POWERING To World Markets

POWERING
To World Markets
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007 Laporan Tahunan
Contents
Daftar Isi
Vision and Mission
Visi dan Misi
01
Company at Glance
Sejarah Singkat Perseroan
02
Corporate Milestones
Tonggak Penting Perjalanan
Perseroan
04
Financial Highlights
Ikhtisar Data Keuangan Penting
06
Organization Structure
Struktur Organisasi
08
Company Information
Informasi Perseroan
09
Remarks from Board of Commissioners
Sambutan Dewan Komisaris
10
Remarks from Board of Directors
Sambutan Direksi
14
Operations Review
Pembahasan Operasional
25
Good Corporate Governance
Tata Kelola Perusahaan Yang Baik
59
Management’s Discussion and Analysis
Analisa dan Pembahasan Manajemen
97
104
Board of Directors
Direksi
106
Statement Letter
Surat Pernyataan
108
Independent Auditor’s Report
Laporan Auditor Independen
111
Board of Commissioners
Dewan Komisaris
VISION and Mission
Visi dan Misi
VISI
Untuk
VISION
Multinasional
To be preferred Multinational Shipping Company in domestic
terkemuka baik dalam perdagangan dalam negeri maupun
menjadi
Perusahaan
Pelayaran
and International trading by employing good and competitive
Internasional dengan mempekerjakan sumber daya yang
resources to deliver enhanced services.
memiliki keunggulan bersaing agar dapat memberikan
layanan yang berkualitas tinggi.
MISI
Untuk
MISSION
kebutuhan
To serve the public interest, as well as the needs of our
pelanggan dengan melakukan pencegahan kehilangan jiwa,
melayani
kepentingan
publik
dan
customers by preventing loss of life, marine casualties, and
kecelakaan di laut dan pencemaran lingkungan.
environmental pollution.
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PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
COMPANY At a Glance
Sejarah Singkat Perseroan
SEKILAS TENTANG PERSEROAN
THE COMPANY AT A GLANCE
PT Berlian Laju Tanker Tbk pertama kali didirikan dengan
PT Berlian Laju Tanker Tbk (‘the Company’) was first
nama PT Bhaita Laju Tanker, pada tahun 1981. Perseroan
established under the name of PT Bhaita Laju Tanker in
mulai beroperasi dengan dua tanker berukuran bobot mati
1981. The Company commenced operations with two
12.050 DWT. Pada tahun 1988, Perusahaan berganti nama
tankers with a total deadweight of 12,050 DWT. In 1988, the
menjadi PT Berlian Laju Tanker.
Company officially changed its name to become PT Berlian
Laju Tanker.
Bisnis Perseroan, yang menyediakan jasa transportasi laut
dengan fokus pada pengangkutan muatan cair, berkembang
The Company’s business of providing marine transportation
dengan pesat. Selama beberapa tahun belakangan,
services, with a particular focus on the transportation of
peningkatan permintaan terhadap produk petrokimia dan
liquid cargoes, has expanded rapidly. Over recent years,
minyak nabati telah menciptakan sejumlah peluang bagi
the increased demand for petrochemical and vegetable
perusahaan untuk meningkatkan segmen dan jangkauan
oil products has created a number of opportunities for the
bisnisnya. Pada tahun 1986, Perseroan mengembangkan
Company to expand the extent and range of its business. In
jasanya pada pengangkutan sejumlah bahan kimia cair, LPG
1986, the Company expanded the range of services it offers
dan minyak nabati.
to include the transportation of a wide range of chemicals,
liquefied petroleum gas (LPG) and vegetable oils.
Pada tahun 1990, Perseroan menjadi perusahaan pelayaran
Indonesia pertama yang mencatatkan sahamnya di Bursa
In 1990, the Company became the first Indonesian shipping
Efek Indonesia. Perseroan memiliki jaringan Internasional
Company to be listed on the Indonesia Stock Exchange. The
yang kuat, baik dalam wilayah pengoperasian, maupun
Company maintains an extensive international operational,
penjualan dan pemasaran. Dalam menjalankan bisnis di
sales, and marketing network. In the operation of its business
pasar-pasar utama, Perseroan berusaha menjaga komitmen
in key markets abroad, the Company is committed to
dan memastikan agar para klien di pasar benar-benar
maintaining close control over its business operations and to
terintegrasi dalam jaringan operasi Perseroan. Karena itu,
ensuring that clients in these markets are fully integrated into
selain memiliki kantor di Jakarta, Singapura, Hong Kong,
the Company’s operational network. Thus, in addition to its
Bangkok, Taiwan, Shanghai dan Beijing, Perseroan juga
offices in Jakarta, Singapore, Hong Kong, Bangkok, Taiwan,
membangun kantor pemasaran di Dubai untuk melayani
Shanghai and Beijing, the Company has also established
pelanggan di Timur Tengah, kantor di Mumbai untuk
marketing officers in Dubai to serve customers in the Middle
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Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
COMPANY At Glance
Sejarah Singkat Perseroan
melayani pelanggan di Asia Selatan, kantor di Glasgow
East; an office in Mumbai to serve customers in South Asia;
dan Rotterdam untuk melayani pelanggan di Eropa, serta
offices in Glasgow and Rotterdam to serve customers in
kantor di Westport, Connecticut untuk melayani pelanggan
Europe; and an office in Westport, Connecticut, to serve
di Amerika.
customers in America.
Memiliki lingkup usaha pelayaran berskala internasional,
As an internationally established shipping Company with
Perseroan merupakan perusahaan pelayaran Indonesia
extensive operations abroad, the Company became the
pertama yang mencatatkan sahamnya di Singapore
first Indonesian Company to be listed on the Singapore
Exchange Securities Trading Ltd pada 30 Oktober 2006.
Exchange Securities Trading Ltd on 30 October 2006.
Singapura sejak lama telah dikenal sebagai pusat pelayaran
Considering Singapore’s position as the largest regional
antar negara dan pusat kegiatan ekonomi regional. Karena
economic and transshipment center, this move is expected
itulah, gebrakan ini diharapkan dapat memberi pengaruh
to have a positive impact on the Company’s growth in the
positif terhadap perkembangan Perseroan di masa datang.
future.
Seiring bisnisnya yang berkembang pesat, Perseroan kini
The rapid expansion of its business has caused the Company
menjadi salah satu perusahaan penyedia jasa tranportasi
to become one of the largest providers of sea transportation
laut, khususnya muatan cair, yang terbesar di Indonesia dan
services specializing in the transportation of liquid cargoes in
dunia. Perseroan juga merupakan perusahaan pelayaran
Indonesia and throughout the world. The Company has the
terbesar ketiga di dunia dalam pengangkutan bahan kimia
third largest fleet of tankers designed for the transportation
cair.
of liquid chemicals in the world.
Dengan mengakuisisi Chembulk Tankers LLC pada
With the acquisition of Chembulk Tankers LLC at the end of
akhir tahun 2007, Perseroan mampu menyediakan jasa
2007, the Company provided transportation services across
transportasi ke seluruh dunia, termasuk Eropa, Amerika
the globe, including throughout and between Europe,
Utara, Amerika Selatan, Timur Tengah, Asia Selatan, Asia
North America, South America, the Middle East, South
Tenggara, Asia Timur/Timur Jauh dan Australia. Armada
Asia, Southeast Asia, East Asia/Far East and Australia. The
Perseroan yang terdiri atas kapal-kapal modern, didukung
Company’s fleet of modern ships is manned by well trained/
oleh perwira dan awak yang terlatih, berpengalaman, dan
competence, experienced and internationally certified officer
bersertifikat internasional. Hingga akhir 2007, Perseroan
and crew members. By the end of 2007, the Company
mengoperasikan 78 kapal tanker dengan total tonase 1,88
operated 78 tankers with a total tonnage of 1.88 million
juta DWT, 18 kapal tanker di antaranya merupakan kapal
DWT, with 18 of these tankers being chartered-in vessels.
sewa.
With its motto ‘Delivers with Safety, Competitiveness, and
Dengan
Selamat,
Timeliness’ the Company is committed to providing excellent
Kompetitif dan Tepat Waktu’, Perseroan memiliki komitmen
semboyan
service to all its customers. This commitment is demonstrated
untuk
memberikan
‘Mengangkut
pelayanan
dengan
semua
by the Company’s compliance with the International Safety
pelanggan. Komitmen ini ditunjukkan dengan kepatuhan
terbaik
pada
Management Code, the ISO 9001:2000 standard, the ISO
pada International Safety Management Code, standar ISO
14001:2004 standard, and with the OHSAS 18001:1999
9001:2000, standar ISO 14001:2004 dan standar OHSAS
standard, for which certification has been granted. The
18001:1999, di mana Perseroan telah memperoleh sertifikat
Company’s commitment to providing excellent service and
dari lembaga-lembaga internasional. Komitmen Perseroan
its adherence to the highest possible standards will ensure
untuk memberikan pelayanan terbaik dan mematuhi standar
the ongoing development of its business into the future.
tertinggi diyakini akan dapat menjamin kelangsungan bisnis
Perseroan hingga masa datang.
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PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
CORPORATE Milestones
Tonggak Penting Perjalanan Perseroan
1981
Perseroan didirikan, dimulai dengan penyewaan dua tanker untuk Pertamina.
1986
Mulai mengangkut bahan kimia cair untuk beberapa pabrik kimia besar.
1990
Penawaran umum saham perdana BLT di Bursa Efek Jakarta dan Bursa Efek Surabaya
(Sekarang sudah bergabung menjadi Bursa Efek Indonesia).
1998
Membeli Asean Maritime Corp, termasuk anak usahanya Gold Bridge Shipping Corp, yang memiliki tujuh tanker
kimia. Akuisisi ini ditujukan untuk mempercepat pertumbuhan usaha Perseroan di Asia Timur Jauh dan China.
2001
Memperluas usaha ke Timur Tengah dan India.
2004
Membuka kantor perwakilan di Glasgow untuk mendorong pertumbuhan usaha di Eropa.
2005
Menerbitkan obligasi konversi dengan nilai nominal US$ 50 juta, yang dicatatkan di Singapore Exchange Securities
Trading Limited.
Membuka kantor di Dubai.
2006
Mencatatkan saham di SGX-ST, untuk menjadi perusahaan pertama yang tercatat di bursa Indonesia dan
Singapura.
