pefindos rating dated April 13, 2009, the bonds are rated as idA. Sukuk Ijarah I On July 5, 2007 the Company issued Sukuk Ijarah amounting to Rp 200,000 million. The Sukuk Ijarah are unsecured and have a term of 5 years, due on July 5, 2012. These bonds were offered under the condition that the Company shall pay to Sukuk Ijarah holders a sum of Ijarah Benefit Installment amounting to Rp 20,600 million per annum. The Sukuk Ijarah bondholders right is pari-passu without preferential rights with other creditors of the Company. At anytime after the first anniversary of the Sukuk Ijarah, the Company may redeem the Bonds at prevailing market price. All sukuk ijarah were sold at nominal value and are listed on the Indonesia Stock Exchange, with P.T. Bank Mandiri Tbk (Persero) as trustee.
On December 18, 2007, the Bondholders approved the replacement of P.T. Bank Mandiri Tbk (Persero) as trustee and the appointment of P.T. Bank CIMB Niaga Tbk as the new trustee.
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Pada tanggal 17 Maret 2008, P.T. Bank CIMB Niaga Tbk sebagai wali amanat mengeluarkan pemberitahuan terhadap kegagalan Perusahaan untuk memenuhi salah satu syarat dalam perjanjian wali amanat, dimana harus mempertahankan rasio hutang bersih terhadap ekuitas tidak lebih dari 2,5:1. Pada tanggal 4 Juli 2008, para Pemegang Obligasi setuju untuk merubah rasio hutang bersih terhadap ekuitas pada perjanjian wali amanat dari 2,5:1 menjadi 4,5:1 untuk tahun yang berakhir pada tanggal 31 Desember 2008 dan 3,5:1 untuk periode setelah 31 Desember 2008 berdasarkan laporan keuangan Perusahaan yang disusun berdasarkan prinsip akuntansi yang berlaku umum di Indonesia. Berdasarkan pemeringkatan yang diterbitkan oleh P.T. Pefindo tanggal 13 April 2009 peringkat obligasi adalah idA(sy). Sukuk Ijarah II Pada tanggal 29 Mei 2009, Perusahaan menerbitkan Sukuk Ijarah II senilai Rp 100.000 juta yang terdiri dari: (i) Sukuk Ijarah Seri A dengan jumlah pokok sebesar Rp 45.000 juta yang jatuh tempo tanggal 28 Mei 2012 dimana para pemegang sukuk ijarah berhak atas suatu jumlah cicilan imbalan ijarah sebesar Rp 155 juta per tahun untuk setiap nilai nominal Rp 1.000 juta dan (ii) Sukuk Ijarah Seri B dengan jumlah pokok sebesar Rp 55.000 juta yang jatuh tempo tanggal 28 Mei 2014, dimana para pemegang berhak atas suatu jumlah cicilan imbalan ijarah sebesar Rp 162,5 juta per tahun untuk setiap nilai nominal Rp 1.000 juta. Obligasi sukuk Ijarah tersebut tidak dijamin dengan agunan khusus dan hak pemegang obligasi adalah pari-passu tanpa hak preferen dengan hak-hak kreditur Perusahaan lainnya. Setelah lewat satu tahun sejak tanggal emisi, Perusahaan dari waktu ke waktu dapat melakukan pembelian kembali (buy back) atas obligasi tersebut. Perusahaan harus memenuhi persyaratan tertentu antara lain rasio hutang terhadap ekuitas sebesar 3,5:1, berdasarkan laporan keuangan Perusahaan yang disusun berdasarkan Prinsip Standar Akuntansi Keuangan yang belaku di Indonesia. Seluruh obligasi dijual sebesar nilai nominal, tercatat di Bursa Efek Indonesia dengan P.T. Bank CIMB Niaga Tbk bertindak sebagai wali amanat. Berdasarkan pemeringkatan yang diterbitkan oleh P.T. Pefindo tanggal 13 April 2009 peringkat obligasi adalah idA(sy).
On March 17, 2008, P.T. Bank CIMB Niaga Tbk as the trustee issued a notice for the Companys failure to comply with one of the covenants under the Trustee Agreement, which is to maintain a ratio between Net Debt to Equity of not more than 2.5:1.
On July 4, 2008, the Bondholders approved to amend the debt covenant on the Net Debt to Equity Ratio on the Trustee Agreement from 2.5:1 to 4.5:1 for the year ending December 31, 2008 and 3.5:1 after December 31, 2008 based on the Companys statutory financial statement prepared under generally accepted accounting principles in Indonesia. Based on P.T. Pefindos rating dated April 13, 2009, the bonds are rated as idA(sy).
Sukuk Ijarah II On May 29, 2009 the Company issued Sukuk Ijarah II amounting to Rp 100,000 million, consisting of two series of bonds: (i) the series A Bonds with nominal amount of Rp 45,000 million, due on May 28, 2012 and entitle the bondholders a sum of Ijarah Benefit Installment of Rp 155 million per annum for every Rp 1,000 million nominal amount and (ii) the series B Bonds with nominal amount of Rp 55,000 million, due on May 28, 2014, and entitle the bondholders a sum of Ijarah Benefit Installment of Rp 162.5 million per annum for every Rp 1,000 million nominal amount.
These Sukuk Ijarah are unsecured and the Bondholders right is pari-passu with other creditors of the Company. At any time after the first anniversary of the Sukuk Ijarah II, the Company may redeem the Bonds at prevailing market price. The Company is also required to comply with several covenants, which include among others, a Net Debt to Equity ratio of 3.5:1, based on the Companys statutory financial statements prepared under generally accepted accounting principles in Indonesia. All the Bonds were sold at nominal value and are listed on the Indonesia Stock Exchange, with P.T. Bank CIMB Niaga Tbk as trustee.
Based on P.T. Pefindos rating dated April 13, 2009, the bonds are rated as idA(sy).
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17.
WESEL BAYAR Pada tanggal 4 Mei 2007, anak perusahaan (BLT Finance B.V) menerbitkan Guaranteed Senior Notes sebesar USD 400 juta dengan tingkat bunga tetap sebesar 7,5% per tahun yang dibayar tiap 6 bulan dimuka mulai 15 Nopember 2007. Wesel bayar tersebut berjangka waktu 7 tahun dan akan jatuh tempo pada tanggal 15 Mei 2014. Harga jual wesel bayar pada saat penawaran adalah sebesar 100% dari nilai nominal obligasi dan tercatat di Bursa Efek Singapura. Wesel bayar dijamin oleh Perusahaan dan anak perusahaan tertentu berdasarkan senioritas dan jaminan tersebut tanpa syarat dan tidak dapat dibatalkan. BLT Finance BV (BLTF BV) memiliki opsi untuk membeli kembali wesel bayar dengan kondisi sebagai berikut: i. Setiap saat sebelum tanggal 15 Mei 2011 sampai dengan 35% dari nilai wesel bayar dengan dana yang diperoleh dari satu atau lebih penawaran saham kepada masyarakat dengan harga penebusan sebesar 107,5% dari nilai pokok ditambah bunga yang masih harus dibayar dan belum dibayar jika kondisi-kondisi tertentu terpenuhi; Pada saat atau setelah tanggal 15 Mei 2012, seluruh atau sebagian wesel bayar dengan harga penebusan setara dengan 100% dari jumlah pokok ditambah applicable premium (seperti yang didefinisikan dalam syarat dan kondisi) dan bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal penebusan.
17. NOTES PAYABLE On May 4, 2007, the subsidiary (BLT Finance B.V) issued Guaranteed Senior Notes (the Notes) amounting to USD 400 million with fixed interest of 7.5% per annum payable every six months in arrears commencing November 15, 2007. The notes payable have a term of seven years, due on May 15, 2014. The Notes were offered at 100% of the nominal value and are listed on the Singapore Stock Exchange Securities Trading Limited. The Notes are unconditionally and irrevocably guaranteed on a senior basis by the Company and certain subsidiaries. The Notes may be redeemed at the option of BLT Finance BV (BLTF BV) as follows: i. At anytime prior to May 15, 2011 up to 35% of the Notes with the net proceeds of one or more public equity offerings at a redemption price of 107.5% of their principal amount plus accrued and unpaid interest provided certain conditions are met;
ii.
ii.
On or after May 15, 2012, all or any portion of the Notes at a redemption price equal to 100% of the principal amount plus the Applicable Premium (as defined in the Terms and Conditions of the Notes) as of, and accrued and unpaid interest if any, to the date of redemption;
iii. Sejak tanggal 15 Mei 2012 sampai dengan tanggal 14 Mei 2013 seluruh atau sebagian wesel bayar pada harga penebusan setara dengan 103,75% dari jumlah pokok ditambah bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal penebusan. iv. Pada tanggal 15 Mei 2013 sampai dengan tanggal 14 Mei 2014 seluruh atau sebagian wesel bayar dengan harga penebusan setara dengan 100% dari jumlah pokok ditambah dengan bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal penebusan, atau v. Setiap saat jika terjadi perubahan tertentu yang berkaitan dengan perpajakan di Indonesia dan Belanda, atas seluruh jumlah pokok ditambah jumlah tambahan lainnya yang terhutang dan bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal penebusan.
iii. On May 15, 2012 until May 14, 2013 all or part of the Notes at a redemption price equal to 103.75% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption;
iv. On May 15, 2013 until May 14, 2014 all or part of the Notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest if any, to the date of redemption, or
v.
At anytime in the event of certain changes affecting taxation in Indonesia or Netherlands, in whole at their principal amount plus all additional amounts due as of, and accrued and unpaid interest if any, to the date of redemption.
Jika terjadi perubahan terhadap pengendalian, pemegang wesel bayar memiliki hak untuk meminta kepada BLT FBV untuk menebus seluruh atau sebagian daripada wesel bayar seharga 101% dari jumlah pokok ditambah bunga yang masih harus dibayar dan yang belum dibayar jika ada sampai dengan tanggal penebusan. - 58 -
In the occurrence of change in control, the holders of the Notes have the right to require BLTF BV to redeem all or some of the Notes at 101% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption.
Wesel bayar ini ditetapkan sebesar nilai wajar pada saat pengakuan awal dan setiap tanggal laporan karena adanya embedded call dan put option yang dimilikinya. Perubahan nilai wajar adalah sebagai berikut:
The Notes are measured at fair value on initial recognition and at each reporting date because of the embedded call and put options.
The change in fair value are as follows:
2009 US$'000 Saldo awal Perubahan nilai wajar Saldo akhir Dikurangi pembelian kembali Bersih 132.000 122.000 254.000 (4.191) 249.809
2008 US$'000 345.667 (213.667) 132.000 132.000 Beginning balance Changes in fair value Ending balance Less repurchase of Notes Net
Berdasarkan pemeringkatan yang diterbitkan oleh Fitch Ratings Ltd., peringkat wesel bayar pada tahun 2009 adalah CCC. Di tahun 2009, beberapa anak perusahaan melakukan investasi dalam wesel bayar melalui manajer investasi. 18. KEWAJIBAN SEWA PEMBIAYAAN
2009 Nilai kini pembayaran sewa minimal/ Present value of minimum lease payments US$'000 32.572 167.319 61.606 261.497 261.497
Based on the rating issued by Fitch Ratings Ltd., in 2009 the Notes are rated CCC. In 2009, certain subsidiaries invested in the Notes through an investment manager.
18. OBLIGATIONS UNDER FINANCE LEASE

2008 Nilai kini pembayaran sewa minimal/ Present value of minimum lease payments US$'000 88.152 118.502 36.874 243.528 243.528 Less than 1 year 1 - 2 years More than 2 years Total Less future finance charges Present value of minimum lease payment
Pembayaran sewa minimal/ Minimum lease payments US$'000 Kurang dari 1 tahun 1 - 2 tahun Lebih dari 2 tahun Jumlah Dikurangi beban keuangan masa depan Nilai kini pembayaran sewa minimal 34.090 193.191 76.457 303.738 42.241 261.497
Pembayaran sewa minimal/ Minimum lease payments US$'000 95.699 133.882 43.686 273.267 29.739 243.528
Kewajiban sewa pembiayaan ini terkait dengan penyewaan kapal dengan jangka waktu 3 sampai dengan 10 tahun, dimana anak perusahaan memiliki opsi untuk membeli kapal tersebut dibawah nilai wajar pada akhir masa perjanjian sewa. Kewajiban sewa pembiayaan anak perusahaan ini dijamin dengan kapal milik anak perusahaan tersebut dengan tingkat bunga efektif 4% - 10%. Pada tahun 2009, Perusahaan dan anak perusahaan meninjau dan merevisi perkiraan tanggal pelaksanaan opsi beli kapal sewa pembiayaan. Perubahan ini mengakibatkan penurunan atas kewajiban sewa pembiayaan sebesar USD 2.090 ribu dan penurunan jumlah tercatat dari kapal sewa pembiayaan.
The finance lease relates to lease of vessels with lease terms of 3 years until 10 years and where the subsidiaries have options to purchase the vessel for an amount below the expected fair values at the conclusion of the lease agreements. The subsidiaries obligations under finance lease are secured by the lessors title to the leased vessels and bear effective interest rates of 4% - 10%. In 2009, the Company and its subsidiaries also reassessed and revised the estimated exercise dates of the purchase options on the leased vessels. This resulted to a decrease of USD 2,090 thousand in the obligations under finance lease and a corresponding decrease in the carrying amount of the leased vessels.
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19.
HUTANG LAIN-LAIN JANGKA PANJANG Akun ini merupakan pinjaman sebesar USD 13 juta kepada Teekey Corporation (dahulu Teekay Shipping Corporation). Pinjaman ini dibayar dalam 22 kali setiap 6 bulan dengan tingkat bunga 8% per tahun yang dibayar setiap 3 bulan dan tanpa jaminan.
19. OTHER LONG-TERM PAYABLES This account represents a loan of USD 13 million owed to Teekay Corporation (formerly Teekay Shipping Corporation). The loan is payable in 22 semi-annual installments, unsecured, and bears annual interest of 8%, which is payable on a quarterly basis. 20. POST-EMPLOYMENT BENEFITS OBLIGATION The Company provides post-employment benefits for its qualifying employees in accordance with Labor Law No. 13/2003. The number of employees entitled to the benefits is 245 in 2009 and 236 in 2008, respectively.
20.
KEWAJIBAN IMBALAN PASCA KERJA Perusahaan membukukan imbalan pasca kerja imbalan pasti untuk karyawan sesuai dengan Undang Undang Ketenagakerjaan No. 13/2003. Jumlah karyawan yang berhak atas imbalan pasca kerja tersebut masing-masing adalah 245 dan 236 karyawan di tahun 2009 dan 2008. Beban imbalan pasca kerja yang diakui di laporan laba rugi adalah:
Amounts recognized in income in respect of these post-employment benefits are as follows:
2009 US$'000 Biaya jasa kini Biaya bunga Kerugian aktuarial bersih Amortisasi biaya jasa lalu Biaya jasa lalu Jumlah 257 331 65 653
2008 US$'000 298 321 331 3 195 1.148 Current service cost Interest costs Net actuarial losses Amortization of past service cost Past service cost Total
benefits
Kewajiban imbalan pasca kerja di neraca adalah sebagai berikut:
The amounts ofpost-employment obligation are as follows:
2009 US$'000 Nilai kini kewajiban yang tidak didanai Kerugian aktuarial yang belum diakui Kewajiban bersih 5.326 (1.200) 4.126
2008 US$'000 3.624 (702) 2.922 Present value of unfunded obligations Unrecognized actuarial losses Net liability
Mutasi kewajiban bersih di neraca adalah sebagai berikut:
Movements in the net liability recognized in the balance sheets are as follows:
2009 US$'000 Saldo awal Beban tahun berjalan (Catatan 28) Pembayaran tahun berjalan Selisih kurs penjabaran Saldo akhir 2.922 653 (40) 591 4.126
2008 US$'000 2.276 1.148 (56) (446) 2.922 Beginning of the year Employee benefits cost for the year (Note 28) Benefit payment Translation adjustment End of the year
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Perhitungan imbalan pasca kerja dihitung oleh aktuaris independen P.T. Padma Radya Aktuaria. Asumsi utama yang digunakan dalam menentukan penilaian aktuarial adalah sebagai berikut:
2009 Tingkat diskonto per tahun Tingkat kenai kan gaji per tahun Tingkat kematian Tingkat pengunduran diri 10% 15% 100%/TMI2 10% sampai usia 36 tahun kemudian menurun secara linier sampai 0% di usia 55 tahun/ 10% per annum until age 36 then decreasing linearly to 0% until age 55
The cost of providing post-employment benefits is calculated by independent actuary, P.T. Padma Radya Aktuaria. The actuarial valuation was carried out using the following key assumptions:
2008 12% 15% 100%/TMI2 10% sampai usia 36 tahun kemudian menurun secara linier sampai 0% di usi a 55 tahun/ 10% per annum until age 36 then decreasing linearly to 0% until age 55 Discount rate per annum Salary increment rate per annum Mortality rate Resignati on rate
21.
OBLIGASI KONVERSI Pada tanggal 17 Mei 2007, BLT Finance B.V (BLTF BV), anak perusahaan, menerbitkan obligasi konversi Zero Coupon Guaranteed dengan denominasi USD 100.000 dan kelipatan integral USD 1.000 dengan jumlah pokok USD 125 juta. Obligasi ini diterbitkan sebesar 100% dari face value, dan dijamin tanpa syarat dan tidak dapat dibatalkan oleh Perusahaan. Pemegang obligasi memiliki hak untuk mengkonversikan obligasi ini menjadi saham biasa Perusahaan, dengan nilai nominal Rp 62,50 per saham dari tanggal 27 Juni 2007 sampai dengan 17 April 2012. Jumlah saham yang akan dikonversi akan ditentukan, berdasarkan saham yang tercatat pada SGX-ST, dengan cara membagi nilai obligasi yang akan dikonversikan (menggunakan kurs tetap SGD 1,5143 per USD 1 atau Rp 8.894 per USD 1) dengan harga konversi yang berlaku pada saat konversi. Harga konversi awal adalah SGD 0,4965 per saham. Apabila saham yang dikonversi adalah saham yang tercatat di Indonesia, jumlah saham yang akan dikonversi akan ditentukan dengan metode yang sama untuk saham tercatat pada SGXST, kecuali, pada kejadian ini, untuk tujuan perhitungan rasio, nilai obligasi akan tetap dalam USD dan harga konversi akan ditranslasi dari Rupiah ke USD. Walaupun terdapat hak konversi dari pemegang obligasi, BLTF BV memiliki opsi untuk membayar kepada pemegang obligasi tersebut secara tunai dalam ekuivalen mata uang Dollar Amerika Serikat dengan nilai rata-rata tertimbang harga pasar dari saham yang dikonversi, untuk memenuhi hak konversi. Pada bulan Agustus 2009, Perusahaan mengumumkan kepada para pemegang obligasi bahwa harga konversi disesuaikan menjadi SGD 0,4447 per saham sehubungan dengan penerbitan saham baru melalui penawaran umum terbatas kepada para pemegang saham.
21. CONVERTIBLE BONDS On May 17, 2007, BLT Finance B.V. (BLTF BV), a subsidiary issued Zero Coupon Guaranteed Convertible Bonds in denomination of USD 100,000 each and integral multiples of USD 1,000 with aggregate principal amount of USD 125 million. The bonds were issued at 100% of face value, and were unconditionally and irrevocably guaranteed by the Company. The bondholders have the right to convert the bonds into ordinary shares of the Company, with par value of Rp 62.50 each, from June 27, 2007 to April 17, 2012. The number of shares to be delivered on conversion will be determined, in respect of SGX-ST Listed Shares, by dividing the principal amount of the bond to be converted (translated at fixed rate of SGD 1.5143 per USD 1 or Rp 8,894 per USD 1) by the conversion price in effect at the conversion date. The initial conversion price is SGD 0.4965 per share. In the event the Shares to be delivered are Indonesian Listed Shares, the number of shares to be delivered will be determined using the same method as for SGXST Listed Shares, except that, in such an event, for purposes of calculating the ratio the principal amount of the bond to be converted shall remain in USD and the conversion price shall be translated from Rupiah to USD. Notwithstanding the Conversion Right of the bondholders, BLTF BV has the option to pay to the relevant bondholders an amount of cash in US Dollar equivalent to the weighted average market price of the shares converted, to satisfy the conversion right. In August 2009, the Company issued a notice to bondholders that the conversion price be adjusted to SGD 0.4447 per share pursuant to the issuance of new shares throught rights issue by the Company.
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BLTF BV juga memiliki opsi untuk menebus obligasi beserta bunga yang masih harus dan belum dibayar pada Early Redemption Amount (ERA) secara keseluruhan dengan ketentuan sebagai berikut ini: I. Pada atau setiap saat setelah tanggal 17 Mei 2009, tetapi tidak kurang dari 20 hari sebelum tanggal jatuh tempo, jika harga penutupan saham (ditranslasikan ke Dollar Amerika Serikat) setiap tanggal perdagangan secara berturut-turut selama 25 hari kerja sebelum tanggal pemberitahuan pembelian kembali dipublikasikan adalah sekurang-kurangnya 125% dari ERA dibagi rasio konversi. Jumlah agregat pokok obligasi adalah 10% atau kurang dari nilai agregat jumlah pokok saat pertama kali diterbitkan. Setiap saat dimana terjadi perubahan tertentu yang berkaitan dengan perpajakan di Belanda atau Republik Indonesia.
The bonds may also be redeemed at the option of BLTF BV at their Early Redemption Amount (ERA), together with accrued and unpaid interest, in whole but not in part: I. On or at anytime after May 17, 2009 but not less than 20 days prior to maturity date, if the closing price of shares (translated into US Dollar), for each of the 25 consecutive trading dates immediately prior to the date upon which notice of redemption is published is at least 125% of ERA divided by the conversion ratio.
II.
II.
If the aggregate principal amount of the bonds is 10% or less of the aggregate principal amount originally issued.
III.
III. At anytime in the event of certain changes relating to taxation in The Netherlands or the Republic of Indonesia. The bondholders have the right to require BLTF BV to redeem all or some of the bonds at 116.82% of the principal amount on May 17, 2010, the Company presents this as current liabilities. The bondholders also have the right at their option to require BLTF BV to redeem the bonds at their ERA on occurrence of change in control or delisting of Companys shares.
Pemegang obligasi memiliki hak untuk meminta BLTF BV untuk menebus semua atau sebagian obligasi pada 116,82% dari nilai pokok pada tanggal 17 Mei 2010, Perusahaan menyajikan sebagai kewajiban yang jatuh tempo dalam satu tahun. Pemegang obligasi juga memiliki opsi untuk meminta BLTF BV untuk menebus obligasi pada nilai ERA-nya bila terjadi perubahan pengendalian atau terjadinya delisting saham Perusahaan. ERA dari obligasi untuk setiap USD 100.000 nilai pokok, untuk penyelesaian sebelum tanggal jatuh tempo pada harga antara USD 102.625,00 sampai dengan USD 129.578,13, hasil (yield) kotor kepada investor sebesar 5,25% pada basis semi-annualy. Kecuali sebelumnya telah ditebus, dibeli dan dibatalkan atau telah dikonversi, BLTF BV akan menebus kembali setiap obligasi konversi pada harga 129,58% daripada nilai pokok pada tanggal 17 Mei 2012. Obligasi konversi, termasuk derivatif melekat didalamnya, diukur seluruhnya pada nilai wajarnya, laba atau rugi yang timbul sebagai hasil dari perubahan nilai wajar diakui pada laporan laba rugi.
ERA of the bonds, for each USD 100,000 principal amount, pertains to settlement before the maturity date at price ranging from USD 102,625.00 to USD 129,578.13, representing a gross yield to the investor of 5.25% on a semi-annual basis. Unless previously redeemed, purchased and cancelled or converted, BLTF BV will redeem each bond at 129.58% of the principal amount on May 17, 2012.
These bonds, which include embedded derivatives, are measured entirely at fair value with changes in the fair value recognized in statement of income. The fair value at balance sheet is determined based on quoted prices. The fair value at balance sheet date is determined based on quoted market price and may not be reflective of the amount that BLTF BV will have to pay to the bondholders to satisfy their conversion rights or upon redemption of the Bonds.
Nilai wajar pada tanggal neraca ditentukan berdasarkan kuotasi harga pasar dan mungkin tidak mencerminkan jumlah BLTF BV harus membayar kepada para pemegang obligasi untuk memenuhi hak konversi mereka atau saat akan dilakukan penebusan obligasi tersebut.
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Perubahan nilai obligasi konversi adalah sebagai berikut:
The changes in carrying amount of the convertible bonds are as follows:
2009 US$'000 Saldo nilai wajar awal tahun Perubahan nilai wajar 36.250 74.420 110.670 (11.110) 99.560
2008 US$'000 128.541 Fair value at beginning of the year (92.291) Changes in fair value 36.250 36.250
Dikurangi pembelian kembali obligasi Saldo nilai wajar akhir tahun
Less repurchase of bonds Fair value at end of the year
Pada tahun 2009, beberapa anak perusahaan melakukan investasi dalam bentuk obligasi melalui manajer investasi. 22. MODAL SAHAM Susunan pemegang saham Perusahaan sesuai dengan Registrasi Biro Administrasi Efek dan P.T. Kustodian Sentral Efek Indonesia tanggal 31 Desember 2009 dan 2008 adalah sebagai berikut: 22.
In 2009, certain subsidiaries of the Company invested in the Bonds through an investment manager. CAPITAL STOCK The composition of stockholders based on the Share Registration Bureau (Registrasi Biro Administrasi Efek) and P.T. Kustodian Sentral Efek Indonesia as of December 31, 2009 and 2008 are as follows:
2009 Persentase Pemilikan/ Percentage of Ownership % 54,56 0,04 0,00 0,04 45,36 100,00
2008 Persentase Pemilikan/ Percentage of Ownership % 53,34 0,06 0,00 0,05 46,55 100,00
Nama Pemegang Saham
Jumlah Saham/ Number of Shares
Jumlah Modal Disetor/ Total Paid-up Capital US$'000 38.704 31 29 32.172 70.936
Name of Stockholders
PT Tunggaladhi Baskara Tn. Widihardja Tanudj aja Siana Anggraeni Surya Koperasi Karyawan Berlian Masyarakat lainnya (dibawah 5%) Jumlah
3.263.633.018 2.620.800 62.400 2.422.056 2.712.852.961 5.981.591.235
PT Tunggaladhi Baskara Mr. Widihardja Tanudjaja Si ana Anggraeni Surya Berlian Employees Cooperative Public (below 5 % each) Total
Nama Pemegang Saham
Jumlah Saham/ Number of Shares
Jumlah Modal Disetor/ Total Paid-up Capital US$'000 33.170 36 33 28.952 62.191
Name of Stockholders
PT Tunggaladhi Baskara Tn. Widihardja Tanudjaja Siana Anggraeni Surya Koperasi Karyawan Berlian Masyarakat lainnya (dibawah 5%) Jumlah
2.447.724.764 2.620.800 62.400 2.422.056 2.136.451.156 4.589.281.176
PT Tunggaladhi Baskara Mr. Widihardja Tanudjaja Siana Anggraeni Surya Berlian Employees Cooperative Public (below 5 % each) Total
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Mutasi modal disetor Perusahaan adalah sebagai berikut:
Movements in share capital are as follows:
2009 US$'000 Saldo awal Penerbitan saham baru melalui penawaran saham terbatas kepada para pemegang saham Pelaksanaan waran Saldo akhir 62.191
2008 US$'000 59.348 Beginning of the year Issuance of new shares through rights issue Exercise of warrants End of the year
8.745 70.936
2.843 62.191
Mutasi jumlah saham Perusahaan yang beredar adalah sebagai berikut:
Details of the Companys number of shares outstanding are as follows:
2009 Lembar/share Saldo awal Penerbitan saham baru melalui penawaran saham terbatas kepada para pemegang saham Pelaksanaan waran Saldo akhir 4.176.930.176
2008 Lembar/share 3.746.659.436 Beginning of the year Issuance of new shares through rights issue Exercise of warrants End of the year
1.392.310.059 5.569.240.235
430.270.740 4.176.930.176
Pada Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) sebagaimana tercantum dalam akta No.44 tanggal 30 Juni 2009 dari Dr. A Partomuan Pohan, S.H., LL.M, notaris di Jakarta, para pemegang saham menyetujui untuk menerbitkan saham baru dengan cara penawaran umum terbatas kepada para pemegang saham dengan hak memesan efek terlebih dahulu. Perusahaan menerbitkan sebanyak 1.392.310.059 lembar saham biasa dengan harga pelaksanaan sebesar Rp 425 per lembar. 23. AGIO SAHAM
At the Extraordinary General Meeting of Stockholders as stated in notarial deed No.44 dated June, 30, 2009 of Dr. A Partomuan Pohan, S.H., LL.M, notary in Jakarta, the stockholders approved the issuance of new shares through a Right Issue Pre-emptive Rights. The Company issued 1,392,310,059 common shares at an exercise price of Rp 425 per share.
23. ADDITIONAL PAID-IN CAPITAL
US$'000 Saldo per 1 Januari 2008 Penerbitan 430.270.740 saham melalui pelaksanaan waran Jumlah yang dicatat sebagai modal disetor Saldo per 31 Desember 2008 Penawaran saham terbatas IV sebanyak 1.392.310.059 lembar Jumlah yang dicatat sebagai modal disetor Saldo per 31 Desember 2009 60.842 6.824 (2.843) 64.823 58.746 (8.745) 114.824 Balance of January 1, 2008 Issuance of 430,270,740 shares through exercise warrants Amount recorded as paid-in capital Balance of December 31, 2008 Issuance of 1,392,310,059 shares through right issue IV Amount recorded as paid-in capital Balance of December 31, 2009
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24.
SAHAM DIPEROLEH KEMBALI Pada Rapat Umum Pemegang Saham Luar Biasa, sebagaimana tercantum dalam akta No. 47 tanggal 31 Mei 2006 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, pemegang saham menyetujui untuk membeli kembali (buy back) saham Perusahaan yang telah dikeluarkan di bursa sebanyak-banyaknya 10% dari modal ditempatkan dan disetor penuh dengan harga Rp 2.750 per saham sampai dengan 31 Mei 2007. Pada tanggal 31 Desember 2009 dan 2008 jumlah saham diperoleh kembali sebanyak 412.351.000 saham atau 6,89% pada tahun 2009 dan 8,98% pada tahun 2008 dari saham yang dikeluarkan dengan biaya perolehan sebesar USD 86.628 ribu.
24.
TREASURY STOCKS At the Extraordinary General Meeting of Stockholders, as stated in notarial deed No. 47 dated May 31, 2006 of Amrul Partomuan Pohan, S.H., LLM, notary in Jakarta, the stockholders approved to repurchase a maximum of 10% of the issued and paid-up shares, at purchase price of Rp 2,750 per share until May 31, 2007.
As of December 31, 2009 and 2008, the total number of treasury stocks amounting to 412,351,000 shares or 6.89% in 2009 and 8.98% in 2008 of its issued and paid-up capital with acquisition cost of USD 86,628 thousand. 25. REVALUATION RESERVE
25.
SURPLUS REVALUASI
2009 US$'000 Pengaruh penerapan model revaluasi pada 1 Januari 2009 Peningkatan bersih Transfer ke sal do laba Sal do akhir tahun 247.253 45.015 (54.591) 237.677 Effect of adopting revaluati on model on January 1, 2009 Revaluation increase - net Transfer to retained earnings Balance at end of year
Surplus revaluasi berasal dari revaluasi seluruh kapal, apabila kapal yang telah direvaluasi dijual, bagian dari surplus revaluasi dari kapal tersebut direalisasikan dengan memindahkan langsung ke saldo laba. 26. PENDAPATAN USAHA
2009 US$'000 Kapal yang dimiliki Kapal yang disewa Jasa perantara perkapalan Jasa penyimpanan Bersih 502.834 113.518 1.201 793 618.346
The revaluation reserves arises on the revaluation of vessels. Where revalued vessels are sold, the portion of the revaluation reserves that relates to that vessel, and is effectively realized, is transferred directly to retained earnings. 26. OPERATING REVENUES
2008 US$'000 524.622 197.782 677 601 723.682 Owned vessel s Chartered vessels Agency fees Storage fees Total
Pada tahun 2008, 0,01% dari pendapatan usaha dilakukan dengan pihak hubungan istimewa (Catatan 34a). Tidak terdapat pendapatan yang berasal dari pihak ketiga yang melebihi 10% dari seluruh pendapatan usaha.
In 2008, 0.01% of the total operating revenues was from related parties (Note 34a).
There were no revenues from a third party that exceeds 10% of the total operating revenues.
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27.
BEBAN LANGSUNG
27.
DIRECT COST
2009 US$'000 Kapal Yang Dimiliki Penyusutan (Catatan 9) Bahan bakar Biaya sandar Gaji Perbaikan dan pemeliharaan Suku cadang Asuransi Pelumas Transportasi Bahan lain Uang makan karyawan Pengurusan dokumen Docking Lain-lain Jumlah Kapal Yang Disewa Sewa Bahan bakar Biaya sandar Gaji Suku cadang Pelumas Asuransi Transportasi Lain-lain Jumlah Jumlah beban usaha langsung 133.589 94.450 53.167 51.259 12.860 11.237 7.507 6.237 4.878 2.969 2.414 2.325 6.300 389.192
2008 US$'000 103.070 134.511 58.528 40.297 4.681 13.593 6.506 6.791 5.541 3.220 2.917 3.080 13.297 6.260 402.292 Owned vessels Depreciation (Note 9) Fuel Port charges Salaries Repairs and maintenance Spareparts Insurance Lubricant Transportation Supplies Employees' meal allowances Processing of documents Docking Others Total Chartered vessels Rental Fuel Port charges Salaries Spareparts Lubricant Insurance Transportation Others Total Total direct cost
54.976 18.190 10.280 4.881 1.528 1.291 1.162 1.019 2.993 96.320 485.512
36.955 30.299 9.237 6.894 1.671 1.290 930 931 3.559 91.766 494.058
0,45% dan 0,84% dari jumlah beban usaha langsung masing-masing pada tahun 2009 dan 2008 dilakukan dengan pihak hubungan istimewa (Catatan 34b). Tidak terdapat beban yang berasal dari pihak tertentu yang melebihi 10% dari seluruh beban usaha langsung.
0.45% and 0.84% of the above direct cost in 2009 and 2008, respectively, were from related parties (Note 34b). There is no expense from specific party that exceeds 10% of the total direct cost.
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28.
BEBAN UMUM DAN ADMINISTRASI
28.
GENERAL AND ADMINISTRATIVE EXPENSE
2009 US$'000 Gaji Tenaga ahli Beban kantor Perjalanan dinas Penyusutan (Catatan 9) Telekomunikasi Beban bank Imbalan pasca kerja (Catatan 20) Lain-lain Jumlah 14.616 6.233 3.645 1.998 1.343 821 698 653 2.920 32.927
2008 US$'000 16.887 5.808 4.435 2.302 777 774 386 1.148 3.794 36.311 Salaries Professional fees Office expenses Transportation Depreciation (Note 9) Telecommunication Bank charges Post-employment benefits (Note 20) Others Total
29.
BEBAN KEUANGAN
29.
FINANCE COSTS
2009 US$'000 Beban keuangan dari: Hutang bank dan hutang lain-lain jangka panjang Obligasi Sewa pembiayaan Jumlah beban pinjaman Bagi hasil dan imbalan obligasi Syariah Mudharabah dan Sukuk Ijarah Jumlah
2008 US$'000 Finance costs on:
43.608 41.282 21.637 106.527
57.204 39.498 17.484 114.186
Bank loans and long-terms payable Bonds Finance lease Total borrowing cost Profit sharing allocation and benefit on Syariah Mudharabah and Sukuk Ijarah Total
2.973 109.500
3.045 117.231
30.
PENDAPATAN INVESTASI
30.
INVESTMENT INCOME
2009 US$'000 Jasa giro dan lain-lain Deposito berjangka Jumlah pendapatan bunga Keuntungan pemilikan efek yang sudah direalisasi Jumlah 805 265 1.070 17.008 18.078
2008 US$'000 3.002 2.798 5.800 10.494 16.294 Current accounts and others Time deposits Total interest income Realized gain on securities Total
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31.
LABA (RUGI) PER SAHAM Laba (rugi) bersih yang digunakan perhitungan laba (rugi) per saham dalam
31.
EARNINGS (LOSS) PER SHARE Net income (loss) which is used for the computation of earnings (loss) per share
2009 US$'000 Laba (rugi) bersih untuk perhitungan laba (rugi) per saham dasar Pengaruh efek berpotensi saham biasa yang dilutif: Perubahan nilai wajar obligasi konversi yang belum diamortisasi Laba (rugi) bersih untuk perhitungan laba (rugi) per saham dilusian (285.876)
2008 US$'000 218.364 Net income (loss) for the computation of basic earnings (loss) per share Potential effect of dilutive common share: Unrealized fair value change of convertible bonds Net income (loss) for the computation of diluted earnings (loss) per share
(285.876)
(88.750) 129.614
Jumlah rata-rata tertimbang yang digunakan dalam perhitungan laba (rugi) per saham
Weighted average number of shares which is used for the computation earnings (loss) per share
2009 Lembar/Share Jumlah rata-rata tertimbang saham biasa untuk laba (rugi) per saham dasar Pengaruh efek berpotensi saham biasa yang dilutif : - Obligasi konversi Jumlah rata-rata tertimbang saham biasa untuk perhitungan laba (rugi) per saham dilusian
Laba (rugi) per saham
2008 Lembar/Share Weighted average number of shares used for computation basic earnings (loss) per share Effect of dilutive potential ordinary share: - Convertible bonds Weighted average of common share for computation of diluted earnings (loss) per share
5.109.770.193
4.781.577.306
436.432.063
5.109.770.193
5.218.009.369
Earnings (loss) per share
2009 US$ Laba (Rugi) per saham (nilai penuh) - Dasar - Dilusian (0,0559) (0,0559)
2008 US$ 0,0457 0,0248 Earnings (Loss) per share (in full amount) - Basic - Diluted
Pada tahun 2009, potensi saham dari obligasi konversi bersifat anti-dilutif dan karenanya tidak dimasukkan dalam perhitungan rata-rata tertimbang jumlah saham yang beredar untuk tujuan perhitungan laba (rugi) per saham dilusian. Sehubungan dengan penawaran umum terbatas di tahun 2009, perhitungan laba per saham dasar dan dilusian tahun 2008 disajikan kembali untuk mencerminkan efek jumlah bonus dari penawaran umum terbatas. Pada bulan Pebruari 2010 dan Maret 2010, BLT International Corporation, anak perusahaan, mengeluarkan Obligasi Konversi dengan Jaminan (Guaranteed Convertible Bond) 12% masing-masing sebesar USD 100 juta dan USD 25 juta yang jatuh tempo tahun 2015 (Catatan 41d). Obligasi ini dapat dikonversi menjadi saham Perusahaan dan akan merubah jumlah potensi saham yang beredar pada periode akhir laporan seandainya obligasi tersebut dikeluarkan sebelum 31 Desember 2009. - 68 -
In 2009, the potential shares on convertible bonds are anti-dilutive and are therefore excluded from the weighted average number of shares for the purposes of diluted earnings (loss) per share. In relation with the Rights Issue carried out in 2009, the basic and diluted earnings per share in 2008 were restated to give effect to the bonus amount of the right issue.
In February 2010 and March 2010, BLT International Corporation, a subsidiary, issued USD 100 million and USD 25 million, respectively, 12% Guaranteed Convertible Bonds due 2015 (Note 41d). Such bonds are convertible into shares of the Company and would have changed the number of potential shares outstanding at the end of the reporting period had such bonds been issued before December 31, 2009.
32.
DIVIDEN DAN CADANGAN UMUM Pada Rapat Umum Pemegang Saham Tahunan, sebagaimana tercantum dalam akta No. 11 tanggal 22 April 2009 dari Amrul Partomuan Pohan, S.H., LLM, notaries di Jakarta, pemegang saham menyetujui pembagian dividen untuk tahun buku 2008 sebesar Rp 5 per saham atau sebesar Rp 20.885 juta (ekuivalen USD 2.082 ribu). Pada Rapat Umum Pemegang Saham Tahunan, sebagaimana tercantum dalam akta No. 28 tanggal 29 April 2008 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, pemegang saham menyetujui pembagian dividen untuk tahun buku 2007 sebesar Rp 50 per saham dengan total Rp 208.847 juta (ekuivalen USD 22.876 ribu) dan membentuk cadangan umum sebesar Rp 5.091 juta (ekuivalen USD 551 ribu) dari saldo laba.
32.
DIVIDENDS AND APPROPRIATION GENERAL RESERVES
FOR
At the Annual General Meeting of Stockholders, as stated in notarial deed No.11 dated April 22, 2009 of Amrul Partomuan Pohan, SH., LLM, notary in Jakarta, the stockholders approved declaration of dividends of Rp 5 per share for 2008 amounting to Rp 20,885 million (equivalent to USD 2,082 thousand). At the Annual General Meeting of Stockholders, as stated in notarial deed No. 28 dated April 29, 2008 of Amrul Partomuan Pohan, SH., LLM, notary in Jakarta, the stockholders decided to declare dividends for 2007 amounting to Rp 50 per share totalling Rp 208,847 million (equivalent to USD 22,876 thousand) and appropriate Rp 5,091 million (equivalent to USD 551 thousand) from retained earnings for general reserve. 33. DERIVATIVE FINANCIAL INSTRUMENTS The Company utilizes cross currency and interest rate swap contracts to manage exposure to foreign currency and interest rate movement and crude oil target redemption swaps to manage exposures in crude oil price volatility. Details of the derivative contracts are shown below:
Nilai wajar per 31 Desember 2008/ Fair values as of December 31, 2008 Kewajiban/ Liability US$'000 82.082 11.340 82.561 175.983 30.784 145.199 Cross currency swaps Interest rate swaps Crude oil target redemption swaps Total Less current portion Non-current Portion
33.
INSTRUMEN KEUANGAN DERIVATIF Perusahaan menggunakan kontrak swap mata uang dan suku bunga untuk mengelola risiko dari kemungkinan pergerakan mata uang asing dan suku bunga serta crude oil target redemption swaps untuk mengelola fluktuasi harga minyak. Dengan rincian sebagai berikut:
Nilai notional/ Notional amounts 2009 '000 2008 '000
Nilai wajar per 31 Desember 2009/ Fair values as of December 31, 2009 Aset/ Kewajiban/ Asset Liability US$'000 US$'000 1.597 16.944 662 19.203 2.259 16.944 17.407 10.877 28.284 10.877 17.407
Cross currency swaps Interest rate swaps Crude oil target redemption swaps Jumlah Dikurangi bagian jangka pendek Bagian jangka panjang
USD 258.949 USD 500.000 1.813 barrels
USD 265.615 USD 575.000 2.640 barrels
Cross currency swaps Cross currency swaps membutuhkan pertukaran pembayaran secara periodik berdasarkan bunga dari nosional Rupiah dan Dollar Amerika Serikat dan pertukaran akhir atau penyelesaian akhir-bersih dari pokok nosional pada saat jatuh tempo. Cross currency swaps yang berlaku pada tanggal 31 Desember 2009 jatuh tempo antara Juni 2010 dan Juli 2012. Interest rate swaps Swap tingkat bunga membutuhkan pertukaran pembayaran secara periodik pembayaran floating and fixed interest dari nilai Dollar Amerika Serikat dan akan jatuh tempo pada bulan Januari 2015.
Cross currency swaps The cross currency swaps require periodic exchange of payments based on the Rupiah and US Dollar notional amounts and final exchange or net settlement of the notional (principal) amounts on the maturity of the contracts. The cross currency swaps outstanding as of December 31, 2009 mature between June 2010 and July 2012.
Interest rate swaps The interest rate swaps require periodic exchange of floating and fixed interest payments on the US Dollar notional amounts and mature on January 2015.
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Crude Oil Target redemption swaps Target redemption swaps membutuhkan pertukaran pembayaran secara periodik pada kuantitas nosional dari minyak mentah per barel pada setiap tanggal penyelesaian yang akan jatuh tempo antara Maret 2010 dan Oktober 2010. Derivatif-derivatif di atas diukur berdasarkan nilai sekarang dari estimasi arus kas masa depan dan didiskontokan berdasarkan kurva hasil yang dapat diaplikasikan selama jangka waktu dari instrumeninstrumen tersebut. Untuk tujuan akuntansi, kontrak-kontrak ini tidak diidentifikasikan dan didokumentasikan sebagai instrumen lindung nilai, oleh sebab itu akuntansi lindung nilai tidak diperlakukan. Keuntungan atau kerugian dari kontrak-kontrak ini diakui di laporan laba rugi yang terdiri dari perubahan nilai wajar dari kontrak dan pembayaran bersih secara periodik dari bunga atas nilai nosional, dengan rincian sebagai berikut:
2009 US$'000 Perubahan nilai wajar - bersih Penyelesaian - bersih Keuntungan (kerugian) - bersih 166.902 (18.004) 148.898
Crude Oil Target redemption swaps The target redemption swaps require periodic exchanges of payments on a notional quantity of crude oil barrels at each settlement date and mature between March 2010 and October 2010.
The above derivatives are measured at the present value of future cash flows estimated and discounted based on applicable yield curves for the duration of the instruments.
For accounting purposes, these contracts are not designated and documented as hedging instruments, and therefore hedge accounting is not applied. Gains and losses on these contracts recognized in earnings consist of the changes in fair value of the contract and the periodic net settlements of the related interest on notional amount, details of which are as follows:
2008 US$'000 (155.362) (7.817) (163.179) Net change in fair value Net settlements Net gain (loss) - net
34.
SIFAT DAN TRANSAKSI HUBUNGAN ISTIMEWA
34.
NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES Nature of Relationship The ultimate controlling party of the Company and its subsidiaries is P.T. Bagusnusa Samudera Gemilang (Bagusnusa). P.T. Tunggaladhi Baskara stockholder of the Company. is a major
Sifat Hubungan Istimewa P.T. Bagusnusa Samudera Gemilang (Bagusnusa) merupakan pihak pengendali utama terhadap Perusahaan dan anak perusahaan. P.T. Tunggaladhi Baskara merupakan pemegang saham mayoritas Perusahaan. Bagusnusa merupakan perusahaan induk dari P.T. Tunggaladhi Baskara. Pemegang saham mayoritas Bagusnusa adalah Bapak Hadi Surya, yang sekaligus menjabat sebagai Komisaris Perusahaan. Bagusnusa merupakan pemegang saham mayoritas dari P.T. Garuda Mahakam Pratama. Pan Union Agencies Pte Ltd, Poseidon Elite Navigations Pte. Ltd, dan Pan Union Shipping Pte Ltd, merupakan anak perusahaan baik secara langsung maupun tidak langsung dimiliki seluruhnya oleh Ibu Siana Anggraeni Surya yang sekaligus menjabat sebagai Direktur Perusahaan. P.T. Arpeni Pratama Ocean Line Tbk dimiliki oleh keluarga dekat Bapak Hadi Surya. - 70 -
Bagusnusa is the parent company of P.T. Tunggaladhi Baskara. The majority shareholder of Bagusnusa is Mr. Hadi Surya, one of the Companys Commissioners.
Bagusnusa is the majority shareholder of P.T. Garuda Mahakam Pratama. Pan Union Agencies Pte Ltd, Poseidon Elite Navigations Pte. Ltd, and Pan Union Shipping Pte Ltd are wholly-owned subsidiaries, directly or indirectly, of Ms. Siana Anggraeni Surya, one of the Companys Directors.
P.T. Arpeni Pratama Ocean Line Tbk is owned by a close family member of Mr. Hadi Surya.
Transaksi Hubungan Istimewa Dalam kegiatan usahanya, Perusahaan dan anak perusahaan mengadakan transaksi tertentu dengan pihak-pihak yang mempunyai hubungan istimewa. Manajemen berpendapat bahwa transaksi tersebut dilakukan dengan kondisi dan persyaratan yang sama seperti yang dilakukan dengan pihak-pihak yang tidak mempunyai hubungan istimewa. Transaksi-transaksi tersebut meliputi antara lain: a. Rincian pendapatan usaha dari pihak hubungan istimewa adalah sebagai berikut:
2008 US$'000 Thai Petra Transport Co. Ltd. Pan Union Agencies Pte. Ltd. Jumlah 57 3 60
Transactions with Related Parties In the normal course of business, the Company and its subsidiaries entered into certain transactions with related parties. Management believes that these transactions were made at normal terms and conditions as those conducted with non related parties. These transactions included the following:
a. Details of revenues from related parties are as follows:
Thai Petra Transport Co. Ltd. Pan Union Agencies Pte. Ltd. Total
b.
0,45% dan 0,84% dari jumlah beban usaha langsung atas kapal yang dimiliki dan disewa pada tahun 2009 dan 2008 merupakan beban yang dibayarkan kepada pihak-pihak yang mempunyai hubungan istimewa. Rincian beban yang dibayarkan kepada pihak hubungan istimewa sebagai berikut:
2009 US$'000 Pan Union Agencies Pte. Ltd. Thai Petra Transport Co. Ltd. PT Arpeni Pratama Ocean Line Tbk PT Garuda Mahakam Pratama Jumlah 1.528 571 63 11 2.173
b. Expenses paid to related parties accounted for 0.45% in 2009 and 0.84% in 2008 of total operating expenses for owned and chartered vessels.
The details of expenses from related parties are as follows:

