PT Sawit Sumbermas Sarana Tbk. dan entitas anaknya/and its ... · Beban penjualan (177.149.308) 2t,35 (156.265.885) Selling expenses. General and administrative . Beban umum dan administrasi

PT Sawit Sumbermas Sarana Tbk. dan entitas anaknya/and its subsidiaries Laporan keuangan konsolidasian interim tanggal 30 September 2018 dan untuk periode sembilan bulan yang berakhir pada tanggal tersebut beserta laporan atas reviu informasi keuangan interim / Interim consolidated financial statements as of September 30, 2018 and for the nine-month period then ended with report on review of interim financial information

The original interim consolidated financial statements included

herein are in the Indonesian language.

PT SAWIT SUMBERMAS SARANA TBK. DAN ENTITAS ANAKNYA

LAPORAN KEUANGAN KONSOLIDASIAN INTERIM TANGGAL 30 September 2018 DAN

UNTUK PERIODE SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL TERSEBUT

BESERTA LAPORAN ATAS REVIU INFORMASI KEUANGAN

PT SAWIT SUMBERMAS SARANA TBK. AND ITS SUBSIDIARIES

INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2018 AND FOR THE NINE-MONTH PERIOD THEN ENDED

WITH REPORT ON REVIEW OF FINANCIAL INFORMATION

Daftar Isi Table of Contents

Halaman/ Page Surat Pernyataan Direksi Directors’ Statement Letter Laporan atas Reviu Informasi Keuangan Interim Report on Review of Interim Financial Information Laporan Posisi Keuangan Konsolidasian Interim ......... 1 - 3 …...Interim Consolidated Statement of Financial

Position Laporan Laba Rugi dan Penghasilan Interim Consolidated Statement of Profit or Loss Komprehensif Lain Konsolidasian Interim............. 4 ............................. and Other Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian Interim ..... 5 .…Interim Consolidated Statement of Changes in Equity Laporan Arus Kas Konsolidasian Interim ..................... 6 - 7 .…………Interim Consolidated Statement of Cash Flows Catatan atas Laporan Keuangan Notes to the Interim Konsolidasian Interim .......................................... 8 - 124 ............................. Consolidated Financial Statements

**************************

The original interim consolidated financial statements included herein are in the Indonesian language.

PT SAWIT SUMBERMAS SARANA Tbk. DAN ENTITAS ANAKNYA

LAPORAN POSISI KEUANGAN KONSOLIDASIAN INTERIM Tanggal 30 September 2018

(Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain)

PT SAWIT SUMBERMAS SARANA Tbk. AND ITS SUBSIDIARIES

INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION As of September 30, 2018

(Expressed in thousands of Rupiah, unless otherwise stated)

Disajikan kembali - Catatan 4/ As restated - Note 4 30 September/ 1 Januari/ September 30, January 1, 2017/ 2018 31 Desember/ 31 Desember/ Catatan/ (Tidak diaudit)/ December 31, December 31, Notes (Unaudited) 2017 2016

ASET ASSETS ASET LANCAR CURRENT ASSETS Kas dan setara kas 2f,2g,5 2.083.816.763 2.200.759.180 162.460.544 Cash and cash equivalents Deposito berjangka 2f,2g,6,38d 20.000.000 - - Time deposits Piutang usaha Trade receivables Pihak berelasi 2f,2u,38a 105.707.597 - - Related parties Pihak ketiga 2f,7 229.139.570 26.985.872 238.779.892 Third parties Piutang lain-lain Other receivables Pihak berelasi 2f,2u,38a 637.840.905 384.015.062 260.154.982 Related parties Pihak ketiga 2f,8 44.616.814 4.923.526 2.487.558 Third parties Persediaan 2i,9 281.438.289 222.031.419 121.834.023 Inventories Aset derivatif, neto 2f,10 781.786 22.764.660 - Derivative assets, net Aset biologis 2j,11 123.493.595 171.927.553 145.251.112 Biological assets Pinjaman kepada pihak berelasi 2f,2u,38a 1.875.396.706 1.655.898.496 960.617.582 Loans to related parties Biaya dibayar dimuka 2h,12 12.486.337 2.797.215 2.021.149 Prepayments Uang muka Advances Pihak ketiga 13 19.424.481 5.004.191 4.975.827 Third parties Pajak dibayar dimuka 23a 116.711.175 56.169.388 43.510.636 Prepaid taxes Aset lancar lainnya 2f,10 424.485.123 143.228.394 - Other current assets

TOTAL ASET LANCAR 5.975.339.141 4.896.504.956 1.942.093.305 TOTAL CURRENT ASSETS

ASET TIDAK LANCAR NON-CURRENT ASSETS Taksiran tagihan restitusi pajak 23b 61.409.099 76.244.209 142.405.561 Estimated claims for tax refund Aset tetap dan tanaman produktif 2k,14 4.504.357.852 4.399.217.848 4.266.038.149 Fixed assets and bearer plants Aset takberwujud, neto 2l,2o,15 3.304.455 3.407.552 3.545.016 Intangible assets, net Investasi saham 2f,16 95.000.000 95.000.000 95.000.000 Investment in shares of stock Aset pajak tangguhan, neto 2q,23f 23.770.563 15.782.209 23.187.482 Deferred tax assets, net Proyek pengembangan usaha 17 8.001.455 8.001.455 7.948.631 Business development project Piutang lain-lain pihak ketiga Other receivables third parties tidak lancar 19 - 922.164 626.706.384 non-current Piutang plasma 2f,2n,18 270.168.098 230.663.898 199.882.217 Plasma receivables Aset tidak lancar lainnya 20 57.790.186 48.108.177 1.414.477 Other non-current assets

TOTAL ASET TIDAK LANCAR 5.023.801.708 4.877.347.512 5.366.127.917 TOTAL NON-CURRENT ASSETS

TOTAL ASET 10.999.140.849 9.773.852.468 7.308.221.222 TOTAL ASSETS

Catatan atas laporan keuangan konsolidasian interim terlampir merupakan bagian integral dari laporan keuangan konsolidasian

interim. The accompanying notes to the interim consolidated financial

statements form an integral part of these interim consolidated financial statements.

1



LAPORAN POSISI KEUANGAN KONSOLIDASIAN INTERIM (lanjutan)

Tanggal 30 September 2018 (Disajikan dalam ribuan Rupiah,

kecuali dinyatakan lain)


INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

As of September 30, 2018 (Expressed in thousands of Rupiah,

unless otherwise stated) Disajikan kembali - Catatan 4/ As restated - Note 4 30 September/ 1 Januari/ September 30, January 1, 2017/ 2018 31 Desember/ 31 Desember/ Catatan/ (Tidak diaudit)/ December 31, December 31, Notes (Unaudited) 2017 2016

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY LIABILITAS JANGKA PENDEK CURRENT LIABILITIES Utang usaha Trade payables Pihak ketiga 2f,21 50.691.389 33.474.243 56.771.749 Third parties Pihak berelasi 2f,2u,38b 2.784.633 4.650.799 452.059 Related parties Pendapatan diterima dimuka 22 114.076.521 16.412.693 33.850.000 Unearned revenue Utang pajak 2q,23c 79.891.901 96.411.473 75.475.800 Taxes payable Beban akrual 2f,24 110.608.193 60.590.350 13.636.800 Accrued expenses Utang lain-lain Other payables Pihak ketiga 2f,21 340.535.596 219.288.343 120.639.454 Third parties Pihak berelasi 2f,2u,38b 139.082.709 138.215.762 127.311.610 Related parties Liabilitas imbalan kerja Short-term employee benefit karyawan jangka pendek 2f,2s,29 105.130.000 100.465.682 71.840.042 liabilities Liabilitas pembiayaan konsumen Current maturities of jatuh tempo dalam satu tahun 2f,2p,25 - 218.886 2.202.971 consumer finance liabilities Liabilitas sewa pembiayaan jatuh Current maturities of tempo dalam satu tahun 2f,2p,26 27.926 167.556 167.556 finance lease liabilities Utang bank jangka panjang Current maturities of jatuh tempo dalam satu tahun 2f,2m,27 219.030.921 452.520.710 812.229.833 long-term bank loan