BLT menjadi penyedia jasa transportasi terbesar dalam pengangkutan bahan kimia antar negara Asia dan terbesar
ketiga di dunia untuk armada tanker kimia ukuran di bawah 20.000 DWT
2007
Membuka kantor di Mumbai.
Menerbitkan Obligasi Konversi kedua bernilai nominal US$ 125.000.000 dan wesel bayar (Guaranteed Senior
Notes) bernilai US$ 400.000.000, dicatatkan di Bursa Efek Singapura.
Menerbitkan Obligasi Berlian Laju Tanker III senilai Rp 700 miliar dan Sukuk Ijarah Berlian Laju Tanker senilai Rp 200
miliar, dicatatkan di Bursa Efek Indonesia.
Mengakuisisi Chembulk Tankers LLC-USA, yang mengoperasikan 16 kapal kimia besar. Dengan akuisisi ini,
Perseroan menjadi penyedia jasa transportasi kelautan ketiga terbesar di dunia untuk segmen pengangkutan
bahan kimia.
2008
Perseroan sekarang beroperasi di hampir semua pasar utama di dunia, dan mengoperasikan 81 kapal (57 tanker
kimia, 15 tanker minyak, 8 tanker gas dan 1 FPSO), dengan total tonase 1,94 juta DWT.
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Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
CORPORATE Milestones
Tonggak Penting Perjalanan Perseroan
1981
Established with two tankers on charter to Pertamina (Indonesian state-owned oil company).
1986
Began transporting chemicals for major chemical manufacturers.
1990
Initial Public Offering of BLT shares on the Jakarta Stock Exchange and Surabaya Stock Exchanges (Now the
Indonesia Stock Exchange).
1998
Acquired Asean Maritime Corp. including its subsidiary Gold Bridge Shipping Corp, which owned seven Chemical
tankers. This acquisition was intended to accelerate growth in Far East and China.
2001
Expanded operations into the Middle East and India.
2004
Opened an office in Glasgow to facilitate growth in Europe .
2005
Issuance of US$50 million Convertible Bond, which is listed on the Singapore Exchange Securities Trading
Limited.
Opened an office in Dubai.
2006
Conducted a Primary Listing on the SGX-ST to become the first company listed on both the Indonesian and
Singaporean exchanges.
BLT became the largest transportation services provider in the intra-Asian chemical transportation market, with the
third largest sub-20,000 DWT chemical tanker fleet globally.
2007
Opened Office in Mumbai.
Issued US$ 125,000,000 of Second Convertible Bonds and US$ 400,000,000 of Guaranteed Senior Notes, listed
on the Singapore Exchange Securities Trading Limited.
Issued Rp 700 billion of Obligasi Berlian Laju Tanker III and Rp 200 billion of Sukuk Ijarah Berlian Laju Tanker, listed
on the Indonesia Stock Exchange.
Acquired Chembulk Tankers LLC-USA, which operated 16 large chemical vessels. With this acquisition, the Company
became the third largest provider of maritime transportation services in the world in the liquid chemical segment.
2008
The Company now operates in all major markets and regions of the world. The Company maintains a fleet of 81
ships (57 chemical tankers, 15 oil tankers, 8 gas tankers and 1 FPSO) with a total tonnage of 1.94 million DWT.
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PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
FINANCIAL Highlights
Ikhtisar Data Keuangan Penting
In Rupiah based on INDONESIAN GAAP
2007
2006
2005
2004
2003
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
1,351,433
386,214
305,432
243,204
969.866
262.270
203.122
149.150
15,810,719
5,903,932
5,184,774
2,944,327
2.175.580
20,668,625
17,353,043
3,315,582
4,159,010
3,810,883
8,205,956
5,074,796
3,131,160
4,157,572
3,973,970
7,908,587
5,900,202
2,008,385
4,157,214
4,046,588
4,393,914
2,728,454
1,665,460
4,144,385
3,780,785
3.010.417
1.928.527
1.081.891
1.863.238
3.726.147
199
303
159
64
40
3.7
14.7
8.2
5.5
5.0
22.9
38.5
32.1
14.6
13.8
0.70
1.5
1.5
1.3
2.0
523.4
162.1
293.8
163.8
178.3
84.0
61.8
74.6
62.1
64.1
03 04
05
06
07
03 04
06
645,186
07
PT BERLIAN LAJU TANKER Tbk
Operating profit
(million Rp)
03 04
203,122
05
05
06
898,071
(million Rp)
149,150
05
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Annual Report 2007
Profit of the year
3,641,773
3,073,788
2,617,192
1,351,433
969,866
8,205,956
7,908,587
4,393,914
3,010,417
20,668,625
(million Rp)
946,392
Operating revenues
(milion Rp)
243,204
Total assets
945,822
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 (%)
06
07
305,432
DATA PER SAHAM (Rp)
Per Share Data (Rp)
Laba Bersih Per Saham Net Earning per Share
758,982
NERACA (Rp Juta)
Balance Sheet (Million Rp)
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)
1,205,280
LAPORAN LABA RUGI (Rp Juta)
Income Statement (Million Rp)
Pendapatan Usaha Revenues
Laba kotor Gross Profit
Laba Usaha Operating Profit
Laba Bersih Net Profit
03 04
07
FINANCIAL Highlights
Ikhtisar Data Keuangan Penting
IN USD based on IFRS
2006
2005
398,642,549
118,793,989
96,824,167
76,777,392
335,216,811
113,441,929
94,921,371
107,489,649
266,405,159
101,618,690
91,369,975
60,209,716
151,544,488 113,192,589
44,097,572 31,372,283
35,559,215 24,886,575
34,258,611 24,336,837
1,891,626,220
817,556,485
677,147,638
398,735,510 284,329,890
2,413,085,673
1,837,860,040
575,225,633
4,159,010
1,077,989,453
560,779,821
517,209,632
4,157,572
960,140,583
603,061,509
357,079,074
4,157,214
561,838,673 388,067,331
29,573,223 228,583,193
268,265,450 159,484,138
4,144,385
1,863,238
3,810,883
3,973,970
4,046,588
3,780,785
3,726,147
0.0201
0.0270
0.0149
0.0091
0.0065
3.2
10.0
6.3
6.1
6.3
13.3
20.8
16.9
12.8
15.3
0.70
1.5
1.3
1.3
1.5
319.5
108.4
168.9
109.4
143.3
76.2
52.0
62.8
52.3
58.9
05
24,336,837
398,642,549
335,216,811
06
07
03 04
05
Operating profit
(in USD)
06
07
03 04
96,824,167
03 04
266,405,159
151,544,488
113,192,589
2,413,085,673
07
(in USD)
94,921,371
06
Profit of the year
2003
91,369,975
05
1,077,989,453
960,140,583
561,838,673
388,067,331
03 04
(in USD)
35,559,215
Operating revenues
(in USD)
24,886,575
Total assets
2004
76,777,392
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 (%)
107,489,649
DATA PER SAHAM (USD)
Per Share Data (USD)
Laba Bersih Per Saham Net Earning per Share
60,209,716
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)
2007
34,258,611
LAPORAN LABA RUGI (USD)
Income Statement USD)
Pendapatan Usaha Revenues
Laba kotor Gross Profit
Laba Usaha Operating Profit
Laba Bersih Net Profit
05
06
07
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PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
ORGANIZATION structure
Struktur Organisasi
Board of
Commissioners
President
Director
Nomination
Committee
Quality
Management
Representative
Business
Development
Director
Commercial
Director
Commercial
Corporate
Legal &
Insurance
business
Dev &
Asset mgt
Vessels Sales &
Purchase
Chartering
Marketing &
Operation
Marketing &
Operation
Agency &
Branch
Business
Relation
People
Management
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Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
Remuneration
Committee
Corporate
Secretary
Audit
Committee
Internal
Audit
Finance
Director
Administration
Director
Finance &
Treasury
Accounting
Investor
Relation
Information
Technology
Ship
Management
Controller
COMPANY information
Informasi Perseroan
BOARD OF COMMISSIONERS
CORPORATE SECRETARY
Mr Hadi Surya
Mr Wong Kevin
(President Commissioner)
Mr Harijadi Soedarjo
(Commissioner)
REGISTERED OFFICE
& BUSINESS ADDRESS
Mr Alan Jonathan Tangkas Darmawan
PT Berlian Laju Tanker Tbk
(Independent Commissioner)
Wisma BSG, 10th floor
Mr Jaka Prasetya
Jalan Abdul Muis No.40
(Independent Commissioner)
Jakarta 10160 – Indonesia
Phone : +62 21 30060300
BOARD OF DIRECTORS
Fax : +62 21 30060389, +62 21 30060391
Mr Widihardja Tanudjaja
Email : [email protected] , [email protected]
(President Director)
Mr Henrianto Kuswendi
SHARE REGISTRAR
(Commercial Director)
PT Sinartama Gunita as Share Registrar
Mr Michael Murni Gunawan
PT Sinartama Gunita
(Administration Director)
Plaza BII, Tower 3, 12th floor
Ms Siana Anggraeni Surya
Jl. M.H Thamrin No.51, Jakarta
(Business Development Director)
10350 - Indonesia
Mr Wong Kevin
(Finance Director) Boardroom Limited as Share Transfer Agent for Share
registered in Singapore Exchange
AUDIT COMMITTEE
Boardroom Limited
Mr Alan Jonathan Tangkas Darmawan (Chairman)
3 Church Street
Mr Jaka Prasetya
#08-01 Samsung Hub
Mr Max Sumakno Budiarto
Singapore 049483
REMUNERATION COMMITTEE
AUDITORS
Mr Alan Jonathan Tangkas Darmawan (Chairman)
Osman Bing Satrio & Rekan
Mr Hadi Surya
Member of Deloitte Touche Tohmatsu
Mr Jaka Prasetya
Wisma Antara 12 th Floor,
Jl. Medan Merdeka Selatan No.17
NOMINATING COMMITTEE
Jakarta -10110
Mr Alan Jonathan Tangkas Darmawan (Chairman)
Mr Hadi Surya
Mr Jaka Prasetya
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PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
REMARKS from board of commissioners
Sambutan Dewan Komisaris
From left to right: ALAN JONATHAN TANGKAS DARMAWAN, HADI SURYA, HARIJADI SOEDARJO, JAKA PRASETYA
Yang Terhormat para Pemegang Saham dan
Mitra Usaha Perseroan,
Dear Shareholders and Business Partners,
Pertama-tama Dewan Komisaris menyampaikan terima
Firstly, the Board of Commissioners would like to express
kasih kepada para Pemegang Saham, Direksi beserta
its gratitude to all Shareholders, to Members of the Board
Jajaran Manajemen atas dukungan dan kerja keras selama
of Directors, and to the Staff and the Management of the
tahun 2007 sehingga membawa perseroan tetap maju dan
Company for their ongoing support and their hard work
berkembang.
throughout 2007, as a result of which the Company has
achieved its present progress and growth.