2008 US$'000 2.314 1.510 311 8 4.143 Pan Union Agencies Pte. Ltd. Thai Petra Transport Co. Ltd. PT Arpeni Pratama Ocean Line Tbk PT Garuda Mahakam Pratama Total
c.
Total kompensasi kepada manajemen utama (komisaris dan direktur) selama tahun berjalan adalah sebagai berikut:
2009 US$'000 Imbalan jangka pendek Imbalan pasca kerja Jumlah 1.495 287 1.782
c. Total compensation of the Companys key management (commissioners and directors) during the year are as follows:
2008 US$'000 1.650 531 2.181 Short-term benefits Post-employment benefits Total
35.
INFORMASI SEGMEN USAHA Segmen Usaha Untuk kepentingan tujuan manajemen, saat ini Perusahaan dan anak perusahaan diorganisasikan berdasarkan tipe kapal charter seperti kimia, gas, minyak dan FPSO. Berikut ini disajikan informasi segmen utama yang merupakan dasar pelaporan bagi Perusahaan dan anak perusahaan. - 71 -
35. SEGMENT INFORMATION Business Segment For management purposes, the Company and its subsidiaries are currently organized based on type of vessels chartered - chemical, gas, oil and FPSO. These segments are the basis on which the Company and its subsidiaries report their primary segment information.
Kimia/ Chemical US$'000 PENDAPATAN Pendapatan eksternal Jumlah pendapatan segmen Biaya segmen Biaya pelayaran Biaya sandar Biaya bahan bakar Jumlah biaya pelayaran Biaya Sewa Beban penyusutan kapal dan operasi Beban operasi: Gaji Perbaikan dan pemeliharaan Suku cadang Biaya pelumas Asuransi Transportasi Pengurusan dokumen Perlengkapan Uang makan karyawan Lain-lain Jumlah operasi perkapalan Penyusutan kapal Jumlah biaya segmen Hasil segmen Pendapatan dan biaya yang tidak dialokasikan Perubahan nilai wajar obligasi konversi dari wesel bayar Beban Umum dan adminitrasi Beban keuangan Pendapatan investasi Bagian laba dari Perusahaan asosiasi Penurunan revaluasi Keuntungan (kerugian) lain-lain Rugi sebelum pajak Beban pajak Rugi bersih tahun berjalan Informasi lain-lain Penambahan aset tetap Penyusutan Aset Aset segmen Tidak dialokasikan Jumlah aset konsolidasi Kewajiban Kewajiban segmen Tidak dialokasikan Jumlah kewajiban konsolidasi 475.987 475.987
Gas US$'000 44.137 44.137
2009 Minyak/ Oil FPSO US$'000 US$'000 85.861 85.861 10.367 10.367
Lainnya/ Others *) US$'000 1.994 1.994
Jumlah/ Total US$'000 618.346 618.346 REVENUES External revenues Total segment revenues Segment expenses Voyage Expenses Port Charges Fuel Total Voyage Expenses Charter Expenses Ship Depreciation and Operating Expenses Ship operating expenses: Salaries Repairs and maintenance Spare parts Lubricants Insurance Transportation Processing of documents Supplies Employees' meal allowances Others Total Ship Operating Expenses Vessel Depreciation Total segment expenses Segment result
56.800 95.701 152.501 51.691
1.398 2.389 3.787 -
5.219 14.550 19.769 3.285
30 30 -
63.447 112.640 176.087 54.976
39.266 10.630 8.556 4.590 5.150 3.471 1.747 2.173 1.614 3.672 80.869 90.794 375.855 100.132
6.489 292 1.430 881 620 789 365 415 354 1.187 12.822 11.213 27.822 16.315
9.090 2.038 2.618 2.034 2.158 1.420 582 850 648 2.533 23.971 25.115 72.140 13.721
1.295 215 161 23 741 217 97 36 200 213 3.198 6.467 9.695 672
1.994
56.140 13.175 12.765 7.528 8.669 5.897 2.791 3.474 2.816 7.605 120.860 133.589 485.512 132.834
Unallocated income and expenses Change in fair value of convertible bonds and (196.420) notes payable General and administrative (32.927) expenses (109.500) Finance cost 18.078 Investment income Equity in net income 9.621 of associates (227.778) Revaluation decrease 121.177 **) Other gains and losses (284.915) Loss before tax (961) Tax expense (285.876) Net loss for the year Other Information Capital additions Depreciation Assets Segment assets Unallocated Consolidated total assets Liabilities Segment liabilities Unallocated Consolidated total liabilities
141.808 90.794
7.613 11.213
14.048 25.115
6.467
222 -
163.691 133.589
1.578.283
249.911
257.084
47.189
71
2.132.538 365.384 2.497.922
54.041
9.193
16.141
1.086
64
80.525 1.799.105 1.879.630
*)
Merupakan biaya agen dan pergudangan.
*)
Represents agency and storage services.
**) Merupakan Jumlah keuntungan penjualan aset tetap, klaim asuransi, kerugian kurs mata uang asing bersih dan lain-lain.
**) Consists of Total gain on sale of vessels and equipment, insurance claim, net loss on foreign exchange and others - net.
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2008 Kimia/ Chemical US$'000 PENDAPATAN Pendapatan eksternal Jumlah pendapatan segmen Biaya segmen Biaya pelayaran Biaya sandar Biaya bahan bakar Jumlah Biaya Pelayaran Biaya Sewa Beban penyusutan kapal dan operasi Beban operasi: Gaji Perbaikan dan pemeliharaan Suku cadang Biaya pelumas Asuransi Transportasi Pengurusan dokumen Perlengkapan Uang makan Lain-lain Jumlah Operasi perkapalan Penyusutan kapal Jumlah biaya segmen Hasil Segmen Pendapatan dan biaya yang tidak dialokasikan Perubahan nilai wajar obligasi konversi dari wesel bayar Beban umum dan adminitrasi Beban keuangan Pendapatan investasi Bagian rugi dari Perusahaan asosiasi Kerugian penurunan nilai aset Penurunan nilai goodwill Keuntungan (kerugian) lain-lain Laba sebelum pajak Beban pajak Laba bersih tahun berjalan Informasi lain-lain Penambahan aset tetap Penyusutan Aset Aset segmen Tidak dialokasikan Jumlah aset konsolidasi Kewajiban Kewajiban segmen Tidak dialokasikan Jumlah kewajiban konsolidasi 534.417 534.417 Gas US$'000 37.378 37.378 Minyak/ Oil US$'000 139.629 139.629
Lainnya/ Others *) US$'000 1.278 1.278 Jumlah/ Total US$'000 723.682 723.682 REVENUES External revenues Total segment revenues Segment expenses Voyage Expenses Port Charges Fuel Total Voyage Expenses Charter Expenses Ship Depreciation and Operating Expenses Ship operating expenses: Salaries Repairs and maintenance Spare parts Lubricants Insurance Transportation Processing of documents Supplies Meal allowances Others Total Ship Operating Expenses Vessel Depreciation Total segment expenses Segment result
FPSO US$'000 10.980 10.980
60.798 137.716 198.514 33.660
1.383 4.118 5.501 -
5.555 22.977 28.532 3.294
28 28 -
67.764 164.811 232.575 36.954
33.405 9.317 9.435 5.470 4.024 3.986 2.348 2.576 2.016 3.963 76.540 62.596 371.310 163.107
4.442 1.805 1.506 845 475 764 345 389 361 1.000 11.932 5.350 22.783 14.595
8.385 7.951 4.063 1.742 2.147 1.444 880 782 601 2.020 30.015 29.463 91.304 48.325
959 52 260 25 792 279 23 67 149 366 2.972 5.661 8.661 2.319
1.278
47.191 19.125 15.264 8.082 7.438 6.473 3.596 3.814 3.127 7.349 121.459 103.070 494.058 229.624
Unallocated income and expenses Change in fair value of convertible bonds and 305.958 notes payable General and administrative (36.311) expenses (117.231) Finance costs 16.294 Investment income Equity in net loss (18.524) of associates (37.841) Impairment loss on asset (29.136) Impairment of goodwill (93.453) **) Other gains and losses 219.380 Profit before tax (1.016) Tax expense 218.364 Net income Other Information Capital additions Depreciation Assets Segment assets Unallocated Consolidated total assets Liabilities Segment liabilities Unallocated Consolidated total liabilities
410.933 62.596
61.218 5.350
29.463
5.661
472.151 103.070
1.553.115
162.445
296.085
40.707
2.052.352 243.574 2.295.926
32.405
3.452
15.171
831
39
51.859 1.690.240 1.742.099
*) **)
Merupakan biaya agen dan pergudangan. Merupakan Jumlah keuntungan penjualan aset tetap, klaim asuransi, keuntungan (kerugian) kurs mata uang asing bersih dan lain-lain.
*)
Represents agency and storage services.
**) Consists of Total gain on sale of vessels and equipment, insurance claim, net gain (loss) on foreign exchange and others - net.
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Segmen Geografis Perusahaan dan anak perusahaan berdomisili di dua area geografis utama: Malaysia dan Indonesia.
Geographic Segment The Company and its subsidiaries are domiciled in two main geographical areas: Malaysia and Indonesia. Segment information based on geographic segment is presented below:
Berikut ini adalah informasi segmen berdasarkan segmen geografis:
2009 Malaysia US$'000 PENDAPATAN Pendapatan ekstern Pendapatan antar segmen Jumlah pendapatan 567.175 11.710 578.885 Indonesia US$'000 51.171 51.171 Eliminasi/ Eliminated US$'000 (11.710) (11.710) Konsolidasi/ Consolidated US$'000 618.346 618.346 REVENUES External revenues Inter-segment revenues Total revenues
2008 Malaysia US$'000 PENDAPATAN Pendapatan ekstern Pendapatan antar segmen Jumlah pendapatan 673.063 30.155 703.218 Indonesia US$'000 50.619 50.619 Eliminasi/ Eliminated US$'000 (30.155) (30.155) Konsolidasi/ Consolidated US$'000 723.682 723.682 REVENUES External revenues Inter-segment revenues Total revenues
36.
MANAJEMEN RISIKO MODAL Perusahaan dan anak perusahaan mengelola modalnya untuk menjamin bahwa Perusahaan dan anak perusahaan mampu untuk melanjutkan kelangsungan hidup selain juga memaksimalkan keuntungan para pemegang saham melalui optimalisasi saldo hutang dan ekuitas. Struktur modal Perusahaan dan anak perusahaan terdiri dari hutang, dimana didalamnya termasuk pinjaman yang dijelaskan pada Catatan 11, 15, 16, 17, 18 dan 21, kas, investasi tersedia untuk dijual dan ekuitas yang dapat diatribusikan kepada pemegang ekuitas induk Perusahaan yang terdiri dari penerbitan saham, cadangan dan saldo laba yang dijelaskan pada Catatan 4, 5, 22, 23 dan 24. Dewan Direksi Perusahaan secara periodik melakukan review terhadap struktur modal Perusahaan. Sebagai bagian dari proses review, Dewan Direksi mempertimbangkan biaya modal dan risiko yang berhubungan.
36. CAPITAL RISK MANAGEMENT The Company and its subsidiaries manage their capital to ensure that they will be able to continue as a going concern while maximising the return to stakeholders through the optimalization of the debt and equity balance.
The capital structure of the Group consists of debt, which includes the borrowings disclosed in Notes 11, 15, 16, 17, 18 and 21, cash, available-for-sale investments, and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in Notes 4, 5, 22, 23 and 24.
The Companys Board of Directors periodically reviews the Companys capital structure. As part of this review, the Board of Directors considers the cost of capital and the related risks.
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Rasio hutang bersih terhadap ekuitas per tanggal 31 Desember 2009 dan 2008 adalah sebagai berikut:
The gearing ratio as of December 31, 2009 and 2008 are as follows:
Indonesia GAAP
2009 US$'000 Hutang Kas dan investasi tersedia 1.742.200 163.630 1.578.570 618.292 255% 2008 US$'000 1.490.530 194.636 1.295.894 553.827 234% 2009 US$'000
IFRS
2008 US$'000 1.484.831 194.636 1.290.195 669.324 193% Debt Cash and available-for-sale investments Net debt Equity Net debt to equity ratio
1.735.826 163.630 1.572.196 648.759 242%
untuk dijual
Hutang - bersih Ekuitas Rasio hutang bersih terhadap ekuitas
Pada tahun 2009 dan 2008, hutang lain-lain jangka panjang kepada Teekay Corp., masing-masing sebesar USD 12,41 juta dan USD 13 juta tidak diperhitungkan dalam perhitungan rasio hutang bersih terhadap ekuitas konsolidasi/consolidated net debt to equity ratio (CNDER). Pada tanggal 31 Desember 2009 dan 2008, jika hutang lain-lain jangka panjang kepada Teekay Corp. diperhitungkan maka CNDER masing-masing menjadi sebagai berikut:
In 2009 and 2008, the other long-term payable to Teekay Corp., amounting to USD 12.41 million and USD 13 million was not considered by the Companys management, in the calculation of the consolidated net debt to equity ratio (CNDER).
As of December 31, 2009 and 2008, had the other long-term payable to Teekay Corp. been considered, the CNDER would have been as follows:
Indonesia GAAP
2009 Rasio hutang bersih terhadap ekuitas 2008 2009
IFRS
2008
257%
236%
244%
195%
Net debt to equity ratio
37.
REKONSILIASI STANDAR PELAPORAN KEUANGAN INTERNASIONAL (IFRS) DAN PRINSIP STANDAR AKUNTANSI KEUANGAN (PSAK) YANG BERLAKU UMUM DI INDONESIA Laporan keuangan konsolidasi disusun dengan menggunakan prinsip dan praktek akuntansi yang berlaku di Indonesia (PSAK).
37. RECONCILIATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) AND INDONESIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) The consolidated financial statements are prepared in accordance with accounting principles and reporting practices generally accepted in Indonesia (Indonesian GAAP). In connection with the listing of the Companys shares on the Singapore Exchange Securities Trading Limited, the Company also issued consolidated financial statements prepared under IFRS.
Sehubungan dengan pencatatan saham Perusahaan di Bursa Efek Singapura, Perusahaan juga menerbitkan laporan keuangan konsolidasi berdasarkan Standard Pelaporan Keuangan Internasional (International Financial Reporting Standard / IFRS).
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Perbedaan signifikan antara dijelaskan sebagai berikut: a. Goodwill
PSAK
dan
IFRS
Significant differences between PSAK and IFRS are described below: a. Goodwill Under Indonesian GAAP, goodwill arising from business acquisition is recognized as an asset and amortized as an expense over its useful life using straight-line method. The amortization period should not exceed five years, unless a longer period not exceeding 20 years can be justified. The Company is amortizing goodwill over 20 years. At each balance sheet date, management assessed whether there was any indication of impairment of the cash-generating unit to which the goodwill is attached to.
Berdasarkan PSAK, goodwill yang timbul dari akuisisi usaha diakui sebagai aset dan diamortisasi menjadi beban selama masa manfaatnya menggunakan metode garis lurus. Periode amortisasi tidak boleh melebihi lima tahun, kecuali masa manfaat yang lebih panjang namun tidak lebih dari 20 tahun dapat dijustifikasi. Perusahaan mengamortisasikan goodwill selama 20 tahun. Pada setiap tanggal neraca, manajemen menilai apakah terdapat indikasi penurunan nilai pada unit penghasil-kas yang mengandung goodwill tersebut. Berdasarkan IFRS, goodwill yang timbul dari akuisisi usaha pada awalnya diakui sebesar biaya perolehan, dan selanjutnya diukur sebesar biaya perolehan dikurangi akumulasi penurunan nilai. Pada saat penerapan IFRS pertama kali, Perusahaan menghentikan amortisasi terhadap goodwill yang sudah dimulai 1 Januari 2003 dalam penyajian laporan keuangan berdasarkan IFRS. Pada tanggal 31 Desember 2002 nilai akumulasi amortisasi sebesar USD 3.747 ribu yang diakui berdasarkan PSAK telah dieliminasi dengan mengurangi nilai perolehan goodwill. Nilai amortisasi goodwill untuk tahun yang berakhir 31 Desember 2009 dan 2008 berdasarkan PSAK, masing-masing sebesar USD 2.872 ribu dan USD 4.412 ribu telah dijurnal balik berdasarkan IFRS. Pada tahun 2008, berdasarkan PSAK, Perusahaan dan anak perusahaan mengakui penurunan nilai goodwill sebesar USD 29.136 ribu. Berdasarkan IFRS penurunan nilai goodwill pada tahun 2008 sebesar USD 8.547 ribu. b. Aset Tetap Sebelum 1 Januari 2008, PSAK pada dasarnya tidak memperbolehkan Perusahaan untuk mengakui peningkatan nilai aset tetap yang terjadi setelah tanggal perolehan, pengecualian diberikan untuk revaluasi yang dilakukan sesuai dengan peraturan pemerintah.
Under IFRS, goodwill arising from business acquisition is initially recognized at cost, and is subsequently measured at cost less any accumulated impairment losses.
In applying IFRS, the Company ceases amortizing goodwill starting January 1, 2003, the transition period when the Company first prepared its IFRS financial statements. The accumulated amortization of USD 3,747 thousand recognized under Indonesian GAAP as of December 31, 2002 has been eliminated with a corresponding decrease in the cost of goodwill. The goodwill amortization of USD 2,872 thousand and USD 4,412 thousand for the years ended December 31, 2009 and 2008, respectively, recognized under Indonesian GAAP has also been reversed under IFRS. In 2008, under Indonesian GAAP, the Company and its subsidiaries recognized goodwill impairment amounting to USD 29,136 thousand. Under IFRS, goodwill impairment in 2008 amounted to USD 8,547 thousand. b. Property, Vessels and Equipment Prior to January 1, 2008, Indonesian GAAP does not generally allow companies to recognize increases in value of property, vessels and equipment that occur subsequent to acquisition, an exception is provided for revaluation made in accordance with government regulations.
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Pada tanggal 1 Januari 2008, PSAK secara efektif mengijinkan penggunaan model nilai wajar atau model biaya dalam pengukuran aset tetap pada pengakuan awalnya. Pada tahun 2008, untuk tujuan pelaporan di Indonesia, Perusahaan dan anak perusahaan tidak mengakui kenaikan nilai akibat revaluasi pada kapal dan tetap mengukur aset tetapnya sebesar biaya perolehan dikurangi akumulasi penyusutan dan akumulasi penurunan nilai (metode biaya), karena manajemen Perusahaan masih mengkaji pengaruh pajak atas pengunaan modal revaluasi. Sejak 1 Januari 2009, untuk tujuan pelaporan keuangan di Indonesia, Perusahaan dan anak perusahaan menerapkan metode revaluasi dalam mengukur nilai kapal di masa mendatang berdasarkan pengakuan awalnya. Dalam laporan keuangan berdasarkan IFRS, Perusahaan dan anak perusahaan menerapkan Model Revaluasi untuk mengukur nilai tercatat kapal setelah pengakuan awal, sejak pertama kali laporan keuangan konsolidasi IFRS disusun. Berdasarkan PSAK, harga perolehan hak atas tanah dikapitalisasi kedalam nilai tanah dan tidak disusutkan. Sesuai dengan IFRS, hak atas tanah dipertimbangkan sebagai sewa dan diamortisasi selama periode yang diperkirakan hak atas tanah tersebut dimiliki. c. Instrumen Keuangan Berdasarkan PSAK, pinjaman bank jangka pendek dan jangka panjang dinyatakan pada nilai nominal, yang merupakan nilai pokok hutang. Biaya transaksi atas pinjaman bank diklasifikasikan sebagai biaya tangguhan dan diamortisasi menggunakan metode garis lurus sepanjang periode pinjaman. Untuk hutang obligasi, biaya penerbitan obligasi dikurangkan langsung dari hasil penerbitan obligasi. Selisih antara hasil penerbitan bersih dan nilai nominal obligasi diamortisasi menggunakan metode garis lurus sepanjang periode obligasi. Seluruh hasil yang diterima dari penerbitan obligasi konversi diakui sebagai kewajiban. Berdasarkan IFRS, kewajiban keuangan dinyatakan sebesar biaya perolehan diamortisasi. Berdasarkan PSAK, uang jaminan tanpa bunga atas sewa dicatat pada jumlah yang tidak didiskontokan.
Effective January 1, 2008, Indonesian GAAP permits the use of fair value model or cost model in measuring property, vessels and equipment at initial recognition. In 2008, for Indonesian reporting purposes, the Company and its subsidiaries did not recognize any revaluation increases on the vessels and continued to measure property, vessels and equipment at cost less accumulated depreciation and any accumulated impairment losses (cost model). Because the Companys management was, at that time, still evaluating the tax implications of using the revaluation model. Effective on January 1, 2009, for Indonesian reporting purposes, the Company and its subsidiaries adopted the revaluation model in measuring the vessels subsequent to initial recognition. For IFRS reporting purposes, the Company and its subsidiaries adopted the Revaluation Model in measuring the vessels subsequent to initial recognition, from the time their first consolidated IFRS financial statements were prepared. Also, under Indonesian GAAP, the cost of acquired landrights are capitalized as land, which is not depreciated. Under IFRS, land use rights are considered as leases and such rights are amortized over the period the holder is expected to retain the landrights. c. Financial Instruments Under Indonesian GAAP, short-term and longterm bank loans are stated at nominal value, being the principal amount of the loan. Transaction costs on bank borrowings were classified as deferred charges and amortized on a straight-line basis over the period of the borrowings. For bonds payable, bonds issuance costs are deducted directly from the proceeds of the bonds. The difference between the net proceeds and principal amount of the bonds is amortized on a straight-line basis over the term of the bonds. All the proceeds obtained from issuance of convertible bonds are recognized as liabilities. Under IFRS, financial liabilities are measured at amortized cost. Under Indonesian GAAP, non-interest bearing security deposits on operating leases are recorded at undiscounted amounts.
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Berdasarkan IFRS, uang jaminan tanpa bunga atas sewa dicatat sebesar nilai wajarnya. Perbedaan antara nilai wajar dengan jumlah nominal dicatat sebagai beban sewa ditangguhkan dan diamortisasi secara garis lurus selama masa sewa. Pendapatan bunga ditambahkan pada uang jaminan dengan menggunakan tingkat bunga efektif. Perbedaan-perbedaan ini memiliki dampak pada jumlah yang dilaporkan atas laba bersih dan saldo laba sebagai berikut:
Under IFRS, non-interest bearing security deposits on operating leases are recorded at fair value. The difference between the fair value and nominal amount is recorded as deferred rent and is amortized on a straight line basis over the lease term. Interest income is accreted on the security deposits using the effective interest rate. The change had an impact on amounts of reported net profits and retained earnings as follows:
2009 US$'000 Laba bersih Saldo laba