TOTAL LIABILITAS JANGKA PENDEK 1.161.859.789 1.122.416.497 1.314.577.874 TOTAL CURRENT LIABILITIES

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES Liabilitas pembiayaan konsumen - setelah dikurangi bagian Consumer finance liabilities jatuh tempo dalam satu tahun 2f,2p,25 - - 256.796 - net of current maturities Liabilitas sewa pembiayaan - setelah dikurangi bagian Finance lease liabilities - jatuh tempo dalam satu tahun 2f,2p,26 111.704 111.704 265.297 - net of current maturities Utang bank jangka panjang - setelah dikurangi bagian jatuh Long-term bank loan tempo dalam satu tahun 2f,2m,27 910.353.418 4.221.477.555 2.219.635.890 - net of current maturities Utang obligasi, neto 2f,2m,28 4.351.909.563 - - Bonds payable, net Liabilitas imbalan kerja Long-term employee benefit karyawan jangka panjang 2s,29 154.838.721 168.270.712 109.287.008 liabilites Liabilitas pajak tangguhan, neto 2q,23f 80.843.684 79.582.893 101.462.751 Deferred tax liabilities, net

TOTAL LIABILITAS TOTAL NON-CURRENT JANGKA PANJANG 5.498.057.090 4.469.442.864 2.430.907.742 LIABILITIES

JUMLAH LIABILITAS 6.659.916.879 5.591.859.361 3.745.485.616 TOTAL LIABILITIES




2



LAPORAN POSISI KEUANGAN KONSOLIDASIAN INTERIM (lanjutan)




INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

As of September 30, 2018 (Expressed in thousands of Rupiah,

unless otherwise stated) Disajikan kembali - Catatan 4/ As restated - Note 4 30 September/ 1 Januari/ September 30, January 1, 2017/ 2018 31 Desember/ 31 Desember/ Catatan/ (Tidak diaudit)/ December 31, December 31, Notes (Unaudited) 2017 2016

EKUITAS EQUITY Ekuitas yang dapat Equity attributable to diatribusikan kepada owners equity of pemilik entitas induk the parent entity Modal saham Share capital Modal dasar - 32.100.000.000 Authorized - lembar saham 32,100,000,000 shares nilai nominal Rp100 at par value per share of (nilai penuh) per saham Rp100 (full amount) Modal ditempatkan dan disetor Issued and fully paid - penuh - 9.525.000.000 lembar 9,525,000,000 saham 30a 952.500.000 952.500.000 952.500.000 shares Tambahan modal disetor 31 540.919.171 540.919.171 540.919.171 Additional paid-in capital Selisih transaksi dengan pihak Difference in transactions with non-pengendali 32 89.113.603 89.113.603 79.278.792 non-controlling parties Saldo laba Retained earnings Sudah ditentukan penggunaannya 30d 531.751.065 374.333.615 256.001.860 Appropriated Belum ditentukan penggunaannya 2.176.801.509 2.211.258.640 1.718.913.682 Unappropriated Penghasilan komprehensif lain 27.956.326 (3.922.531) 15.122.101 Other comprehensive income

Ekuitas yang dapat Equity attributable to diatribusikan kepada owners of pemilik entitas induk - neto 4.319.041.673 4.164.202.498 3.562.735.606 the parent entity - net Kepentingan non-pengendali 30e 20.182.298 17.790.609 - Non-controlling interests

JUMLAH EKUITAS 4.339.223.971 4.181.993.107 3.562.735.606 TOTAL EQUITY

JUMLAH LIABILITAS TOTAL LIABILITIES DAN EKUITAS 10.999.140.849 9.773.852.468 7.308.221.222 AND EQUITY




3

The original interim consolidated financial statements included herein are in Indonesian language.


LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN KONSOLIDASIAN INTERIM Untuk Periode sembilan bulan yang Berakhir pada




INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the Nine-month period Ended September 30, 2018


Periode sembilan bulan yang Berakhir pada Tanggal 30 September/ For the Nine-month period Ended September 30,

2017 (Disajikan kembali - Catatan 4) (As restated - 2018 Note 4) (Tidak diaudit)/ Catatan/ (Tidak diaudit)/ (Unaudited) Notes (Unaudited)

PENJUALAN 2.972.694.827 2t,33 2.380.988.539 SALES

BEBAN POKOK PENJUALAN (1.509.030.244) 2t,34 (1.090.322.007) COST OF SALES

LABA BRUTO 1.463.664.583 1.290.666.532 GROSS PROFIT

Beban penjualan (177.149.308) 2t,35 (156.265.885) Selling expenses General and administrative Beban umum dan administrasi (373.887.661) 2t,35 (259.704.162) expenses Keuntungan atas nilai wajar Gain from changes in fair value aset biologis (48.433.958) 2j,11 (15.726.311) of biological assets Pendapatan lain-lain, neto 39.690.625 2t,35 4.513.488 Other income, net

LABA USAHA 903.884.281 863.483.662 OPERATING PROFIT

Pendapatan keuangan 155.017.918 2r,36 188.337.297 Finance income Beban keuangan (424.120.929) 2r,36 (249.940.044) Finance costs

LABA SEBELUM PROFIT BEFORE CORPORATE PAJAK PENGHASILAN BADAN 634.781.270 801.880.915 INCOME TAX PAJAK PENGHASILAN BADAN (271.740.359) 2q,23d (182.210.098) CORPORATE INCOME TAX

LABA PERIODE BERJALAN 363.040.911 619.670.817 PROFIT FOR THE PERIOD PENGHASILAN KOMPREHENSIF OTHER COMPREHENSIVE

LAIN, SETELAH PAJAK INCOME, NET OF TAX Pos yang tidak akan Item that will not be direklasifikasi ke laba rugi reclassified to profit or loss Pengukuran kembali Remeasurements keuntungan/(kerugian) atas liabilitas gain/(loss) on liability for imbalan kerja 13.717.185 (5.909.529) employee benefits

LABA KOMPREHENSIF COMPREHENSIVE PERIODE BERJALAN 376.758.096 613.761.288 INCOME FOR THE PERIOD

Laba periode berjalan Profit for the period diatribusikan kepada: attributable to: Pemilik entitas induk 360.402.767 616.360.610 Owners of the parent entity Kepentingan non-pengendali 2.638.144 3.310.207 Non-controlling interests

363.040.911 619.670.817

Laba komprehensif periode berjalan Comprehensive income yang diatribusikan kepada: for the period attributable to: Pemilik entitas induk 374.208.996 610.463.798 Owners of the parent entity Kepentingan non-pengendali 2.549.100 30e 3.297.490 Non-controlling interests

376.758.096 613.761.288

Laba per saham (nilai penuh) 37,84 2v,37 65 Earnings per share (full amount)




4



LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN INTERIM Untuk Periode sembilan bulan yang Berakhir pada Tanggal 30 September 2018



INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the Nine-month period Ended September 30, 2018


Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/Equity attributable to owners of the parent entity

Modal Selisih transaksi ditempatkan dengan pihak dan disetor non-pengendali/ Saldo Laba/Retained Earnings Penghasilan penuh/ Tambahan Difference in komprehensif Kepentingan Issued and modal disetor/ transactions with Sudah ditentukan Belum ditentukan lain/Other non-pengendali/ Jumlah fully paid Additional paid- non-controlling penggunaannya/ penggunaanya/ comprehensive Neto/ Non-controlling ekuitas/ capital in capital parties Appropriated Unappropriated income Net interests Total equity

Balance as of January 1, 2017 Saldo 1 Januari 2017 (dilaporkan sebelumnya) 952.500.000 540.919.171 79.278.792 256.001.860 1.609.975.348 15.122.101 3.453.797.272 - 3.453.797.272 (as previously reported) Dampak penyajian kembali (Catatan 4) - - - - 108.938.334 - 108.938.334 - 108.938.334 Impact of restatement (Note 4)

Saldo 1 Januari 2017 Balance as of January 1, 2017 (disajikan kembali; Catatan 4) 952.500.000 540.919.171 79.278.792 256.001.860 1.718.913.682 15.122.101 3.562.735.606 - 3.562.735.606 (As restated; Note 4) Cadangan umum (Catatan 30d) - - - 118.331.755 (118.331.755) - - - - General reserve (Note 30d) Dividen tahun 2016 (Catatan 30b) - - - - (177.546.000) - (177.546.000) - (177.546.000) 2016 dividend (Note 30b) Efek translasi - - - - - (553) (553) - (553) Foreign translation adjustments Transaksi dengan pihak Transaction with non-controlling non pengendali (Catatan 1e dan 32) - - 9.834.811 - (4.826.248) - 5.008.563 - 5.008.563 parties (Notes 1e and 32) Laba komprehensif lainnya - - - - - (19.044.079) (19.044.079) (90.535) (19.134.614) Other comprehensive income Tambahan kepentingan non-sepengendali - - - - (13.922.311) - (13.922.311) 13.922.311 - Additional non-controlling interest Total laba tahun yang berakhir Total profit pada tanggal 31 Desember 2017 - - - - 806.971.272 - 806.971.272 3.958.833 810.930.105 for the year ended December 31, 2017