Kinerja yang baik tahun 2007 didukung oleh faktor eksternal,
yakni pertumbuhan ekonomi global dan ekonomi nasional
The excellent performance recorded by the Company in
yang cukup baik, walaupun pertumbuhannya melambat
2007 was partly supported by external factors, including
dibandingkan tahun 2006. Pertumbuhan ekonomi makro
good global and national economic growth, even if this
yang terpengaruh oleh kurang stabilnya pertumbuhan
growth was not quite as impressive as in 2006. Even though
ekonomi Amerika Serikat memang menjadi tantangan,
global economic growth was impacted by issues affecting
namun pertumbuhan ekonomi Indonesia masih cukup
the American economy, the rate of economic growth within
baik sehingga walaupun ada risiko, namun tidak terlalu
Indonesia was still good, and although this growth is subject
mengkhawatirkan. Suku bunga akan cenderung menurun
to risk factors, these are not cause for excessive concern.
dan akan memacu pertumbuhan di beberapa sektor
In particular, interest rates have declined, which has had a
kegiatan, termasuk di sektor transportasi. Sementara itu,
stimulating effect on a number of economic activities and
laju inflasi relatif sama dengan tahun lalu, berkisar antara 6-7
sectors, including the transportation sector. At the same
persen.
time, the rate of inflation has remained relatively stable at
approximately six to seven percent.
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Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
REMARKS from board of commissioners
Sambutan Dewan Komisaris
Pada tahun 2007 Dewan Komisaris mencatat beberapa hal
In 2007, the Board of Commissioners was gratified to note
penting yang berhasil dicapai oleh perseroan, antara lain:
a number of important achievements by the Company,
including the following:
a. Perkembangan Armada: Sebagai antisipasi terhadap
meningkatnya
jasa
a. Fleet development: In anticipation of increased demand
transportasi laut, khususnya muatan cair, Perseroan
pertumbuhan
permintaan
for maritime transportation services, and particularly for
telah meningkatkan kapasitas armadanya sehingga
the transportation of liquid bulk cargo, the Company
pada akhir tahun 2007 total armada Perseroan mencapai
has increased the capacity of its fleet so that at the end
78 unit dengan total bobot 1,88 juta DWT. Suatu
of 2007, this fleet consisted of 78 vessels with a total
peningkatan dibandingkan dengan akhir tahun 2006
capacity of 1.88 million DWT. This is a significant increase
dimana perseroan mengoperasikan 59 unit dengan total
over the size and capacity of the fleet at the end of 2006,
bobot 1,52 juta DWT.
when it consisted of 59 vessels with a total capacity of
b. Perluasan Daerah Operasi (Trading Area) : Sejalan dengan
1.52 million DWT.
peningkatan kapasitas armada, Perseroan telah berhasil
b. Expansion of trading area: With the expansion in the
mengembangkan angkutan ke beberapa daerah baru di
capacity of its fleet, the Company has also successfully
luar Asia seperti Mediterania, Afrika, Eropa, Australia, dan
developed a number of new routes into areas outside Asia
Amerika Latin. Selain itu dengan akuisisi atas Chembulk
including in the Mediterranean, Africa, Europe, Australia,
Tankers LLC di akhir 2007 Perseroan telah menambah
and Latin America. In addition to its acquisition of
satu daerah operasi penting yaitu Amerika Serikat.
Chembulk Tankers LLC at the end of 2007, the Company
Perluasan Trading Area ini meningkatkan fleksibilitas
also included an important new area of operations, the
dan kemampuan Perseroan dalam mengoperasikan
USA. The expansion of the Company’s trading area will
armadanya ke daerah-daerah yang dapat memberikan
improve the Company’s flexibility and its ability to operate
marjin yang menguntungkan.
its fleet in areas that offer profitable margins.
c. Keberhasilan akuisisi Chembulk Tankers LLC: Sebuah
c. The acquisition of Chembulk Tankers LLC: The successful
perusahaan pelayaran Amerika Serikat, pada akhir
acquisition of this American maritime transportation
2007 secara langsung berdampak pada penambahan
company at the end of 2007 had a direct impact on the
kapasitas angkutan armada dan memberikan kontribusi
expansion of the Company’s fleet and will contribute
yang lebih besar dalam memperluas jaringan wilayah
greatly to the expansion of the Company’s operational
operasi dan pasar peseroan sehingga menjadi pemain
and marketing network and facilitate its goal of becoming
Global.
a global player.
d. Pertumbuhan Penghasilan Sebelum Biaya Bunga, Pajak,
d. Growth in revenues before interest costs, tax, and
dan Penyusutan (EBITDA): Sejalan dengan pertumbuhan
depreciation (EBITDA): Subsequent to the growth of its
armada, Perseroan juga secara konsisten telah berhasil
fleet, the Company has also recorded a consistent growth
mencatatkan pertumbuhan EBITDA yang berasal dari
in its EBITDA derived from its operating activities.
kegiatan operasional Perseroan.
As part of its endeavors to expand the size of its fleet and
Dalam upaya memperbesar armada dan merebut pangsa
to win a larger market share, the Company is continuing to
pasar yang lebih luas, Perseroan tetap memperhatikan
pay attention to its liquidity, cash flow and financial ratios.
likuiditas maupun rasio pinjaman terhadap ekuitas. Namun
However, with the acquisition of Chembulk Tankers LLC at
sehubungan dengan akuisisi Chembulk Tankers LLC di
the end of 2007, where performance of the newly acquired
akhir 2007 dimana kinerja perusahaan yang diakuisisi belum
company has not been reflected yet in the consolidated
tercermin dalam laporan keuangan konsolidasi, maka hal
financial reports, there has been an increase in the Company’s
ini telah mengakibatkan peningkatan rasio utang terhadap
debt to equity ratio. Although the Company is capable of
ekuitas. Walaupun Perseroan memiliki kemampuan untuk
memenuhi seluruh kewajiban keuangannya, hal ini menjadi
11
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
REMARKS from board of commissioners
Sambutan Dewan Komisaris
tantangan bagi Manajemen Perseroan untuk mengendalikan
meeting its financial obligations, the management of the
gearing ratio ini ke tingkat yang lebih baik lagi di tahun 2008
Company faces the challenge of controlling its gearing ratio
mendatang, sehingga memperkuat citra Perseroan sebagai
and improving this ratio in 2008 in order to demonstrate the
perusahaan dengan kondisi keuangan yang sehat.
financial health of the Company.
Perkembangan dan pertumbuhan Perseroan sepanjang
The growth and development of the Company throughout
tahun ini cukup sehat. Selain membawa optimisme,
the year has been strong. This growth and development
perkembangan dan pertumbuhan yang cukup sehat
provides a strong basis for the management of the Company
tersebut memberikan keyakinan pada Jajaran Manajemen
to face the challenges that will emerge in years to come and
dalam menghadapi tantangan di tahun-tahun mendatang
to achieve the goal of transforming the Company into the
dan mewujudkan cita-cita Perseroan menjadi salah satu
best provider of maritime transportation services specializing
perusahaan pelayaran angkutan cair terbaik di Indonesia,
in the transportation of liquid chemicals in Indonesia and
regional maupun global. Untuk mencapai hal tersebut tentu
throughout the region. In order to achieve this, much hard
menuntut kerja yang lebih keras dan komitmen penuh
work and the total commitment with full responsibility of all
serta tanggung jawab yang tinggi di Jajaran Manajemen
levels of management and staff, together with the support of
dan seluruh Karyawan disertai dukungan penuh dari para
Shareholders and business partners, will be required.
Pemegang Saham dan Mitra Usaha.
In addition, in order to achieve the Company’s goals, all
Selain itu, untuk mencapai cita-cita perseroan, seluruh Jajaran
layers of management and staff within the Company must
dalam Perseroan terus bahu-membahu mempertahankan
continue to strive to increase revenues and to control
kinerja dengan terus memacu Pendapatan dan lebih ketat
costs so that liquidity, cash flow, and cash surpluses will
dalam pengendalian biaya sehingga likuiditas, cash flow,
continue to improve, thus ensuring the ongoing growth and
dan cash surplus tetap meningkat sehingga pertumbuhan
development of the Company.
Perseroan terus berkesinambungan.
The Board of Commissioners also notes the efforts of
Dewan Komisaris juga mencatat bahwa Perseroan telah
the Company to improve the competencies of its human
melakukan
mengembangkan
resources through the promulgation of 2007 as the Year
kompetensi SDM dengan pencanangan tahun 2007
of Human Resources Development. In order to achieve
sebagai
Tahun Pengembangan SDM. Untuk mencapai
this, a number of systems and procedures to facilitate the
hal ini perlu penjabaran dan kesiapan semua sistem dan
development of human resources have been implemented.
prosedur ke-HRD-an yang terencana. Tugas ini hendaknya
These efforts involve all layers of the Company staff and
menjadi tugas bersama seluruh Jajaran Perseroan. Terkait
management. As part of this endeavor, all layers of the
dengan hal ini seluruh Jajaran dalam Perseroan perlu
Company staff and management must adopt new, more
merubah perspektif dan paradigma agar lebih modern dan
modern and visionary perspectives and paradigms regarding
pandangan jauh kedepan dalam hal pengelolan semua asset
the management of the Company’s assets, including its
Perseroan, termasuk SDM. Dengan cara demikian, seluruh
human resources. In this fashion, all layers of the Company
Jajaran dalam Perseroan lebih mampu mengimbangi arah
staff and management will be better prepared to deal
perubahan global yang setiap saat terus terjadi.
with the rapidly changing global environment in which the
berbagai
upaya
untuk
Company now operates.