d. Mata Uang Pengukuran dan Pelaporan Berdasarkan PSAK, mata uang pelaporan perusahaan-perusahaan di Indonesia adalah Rupiah. Perusahaan dapat menggunakan mata uang yang lain apabila mata uang lain tersebut memenuhi kriteria mata uang fungsional. Untuk tujuan penyajian laporan keuangan di Indonesia, anak perusahaan berdomisili di Indonesia yang mata uang fungsionalnya dalam Dollar Amerika Serikat melakukan pembukuan dalam mata uang Rupiah dan menyajikan laporan keuangannya dalam mata uang Rupiah. Akibat perubahan mata uang pelaporan Perusahaan dari Rupiah menjadi Dollar Amerika Serikat dalam pelaporan sesuai PSAK, untuk tujuan laporan keuangan konsolidasi, pada tahun 2009 laporan keuangan anak perusahaan tersebut dijabarkan dalam Dollar Amerika Serikat, sehingga ekuitas Perusahaan berdasarkan PSAK mengalami perubahan dari USD 571.205 ribu menjadi USD 553.827 ribu. Berdasarkan IFRS, Perusahaan harus melakukan pengukuran atas transaksi dalam mata uang fungsional. IFRS memperbolehkan penggunaan mata uang pelaporan selain mata uang fungsional. Manajemen menetapkan mata uang fungsional Perusahaan adalah Dollar Amerika Serikat. Untuk tujuan pelaporan berdasarkan IFRS, transaksi yang dilakukan anak perusahaan yang memiliki mata uang fungsional Dollar Amerika Serikat diukur dengan menggunakan mata uang fungsional mereka. Berikut merupakan penyesuaian yang signifikan terhadap laba bersih konsolidasi untuk tahun yang berakhir 31 Desember 2009 dan 2008 serta laporan perubahan ekuitas per 31 Desember 2009 dan 2008 dari PSAK ke IFRS:
2008 US$'000 768 802 Net profits Retained earnings
304 1.106
d. Measurement and Reporting Currency Under Indonesian GAAP, the reporting currency used by enterprises in Indonesia is Rupiah. An enterprise may use another currency, only if the other currency meets the definition of functional currency. For statutory reporting purposes in Indonesia, the Companys subsidiaries domiciled Indonesia whose functional currency is the U.S. Dollar maintain their books of accounts in Rupiah and presents their financial statements also in Rupiah. For financial statement consolidation purposes, the Indonesian Rupiah financial statements of those subsidiaries were translated to U.S. Dollar in 2009, because of the change in reporting currency of the Company for Indonesian GAAP reporting purposes, from Indonesian Rupiah to U.S. Dollar, the Companys equity under Indonesian GAAP reflected a change from USD 571,205 thousand to USD 553,827 thousand. Under IFRS, enterprises should measure the transactions in terms of the functional currency. IFRS allows the use of a presentation currency other than the functional currency. Management has determined that the Companys functional currency is the U.S. Dollar. For IFRS reporting purposes, the transactions of the Companys subsidiaries whose functional currency is the U.S. Dollar were measured in terms of their functional currency. A summary of the significant adjustments to consolidated net income for the years ended December 31, 2009 and 2008 and to consolidated stockholders equity as of December 31, 2009 and 2008 from Indonesian GAAP to IFRS are set forth below:
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Catatan/ Note
31 Desember/December 31, 2009 2008 US$'000 US$'000 Profit (Loss) for the year according to the consolidated statements of income prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Impairment of goodwill Depreciation of revalued vessels Gain on sale of vessels adjustment based on revalued amounts of vessels Net revaluation decrease Amortization of deferred gain on sales and leaseback transaction Amortization of landrights Interest on security deposits Measurement of financial liabilities at amortized cost Total adjustments Consolidated profit (loss) for the year in accordance with IFRS Equity according to the consolidated balance sheets prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Impairment goodwill Revaluation reserve Depreciation of revalued vessels Loss on sale of property adjustment based on revalued amounts of vessels Difference between depreciation expense based on revalued amounts and historical cost Amortization of landrights Revaluation decrease of vessels and equipment Foreign exchange loss Amortization of deferred gain on sales and leaseback transaction Interest on security deposits Option premium on convertible bonds Measurement of financial liabilities at amortized cost Translation adjustment and effect of remesurement Total adjustments Equity in accodance with IFRS
Laba (Rugi) konsolidasi sesuai dengan standar PSAK Penyesuaian IFRS - kenaikan (penurunan): Amortisasi goodwill Penurunan goodwill Penyusutan kapal dan peralatan yg dinilai kembali Keuntungan penjualan aset tetap kapal berdasarkan kapal yang telah direvaluasi Penurunan revaluasi bersih Amortisasi keuntungan atas transaksi jual dan sewa-balik ditangguhkan Amortisasi hak atas tanah Bunga atas uang jaminan Kewajiban keuangan yang disajikan dalam biaya amortisasi Jumlah penyesuaian Laba (rugi) konsolidasi sesuai dengan IFRS
(285.876)
218.364
(a) (a) (b)
2.872 -
4.412 20.589 (11.882)
(b) (b)
166.587
(44.082) (161.679)
(c) (b) (c)
(597) (34) 348
(90) (45) 73
(c)
(304) 168.872 (117.004)
(768) (193.472) 24.892
Ekuitas sesuai dengan Neraca Konsolidasi dalam PSAK Penyesuaian IFRS - kenaikan (penurunan): Amortisasi of goodwill Penurunan goodwill Surplus revaluasi Penyusutan kapal dan peralatan yg dinilai kembali Kerugian penjualan aset tetap kapal berdasarkan kapal yang telah direvaluasi Perbedaan antara beban penyusutan berdasarkan nilai revaluasi dengan harga perolehan Amortisasi hak atas tanah Penurunan dalam revaluasi kapal dan peralatan Kerugian selisih kurs Amortisasi keuntungan atas transaksi jual dan sewa-balik ditangguhkan Bunga atas uang jaminan Opsi premium atas obligasi konversi Kewajiban keuangan yang disajikan dalam biaya amortisasi Penyesuaian transaksi dan pengaruh pengukuran kembali Jumlah Penyesuaian Ekuitas berdasarkan IFRS
618.292
553.827
(a) (a) (b) (b)
11.373 20.589 (2.006) (24.833)
8.501 20.589 234.454 (24.833)
(b)
(57.773)
(57.773)
(b) (b) (b) (c)
95.020 (122) (10.433) (190)
95.121 (88) (177.020) (190)
(c) (c) (c)
(687) 421 177
(90) 73 177
(c)
(1.106)
(802)
37 30.467 648.759
17.378 115.497 669.324
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38.
REKONSILIASI STANDAR PELAPORAN KEUANGAN INTERNASIONAL (IFRS) a. Rekonsiliasi neraca antara IFRS dengan PSAK pada tanggal 31 Desember 2009 dan 2008:
38.
RECONCILIATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS a. Reconciliation of balance sheet between IFRS and Indonesian GAAP at December 31, 2009 and 2008:
2009 PSAK/ INDONESIAN GAAP US$'000 Aset tetap - bersih Uang muka pembelian aset tetap Investasi pada perusahaan asosiasi Aset tidak lancar lainnya Jumlah Aset Tidak Lancar Piutang usaha Investasi tersedia untuk dijual Kas dan setara kas Aset lancar lainnya Jumlah aset Lancar Jumlah Aset Modal saham Agio saham Pembelian saham kembali Selisih kurs karena penjabaran laporan keuangan Keuntungan yang belum direalisasi dari pemilikan efek Surplus revaluasi Saldo laba Jumlah Ekuitas Kewajiban jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Wesel bayar Kewajiban sewa pembiayaan Kewajiban tidak lancar lainnya Jumlah Kewajiban Tidak Lancar Hutang bank Hutang usaha Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Kewajiban lancar lainnya Jumlah Kewajiban Lancar Jumlah Ekuitas dan Kewajiban 1.946.389 46.905 76.125 90.993 2.160.412 129.976 44.898 118.732 43.904 337.510 2.497.922 70.936 114.824 (86.628) (16.828) 757 237.677 297.554 618.292 Rekonsiliasi/ Reconciling Items US$'000 45.586 (46.905) 24.771 23.452 641 641 24.093 177 17.242 (2.006) 15.054 30.467 IFRS US$'000 1.991.975 76.125 115.764 2.183.864 129.976 44.898 118.732 44.545 338.151 2.522.015 70.936 115.001 (86.628) 414 757 235.671 312.608 648.759 Property, vessels and equipment - net Advance for purchase of property, vessel and equipment Investments in associates Other non-current assets Total Non-current Assets Trade accounts receivable Available-for-sale investments Cash and cash equivalents Other current assets Total Current Assets Total Assets Capital stock Additional paid-in capital Treasury stocks Translation adjustment Unrealized gain on available-for-sale investments Revaluation reserve Retained earnings Total Equity
779.538 141.575 249.809 228.925 34.819 1.434.666 65.225 35.179 278.309 66.251 444.964 2.497.922
(8.084) (63) (8.147) 1.773 1.773 24.093
771.454 141.512 249.809 228.925 34.819 1.426.519 65.225 35.179 280.082 66.251 446.737 2.522.015
Long-term liabilities - net of current maturities Financial institution Bonds payable Notes payable Obligations under finance lease Other non-current liabilities Total Non-current Liabilities Bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities Total Current Liabilities Total Equity and Liabilities
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2008 PSAK/ INDONESIAN GAAP US$'000 Aset tetap - bersih Investasi pada perusahaan asosiasi Aset tidak lancar lainnya Jumlah Aset Tidak Lancar Piutang usaha Investasi tersedia untuk dijual Kas dan setara kas Aset lancar lainnya Jumlah aset Lancar Jumlah aset Modal saham Agio saham Pembelian saham kembali Selisih kurs karena penjabaran laporan keuangan Kerugian yang belum direalisasi dari pemilikan efek Surplus revaluasi Saldo laba Jumlah Ekuitas Kewajiban jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Wesel bayar Kewajiban sewa pembiayaan Obligasi konversi Kewajiban tidak lancar lainnya Jumlah Kewajiban Tidak Lancar Hutang bank Hutang usaha Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Kewajiban lancar lainnya Jumlah Kewajiban Lancar Jumlah Ekuitas dan Kewajiban 1.896.264 273 75.285 1.971.822 96.674 129.386 65.250 32.794 324.104 2.295.926 62.191 64.823 (86.628) (15.615) (1.865) 530.921 553.827
Rekonsiliasi/ Reconciling Items US$'000 85.996 23.161 109.157 641 641 109.798 177 16.013 234.454 (135.147) 115.497 IFRS US$'000 1.982.260 273 98.446 2.080.979 96.674 129.386 65.250 33.435 324.745 2.405.724 62.191 65.000 (86.628) 398 (1.865) 234.454 395.774 669.324 Property, vessels and equipment - net Investments in associates Other non-current assets Total Non-current Assets Trade accounts receivable Available-for-sale investments Cash and cash equivalent Other current assets Total Current Assets Total Assets Capital stock Additional paid-in capital Treasury stocks Translation adjustment Unrealized loss on available-for-sale investments Revaluation reserve Retained earnings Total Equity
721.496 81.450 132.000 155.376 36.250 162.796 1.289.368 176.589 17.346 187.960 70.836 452.731 2.295.926
(4.503) 78 (4.425) (1.274) (1.274) 109.798
716.993 81.528 132.000 155.376 36.250 162.796 1.284.943 176.589 17.346 186.686 70.836 451.457 2.405.724
Long-term liabilities - net of current maturities Financial institution Bonds payable Notes payable Obligations under finance lease Convertible bonds Other non-current liabilities Total Non-current Liabilities Bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities Total Current Liabilities Total Equity and Liabilities
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b.
Rekonsiliasi laporan laba rugi konsolidasi antara IFRS dan PSAK untuk tahun yang berakhir 31 Desember 2009 dan 2008:
b.
Reconciliation of consolidated statements of income between IFRS and Indonesian GAAP for the years ended December 31, 2009 and 2008:
PSAK/ INDONESIAN GAAP US$'000 Pendapatan usaha Biaya pelayaran Pendapatan operasi setelah biaya pelayaran Biaya charter Penyusutan kapal dan biaya operasi pelayaran Biaya operasi pelayaran Penyusutan kapal 618.346 (176.087) * 442.259 (54.976) *
2009 Rekonsiliasi/ Reconciling Items US$'000 (597)
IFRS US$'000 618.346 (176.087) 442.259 (55.573) Operating revenues Voyage expenses Operating revenues after voyage expenses Charter expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation
(120.860) * (133.589) * (254.449)
(597) 1.774 1.177
(120.860) (133.589) (254.449) 132.237 (31.153) 101.084
Laba kotor Beban umum dan administrasi Laba sebelum biaya keuangan dan lain-lain Keuangan dan lain-lain - bersih Beban keuangan Pendapatan investasi Bagian laba bersih perusahaan asosiasi Keuntungan dan kerugian lain-lain
132.834 (32.927) 99.907
Gross profit General and administrative Income before financial and other items Net financial and other items Finance cost Investment income Equity in net income of associates Other gains and losses
(109.500) 18.078 9.621 (303.021) (384.822)
(2.014) 348 169.361 167.695 168.872 168.872
(111.514) 18.426 9.621 (133.660) (217.127) (116.043) (961) (117.004)
Rugi sebelum pajak Beban pajak Rugi tahun berjalan
(284.915) (961) (285.876)
Loss before tax Tax expense Loss for the year
* Merupakan "Jumlah biaya langsung" menurut PSAK
* Presented as "Total direct costs" in Indonesian GAAP
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2008 Rekonsiliasi/ Reconciling Items US$'000 (90) (90) -
PSAK/ INDONESIAN GAAP US$'000 Pendapatan usaha Biaya pelayaran Pendapatan operasi setelah biaya pelayaran Biaya charter Penyusutan kapal dan biaya operasi pelayaran Biaya operasi pelayaran Penyusutan kapal 723.682 (232.575) * 491.107 (36.954) *
IFRS US$'000 723.682 (232.665) 491.017 (36.954) Operating revenues Voyage expenses Operating revenues after voyage expenses Charter expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation
(107.809) * (116.720) * (224.529)
(11.882) (11.882) (11.972) 826
(107.809) (128.602) (236.411) 217.652 (35.485)
Laba kotor Beban umum dan administrasi Laba sebelum biaya keuangan dan lain-lain Beban keuangan Pendapatan investasi Bagian rugi bersih perusahaan asosiasi Keuntungan dan kerugian lain-lain
229.624 (36.311)
Gross profit General and administrative Income before financial and other items Finance cost Investment income Equity in net loss of associates Other gains and losses
193.313 (117.231) 16.294 (18.524) 145.528 26.067
(11.146) (1.639) 73 (180.760) (182.326) (193.472) (193.472)
182.167 (118.870) 16.367 (18.524) (35.232) (156.259) 25.908 (1.016) 24.892
Laba sebelum pajak Beban pajak Laba tahun berjalan
219.380 (1.016) 218.364
Income before tax Tax expense Income for the year
* Merupakan "Jumlah biaya langsung" menurut PSAK
* Presented as "Total direct costs" in Indonesian GAAP
39.
IKATAN a. Perusahaan dan anak perusahaan memiliki beberapa kontrak pengangkutan dengan Pertamina dengan nilai kontrak sebesar USD 13 juta USD 37 juta per tahun dimana kontrak akan berakhir antara tahun 2010 2016. Pada tanggal neraca Perusahaan dan anak perusahaan mengadakan kontrak dengan Pertamina dengan nilai minimum penerimaan sewa masa depan sebagai berikut:
39.
COMMITMENTS a. The Company and its subsidiaries have some charter contracts with Pertamina with contract amount of USD 13 million USD 37 million per year, which will end between 2010 2016.
At balance sheet date, the Company and its subsidiaries have contracts with Pertamina for the following future minimum lease receipts:
2009 US$'000 Dalam satu tahun Tahun kedua sampai kelima Jumlah 21.057 80.914 101.971
2008 US$'000 63.697 51.064 114.761 Within one year In the second to fifth years inclusive Total
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Perusahaan mencatat pendapatan dari kontrakkontrak tersebut sebesar USD 49.684 ribu dan USD 55.950 ribu masing-masing untuk tahun 2009 dan 2008. b. Perusahaan dan anak perusahaan memiliki beberapa kontrak sewa operasi bareboat charter dengan pihak ketiga senilai USD 1 juta USD 57 juta per tahun, dimana kontrak akan berakhir antara tahun 2010 - 2021. Pada tanggal neraca, Perusahaan dan anak perusahaan memiliki perjanjian yang tidak dapat dibatalkan dengan perincian jatuh tempo sebagai berikut: b.
Revenues earned by the Company on these contracts amounted to USD 49,684 thousand in 2009 and USD 55,950 thousand in 2009 and 2008, respectively. The Company and its subsidiaries have outstanding charter contracts under operating leases with third parties amounting to USD 1 million USD 57 million per year, which will end between 2010 - 2021. At balance sheet date, the Company and its subsidiaries have outstanding commitments under non-cancellable charter contracts, with scheduled maturities as follows:
2009 US$'000 Dalam satu tahun Dari tahun kedua sampai kelima Setelah lima tahun Jumlah 56.754 197.027 129.471 383.252
2008 US$'000 50.533 193.469 115.769 359.771 Within one year In the second to fifth years inclusive After five years Total
Pembayaran sewa minimum berdasarkan perjanjian dicatat sebagai beban sebesar USD 54.976 ribu tahun 2009 dan USD 36.954 ribu tahun 2008. c. Perusahaan dan anak perusahaan memiliki beberapa kontrak pembangunan kapal baru dengan galangan kapal di Jepang dengan total nilai kontrak sekitar JPY 46.387 juta tahun 2009 dan JPY 53.079 juta tahun 2008. Pada bulan April 2008, Chembulk Tankers LLC memperoleh fasilitas irrevocable Standby Letter of Credit (SBLC) dari ING Bank N.V, Singapura senilai USD 29,2 juta. Fasilitas ini dijamin dengan kapal anak perusahaan (M.T. Barunawati) dan akan menurun secara periodik sebesar USD 3,6 juta dan jatuh tempo pada tanggal 19 Januari 2019. Pada tanggal 17 Januari 2008, Richesse Logistics (Fangcheng Port) Co. Ltd, mengadakan kerjasama dengan Fangcheng Port Group Co. Ltd. untuk melakukan reklamasi dan penggunaan tanah dengan total area seluas 2 2 360 juta m . Total seluas 83 juta m merupakan kontribusi modal dari Fangcheng Port Group 2 Co. Ltd dan sisanya seluas 276.759.657 m akan dibeli sebesar RMB 83.238.000. Perjanjian ini juga menyebutkan bahwa Richesse Logistics (Fangcheng Port) Co. Ltd akan bertanggung jawab antara lain untuk mendapatkan ijin penggunaan aset. Pada tanggal 31 Desember 2009, Richesse Logistics (Fangcheng Port) Co. Ltd. belum memperoleh izin penggunaan aset tersebut. Pada tanggal 31 Desember 2009, Richesse Logistics (Fangcheng Port) Co. Ltd. telah membayar USD 17,5 juta yang dicatat dalam akun aset dalam penyelesaian. - 84 c.
The minimum lease payments under charter contracts recognized as an expense amounted to USD 54,976 thousand and USD 36,954 thousand in 2009 and 2008, respectively. The Company and its subsidiaries have several contracts with shipyards in Japan for the construction of new vessels with total contract price of approximately JPY 46,387 million in 2009 and JPY 53,079 million in 2008. In April 2008, Chembulk Tankers LLC, obtained an irrevocable Standby Letter of Credit (SBLC) facility from ING Bank N.V, Singapore Branch amounting to USD 29.2 million. Such SBLC is secured by M.T. Barunawati and reduced periodically by USD 3.6 million and matures on January 19, 2019. On January 17, 2008, Richesse Logistics (Fangcheng Port) Co. Ltd, entered into an agreement with Fangcheng Port Group Co. Ltd. for the reclamation and use of land with a total area of 360 million square meters. A total of 83 million square meters represent capital contribution of Fangcheng Port Group Co. Ltd and the remaining 276,759,657 square meters will be purchased for RMB 83,238,000. The agreement also mentioned that Richesse Logistics (Fangcheng Port) Co. Ltd will be responsible for, among others, applying the license to use the property. As of December 31, 2009, Richesse Logistics (Fangcheng Port) Co. Ltd. has not yet obtained the license to use the property. As of December 31, 2009, Richesse Logistics (Fangcheng Port) Co. Ltd, has paid USD 17.5 million, which is included under the construction in progress account.
d.
d.
e.
e.
40.
ASET DAN KEWAJIBAN MATA UANG ASING
MONETER
DALAM
40. MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES At December 31, 2009 and 2008, the Company and its subsidiaries had monetary assets and liabilities in foreign currencies as follows:
2008 Ekuivalen USD'000/ Equivalent to USD' 000 20.784 2.037 1.914 310 41 Mata Uang Asing/ Foreign Currencies 13.144.637.020 45.306 4.911.603 748.652 Ekuivalen USD'000/ Equivalent to USD' 000 1.200 31 58 1.055 22 1.846.441.012 40.429.618.360 169 3.692 4.577 3.424.462.393 313 11.117 Other accounts receivable Available-for-sale investments Trade accounts receivable Assets Cash and cash equivalents
Pada tanggal 31 Desember 2009 dan 2008, Perusahaan dan anak perusahaan mempunyai aset dan kewajiban moneter dalam mata uang asing sebagai berikut:
2009 Mata Uang Asing/ Foreign Currencies Aset Kas dan setara kas IDR SGD JPY EURO Lainnya/ Others IDR IDR Lainnya/ Others AED JPY IDR 195.369.239.681 2.858.627 176.869.390 215.424
Investasi tersedia untuk dijual Piutang usaha
226.156.353.852 18.001.797.351
24.059 1.915 2.899
Piutang lain-lain
5.483.344 2.633.217 -
1.493 29 55.481
Jumlah aset Kewajiban Hutang usaha
Total assets Liabilities Trade accounts payable
IDR SGD Lainnya/ Others IDR IDR SGD IDR Lainnya/ Others
5.989.095.981 2.891.220
637 2.060 586
35.784.209.632 2.055.801
3.268 1.418 3.537
Hutang bank Hutang bank jangka panjang Hutang lain-lain
280.000.000.000 1.110.416.666.667 1.153.999 6.926.599.286
29.787 118.129 822 737 9 152.767 (97.286)
1.200.000.000.000 27.083.333.334 -
109.589 2.473 120.285 (109.168)
Bank loans Long-term bank loans Other accounts payable
Jumlah kewajiban Jumlah Kewajiban Bersih
Total liabilities Net Liability
Pada tanggal 31 Desember 2009 dan 2008, kurs konversi yang digunakan sebagai berikut:
The conversion rates used by the Company and its subsidiaries on December 31, 2009 and 2008 were as follows:
2009 USD Mata Uang 1 Rupiah Indonesia 1 Dollar Singapura 1 EURO 1 Yen Jepang 1 United Arab Emirates Dirham 0,000106 0,71 1,43 0,01 0,27
2008 USD 0,000091 0,69 1,41 0,01 0,27 Foreign Currency RP 1 SGD 1 EUR 1 JPY 1 AED 1
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41.
PERISTIWA NERACA
PENTING
SETELAH
TANGGAL
41. SUBSEQUENT EVENTS
a. Pada bulan Januari 2010, MT Pramoni, salah satu kapal yang disewa oleh Perusahaan telah dibajak saat melintasi Teluk Aden dalam perjalanan ke Kandla, India. Pada bulan Pebruari 2010, kapal tersebut telah dibebaskan. b. Pada bulan Januari 2010, anak perusahaan memperoleh kontrak sewa jangka panjang dengan Pertamina untuk menyediakan Very Large Gas Carrier (VLGC) selama 5 tahun dengan opsi perpanjangan 2 tahun. c. Pada bulan Januari 2010, jatuh tempo pembayaran hutang jangka pendek atas fasilitas pinjaman dari DVB Group Merchant Bank (Asia) Ltd., telah diperpanjang sampai bulan Januari 2012 (Catatan 11A). d. Pada bulan Pebruari 2010 dan Maret 2010, anak perusahaan, BLT International Corporation menerbitkan 12% Guaranteed Convertible Bonds masing-masing senilai USD 100 juta dan USD 25 juta jatuh tempo pada 2015 melalui offshore placement dengan J.P. Morgan Securities Ltd and RS Platou Markets AS sebagai agen penempatan bersama (Catatan 31). Obligasi konversi ini diterbitkan pada harga 100% dari nilai pokok. Obligasi ini berjangka waktu lima tahun dan para pemegang obligasi ini memiliki hak untuk meminta penebusan dari waktu ke waktu pada tahun ke-3 setelah tanggal 10 Pebruari 2010 (tanggal penutupan). Hasil pada penebusan pada saat jatuh tempo sebesar 12%. Obligasi konversi tersebut dapat diexercise berdasarkan opsi para pemegang obligasi konversi setiap saat sejak 41 hari setelah tanggal penutupan sampai dengan 10 hari sebelum jatuh tempo, dan dapat dikonversi menjadi saham biasa Perusahaan yang terdaftar di Bursa Efek Indonesia. Pada bulan Maret 2010, tambahan USD 25 juta diterbitkan oleh BLT International Corporation. e. Pada bulan Pebruari 2010, anak perusahaan tertentu menarik dana yang dikelola oleh First Strategic Advisor Inc. sebesar USD 9.226 ribu. f. Pada bulan Maret 2010, Perusahaan memperoleh fasilitas kredit investasi dari Bank Negara Indonesia dengan maksimum kredit Rp 337 milyar. g. Pada bulan April 2010, piutang jangka panjang sebesar USD 2.323 ribu telah dibayar oleh Teekay BLT Corporation.
a.
In January 2010, MT Pramoni, one of chartered vessels of the Company was taken over by pirates during a controlled transit in the Gulf of Aden on the passage to Kandla, India. In February 2010, the vessel was recovered. In January 2010, a subsidiary obtained a longterm charter contract with Pertamina for the provision of a Very Large Gas Carrier (VLGC) for period of 5 years with additional 2-year option. In January 2010, the repayment of the term loan facility from DVB Group Merchant Bank (Asia) Ltd., was extended until January 2012 (Note 11A).
b.
c.
d.
In February 2010 and March 2010, BLT International Corporation, a subsidiary, issued USD 100 million and USD 25 million, respectively, 12% Guaranteed Convertible Bonds due 2015 through an offshore private placement with J.P. Morgan Securities Ltd and RS Platou Markets AS as joint placement agents (Note 31). The Convertible Bonds are issued at 100% of the principal amount. The Convertible Bonds have a maturity of five years and the holders have the right to put on a date that falls three years after February 10, 2010 (Closing Date). The yield to put at maturity date is 12%.
The Convertible Bonds are exercisable at the option of the holders at any time from 41 days after the Closing Date until 10 days before maturity, and shall be convertible into ordinary shares listed on Indonesia Stock Exchange the capital of Company. In March 2010, an additional USD 25 million was issued by BLT International Corporation.
e.
In February 2010, certain subsidiary has withdrawn the funds managed by First Strategic Advisor Inc. amounting to USD 9,226 thousand. In March 2010, the Company obtained an investment credit facility from Bank Negara Indonesia with a maximum credit of Rp 337 billion. In April 2010, the long-term receivables amounting to USD 2,323 thousand were subsequently paid by Teekay BLT Corporation.
f.
g.
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42.
PENGARUH KRISIS KEUANGAN GLOBAL TERHADAP PERUSAHAAN DAN ANAK PERUSAHAAN Di tahun 2008, pasar modal dan keuangan dunia mengalami kesulitan kredit dan volatilitas. Keadaan ini yang belum sepenuhnya pulih telah menyebabkan melemahnya permintaan konsumen, masalah likuiditas dan menurunnya tarif tambang, yang mempengaruhi baik operasional maupun nonoperasional Perusahaan dan anak perusahaan. Dampaknya, di tahun 2009, pendapatan Perusahaan mengalami penurunan jika dibandingkan dengan tahun 2008. Perusahaan dan anak perusahaan mengalami rugi sebesar USD 285.876 ribu pada tahun 2009 yang disebabkan oleh kerugian nonoperasional dari perubahan nilai wajar obligasi konversi dan wesel bayar, penurunan nilai kapal dan adanya penurunan laba usaha. Meskipun ekonomi global mulai menunjukkan tandatanda pemulihan, masih ada beberapa tantangan yang dihadapi oleh industri pelayaran. Untuk menjaga kemampuan Perusahaan dan anak perusahaan dalam mempertahankan kegiatan operasional dan profitabilitasnya, membayar pinjaman ketika jatuh tempo dan memenuhi batasan-batasan keuangan tertentu dengan kreditur, maka tindakan-tindakan yang akan dilakukan oleh manajemen sebagai berikut: Mendapatkan kontrak-kontrak jangka panjang baru melalui diversifikasi area geografis dan industri Pemanfaatan kesempatan atas aturan cabotage di Indonesia Perbaikan struktur modal dan likuiditas Pendanaan atas pembangunan kapal yang sedang berlangsung, dan Penerapan efisiensi biaya
42. THE IMPACT OF GLOBAL FINANCIAL CRISIS TO THE COMPANY AND ITS SUBSIDIARIES
In 2008, the global financial and capital markets have experienced severe credit crunch and volatility. These was generally characterized by weak consumer demand, liquidity problems and decreased freight rates, which had an adverse effect on the Company and its subsidiaries' operations. Accordingly, in 2009 the operating revenue of the Company and its subsidiaries decreased compared with 2008. The Company and its subsidiaries incurred a loss in 2009 of USD 285,876 thousand which this was principally due to non-operating losses arising from changes in the fair value of the convertible bonds and notes payable, decrease in the fair value of the vessels and decrease in income from operations. While global trade and industrial production shows signs of recovery, there are still certain challenges faced by the shipping industry. The ability of the Company and its subsidiaries to maintain operations and profitability, pay their debts as they mature and meet their financial covenants with lenders may be dependent to a large extent on the measures being instituted by management, which include, among others, the following: Generate new long-term contracts across diversified geographic areas and industries; Take advantage of the Indonesia cabotage opportunities; Improve the capital structure; Secure access to financing of new vessel deliveries; and Implement cost efficiency measures. Note 36 to the consolidated financial statements also describes the Company and its subsidiaries' capital risk management. Despite the current uncertain economic outlook, management has a reasonable expectation that the Company and its subsidiaries will be able to execute its strategies and manage its business and financial risks successfully. The Company and its subsidiaries' management also believes that they have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the consolidated financial statements.
Catatan 36 atas laporan keuangan konsolidasi juga menggambarkan manajemen risiko modal Perusahaan dan anak perusahaan. Dalam menghadapi situasi ekonomi dunia seperti saat ini, manajemen optimis bahwa Perusahaan dan anak perusahaan akan mampu melaksanakan strateginya dan mengelola risiko-risiko bisnis serta keuangannya dengan baik. Manajemen juga yakin bahwa Perusahaan dan anak perusahaan memiliki sumberdaya yang memadai untuk melanjutkan kelangsungan operasionalnya di masa yang akan datang. Dengan demikian, manajemen tetap menerapkan basis kelangsungan usaha dalam menyusun laporan keuangan konsolidasi. 43. PENERAPAN PERNYATAAN DAN INTERPRETASI STANDAR AKUNTANSI KEUANGAN REVISI (PSAK DAN ISAK) a. Standar revisi yang berlaku efektif pada tahun berjalan Pada tahun 2009, Perusahaan dan anak perusahaan menerapkan standar akuntansi revisi untuk persediaan, yang menggantikan PSAK 14, Persediaan. - 87 -
43. ADOPTION OF REVISED STATEMENTS AND INTERPRETATIONS OF FINANCIAL ACCOUNTING STANDARDS (PSAK AND ISAK) a. Revised standards effective in the current year In 2009, the Company and its subsidiaries adopted the revised accounting standard for inventories, which supersedes PSAK 14, Inventories.
Perubahan mendasar pada standar ini termasuk antara lain entitas harus menggunakan rumus biaya yang sama terhadap semua persediaan yang memiliki sifat dan kegunaan yang sama, dan pembelian persediaan dengan persyaratan penyelesaian tangguhan (deferred settlement terms), perbedaan antara harga beli untuk persyaratan kredit normal dan jumlah yang dibayarkan diakui sebagai beban bunga selama periode pembiayaan. Penerapan awal ini tidak mempunyai pengaruh signifikan pada laporan keuangan konsolidasi tetapi dapat mempengaruhi akuntansi untuk transaksi atau perjanjian yang akan datang. b. Standar revisi ini telah diterbitkan tetapi belum berlaku efektif i. Standar ini berlaku efektif untuk laporan keuangan yang dimulai pada atau setelah 1 Januari 2010: PSAK 26 (revisi 2008), Biaya Pinjaman PSAK 50 (revisi 2006), Instrumen Keuangan: Penyajian dan Pengungkapan PSAK 55 (revisi 2006), Instrumen Keuangan: Pengakuan dan Pengukuran b.
The principal changes to the standard include among others the requirement to use the same cost formula for all inventories having similar nature and use to the entity, and for purchase of inventories with deferred settlement terms, the difference between the purchase price for normal credit terms and the amount paid is recognized over the period of financing.
The initial adoption has no significant effect on the consolidated financial statements but may affect the accounting for future transactions or arrangements. Revised standards effective i. in issue not yet
Standards effective for consolidated financial statements beginning on or after January 1, 2010: PSAK 26 (revised 2008), Borrowing Costs PSAK 50 (revised 2006), Financial Instruments: Presentation and Disclosures PSAK 55 (revised 2006), Financial Instruments: Recognition and Measurement for on financial or after
ii. Standar ini berlaku efektif untuk laporan keuangan yang dimulai pada atau setelah 1 Januari 2011: PSAK 1 (revisi 2009), Penyajian Laporan Keuangan PSAK 2 (revisi 2009), Laporan Arus Kas PSAK 4 (revisi 2009), Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri PSAK 5 (revisi 2009), Segmen Operasi PSAK 12 (revisi 2009), Bagian Partisipasi dalam Ventura Bersama PSAK 15 (revisi 2009), Investasi pada Entitas Asosiasi PSAK 25 (revisi 2009), Kebijakan Akuntansi, Perubahan Estimasi Akuntansi, dan Kesalahan PSAK 48 (revisi 2009), Penurunan Nilai Aset PSAK 57 (revisi 2009), Provisi, Liabilitas Kontinjensi, dan Aset Kontinjensi PSAK 58 (revisi 2009), Aset Tidak Lancar yang Dimiliki untuk Dijual dan Operasi yang Dihentikan
ii.
Standards effective statements beginning January 1, 2011:
PSAK 1 (revised 2009), Presentation of Financial Statements PSAK 2 (revised 2009), Statements of Cash Flows PSAK 4 (revised 2009), Consolidated and Separate Financial Statements PSAK 5 (revised 2009), Operating Segments PSAK 12 (revised 2009), Financial Reporting of Interest in Joint Ventures PSAK 15 (revised 2009), Accounting for Investments in Associates PSAK 25 (revised 2009), Accounting Policies, Changes in Accounting Estimates and Errors PSAK 48 (revised 2009), Impairment of Assets PSAK 57 (revised 2009), Provisions, Contingent Liabilities and Contingent Assets PSAK 58 (revised 2009), Non-current Assets Held for Sale and Discontinued Operations
- 88 -
c.
Interpretasi Standar Akuntansi Keuangan (ISAK) berikut ini telah diterbitkan tetapi belum berlaku efektif ISAK berikut ini berlaku efektif untuk laporan keuangan yang dimulai pada atau setelah 1 Januari 2011: ISAK 7 (revisi 2009), Konsolidasi Entitas Bertujuan Khusus ISAK 9, Perubahan atas Liabilitas Purna Operasi, Restorasi, dan Liabilitas Serupa ISAK 10, Program Loyalitas Pelanggan ISAK 11, Distribusi Aset Nonkas Kepada Pemilik ISAK 12, Pengendalian Bersama Entitas: Kontribusi Nonmoneter oleh Venturer
c.
Interpretation of Financial Acconting Standards (ISAK) in issue not yet effective
ISAKs which are effective for financial statements beginning on or after January 1, 2011: ISAK 7 (revised 2009), Consolidation: Special Purpose Entities ISAK 9, Changes in Existing Decommissioning, Restoration and Similar Liabilites ISAK 10, Customer Loyalty Programmes ISAK 11, Distribution of Non-Cash Assets to Owners ISAK 12, Jointly Controlled Entities: NonMonetary Contribution by Venturers
Manajemen sedang mengevaluasi dampak dari standar dan interpretasi ini terhadap laporan keuangan konsolidasi. 44. PERSETUJUAN KONSOLIDASI LAPORAN KEUANGAN 44.
Management is evaluating the effect of these standards and interpretation on the consolidated financial statements. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements on pages 3 to 89 were approved by the Companys Directors and authorized for issue on April 12, 2010.
Laporan keuangan konsolidasi dari halaman 3 sampai dengan 89 telah disetujui Direksi Perusahaan untuk diterbitkan tanggal 12 April 2010.
********
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LAPoRAN AUDIToR INDEPENDEN
InDePenDent AUDItoRs RePoRt