Saldo 31 Desember 2017 (disajikan kembali; Catatan 4) 952.500.000 540.919.171 89.113.603 374.333.615 2.211.258.640 (3.922.531) 4.164.202.498 17.790.609 4.181.993.107 Balance as of December 31, 2017 (As restated; Note 4) Saldo 1 Januari 2017 Balance as of January 1, 2017 (disajikan kembali; Catatan 4) 952.500.000 540.919.171 79.278.792 256.001.860 1.718.913.682 15.122.101 3.562.735.606 - 3.562.735.606 As restated; Note 4) Cadangan umum (Catatan 30d) - - - 118.331.755 (118.331.755) - - - - General reserve (Note 30d) Dividen tahun 2016 (Catatan 30b) - - - - (177.546.000) - (177.546.000) - (177.546.000) 2016 dividend (Note 30b) Laba komprehensif lainnya - - - - (7.190.382) (7.190.382) - (7.190.382) Other comprehensive income Transaksi dengan pihak Transaction with non-controlling non pengendali (Catatan 1e dan 32) - - 9.834.811 - (4.790.091) - 5.044.720 - 5.044.720 parties (Notes 1e and 32) Tambahan kepentingan non sepengendali - - - - (13.922.311) - (13.922.311) 13.922.311 - Additional non-controlling interest Total laba periode sembilan bulan yang berakhir Total profit for the six-month period pada tanggal 30 September 2017 - - - - 616.360.610 - 616.360.610 3.310.207 619.670.817 ended September 30, 2017

Saldo 30 September 2017 (tidak diaudit) 952.500.000 540.919.171 89.113.603 374.333.615 2.020.684.135 7.931.719 3.985.482.243 17.232.518 4.002.714.761 Balance as of September 30, 2017 (Unaudited) Saldo 31 Desember 2017 (disajikan kembali; Catatan 4) 952.500.000 540.919.171 89.113.603 374.333.615 2.211.258.640 (3.922.531) 4.164.202.498 17.790.609 4.181.993.107 Balance as of December 31, 2017 (As restated; Note 4) Cadangan umum (Catatan 30d) - - - 157.417.450 (157.417.450) - - - General reserve (Note 30d) Dividen tahun 2017 (Catatan 30b) - - - - (236.126.174) - (236.126.174) - (236.126.174) 2017 dividend (Note 30b) Transaksi dengan pihak Transaction with non-controlling non pengendali (Catatan 1e) - - - - (1.316.274) - (1.316.274) - (1.316.274) parties (Notes 1e) Laba komprehensif lainnya - - - - - 31.878.857 31.878.856 (246.455) 31.632.402 Other comprehensive income Total laba periode sembilan bulan yang berakhir Total profit for the nine-month period pada tanggal 30 September 2018 - - - - 360.402.767 - 360.402.767 2.638.144 363.040.911 ended September 30, 2018

Saldo 30 September 2018 (tidak diaudit) 952.500.000 540.919.171 89.113.603 531.751.065 2.176.801.509 27.956.326 4.319.041.673 20.182.298 4.339.223.971 Balance as of September 30, 2018 (Unaudited)

Catatan atas laporan keuangan konsolidasian interim terlampir merupakan bagian integral dari laporan keuangan konsolidasian interim. The accompanying notes to the interim consolidated financial statements form an integral part of these interim consolidated financial statements.

5



LAPORAN ARUS KAS KONSOLIDASIAN INTERIM Untuk Periode sembilan bulan yang Berakhir pada




INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS



Periode sembilan bulan yang berakhir pada tanggal 30 September/ For the nine-month period ended September 30,

2017 (Disajikan kembali - Catatan 4) (As restated - 2018 Note 4) (Tidak diaudit)/ Catatan/ (Tidak diaudit)/ (Unaudited) Notes (Unaudited)

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM OPERASI: OPERATING ACTIVITIES:

Penerimaan kas dari pelanggan 2.967.080.113 2.738.615.276 Cash received from customers Pembayaran kas kepada pemasok (1.665.978.108) (1.367.680.713) Cash paid to suppliers Pembayaran kas kepada karyawan (181.748.504) (280.816.071) Cash paid to employees

Kas yang dihasilkan dari operasi 1.119.353.501 1.090.118.492 Cash resulting from operations Penghasilan bunga yang diterima 155.017.918 188.830.178 Interest income received Pembayaran pajak penghasilan Payments of badan (365.491.383) (222.517.514) corporate income tax Beban keuangan yang dibayar (582.744.470) (260.229.846) Finance cost paid Penerimaan dari restitusi pajak - 80.234.646 Cash received from tax restitution

Kas neto yang diperoleh dari Net cash provided by aktivitas operasi 326.135.566 876.435.956 operating activities

ARUS KAS DARI CASH FLOWS FROM

AKTIVITAS INVESTASI: INVESTING ACTIVITIES: Perolehan aset tetap (306.779.872) 14 (203.883.208) Acquisitions of fixed assets Pemberian pinjaman kepada Cash paid for loans pihak berelasi (219.498.210) (1.116.339.488) to related parties Pembayaran untuk uang jaminan Cash paid for collateral of aset derivatif (126.896.500) 10 - derivative assets Perolehan tanaman belum Additions to immature menghasilkan (42.458.597) 14 (58.592.080) plantations Penambahan biaya pengembangan Additional development cost of plasma (39.504.202) (38.630.742) plasma Penempatan deposito (20.000.000) 6 - Placement of time deposits

Kas neto yang digunakan untuk Net cash used in aktivitas investasi (755.137.381) (1.417.445.518) investing activities




6


PT SAWIT SUMBERMAS SARANA Tbk.

DAN ENTITAS ANAKNYA LAPORAN ARUS KAS KONSOLIDASIAN INTERIM

(lanjutan) Untuk Periode sembilan bulan yang Berakhir pada




INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (continued)



Periode sembilan bulan yang berakhir pada tanggal 30 September/ For the nine-month period ended September 30,

2017 (Disajikan kembali - Catatan 4) (As restated - 2018 Note 4)

(Tidak diaudit)/ Catatan/ (Tidak diaudit)/ (Unaudited) Notes (Unaudited)

ARUS KAS DARI CASH FLOWS FROM AKTIVITAS PENDANAAN: FINANCING ACTIVITIES: (Pembayaran kepada)/penerimaan Cash (paid to)/received from dana dari pihak berelasi (258.779.476) (148.808.656) related parties Pembayaran utang bank (3.544.613.926) (455.047.085) Repayments of bank loan Penerimaan utang bank - 2.169.795.999 Proceeds from bank loan Pembayaran liabilitas sewa pembiayaan - (209.468) Repayments of lease payables Pembayaran liabilitas pembiayaan Repayments of consumer konsumen (330.590) (1.759.659) finance liabilities Pembayaran dividen kas (236.126.174) (177.546.000) Payments of cash dividend Penerimaan dana obligasi 4.351.909.563 - Proceeds from bond issuance

Kas neto yang diperoleh dari Net cash provided by aktivitas pendanaan 312.059.397 1.386.425.131 financing activities

KENAIKAN/PENURUNAN NETO NET INCREASE/DECREASE IN KAS DAN SETARA KAS (116.942.417) 845.415.569 CASH AND CASH EQUIVALENTS KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS AWAL PERIODE 2.200.759.180 5 162.460.544 AT BEGINNING OF PERIOD

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS AKHIR PERIODE 2.083.816.763 5 1.007.876.113 AT END OF PERIOD




7

The original interim consolidated financial statements included herein are in the Indonesian language


DAN ENTITAS ANAKNYA CATATAN ATAS LAPORAN KEUANGAN

KONSOLIDASIAN INTERIM Tanggal 30 September 2018

dan untuk periode sembilan bulan yang berakhir pada tanggal tersebut



NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2018

and for the nine-month period then ended


1. UMUM 1. GENERAL

a. Pendirian dan informasi umum a. Establishment and general information

PT Sawit Sumbermas Sarana Tbk. (“Perseroan”) didirikan di Jakarta, berdasarkan Akta No. 51 tanggal 22 November 1995 dari Notaris Enimarya Agoes Suwarko, S.H., Akta pendirian Perseroan telah memperoleh pengesahan dari Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No. C2-8176.HT.01.01.TH.96 tanggal 26 Juli 1996, serta selanjutnya diumumkan dalam Berita Negara Republik Indonesia No. 839, Tambahan No. 36 tanggal 22 Februari 2011.

PT Sawit Sumbermas Sarana Tbk. (the “Company”) was established in Jakarta based on the Notarial Deed No. 51 of Enimarya Agoes Suwarko, S.H., dated November 22, 1995. The deed of establishment was approved by Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No. C2-8176.HT.01.01.TH.96 dated July 26, 1996 and subsequently published in the Republic of Indonesia State of Gazzette No. 839, Supplement No. 36 dated February 22, 2011.