Melihat kondisi perkembangan Perseroan sejauh ini dan
perkiraan akan peningkatan pertumbuhan ekonomi yang
Looking at the Company’s growth to this point and based on
stabil di kawasan Asia Pasifik, Dewan Komisaris yakin
the forecast of ongoing stable economic growth in the Asian
bahwa Perseroan bersama Jajaran Manajemen yang telah
Pacific region, the Board of Commissioners is satisfied that
teruji dapat mempertahankan dan meningkatkan kinerja
the current management of the Company will continue to
12
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
REMARKS from board of commissioners
Sambutan Dewan Komisaris
dengan memanfaatkan pertumbuhan ekonomi regional,
maintain and improve the Company’s performance and to
bahkan mampu melintas pada jalur ekonomi dunia, demi
harness regional and global economic growth to ensure its
pertumbuhan Perseroan di masa-masa mendatang.
future growth.
Setelah mempelajari laporan keuangan Perseroan untuk
After examining the Company’s financial reports for the
tahun buku yang berakhir tanggal 31 Desember 2007 yang
book year ending 31 December 2007, which have been
telah diaudit oleh Kantor Akuntan Publik Osman Bing Satrio
audited and found to be a fair representation by the Public
& Rekan (member of Deloitte Touche Tohmatsu) dengan
Accountant Osman Bing Satrio & Rekan (member of Deloitte
pendapat wajar tanpa pengecualian, Dewan Komisaris
Touche Tohmatsu), the Board of Commissioners is of the
berpendapat bahwa secara umum usaha Perseroan
opinion that the Company has recorded a good financial
selama tahun 2007 berjalan cukup baik dan dapat
and operational performance. The Board of Directors of
dipertanggungjawabkan. Direksi Perseroan bersama Jajaran
the Company and its management have implemented the
Manajemennya telah mengambil kebijakan-kebijakan yang
appropriate policies to expand the Company’s fleet and to
efektif dalam mengembangkan armada dan memanfaatkan
utilize the conducive external conditions in order to ensure
kondisi eksternal yang kondusif sehingga Perseroan
that the Company recorded good net profits and added
berhasil mencatat laba yang cukup baik dan memberikan
value to Shareholders. Thus, the Board of Commissioners
nilai tambah bagi para Pemegang Saham. Untuk itu, Dewan
has no hesitation in recommending that the Company’s
Komisaris merekomendasikan kepada para Pemegang
Shareholders accept this report of the Company’s business
Saham Perseroan agar menanggapi secara positif laporan
operations and financial performance in 2007.
hasil usaha dan laporan keuangan Perseroan tahun buku
2007 ini.
Finally, the Board of Commissioners would like to express its
gratitude to Shareholders, members of the Board of Directors
Akhirnya, Dewan Komisaris menyampaikan terima kasih
and all members of the Company’s management and staff for
kepada para Pemegang Saham, Direksi beserta Jajaran
their ongoing support. The Board of Commissioners would
Manajemen atas dukungannya. Dewan Komisaris juga
also like to express its gratitude to the Audit Committee and
menyampaikan terima kasih kepada Komite Audit serta
to the Independent Commissioner for their cooperation and
Komisaris Independen atas usaha dan kerjasamanya
effort in assisting the Board of Commissioners to exercise
sehingga tugas pengawasan yang diemban Dewan
their supervisory role appropriately.
Komisaris dapat terlaksana dengan baik.
Best Regards and Thank You,
Sekian dan Terima Kasih.
The Board of Commissioners
Dewan Komisaris
13
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
REMARKS from board of directors
Sambutan Direksi
Yang Terhormat para Pemegang Saham dan
Mitra Usaha Perseroan,
Dear Shareholders and Business Partners,
The maritime transportation industry plays an important
Industri angkutan laut memainkan peran penting dalam
role in international trade and commerce. For a number of
perdagangan internasional dan pada beberapa jenis
commodities, it is the only viable means of transportation for
komoditi merupakan pilihan satu-satunya bagi sarana
large volumes. However, given the particular characteristics
transportasi dalam jumlah atau volume yang besar. Sesuai
of this industry, it is extremely susceptible to the influence
dengan karakteristiknya maka industri angkutan laut secara
of fluctuations in international trade and of global economic
umum sangat dipengaruhi oleh pertumbuhan perdagangan
cycles. Despite a certain level of nervousness in financial
internasional dan pertumbuhan ekonomi dunia. Walaupun
markets in the second half of 2007 as a result of the sub
dibayangi oleh kegelisahan pasar keuangan (financial
prime crisis in the USA, the global economy grew at a
market) di paruh kedua tahun 2007 yang dipicu oleh krisis
healthy rate of approximately 5.2 per cent, with this growth
subprime di Amerika Serikat, Pertumbuhan Ekonomi Global
being mainly driven by the particularly strong economic
diperkirakan mencapai angka yang cukup sehat yaitu sekitar
growth in emerging markets. The rate of growth in the
5,2% terutama didukung oleh kuatnya perekonomian
emerging markets of Asia stood at approximately 8.9 per
di
perekonomian
cent, with China and India recording growth rates of 11.5
kawasan Emerging Asia mencatat pertumbuhan yang lebih
Emerging
Markets.
Sementara
itu
per cent and 8.9 per cent respectively, while the ASEAN-4
mengesankan yaitu sekitar 8,9%, dimana China dan India
nations (Indonesia, Thailand, the Philippines, and Malaysia)
diperkirakan mencapai pertumbuhan 11,5% dan 8,9%,
recorded an average growth of 5.6 per cent. This strong
sedangkan negara-negara ASEAN-4 (Indonesia, Thailand,
economic growth had a positive impact on international
Phillipines, dan Malaysia) mencatat pertumbuhan rata-rata
trade, with the estimated rate of growth in the volume of
sebesar 5,6%. Pertumbuhan ekonomi yang cukup sehat
the international trade of goods and services standing at 6.6
ini memberikan dampak positif terhadap perdagangan
per cent in 2007. In turn, this had a positive impact on the
internasional dimana diperkirakan volume perdagangan
demand for maritime transportation services.
barang dan jasa tumbuh sebesar 6,6% di tahun 2007 dan
selanjutnya telah mendorong permintaan akan ruang kapal
(space).
In general, the demand for shipping services involving the
transportation of liquid bulk cargoes such as petroleum,
liquid chemical products and liquefied gas product has seen
Secara umum permintaan pengangkutan untuk minyak,
steady and stable growth over recent years. In the period
produk kimia cair, dan gas cair mengalami peningkatan yang
between 2002 to 2007, the total volume of chemical liquid
cukup stabil dari tahun ketahun. Dalam kurun waktu 2002-
bulk cargoes increased from 133 million tons to 161 million
2007 total angkutan muatan cair mengalami peningkatan
tons, while the demand for transportation services involving
dimana angkutan kimia cair meningkat dari 133 juta ton
oil tankers grew by an average rate of 3.9 per cent per year.
menjadi 161 juta ton dan permintaan angkutan tanker
This state of affairs had a positive impact on the maritime
minyak tumbuh rata-rata 3,9% pertahun. Ini merupakan
transportation industry in general, and on the Company’s
faktor positif bagi industri pelayaran secara umum dan
performance in particular.
Perseroan secara khusus.
In the particular area of the transportation of liquid bulk
Di sektor angkutan produk kimia cair dan sejenisnya
chemicals and similar products (including tallow and
(termasuk
total
vegetable oils), it is estimated that in 2007 the total volume
angkutan pada tahun 2007 mencapai sekitar 161,3 juta ton.
minyak
nabati/hewani)
diperkirakan
of such products transported by sea reached 161.3 million
Ini menunjukkan peningkatan dibanding tahun 2006 yang
tons. This is a significant increase over the figure of 154.9
mencatat angka 154,9 juta ton.
million tons recorded in 2006.
Sektor yang memberikan kontribusi terbesar dalam
The particular sub sector that made the greatest contribution
pertumbuhan permintaan ruang kapal tanker kimia adalah
to the growth in demand for chemical tanker space was the
14
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
REMARKS from board of directors
Sambutan Direksi
Standing from left to right: MICHAEL MURNI GUNAWAN, SIANA ANGGRAENI SURYA, WONG KEVIN
Seated: WIDIHARDJA TANUDJAJA, HENRIANTO KUSWENDI
kimia organik. Di sektor perdagangan ini, negara-negara
organic chemical sector. In this sub sector, the Asian nations,
Asia terutama Timur Jauh dan Asia Tenggara mempunyai
and particularly the nations of the Far East and of Southeast
peranan penting karena porsi terbesar dari perdagangan
Asia, played a particularly important role, as the greatest
kimia organik yang terjadi di kawasan ini terus meningkat
volume of trade in organic chemicals occurs within this region,
dari tahun ke tahun. Diperkirakan angkutan kimia cair
with the volume of trade rising steadily over recent years. It
di kawasan Asia Tenggara dan Jepang pada tahun 2007
is estimated that the volume of liquid chemicals transported
mencapai 21 juta ton, naik dari 18 juta ton ditahun 2006.
within and between the Southeast Asian region and Japan
Kondisi ini memberikan dampak yang cukup positif bagi
in 2007 reached 21 million tons, a significant increase over
usaha Perseroan dikarenakan daerah operasi Perseroan
the figure of 18 million tons recorded in 2006. This has had
mencakup dari Timur Tengah hingga Timur Jauh. Daerah
a particularly positive impact on the Company’s business,
ini merupakan daerah paling potensial dalam perdagangan
considering that the Company has firm basis of operation
kimia organik dunia, disamping jumlah penduduknya
in the area between the Middle East and the Far East. This
mencapai lebih dari setengah penduduk dunia.
area continues to offer the greatest potential for growth in
Di sektor angkutan minyak sebagaimana kita ketahui,
pertumbuhan permintaan jasa angkutan sangat dipengaruhi
oleh volume produksi dan konsumsi minyak dunia.
terms of the trade of organic chemicals, particularly given
that more than one half of the world’s population live within
this zone.