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008 AND INDEPENDENT AUDITORS REPORT
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES TABLE OF CONTENTS
Page
DIRECTORS STATEMENT LETTER INDEPENDENT AUDITORS REPORT CONSOLIDATED FINANCIAL STATEMENTS as of December 31, 2009 and 2008 and for the years then ended Consolidated Statements of Financial Position Consolidated Statements of Comprehensive Income Consolidated Statements of Changes in Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements 3 5 6 7 8 1
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2009 AND 2008 December 31, 2009 2008 US$'000 US$'000
Notes ASSETS NON-CURRENT ASSETS Property, vessels and equipment - net Deferred charges and security deposits Goodwill Investments in associates Derivative financial instruments Total Non-Current Assets CURRENT ASSETS Derivative financial instruments Inventories Trade accounts receivable Other accounts receivable Prepaid expenses and taxes Advances Available-for-sale investments Cash Total Current Assets TOTAL ASSETS
6 6 7 8 24
1,991,975 23,081 75,739 76,125 16,944 2,183,864
1,982,260 22,707 75,739 273 2,080,979
24 9 10 6 11 12
2,259 15,604 129,976 7,350 10,786 8,546 44,898 118,732 338,151 2,522,015
12,786 96,674 4,667 9,332 6,650 129,386 65,250 324,745 2,405,724
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2009 AND 2008 (Continued)
December 31, 2009 2008 US$'000 US$'000
Notes EQUITY AND LIABILITIES CAPITAL AND RESERVES Share capital Additional paid-in capital Treasury stocks Translation adjustment Net unrealized gain (loss) on available-for-sale investments Revaluation reserve Retained earnings Total Equity NON-CURRENT LIABILITIES Long-term liabilities - net of current maturities Loans from financial institutions Bonds payable Notes payable Obligations under finance lease Other long-term payable Deferred income Post-employment benefits Convertible bonds Derivative financial instruments Total Non-Current Liabilities CURRENT LIABILITIES Derivative financial instruments Short-term bank loans Trade accounts payable Other current liabilities Dividends payable Taxes payable Accrued expenses Unearned revenue Current maturities of long-term liabilities Loans from financial institutions Bonds payable Obligations under finance lease Other long-term payable Convertible bonds Total Current Liabilities TOTAL EQUITY AND LIABILITIES
13 14 15 11 16
70,936 115,001 (86,628) 414 757 235,671 312,608 648,759
62,191 65,000 (86,628) 398 (1,865) 234,454 395,774 669,324
17 18 19 20 21 6 22 23 24
771,454 141,512 249,809 228,925 11,228 2,058 4,126 17,407 1,426,519
716,993 81,528 132,000 155,376 12,409 2,266 2,922 36,250 145,199 1,284,943
24 25 26 6 27 28
10,877 65,225 35,179 7,894 468 957 45,347 708 140,414 6,355 32,572 1,181 99,560 446,737 2,522,015
30,784 176,589 17,346 2,677 489 1,606 34,636 644 97,943 88,152 591 451,457 2,405,724
17 18 20 21 23
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008
Years ended December 31, 2009 2008 US$'000 US$'000
Notes
Operating Revenues Voyage Expenses Operating Revenues after Voyage Expenses Charter Expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation
29 30
618,346 (176,087) 442,259 (55,573)
723,682 (232,665) 491,017 (36,954) (107,809) (128,602) (236,411) 217,652 (35,485) 182,167
31 6
(120,860) (133,589) (254,449)
Gross Profit General and Administrative Income before financial and other items Net financial and other items Finance cost Investment income Share in profits (losses) of associates Other gains and losses
32
132,237 (31,153) 101,084
33 34 8 35
(111,514) 18,426 9,621 (133,660) (217,127)
(118,870) 16,367 (18,524) (35,232) (156,259) 25,908 (1,016) 24,892
Income (Loss) Before Tax Tax Expense Profit (Loss) for the Year Other Comprehensive Income Translation adjustment Net revaluation during the year Share of changes in associates' equity Net gain (loss) on revaluation of available-for-sale investments Other Comprehensive Income for the Year Total Comprehensive Income (Loss) for the Year Earnings (Loss) Per Share (in full amounts) Basic As originally reported As restated for the 2009 rights issue Diluted As originally reported As restated for the 2009 rights issue
27
(116,043) (961) (117,004)
16 8
16 37,137 2,622 39,775 (77,229)
489 84,616 4,158 (4,005) 85,258 110,150
36 (0.0229) (0.0229) 0.0060 0.0052 (0.0148) (0.0129)
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY DECEMBER 31, 2009 AND 2008
Notes
Subscribed and paid-up capital stock US$'000 Additional paid-in capital US$'000 61,019 4,158 (4,005) 489 84,616 4,158 (4,005) 489 84,616 (86,628) (4,158) 2,140 (91) 208,571 5,347 329,678 24,892 24,892 Treasury stock US$'000 Translation adjustment US$'000 Revaluation reserve US$'000 Retained earnings Appropriated Unappropriated US$'000 US$'000 59,348 -
Share of changes in associates' equity US$'000
Net unrealized gain (loss) on available-for-sale investments US$'000
Total equity US$'000 575,226 24,892 85,258 110,150
Balance at January 1, 2008
Profit for the year Other comprehensive income for the year
Total comprehensive income for the year
Transfer to retained earnings Issuance of shares through exercise of warrants Dividends Appropriation for general reserve 62,191 2,622 2,622 16 16 65,000 (86,628) (1,865) 398 234,454 37,137 37,137
13,14 37 37
2,843 -
3,981 -
(58,733) -
551 5,898 -
58,733 (22,876) (551) 389,876 (117,004) (117,004)
6,824 (22,876) 669,324 (117,004) 39,775 (77,229)
Balance at December 31, 2008
Profit for the year Other comprehensive income for the year
Total comprehensive income for the year
Transfer to retained earnings Issuance of shares through rights issue Dividends 70,936 115,001 (86,628) 757
13,14 37
8,745 -
50,001 -
414
(35,920) 235,671
5,898
35,920 (2,082) 306,710
58,746 (2,082) 648,759
Balance at December 31, 2009
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIODS ENDED DECEMBER 31, 2009 AND 2008 December 31, 2009 2008 US$'000 US$'000 CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest paid Profit sharing paid Income tax paid Receipts from insurance claim Net Cash Generated by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Withdrawal of temporary investments Net proceeds from sale of property, vessels and equipment Placement of temporary investments Acquisitions of property, vessels and equipment Security deposit on vessels leased back Return of capital from investment in associate Interest received Decrease (Increase) in advances for the purchase of property, vessels and equipment Acquisition of associates Acquisition of subsidiary Net Cash Used in Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from bank loans Payments of bank loans Payments of bonds payable Payment of obligations under finance lease Dividends paid Proceeds from exercise of warrants Net proceeds from issuance of bonds payable Payment of other long-term payable Proceeds from issuance of new shares through rights issue Net Cash Generated by (Used in) Financing Activities NET INCREASE (DECREASE) IN CASH EFFECT OF EXCHANGE RATE CHANGES ON CASH RECLASSIFICATION OF RESTRICTED CASH CASH AT BEGINNING OF YEAR CASH AT END OF YEAR
582,216 (356,907) (120,646) (2,307) (932) 215 101,639
711,176 (417,466) (129,919) (3,616) (2,737) 809 158,247
139,124 50,075 (48,176) (137,297) 1,068 (46,905) (66,231) (108,342)
351,549 228,839 (402,148) (407,877) (22,195) 8,400 5,871 840 138 (236,583)
290,868 (323,756) (11,709) (2,103) 48,520 (591) 58,746 59,975 53,272 210 65,250 118,732
285,337 (288,519) (42,644) (34,313) (22,941) 6,824 (96,256) (174,592) 327 29,200 210,315 65,250
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED 1. GENERAL a. Establishment and General Information P.T. Berlian Laju Tanker Tbk (the Company) is a limited liability company incorporated in Indonesia. Its activities comprise mainly of local and overseas shipping services. In 2009, the articles of association have been amended as stated in notarial deed No. 31 dated July 28, 2009 of Amrul Partomuan Pohan S.H., LLM, notary in Jakarta, concerning the increase in the Companys paid up capital stock. The Company is domiciled in Jakarta and has two branches in Merak and Dumai, and representative offices in China, India, Brazil, United Arab Emirates and Taiwan. Its head office is located at Wisma BSG, 10th Floor, Jl. Abdul Muis No. 40, Jakarta. b. Public Offering of Shares and Bonds The Company's offering of 2,100,000 shares to the public through the stock exchanges in Indonesia, at a price of Rp 8,500 per share, was approved by the Minister of Finance of the Republic of Indonesia in his Decision Letter No. S1-076/SHM/MK.01/1990 dated January 22, 1990. These shares were listed on the stock exchanges in Indonesia on March 26, 1990. On January 27, 1993, the Company obtained the notice of effectivity from the Chairman of the Capital Market Supervisory Agency (Bapepam) (currently Bapepam-LK) in his letter No. S-109A/PM/1993 for its Rights Issue I to the stockholders totaling 29,400,000 shares at a price of Rp 1,600 per share. These shares were listed on the Jakarta and Surabaya stock exchanges (currently the Indonesian Stock Exchange) on May 24, 1993. On December 26, 1997, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-2966/PM/1997 for its Rights Issue II with Pre-emptive Rights to stockholders totaling to 305,760,000 shares with 61,152,000 warrants at an exercise price of Rp 1,200 per warrant. The holders of warrants can exercise the right to purchase from July 16, 1998 to January 20, 2003. Based on notarial deed No. 32 dated October 17, 2002 of Amrul Partomuan Pohan, S.H., LLM, notary in Jakarta, the Company decided to extend the period of warrants for five (5) years until January 18, 2008. If the warrants are not exercised during this period, the warrants will expire and will have no value. The shares were listed on the Jakarta and Surabaya stock exchanges on January 16, 1998. The Company conducted a stock split of 4:1 in 2002 and 2:1 in 2004 thus, the warrants exercise price since 2005 became Rp 150 per share. On December 18, 2000, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-3690/PM/2000 for its Rights Issue III with Pre-emptive Rights to stockholders totaling 61,152,000 shares. The Company issued 53,958,150 new common shares with a nominal value of Rp 500 per share at a price of Rp 1,100 per share. On September 22, 2006, the Company obtained the eligibility to list all of the Companys shares on the SGX-mainboard based on letter No. RMR/IR/YCH/260407 from the SGX-ST. In connection with the Companys listing of shares, the Company also amended certain provisions of its Articles of Association as approved by the shareholders in their Extraordinary Shareholders Meeting held on September 11, 2006. On May 4, 2007, and May 17, 2007, BLT Finance B.V., a subsidiary, issued US$ 400 million 7.5% Guaranteed Senior Notes due 2014 and US$ 125 million Zero Coupon Guaranteed Convertible Bonds due 2012, respectively, which were both registered on the SGX-ST. On June 25, 2007, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-3117/BL/2007 for its public offering of Sukuk Ijarah Bonds year 2007 amounting to Rp 200 billion and Berlian Laju Tanker III Bonds year 2007 amounting to Rp 700 billion.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) On May 15, 2009, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-3908/BL/2009 for its public offering of Sukuk Ijarah II Bonds year 2009 amounting to Rp 100 billion and Berlian Laju Tanker IV Bonds year 2009 amounting to Rp 400 billion. On June 29, 2009, the Company obtained the notice of effectivity from the Chairman of Bapepam&LK in his letter No. S-5658/BL/2009 for its Rights Issue IV with Pre-emptive Rights to stockholders. In connection with such rights issue, the Company issued 1,392,310,059 new common shares at Rp 425 per share. As of December 31, 2009, 5,981,591,235 issued shares have been listed on the stock exchanges in Indonesia and Singapore. 2. ADOPTION OF NEW AND REVISED STANDARDS In the current year, the following new and revised Standards and Interpretations have become effective: Amendments to IFRS 1 First-time Adoption of IFRSs and IAS 27 Consolidated and Separate Financial Statements Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate Amendments to IFRS 2 Share-based Payment Vesting Conditions and Cancellations Amendments to IFRS 7 Financial Instruments: Disclosures IFRS 8 Operating Segments IAS 1 (Revised) Presentation of Financial Statements IAS 23 (Revised) Borrowing Costs Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements Puttable Financial Instruments and Obligations Arising on Liquidation Amendments to IFRIC 9 Reassessment of Embedded Derivatives and IAS 39 Financial Instruments: Recognition and Measurement IFRIC 13 Customer Loyalty Programmes IFRIC 15 Agreements for the Construction of Real Estate IFRIC 16 Hedges of a New Investment in a Foreign Operation IFRIC 18 Transfers of Assets from Customers Improvements to IFRSs issued in 2008, except for the amendment to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations
The adoption of IAS 1 (Revised) has introduced terminology changes (including revised titles for the financial statements) and changes in the format and content of the financial statements.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) The adoption of IAS 23 (Revised) on the capitalization of borrowing cost did not have an impact on the Company and its subsidiaries because the vessels are carried at their fair values. The amendments to IFRS 7 expand the disclosures required in respect of fair value measurements and liquidity risk. The Company and its subsidiaries have elected not to provide comparative information for these expanded disclosures in the current year in accordance with the transitional reliefs offered in these amendments. The Company and its subsidiaries have determined that the reportable operating segments under IFRS 8 are the same as the business segments previously identified under IAS 14. The adoption of IFRS 8 has resulted to additional disclosures (see Note 39). The adoption of the other amendments and interpretations did not have any significant impact on the Company and its subsidiaries. As of the date of authorization of these consolidated financial statements, the following IFRSs, IFRICs and amendments to IFRS that are relevant to the Company and its subsidiaries were issued but not yet effective: Description IAS 39 Financial Instruments: Recognition and Measurement Amendments for Eligible Hedged Items IFRS 3 (Revised) Business Combinations and related consequential amendments IAS 27 (Revised) Consolidated Separate Financial Statements and Effective for accounting periods beginning on or after:
1 July 2009 1 July 2009 1 July 2009 1 July 2009 1 July 2009 1 January 2010
IFRIC 17 Distribution of Non-Cash Assets to Owners IFRS 5 Amendments resulting from May 2008 Annnual Improvements to IFRS Amendments to IFRS 2 Share-based Payment Group cash-settled share-based payment transactions Improvements to IFRSs issued in 2009 IAS 32 Financial Instruments: Presentation Classification of Rights Issues IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments IAS 24 (Revised) Related Party Disclosures Amendment to IFRIC 14 Prepayments of a Minimum Funding Requirement IFRS 9 Financial Instruments Classification and Measurement
1 January 2010 1 February 2010 1 July 2010 1 January 2011 1 January 2011 1 January 2013
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) IFRS 9 Financial Instruments introduces new requirements for the classification and measurement of financial assets and will be effective from 1 January 2013, with earlier application permitted. The Standard requires all recognized financial assets that are within the scope of IAS 39 Financial Instruments: Recognition and Measurement to be measured at either amortized cost or fair value. Specifically, debt investments that (i) are held within a business model whose objective is to collect the contractual cash flows and (ii) have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortized cost. All other debt investments and equity investments are measured at fair value through profit or loss. The application of IFRS 9 might affect the classification and measurement of the Company and its subsidiaries financial assets. The adoption of IFRS 3 (Revised) may affect the accounting for business combination for which acquisition date is on or after July 1, 2009. IAS 27 (Revised) may affect the accounting treatment for future changes in the Companys ownership interest in a subsidiary. The management anticipates that the adoption of the other new IFRSs, IFRICs and amendments to IFRS in future periods will not have a material impact on the consolidated financial statements of the Company and its subsidiaries in the period of their initial adoption. 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Statements of Compliance and Basis of Preparation The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) in relation to the Companys listing of equity securities on the SGX-ST. Such IFRS consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of vessels and certain financial instruments. Further, such IFRS consolidated financial statements are presented in US Dollars, which is the currency of the primary economic environment in which the Company and the majority of its subsidiaries operate (their functional currency). b. Principles of Consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The results of operations of subsidiaries acquired or disposed of during the years presented are included in the consolidated statement of comprehensive income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in-line with those used by the Company. All intra-company transactions, balances, income and expenses are eliminated on consolidation. c. Business Combinations Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured as the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Company and its subsidiaries in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree's identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are recognized at their fair values at the acquisition date, except for non-current assets (or disposal groups), if any, that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which are recognized and measured at fair value less costs to sell.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Goodwill arising on acquisition is recognized as an asset and initially measured at cost, being the excess of the cost of the business combination over the Company and its subsidiaries' interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognized. If, after reassessment, the Company and its subsidiaries' interest in the net fair value of the acquiree's identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognized immediately in profit or loss. d. Investments in Associates An associate is an entity over which the Company has significant influence, and is neither a subsidiary nor an interest in a joint venture. Significant influence, is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. The results of operations and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting except when classified as held for sale, in which case it is accounted for in accordance with IFRS 5 Noncurrent Assets Held for Sale and Discontinued Operations. Under the equity method, investments in associates are carried in the consolidated statement of financial position at cost as adjusted for postacquisition changes in the Companys share in the net assets of the associate, less any impairment in the value of individual investments. Losses of the associates in excess of the Companys interest in those associates are not recognized, unless the Company has incurred legal or constructive obligations or made payments on behalf of the associate. Any excess of the cost of acquisition over the Companys share in the fair values of the identifiable net assets of the associates at the date of acquisition is recognized as goodwill. Goodwill is included within the carrying amount of investment and is assessed for impairment as part of the investment. Any excess of the Companys share in the fair values of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized in profit and loss in the year of acquisition. Where the Company or its subsidiaries transact with an associate of the Company, profits and losses are eliminated to the extent of the Companys interest in the relevant associate. e. Foreign Currency Transactions and Translation Functional and presentation currency The individual financial statements of each of the consolidated entities are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each group entity are expressed in US Dollar, which is the Companys functional currency and presentation currency for the consolidated financial statements. Transactions and Balances In preparing the financial statements of the individual entities, transactions in currencies other than the entitys functional currency are recorded at the exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Group Companies The results and financial position of all the entities (none of which has the currency of a hyper inflationary economy) that have a functional currency different from the group presentation currency are translated into the presentation currency as follows: (i) assets and liabilities are translated at the closing rate at the end of the reporting period; (ii) income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); (iii) all resulting exchange differences are recognized as a separate component of equity. On consolidation, exchange differences arising from the translation of the net investment in foreign operations are taken to shareholders equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognized as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. f. Property, Vessels and Equipment Vessels Vessels are stated at their revalued amount, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the end of the reporting period. Depreciation of vessels is calculated on a straight line basis over the estimated useful life of the vessels between 5 25 years. Any revaluation increase arising on the revaluation of such vessels is credited to vessels revaluation reserve, except to the extent that it reverses a revaluation decrease, for the same asset which was previously recognized in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously charged. A decrease in carrying amount arising on the revaluation of such vessels is charged to profit or loss to the extent that it exceeds the balance, if any, held in the vessels revaluation reserve relating to a previous revaluation of such vessels. Depreciation on revalued vessels is charged to profit or loss. As the vessels are used, a transfer is made from revaluation reserve to retained earnings equivalent to the difference between depreciation based on revalued carrying amount of the vessels and depreciation based on the vessels original cost. On subsequent sale or retirement of a revalued vessel, the attributable revaluation surplus remaining in the vessels revaluation reserve is transferred directly to retained earnings. Vessels in the course of construction are carried at cost less any impairment loss. Costs, including professional fees, incurred while under construction are capitalized in accordance with the Companys accounting policy. Depreciation of these vessels commences when the vessels are ready for their intended use. Borrowing costs are not capitalized because the vessels are measured at fair values. The vessels residual values, estimated useful lives and depreciation method are reviewed at each financial year end, with the effect of any changes in estimate accounted for on a prospective basis. The gain or loss arising on sale or retirement of vessels is determined as the difference between the sales proceeds and carrying amount of the vessel and is recognized in profit or loss.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Dry docking cost Included in the balance of property, vessels and equipment is dry docking cost which is capitalized when incurred and is amortized on a straight line basis over the period to the next dry docking. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows: Years Buildings and premises Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment 20 10 5 5 5
Landrights is accounted for as operating leases and amortized over the lease term. Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, the term of the relevant lease. The cost of maintenance and repairs is charged to operations as incurred. Other subsequent expenditures which meet the asset recognition criteria are capitalized. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation and any impairment loss are removed from the accounts and any resulting gain or loss is reflected in the current operations. Construction in progress (CIP) is stated at cost, which includes the progress billing paid in accordance with the construction contracts. Construction in progress is transferred to the respective property and equipment account when completed and ready for use. Depreciation begins when the property and equipment become available for use. The carrying amounts of property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying amounts may not be recoverable. An item 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 item) is recognized in profit or loss in the year the item is derecognized. The assets residual values, estimated useful lives and depreciation method are reviewed at each financial year end with the effect of any changes in accounting estimate accounted for on a prospective basis. g. Goodwill Goodwill represents the excess of the cost of acquisition over the Company's interest in the fair value of the identifiable assets, liabilities and contingent liabilities at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any accumulated impairment losses.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) For the purpose of impairment testing, goodwill is allocated to each of the Company and its subsidiaries' cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, 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 pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. h. Inventories Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined using the first-in, first-out method. i. Prepaid Expenses Prepaid expenses are amortized over their beneficial periods using the straight-line method. j. Post-Employment Benefits The Company provides defined post-employment benefits to its employees in accordance with Indonesian Labor Law No. 13/2003. No funding has been made to this defined benefit plan. The cost of providing post-employment benefits is determined using the Projected Unit Credit Method. The accumulated unrecognized actuarial gains and losses that exceed 10% of the present value of the Companys defined benefit obligations is recognized on straight-line basis over the expected average remaining working lives of the participating employees. Past service cost is recognized immediately to the extent that the benefits are already vested, or otherwise amortized on a straight-line basis over the average years until the benefits become vested. The post-employment benefits obligation recognized in the consolidated statement of financial position represent the present value of the defined benefit obligation, as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost. k. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. The Company and the subsidiaries liability for current tax is calculated using tax rates that have been enacted or substantively enacted at by the end of the reporting period. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets are recognized for deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Deferred tax liabilities are recognized for taxable temporary differences arising on investment in subsidiaries and associates except when the Company is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. The carrying amount of deferred tax asset is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the liability is settled or the asset realized. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company and subsidiaries expect, at the reporting date, to recover or settle the carrying amount of their assets and liabilities. Deferred tax assets and liabilities are offset in the consolidated statement of financial position when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and management intends to settle the current tax assets and current tax liabilities on a net basis. Tax expense on revenues from vessels subject to final tax is recognized proportionately based on the revenue recognized in the current year. The difference between the final tax paid and current tax expense in the consolidated statement of income is recognized as prepaid tax or tax payable. Prepaid final tax is presented separately from final tax payable. l. Financial Instruments Financial assets and financial liabilities are recognized on the consolidated statement of financial position when the Company or its subsidiaries become parties to the contractual provision of the instrument. Financial assets Available-for-Sale Investments (AFS) Short-term investments categorized as available-for-sale are recognized and derecognized on a trade date basis where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within a time frame established by the market concerned, and are initially measured at fair value, plus directly attributable transaction costs. At subsequent reporting dates, available-for-sale investments are stated at fair value. Gains and losses arising from changes in fair value are recognized in other comprehensive income, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognized in other comprehensive income is included in the profit or loss for the year. 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 at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. In respect of AFS equity securities, impairment losses previously recognized in profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss is recognized in other comprehensive income. The fair value of AFS monetary assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. The foreign exchange gains and losses that are recognized in profit or loss are determined based on the amortized cost of the monetary asset. Other foreign exchange gains and losses are recognized in other comprehensive income.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Trade and Other Accounts Receivables Trade and other accounts receivables are measured at initial recognition at fair value, and are subsequently measured at amortized cost using the effective interest method, less any impairment. Interest income is recognized by applying the effective interest rate except for short-term receivable when the recognition of interest would be immaterial. Cash Cash comprises of cash on hand and in banks and all unrestricted time deposits with maturity of three months or less and are subject to an insignificant risk of change in value. Impairment of Financial Assets Financial assets, other than those carried at fair value through profit and loss, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when 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 affected. For listed and unlisted equity investments classified as AFS, a significant or prolonged decline in the fair value of the security below its cost is considered to be objective evidence of impairment. For all other financial assets, including fund under investment management classified as AFS, objective evidence of impairment could include: 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 re-organization. For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Company and its subsidiaries past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period, as well as observable changes in national or local economic conditions that correlate with default on receivables. For financial assets carried at amortized cost, the amount of the impairment loss recognized 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 reduced by the impairment loss directly for all financial assets with the exception of trade receivables where the carrying amount is reduced through the use of an allowance account. When a trade receivable is 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 profit or loss. Financial Liabilities and Equity Instruments Financial liabilities and equity instruments of the Company and its subsidiaries are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and equity instrument. The accounting policies adopted for specific financial liabilities are set out below. Equity Instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Financial Liabilities Financial liabilities are classified as either financial liabilities at fair value through profit and loss (FVTPL) or other financial liabilities. Financial liabilities at fair value through profit and loss Financial liabilities at FVTPL have two subcategories: financial liabilities held for trading and those designated as at FVTPL on initial recognition. A financial liability is classified as held for trading if: It has been incurred principally for the purpose of repurchasing in the near future: or It is a part of an identified portfolio of financial instruments that the Company and its subsidiaries manages together and has a recent actual pattern of short-term profit-taking: or It is a derivative that is not designated and effective as a hedging instrument.
A financial liability, other than a financial liability held for trading, may be designated as at FVTPL upon initial recognition if: Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise: or The financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Company and its subsidiaries documented risk management or investment strategy, and information about the grouping is provided internally on that basis: or It forms part of a contract containing one or more embedded derivatives, and IAS 39 Financial Instruments: Recognition and Measurement, permits the entire combined contract (asset or liability) to be designated as at FVTPL.
At each reporting date subsequent to initial recognition, financial liabilities at FVTPL are measured at fair value, with changes in fair value recognized directly in profit or loss in the period in which they arise. Convertible Bonds The convertible bonds due 2012 are considered a hybrid instrument containing a debt host contract and embedded derivatives. At the time of issue, the convertible bonds were designated as fair value through profit and loss with any resultant gain or loss recognized in profit or loss. Fair values are determined with reference to quoted market prices. Notes Payable At the time of issue, the Notes Payable were designated at fair value through profit and loss with any resultant gain or loss recognized in profit or loss. Fair values are determined with reference to quoted market prices. Derivative Financial Instruments Derivative financial instruments are initially measured at fair value on the contract date, and are remeasured to fair value at subsequent reporting dates. Changes in the fair value of derivative financial instruments are recognized in profit or loss as they are not designated and do not qualify for hedge accounting. Derivatives embedded in other financial instruments or other non-financial host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contract and the host contract is not carried at fair value with changes in fair value recognized in profit or loss. A derivative is presented as a non current asset or non current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) The use of financial derivatives is governed by the Companys policies approved by the Board of Directors consistent with the Companys risk management strategy. The Company does not use derivative financial instruments for speculative purposes. Other Financial Liabilities Other financial liabilities (including bank and other borrowings, trade payables and other payables) are initially measured at fair value, and are subsequently measured at amortized cost, using the effective interest method. Derecognition of Financial Instruments A financial asset is derecognized only when the contractual rights or obligations to the cash flows from the asset expires or extinguishes or is discharged and when substantially all risks and rewards of ownership of the asset are transferred to another entity. A financial liability is derecognized when, and only when, the obligation is discharged, cancelled or expired. A substantial modification of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. m. Revenue and Expense Recognition Revenue from freight operations is recognized as income by reference to the percentage of completion of the voyage as at the end of the reporting period. Unearned revenue received is recognized as liability. Time charter revenue is recognized on accrual basis evenly over the terms of the time charter agreements. Voyage freight is recognized evenly over the duration of each voyage. Revenues from agency services and storage services are recognized when the services are rendered to customers. Interest income on interest-bearing instruments is recognized on a time basis by reference to the principal amount outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that assets net carrying amount on initial recognition. Expenses are recognized when incurred. n. Leasing Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The Company or its Subsidiaries as Lessor Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term. The Company or its Subsidiaries as Lessee Assets held under finance leases are initially recognized as assets of the Company or subsidiaries at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the consolidated statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges, which are recognized directly in profit or loss, and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Contingent rentals are recognized as expenses in the periods in which they are incurred. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) In the event that lease incentives are received to enter into operating leases, such incentives are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Sale and Leaseback Assets sold under a sale and leaseback transaction are accounted for as follows: If the sale and leaseback transaction results in a finance lease, any excess of sales proceeds over the carrying amount of the asset is deferred and amortized over the lease term. If the sale and leaseback transaction results in an operating lease, and it is clear that the transaction is established at fair value, any profit or loss is recognized immediately. If the sale price is below fair value, any profit or loss is recognized immediately except that, if the loss is compensated for by future lease payments at below market price, it shall be deferred and amortized in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is deferred and amortized over the period for which the asset is expected to be used. For operating leases, if the fair value at the time of a sale and leaseback transaction is less than the carrying amount of the asset, a loss equal to the amount of the difference between the carrying amount and fair value is recognized immediately. For finance leases, no such adjustment is necessary unless there has been an impairment in value, in which case the carrying amount is reduced to recoverable amount. o. Finance cost Interest expense and similar charges are expensed in the year when they are incurred. p. Earnings per Share Basic earnings (loss) per share is computed by dividing profit (loss) for the year by the weighted average number of shares outstanding during the year. Diluted earnings (loss) per share is computed by dividing profit (loss) for the year by the weighted average number of shares outstanding as adjusted for the effect of all dilutive potential ordinary shares. q. Impairment of Tangible Assets At the end of each reporting period, the Company and its subsidiaries review the carrying amounts of their tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Company and its subsidiaries estimate the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of the asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Where an impairment loss subsequently reverses, the carrying amount of the asset (cashgenerating unit) is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. r. Provisions Provisions are recognized when the Company and its subsidiaries have a present obligation (legal or constructive) as a result of a past event, it is probable that the Company and its subsidiaries will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. 4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Critical judgments in applying the Company and its subsidiaries accounting policies In the process of applying the Company and its subsidiaries accounting policies, which are described in Note 3, management has made the following critical judgments that have a significant effect on the amounts recognized in the consolidated financial statements, apart from those involving estimations, which are dealt with below. Note 6 to the consolidated financial statements describes the sale and leaseback transactions of certain vessels entered into by the Company and its subsidiaries in 2009 and 2008. Management was required to consider whether to account for the sale and leaseback transactions as finance lease or operating lease and whether it was appropriate to immediately recognize a net gain on sale of vessels of US$ 2,482 thousand and US$ 47,419 thousand in 2009 and 2008, respectively. In making its judgment, management considered the criteria set out in IAS 17 Leases, and in particular the transfer of risks and rewards incidental to ownership of the vessels. Following a detailed analysis of the transactions, the Directors are satisfied that substantially all the significant risks and rewards incidental to ownership of the vessels have been transferred to and rest with the lessors and that recognition of the lease transactions as operating leases is appropriate. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Vessels lives and impairment The carrying value of each of the vessels of the Company and its subsidiaries represent the revalued amount, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent impairment losses. The carrying value of revalued vessels at December 31, 2009 and 2008 amounted to US$ 1,812 million and US$ 1,886 million, respectively. Management depreciates vessels on a straight-line basis over a vessels estimated useful life of 25 years, from the date the vessel was originally delivered from the shipyard, or a shorter period if regulations prevent management from operating the vessels to 25 years. In the shipping industry, the use of the 25-year vessel life has become the prevailing standard. However, the actual life of a vessel may be different, with a shorter life potentially resulting in an impairment loss. Management reviews vessels and equipment for impairment whenever there is an indication that the carrying amount of the vessel may not be recoverable. Management measures the recoverability of an asset by comparing its carrying amount against its recoverable amount. Recoverable amount is the higher of the fair value less cost to sell and value in use, which is the future cash flows that the vessel is expected to generate over its remaining useful life, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the vessel. If a vessel is considered to be impaired, impairment loss is recognized to an amount equal to the excess of the carrying value of the asset over its recoverable amount. Fair value of vessels in a volatile marketplace Vessels are stated at fair value based on the valuation reviewed by management and supported by an independent professional valuer. In determining the fair value, a method of valuation is used which involves certain estimates, including comparisons with recent sale transactions of similar vessels. However, the current financial turmoil has made the assessment of vessel values uncertain. Information on comparable transactions and market demand has, where available, been very limited. This has increased uncertainty around reported vessel fair values compared to normal market conditions. Impairment of Goodwill Goodwill is not amortized, but reviewed for impairment annually, and whenever impairment indicators arise. The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment at many points during the analysis. The fair values of the cash-generating units to which goodwill is identified is estimated based on discounted expected future cash flows. The estimates and assumptions regarding expected cash flows and the discount rate require considerable judgment and are based upon existing contracts, historical experience, financial forecasts, and industry trends and conditions. The carrying value of goodwill at December 31, 2009 and 2008 amounted to US$ 75,739 thousand, respectively (Note 7). Fair value of financial instruments The recent illiquidity in some financial markets has led to an increase in the use of key estimates in measuring fair values of financial instruments. In markets that are no longer active, management makes use of valuation techniques to measure fair value. Management selects the valuation techniques that maximize the use of observable parameters and minimize the use of unobservable parameters to estimate the fair values. Where applicable, management also uses multiple valuation techniques to corroborate the results of each model, and places more weight on approaches that use observable parameters. When estimating fair values in this way, management has taken into account current market conditions and includes appropriate risk adjustments that market participants would make e.g. for credit and liquidity risks.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 5. CONSOLIDATED SUBSIDIARIES Details of the Companys subsidiaries, whether owned directly or indirectly, are as follows:
Percentage of Ownership and Voting Power Held Subsidiary 1. 1.1. 1.1.1. 1.1.2. 1.1.3. 1.1.4. 1.1.5. 1.1.6. 1.1.7. 1.1.8. 1.1.9. 1.1.10. 1.1.11. 1.1.12. 1.1.13. 1.1.14. 1.1.15. 1.1.16. 1.1.17. 1.1.18. 1.1.19. 1.1.20. 1.1.21. 1.1.22. 1.1.23. 1.1.24. 1.1.25. 1.1.26. 1.1.27. 2. Indigo Pacific Corporation Indigo Pacific Corporation Melani Maritime Inc. Zona Overseas International Shipping S.A. Kunti Maritime Pte. Ltd. Jembawati Maritime Pte. Ltd. Tirtasari Maritime Pte. Ltd. Pergiwo Navigation Pte. Ltd. Fatmarini Maritime Pte. Ltd. Harsanadi Maritime Pte. Ltd. Hartati Maritime Pte. Ltd. BLT Finance Corporation Pujawati Maritime Pte. Ltd. Pertiwi Maritime Pte. Ltd. Anggraini Maritime Pte. Ltd. Emerald Maritime Pte. Ltd. BLT Finance B.V. Tridonawati Maritime Corporation Purbasari Maritime Pte. Ltd. Tridonawati Maritime Pte. Ltd. Trirasa Maritime Pte. Ltd. Pramoni Maritime Pte. Ltd. Fatmarini Shipping Pte. Ltd. Frabandari Shipping Pte. Ltd. Harsanadi Shipping Pte. Ltd. Hartati Shipping Pte. Ltd Nogogini Shipping Pte. Ltd. Nolowati Shipping Pte. Ltd. Ratih Shipping Pte. Ltd. Diamond Pacific International Corporation Domicile Labuan, Malaysia British Virgin Islands Panama Panama Singapore Singapore Singapore Singapore Singapore Singapore Singapore British Virgin Islands Singapore Singapore Singapore Singapore The Netherlands Liberia Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Labuan, Malaysia Type of Business Investment holding Investment holding Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Financing Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Financing Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Investment holding 2009 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 2008 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued)
Percentage of Ownership and Voting Power Held Subsidiary 2.1. Diamond Pacific International Corporation Lenani Maritime Inc. Ontari Maritime Pte. Ltd. Averina Maritime S.A. Gandari Navigation Pte. Ltd. GBLT Shipmanagement Pte. Ltd. GBLT Shipmanagement Ltd. Harsanadi Shipping Ltd. Hartati Shipping Ltd. Frabandari Shipping Ltd. Fatmarini Shipping Ltd. Nolowati Shipping Ltd. Nogogini Shipping Ltd. Ratih Shipping Ltd. Cendanawati Navigation Pte. Ltd. Frabandari Maritime Pte. Ltd. Brotojoyo Maritime Pte. Ltd. Berlian Laju Tanker Pte. Ltd. Anjasmoro Maritime Pte. Ltd. Gas Lombok Maritime Pte. Ltd. Gas Sumbawa Maritime Pte. Ltd. BLT LNG Tangguh Corporation Asean Maritime Corporation Gold Bridge Shipping Corporation Bauhinia Navigation S.A. Cempaka Navigation S.A. Gold Bridge Shipping Ltd. BLT Shipping Shanghai Co. Ltd. Great Tirta Shipping S.A. Dewayani Maritime Pte. Ltd. Hopeway Marine Inc. Lestari International Shipping S.A. Gandini Maritime Pte. Ltd. Quimera Maritime S.A. South Eastern Overseas Navigation S.A. Zenith Overseas Maritime S.A. Gandari Maritime Pte. Ltd. Zona Shipping S.A. Dewi Sri Maritime Pte. Ltd. Domicile British Virgin Islands Panama Singapore Panama Singapore Singapore United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom Singapore Singapore Singapore Singapore Singapore Singapore Singapore Marshall Islands Labuan, Malaysia British Virgin Islands Panama Panama Hong Kong China Panama Singapore Panama Panama Type of Business Investment holding 2009 100% 2008 100%
2.1.1. 2.1.1.1. 2.1.2. 2.1.3. 2.1.4. 2.1.4.1. 2.1.4.1.1. 2.1.4.1.2. 2.1.4.1.3. 2.1.4.1.4. 2.1.4.1.5. 2.1.4.1.6. 2.1.4.1.7. 2.1.5. 2.1.6. 2.1.7. 2.1.8. 2.1.9. 2.1.10. 2.1.11. 2.2. 3. 3.1.
Owner and operator of vessel Owner and operator of vessel Shipping agency Operator of vessel Ship management Ship management Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Operator of Vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Investment holding Investment holding
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
3.1.1. 3.1.2. 3.1.3. 3.1.3.1 3.1.4. 3.1.4.1. 3.1.5. 3.1.6.
Owner and operator of vessel Owner and operator of vessel Shipping agency Shipping agency Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel
100% 100% 100% 100% 100% 100% 100% 100%
100% 100% 100% 100% 100% 100% 100% 100%
3.1.6.1. 3.1.7. 3.1.8.
Singapore Panama Panama
100% 100% 100%
100% 100% 100%
3.1.9. 3.1.9.1. 3.1.10. 3.1.10.1.
Panama Singapore Panama Singapore
100% 100% 100% 100%
100% 100% 100% 100%
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Percentage of Ownership and Voting Power Held Subsidiary 3.1.11. Dahlia Navigation S.A. 3.1.12. Eglantine Navigation S.A. 3.1.13. W ulansari Maritime Pte. Ltd. 3.1.14. Yanaseni Maritime Pte. Ltd. 3.1.15. Indradi Maritime Pte. Ltd. 3.1.16. Gold Bridge Logistic Ltd. 3.1.16.1 Beihai New Resources Logistic Corporation 3.1.17. Gold Bridge Shipping Agencies S.A. 3.1.18. Elite Bauhinia Navigation Pte. Ltd. 3.1.19. Cempaka Navigation Pte. Ltd. 3.1.20. Dahlia Navigation Pte. Ltd. 3.1.21. Freesia Navigation S.A. 3.1.22. Gerbera Navigation S.A. 3.1.23. Mustokoweni Maritime Pte. Ltd. 3.1.24. Ulupi Maritime Pte. Ltd. 3.1.25. Erowati Maritime Pte. Ltd. 3.1.26. Gas Papua Maritime Pte. Ltd. 3.1.27. Rasawulan Maritime Pte. Ltd. 3.1.28. Gas Sulawesi Maritime Pte. Ltd. 3.1.29. Tribuana Maritime Pte. Ltd. 3.1.30. Gagarmayang Maritime Pte. Ltd. 3.1.31. Prita Dewi Maritime Pte. Ltd. 3.1.32. Purwati Martime Pte. Ltd. 3.1.33. Trijata Maritime Pte. Ltd. 3.1.34. Pradapa Maritime Pte. Ltd. 3.1.35. Pergiwati Maritime Pte. Ltd. 3.1.36. Badraini Maritime Pte. Ltd. 3.1.37. Barunawati Maritime Pte. Ltd. 3.1.38. Gas Maluku Maritime Pte. Ltd. 3.1.39. Barawati Maritime Pte. Ltd. Panama Singapore Singapore Singapore Panama Panama Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Shipping agency Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Domicile Panama Panama Singapore Singapore Singapore Hong Kong China Type of Business Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Investment holding Storage service 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 2009 100% 2008 100%
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Percentage of Ownership and Voting Power Held Subsidiary 3.1.40. 3.1.41. 3.1.42. 3.1.43. 3.1.44. 3.1.45. 3.1.45.1 3.1.45.1.1 3.1.46 3.1.47 3.2. 3.2.1 3.2.1.1 3.2.1.2 3.2.1.3 3.2.1.4 3.2.1.5 3.2.2 3.2.3 3.2.4 3.2.5 3.2.6 3.2.7 3.2.8 3.2.9 3.2.10 3.2.11 3.2.12 3.2.13 3.3. 3.4. 4. 4.1. Gas Bali Maritime Pte. Ltd. Eustoma Navigation S.A. Puspawati Maritime Pte. Ltd. Diamond Flow Ltd. Likabula International Limited Richesse International Corp. Richesse Logistics (International) Ltd. Richesse Logistics (Fangcheng Port) Co. Ltd. Hyacinth Navigation S.A. Irish Maritime International S.A BLT Chembulk Corp. BVI Chembulk Tankers LLC Chembulk Trading II LLC Chembulk Management LLC Chembulk Management B.V. Chembulk Management Pte. Ltd. CBL Tankers Do Brazil Ltd. Chembulk Barcelona Pte. Ltd. Chembulk Gibraltar Pte. Ltd. Chembulk Hong Kong Pte. Ltd. Chembulk Houston Pte. Ltd. Chembulk Kobe Pte. Ltd. Chembulk New York Pte. Ltd. Chembulk Savannah Pte. Ltd. Chembulk Shanghai Pte. Ltd. Chembulk Ulsan Pte. Ltd. Chembulk Virgin Gorda Pte. Ltd. Chembulk Yokohama Pte. Ltd. Chembulk New Orleans Pte. Ltd. BLT International Corporation Nevaeh Limited PT Banyu Laju Shipping Banyu Laju Corporation Panama Panama British Virgin Islands Marshall Islands Marshall Islands United States of America The Netherlands Singapore Brazil Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Hongkong British Virgin Island Indonesia Labuan, Malaysia Owner and operator of vessel Investment holding 100% 100% 100% 100% Ship management Ship management Ship management Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Investment Holding Investment Holding 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Investment holding Owner and operator of vessel Ship management 100% 100% 100% 100% 100% 100% China Storage and sale of chemical products Owner and operator of vessel Owner and operator of vessel Investment holding 100% 100% 100% 100% 100% 100% 100% 100% Domicile Singapore Panama Singapore Hong Kong Hongkong British Virgin Islands Hong Kong Investment holding 100% 100% Type of Business Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Investment holding Investment holding Investment holding 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 2009 100% 2008 100%
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Percentage of Ownership and Voting Power Held Subsidiary 5. 5.1. 5.1.1. 6. 6.1. 6.2. 6.3. 6.4. 6.5. 6.6. 6.7. 6.8. 6.9. 6.10. 7. 7.1 8 PT Brotojoyo Maritime PT Gemilang Bina Lintas Tirta PT Karya Bakti Adil PT Buana Listya Tama PT Anjasmoro Maritime PT Pearl Maritime PT Ruby Maritime PT Sapphire Maritime PT Citrine Maritime PT Diamond Maritime PT Emerald Maritime PT Jade Maritime PT Onyx Maritime PT Topaz Maritime PT Bayu Lestari Tanaya PT Berlian Dumai Logistics PT BLT International Group Domicile Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Indonesia Type of Business Owner and operator of vessel Operator of vessel Crew Agency Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Shipping agency General Trading Investment holding 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 2009 100% 2008 100%
6.
PROPERTY, VESSELS AND EQUIPMENT