Anggaran Dasar Perseroan telah mengalami beberapa kali perubahan. Perubahan terakhir berdasarkan Akta No. 68 tanggal 23 April 2015 dari Notaris Aryanti Artisari, S.H., M.Kn. tentang amandemen ruang lingkup kegiatan Perseroan. Perubahan ini telah memperoleh pengesahan dari Kementerian Hukum dan Hak Asasi Manusia dengan Surat Keputusan No.AHU-AH.01.03-09062. Tahun 2015 tanggal 4 Mei 2015, serta selanjutnya diumumkan dalam Berita Negara Republik Indonesia No. 1 tahun 2016, Tambahan No. 182/L tahun 2016.

The Company’s Articles of Association have been amended several times. The latest amendment was legalized under Notarial Deed No. 68 of Aryanti Artisari, S.H., M.Kn. dated April 23, 2015 in relation to the amendment of the Company’s activities. This amendment was approved by Ministry of Law and Human Rights of the Republic of Indonesia in its Decision Letter No.AHU-AH.01.03-09062. Tahun 2015 dated May 4, 2015, and subsequently published in the Republic of Indonesia State of Gazzette No. 1 year 2016, Supplement No. 182/L year 2016.

Perseroan berdomisili di Pangkalan Bun, Kabupaten Kotawaringin Barat, Kalimantan Tengah, Indonesia dengan kantor pusat di Jl. Haji Udan Said No. 47, Pangkalan Bun.

The Company is domiciled in Pangkalan Bun, Kotawaringin Barat, Central Kalimantan, Indonesia, with its head office located on Jl. Haji Udan Said No. 47, Pangkalan Bun.

Sesuai dengan Pasal 3 Anggaran Dasar Perseroan, ruang lingkup kegiatan Perseroan adalah pertanian, perdagangan, dan industri.

As stated in Article 3 of the Company’s Articles of Association, the scope of the Company’s activities is in agriculture, trade, and industry.

Perseroan mulai beroperasi secara komersial pada tahun 2005. Perseroan dan kelompok usaha terutama bergerak di bidang perkebunan kelapa sawit dan pabrik kelapa sawit yang memproduksi minyak kelapa sawit dan inti sawit dengan kapasitas produksi 330 MT tandan buah segar (“TBS”) per jam (tidak diaudit). Perkebunan kelapa sawit dan kedua pabrik kelapa sawit berlokasi di Kalimantan Tengah.

The Company commenced its commercial operations in 2005. The Company and its Group are primarily involved in the operations of oil palm plantations and a palm oil mill which produces crude palm oil and palm kernel with processing capacities of 330 MT of fresh fruit bunches (“FFB”) per hour (unaudited). The oil palm plantation and both palm oil mills are located in Central Kalimantan.

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1. UMUM (lanjutan) 1. GENERAL (continued)

a. Pendirian dan informasi umum (lanjutan) a. Establishment and general information (continued)

Berdasarkan akta notaris No. 18 Notaris Citra Buana Tungga, S.H., M.Kn. tanggal 16 Oktober 2017 dan telah disetujui oleh Kementerian Hukum dan Hak Asasi Manusia melalui Surat keputusan No:AHU-0021410.AH.01.02 Tahun 2017 tertanggal 16 Oktober 2017, PT Citra Borneo Indah (CBI) merupakan pemegang saham pengendali per tanggal 30 September 2018. Pemegang saham terakhir Perseroan adalah perorangan.

Based on notarial deed No. 18 Notary of Citra Buana Tungga, S.H., M.Kn. dated October 16 2017 and has been approved by Indonesian Ministry of Law and Human Right through his decree No:AHU-0021410.AH.01.02 Tahun 2017 dated October 16, 2017, PT Citra Borneo Indah (CBI) is the Company’s controlling shareholder as of September 30, 2018. The ultimate shareholder of the Company is an individual.

b. Penawaran umum saham perseroan dan

tindakan perseroan lainnya b. Public offering of the company’s shares and

other corporate actions

Pada tanggal 29 November 2013, Perseroan memperoleh Surat Pernyataan Efektif dari Dewan Komisioner Otoritas Jasa Keuangan (“OJK”) dengan suratnya No. S-393/D.04/2013 untuk melakukan penawaran umum saham perdana sejumlah 1.500.000.000 saham biasa atas nama dengan nilai nominal Rp100 (angka penuh) setiap lembar saham yang ditawarkan kepada masyarakat dengan harga penawaran Rp670 (angka penuh) setiap saham. Termasuk di dalam jumlah saham umum perdana kepada masyarakat adalah saham yang telah dialokasikan sehubungan dengan Program Alokasi Saham Karyawan (Employee Stock Allocation atau “ESA”) sejumlah 150.000.000 saham berdasarkan Surat Keputusan Direksi No. Dir.Kom/IPO-ESA/001/VIII/2013 tanggal 19 September 2013. Pada tanggal 12 Desember 2013, seluruh saham tersebut telah dicatat di Bursa Efek Indonesia.

On November 29, 2013, the Company obtained the Effective Statement Letter from Board of Commissioners of Financial Services Authority (“OJK”) through its Letter No. S-393/D.04/2013 for the Company’s initial public offering of 1,500,000,000 common shares to the public with a par value of Rp100 (full amount) per share at an offering price of Rp670 (full amount) per share. Included in the number of initial public shares offered to the Public are shares that have been allocated in connection with Employee Stock Allocation Program ("ESA") of 150,000,000 shares based on the Director Decision Letter No. Dir.Kom/IPO-ESA/001/VIII/2013 dated September 19, 2013. These shares were listed on the Indonesia Stock Exchange on December 12, 2013.

Pada tanggal 30 September 2018 dan 31 Desember 2017, seluruh saham Perseroan tercatat di Bursa Efek Indonesia.

As of September 30, 2018 and December 31, 2017, all of the Company’s shares are listed in the Indonesia Stock Exchange.

c. Manajemen kunci dan informasi lainnya c. Key management and other informations

Susunan Dewan Komisaris dan Direksi Perseroan pada tanggal 30 September 2018 dan 31 Desember 2017 adalah sebagai berikut:

The compositions of the Company’s Boards of Commissioners and Directors as of September 30, 2018 and December 31, 2017 are as follows:

Dewan Komisaris Board of Commissioners

Komisaris Utama Bungaran Saragih President Commissioner Komisaris Independen Marzuki Usman Independent Commissioner Komisaris Rimbun Situmorang Commissioner

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c. Manajemen kunci dan informasi lainnya (lanjutan)

c. Key management and other informations (continued)

Susunan Dewan Komisaris dan Direksi Perseroan pada tanggal 30 September 2018 adalah sebagai berikut: (lanjutan)

The compositions of the Company’s Boards of Commissioners and Directors as of September 30, 2018 are as follows: (continued)

Direksi Board of Directors Direktur Utama Vallauthan Subraminam President Director Direktur Tidak Terafiliasi Nicholas Justin Whittle Non-Affiliated Director

Direktur Ramzi Sastra Director Direktur Nasarudin Bin Nasir Director

Susunan Dewan Komisaris dan Direksi Perseroan pada tanggal 31 Desember 2017 adalah sebagai berikut:

The compositions of the Company’s Boards of Commissioners and Directors as of December 31, 2017 are as follows:

Dewan Komisaris Board of Commissioners

Komisaris Utama Bungaran Saragih President Commissioner Komisaris Independen Marzuki Usman Independent Commissioner Komisaris Rimbun Situmorang Commissioner

Direksi Board of Directors Direktur Utama Vallauthan Subraminam President Director Direktur Tidak Terafiliasi Nicholas Justin Whittle Non-Affiliated Director

Direktur Ramzi Sastra Director

Efektif tanggal 21 Juli 2017, Perseroan menunjuk Swasti Kartikaningtyas sebagai Sekretaris Perseroan menggantikan Deni Agustinus Damayanto.

Effective July 21, 2017, the Company appointed Swasti Kartikaningtyas as the Company’s Corporate Secretary, replacing Deni Agustinus Damayanto.

Susunan Komite Audit pada tanggal 30 September 2018 dan 31 Desember 2017 adalah sebagai berikut:

The composition of the Audit Committee as of September 30, 2018 and December 31, 2017 is as follow:

Ketua Marzuki Usman Chairman

Anggota Wahyudi Susanto Member Anggota Zulfitry Ramdan Member

Personil manajemen kunci Perseroan meliputi Dewan Komisaris dan Direksi. Kompensasi imbalan kerja jangka pendek yang dibayarkan kepada personil manajemen kunci Perseroan untuk periode sembilan bulan yang berakhir pada tanggal-tanggal 30 September 2018 dan tahun yang berakhir pada tanggal 31 Desember 2017 masing-masing adalah sebesar Rp6.116.485 dan Rp12.395.926. Tidak terdapat kompensasi dalam bentuk imbalan pascakerja, imbalan kerja jangka panjang lainnya, pesangon pemutusan kontrak kerja dan pembayaran berbasis saham.