Permintaan untuk konsumsi serta produksi minyak dunia
In the oil transportation sector, the growth in the demand for
tumbuh secara konstan pada tingkat sekitar 1,8% - 1,9%
maritime transportation services is greatly influenced by the
global volume of production and levels of consumption of
15
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
REMARKS from board of directors
Sambutan Direksi
pertahun sejak tahun 2000. Permintaan atas konsumsi
such products. Since 2000, the volume of production and
minyak ini mengalami pertumbuhan cukup tinggi di negara-
the level of consumption of oil and petroleum products has
negara Asia, terutama China yang pada tahun 2007
grown consistently at an average annual rate of between
diperkirakan mencatat pertumbuhan sebesar 4,7%. Hal ini
1.8 per cent to 1.9 per cent. In particular, the demand for oil
selanjutnya akan memacu permintaan space kapal untuk
has grown strongly in the Asian region, and most particularly
muatan minyak mentah dan bahan bakar minyak serta gas
in China, which in 2007 recorded a growth in demand of
cair.
approximately 4.7 per cent. In turn, this has inspired further
Untuk gas cair permintaan atas transportasi umumnya
didorong oleh permintaan industri dan konsumen atas
demand for shipping services involving the transportation of
crude oil, petroleum product and gas.
produk-produk turunan gas petrokimia seperti plastik,
The demand for shipping services involving the transportation
produk-produk sintetis, tekstil, dan lain-lain. Sejalan
of liquefied gas is primarily driven by the demands of
dengan pertumbuhan ekonomi global maka permintaan
industries producing products derived from petrochemical
transportasi gas cair diperkirakan juga akan meningkat,
gas, including plastics, synthetic products, textiles, and so
selain itu peningkatan produksi minyak mentah dan gas
on, and by the demands of consumers for these products.
alam juga akan meningkatkan permintaan angkutan LPG,
With ongoing global economic growth, the demand for
gas petrokimia dan lain-lain sebagai produk turunan dari
shipping services involving the transportation of liquefied
minyak petrokimia dan gas alam cair tersebut. Berdasarkan
gas is expected to continue to increase. In particular, the
laporan yang kami terima perdagangan gas cair mengalami
increase in the volume of production of crude and natural gas
pertumbuhan yang cukup pesat, terutama pertumbuhan
will also result in an increased demand for shipping services
perdagangan gas petrokimia di China dan Korea Selatan.
involving the transportation of liquefied petrochemical gas
and other gases derived from petroleum and liquefied
natural gas. Based on reports received, the volume of trade
of liquefied gas has experienced significant growth over the
year, particularly in China and South Korea.
MT Ratih, 10,329 DWT, 1996
16
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
REMARKS from board of directors
Sambutan Direksi
Beberapa kondisi yang disebutkan di atas membuka
The conditions described above have created significant
peluang bagi Perseroan untuk terus mengembangkan
opportunities for the Company to expand its fleet of vessels,
armadanya baik di sektor angkutan kimia cair, maupun
including those used for the transportation of liquid chemicals,
minyak dan gas cair. Pada tahun 2007 Perseroan telah
oil and petroleum products, and liquefied gas. In 2007, the
berhasil mengembangkan armadanya, sehingga pada akhir
Company expanded its fleet to the point that at the end of
tahun 2007 armada Perseroan bertambah menjadi 78 kapal
2007, this fleet consisted of 78 tankers with a total capacity
tanker dengan total bobot mati atau DWT sekitar 1,88 juta
of 1.88 million DWT. In addition to this fleet, the Company
ton. Selain itu Perseroan juga memiliki kontrak pesanan
has also entered into contracts for the construction of 25
kapal baru sejumlah 25 kapal yang akan bergabung dengan
new ships which will be delivered and will join the Company’s
armada Perseroan pada tahun 2008-2011. Pengembangan
fleet in the period between 2008 to 2011. The development
armada kapal membutuhkan dana yang cukup besar dan
of the Company’s fleet requires a significant degree of capital
sumber daya manusia yang cukup dan handal. Dalam
and experience human resources. So far the Company has
hal ini Perseroan telah membuktikan fleksibilitas maupun
demonstrated its flexibility and its credibility in terms of
kredibilitas dalam bidang pendanaan eksternal yang terdiri
raising capital from external sources, including bank loans
dari berbagai tipe pendanaan seperti pinjaman bank baik
from domestic and foreign sources, bonds, and convertible
dari dalam negeri maupun luar negeri, obligasi, dan obligasi
bonds. By adopting a flexible approach to fundraising, the
konversi. Dengan adanya fleksibilitas dalam menggalang
Company has access to a wider range of sources of funds
dana, Perseroan memiliki lebih banyak pilihan untuk
at competitive costs, an extremely important competitive
mendapatkan sumber dana yang lebih murah dan fleksibel
advantage in the capital intensive shipping industry.
dimana hal ini merupakan faktor penting bagi persaingan
dalam industri pelayaran yang padat modal.
Operating in the maritime transportation industry, the
Company’s business will inevitably be affected by fluctuations
Perseroan yang bergerak dibidang jasa angkutan laut tentu
in industrial cycles, by fluctuations in interest rates, and by
tidak terlepas dari fluktuasi siklus industri, naik turunnya
fluctuations in fuel costs, which form a significant part of the
tingkat suku bunga, maupun gejolak harga bahan bakar
Company’s operational expenditure. In order to manage the
yang merupakan komponen penting biaya usaha. Sebagai
business risks inherent in the sector in which it operates,
antisipasi terhadap risiko usaha ini maka Manajemen
the management has implemented a number of strategies,
menetapkan beberapa strategi usaha seperti:
including the following:
1.
1.
2.
3.
Pengoperasian sebagian kapal dengan basis kontrak.
The operation of a portion of the Company’s fleet on a
Hal ini bertujuan untuk mengamankan pendapatan dari
contract basis: This strategy is implemented to ensure
fluktuasi tarif uang tambang. Selain itu dalam beberapa
levels of revenue despite fluctuations in freight rates. In
kontrak mencantumkan pula penyesuaian tarif yang
addition, some contracts contain clauses allowing for an
dikaitkan dengan harga bahan bakar kapal (bunker).
adjustment in rates related to fluctuations in fuel costs.
Dalam tahun 2007 kurang lebih 50% pendapatan
In 2007, approximately 50 per cent of the Company’s
Perseroan berasal dari kontrak.
revenues were derived from contracts.
Komposisi yang seimbang dalam jumlah dan tipe kapal
2.
Balanced composition: By maintaining a balance
tanker (Oil, Chemical, Gas), yang dimaksudkan untuk
between the type of tankers it operates and the
menyebar risiko gejolak siklus bisinis.
particular liquid cargo it transports (oil, chemical, gas),
the Company manages to diversify the risk associated
Pengembangan daerah operasi (North Asia, Middle
with fluctuations in business cycles affecting any one of
East, India, Eropa, Australia, dan Amerika Serikat), yang
these particular types of liquid cargos transportation.
bertujuan mencari daerah-daerah yang dapat memberi
marjin yang lebih baik.
3.
Expansion of the area of operations: The expansion
into areas including North Asia, the Middle East, India,
Europe, Australia, and the USA is intended to facilitate
entry into markets that offer higher margins.
17
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
REMARKS from board of directors
Sambutan Direksi
4.
Pengembangan
armada
dengan
memperhatikan
4.
Prudent management of capital structure: The Company
struktur permodalan. Hal ini untuk menjaga agar
adopts a prudent approach to the management of its
Perseroan jangan sampai mengalami kesulitan likuiditas
capital structure while consistently striving to expand
saat menghadapi kondisi usaha yang kurang baik.
its fleet. This approach is intended to prevent liquidity
Strategi pengembangan armada dilakukan tidak hanya
melalui pembangunan kapal baru ataupun pembelian kapal
problems from occurring in the face of unfavorable
business conditions.
bekas tetapi juga dengan membeli perusahaan sejenis
The strategy of expanding the Company’s fleet has been
yang memiliki bisnis yang menjanjikan. Pada akhir tahun
implemented not only through the construction of new
2007 Perseroan telah merampungkan proses pembelian
vessels or the purchase of existing vessels, but through the
Chembulk Tankers LLC, sebuah perusahaan pelayaran
acquisition of highly prospective companies operating in the
khusus angkutan kimia cair yang berkedudukan di Westport,
same sector. At the end of 2007, the Company completed the
Connecticut –Amerika Serikat. Bergabungnya Chembulk
acquisition of Chembulk Tankers LLC, a shipping company
Tankers LLC kedalam Perseroan telah memberikan kontribusi
specializing in the transportation of liquid chemicals based in
terhadap pengembangan armada dengan penambahan 16
Westport, Connecticut, USA. The acquisition of Chembulk
kapal tanker kimia stainless steel dengan total bobot mati
Tankers LLC by the Company has had a significant positive
sekitar 400.000 ton sehingga membawa Perseroan menjadi
contribution to the development of the Company’s fleet,
perusahaan tanker kimia terbesar ketiga di dunia dengan
resulting in an addition to this fleet of 16 stainless steel
total armada tanker kimia sebesar 54 kapal dan total bobot
chemical tankers with a total capacity of 400,000 tons.
mati sekitar 816.000 ton. Beberapa hal positif lainnya dari
With these additional vessels, the Company now has the
akuisisi ini adalah usia kapal-kapal dalam armada Chembulk
third largest fleet of chemical tankers in the world, with 54
Tankers LLC yang relative masih sangat muda (rata-rata
such vessels and with a total capacity of 816,000 DWT. The
dibawah 4 tahun), dan adanya kontrak pembangunan 3
acquisition of Chembulk Tankers LLC is particularly beneficial
kapal baru yang akan diserahterimakan mulai tahun 2008
considering that the ships in that company’s fleet are relatively
dan 2009. Selain itu daerah operasi armada Chembulk
new, with an average age of less than four years, and that
Tankers LLC yang meliputi Amerika Serikat, Amerika Selatan,
Chembulks Tanker LLC has contracts for the construction
Eropa, dan Timur Tengah sangat baik untuk melengkapi
of an additional three new vessels which will be delivered in
daerah operasi armada Perseroan yang sebelumnya lebih
2008 and 2009. In addition, Chembulks Tanker LLC’s area
dominan di daerah Timur jauh Asia sampai Timur Tengah.
of operations covers the USA, South America, Europe, and
Dengan demikian jika sebelumnya Perseroan telah memiliki
the Middle East. This is particularly advantageous as it will
kantor di Singapore, Hongkong, Glasgow, Dubai, Shanghai,
complement the Company’s existing trading area which
dan Mumbai maka sejak akhir tahun 2007 Perseroan
covers the zone between the Far East and the Middle East.
telah memiliki kantor di Westport (Connecticut – USA) dan
While the Company already has offices in Singapore, Hong
Rotterdam untuk melayani kebutuhan usaha dan pelanggan
Kong, Glasgow, Dubai, Shanghai and Mumbai, with this
di seluruh dunia.
acquisition at the end of 2007, the Company now has an
office in Westport, Connecticut, U.S.A., and Rotterdam, the
Netherlands, to facilitate serving the needs of clients across
the globe.