January 1, 2009 US$'000 Cost/ Valuation : Owned vessels Leased vessels Vessels under construction Others : Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Building in progress Advance for purchase of vessels Total Accumulated depreciation: Owned vessels Leased vessels Others : Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total Net Carrying Amount 1,915,733 360,604 78,485 1,405 1,923 3,149 863 2,846 12,248 2,377,256 Exchange Difference US$'000 (2) (4) (6) Additions US$'000 30,855 35,895 96,719 222 48 912 22 8,519 46,905 220,097 Deductions US$'000 51,433 2,090 52 1 53,576 Reclassifications US$'000 92,641 (24,611) (68,030) Revaluations US$'000 (35,555) 11,504 (24,051) Total US$'000 1,952,241 381,302 107,174 1,625 1,919 4,056 885 2,846 20,767 46,905 2,519,720 December 31, 2009 Cost Valuation US$'000 US$'000 107,174 1,625 1,919 4,056 885 2,846 20,767 46,905 186,177 1,952,241 381,302 2,333,543
373,095 16,992 1,202 963 2,000 467 277 394,996 1,982,260
(3) (7) (10)
119,279 14,310 25 226 589 107 396 134,932
2,133 39 1 2,173
490,241 31,302 1,224 1,150 2,581 574 673 527,745 1,991,975
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January 1, 2008 US$'000 Cost/ Valuation : Owned vessels Leased vessels Vessels under construction Others : Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Building in progress Total Accumulated depreciation: Owned vessels Leased vessels Others : Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total Net Carrying Amount 1,773,919 329,039 59,014 1,325 1,921 2,625 803 2,244 1,847 2,172,737 Exchange Difference US$'000 52 80 (1) 2 133 Additions US$'000 216,528 91,952 190,621 26 542 58 102 499,829 Additions from Acquisition US$'000 75 10,401 10,476 Deductions US$'000 190,899 99 17 191,015 Reclassifications Revaluations US$'000 US$'000 238,777 (68,075) (171,202) 500 (122,592) 7,688 (114,904) Total US$'000 1,915,733 360,604 78,485 1,405 1,923 3,149 863 2,846 12,248 2,377,256 December 31, 2008 Cost Valuation US$'000 US$'000 78,485 1,405 1,923 3,149 863 2,846 12,248 100,919 1,915,733 360,604 2,276,337
271,919 5,039 1,116 812 1,680 407 138 281,111 1,891,626
68 (2) 1 67
112,948 15,654 18 245 333 59 139 129,396
5 5
15,473 99 11 15,583
3,701 (3,701) -
373,095 16,992 1,202 963 2,000 467 277 394,996 1,982,260
The vessels are stated at their revalued amount being the fair value as of December 31, 2009 and 2008, reviewed by management, and supported by an independent professional valuation carried out on January 15, 2010 and December 31, 2008, respectively. Had the vessels been carried at historical cost less accumulated depreciation and impairment, their carrying values would have been approximately US$ 1,787,573 thousand and US$ 1,913,642 thousand as of December 31, 2009 and 2008, respectively. The Company and its subsidiaries completed the sale of two vessels in 2009 and five vessels in 2008. In conjunction with the sale, the Company and its subsidiaries entered into lease agreements with the purchasers to lease back one vessel in 2009 and four vessels in 2008 for a period of 12 years. After an evaluation of the terms and substance of the leaseback, the Companys Directors are satisfied that substantially all the risks and rewards incidental to ownership of the vessels have been transferred to and rest with the purchaser-lessor and accordingly recognized the gain on the sale and leaseback transactions. Details of the sale of vessels, which were made with third parties, are as follows:
2009 US$'000 Selling price of vessels Less deferred income Fair value Net carrying amount Subtotal Commission Gain on sale of vessels - net Gain (Loss) on ordinary sales Gain on sale and leaseback Gain on sale of vessels - net 50,118 50,118 49,300 818 (71) 747 (1,735) 2,482 747
2008 US$'000 230,500 (2,500) 228,000 (175,426) 52,574 (1,685) 50,889 3,470 47,419 50,889
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) The excess of the selling price over the fair value of the vessels sold and leased back of US$ 2,500 thousand in 2008 is accounted for as deferred income and amortized over the lease term. Details of the deferred income are as follows:
2009 US$'000 Beginning balance Accumulated amortization Ending balance Less current portion Non-current portion 2,500 234 2,266 208 2,058
2008 US$'000 2,500 26 2,474 208 2,266
Amortization of deferred income of US$ 208 thousand in 2009 and US$ 26 thousand in 2008, are accounted for as reduction of charter expenses. Also, in connection with the lease agreements, the Company and its subsidiaries paid non-interest bearing security deposits of US$ 22,195 thousand in 2008. The difference of US$ 7,164 thousand in 2008 between the nominal value of the non-interest bearing deposit and its fair value is considered as deferred rent and amortized on a straight-line basis over the lease term. Details of the deferred rent are as follows:
2009 US$'000 Beginning balance Accumulated amortization Ending balance Less current portion Non-current portion 7,164 687 6,477 597 5,880
2008 US$'000 7,164 90 7,074 597 6,477
Amortization of deferred rent of US$ 597 thousand and US$ 90 thousand in 2009 and 2008, respectively, are included under charter expenses. Vessel depreciation expense charged to operations is US$ 133,589 thousand and US$ 128,602 thousand in 2009 and 2008, respectively. Vessels and equipment with carrying amount of US$ 1,724 million and US$ 1,735 million as of December 31, 2009 and 2008, respectively, were used as collateral to guarantee obligations under finance lease, long-term loans from financial institutions, short-term bank loans and standby letter of credit facility (Notes 17, 20, 25 and 43d). Vessels under construction as of December 31, 2009 and 2008 consist of thirteen vessels and fifteen vessels, respectively, which are estimated to be completed between 2010 to 2011 (Note 43c). Advances for purchase of vessels represent advance payments on the purchase of three second hand vessels. Building in progress represents construction of chemical storage tanks and related facilities. For the year ended December 31, 2008, the Company and its subsidiaries changed their estimate of residual values of vessels based on an independent professional valuation. This change resulted to a net increase in depreciation expense by US$ 3,080 thousand in 2008.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) For the year ended December 31, 2009, management has determined that there is no change necessary in its estimate of residual values. 7. GOODWILL
2009 US$'000 Goodwill at beginning of year Less impairment during the year Goodwill at end of year 75,739 75,739
2008 US$'000 84,286 (8,547) 75,739
Goodwill represents the excess of the cost of acquisition over the Companys interest in the fair value of the assets and liabilities of the acquired subsidiaries. The Company and its subsidiaries test goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. For impairment testing purposes, goodwill has been allocated principally to the lowest level of cash generating units determined by the Company that is expected to benefit from the business combination. The recoverable amounts of the cash-generating units are determined from value in use calculations. The key assumptions for the value in use calculations are those regarding the discount rate, growth rates and expected changes to selling prices and direct costs during the year. Management estimates the discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the cash-generating unit. The growth rates are based on industry growth forecasts. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market. The Company and its subsidiaries prepare cash flow forecasts derived from the most recent financial budgets approved by management. The rate used to discount the forecast cash flows from the cash generating units is the average borrowing rate at the end of the reporting period as adjusted to estimate the rate that the market would expect from the investment. This rate does not exceed the average long-term growth rate for the relevant markets. In 2008, the Company and its subsidiaries recognized impairment of goodwill amounting to US$ 8,547 thousand (Note 35). 8. INVESTMENTS IN ASSOCIATES
2009 US$'000 Cost Long-term receivables Total interest in associates Less: Share of post-acquisition loss Return of capital Total 91,037 2,323 93,360 (8,835) (8,400) 76,125
2008 US$'000 24,806 2,323 27,129 (18,456) (8,400) 273
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Details of the associates are as follows:
Name of Associate Place of Incorporation Place of Operation Nature of Business Percentage of Ownership and Voting Power Held 2009 2008 % % 50 45 30 30 21.80 50 30 30 -
PT Berlian Limatama Indonesia Briliant Hero Industrial Hongkong Limited Teekay BLT Corporation Marshall Islands Thai Petra Transport Co. Ltd. Thailand Jiangsu Xinrong Shipyard Company Limited China
Indonesia Hongkong Indonesia Thailand China
Cargo shipping services Investment holding Cargo shipping services Port services (agency) Ship repair, conversion and steel structure
In 2009, Asean Maritime Corporation acquired 45% ownership in Brilliant Hero Industrial Limited and an effective ownership of 21.80% in Jiangsu Xinrong Shipyard Company Limited through the acquisition of 100% ownership in Nevaeh Limited, an investment holding company, at an acquisition cost of US$ 66,231 thousand. In a Joint Unanimous Written Consent executed on June 23, 2008, the Board of Directors and Shareholders of Teekay BLT Corporation have determined that the existing stated capital of Teekay BLT Corporation is in excess of its capital requirements, and determined further that the amount of the stated capital be reduced proportionately among the shareholders by US$ 28 million. As a result, the subsidiary received a total amount of US$ 8,400 thousand from Teekay BLT Corporation as a return of capital. The percentage of ownership of the subsidiary in Teekay BLT Corporation did not change. The share of changes in Teekay BLT Corporations equity of US$ 4,158 thousand as of December 31, 2007 was charged to profit and loss in 2008. In 2008, the Company and its subsidiaries discontinued recognizing their share of net losses in excess of the total interest in Teekay BLT Corporation. Unrecognized losses as at December 31, 2008 amounted to US$ 2,544 thousand. In 2009, the Company and its subsidiaries resumed recognizing their share in the net profit of Teekay BLT Corporation amounting to US$ 9,553 thousand. Summarized financial information in respect of the Company and its subsidiaries associates is set out below: 2009 2008 US$'000 US$'000
Total assets Total liabilities Net assets (liabilities) Company and subsidiaries' share of associates' net assets (liabilities) Revenue Profit (Loss) for the year Company and subsidiaries' share of associates' profit (loss) for the year
532,936 449,680 83,256 40,010 37,700 36,315 9,621
400,144 415,644 (15,500) (4,607) 651 (56,218) (18,524)
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 9. INVENTORIES Inventories mainly consist of bunker fuel. 10. TRADE ACCOUNTS RECEIVABLE
2009 US$'000 Related parties Third parties Total 129,976 129,976
2008 US$'000 982 95,692 96,674
Before accepting any new customer, the Company and its subsidiaries assess the potential customers credit quality. Of the trade accounts receivable balance at the end of 2009 and 2008, US$ 6,241 thousand and US$ 13,142 thousand, respectively, is due from PT Pertamina (Persero) (Pertamina), the Companys largest customer (see Notes 41D and 43). The table below shows the aging of past due but unimpaired trade receivables:
2009 US$'000 1 - 60 days 60 - 120 days 120 - 180 days More than 180 days Total 47,305 26,227 13,864 18,694 106,090
2008 US$'000 42,235 17,889 8,326 2,652 71,102
The Company and subsidiaries do not hold any collateral over these balances. Based on a review of the status of the individual receivable accounts at the end of the year, the Companys management determined that there has not been a significant change in the credit quality and that all trade accounts receivable are collectible. Accordingly, no allowance for doubtful accounts was provided. 11. AVAILABLE-FOR-SALE INVESTMENTS Available-for-sale investments consist of funds under investment management and investments in mutual funds, and are carried at fair value as follows:
2009 US$'000 Funds under investment management Mutual funds Total 44,639 259 44,898 2008 US$'000 129,217 169 129,386
The Company entered into an Investment Management Contract Service Agreement with PT Danatama Makmur, to manage funds which will be partly or wholly invested in cash, time deposits, bonds, notes payable, shares of stock, foreign currency, convertible bonds, warrants, options, derivative contracts and other securities including collective investment scheme. As of December 31, 2009 and 2008, the fair value of the investment portfolio amounted to US$ 11,708 thousand and US$ 13,003 thousand, respectively.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) The Company and its subsidiaries also entered into an Investment Management Agreement with First Strategic Advisors Inc. to manage an investment portfolio of the Company and its subsidiaries, which may be placed in cash, securities and other investments. As of December 31, 2009 and 2008, the fair value of the investment portfolio amounted to US$ 9,070 thousand and US$ 67,943 thousand, respectively. The Companys subsidiaries entered into an Investment Management Agreement with UBS AG to manage an investment portfolio. As of December 31, 2009 and 2008, the fair value of the investment portfolio amounted to US$ 61 thousand and US$ 48,271 thousand, respectively. The Company entered into an Investment Management Agreement with PT Andalan Artha Advisindo Sekuritas in 2009 to manage funds which will be invested in government securities, corporate bonds, mutual funds and money market securities. As of December 31, 2009, the fair value of the investment portfolio amounted to US$ 23,800 thousand. 12. CASH
2009 US$'000 Cash on hand Cash in banks and time deposits Total Interest rates per annum on time deposits U.S. Dollar Rupiah Singapore Dollar Renminbi
13. SHARE CAPITAL
2008 US$'000 860 64,390 65,250
992 117,740 118,732
0.03% - 3.00% 5.75% - 6.90% 0.825% -
0.08% - 5.00% 6.75% - 9.25% 0.825% 3.33%
The Company has authorized capital stock of 14,676,480,000 ordinary shares with par value of Rp 62.50 per share. Movements in share capital are as follows:
2009 US$'000 Balance at beginning of the year Issuance of shares through rights issue Exercise of warrants Balance at end of the year 62,191 8,745 70,936
2008 US$'000 59,348 2,843 62,191
Details of the Companys number of shares outstanding (in full amounts) are as follows:
2009 Balance at beginning of the year Issuance of new shares through rights issue Exercise of warrants Balance at end of the year 4,176,930,176 1,392,310,059 5,569,240,235
2008 3,746,659,436 430,270,740 4,176,930,176
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 44 dated June 30, 2009 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved the issuance of new shares through a Rights Issue with Pre-emptive Rights. The Company issued 1,392,310,059 new common shares at an exercise price of Rp 425 per share. 14. ADDITIONAL PAID-IN CAPITAL This account represents additional paid-in capital in connection with the following :
US$'000 Balance of additional paid-in capital as of January 1, 2008 Issuance of shares through exercise of warrants Balance of additional paid-in capital as of December 31, 2008 Issuance of shares through rights issue Balance of additional paid-in capital as of December 31, 2009 61,019 3,981 65,000 50,001 115,001
15. TREASURY STOCKS At the Extraordinary General Meeting of Stockholders in May 2006, the stockholders approved to repurchase a maximum of 10% of the issued and paid-up shares, at a purchase price of Rp 2,750 per share. As of December 31, 2009 and 2008, the details of treasury stocks are as follows:
Number of shares Treasury stocks 412,351,000
2009 Percentage to issued shares % 6.89