Key management personnel of the Company are the Boards of Commissioners and Directors. Short-term compensation paid to the key management personnel of the Company for the nine-month period ended September 30, 2018 and for the year ended December 31, 2017 amounted to Rp6,116,485 and Rp12,395,926, respectively. There is no compensation of post-employment benefit, other long-term benefit, termination benefits, and share-based payment for the key management personnel.

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c. Manajemen kunci dan informasi lainnya (lanjutan)

c. Key management and other informations (continued)

Pada tanggal 30 September 2018, Perseroan dan entitas anaknya memiliki 6.398 karyawan tetap (31 Desember 2017: 6.088 karyawan tetap) (tidak diaudit).

As of September 30, 2018, the Company and its subsidiaries have 6,398 permanent employees (December 31, 2017: 6,088 permanent employees) (unaudited).

d. Penyelesaian laporan keuangan

konsolidasian Interim d. Completion of interim consolidated

financial statements

Laporan keuangan konsolidasian interim Perseroan dan entitas anak tanggal 30 September 2018 dan untuk periode sembilan bulan yang berakhir pada tanggal tersebut diselesaikan dan diotorisasi untuk terbit oleh Direksi Perseroan pada tanggal 30 Oktober 2018. Direksi Perseroan yang menandatangani Surat Pernyataan Direksi bertanggung jawab atas penyusunan dan kewajaran penyajian laporan keuangan konsolidasian interim tersebut.

The Company and its subsidiaries’ interim consolidated financial statements as of September 30, 2018 and for the nine-month period then ended are completed and authorized for issuance by the Company’s Directors on October 30, 2018. The Company’s Directors who signed the Directors’ Statement are responsible for the fair preparation and presentation of such interim consolidated financial statements.

e. Entitas anak e. Subsidiaries

Kepemilikan Perseroan pada entitas anak yang dikonsolidasi baik secara langsung maupun tidak langsung (selanjutnya secara bersama-sama disebut “Kelompok Usaha”) adalah sebagai berikut:

The Company’s ownership interests directly or indirectly in the consolidated subsidiaries (hereinafter collectively referred to as the “Group”) are as follows:

Mulai Beroperasi Secara Persentase Kepemilikan/ Komersial/ Percentage of Ownership Interest Kegiatan Usaha/ Commencement Nama Entitas Anak/ Domisili/ Nature of Business of Commercial 30 September 2018/ 31 Desember 2017/ Name of Subsidiaries Domicile Activities Operations September 30, 2018 December 31, 2017 Pemilikan langsung/ Direct ownership PT Kalimantan Sawit Kotawaringin Perkebunan dan pabrik 2005 99% 99% Abadi (“KSA”) Barat kelapa sawit/ Oil palm plantations and palm oil mill PT Mitra Mendawai Kotawaringin Perkebunan dan pabrik 2008 99% 99% Sejati (“MMS”) Barat kelapa sawit dan inti sawit//Oil palm plantations, Palm oil mill and Kernel crushing plant SSMS Plantation Perusahaan Holding Pte.Ltd. jasa pendukung bisnis/ (“SPH”) Singapore Company 2018 100% 100% bussiness support service

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e. Entitas anak (lanjutan) e. Subsidiaries (continued)

Kepemilikan Perseroan pada entitas anak yang dikonsolidasi baik secara langsung maupun tidak langsung (selanjutnya secara bersama-sama disebut “Kelompok Usaha”) adalah sebagai berikut: (lanjutan)

The Company’s ownership interests directly or indirectly in the consolidated subsidiaries (hereinafter collectively referred to as the “Group”) are as follows: (continued)

Mulai Beroperasi Secara Persentase Kepemilikan/ Komersial/ Percentage of Ownership Interest Kegiatan Usaha/ Commencement Nama Entitas Anak/ Domisili/ Nature of Business of Commercial 30 September 2018/ 31 Desember 2017/ Name of Subsidiaries Domicile Activities Operations September 30, 2018 December 31, 2017

Pemilikan tidak langsung melalui KSA/ Indirect ownership through KSA PT Tanjung Sawit Kotawaringin Perkebunan dan pabrik 2012 99% 99% Abadi (“TSA”) Barat kelapa sawit/ Oil palm plantations and palm oil mill PT Sawit Multi Kotawaringin Perkebunan dan pabrik 2012 99% 99% Utama (“SMU”) Barat Kelapa sawit/ Oil palm plantations and palm oil mill Pemilikan tidak langsung melalui MMS/ Indirect ownership through MMS PT Mirza Pratama Lamandau Perkebunan/ 2011 99% 99% Putra (“MPP”) Oil palm plantations PT Menteng Kencana Pulang Pisau Perkebunan/ 2010 99% 99% Mas (“MKM”) Oil palm plantations Pemilikan tidak langsung melalui SPH/ Indirect ownership through SPH SSMS Plantation Singapore Jasa konsultasi dan 2018 100% 100% International Pte.Ltd. perdagangan/ (“SPI”) Consultancy services and trading Pemilikan langsung/ Direct ownership PT Kalimantan Sawit Kotawaringin Perkebunan dan pabrik 2005 3.118.101 3.588.050 Abadi (“KSA”) Barat kelapa sawit/ Oil palm plantations and palm oil mill PT Mitra Mendawai Kotawaringin Perkebunan dan pabrik 2008 2.163.689 2.100.450 Sejati (“MMS”) Barat kelapa sawit dan inti sawit//Oil palm plantations, Palm oil mill and Kernel crushing plant SSMS Plantation Singapore Perusahaan 2018 4.417.610 10 Holding Pte.Ltd jasa pendukung bisnis/ (“SPH”) Company bussiness support service

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e. Entitas anak (lanjutan) e. Subsidiaries (continued) Total aset pada entitas anak yang dikonsolidasi baik secara langsung maupun tidak langsung (selanjutnya secara bersama-sama disebut “Kelompok Usaha”) adalah sebagai berikut:

Total assets of subsidiaries directly or indirectly in the consolidated subsidiaries (hereinafter collectively referred to as the “Group”) are as follows:

Mulai Total Aset Sebelum Eliminasi (dalam Beroperasi Secara Jutaan Rupiah)/ Total Assets Before Komersial/ Elimination (in millions of Rupiah) Kegiatan Usaha/ Commencement Nama Entitas Anak/ Domisili/ Nature of Business of Commercial 30 September 2018/ 31 Desember 2017/ Name of Subsidiaries Domicile Activities Operations September 30, 2018 December 31, 2017 Pemilikan tidak langsung melalui KSA/ Indirect ownership through KSA PT Tanjung Sawit Kotawaringin Perkebunan dan pabrik 2012 2.179.648 2.167.830 Abadi (“TSA”) Barat kelapa sawit/ Oil palm plantations and palm oil mill PT Sawit Multi Kotawaringin Perkebunan dan pabrik 2012 2.329.292 3.170.727 Utama (“SMU”) Barat kelapa sawit/ Oil palm plantations and palm oil mill

Pemilikan tidak langsung melalui MMS/ Indirect ownership through MMS

PT Mirza Pratama Lamandau Perkebunan/ 2011 276.676 160.689 Putra (“MPP”) Oil palm plantations PT Menteng Kencana Pulang Pisau Perkebunan/ 2010 830.344 699.744 Mas (“MKM”) Oil palm plantations Pemilikan tidak langsung melalui SPH/ Indirect ownership through SPH SSMS Plantation Singapore Jasa konsultasi dan 2018 4.461.894 10 International Pte.Ltd. perdagangan/ (“SPI”) Consultancy services and trading

KSA dan MMS memiliki pabrik pengolahan kelapa sawit yang berlokasi di Kotawaringin Barat, Kalimantan Tengah dengan total kapasitas produksi masing-masing sebesar 60 MT TBS per jam untuk KSA dan 60 MT TBS per jam untuk MMS (tidak diaudit). MMS memiliki pabrik inti sawit yang berlokasi di Kotawaringin Barat dengan total kapasitas produksi sebesar 150 MT inti sawit (“PK”) per hari (tidak diaudit).

KSA and MMS have palm oil mills located at Kotawaringin Barat, Central Kalimantan, with processing capacities of 60 MT FFB per hour for KSA and 60 MT FFB per hours for MMS (unaudited), respectively. MMS has kernel crushing plant located in Kotawaringin Barat with total processing capacity of 150 MT of palm kernel (“PK”) per day (unaudited).