18
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
REMARKS from board of directors
Sambutan Direksi
Berbagai
faktor
dengan
With the conducive conditions described above and the
keberhasilan Perseroan dalam membangun pertumbuhan
Company’s success in implementing measures to expand its
armada
telah
fleet and to develop its area of operations, the Company has
membuahkan hasil yang cukup baik pada tahun buku
recorded satisfying results in the financial year of 2007. As
2007. Dalam hubungannya dengan pencatatan saham
a result of the Company listing its shares on the Singapore
Perseroan di bursa efek Singapura maka mulai tahun buku
stock exchange, since the financial year of 2006, the
2006 Perseroan selain menyajikan laporan keuangan sesuai
Company has prepared financial reports both in accordance
Prinsip Akuntansi Yang Berlaku Umum di Indonesia, juga
with the Prevailing Principles of Accountancy in Indonesia
menyajikan laporan keuangan sesuai Standard Pelaporan
and with the International Financial Reporting Standard
Keuangan Internasional. Perbandingan kinerja Perseroan
(IFRS). A comparison of the Company’s performance in
di tahun 2007 dibandingkan dengan tahun 2006 sesuai
2007 with its performance in 2006 according to the two
dengan kedua standard pelaporan keuangan tersebut dapat
different standards of financial reporting can be seen from
dilihat pada tabel sebagai berikut:
the following table:
serta
pendukung
diatas
pengembangan
diiringi
daerah
usaha
IFRS
INDONESIAN GAAP
In thousand IDR
2007
2006
Revenue
3.641.772.919
3.073.787.611
Gross Profit
1.137.092.324
758.981.783
Net Profit
Increase/
(Decrease)
Increase/
(Decrease)
In USD
2007
2006
18%
398,642,549
335,216,811
19%
1.122.293.257
1%
118,793,989
113,441,929
5%
1.205.279.899
(37%)
76,777,392
107,489,649
(29%)
Peningkatan atas Pendapatan dalam tahun buku 2007
Increases in revenues in the 2007 were largely the result
terutama dipengaruhi oleh pengembangan armada kapal,
of expansions in the size of the Company’s fleet. Excluding
dimana diluar penambahan 16 kapal tanker kimia stainless
the addition of 16 stainless steel chemical tankers that
steel yang berasal dari akuisisi Chembulk Tanker LLC,
were added to the Company’s fleet with the acquisition of
Perseroan menambah jumlah kapal tanker kimia sebanyak
Chembulk Tanker LLC, the Company added two chemical
2 unit dan kapal tanker gas sejumlah 2 unit. Untuk sektor
tankers and two gas tankers to this fleet. With reference to
tanker minyak, Perseroan selama tahun 2007 membeli 2
the number of the Company’s oil tankers, the Company
kapal tanker lambung ganda (double hull) kelas Suezmax,
also purchased two double hull Suezmax tankers in 2007.
namun bersamaan dengan itu Perseroan menjual 3 kapal
However, during the same period, the Company also sold
lambung tunggal (single hull) masing-masing 2 kapal kelas
three single hull vessels, including two Suezmax class vessels
Suezmax dan 1 kapal kelas Aframax. Total pertambahan
and one Aframax class vessel. With the inclusion of the
bersih kapasitas armada termasuk armada Chembulk
vessels incorporated into the Company’s fleet through the
Tankers LLC adalah 19 kapal (sekitar 360.000 DWT), namun
acquisition of Chembulk Tankers LLC, the number of vessels
kontribusi pertambahan armada Chembulk Tankers LLC
in the Company’s fleet increased by 19, representing an
tersebut belum tercermin dalam Pendapatan Perseroan
additional capacity of 360,000 DWT. However, the additional
disebabkan proses akuisisi baru diselesaikan menjelang
vessels obtained through the acquisition of Chembulk
akhir tahun 2007. Sejalan dengan peningkatan Pendapatan
Tankers LLC have not yet had an impact on the Company’s
maka Perseroan juga mencatat adanya peningkatan Laba
revenues, as the acquisition was only completed towards
Kotor, walaupun dengan marjin yang lebih kecil dibandingkan
the end of 2007. With a rise in the Company’s revenues, the
19
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
REMARKS from board of directors
Sambutan Direksi
tahun 2006. Hal ini disebabkan oleh meningkatnya biaya
Company has also recorded increases in its level of gross
operasi kapal yang terutama dipengaruhi oleh harga bahan
profits, although at a lower margin than in 2006. This lower
bakar (bunker), biaya sandar (port charges), biaya awak
margin was due to increases in ship operating expenditure,
kapal, dan biaya pemeliharaan kapal. Harga bahan bakar
which in turn were largely due to increases in the cost of fuel,
kapal (MFO) per metrik ton mengalami kenaikan dari USD
in port charges, in the salary bill for ship crew, and in the
330,- menjadi USD 385 berdasarkan harga rata-rata tahun
cost of ship maintenance. The cost of shipping fuel (MFO)
2006 dan 2007. Sementara itu biaya sandar juga naik,
increased from an average price of USD 330 per metric ton
sedangkan biaya awak kapal juga meningkat seiring dengan
in 2006 to USD 385 in 2007. At the same time, port charges
meningkatnya permintaan dunia terhadap awak kapal.
was also increased, while the salaries of ship crew and
Dilain sisi biaya perawatan kapal juga mengalami kenaikan
related costs were impacted by the increased global demand
terutama disebabkan meningkatnya kesibukan galangan
for experienced crew. Similarly, the cost of ship maintenance
kapal (shipyard) dalam dan luar negeri melayani pesanan baik
also experienced increases due to increased demand for
untuk pembangunan kapal baru maupun untuk perawatan
the services of shipyards both domestically and abroad
kapal (docking). Diluar biaya operasional Perseroan juga
for the construction of new ships and for the maintenance
mencatat naiknya biaya keuangan disebabkan peningkatan
of existing ships. In addition to operational expenditure,
jumlah pinjaman yang cukup besar dimana dana tersebut
the Company also experienced increased financial costs
digunakan untuk pengembangan armada dan terutama
associated with the increase in the number of large loans
untuk akuisisi Chembulk Tankers LLC. Beberapa faktor yang
required to finance the expansion of the Company’s fleet
disebutkan diatas telah berperan mempengaruhi penurunan
and most particularly the acquisition of Chembulk Tankers
Laba Bersih dibandingkan tahun 2006.
LLC. The combined impact of the factors described above
Menghadapi meningkatnya biaya keuangan dan operasional
ini
Manajemen
Perseroan
sejak
memutuskan
untuk
meant that net profits declined slightly compared to those
recorded in 2006.
mengakuisisi Chembulk Tanker LLC di tahun 2007 telah
Facing of increased financial and operational costs, and
menyusun rencana untuk melunasi sebagian pinjaman di
since its decision to acquire Chembulk Tanker LLC in 2007,
tahun 2008 sehingga selain mengendalikan biaya bunga
the management of the Company has formulated plans to
juga akan memperbaiki tingkat rasio pinjaman bersih
repay some of its debt in 2008 in order to control interest
terhadap ekuitas. Selain itu Perseroan akan lebih aktif dalam
cost and to improve the Company’s debt-to-equity ratio. In
usaha melakukan penyesuaian tarif yang dikaitkan dengan
addition, the Company will make greater efforts to adjust
harga bahan bakar (bunker adjustment clause) dalam
its tariffs with reference to fluctuations in fuel costs through
kontrak-kontrak pengangkutan. Mengingat bahwa sekitar
bunker adjustment clauses in the transportation service
50% pendapatan Perseroan berasal dari kontrak maka
contracts into which it enters. Given that approximately 50
Manajemen cukup optimistik bahwa kenaikan harga bunker
per cent of the Company’s revenues derives from contracts,
ini masih dalam taraf yang dapat dikendalikan.
the management of the Company is optimistic that the
Prospek pada 2008 ke depan memiliki beberapa faktor
impact of fluctuations in fuel costs can be mitigated.
yang cukup positif bagi industri pelayaran secara umum dan
Looking at the Company’s business prospects in 2008,
Perseroan secara khusus. Tingkat permintaan angkutan
there are a number of factors that should have a positive
minyak, bahan kimia, dan gas telah meningkat secara stabil
impact on the maritime transportation services industry in
sejak beberapa tahun terakhir. Berdasarkan laporan Drewry,
general and on the Company’s performance in particular. The
pengangkutan bahan kimia dunia diperkirakan tumbuh
demand for maritime transportation services involving the
4,2% ditahun 2007 menjadi 161,3 juta ton, dan akan terus
transportation of oil, liquid chemicals and gas has increased
naik menjadi sekitar 184,2 juta ton ditahun 2011. Proyeksi
steadily over the past several years. According to the Drewry
pertumbuhan ini ditunjang dengan implementasi regulasi
Report, the volume of liquid chemicals transported around
IMO tentang pengangkutan Vegetables Oil yang harus
the globe increased by approximately 4.2 per cent in 2007
menggunakan kapal tanker tipe IMO II serta hasil konferensi
to 161.3 million tons and will continue to increase to 184.2
20
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
REMARKS from board of directors
Sambutan Direksi
MT CB Westport, 32,000 DWT, 2006
di Bali tentang pemanasan global yang mendukung
million tons by 2011. Factors supporting this projection
penggunaan bahan bakar biofuel memberikan keyakinan
include the implementation of IMO regulations mandating
akan pertumbuhan permintaan kapal tanker kimia tipe IMO
the transportation of vegetable oil using IMO II-type tankers
II. Disisi lain mengingat hampir seluruh kapal tanker kimia
and the outcomes of the global warming conference in
dalam armada Perseroan merupakan tipe IMO II stainless
Bali which provided support for the use of bio fuels. These
steel, dan kondisi galangan kapal yang telah maksimal maka
factors will certainly result in an increased demand for IMO
Manajemen cukup optimistik bahwa tarif uang tambang di
II-type chemical tankers in the immediate future. Given that
sektor ini akan stabil bahkan diperkirakan akan meningkat
almost all of the chemical tankers in the Company’s fleet are
dalam tahun-tahun mendatang.