2008 Percentage to issued shares % 8.99
Cost US$'000 86,628
Number of shares Treasury stocks

16. REVALUATION RESERVE
Cost US$'000 86,628
412,351,000
2009 US$'000 Balance at beginning of year Revaluation increase Revaluation decrease Transfer to retained earnings Balance at end of year 234,454 67,303 (30,166) (35,920) 235,671
2008 US$'000 208,571 84,616 (58,733) 234,454
The revaluation reserve arises on the revaluation of vessels. Where revalued vessels are sold, the portion of the revaluation reserve that relates to that vessel, and is effectively realized, is transferred directly to retained earnings.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 17. LONG-TERM LOANS FROM FINANCIAL INSTITUTIONS
2009 US$'000 At amortized cost: DnB NOR Bank, ASA, Singapore / Fortis Bank S.A./N.V. ING Bank N.V. / NIBC Bank Ltd. DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapore Bank Mandiri DVB Group Merchant Bank (Asia) Ltd., Singapore Indonesia Eximbank (formerly Bank Ekspor Indonesia) Bank Central Asia Mitsubishi UFJ Lease & Finance Co. Ltd. Bank Syariah Mandiri / Bank Syariah BRI / Bank Muamalat Indonesia / BPD Jatim Divisi Usaha Syariah DnB NOR Bank, ASA, Singapore / NIBC Bank Ltd. ING Bank N.V., Singapore Mount Gede LLC Bank UOB Indonesia Dialease Maritime S.A., Japan The Royal Bank of Scotland Plc Total Current maturities Long-term portion - Net 2008 US$'000
572,765 80,029 47,351 41,864 36,407 33,803 28,168 18,735 18,960 11,883 7,800 7,680 6,423 911,868 140,414 771,454
652,097 82,251 22,259 26,666 13,853 9,093 7,706 1,011 814,936 97,943 716,993
The ranges of average interest rates per annum are as follows:
2009 U.S. Dollar Fixed Variable 7.75% 0.7% - 4% above LIBOR/ SIBOR 9.64% - 14.5% 2% above JPY LIBOR
2008 0.7% - 2.5% above LIBOR/ SIBOR 10.25% - 13.0% -
Rupiah Fixed Japanese Yen Variable

The details of the loans are as follows:
A. In June 2008, a subsidiary obtained a secured term loan facility from DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. with a maximum credit of US$ 165 million for general working capital purposes. The loan is payable in 20 quarterly installments until 2013 and bears interest rate at LIBOR plus certain percentage, which is paid between 1 - 6 months. The loan is secured by the vessels of certain subsidiaries. In December 2007, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. as original lenders. DnB NOR Bank ASA acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing in relation to the acquisition of the vessels and for general working capital purposes. The facilities consist of: Facility A, which is a term loan facility in US Dollars in the aggregate amount equal to the facility commitment of US$ 400 million. This facility shall be repaid in 40 consecutive quarterly installments of US$ 8 million for the 1st to 39th installments, and US$ 88 million for the 40th installment. Interest rate is at LIBOR plus certain percentage depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Facility B, which is a reducing revolving loan facility in US Dollars in the aggregate amount equal to the facility commitment of US$ 100 million. This facility is payable in 20 quarterly installments of US$ 5 million until 2012. Interest rate is at LIBOR plus certain percentage depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.
Those facilities are collateralized by the subsidiaries vessels. The loans are also secured with corporate guarantee from the Company and Gold Bridge Shipping Corporation. In March 2007, certain subsidiaries obtained a loan with maximum credit of US$ 65 million. This loan is payable in thirty-two (32) quarterly installments until 2015 and is collateralized by corporate guarantees from the Company and Gold Bridge Shipping Corporation, a subsidiary, and the subsidiaries vessels. Interest rate is at LIBOR plus certain percentage, which is paid between 1 - 3 months. B. In November 2008, certain subsidiaries obtained a senior secured revolving credit facility from DVB Group Merchant Bank (Asia) Ltd. and Nordea Bank Finland Plc, Singapore Branch with a maximum credit of US$ 114 million. The credit facility shall be reduced quarterly by one-fortieth th (1/40 ) of such amount. The balance of all outstanding drawings is due to be paid in 2015. Interest rate is at LIBOR plus certain percentage, which is paid between 1 6 months. This loan is secured by the following: (a) subsidiaries vessels, (b) assignment of insurances, earnings and requisition compensation of the subsidiaries vessels, (c) a guarantee and indemnity from the Company, (d) bank accounts, money market accounts, dealer deposit accounts and other accounts of the subsidiaries established with Nordea Bank Finland Plc, and (e) a pledge on the shares of the subsidiaries. C. In May 2009, the Company obtained a financing facility from Bank Mandiri with a maximum credit amount of Rp 500 billion payable in 18 quarterly installments until 2013. This loan is collateralized by the Company and certain subsidiaries vessels. Interest rate is at certain fixed percentage, which is paid monthly. D. In March 2009, a subsidiary obtained a loan from DVB Group Merchant Bank (Asia) Ltd. with a maximum credit of US$ 27 million. This loan is payable in 20 quarterly installments until 2014 and collateralized by a corporate guarantee from the Company and a subsidiarys vessel. Interest rate is at LIBOR plus certain percentage, which is paid quarterly. In September 2005, subsidiaries obtained a loan from DVB Group Merchant Bank (Asia) Ltd., Singapore with maximum credit of US$ 43 million. This loan is payable in 32 quarterly installments until 2013 and collateralized by the corporate guarantee from the Company and the subsidiaries vessels. Interest rate is at LIBOR plus certain percentage depending on the loan to value percentage, which is paid between 1 - 3 months. E. In March 2009, the working capital facility loan with a maximum credit of Rp 400 billion from Indonesia Eximbank (formerly Bank Ekspor Indonesia) was changed to an export facility loan and the maturity date was extended to March 2014 (see Note 25F). This loan is payable in 20 quarterly installments and secured by the subsidiaries vessels. Interest rate is at certain fixed percentage, which is paid monthly. F. In March 2009, the short-term working capital facilities with a total maximum credit of Rp 170 billion from Bank Central Asia that are due to be paid on April 2009 were changed to become an installment loan facility. This loan is payable in monthly installments until 2012 and bears interest at a certain fixed percentage, which is payable monthly (see Note 25H).
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) In November 2006, the Company obtained an investment credit facility with a maximum credit of US$ 34 million from Bank Central Asia. This loan is payable in 84 monthly installments until 2013 and collateralized by a subsidiarys vessel. Interest rate is at SIBOR plus certain percentage, which is paid monthly. In January 2005, the Company obtained an investment credit facility with maximum credit of Rp 125 billion, due in 5 years. Interest rate for this loan is set at 10.25% - 13% per annum, which is paid monthly. The loans are collateralized by certain vessels and pledge of the Companys shares owned by PT Tunggaladhi Baskara. In April 2008, all of the pledged shares were no longer used as collateral. This loan was paid in January 2010. G. In September 2009, a subsidiary obtained a mortage loan from Mitsubishi UFJ Lease & Finance Co. Ltd. in the amount of JPY 2,537 million (equivalent to US$ 28,431 thousand). This loan is payable in 84 monthly installments with a balloon payment of JPY 1,551 million on the last repayment date. Such loan is secured by the subsidiarys vessel and corporate guarantees by the Company and Gold Bridge Shipping Corporation. Interest rate is at Yen LIBOR plus a certain percentage. H. In December 2009, certain subsidiaries obtained long-term investment loan facilities under Syariah (Qardh dan Murabahah) scheme from Bank Syariah Mandiri (as lead manager), Bank Syariah BRI, Bank Muamalat Indonesia, and BPD Jatim Divisi Usaha Syariah with a total maximum credit of Rp 180 billion. These loan facilities are payable in 20 quarterly installments with balloon payments in the total amount of Rp 20 billion on the last repayment date. Such loans are collateralized, among others, by the subsidiaries vessels and a corporate guarantee from the Company. Indicative return is at certain fixed percentage, which is payable quarterly. I. In April 2009, certain subsidiaries obtained a loan from Dnb NOR Bank ASA, Singapore and NIBC Bank Ltd. with a maximum credit of US$ 31.5 million. The loan is payable in 16 quarterly installments until 2013 and secured by the subsidiaries vessels. Interest rate is at LIBOR plus certain percentage, which is paid quarterly. In November 2005, subsidiaries obtained loan facilities from ING Bank N.V., Singapore with a maximum credit of US$ 19,900 thousand. These loan facilities are payable in semi-annual installments until November 2015 and collateralized by the subsidiaries vessels. Interest rate is at LIBOR plus certain percentage, which is paid monthly.
J.
K. Loan obtained from Mount Gede LLC is a Secured Junior Term Loan Facility with maximum credit of US$ 7,800 thousand. The loan is secured by a registered mortgage over the subsidiaries vessels and a guarantee by the Company. Such loan shall be repaid in full on December 31, 2011. Interest rate is at certain fixed percentage. L. In October 2006, the Company obtained an investment credit facility from Bank UOB Indonesia with a maximum credit of US$ 12 million, payable in 20 quarterly installments until 2011. The loan is secured by a subsidiarys vessel and an assignment of earnings from Pertamina in respect of the vessel used as collateral. Interest rate is at SIBOR plus certain percentage, which is paid every three months. In February 2009, the above investment credit facility was reviewed and the Company obtained a Term Loan Facility amounting to US$ 8,760 thousand, payable in 10 quarterly installments of US$ 360 thousand each and a final installment payment of US$5,160 thousand upon maturity in October 2011. Such facility is secured by a registered mortgage on a subsidiary's vessel and the assignment of accounts receivable from Pertamina in respect of the vessel used as collateral. M. In December 2004, a subsidiary obtained loan from Dialease Maritime S.A., Japan with maximum credit of JPY 1,347,250 thousand (equivalent to US$ 12,859 thousand). This loan is payable in 28 quarterly installments until 2011 and collateralized by corporate guarantee from the Company and the subsidiarys vessel. Interest rate is at LIBOR plus certain percentage, which is paid quarterly.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) N. In October 2007, the subsidiary (GBLT Shipmanagement UK Ltd.) obtained an investment credit facility with maximum credit of US$ 1,110 thousand from The Royal Bank of Scotland PLC. This loan is payable in 39 quarterly installments until 2016 and is collateralized by the subsidiarys land and building and bears interest rate of the banks currency lending rate for United States Dollars plus certain percentage, which is paid quarterly. This loan was paid in full in August 2009. In relation to the above loan facilities, the Company and its subsidiaries are required to fulfill certain covenants, including among others, the maintenance of certain financial ratios. 18. BONDS PAYABLE
2009 US$'000 At amortized costs: Berlian Laju Tanker III Bond Berlian Laju Tanker IV Bond Sukuk Ijarah Sukuk Ijarah II Total Current maturities Long-Term Portion - Net
Berlian Laju Tanker III Bond
2008 US$'000 63,411 18,117 81,528 81,528
74,016 42,181 21,147 10,523 147,867 6,355 141,512
On July 5, 2007, the Company issued Rupiah Bonds amounting to Rp 700 billion with fixed interest rate at 10.35% per annum, payable every three months. The bonds are unsecured and have a term of 5 years, due on July 5, 2012. The bondholders right is pari-passu without preferential rights with other creditors of the Company. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with PT Bank Mandiri (Persero) Tbk as Trustee. On December 18, 2007, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk as Trustee and the appointment of PT CIMB Niaga Tbk as the new Trustee. On March 17, 2008, PT CIMB Niaga Tbk as the Trustee issued a notice for the Companys failure to comply with one of the covenants under the Trustee Agreement, which is to maintain a ratio of Net Debt to Equity of not more than 2.5:1. On June 16, 2008, the Bondholders approved to amend the debt covenant on the Net Debt to Equity Ratio on the Trustee Agreement from 2.5:1 to 4.5:1 for the year ending December 31, 2008 and 3.5:1 after December 31, 2008 based on the Companys statutory accounts prepared under generally accepted accounting principles in Indonesia. Berlian Laju Tanker IV Bond On May 29, 2009, the Company issued Rupiah Bonds amounting to Rp 400 billion, consisting of three series of bonds: (i) the Series A Bonds with a nominal value of Rp 60 billion bearing fixed interest rate of 14.25% per annum and are due on May 28, 2010, (ii) the Series B Bonds with a nominal value of Rp 150 billion, bear interest rate of 15.50% per annum and are due on May 28, 2012, and (iii) the Series C Bonds with a nominal value of Rp 190 billion, bearing fixed interest rate of 16.25% per annum and are due on May 28, 2014. Interest is paid every three months.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) These bonds are unsecured and the bondholders' right is pari-passu without preferential rights with other creditors of the Company. At any time after the first anniversary of the Bonds, the Company may redeem the Bonds at prevailing market price. The Company is also required to comply with several covenants, which include among others, a Net Debt to Equity ratio of 3.5:1. All of the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange with PT Bank CIMB Niaga Tbk as trustee. Sukuk Ijarah On July 5, 2007, the Company issued Sukuk Ijarah amounting to Rp 200 billion. The Sukuk Ijarah are unsecured and have a term of 5 years, due on July 5, 2012. The Sukuk Ijarah were offered under the condition that the Company shall pay to Sukuk Ijarah holders a sum of Ijarah Benefit Installment amounting to Rp 20,600 million per annum. The Sukuk Ijarah holders right is paripassu without preferential rights with other creditors of the Company. At anytime after the first anniversary of the Sukuk Ijarah, the Company may redeem the Sukuk Ijarah at prevailing market price. All of the Sukuk Ijarah were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with PT Bank Mandiri (Persero) Tbk as trustee. On December 18, 2007, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk Trustee and the appointment of PT Bank CIMB Niaga Tbk as the new Trustee. On March 17, 2008, PT Bank CIMB Niaga Tbk as the Trustee issued a notice for the Companys failure to comply with one of the covenants under the Trustee Agreement, which is to maintain a ratio between Net Debt to Equity of not more than 2.5:1. On July 4, 2008, the Holders approved to amend the debt covenant on the Net Debt to Equity Ratio on the Trustee Agreement from 2.5:1 to 4.5:1 for the year ending December 31, 2008 and 3.5:1 after December 31, 2008 based on the Companys statutory financial statements prepared under generally accepted accounting principles in Indonesia. Sukuk Ijarah II On May 29, 2009, the Company issued Sukuk Ijarah II amounting to Rp 100 billion, consisting of two series of bonds: (i) the Series A which has a total nominal value of Rp 45 billion, due on May 28, 2012 and entitle the holders a sum of Ijarah Benefit Installment of Rp 155,000 thousand per annum for every Rp 1 billion nominal amount, and (ii) the Series B which has a total nominal value of Rp 55 billion, due on May 28, 2014, and entitle the holders a sum of Ijarah Benefit Installment of Rp 162,500 thousand per annum for every Rp 1 billion nominal amount. These Sukuk Ijarah are unsecured and the holders' right is pari-passu with other creditors of the Company. At any time after the first anniversary of the Sukuk Ijarah II, the Company may redeem the Sukuk Ijarah at prevailing market price. The Company is also required to comply with several covenants, which include among others, a Net Debt to Equity ratio of 3.5:1 based on the Companys statutory financial statements prepared under generally accepted accounting principles in Indonesia. All of the Sukuk Ijarah were sold at nominal value and are listed on the Indonesia Stock Exchange with PT Bank CIMB Niaga Tbk as trustee. 19. NOTES PAYABLE On May 4, 2007, BLT Finance B.V. (BLTF BV), a subsidiary, issued Guaranteed Senior Notes (the Notes) amounting to US$ 400 million with fixed interest of 7.5% per annum payable every six months in arrears commencing November 15, 2007. The Notes have a term of seven years and mature on May 15, 2014. The Notes were offered at 100% of the nominal value and are listed on the Singapore Stock Exchange Securities Trading Limited. The Notes are unconditionally and irrevocably guaranteed on a senior basis by the Company and certain subsidiaries.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) The Notes may be redeemed at the option of BLTF BV as follows: i. At anytime prior to May 15, 2011 up to 35% of the Notes with the net proceeds of one or more public equity offerings at a redemption price of 107.5% of their principal amount plus accrued and unpaid interest provided certain conditions are met; ii. On or after May 15, 2012, all or any portion of the Notes at a redemption price equal to 100% of the principal amount plus the Applicable Premium (as defined in the Terms and Conditions of the Notes) as of, and accrued and unpaid interest if any, to the date of redemption; iii. On May 15, 2012 until May 14, 2013 all or part of the Notes at a redemption price equal to 103.75% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption; iv. On May 15, 2013 until May 14, 2014 all or part of the Notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest if any, to the date of redemption, or v. At anytime in the event of certain changes affecting taxation in Indonesia or Netherlands, in whole at their principal amount plus all additional amounts due as of, and accrued and unpaid interest if any, to the date of redemption. In the occurrence of change in control, the holders of the Notes have the right to require BLTF BV to redeem all or some of the Notes at 101% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption. The Notes are designated as fair value through profit or loss on initial recognition because of the embedded call and put options. The fair value as of the reporting date is determined based on quoted market price and may not be reflective of the repurchase price that BLTF BV will have to pay on maturity or early redemption. The changes in carrying amount of the Notes are as follows:
2009 US$'000 Fair value at beginning of the year Changes in fair values (Note 35) Less repurchase of Notes Fair value at end of year 132,000 122,000 254,000 (4,191) 249,809
2008 US$'000 345,667 (213,667) 132,000 132,000
In 2009, certain subsidiaries of the Company invested in the Notes through an investment manager. 20. OBLIGATIONS UNDER FINANCE LEASE
2009 Present value Minimum lease of minimum payments lease payments US$'000 US$'000 Less than 1 year 1 - 2 years More than 2 years Total Less future finance charges Present value of minimum lease payments 34,090 193,191 76,457 303,738 42,241 261,497 32,572 167,319 61,606 261,497 261,497
2008 Present value Minimum lease of minimum payments lease payments US$'000 US$'000 95,699 133,882 43,686 273,267 29,739 243,528 88,152 118,502 36,874 243,528 243,528
The finance lease relates to lease of vessels with lease terms of 3 years to 10 years and where the subsidiaries have options to purchase the vessel for an amount below the expected fair values at the conclusion of the lease agreements. The subsidiaries obligations under finance lease are secured by the lessors title to the leased vessels and bear effective interest rates of 4% - 10%.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) In 2009, the Company and its subsidiaries also reassessed and revised the estimated exercise dates of the purchase options on the leased vessels. This resulted to a decrease of US$ 2,090 thousand in the obligations under finance lease and a corresponding decrease in the carrying amount of the leased vessels. 21. OTHER LONG-TERM PAYABLE This account represents a loan of US$ 13 million owed to Teekay Corporation (formerly Teekay Shipping Corporation). The loan is payable in 22 semi-annual installments, unsecured, and bears annual interest of 8%, which is payable on a quarterly basis. 22. POST-EMPLOYMENT BENEFITS The Company provides post-employment benefits to its qualifying employees in accordance with Indonesian Labor Law No. 13/2003. The number of employees entitled to the benefits is 245 and 236 in December 31, 2009 and 2008, respectively. Amounts recognized in profit or loss in respect of these post-employment benefits are as follows:
2009 US$'000 Current service cost Interest costs Net actuarial losses Amortization of past service cost (non-vested) Past service cost Total 257 331 65 653
2008 US$'000 298 321 331 3 195 1,148
The amounts included in the statements of financial position arising from the Companys obligation in respect of these post-employment benefits are as follows: 2009 2008 US$'000 US$'000
Present value of unfunded obligations Unrecognized actuarial losses Net liability

Movements in the present value of unfunded obligations are as follows:
5,326 (1,200) 4,126
3,624 (702) 2,922
2009 US$'000 Beginning of the year Current service cost Interest cost Translation adjustment Actuarial (gain) loss Past service cost End of the year
<
2008 US$'000 3,967 298 321 (583) (574) 195 3,624
3,624 257 331 788 326 5,326
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Movements in the net liability recognized in the consolidated statements of financial position are as follows:
2009 US$'000 Beginning of the year Employee benefits cost for the year (Note 32) Payments during the year Translation adjustment End of the year 2,922 653 (40) 591 4,126
2008 US$'000 2,276 1,148 (56) (446) 2,922
The cost of providing post-employment benefits is computed using the following key assumptions: Discount rate Salary increment rate Mortality rate Resignation rate : : : : 2009 and 2008: 10% and 12% per annum, respectively 2009 and 2008: 15% per annum 2009 and 2008: Mortality Table 2 of Indonesia 2009 and 2008: 10% per annum until age 36 then decreasing linearly to 0% until age 55
The history of experience adjustments is as follows:
2009 US$'000 Present value of unfunded obligations Experience adjustments