KSA dan entitas anaknya (TSA dan SMU) memiliki lahan tanaman menghasilkan sebesar 32.391 Ha dan tidak terdapat area tanaman belum menghasilkan (tidak diaudit) pada tanggal 30 September 2018.

KSA and its subsidiaries (TSA and SMU) owned 32,391 Ha of mature plantations area and no immature plantations area (unaudited) as of September 30, 2018.

TSA dan SMU bergerak di bidang perkebunan kelapa sawit dan pabrik kelapa sawit yang memproduksi minyak kelapa sawit dan inti sawit yang keduanya berlokasi di Lamandau dan dengan kapasitas produksi masing-masing 60 MT TBS per jam untuk TSA dan 90 MT TBS per jam untuk SMU (tidak diaudit).

TSA and SMU involves in operations of oil palm plantations and operations of palm oil mill located at Lamandau which produces crude palm oil and palm kernel with production capacities of 60 MT of FFB per hour for TSA and 90 MT of FFB per hour for SMU (unaudited).

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MMS dan entitas anaknya (MKM dan MPP) memiliki lahan tanaman menghasilkan sebesar 12.981 Ha dan area tanaman belum menghasilkan sebesar 5.372 Ha (tidak diaudit) pada tanggal 30 September 2018.

MMS and its subsidiaries (MKM and MPP) owned 12,981 Ha of mature plantations area and 5,372 Ha of immature plantations area (unaudited) as of September 30, 2018.

Penjualan kepemilikan saham di entitas anak di tahun 2016

Sale of ownership interest in subsidiaries in 2016

1. PT Kalimantan Sawit Abadi (“KSA”) 1. PT Kalimantan Sawit Abadi (“KSA”)

Berdasarkan Akta Notaris Citra Buana Tungga, S.H., Mkn. No. 21 tanggal 23 Desember 2016 dan telah dilaporkan dan dicatat oleh Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No.AHU-AH.01.03-0114445 tanggal 29 Desember 2016. Pemegang saham KSA menyetujui pengalihan 3.625 lembar saham KSA milik MMS kepada PT Mandiri Indah Lestari.

Based on Notarial Deed No. 21 of Citra Buana Tungga, S.H., Mkn. dated December 23, 2016 and has been reported and acknowledged by the Ministry of Law and Human Rights as acknowledged in Decision Letter No. AHU-AH.01.03-0114445 dated December 29, 2016. The shareholder of KSA approved the transfer of 3,625 shares of KSA owned by MMS to PT Mandiri Indah Lestari.

Atas penjualan saham tersebut, Kelompok Usaha mengakui kerugian atas penjualan saham KSA sebagai berikut:

On the sale of shares, Group recognize loss on sale of shares in KSA as follows:

Nilai Buku Yang Diakui saat Pelepasan/ Book Value Recognized on Disposal

ASET ASSETS Kas dan bank 26.620.000 Cash and bank Aset lancar lainnya 3.106.569.989 Other current assets Aset tidak lancar lainnya 2.857.935.586 Other non-current assets

Jumlah aset 5.991.125.575 Total assets

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Penjualan kepemilikan saham di entitas anak di tahun 2016 (lanjutan)

Sale of ownership interest in subsidiaries in 2016 (continued)

1. PT Kalimantan Sawit Abadi (“KSA”)

(lanjutan) 1. PT Kalimantan Sawit Abadi (“KSA”)

(continued)


LIABILITAS LIABILITIES Liabilitas jangka pendek 3.751.604.658 Current liabilities Liabilitas jangka panjang 1.644.601.515 Non-current liabilities

Jumlah liabilitas 5.396.206.173 Total liabilities

Total nilai aset neto teridentifikasi 594.919.402 Total identified net assets

1% dari total nilai aset neto teridentifikasi 5.949.195 1% of total identified net assets Kerugian dari penjualan saham 4.136.695 Loss on disposal of shares

Imbalan pembelian yang dialihkan 1.812.500 Purchase consideration transferred

Kelompok Usaha mengakui kerugian atas penjualan saham KSA sebagai bagian dari selisih transaksi dengan pihak nonpengendali di akun ekuitas.

Group recognized loss on sale of shares in KSA as a part of difference in transactions with non-controlling parties under equity account.

2. PT Mitra Mendawai Sejati (“MMS”) 2. PT Mitra Mendawai Sejati (“MMS”)

Berdasarkan Akta Notaris Citra Buana Tungga, S.H., Mkn. No. 20 tanggal 23 Desember 2016 dan telah dilaporkan dan dicatat oleh Kementerian Hukum dan Hak Asasi Manusia Republik Indonesia dengan Surat Keputusan No.AHU-AH.01.03-0114443 tanggal 29 Desember 2016. Pemegang saham Perseroan menyetujui pengalihan 4.550 lembar saham MMS milik KSA kepada PT Mandiri Indah Lestari.

Based on Notarial Deed No. 20 of Citra Buana Tungga, S.H., Mkn. dated December 23, 2016 and has been reported and acknowledged by the Ministry of Law and Human Rights as acknowledged in Decision Letter No. AHU-AH.01.03-0114443 dated December 29, 2016. The shareholder of the Company approved the transfer of 4,550 shares of MMS owned by KSA to PT Mandiri Indah Lestari.

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2. PT Mitra Mendawai Sejati (“MMS”) (lanjutan)

2. PT Mitra Mendawai Sejati (“MMS”) (continued)

Atas penjualan saham tersebut, Kelompok Usaha mengakui kerugian atas penjualan saham MMS sebagai berikut:

On the sale of shares, Group recognize loss on sale of shares in MMS as follows:


ASET ASSETS Kas dan bank 72.430.438 Cash and bank Aset lancar lainnya 459.790.995 Other current assets Aset tidak lancar lainnya 1.708.829.543 Other non-current assets

Jumlah aset 2.241.050.976 Total assets

LIABILITAS LIABILITIES Liabilitas jangka pendek 995.217.167 Current liabilities Liabilitas jangka panjang 448.522.160 Non-current liabilities

Jumlah liabilitas 1.443.739.327 Total liabilities

Total nilai aset neto teridentifikasi 797.311.649 Total identified net assets

1% dari total nilai aset neto teridentifikasi 7.973.116 1% of total identified net assets Kerugian dari penjualan saham 5.698.116 Loss on disposal of shares

Imbalan pembelian yang dialihkan 2.275.000 Purchase consideration transferred

Kelompok Usaha mengakui kerugian atas penjualan saham MMS sebagai bagian dari Selisih transaksi dengan pihak nonpengendali di akun ekuitas.

Group recognized loss on sale of shares in MMS as a part of Difference in transactions with non-controlling parties under equity account.

Pembentukan entitas anak di tahun 2017 Establishment of subsidiaries in 2017

SSMS Plantation Holding Pte. Ltd. (“SPH”) dan SSMS Plantation International Pte. Ltd. (“SPI”)

SSMS Plantation Holding Pte. Ltd. (“SPH”) and SSMS Plantation International Pte. Ltd. (“SPI”)

Pada tanggal 12 Juli 2017, Perseroan telah membentuk dua entitas anak yaitu SPH dan SPI yang berdomisili di Singapura. Pendirian entitas anak tersebut sehubungan dengan penerbitan efek utang di Bursa Efek Singapura. Perseroan memiliki 100% saham pada kedua perusahaan tersebut.

On July 12, 2017, the Company established two subsidiaries, SPH and SPI which domiciles in Singapore. The establishment of the subsidiaries is related with the issuance of debt securities in Singapore Stock Exchange. The Company has 100% ownership interest in both companies.

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2. IKHTISAR KEBIJAKAN AKUNTANSI YANG

SIGNIFIKAN 2. SUMMARY OF SIGNIFICANT ACCOUNTING

POLICIES

Laporan keuangan konsolidasian interim telah disusun dan disajikan sesuai dengan Standar Akuntansi Keuangan di Indonesia (“SAK”), yang mencakup Pernyataan Standar Akuntansi Keuangan (”PSAK”) dan Interpretasi Standar Akuntansi Keuangan (”ISAK”) yang dikeluarkan oleh Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia, serta Peraturan Badan Pengawas Pasar Modal dan Lembaga Keuangan (“BAPEPAM-LK”) No. VIII.G.7 Lampiran Keputusan Ketua BAPEPAM-LK No. KEP-347/BL/2012 tanggal 25 Juni 2012 mengenai Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik.