IMO II-type tankers and given that shipyards are already
Dengan bergabungnya Chembulk Tankers LLC kedalam
group Perseroan dimana seluruh armadanya terdiri dari
kapal tanker kimia stainless steel IMO II diharapkan juga
working at full capacity, the management of the Company
is optimistic that revenues derived from this particular sub
sector will remain stable or will increase in years to come.
akan memberikan kontribusi yang cukup besar pada
In this regard, the acquisition by the Company of Chembulk
kinerja Perseroan di tahun-tahun mendatang. Sekitar 50%
Tankers LLC, whose entire fleet consisted of IMO II-type
dari pendapatan Chembulk Tankers LLC adalah berbasis
chemical tankers, is expected to have a significant positive
kontrak, dan selama ini armada Chembulk Tankers LLC
impact on the Company’s financial performance in years to
lebih banyak melayani rute Amerika-Eropa dan Amerika Latin
come. Because approximately 50 per cent of the revenues
disamping Asia dan Timur Tengah, sehingga diperkirakan
generated by Chembulk Tankers LLC were achieved on the
kinerjanya tidak akan terpengaruh banyak oleh melambatnya
basis of contract arrangements and because Chembulk
pertumbuhan ekonomi di Amerika Serikat.
Tankers LLC’s fleet was involved in serving routes between
America-Europe and Latin America in addition to routes in
Asia and the Middle East, it is expected that the financial
performance of this fleet will not be significantly impacted by
a decline in economic growth in the USA.
21
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
REMARKS from board of directors
Sambutan Direksi
Di sektor angkutan Gas cair, angkutan laut LPG diperkirakan
With reference to the liquid gas sub sector, it is estimated
tumbuh sekitar 4,8% per tahun sampai 2011. Armada
that the total volume of LPG transported by sea will increase
Perseroan terdiri dari kapal tanker gas dengan ukuran
by 4.8 per cent per year at least until 2011. The Company’s
dibawah 9000 meter kubik dimana pada sektor ini
fleet of gas tanker ships are mostly comprised of vessels
pemesanan kapal (order book) diperkirakan kurang dari
with a capacity below 9000 cubic meter whereby the vessel
17%, sedangkan disisi lain sekitar 20% dari total armada
order book of this segment in the market is estimated to be
telah berumur 25 tahun atau lebih. Ke depan hal ini akan
less than 17%, while on the other hand 20% of available ships
membuat kurangnya supply kapal LPG dibawah 9000 meter
are at least 25 years of age. In the future, this will result in
kubik dibandingkan dengan permintaan dan karenanya akan
demand exceeding supply for LPG tankers with dimensions
meningkatkan tarif uang tambang.
of less than 9000 cubic meters and this will result in upward
Di sektor angkutan minyak diperkirakan permintaan akan
pressure on transportation tariffs.
kapal tanker meningkat secara rata-rata 3,9% per tahun
In the petroleum and petroleum product sub sector, it is
hingga tahun 2010. Disisi lain walaupun tingkat supply tanker
predicted that the demand for tankers will continue to
minyak akan meningkat mengingat pemesanan kapal (order
grow at an average rate of 3.9 per cent per year until 2010.
book) sekitar 39% dari total armada yang ada dengan target
Although the supply of oil tankers will increase given that the
serah-terima hingga tahun 2011, hal ini akan diimbangi oleh
number of new ships under construction and ready to be
berkurangnya jumlah kapal tanker minyak lambung tunggal
delivered by 2011 amount to 39 per cent of total existing
(single hull) yang tidak boleh berlayar di sebagian besar
vessels, this will be balanced by the decline in the number
wilayah dunia pada tahun 2010. Jumlah kapal single hull
of single hull oil tankers, the use of which will be prohibited
saat ini diperkirakan sekitar 30% dari total armada. Selain itu
in many parts of the world by 2010. At present, single hull
adanya konversi kapal tanker minyak menjadi kapal dry-bulk
tankers comprise approximately 30% of existing fleets.
maupun FPSO/FSO diperkirakan cukup banyak mengurangi
In addition, the conversion of a number of oil tankers into
supply kapal tanker dari pasar. Oleh karenanya diperkirakan
dry bulk vessels or FPSO/FSO vessels will also result in a
tarif tambang disektor ini masih akan stabil di tahun 2008
contraction in the supply of tankers. Thus, it is predicted the
mendatang.
transportation rates in this particular sub sector will remain
stable in 2008.
22
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
REMARKS from board of directors
Sambutan Direksi
Di dalam negeri, adanya regulasi pelayaran nasional yang
Domestically, Presidential Decree No. 5 of 2005 regarding
tertuang dalam Inpres No.5 Tahun 2005 yang mengatur
domestic transportation requires that domestic transportation
bahwa transportasi muatan domestik harus diangkut
services be conducted by Indonesian flag vessels operated
oleh kapal berbendera Indonesia yang dioperasikan oleh
by national shipping companies based in Indonesia. This
perusahaan pelayaran nasional yang berbasis di Indonesia,
Presidential Decree also stipulates that the import and
selain itu juga diatur untuk muatan ekspor-impor yang
export of goods and commodities financed by state treasury
dibiayai oleh anggaran belanja negara wajib diangkut
must be transported on ships owned and or operated by
oleh kapal yang dioperasikan oleh perusahaan pelayaran
national shipping companies. This creates opportunities
nasional. Kondisi ini membuka peluang bagi Perseroan untuk
for the Company to develop and expand its share of the
mengembangkan pangsa pasar domestik dan berperan
domestic market and to participate in the development and
serta dalam pengembangkan armada nasional.
expansion of the national fleet.
Berdasarkan faktor-faktor yang dikemukakan di atas dan
On the basis of the factors described above and of the
perkembangan Perseroan selama ini, manajemen yakin
Company’s growth and development in the past, the
dan optimis bahwa Perseroan memiliki prospek yang cerah
management of the Company is optimistic that the Company
untuk terus berkembang di masa-masa mendatang.
has excellent prospects to achieve ongoing growth into the
Akhir kata, Direksi mengucapkan banyak terima kasih
future.
atas kepercayaan yang telah diberikan selama ini oleh
Finally, the Board of Directors would like to express its
para pemegang saham, mitra usaha Perseroan, dan
sincere gratitude for the trust demonstrated by Shareholders,
para karyawan baik karyawan laut dan karyawan darat
the Company’s business partners, and the Company’s
yang telah memberikan dedikasi, bekerja keras dan turut
employees, including both those serving on vessels and
berperan serta membesarkan dan mengembangkan usaha
those based on shore, for their hard work and dedication
Perseroan selama ini. Ucapan terimakasih kami sampaikan
in developing and expanding the Company’s business. The
pula kepada Dewan Komisaris, Komite Audit, dan lembaga-
Board of Directors would also like to express its gratitude to
lembaga profesi maupun penunjang pasar modal lainnya
the Board of Commissioners, the Audit Committee, and the
yang telah memberikan masukan-masukan berharga kepada
professional bodies and institutions governing the capital
Dewan Direksi dalam menjalankan usaha Perseroan. Saran
markets that have provided valuable input to the Board of
dan pendapat yang membangun dari semua pihak demi
Directors in their management of the Company. The Board
kemajuan Perseroan di masa yang akan datang senantiasa
of Directors welcomes suggestions and advice from any
kami nantikan.
party willing to assist in the development of the Company
in the future.
Sekian dan Terima Kasih.
Direksi
Best Regards and Thank You,
The Board of Directors
23
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
OPERATIONS REVIEW
Pembahasan Operasional
24
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
MT Frabandari, 8,575 DWT, 2004
OPERATIONS review
Pembahasan Operasional
RINGKASAN AKTIVITAS USAHA
BUSINESS ACTIVITIES
Perseroan bergerak di bidang angkutan laut, khususnya
pengangkutan muatan cair. Jenis muatan cair tersebut
antara lain:
• Minyak (minyak mentah, bahan bakar, dan jenis lainnya)
• Pelumas (Pelumas dasar dan aditif)
• Kimia cair (organik dan non-organik)
• Gas cair (LPG, propylene, propane, dan gas-gas
bertekanan lainnya)
• Minyak nabati dan hewani
The Company’s main business is the maritime transportation
of liquid bulk cargo. The types of cargo carried by the
Company’s fleet include:
• Crude oil and petroleum products;
• Lubricating Oil (Base Oil and additives);
• Liquid Chemical (organic and non-organic);
• Liquified gas (LPG, propylene, propane, and other
pressurized gas);
• Vegetable oil and animal fats.
Kegiatan usaha utama Perseroan dapat dikategorikan
menjadi beberapa bidang usaha, yaitu:
The Company offers a range of maritime transportation and
related services, including the following:
Penyewaan Kapal (Time Charter)
Time Charter
Perseroan menyewakan kapal-kapal kepada pihak ketiga
secara Short Term Time Charter, Medium Term Time Charter,
dan Long Term Time Charter.
The Company charters out its vessels to third parties on a
range of terms, including short-term time charter; mediumterm time charter; and long-term time charter basis.
Pengoperasian Kapal
Vessel Operation
Perseroan menyewakan ruang muatan kapal kepada
pihak ketiga. Kapal yang dioperasikan adalah kapal-kapal
milik Perseroan serta kapal yang disewa dari pihak ketiga.
Muatan yang diangkut berasal dari spot market dan c
Contract Of Affreightment (COA). COA merupakan kontrak
pengangkutan dengan jumlah muatan tertentu untuk periode
waktu tertentu.
The Company charters out cargo space 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.
Jasa Keagenan Kapal
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 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 tanki-tanki 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 tanki darat yang disewakan kepada
pemilik muatan cair.
Vessel Agency Service
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 Company’s
revenues and profits, the agency business facilitates the
expansion of the Company’s 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.