23. CONVERTIBLE BONDS
2008 US$'000 3,624 (574)
2007 US$'000 3,967 594
2006 US$'000 3,047 1,637
2005 US$'000 1,373 560
5,326 326
On May 17, 2007, BLT Finance B.V. (BLTF BV), a subsidiary, issued Zero Coupon Guaranteed Convertible Bonds in denomination of US$ 100 thousand each and integral multiples of US$ 1,000, with aggregate principal amount of US$ 125 million. The bonds were issued at 100% of face value, and were unconditionally and irrevocably guaranteed by the Company. The bondholders have the right to convert the bonds into ordinary shares of the Company, with par value of Rp 62.50 each, from June 27, 2007 to April 17, 2012. The number of shares to be delivered on conversion will be determined, in respect of SGX-ST Listed Shares, by dividing the principal amount of the bond to be converted (translated at a fixed rate of SGD 1.5143 per US$ 1 or Rp 8,894 per US$ 1) by the conversion price in effect at the time of conversion date. The initial conversion price is SGD 0.4965 per share. In the event the shares to be delivered are Indonesian Listed Shares, the number of shares to be delivered will be determined using the same method as for SGX-ST Listed Shares, except that, in such an event, for purposes of calculating the ratio the principal amount of the bond to be converted shall remain in US Dollar and all the conversion price shall be translated from Rupiah to US Dollar. Notwithstanding the Conversion Right of the bondholders, BLTF BV has the option to pay to the relevant bondholders an amount of cash in US Dollar equivalent to the weighted average market price of the shares converted, to satisfy the conversion right. In August 2009, the Company issued a notice to bondholders that the conversion price be adjusted to SGD 0.4447 per share pursuant to the issuance of new shares through rights issue by the Company. The bonds may also be redeemed at the option of BLTF BV at their Early Redemption Amount (ERA), together with accrued and unpaid interest, in whole but not in part: i. On or at anytime after May 17, 2009 but not less than 20 days prior to maturity date, if the closing price of shares (translated into US Dollar), for each of the 25 consecutive trading dates immediately prior to the date upon which notice of redemption is published at least 125% of ERA divided by the conversion ratio.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) ii. If the aggregate principal amount of the bonds is ten percent or less of the aggregate principal amount originally issued.
iii. At anytime in the event of certain changes relating to taxation in The Netherlands or the Republic of Indonesia. The bondholders have the right to require BLTF BV to redeem all or some of the bonds at 116.82% of the principal amount on May 17, 2010, accordingly the convertible bonds were classified under current liabilities. The bondholders also have the right at their option to require BLTF BV to redeem the bonds at their ERA on occurrence of change in control or delisting of Companys shares. ERA of the bonds, for each US$ 100 thousand principal amount, pertains to settlement before the maturity date at price ranging from US$ 102,625.00 to US$ 129,578.13, representing a gross yield to the investor of 5.25% on a semi-annual basis. Unless previously redeemed, purchased and cancelled or converted, BLTF BV will redeem each bond at 129.58% of the principal amount on May 17, 2012. These bonds are designated as at fair value through profit and loss at issuance date. The fair value at the end of the reporting period is determined based on quoted market price and may not be reflective of the amount that BLTF BV will have to pay to the bondholders to satisfy their conversion rights or upon redemption of the Bonds. The changes in the carrying amount of the convertible bonds are as follows:
2009 US$'000 Fair value at beginning of the year Changes in fair values (Note 35) Less repurchase of Notes Fair value at end of year 36,250 74,420 110,670 (11,110) 99,560
2008 US$'000 128,541 (92,291) 36,250 36,250
In 2009, certain subsidiaries of the Company invested in the Bonds through an investment manager. 24. DERIVATIVE FINANCIAL INSTRUMENTS The Company utilizes cross currency and interest rate swap contracts to manage exposure to foreign currency and interest rate movement and crude oil target redemption swaps to manage exposures in crude oil price volatility. Details of the derivative contracts are shown below:
Notional amounts as at December 31, 2009 '000 Cross currency swaps Interest rate swaps Crude oil target redemption swaps Total Less current portion Non-current portion US$ 258,949 US$ 500,000 1,813 barrels Notional amounts as at December 31, 2008 '000 US$ 265,615 US$ 575,000 2,640 barrels Fair value as at December 31, 2009 Asset Liability US$'000 US$'000 1,597 16,944 662 19,203 2,259 16,944 17,407 10,877 28,284 10,877 17,407 Fair value as at December 31, 2008 Asset Liability US$'000 US$'000 82,082 11,340 82,561 175,983 30,784 145,199
Cross currency swaps The cross currency swaps require periodic exchange of payments based on the Rupiah and US Dollar notional amounts and final exchange or net settlement of the notional (principal) amounts on the maturity of the contracts. The cross currency swaps outstanding as of December 31, 2009 mature between June 2010 and July 2012.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Interest rate swaps The interest rate swaps require periodic exchange of floating and fixed interest payments on the US Dollar notional amounts and mature on January 2015. Crude oil target redemption swaps The crude oil target redemption swaps require periodic exchanges of payments on a notional quantity of crude oil barrels at each settlement date and mature between March 2010 and October 2010. The above derivatives are measured at the present value of future cash flows estimated and discounted based on applicable yield curves for the duration of the instruments. For accounting purposes, these contracts are not designated and documented as hedging instruments, and therefore hedge accounting is not applied. Gains and losses on these contracts recognized in earnings consist of the changes in fair value of the contract and the periodic net settlements of the related interest on the notional amount, details of which are as follows:
2009 US$'000 Net change in fair value Net settlements Net gain (loss) (Note 35) 166,902 (18,004) 148,898
2008 US$'000 (155,362) (7,817) (163,179)
25. SHORT-TERM BANK LOANS
2009 US$'000 At amortized cost: DVB Group Merchant Bank (Asia) Ltd. Bank Sumitomo Mitsui Indonesia Bank UOB Indonesia Bank Mizuho Indonesia DnB NOR Bank, ASA, Singapore/NIBC Bank Ltd./ Fortis Bank S.A/ING Bank N.V. Indonesia Eximbank (formerly Bank Ekspor Indonesia) Bank Mandiri Bank Central Asia Total Interest rates per annum during the year U.S. Dollar Fixed Variable 18,437 17,000 15,958 13,830 65,225
2008 US$'000 17,000 13,699 11,872 50,000 36,530 31,963 15,525 176,589
15% 1.75% - 3.5% above LIBOR
1% - 1.75% above LIBOR/ SIBOR 8.9% - 14% -
Rupiah Fixed Variable
15% 1.5% - 1.75% above cost of funds
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) A. Loan obtained from DVB Group Merchant Bank (Asia) Ltd. is a secured term loan facility with a maximum credit of US$ 25 million. The loan is secured by a registered mortgage over certain subsidiaries vessels and a corporate guarantee by the Company. The loan is due on January 20, 2010 and interest rate is at LIBOR plus certain percentage which is payable monthly (Note 44c). B. Loan obtained from Bank Sumitomo Mitsui Indonesia is a revolving credit facility with maximum credit of Rp 150 billion or equivalent to US$ 17 million and is due on June 2010. This loan is collateralized by subsidiaries vessels. Annual interest rate is at cost of funds or LIBOR plus certain percentage, which is paid on a monthly basis. C. Loan obtained from Bank UOB Indonesia is a working capital credit facility with maximum credit of Rp 150 billion due on May 2010. This loan is secured by a subsidiarys vessel and trade accounts receivable of M.T. Anjani with interest rate per annum at certain fixed percentage, which is paid monthly. D. Loan obtained from Bank Mizuho Indonesia is a time revolving loan with a total combined maximum credit of Rp 130 billion or its US Dollar equivalent, due on April 2010. Interest rate per annum is at the banks cost of funds or SIBOR plus certain percentage, which is paid between 7 - 30 days. E. The subsidiaries obtained a secured term loan and reducing revolving credit facilities from DnB NOR Bank, ASA, Singapore, Fortis Bank S.A/N.V, ING Bank N.V., and NIBC Bank Ltd. as original lenders. DnB NOR Bank, ASA acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing in relation to the acquisition of the vessels and for general working capital purposes. This loan is due on December 19, 2008 and is secured by the subsidiaries vessels, if the loan remains unpaid up to six months from utilization date. Interest rate is at LIBOR plus certain percentage, which is paid between 1 3 months. In 2008, the subsidiaries paid a total amount of US$ 200 million of the credit facility. As stated in the agreement dated December 18, 2008 (as amended on January 2, 2009), DnB NOR Bank, ASA, Singapore and NIBC Bank Ltd. as the remaining lenders agreed to partially extend the payment of the remaining loan amount of US$ 50 million to March 18, 2009. This loan was collateralized with certain subsidiaries vessels. In January 2009, the remaining US$ 50 million credit facility from DnB NOR Bank, ASA, Singapore and NIBC Bank Ltd. was further increased to US$ 75 million with Fortis Bank (Netherland) N.V. as additional lender. The loan was paid in full in March 2009. F. Loan obtained from Indonesia Eximbank (formerly Bank Ekspor Indonesia) is a working capital facility with maximum credit of Rp 400 billion and is due on March 28, 2009. The loan is secured by all of the Companys tangible and intangible assets, which are already acquired or will be acquired in the future. Annual interest rate is at certain fixed percentage, which is paid monthly. In March 2009, the working capital facility loan was changed to an export facility loan and the maturity date was extended to March 2014 (see Note 17E). G. Loan obtained from Bank Mandiri is a short term loan facility with maximum credit of Rp 350 billion and is due on January 31, 2009. Annual interest rate is at certain fixed percentage, which is paid monthly. This loan was paid in full in January 2009.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) H. Loan obtained from Bank Central Asia is a vessel refinancing and working capital credit facilities with a total maximum credit of Rp 170 billion. Interest rate per annum is at certain percentage, which is paid on a monthly basis and is secured by the same collateral as the long-term loans. Bank Central Asia agreed to rollover these loan facilities to extend the maturity date to January 2009. In December 2008, Bank Central Asia approved another extension of the loan maturity to April 2009. In March 2009, such facilities were changed to become an installment loan facility that is due to be paid until 2012 (see Note 17F). 26. TRADE ACCOUNTS PAYABLE
2009 US$'000 Related parties Third parties Total 929 34,250 35,179
2008 US$'000 84 17,262 17,346
The accounts payable to third parties represent liabilities to other shipping companies as agents, sub-agents and to suppliers for purchases of oil, fuel and spare parts, vessel equipment, and other disbursements. 27. TAXATION a. Details of taxes payable included in the consolidated statements of financial position are as follows:
2009 US$'000 Corporate income tax of the Company and its subsidiaries Income taxes Article 21 Article 23 Article 25 Article 26 Value added tax Final tax payable Total 4 516 14 4 4 343 72 957
2008 US$'000 6 767 69 3 11 690 60 1,606
b. Details of tax expense included in the consolidated statements of comprehensive income are as follows:
2009 US$'000 Income tax of foreign and local subsidiaries Final tax on vessel revenue - Company Income tax on agency operations - Company Final tax on storage revenue and agency Total 664 161 44 92 961
2008 US$'000 735 192 49 40 1,016
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) c. A reconciliation of tax expense included in the consolidated statements of comprehensive income and the amount computed by applying the applicable tax rates is as follows:
2009 US$'000 Operating revenues Final tax at 1.2% of gross revenues Tax effect of: Revenue of foreign subsidiaries not subject to tax Revenue of foreign subsidiaries subject to different final tax Revenue subject to different tax rate: Storage revenue Agency revenue (see below) Others Total tax expense per consolidated statements of income Tax on agency operating income is computed as follows: Agency revenue Non-taxable income Taxable income 618,346 7,420 (6,606) 11 92 44 961 676 (517) 159
2008 US$'000 723,682 8,684 (7,811) 30 33 49 31 1,016 750 (576) 174
As of December 31, 2009 and 2008, no deferred tax liability has been recognized in respect of the temporary differences associated with undistributed earnings of subsidiaries because the Company is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. 28. ACCRUED EXPENSES
2009 US$'000 Vessel operating and docking Interest Others Total 35,276 9,037 1,034 45,347
2008 US$'000 28,994 4,486 1,156 34,636
29. OPERATING REVENUES
2009 US$'000 Owned vessels Chartered vessels Agency fees Storage fees Total 502,834 113,518 1,201 793 618,346
2008 US$'000 524,622 197,782 677 601 723,682
0.01% of the above operating revenues was made with related parties in 2008 (Note 38a).
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 30. VOYAGE EXPENSES
2009 US$'000 Fuel Port charges Total 112,640 63,447 176,087
2008 US$'000 164,901 67,764 232,665
31. SHIP OPERATING EXPENSES
2009 US$'000 Salaries Spare parts Repairs and maintenance Insurance Lubricants Transportation Supplies Employees' meal allowances Processing of documents Others Total 56,140 12,765 13,175 8,669 7,528 5,897 3,474 2,816 2,791 7,605 120,860
2008 US$'000 47,191 15,264 5,475 7,438 8,082 6,473 3,814 3,127 3,596 7,349 107,809
32. GENERAL AND ADMINISTRATIVE
2009 US$'000 Salaries Professional fees Office expenses Transportation Depreciation Telecommunication Bank charges Pension benefits (Note 22) Representation Marketing Training and education Others Total 14,616 4,705 3,645 1,998 1,343 821 698 653 545 403 312 1,414 31,153
2008 US$'000 16,887 5,255 4,435 2,302 794 774 386 1,148 767 471 314 1,952 35,485
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 33. FINANCE COSTS
2009 US$'000 Interest expense on: Bonds and notes Loans from banks and financial institution and other long-term payable Obligations under finance leases Total borrowing cost for financial liabilities not classified as at fair value through profit or loss Profit sharing allocation and fees Total 41,434 45,450 21,637 108,521 2,993 111,514
2008 US$'000 39,897 58,445 17,484 115,826 3,044 118,870
Interest expense includes interest on notes payable at fair value through profit and loss of US$ 30,417 thousand and US$ 30,083 thousand in 2009 and 2008, respectively. 34. INVESTMENT INCOME
2009 US$'000 Interest income from: Current accounts and others Time deposits Total interest income Realized gain on available-for-sale investments Total 1,151 265 1,416 17,010 18,426
2008 US$'000 3,074 2,799 5,873 10,494 16,367
The following is an analysis of investment income earned on financial assets, by category of asset. 2009 2008 US$'000 US$'000
Available-for-sale financial assets Loans and receivables (including cash and bank balances)
35. OTHER GAINS AND LOSSES
17,010 1,416
10,494 5,873
2009 US$'000 Change in fair value of convertible bonds and notes payable designated as at fair value through profit and loss (Notes 19 and 23) Net gain (loss) on derivative transactions (Note 24) Net revaluation decrease Foreign exchange loss - net Net gain on disposal of property, vessels and equipment (Note 6) Gain on insurance claim Impairment of goodwill (Note 7) Others - net Total (196,420) 148,898 (61,188) (26,662) 762 215 735 (133,660)
2008 US$'000 305,958 (163,179) (199,520) (17,286) 50,907 809 (8,547) (4,374) (35,232)
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 36. EARNINGS PER SHARE Profit (Loss) for the year
2009 US$'000 Profit (Loss) for the year for the computation of basic earnings per share Unrealized fair value change of convertible bonds designated as FVTPL Loss for the year for the computation of diluted earnings per share
Earnings (Loss) Per Share
2008 US$'000
(117,004) -
24,892 (92,291)
(117,004)
(67,399)
2009 US$'000 Net Residual Income (Loss) - Basic Net Residual Loss - Diluted (117,004) (117,004) 2008 2009 Weighted average of outstanding shares for the purposes of basic earnings (loss) per share (in full amount) Potential effect of dilutive common shares (in full amount): Convertible bonds Weighted average of outstanding shares for the purposes of diluted earnings (loss) per share (in full amount) Theoretical ex-rights value per share Fair value of common share before the exercise of rights Earnings (Loss) per share (in full amount) - Basic - Diluted As restated
2008 US$'000 24,892 (67,399)
As originally reported
5,109,770,193
4,781,577,306
4,176,930,176
436,432,063
381,243,706
5,109,770,193 Rp 751.25 Rp 860 (0.0229) (0.0229)
5,218,009,369 0.0052 (0.0129)
4,558,173,882 0.0060 (0.0148)
In 2009, the potential shares on convertible bonds are anti-dilutive and are therefore excluded from the weighted average number of shares for the purposes of diluted earnings per share. In relation with the Rights Issue carried out in 2009, the basic and diluted earnings per share in 2008 were restated to give effect to the bonus element of the Rights Issue.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) In February 2010 and March 2010, BLT International Corporation, a subsidiary, issued US$ 100 million and US$ 25 million, respectively, 12% Guaranteed Convertible Bonds due 2015 (Note 44d). Such bonds are convertible into shares of the Company and would have changed the number of potential shares outstanding at the end of the reporting period had such bonds been issued before December 31, 2009. 37. DIVIDENDS AND APPROPRIATION FOR GENERAL RESERVES At the Annual General Meeting of Stockholders held on April 2009, the stockholders approved the declaration of dividends for 2008 amounting to Rp 5 per share (totaling US$ 2,082 thousand). At the General Meeting of Stockholders held on April 2008, the stockholders approved the declaration of dividends for 2007 amounting to Rp 50 per share (totaling US$ 22,876 thousand) and appropriate Rp 5,090,834 thousand (US$ 551 thousand) from retained earnings for general reserve. 38. NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES Nature of Relationship a. The ultimate controlling party of the Company and its subsidiaries is PT Bagusnusa Samudera Gemilang (Bagusnusa). b. PT Tunggaladhi Baskara is a major stockholder of the Company. c. Bagusnusa is the parent company of PT Tunggaladhi Baskara. The majority stockholder of Bagusnusa is Mr. Hadi Surya, one of the Companys commissioners. d. Bagusnusa is the majority shareholder of PT Garuda Mahakam Pratama. e. Pan Union Agencies Pte. Ltd., Poseidon Elite Navigation Pte. Ltd. and Pan Union Shipping Pte. Ltd. are wholly-owned, directly or indirectly, by Ms. Siana Anggraeni Surya, one of the Companys directors. f. PT Arpeni Pratama Ocean Line Tbk is owned by a close member of the family of Mr. Hadi Surya. Transactions with Related Parties In the normal course of business, the Company and its subsidiaries entered into certain transactions with related parties. These transactions included the following: a. Details of revenues from related parties are as follows:
2008 US$'000 Thai Petra Transport Co. Ltd. Pan Union Agencies Pte. Ltd. Total 57 3 60
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) b. Expenses paid to related parties accounted for 0.62% and 1.10% of total operating expenses in 2009 and 2008, respectively. The details of expenses from related parties are as follows:
2009 US$'000 Pan Union Agencies Pte. Ltd. Thai Petra Transport Co. Ltd. PT Arpeni Pratama Ocean Line Tbk PT Garuda Mahakam Pratama Total
c.
2008 US$'000 2,314 1,510 311 8 4,143
1,528 571 63 11 2,173
The remuneration of the Companys key management (commissioners and directors) during the year are as follows: 2009 2008 US$'000 US$'000
Short-term benefits Post-employment benefits Total
1,495 287 1,782
1,650 531 2,181
39. SEGMENT INFORMATION IFRS 8 requires operating segments to be identified on the basis of internal reports on components of the Company and its subsidiaries that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess their performance. The adoption of IFRS 8 in 2009 did not affect the identification of the Company and its subsidiaries reportable segments. For management reporting purposes, the Company and its subsidiaries are principally organized based on type of vessels chartered - chemical, gas, oil, and floating production, storage and offloading (FPSO). The following summary describes the operations in each of the reportable segments: a. Chemical tankers : provides maritime transportation of liquid chemical (organic and nonorganic) and vegetable oil and animal fats. : provides maritime transportation of liquified gas, which include among others, LPG, propylene, propane and LNG. : provides maritime transportation of lubricating oil (base oil and additives), crude oil and petroleum products. : provides processing and storage of oil in the Salawati oil exploration field, Papua.
b. Gas tankers c. Oil tankers
d. FPSO
The accounting policies of the operating segments are the same as the accounting policies described in Note 3. Assets and liabilities that relate jointly to two or more operating segments are allocated to their respective segments, if and only if, their related revenues and expense are also allocated to those segments.
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2009 Chemical US$'000 REVENUES External revenues Total segment revenues Segment expenses Voyage Expenses Port Charges Fuel Total Voyage Expenses Charter Expenses Vessel Depreciation and Ship Operating Expenses Ship operating expenses: Salaries Repairs and maintenance Spare parts Insurance Supplies Transportation Employees' meal allowances Processing of documents Lubricants Others Total Ship Operating Expenses Vessel Depreciation Total segment expenses Segment result 475,987 475,987 Gas US$'000 44,137 44,137 Oil US$'000 85,861 85,861 FPSO US$'000 10,367 10,367 Others * US$'000 1,994 1,994 Total US$'000 618,346 618,346
56,800 95,701 152,501 52,288
1,398 2,389 3,787 -
5,219 14,550 19,769 3,285
30 30 -
63,447 112,640 176,087 55,573
39,266 10,630 8,556 5,150 2,173 3,471 1,614 1,747 4,590 3,672 80,869 90,794 376,452 99,535
6,489 292 1,430 620 415 789 354 365 881 1,187 12,822 11,213 27,822 16,315
9,090 2,038 2,618 2,158 850 1,420 648 582 2,034 2,533 23,971 25,115 72,140 13,721
1,295 215 161 741 36 217 200 97 23 213 3,198 6,467 9,695 672
1,994
56,140 13,175 12,765 8,669 3,474 5,897 2,816 2,791 7,528 7,605 120,860 133,589 486,109 132,237
Unallocated income and expenses Change in fair value of convertible bonds and notes payable Other gains and losses - net Finance costs Net revaluation decrease General and administrative expenses Investment income Share in profits of associates Loss before tax Tax expense Loss for the year Other Information Capital additions Depreciation Assets Segment assets Unallocated Consolidated total assets Liabilities Segment liabilities Unallocated Consolidated total liabilities
(196,420) 123,948 (111,514) (61,188) (31,153) 18,426 9,621 (116,043) (961) (117,004)
141,808 90,794 1,578,283
36,613 11,213 249,911
14,048 25,115 257,084
17,905 6,467 47,189
222 71
210,596 133,589 2,132,538 389,477 2,522,015
54,105
9,193
16,141
1,086
67
80,592 1,792,664 1,873,256
* Represents agency and storage services
- 53 -
2008 Chemical US$'000 REVENUES External revenues Total segment revenues Segment expenses Voyage Expenses Port Charges Fuel Total Voyage Expenses Charter Expenses Vessel Depreciation and Ship Operating Expenses Ship operating expenses: Salaries Repairs and maintenance Spare parts Insurance Supplies Transportation Employees' meal allowances Processing of documents Lubricants Others Total Ship Operating Expenses Vessel Depreciation Total segment expenses Segment result 534,417 534,417 Gas US$'000 37,378 37,378 Oil US$'000 139,629 139,629 FPSO US$'000 10,980 10,980 Others * US$'000 1,278 1,278 Total US$'000 723,682 723,682
60,798 137,806 198,604 33,660
1,383 4,118 5,501 -
5,555 22,977 28,532 3,294
28 28 -
67,764 164,901 232,665 36,954
33,405 3,837 9,435 4,024 2,576 3,986 2,016 2,348 5,470 3,963 71,060 79,537 382,861 151,556
4,442 289 1,506 475 389 764 361 345 845 1,000 10,416 6,959 22,876 14,502
8,385 1,297 4,063 2,147 782 1,444 601 880 1,742 2,020 23,361 36,440 91,627 48,002
959 52 260 792 67 279 149 23 25 366 2,972 5,666 8,666 2,314
1,278
47,191 5,475 15,264 7,438 3,814 6,473 3,127 3,596 8,082 7,349 107,809 128,602 506,030 217,652
Unallocated income and expenses Change in fair value of convertible bonds and notes payable General and administrative expenses Finance costs Investment income Share in losses of associates Net revaluation decrease Impairment of goodwill Other gains and losses - net Profit before tax Tax expense Profit for the year Other Information Capital additions Depreciation Assets Segment assets Unallocated Consolidated total assets Liabilities Segment liabilities Unallocated Consolidated total liabilities
305,958 (35,485) (118,870) 16,367 (18,524) (199,520) (8,547) (133,123) 25,908 (1,016) 24,892
415,323 79,537
85,498 6,959
8,681 36,440
5,666
509,502 128,602
1,759,875
175,277
325,551
32,531
2,653
2,295,887 109,837 2,405,724
30,856
3,452
15,171
831
253
50,563 1,685,837 1,736,400
* Represents agency and storage services
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Geographical Information The Company is domiciled in Indonesia and its principal holding companies are domiciled in Malaysia. Management did not present an analysis of revenue from external customers attributed to the Companys country of domicile and those attributed to all foreign countries in total from which the revenues are derived, because the necessary information is not available and the cost to develop it would be excessive. Information about non-current assets by geographical locations based on the domicile of the Company and its principal holding companies.
2009 Malaysia US$'000 Indonesia US$'000 Elimination US$'000 Consolidated US$'000
Non-current assets Property, vessels and equipment - net Deferred charges and security deposits Goodwill Investment in associates Derivative financial instruments Total
1,723,975 15,073 63,075 75,976 19,124 1,897,223
261,811 59 864,040 1,125,910
6,189 7,949 12,664 (863,891) (2,180) (839,269)
1,991,975 23,081 75,739 76,125 16,944 2,183,864
2008 Non-current assets Property, vessels and equipment - net Deferred charges and security deposits Goodwill Investment in associates Total
Malaysia US$'000
Indonesia US$'000
Elimination US$'000
Consolidated US$'000
1,824,975 16,334 61,494 140 1,902,943
132,053 70 857,474 989,597
25,232 6,303 14,245 (857,341) (811,561)
1,982,260 22,707 75,739 273 2,080,979
Revenues from major services The Company and its subsidiaries operating revenues by type of services are as follows:
2009 US$'000 Time charters Spot contracts Agency fee and storage Total 92,578 523,773 1,995 618,346
2008 US$'000 106,126 616,278 1,278 723,682
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) 40. RECONCILIATION OF IFRS AND INDONESIAN GAAP For statutory reporting purposes in Indonesia, the Company continues to prepare consolidated financial statements in accordance with Indonesian GAAP. IFRS varies in certain significant respect from Indonesian GAAP. The application of IFRS that affected the preparation and presentation of the consolidated financial statements is discussed below. a. Goodwill Under Indonesian GAAP, goodwill arising from business acquisition is recognized as an asset and amortized as an expense over its useful life using straight-line method. The amortization period should not exceed five years, unless a longer period not exceeding 20 years can be justified. The Company is amortizing goodwill over 20 years. At each reporting date, management assessed whether there was any indication of impairment of the cash-generating unit to which the goodwill is attached to. Under IFRS, goodwill arising from business acquisition is initially recognized at cost, and is subsequently measured at cost less any accumulated impairment losses. In applying IFRS, the Company ceases amortizing goodwill starting January 1, 2003, the transition period when the Company first prepared its IFRS financial statements. The accumulated amortization of US$ 3,747 thousand recognized under Indonesian GAAP as of December 31, 2002 has been eliminated with a corresponding decrease in the cost of goodwill. The goodwill amortization of US$ 2,872 thousand and US$ 4,412 thousand for the years ended December 31, 2009 and 2008, respectively, recognized under Indonesian GAAP has also been reversed under IFRS. In 2008, under Indonesian GAAP, the Company and its subsidiaries recognized goodwill impairment amounting to US$ 29,136 thousand. Under IFRS, goodwill impairment in 2008 amounted to US$ 8,547 thousand. b. Property, Vessels and Equipment Prior to January 1, 2008, Indonesian GAAP does not generally allow companies to recognize increases in value of property, vessels and equipment that occur subsequent to acquisition, an exception is provided for revaluations made in accordance with government regulations. Effective January 1, 2008, Indonesian GAAP permits the use of revaluation model or cost model in measuring property, vessels and equipment after initial recognition. In 2008, for Indonesian reporting purposes, the Company and its subsidiaries did not recognize any revaluation increases on the vessels and continued to measure property, vessels and equipment at cost less accumulated depreciation and any accumulated impairment losses (cost model) because the Companys management was, at that time, still evaluating the tax implications of using the revaluation model. Effective January 1, 2009, the Company and its subsidiaries adopted the revaluation model in measuring the vessels subsequent to initial recognition.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) For IFRS reporting purposes, the Company and its subsidiaries adopted the Revaluation Model in measuring the vessels subsequent to initial recognition, from the time their first IFRS consolidated financial statements were prepared. Also, under Indonesian GAAP, the cost of acquired landrights is capitalized as land, which is not depreciated. Under IFRS, land use rights are considered as leases and such rights are amortized over the period the holder is expected to retain the landrights. c. Financial Instruments Under Indonesian GAAP, short-term and long-term bank loans are stated at nominal value, being the principal amount of the loan. Transaction costs on bank borrowings were classified as deferred charges and amortized on a straight-line basis over the period of the borrowings. For bonds payable, bonds issuance costs are deducted directly from the proceeds of the bonds. The difference between the net proceeds and principal amount of the bonds is amortized on a straight-line basis over the term of the bonds. All the proceeds obtained from the issuance of convertible bonds are recognized as liabilities. Under IFRS, financial liabilities are measured at amortized cost. Under Indonesian GAAP, non-interest bearing security deposits on operating leases are recorded at undiscounted amounts. Under IFRS, non-interest bearing security deposits on operating leases are recorded at fair value. The difference between the fair value and nominal amount is recorded as deferred rent and is amortized on a straight line basis over the lease term. Interest income is accreted on the security deposits using the effective interest rate. The change had an impact on amounts of reported net profits and retained earnings as follows:
2009 US$'000 Net profits Retained earnings