The interim consolidated financial statements have been prepared and presented in accordance with Indonesian Financial Accounting Standards (“SAK”), which comprise the Statements of Financial Accounting Standards (“PSAK”) and Interpret to Financial Acccounting Standards (“ISAK”) issued by the Financial Accounting Standards Board of the Indonesian Institute of Accountants, and Regulation of Capital Market and Financial Institution Supervisory Agency (“BAPEPAM-LK”) No. VIII.G.7 Attachment of Chairman of BAPEPAM-LK’s decision No. KEP-347/BL/2012 dated June 25, 2012 regarding Presentation and Disclosure of the Financial Statements of Issuers or Public Company.

Laporan keuangan konsolidasian interim telah disusun sesuai dengan PSAK No. 1 (Revisi 2013), “Penyajian Laporan Keuangan” dan PSAK No.3 (Revisi 2010), “Laporan Keuangan Interim”.

The interim consolidated financial statements have been prepared in accordance with PSAK No. 1 (Revised 2013), “Presentation of Financial Statements” and PSAK No. 3 (Revised 2010),“Interim Financial Statements”.

Kebijakan akuntansi signifikan yang diterapkan secara konsisten dalam penyajian laporan keuangan konsolidasian interim untuk periode sembilan bulanan yang berakhir pada tanggal 30 September 2018 adalah sebagai berikut:

The significant accounting policies that were applied consistently in the preparation of the interim consolidated financial statements for the nine-month period ended September 30, 2018 are as follows:

a. Dasar penyusunan laporan keuangan konsolidasian interim

a. Basis of preparation of interim consolidated financial statements

Laporan keuangan konsolidasian interim disusun berdasarkan konsep akrual, kecuali untuk laporan arus kas konsolidasian interim, dan menggunakan konsep biaya historis, kecuali seperti yang disebutkan dalam catatan atas laporan keuangan konsolidasian interim yang relevan.

The interim consolidated financial statements have been prepared on the accrual basis, except for the interim consolidated statement of cash flows, and using the historical cost concept of accounting, except as disclosed in the relevant notes to the interim consolidated financial statements.

Laporan arus kas konsolidasian interim yang disajikan dengan menggunakan metode langsung, menyajikan penerimaan dan pengeluaran kas dan setara kas yang diklasifikasikan sebagai aktivitas operasi, investasi dan pendanaan.

The interim consolidated statements of cash flows, which have been prepared using the direct method, present receipts and disbursements of cash and cash equivalents classified into operating, investing and financing activities.

Perseroan memilih untuk menyajikan laporan laba rugi dan penghasilan komprehensif lainnya dalam satu laporan.

The Company has elected to present the interim consolidated of profit or loss and other comprehensive income in one linked statement.

Mata uang penyajian yang digunakan dalam laporan keuangan konsolidasian interim adalah Rupiah yang merupakan mata uang fungsional Perseroan dan entitas anaknya.

The presentation currency used in the interim consolidated financial statements is Rupiah which is the Company’s and its subsidiaries functional currency.

Seluruh angka dalam laporan keuangan konsolidasian interim ini, kecuali dinyatakan lain, dinyatakan dalam dan dibulatkan menjadi ribuan Rupiah.

All figures in the interim consolidated financial statements are rounded to, and stated in, thousands of Rupiah, unless otherwise stated.

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2. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN (lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

b. Prinsip-prinsip konsolidasi b. Basis of consolidation

Laporan keuangan konsolidasian interim meliputi laporan keuangan Perseroan dan entitas anaknya.

The interim consolidated financial statements include the financial statements of the Company and its subsidiaries.

Entitas anak adalah suatu entitas dimana Kelompok Usaha memiliki pengendalian. Kelompok Usaha mengendalikan entitas lain ketika Kelompok Usaha terekspos atau memiliki hak atas imbal hasil variabel dan keterlibatannya dengan entitas dan memiliki kemampuan untuk mempengaruhi imbal hasil tersebut melalui kekuasaannya atas entitas. Metode akuisisi digunakan untuk mencatat akuisisi entitas anak oleh Kelompok Usaha. Biaya perolehan termasuk nilai wajar imbalan kontinjensi pada tanggal akuisisi.

Subsidiaries are entities over which the Group has control. The group controls an entity when the Group is exposed or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost includes the fair value of any contingent consideration at acquisition date.

Perubahan dalam bagian kepemilikan entitas induk pada entitas anak yang tidak mengakibatkan hilangnya pengendalian dicatat sebagai transaksi ekuitas. Ketika pengendalian atas entitas anak hilang, bagian kepemilikan yang tersisa di entitas tersebut diukur kembali pada nilai wajarnya dan keuntungan atau kerugian yang dihasilkan diakui dalam laba rugi.

Changes in parent’s ownership interest in subsidiary that do not result in the loss of control are accounted for as equity transactions. When control over a subsidiary is lost, any remaining interest in the entity is remeasured at fair value and the resulting gains or losses is recognized in profit or loss.

Seluruh transaksi, saldo, keuntungan dan kerugian intra Kelompok Usaha yang belum direalisasi dan material telah dieliminasi.

All material intercompany transactions, balances, unrealized surpluses and deficits on transactions between Group companies are eliminated.

Setiap akhir periode pelaporan, Kelompok Usaha melakukan penelaahan ketika terdapat bukti obyektif bahwa investasi pada ventura bersama dan entitas asosiasi mengalami penurunan nilai.

At the end of each reporting period, the Group assesses when there is objective evidence that an investment in joint ventures and associates is impaired.

Kepentingan nonpengendali (“KNP”) merupakan proporsi atas hasil usaha dan aset neto entitas anak yang tidak diatribusikan pada pemilik entitas induk.

Non-controlling interests (“NCI”) represent the proportion of the results and net assets of subsidiaries not attributable to the owners of the parent entity.

Kelompok Usaha mengakui kepentingan nonpengendali pada pihak yang diakuisisi sebesar bagian proporsional kepentingan nonpengendali atas aset neto pihak yang diakuisisi. Kepentingan nonpengendali disajikan di ekuitas dalam laporan posisi keuangan konsolidasian interim, terpisah dari ekuitas pemilik entitas induk.

The Group recognizes any non-controlling interests in the acquiree at the non-controlling interest’s proportionate share of acquiree’s net assets. Non-controlling interest is reported as equity in the interim consolidated statement of financial position, separate from the owners of the parent’s entity equity.

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SIGNIFIKAN (lanjutan) 2. SUMMARY OF SIGNIFICANT ACCOUNTING

POLICIES (continued)

b. Prinsip-prinsip konsolidasi (lanjutan) b. Basis of consolidation (continued)

Hasil usaha entitas anak, dimasukkan atau dikeluarkan dari dalam laporan keuangan konsolidasian interim masing-masing sejak tanggal efektif akuisisi atau tanggal pelepasan.

The results of subsidiaries, are included in or excluded from the interim consolidated financial statements from their effective dates of acquisition or disposal respectively.

Kebijakan akuntansi yang digunakan dalam penyusunan laporan keuangan konsolidasian interim ini telah diterapkan secara konsisten, kecuali jika dinyatakan lain.

The accounting policies adopted in preparing the interim consolidated financial statements have been consistently applied, unless otherwise stated.

c. Kombinasi bisnis c. Business combinations

Kombinasi bisnis dicatat menggunakan

metode akuisisi. Biaya perolehan suatu akuisisi diukur sebagai penjumlahan atas imbalan yang dialihkan, yang diukur pada nilai wajar pada tanggal akuisisi, dan jumlah atas KNP di entitas yang diakuisisi. Biaya atas transaksi yang terjadi dibiayakan dan dicatat sebagai beban pada tahun berjalan.

Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the sum of the consideration transferred, measured at fair value at acquisition date, and amount of the NCI in entities acquired. Transaction costs that occur are directly expensed and are recorded as an expense in the current year.

Ketika melakukan akuisisi atas sebuah bisnis,

Kelompok Usaha mengklasifikasikan dan menentukan aset keuangan yang diperoleh dan liabilitas keuangan yang diambil alih berdasarkan pada persyaratan kontraktual, kondisi ekonomi dan kondisi terkait lain yang ada pada tanggal akuisisi. Hal ini termasuk pemisahan derivatif melekat dalam kontrak utama oleh pihak yang diakuisisi.

When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.

Jika proses akuntansi awal untuk kombinasi

bisnis belum selesai pada akhir periode pelaporan saat kombinasi terjadi, maka Kelompok Usaha melaporkan jumlah sementara untuk pos-pos yang proses akuntansinya belum selesai dalam laporan keuangan konsolidasian interimnya. Selama periode pengukuran, Kelompok Usaha menyesuaikan secara retrospektif jumlah sementara yang diakui pada tanggal akuisisi untuk mencerminkan informasi baru yang diperoleh tentang fakta dan keadaan yang ada pada tanggal akuisisi dan, jika diketahui, telah berdampak pada pengukuran jumlah yang diakui pada tanggal tersebut. Periode pengukuran berakhir segera setelah Kelompok Usaha menerima informasi yang dicari tentang fakta dan keadaan yang ada pada tanggal akuisisi atau mempelajari bahwa informasi lebih tidak dapat diperoleh. Namun demikian, periode pengukuran tidak boleh melebihi satu tahun dari tanggal akuisisi.