d. Measurement and Reporting Currency
2008 US$'000 768 802
304 1,106
Under Indonesian GAAP, the reporting currency used by enterprises in Indonesia is Rupiah. An enterprise may use another currency, only if the other currency meets the definition of functional currency. For statutory reporting purposes in Indonesia, the Companys subsidiaries domiciled in Indonesia whose functional currency is the U.S. Dollar, maintain their books of accounts in Rupiah and presents their financial statements also in Rupiah. For financial statement consolidation purposes, the Indonesian Rupiah financial statements of those subsidiaries were translated to U.S. Dollar in 2009, because of the change in reporting currency of the Company for Indonesian GAAP reporting purposes, from Indonesian Rupiah to U.S. Dollar, the Companys equity under Indonesian GAAP reflected a change from US$ 571,205 thousand to US$ 553,827 thousand. Under IFRS, enterprises should measure the transactions in terms of the functional currency. IFRS allows the use of a presentation currency other than the functional currency. Management has determined that the Companys functional currency is the US. Dollar. For IFRS reporting purposes, the transactions of the Companys subsidiaries whose functional currency is the U.S. Dollar were measured in terms of their functional currency.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) A summary of the significant adjustments to consolidated profits (loss) for the years ended December 31, 2009 and 2008 and to consolidated stockholders equity as of December 31, 2009 and 2008 from Indonesian GAAP to IFRS are set forth below:
December 31, 2009 2008 US$'000 US$'000
Note Profit (loss) for the year according to the consolidated statements of income prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Impairment of goodwill Depreciation of revalued vessels Gain on sale of property adjustment based on revalued amounts of vessels Net revaluation decrease Amortization of landrights Amortization of deferred rent Interest on security deposits Measurement of financial liabilities at amortized cost Total adjustments Profit (loss) for the year in accordance with IFRS Equity according to the consolidated balance sheets prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Impairment of goodwill Revaluation reserve Depreciation of revalued vessels Gain on sale of property adjustment based on revalued amounts of vessels Difference between depreciation expense based on revalued amounts and historical cost Amortization of landrights Revaluation decrease Amortization of deferred rent Interest on security deposits Foreign exchange loss Option premium on convertible bonds Measurement of financial liabilities at amortized cost Translation adjustment and effect of remeasurement Total adjustments Equity in accordance with IFRS
(285,876)
218,364
(a) (a) (b) (b) (b) (b) (c) (c) (c)
2,872 166,587 (34) (597) 348 (304) 168,872 (117,004)
4,412 20,589 (11,882) (44,082) (161,679) (45) (90) 73 (768) (193,472) 24,892
618,292
553,827
(a) (a) (b) (b) (b) (b) (b) (b) (c) (c) (c) (c) (c) (d)
11,373 20,589 (2,006) (24,833) (57,773) 95,020 (122) (10,433) (687) 421 (190) 177 (1,106) 37 30,467 648,759
8,501 20,589 234,454 (24,833) (57,773) 95,121 (88) (177,020) (90) 73 (190) 177 (802) 17,378 115,497 669,324
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) a. Reconciliation of consolidated statements of financial position between IFRS and Indonesian GAAP at December 31, 2009.
INDONESIAN GAAP US$ ('000) Property, vessels and equipment - net Advance for purchase of property, vessels and equipment Investments in associates Other non-current assets Total Non-Current Assets Trade accounts receivable Available-for-sale investments Cash Other current assets Total Current Assets Total Assets Share capital Additional paid-in capital Treasury stocks Translation adjustment Unrealized gain on available-for-sale investments Revaluation reserve Retained earnings Total Equity Long-term liabilities - net of current maturities Loan from financial institutions Bonds payable Obligations under finance lease Notes payable Other non-current liabilities Total Non-current Liabilities CURRENT LIABILITIES Short-term bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities Total Current Liabilities Total Equity and Liabilities 1,946,389 46,905 76,125 90,993 2,160,412 129,976 44,898 118,732 43,904 337,510 2,497,922 70,936 114,824 (86,628) (16,828) 757 237,677 297,554 618,292 Reconciling Items US$ ('000) 45,586 (46,905) 24,771 23,452 641 641 24,093 177 17,242 (2,006) 15,054 30,467 IFRS US$ ('000) 1,991,975 76,125 115,764 2,183,864 129,976 44,898 118,732 44,545 338,151 2,522,015 70,936 115,001 (86,628) 414 757 235,671 312,608 648,759
779,538 141,575 228,925 249,809 34,819 1,434,666
(8,084) (63) (8,147)
771,454 141,512 228,925 249,809 34,819 1,426,519
65,225 35,179 278,309 66,251 444,964 2,497,922
1,773 1,773 24,093
65,225 35,179 280,082 66,251 446,737 2,522,015
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) b. Reconciliation of consolidated statements of financial position between IFRS and Indonesian GAAP at December 31, 2008.
INDONESIAN GAAP US$ ('000) Property, vessels and equipment - net Investments in associates Other non-current assets Total Non-Current Assets Trade accounts receivable Available-for-sale investments Cash Other current assets Total Current Assets Total Assets Share capital Additional paid-in capital Treasury stocks Translation adjustment Unrealized loss on available-for-sale investments Revaluation reserve Retained earnings Total Equity Long-term liabilities - net of current maturities Loan from financial institutions Bonds payable Obligations under finance lease Convertible bonds Notes payable Other non-current liabilities Total Non-current Liabilities CURRENT LIABILITIES Short-term bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities Total Current Liabilities Total Equity and Liabilities 1,896,264 273 75,285 1,971,822 96,674 129,386 65,250 32,794 324,104 2,295,926 62,191 64,823 (86,628) (15,615) (1,865) 530,921 553,827 Reconciling Items US$ ('000) 85,996 23,161 109,157 641 641 109,798 177 16,013 234,454 (135,147) 115,497 IFRS US$ ('000) 1,982,260 273 98,446 2,080,979 96,674 129,386 65,250 33,435 324,745 2,405,724 62,191 65,000 (86,628) 398 (1,865) 234,454 395,774 669,324
721,496 81,450 155,376 36,250 132,000 162,796 1,289,368
(4,503) 78 (4,425)
716,993 81,528 155,376 36,250 132,000 162,796 1,284,943
176,589 17,346 187,960 70,836 452,731 2,295,926
(1,274) (1,274) 109,798
176,589 17,346 186,686 70,836 451,457 2,405,724
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) c. Reconciliation of consolidated statement of comprehensive income between IFRS and Indonesian GAAP for the year ended December 31, 2009.
INDONESIAN GAAP US$ ('000) Operating revenues Voyage expenses Operating revenues after voyage expenses Charter expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation 618,346 (176,087) * Reconciling Items US$ ('000) -
IFRS US$ ('000) 618,346 (176,087)
442,259 (54,976) *
(597)
442,259 (55,573)
(120,860) * (133,589) * (254,449)
(597) 1,774
(120,860) (133,589) (254,449) 132,237 (31,153)
Gross profit General and administrative Income before financial and other items Net financial and other items Finance cost Investment income Share in profits of associates Other gains and losses
132,834 (32,927)
99,907
1,177
101,084
(109,500) 18,078 9,621 (303,021) (384,822)
(2,014) 348 169,361 167,695 168,872 168,872
(111,514) 18,426 9,621 (133,660) (217,127) (116,043) (961) (117,004)
Loss before tax Tax expense Loss for the year
(284,915) (961) (285,876)
Presented as "Total direct costs" in Indonesian GAAP consolidated financial statements.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) d. Reconciliation of consolidated statement of comprehensive income between IFRS and Indonesian GAAP for the year ended at December 31, 2008.
INDONESIAN GAAP US$ ('000) Operating revenues Voyage expenses Operating revenues after voyage expenses Charter expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation 723,682 (232,575) * Reconciling Items US$ ('000) (90) IFRS US$ ('000) 723,682 (232,665)
491,107 (36,954) *
(90) -
491,017 (36,954)
(107,809) * (116,720) * (224,529)
(11,882) (11,882) (11,972) 826
(107,809) (128,602) (236,411) 217,652 (35,485)
Gross profit General and administrative Income before financial and other items Net financial and other items Finance costs Investment income Share in losses of associates Other gains and losses
229,624 (36,311)
193,313
(11,146)
182,167
(117,231) 16,294 (18,524) 145,528 26,067
(1,639) 73 (180,760) (182,326) (193,472) (193,472)
(118,870) 16,367 (18,524) (35,232) (156,259) 25,908 (1,016) 24,892
Income before tax Tax expense Profit for the year
219,380 (1,016) 218,364
Presented as "Total direct costs" in Indonesian GAAP consolidated financial statements.
41. FINANCIAL INSTRUMENTS A. Capital risk management The Company and its subsidiaries manage their capital to ensure that they will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance. The capital structure of the Group consists of debt, which includes the borrowings disclosed in Notes 17, 18, 19, 20, 23 and 25, cash, available-for-sale investments and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in Notes 11, 12, 13, 14, 15 and 16.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) The Companys Board of Directors periodically reviews the Companys capital structure. As part of this review, the Board of Directors considers the cost of capital and the related risks. The gearing ratio as of December 31, 2009 and 2008 is as follows:
Indonesian GAAP 2009 2008 US$'000 US$'000 Debt Cash and available-for-sale investments Net debt Equity Net debt to equity ratio 1,742,200 163,630 1,578,570 618,292 255% 1,490,530 194,636 1,295,894 553,827 234%
IFRS 2009 US$'000 1,735,826 163,630 1,572,196 648,759 242% 2008 US$'000 1,484,831 194,636 1,290,195 669,324 193%
The other long-term payable to Teekay Corp., amounting to US$ 12,409 thousand and US$ 13,000 thousand, as of December 31, 2009 and 2008, respectively, was not considered by the Companys management in the calculation of the consolidated net debt to equity ratio (CNDER). As of December 31, 2009 and 2008, had the other long-term payable to Teekay Corp. been considered, the CNDER would have been as follows:
Indonesian GAAP 2009 2008 US$'000 US$'000 Net debt to equity ratio
B. Significant Accounting Policies
IFRS 2009 US$'000 244% 2008 US$'000 195%
257%
236%
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognized, in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 3 to the consolidated financial statements. C. Categories of Financial Instruments Financial Assets
Financial assets at FVTPL US$'000 As of December 31, 2009 Derivative financial instruments Security deposits Trade accounts receivable Other accounts receivable Available-for-sale investments Cash 19,203 19,203 As of December 31, 2008 Security deposits Trade accounts receivable Other accounts receivable Available-for-sale investments Cash Availablefor-sale investments US$'000 44,898 44,898 Loans and receivables US$'000 15,601 129,976 7,350 118,732 271,659 Held-tomaturity investments US$'000 -
129,386 129,386
15,104 96,674 4,667 65,250 181,695
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Financial Liabilities
As of December 31, 2009 Financial Other liabilities at financial FVTPL liabilities US$'000 US$'000 Long-term loans from financial institutions Bonds payable Notes payable Other long-term payable Convertible bonds Obligations under finance lease Derivative financial instruments Short-term bank loans Trade accounts payable Other current liabilities and accrued expense 249,809 99,560 28,284 377,653 911,868 147,867 12,409 261,497 65,225 35,179 53,241 1,487,286 As of December 31, 2008 Financial Other liabilities at financial FVTPL liabilities US$'000 US$'000 132,000 36,250 175,983 344,233 814,936 81,528 13,000 243,528 176,589 17,346 37,313 1,384,240
The convertible bonds with a nominal value of US$ 125 million and notes payable with a nominal value of US$ 400 million were designated at fair value through profit or loss (FVTPL) upon initial recognition in 2007. The fair value and the change in that fair value attributable to changes in credit risk are presented as follows:
2009 Convertible Notes bonds payable US$'000 US$'000 Contractual amount to be paid at maturity Fair values Changes in fair value attributable to changes in credit risk Difference between carrying amount and amount contractually required to be paid at maturity 161,975 99,560 (34,099) 400,000 249,809 (140,924)
2008 Convertible Notes bonds payable US$'000 US$'000 161,975 36,250 (114,142) 400,000 132,000 (108,966)
(62,415)
(150,191)
(125,725)
(268,000)
The change in fair value attributable to change in credit risk is determined as the residual of the change in fair value attributable to the change in market risk from the total change in fair value of the financial liabilities. The change in fair value attributable to its change in market risk was computed using the benchmark interest rates as at the end of operating period. The change in fair value was impacted by the downgrade of the notes payables and convertible bonds credit rating. D. Financial Risk Management Objective The Company and its subsidiaries also have established financial risk management and policy which seeks to ensure that adequate financial resources are available for the development of the Company and its subsidiaries business while managing their foreign exchange, interest rate, credit and liquidity risks. The Company and its subsidiaries operate within defined guidelines that are approved by the Board of Directors, and policies in respect of the major areas of treasury activity.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Foreign Exchange Risk Management The Company and its subsidiaries conduct business in currencies other than their respective functional currency primarily in Indonesian Rupiah, Japanese Yen, Singapore Dollar and British Pound Sterling. Foreign currency exposures and fluctuations have not had a material impact on the Company and its subsidiaries in recent years. It is the Company and its subsidiaries policy to manage foreign exchange risks within prudent levels so as to maximize profits. The Company and its subsidiaries have practices that include the periodic review of the impact of movements in foreign exchange rates on profitability so that appropriate action is taken to mitigate these risks. Foreign exchange risk exposures are measured using a sensitivity analysis as shown below. The carrying amounts of the Company and its subsidiaries monetary assets and monetary liabilities denominated in currencies other than their respective functional currency at the reporting dates are as follows:
Assets 2009 2008 US$'000 US$'000 Indonesian Rupiah Japanese Yen British Pound Sterling Euro Chinese Renminbi Hong Kong Dollar Singapore Dollar 46,861 2,000 418 3,926 3 25 6,109 59,342 4,819 236 3,056 3,227 2,458 2,049 436 16,281
Liabilities 2009 2008 US$'000 US$'000 117,740 96 166 10 1 4,497 122,510 211,907 52 168 71 329 212,527
The following table details the Company and its subsidiaries sensitivity to changes in US Dollar against the above currencies. The sensitivity rate below are used when reporting foreign currency risk internally to key management personnel and represents managements assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at period end for the change in foreign currency exchange rates. A positive number below indicates an increase in profit and equity where the above currencies strengthen at certain percentage against the U.S. Dollar. For the same percentage of weakening of the above currencies against the U.S. Dollar, there would be an equal and opposite impact on profit and equity.
2009 Sensitivity rate Effect on profit or loss and equity US$'000 (4,962) 133 50 376 (1) - * 81
2008 Sensitivity rate Effect on profit or loss and equity US$'000 (12,425) 11 367 306 119 17 22
Indonesian Rupiah Japanese Yen British Pound Sterling Euro Chinese Renminbi Hong Kong Dollar Singapore Dollar
* Less than US$ 500.
7% 7% 12% 10% 6% 1% 5%
6% 12% 10% 6% 5% 1% 5%
In managements opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk as the year-end exposure does not reflect the exposure during the year.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) It is also the policy of the Company and its subsidiaries to enter into cross currency and interest rate swap derivative contracts to cover exposures on specific foreign currency principal and interest payments. These contracts are entered into as economic hedge of the risk exposure although hedge accounting has not been applied. The following table details the cross currency and interest rate swap derivative contracts outstanding as at reporting date: Fair value Notional Amounts Asset (Liability) 2009 2008 2009 2008 US$'000 US$'000 US$'000 US$'000
Less than 1 year 1 to 2 years 2 to 5 years More than 5 years
156,676 102,273 500,000 758,949
156,667 6,676 102,272 575,000 840,615
1,597 (17,407) 16,944 1,134
(30,784) (1,405) (49,893) (11,340) (93,422)
Interest Rate Risk Management The Company and its subsidiaries are also exposed to interest rate risk as they also borrow funds in Rupiah and U.S. Dollar at both fixed and floating interest rates. The risk is managed by maintaining an appropriate mix between fixed and floating rate borrowings and minimizing the exposure through cross currency swap contracts (combined interest rate swap contracts and forward foreign exchange contracts). The Companys exposure to interest rate on financial assets and financial liabilities are detailed in the liquidity risk management section on this note. The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the reporting date. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the reporting date was outstanding for the whole year. A 150 basis points (2008:120 basis points) increase or decrease is used when reporting interest rate risk internally to key management personnel and represents managements assessment of the reasonably possible change in interest rates. If interest rates had been 150 basis points (2008: 120 basis points) higher or lower and all other variables were held constant, the Company and its subsidiaries profit (loss) for the year ended December 31, 2009 and December 31, 2008 would decrease/increase by US$ 12,788 thousand and US$ 11,799 thousand, respectively. This is mainly attributable to the exposure to interest rates on its variable rate borrowings. Credit Risk Management The Company and its subsidiaries exposure to credit risk is primarily attributable to trade and other accounts receivable, investments and bank balances. In determining the credit terms for customers, they consider the following factors: the financial strength of the customer, the customers historical payment record, the length of the relationship with the customer and the distance or duration of a specific voyage. Based on these factors, the Company and its subsidiaries credit terms may vary. The credit terms may also be modified based on negotiations with each customer. It is the Company and its subsidiaries policy to monitor the financial standing of these receivables on an on-going basis to ensure that the Company and its subsidiaries are exposed to minimal credit risk. Bank balances and investments are placed with credit worthy financial institutions. Although the Company and its subsidiaries generate more than 5% of their revenue from Pertamina (National Oil Company of Indonesia), there has been no history of credit default with Pertamina. The carrying amount of financial assets recorded in the consolidated financial statements (Note 41C) represents the Company and its subsidiaries maximum exposure to credit risk without taking account of the value of any collateral obtained.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Fuel Risk Management The Company and its subsidiaries earnings are affected by changes in the price of bunker fuel. Their strategy for managing the risk on fuel price, aims to provide their protection against sudden and significant increase in bunker fuel prices. In meeting these objectives, the fuel management program allows for the prudent use of approved instruments such as bunker swaps with approved counterparties and within approved credit limits. Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an appropriate liquidity risk management framework for the management of the Company and its subsidiaries short, medium and long-term funding and liquidity management requirements. The Company and its subsidiaries manage liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Liquidity and interest rate risk tables The following tables detail the Company and its subsidiaries remaining contractual maturity for its non-derivative financial assets and liabilities. The tables have been drawn up based on the undiscounted cash flows of financial assets based on the contract and obligations of the counterparty and financial liabilities based on the earliest date on which the Company and its subsidiaries can be required to pay. The table includes both interest and principal cash flows. Interest on financial instruments classified as floating rate is repriced at intervals of less than one year. Interest on financial instruments classified as fixed rate is fixed until the maturity of the instrument. The other financial instruments of the Company and its subsidiaries that are not included in the tables are non-interest bearing and are therefore not subject to interest rate risk. The Company and its subsidiaries policy is to borrow principally on the floating rate basis but to retain a proportion of fixed rate debt. The objectives for the mix between fix and floating rate borrowings are set to reduce the impact of an upward change in interest rate while enabling benefits to be enjoyed if interest rates fall. Financial Liabilities
Weighted average effective interest rate 2009 Non interest bearing Obligations under finance lease Floating interest rate instruments Fixed interest rate instruments
Less than 1 month US$'000 26,145
1-3 months US$'000 18,245 5,535 37,810 8,499 70,089
3 months to 1 year US$'000 163,444 25,667 117,029 82,895 389,035
1 - 5 years US$'000 237,207 396,188 812,812 1,446,207
After 5 years US$'000 311,577 7,209 318,786
Total US$ 000 207,834 271,296 890,198 918,700 2,288,028
8.26% 2.39% 9.62%
2,887 27,594 7,285 63,911
2008 Non interest bearing Obligations under finance lease Floating interest rate instruments Fixed interest rate instruments
9,264 7.97% 5.89% 9.46% 2,509 90,336 18,146 120,255
9,580 4,802 33,055 37,472 84,909
1,459 88,388 112,993 37,733 240,573
161,975 177,568 428,530 233,502 1,001,575
335,778 424,679 760,457
182,278 273,267 1,000,692 751,532 2,207,769
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) The following table details the Company and its subsidiaries expected maturity for its nonderivative financial assets. The tables below have been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets except where the Company and its subsidiaries anticipates that the cash flow will occur in a different period. Financial Assets
Weighted average effective interest rate % 2009 Non interest bearing Floating interest rate
Less than 1 month US$'000 57,098 57,098
1 - 3 months US$'000 76,474 44,898 121,372
3 months to 1 year US$'000 3,755 42,858 46,613
1- 5 years US$'000 -
After 5 years US$'000 15,601 15,601
Total US$'000 152,928 87,756 240,684
2008 Non interest bearing Floating interest rate
75,193 2.54% 75,193 -
48,289 36,688 84,977
135,807 135,807
15,104 -
274,393 36,688 311,081
The Company and its subsidiaries expect to meet their other obligations by utilizing operating cash flows, proceeds of maturing financial assets, bank and equity financing. Other price risks In addition to market price risk on available-for-sale investments, the Company is exposed to market price risks because of the convertible bonds and notes payable issued by BLTF BV and which were classified as financial liability at fair value through profit or loss (see Notes 19 and 23). To manage its price risk arising on convertible bonds, the Companys management supervises and monitors the Company and its subsidiaries performance. As of December 31, 2009 and 2008, if the market price of the financial liabilities had increased/decreased by the following sensitivity rates with all other variables held constant, posttax profit for the year would have been lower/higher as follows, mainly as a result of the change in the fair value of the convertible bonds and notes payable recognized in profit or loss.
2009 Effect on profit Sensitivity or loss and equity Rate US$'000 Convertible bonds Notes payable 25% 15% 24,890 37,471
2008 Effect on profit Sensitivity or loss and equity Rate US$'000 25% 20% 9,062 26,400
If prices for available-for-sale investments increase or decrease by 1% with all other variables being constant, the effect on equity is as follows:
2009 US$'000 Increase/Decrease in equity 449
2008 US$'000 1,294
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) Fair value of financial instruments Except as detailed in the following table, the management considers that the carrying amounts of financial assets and financial liabilities recorded at amortized cost in the consolidated financial statements (Note 41C) approximate their fair values:
2009 Carrying amount US$'000 Borrowings: Bonds payable Other long-term payable at fixed rate 147,867 12,409 Fair value US$'000 149,970 14,771 Carrying amount US$'000
2008 Fair value US$'000 96,323 14,528
81,528 13,000
The fair values of financial assets and financial liabilities are determined as follows: the fair values of financial assets and financial liabilities with standard terms and conditions and traded on active markets are determined with reference to quoted market prices; the fair values of other financial assets and financial liabilities (excluding derivative instruments) are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and dealer quotes for similar instruments; the fair value of derivative instruments are calculated using quoted prices. Where such prices are not available, discounted cash flow analysis is performed using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves from quoted interest rates. Fair value measurements recognized in the statement of financial position The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
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2009 Level 1 US$'000 Financial assets at FVTPL Derivative financial assets Available-for-sale investments Total Financial liabillities at FVTPL Derivative financial liabllities Convertible Bonds Notes payable Total Level 2 US$'000 Level 3 US$'000 Total US$'000
44,898 44,898
19,203 19,203
19,203 44,898 64,101
(99,560) (249,809) (349,369)
(28,284) (28,284)
(28,284) (99,560) (249,809) (377,653)
There are no transfers between Levels 1 and 2 in 2009. 42. NON CASH TRANSACTIONS In 2009 and 2008, a subsidiary entered into non-cash investing and financing activities through the acquisition of vessels under finance leases amounting to US$ 35,895 thousand and US$ 91,952 thousand, respectively. 43. COMMITMENTS a. The Company and its subsidiaries have some charter contracts with Pertamina amounting to US$ 13 million - US$ 37 million per year, which will end between 2010 - 2016. At the reporting date, the Company and its subsidiaries have contracts with Pertamina with the following future minimum lease receipts:
2009 US$'000 Within one year In the second to fifth years inclusive Total 21,057 80,914 101,971
2008 US$'000 63,697 51,064 114,761
Revenues earned by the Company on those contracts, which were included in operating revenues, amounted to US$ 49,684 thousand and US$ 55,950 thousand in 2009 and 2008, respectively. b. The Company and its subsidiaries have outstanding charter contracts under operating leases with third parties amounting to US$ 1 million to US$ 57 million per year, which will end between 2010 - 2021.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) At the reporting date, the Company and its subsidiaries have outstanding commitments under non-cancellable charter contracts, with scheduled maturities as follows:
2009 US$'000 Within one year In the second to fifth years inclusive After five years Total 56,754 197,027 129,471 383,252
2008 US$'000 50,533 193,469 115,769 359,771
The minimum lease payments under charter contracts recognized as an expense amounted to US$ 55,573 thousand and US$ 36,954 thousand in 2009 and 2008, respectively. c. The Company and its subsidiaries have several contracts with shipyards in Japan for the construction of new vessels with total contract price of approximately JPY 46,387 million in 2009 and JPY 53,079 million in 2008.
d. In April 2008, Chembulk Tankers LLC, obtained an irrevocable Standby Letter of Credit (SBLC) facility from ING Bank N.V, Singapore Branch amounting to US$ 29,200 thousand. Such SBLC is secured by a subsidiarys vessel and is reduced periodically by US$ 3,600 thousand and matures on January 19, 2019. e. On January 17, 2008 Richesse Logistics (Fangcheng Port) Co., Ltd. entered into an agreement with Fangcheng Port Group Co. Ltd. for the reclamation and use of land with a total area of 360 million square meters. A total of 83 million square meters represent capital contribution of Fangcheng Port Group Co. Ltd. and the remaining 277 million square meters will be purchased for RMB 83 million. The agreement also mentioned that Richesse Logistics (Fangcheng Port) Co., Ltd. will be responsible for, among others, applying the license to use the property. As of December 31, 2009, Richesse Logistics (Fangcheng Port) Co., Ltd, has paid US$ 17.5 million, which is included under the construction in progress account. 44. SUBSEQUENT EVENTS a. In January 2010, MT Pramoni, one of chartered vessels of the Company was taken over by pirates during a controlled transit in the Gulf of Aden on the passage to Kandla, India. In February 2010, the vessel was recovered. b. In January 2010, a subsidiary obtained a long-term charter contract with Pertamina for the Provision of a Very Large Gas Carrier (VLGC) for period of 5 years with additional 2-year option. c. In January 2010, the repayment of the term loan facility from DVB Group Merchant Bank (Asia) Ltd., was extended until January 2012 (Note 25A).
d. In February 2010, BLT International Corporation, a subsidiary, issued US$ 100 million 12% Guaranteed Convertible Bonds due 2015 through an offshore private placement with J.P. Morgan Securities Ltd and RS Platou Markets AS as joint placement agents. The Convertible Bonds are issued at 100 percent of the principal amount and are exercisable at the option of the holders at any time from 41 days after the Closing Date until 10 days before maturity, and shall be convertible into ordinary shares of the Company listed on the Indonesia Stock Exchange. The Convertible Bonds also have a maturity of five years and the holders have the right to put on a date that falls three years after February 10, 2010 (Closing Date). The yield to put/maturity is 12 percent. In March 2010, an additional US$ 25 million was issued by BLT International Corporation.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2009 AND 2008 AND FOR THE YEARS THEN ENDED (Continued) e. In February 2010, certain subsidiary has withdrawn the funds being managed by First Strategic Advisors Inc, amounting to US$ 9,226 thousand. f. In March 2010, the Company obtained an investment credit facility from Bank Negara Indonesia with a maximum credit of Rp 337 billion.
g. In April 2010, the long-term receivables amounting to US$ 2,323 thousand were subsequently paid by Teekay BLT Corporation. 45. IMPACT OF GLOBAL FINANCIAL CRISIS In 2008, the global financial and capital markets have experienced severe credit crunch and volatility. These were generally characterized by weak consumer demand, liquidity problems and decreased freight rates, which had an adverse effect on the Company and its subsidiaries' operations. Accordingly, in 2009, the operating revenues of the Company and its subsidiaries decreased compared with 2008. The Company and its subsidiaries incurred a loss in 2009 of US$ 117,004 thousand which was principally due to non-operating losses arising from changes in the fair value of the convertible bonds and notes payable, decrease in the fair value of the vessels and decrease in income from operations. While global trade and industrial production shows signs of recovery, there are still certain challenges faced by the shipping industry. The ability of the Company and its subsidiaries to maintain operations and profitability, pay their debts as they mature and meet their financial covenants with lenders may be dependent to a large extent on the measures being instituted by management, which include, among others, the following: Generate new long-term contracts across diversified geographic areas and industries; Take advantage of the Indonesia cabotage opportunities; Improve the capital structure and liquidity; Secure access to financing of new vessel deliveries; and Implement cost efficiency measures.
Note 41 to the consolidated financial statements also describes the Company and its subsidiaries' financial risk management and also their liquidity risk profile. Despite the current uncertain economic outlook, management has a reasonable expectation that the Company and its subsidiaries will be able to execute its strategies and manage its business and financial risks successfully. The Company and its subsidiaries' management also believes that they have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the consolidated financial statements. 46. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements were approved by the Board of Directors and authorized for issue on April 12, 2010. *******
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gRoUP ADDRESSES
hEAD offICE
PT Berlian Laju Tanker Tbk head office Wisma BSG, 10th floor jalan Abdul Muis no.40 jakarta 10160 indonesia phone: +62 21 30060300 Fax: +62 21 30060389 email: investor@blt.co.id, marketing@blt.co.id
SUBSIDIARIES
PT Banyu Laju Shipping Wisma BSG, 10th floor jalan Abdul Muis no.40 jakarta 10160 indonesia phone: +62 21 30060300 email: blsjkt@blt.co.id PT Karya Bakti Adil Wisma BSG, 10th floor jalan Abdul Muis no.40 jakarta 10160 indonesia phone: +62 21 30060300 Fax: +62 21 30060461 email: crew@blt.co.id gold Bridge Shipping Ltd China insurance Group Building, 20th floor, Room 2007-10 141 Des Voeux Road, Central Hongkong phone: +852 28542318, +852 28542592 telex: 682112 oVieW HX Fax: +852 28544704, +852 28544341 email: marketing@gbship.com gBLT Shipmanagement Pte Ltd 120, lower Delta Road #08-02, Cendex Centre Singapore 169208 phone: +65 6508 8380 Fax: +65 6508 8381 , +65 6508 8382 email: technical@gbl.tcom.sg, marine@gblt.com.sg gBLT Shipmanagement (UK) Limited 301 Springhill parkway Glasgow, G69 6GA Scotland, united kingdom phone: + 44 141 773 2110 Fax: +44 141 771 9530 email: admin@gblt.co.uk Chembulk Tankers LLC 11 Wilton Road Westport, Ct 06880 phone: 203 682 1700 Fax: 203 227 0141 email: chatering@chembulktankers.com, operation@chembulktankers.com Chembulk Management Private Ltd. Singapore 120, lower Delta Road #08-02, Cendex Centre Singapore 169208 phone: +65 6508 8377 Fax: +65 6508 8376 email : chartering@chembulk.com.sg, operations@chembulk.com.sg
REPRESENTATIVE
BLT Beijing Room 701, Blk 3, Huaqiao Building no.24 jian Guo Men Wai Road Chao Yang District, Beijing 100022, China phone: +86 10 65150116 Fax: +86 10 65159590 email: huming@bsg-cn.com BLT Shanghai Room 3007-08, 30th floor Hongkong plaza, South Building no.283 Huai Hai Zhong Road Shanghai 200021, China phone: +86 21 63906060 Fax: +86 2163906060 email: agency@blshipping.com.cn, marketing@blshipping.com.cn BLT Taiwan 5th floor, tai Hong Building no.71 nanking east Road, Sec.2 taipei, taiwan, R.o.C phone: +886 2 25428611, 2563140-42 Fax: +886 2 25718119, 25517990 email: carli@tpts4.seed.net.tw BLT Dubai 3rd floor, Mashreg Bank Building (Barwil Dubai office area) khor Baranch, Bur Dubai, Dubai, ueA phone: +971 4 3533737 Fax: +971 4 3533828 email : bltdubai@eim.ae BLT Mumbai Liaison Room 243, DBS Business Center 2nd Floor Raheja Chamber Free press journal Road 213 nariman point Mumbai 400 021, india phone: +91 22 40509243 Fax: +91 22 22872640 email: bltmumbai@hathway.com BLT Xiamen Room 3202, 32/F, the Bank Centre, no. 189, Xiahe Road, Xiamen City Fujian province, China phone + 86 592 2218172 email: xmadmin@bltshipping.com.cn CBL Tankers do Brasil ltda. Al. Campinas 728, cj, 33 So paulo, S.p. , Brazil Cep: 01404-001 tel.: +55 11 2592 4984 Fax: +55 11 2592 4985 email: saopaulo@chembulktankers.com
BRANCh offICE
PT Berlian Laju Tanker Tbk Dumai Branch Graha Berlian Dumai, 3rd floor jalan Yos Sudarso no.159 Dumai 28814 indonesia phone: +62 765 38466, 439143 Fax: +62 765 31884 email: blt.dmi@blt.co.id, bltdmi@telkom.net PT Berlian Laju Tanker Tbk Merak Branch jalan pulorida no.18, Desa tamansari, Merak, Banten 42438 indonesia phone: +62 254 570560, 570561 Fax: +62 350 5406 email: bltmrk@blt.co.id
PT Berlian Laju Tanker Tbk Wisma BSG, 10th Floor jl. Abdul Muis no. 40 jakarta 10160 - inDoneSiA ph + 62 21 3006 0300 Fx + 62 21 3006 0389, 3006 0391 email: investor@blt.co.id marketing@blt.co.id
gBLT Shipmanagement Pte Ltd 120, lower Delta Road #08-02, Cendex Centre Singapore 169208 phone: +65 6508 8380 Fax: +65 6508 8381

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PT BERLIAN LAJU TANKER Tbk

AnnuAl RepoRt 2009

Stay Vigilant, Stay Resilient

DAfTAR ISI | Contents

pt BeRliAn lAju tAnkeR tBk Annual Report 2009

Riwayat singkat peRusahaan

RIwAyAT SINgKAT PERUSAhAAN

pt BeRliAn lAju tAnkeR tBk Annual Report 2009

tonggak penting peRjalanan peRseRoan Corporate Milestones

Memulai transportasi gas cair

Meresmikan beroperasinya kantor perwakilan di glasgow guna melayani pasar Eropa

ToNggAK PENTINg PERJALANAN PERSERoAN

established with two vessels as assets chartered to Pertamina

Commenced transportation of liquified gas

pt BeRliAn lAju tAnkeR tBk Annual Report 2009

tonggak penting peRjalanan peRseRoan Corporate Milestones

Membuka kantor perwakilan di Dubai

ikhtisaR data keuangan penting Financial Highlights

in uSD or Rupiah based on inDo GAAp 2009

pt BeRliAn lAju tAnkeR tBk Annual Report 2009

ikhtisaR data keuangan penting Financial Highlights

in uSD based on iFRS 2009

stRuktuR oRganisasi Organization Structure

STRUKTUR oRgANISASI oRGAnIzAtIon stRUCtURe

Business Development Director

Finance Accounting Ship Management Controller

Marketing & operation

Finance operation treasury

organization Development Adm & office Management

Marketing & operation Agency

pt BeRliAn lAju tAnkeR tBk Annual Report 2009

infoRmasi peRseRoan Company Information

sambutan dewan komisaRis

SAMBUTAN DEwAN KoMISARIS

pt BeRliAn lAju tAnkeR tBk Annual Report 2009

Remarks from Board of Commissioners

ReMARks FRoM BoARD oF CoMMIssIoneRs

sambutan dewan komisaRis

pt BeRliAn lAju tAnkeR tBk Annual Report 2009

Remarks from Board of Commissioners

Sekian dan terima kasih. Dewan Komisaris

lapoRan tugas pengawasan dewan komisaRis

PENgAwASAN DEwAN KoMISARIS

pt BeRliAn lAju tAnkeR tBk Annual Report 2009

Supervisory Report of the Board of Commissioners

tHe BoARD oF CoMMIssIoneRs

lapoRan tugas pengawasan dewan komisaRis

pt BeRliAn lAju tAnkeR tBk Annual Report 2009

Supervisory Report of the Board of Commissioners

lapoRan tugas pengawasan dewan komisaRis

pt BeRliAn lAju tAnkeR tBk Annual Report 2009

Supervisory Report of the Board of Commissioners

Remarks from Board of Directors

ReMARks FRoM BoARD oF DIReCtoRs

pt BeRliAn lAju tAnkeR tBk Annual Report 2009

Remarks from Board of Directors

Revenue Gross profit net profit/(loss)

Remarks from Board of Directors

pt BeRliAn lAju tAnkeR tBk Annual Report 2009

Remarks from Board of Directors

pt BeRliAn lAju tAnkeR tBk Annual Report 2009

Remarks from Board of Directors

pt BeRliAn lAju tAnkeR tBk Annual Report 2009