When the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group report in the interim consolidated financial statements provisional amounts for the items for which the accounting is incomplete. During the measurement period, the Group shall retrospectively adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement of the amounts recognized as of that date. The measurement period ends as soon as the Group receive the information about facts and circumstances that existed as of the acquisition date or learn that more information is not obtainable. However, the measurement period shall not exceed one year from the acquisition date.

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c. Kombinasi bisnis (lanjutan) c. Business combinations (continued)

Dalam suatu kombinasi bisnis yang dilakukan secara bertahap, pihak pengakuisisi mengukur kembali kepentingan ekuitas yang dimiliki sebelumnya pada pihak yang diakuisisi pada nilai wajar pada tanggal akuisisi dan mengakui keuntungan atau kerugian yang dihasilkan sebagai laba rugi dalam laporan laba rugi dan penghasilan komprehensif lain konsolidasian interim.

If the business combination is achieved in stages, the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date and is recognized as gain or loss in the interim consolidated statement of profit or loss and other comprehensive income.

Imbalan kontijensi yang dialihkan oleh pihak pengakuisisi diakui pada nilai wajar pada tanggal akuisisi. Perubahan nilai wajar atas imbalan kontinjensi setelah tanggal akuisisi yang diklasifikasikan sebagai aset atau liabilitas, akan diakui dalam komponen laba rugi atau pendapatan komprehensif lain sesuai dengan PSAK No. 55 (Revisi 2014), “Instrumen Keuangan: Pengakuan dan Pengukuran”. Jika diklasifikasikan sebagai ekuitas, imbalan kontinjensi tidak diukur kembali dan penyelesaian selanjutnya diperhitungkan dalam ekuitas.

Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability, will be recognized either in profit and loss or other comprehensive income in accordance with PSAK No. 55 (Revised 2014), “Financial Instruments: Recognition and Measurement”. If the contingent consideration is classified as equity, it should not be remeasured until it is finally settled within equity.

Pada tanggal akuisisi, goodwill awalnya diukur pada harga perolehan yang merupakan selisih lebih nilai agregat dari imbalan yang dialihkan dan jumlah setiap KNP atas selisih jumlah dari aset teridentifikasi yang diperoleh dan liabilitas yang diambil alih. Jika imbalan tersebut kurang dari nilai wajar aset neto Entitas Anak yang diakuisisi, selisih tersebut diakui dalam laba rugi.

At acquisition date, goodwill is initially measured at cost being the excess of the aggregate of the consideration transferred and the amount recognized for NCI over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the Subsidiary acquired, the difference is recognized in profit or loss.

Jika goodwill telah dialokasikan pada suatu UPK dan operasi tertentu dalam UPK tersebut dihentikan, maka goodwill yang diasosiasikan dengan operasi yang dihentikan tersebut termasuk dalam jumlah tercatat operasi tersebut ketika menentukan keuntungan atau kerugian dari penghentian operasi. Goodwill yang dilepaskan tersebut disajikan berdasarkan nilai relatif operasi yang dihentikan dan porsi UPK yang ditahan.

Where goodwill forms part of a CGU and part of the operations within that CGU is disposed of, the goodwill associated with the operations disposed of is included in the carrying amount of the operations when determining the gain or loss on disposal of the operations. Goodwill disposed of in this circumstance is measured based on the relative values of the operations disposed of and the portion of the CGU retained.

Jika goodwill telah dialokasikan pada suatu UPK dan operasi tertentu atas UPK tersebut dihentikan, maka goodwill yang diasosiasikan dengan operasi yang dihentikan tersebut termasuk dalam jumlah tercatat operasi tersebut ketika menentukan keuntungan atau kerugian dari pelepasan. Goodwill yang dilepaskan tersebut diukur berdasarkan nilai relatif operasi yang dihentikan dan porsi UPK yang ditahan.

Where goodwill forms part of a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the CGU retained.

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d. Kombinasi bisnis entitas sepengendali d. Common control business combination

Transaksi kombinasi bisnis entitas sepengendali, berupa pengalihan bisnis dalam rangka reorganisasi entitas-entitas yang berada dalam suatu Kelompok Usaha yang sama, bukan merupakan perubahan kepemilikan dalam arti substansi ekonomi, sehingga transaksi tersebut tidak dapat menimbulkan laba atau rugi bagi Kelompok Usaha secara keseluruhan ataupun bagi entitas individual dalam Kelompok Usaha tersebut, karenanya transaksi tersebut diakui pada jumlah tercatat berdasarkan metode penyatuan kepemilikan (pooling-of-interests).

Business combination transaction under common control, in the form of transfer of business within the framework of reorganization of entities under the same business group is not a change of ownership in economic substance, therefore it would not result in a gain or loss for the group as a whole or to the individual entity within the same group, therefore the transactions are recorded using the pooling-of-interests method.

Dalam menerapkan metode penyatuan kepemilikan, komponen laporan keuangan untuk periode dimana terjadi kombinasi bisnis dan untuk periode komparatif sajian, disajikan sedemikian rupa seolah-olah penggabungan tersebut telah terjadi sejak awal periode entitas yang bergabung berada dalam sepengendalian.

In applying the pooling-of-interests method, the components of the financial statements for the period during which the business combination occurred and for other periods presented for comparison purposes, are presented in such a manner as if the combination has already occurred since the beginning of the period in which the entities were under common control.

Entitas yang melepas bisnis maupun yang menerima bisnis mencatat selisih antara imbalan yang diterima/dialihkan dan jumlah tercatat bisnis yang dilepas/jumlah tercatat dari setiap transaksi kombinasi bisnis di ekuitas dan menyajikannya dalam akun “Tambahan Modal Disetor”.

The entity that disposed and received business records the difference between the consideration received/transferred and the carrying amount of the disposed business/carrying amount of any business combination transaction in equity and presenting it in “Additional Paid-in Capital” account.

e. Transaksi dan saldo dalam mata uang asing

e. Foreign currency transactions and balances

Laporan keuangan konsolidasian interim Kelompok Usaha disajikan dalam Rupiah, yang juga merupakan mata uang fungsional Perseroan. Setiap entitas anak menentukan mata uang fungsional dalam transaksi-transaksi yang termasuk dalam laporan keuangan pada setiap entitas diukur dengan mata uang fungsional tersebut.

The Group’s interim consolidated financial statements are presented in Rupiah, which is also the Company’s functional currency. Each subsidiary determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency.

Transaksi dalam mata uang asing dicatat dalam Rupiah dengan menggunakan kurs yang berlaku pada tanggal transaksi. Pada tanggal pelaporan keuangan, aset dan liabilitas moneter dalam mata uang asing dijabarkan sesuai dengan rata-rata kurs jual dan beli yang diterbitkan oleh Bank Indonesia pada tanggal transaksi perbankan terakhir untuk tahun yang bersangkutan, dan laba atau rugi kurs yang timbul, dikreditkan atau dibebankan pada laporan laba rugi komprehensif konsolidasian interim periode berjalan.

Transactions involving foreign currencies are recorded in Rupiah at the rates of exchange prevailing at the time the transactions are made. At the financial reporting dates, monetary assets and liabilities denominated in foreign currencies are adjusted to reflect the average of the selling and buying rates of exchange prevailing at the last banking transaction date of the year, as published by Bank Indonesia, and any resulting gains or losses are credited or charged to the current period interim consolidated statements of comprehensive income.

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e. Transaksi dan saldo dalam mata uang asing (lanjutan)

e. Foreign currency transactions and balances (continued)

Transaksi-transaksi non-moneter dalam mata

uang asing yang diukur dengan metode biaya historis dijabarkan menggunakan kurs pada tanggal terjadinya transaksi. Transaksi-transaksi non-moneter dalam mata uang asing yang diukur pada nilai wajar dijabarkan menggunakan kurs pada tanggal penentuan nilai wajar tersebut.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined.

Keuntungan dan kerugian dari selisih kurs

yang timbul dari transaksi dalam mata uang asing dan penjabaran aset dan liabilitas moneter dalam mata uang asing ke mata uang Rupiah dibebankan pada laba rugi periode berjalan.

Exchange gains and losses arising on foreign currency transactions and on the translation of foreign currency monetary assets and liabilities into Rupiah are recognized in the current period profit or loss.

Pada tanggal 30 September 2018, 31 Desember 2017 dan 31 Desember 2016, nilai tukar yang diguna

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