25
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
OPERATIONS review
Pembahasan Operasional
CAPACITY AND COMPOSITION OF THE
COMPANY’S FLEET
KAPASITAS DAN KOMPOSISI ARMADA
Dalam bisnis transportasi kelautan, jumlah kapal merupakan
faktor yang sangat menentukan dan langsung mempengaruhi
The number of vessels in the Company’s fleet is the
hasil operasi. Seiring dengan meningkatnya armada kapal
single most important factor affecting its performance and
yang dimiliki, tingkat pendapatan Perseroan pun
terus
operations. As the number of vessels in the Company’s fleet
merangkak naik. Memang, peningkatan armada juga
has increased, both revenues and operating costs have risen
mendorong kenaikan biaya pelayaran dan biaya operasional
accordingly, although the increase in the former has greatly
kapal, yang sebanding dengan pendapatan yang diperoleh.
outstripped the increase in the latter. With the increase in the
Kalau dilihat dari sudut usaha, penambahan jumlah kapal
size of its fleet, the Company’s tonnage capacity has also
jelas
increased correspondingly.
menguntungkan
karena
mampu
meningkatkan
kapasitas tonase.
The following table demonstrates the composition of our
Tabel berikut menunjukkan komposisi armada Perseroan,
fleet in terms of business segmentation as of 31 December
berdasarkan segmen usaha per 31 Desember 2007:
2007:
Type of Tanker
(Tipe Tanker)
Number of Vessels
(Jumlah Kapal)
Average Age
(Rata-rata Usia)
Type of Tanker
(Tipe Tanker)
Chemical
54
816.2
7.6
Bahan Kimia
Oil
15
966.1
14.4
Minyak
Gas(1)
8
35.4
11.2
Gas(1)
FPSO
1
60.9
27.0
FPSO
Total
78
1,878.50
9.4
Jumlah
DWT (‘000)
Catatan:
(1) Kapasitas kapal tanker pengangkut gas yang disajikan di sini dalam DWT
tetapi dapat juga disajikan dalam CBM.
Notes:
(1) Capacity for gas tankers is presented here in DWT but can also be presented
in CBM.
Selain ukuran dan kapasitas, karakteristik penting yang
In addition to the size and capacity of the Company’s fleet,
dimiliki oleh armada Perseroan adalah komposisi dari
another important consideration is the composition of this
armadanya. Armada Perseroan terdiri atas kapal tanker
fleet in terms of the uses to which individual ships may
pengangkut bahan kimia, minyak mentah, produk minyak,
be put. The Company’s fleet includes chemical tankers,
gas dan tanker FPSO, serta dua buah kapal tanker LNG
crude oil tankers, oil product tankers, gas tankers and
yang sedang dalam proses pembangunan. Kapal-kapal ini
an FPSO tanker. In addition, the Company has entered
memiliki perbedaan ukuran dan kapasitas tonase, umur,
into a purchase order for two LNG tankers. The different
fungsi, keandalan, jangkauan dan penggunaan, serta
vessels vary in terms of size and tonnage capacity; age;
perbedaan peralatan teknis.
functionality; reliability; reach and usage; and in the nature
of their technical equipment.
Selama ini, Perseroan berusaha menjaga portofolio kapalkapal yang berbeda dalam armadanya dan menjaga
The Company deliberately implements a policy of maintaining
keseimbangan pengelolaan kapal dalam keempat segmen
a variety of different vessels within the fleet, with a balanced
operasi. Dengan demikian Perseroan dapat memberikan
mix of vessels able to meet the needs of the three different
26
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
OPERATIONS review
Pembahasan Operasional
layanan dalam wilayah maupun pasar tertentu, yang
operating segments. This allows the Company to better
dipercaya
menguntungkan
service a wide range of geographic and product markets
pada masa datang serta mampu menjaga margin dalam
akan
tumbuh
dan
tetap
and to maintain margins despite business cycles affecting
pengoperasian kapalnya.
individual segments that the Company serves.
Kapal Tanker Kimia
Chemical Tankers
Per 31 Desember 2007, Perseroan merupakan salah satu
As of 31 December 2007, the Company was one of the
perusahaan pelayaran terbesar ketiga di dunia dalam jumlah
three largest shipping companies in the world in terms of the
tonase pada pasar angkutan bahan kimia 816.196 DWT.
volume of chemical liquids transported, with a total tonnage
Rata-rata umur kapal untuk armada tanker pengangkut
of 816,196 DWT. The average age of the ships used for the
bahan kimia baru berusia sekitar 7,6 tahun, dibandingkan
transportation of chemical liquids within the Company’s fleet
armada pada industri yang rata-rata berusia sekitar 12,4
is 7.6 years, compared with an industry average of 12.4
tahun. Per 31 Desember 2007, Perseroan telah memesan
years. As of 31 December 2007, the Company had placed
17 buah kapal tanker baru pengangkut bahan kimia, dengan
purchase orders for the acquisition of 17 new tankers to
kapasitas total 339.780 DWT yang akan diserahterimakan
carry chemical liquids with a total combined capacity of
antara tahun 2008 dan 2011.
339,780 DWT. The Company will take delivery of these new
ships between 2008 and 2011.
Tabel berikut memberikan gambaran singkat mengenai
kapal tanker pengangkut bahan kimia yang dioperasikan
The tables below contain a list and short description of the
oleh Perseroan
per 31 Desember 2007. Tabel pertama
Company’s chemical tankers that were in operation as of
menunjukkan tanker pengangkut bahan kimia yang
31 December 2007. The first table shows chemical tankers
seluruhnya dimiliki oleh Perseroan, sementara tabel
wholly owned by the Company, while the second and third
kedua dan ketiga menunjukkan kapal yang disewa oleh
tables describe the Company’s chartered in vessels.
Perseroan.
No.
Owned Vessels
Built
DWT
Type(1)
Flag
Hull(2)
1
MT Dragonaria
1998
6,555
IMO II/III
Singapore
DH
2
MT Erowati
1999
6,688
IMO II/III
Singapore
DH
3
MT Gagarmayang
2004
40,354
IMO II/III
Singapore
DH
4
MT Ulupi
1999
6,690
IMO II/III
Singapore
DH
5
MT Yanaseni
1992
9,202
IMO II/III
Singapore
DH
6
MT Bauhinia
1997
5,851
IMO II/III SUS
Singapore
DH
7
MT Celosia
1997
7,477
IMO II/III SUS
Hong Kong
DH
8
MT Cendanawati
1997
3,159
IMO II/III SUS
Singapore
DH
9
MT Dewi Madrim
1987
1,250
IMO II/III SUS
Indonesia
DH
27
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Annual Report 2007
OPERATIONS review
Pembahasan Operasional
No.
Owned Vessels
Built
DWT
Type(1)
Flag
10
MT Eustoma
1994
4,990
IMO II/III SUS
Hong Kong
DH
11
MT Fatmawati
1996
7,527
IMO II/III SUS
Singapore
DH
12
MT Freesia
2003
8,521
IMO II/III SUS
Hong Kong
DH
13
MT Gerbera
2004
8,738
IMO II/III SUS
Hong Kong
DH
14
MT Indradi
1993
13,944
IMO II/III SUS
Singapore
DB
15
MT Larasati
1991
3,665
IMO II/III SUS
Hong Kong
DH
16
MT Mustokoweni
1991
3,199
IMO II/III SUS
Singapore
DB
17
MT Purwati
2007
19,900
IMO II/III SUS
Singapore
DH
18
MT Rasawulan
1996
10,332
IMO II/III SUS
Singapore
DH
19
MT Rengganis
1993
3,667
IMO II/III SUS
Singapore
DH
20
MT Setyawati
1994
3,189
IMO II/III SUS
Hong Kong
DH
21
MT Tirtasari
1997
5,878
IMO II/III SUS
Singapore
DH
22
MT Wulansari
1992
11,055
IMO II/III SUS
Singapore
DB
23
MT CB Virgin Gorda
2004
32,000
IMO II/III SUS
Singapore
DH
24
MT CB Hong Kong
2003
32,000
IMO II/III SUS
Singapore
DH
25
MT CB Savannah
2002
25,000
IMO II/III SUS
Singapore
DH
26
MT CB New York
2002
27,000
IMO II/III SUS
Singapore
DH
27
MT CB Yokohama
2003
19,500
IMO II/III SUS
Singapore
DH
28
MT CB Kobe
2002
19,500
IMO II/III SUS
Singapore
DH
29
MT CB Gibraltar
2001
19,500
IMO II/III SUS
Singapore
DH
30
MT CB Shanghai
2000
19,500
IMO II/III SUS
Singapore
DH
31
MT CB Ulsan
2004
19,500
IMO II/III SUS
Singapore
DH
32
MT CB Barcelona
2004
32,300
IMO II/III SUS
Singapore
DH
33
MT CB Houston
2003
16,400
IMO II/III SUS
Singapore
DH
34
MT Anggraini
1995
31,225
IMO III
Singapore
DH
35
MT Anjasmoro
1996
32,696
IMO III
Singapore
DH
36
MT Jembawati
1999
6,685
IMO III
Singapore
DH
37
MT Kunti
1992
3,984
IMO III
Indonesia
DB
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Annual Report 2007
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Hull(2)
OPERATIONS review
Pembahasan Operasional
No.
Bareboat Charter
Built
DWT
Type(1)
Flag
Hull(2)
38
MT Nogogini(3)
1996
11,639
IMO II/III SUS
Singapore
DH
39
MT Ratih
1996
10,329
IMO II/III SUS
Singapore
DH
40
MT Nolowati
1998
11,636
IMO II/III SUS
Singapore
DH
41
MT Fatmarini(3)
2004
8,578
IMO II/III SUS
Singapore
DH
42
MT Frabandari(3)
2004
8,575
IMO II/III SUS
Singapore
DH
43
MT Hartati
2004
14,312
IMO II/III SUS
Singapore
DH
44
MT Harsanadi
2005
14,271
IMO II/III SUS
Singapore
DH
45
MT Pertiwi(3)
2006
19,970
IMO II/III SUS
Singapore
DH
46
MT Prita Dewi(3)
2006
19,998
IMO II/III SUS
Singapore
DH
47
MT Pujawati
2006
19,900
IMO II/III SUS
Singapore
DH
Built
DWT
Type(1)
Flag
Hull(2)
2003
6,678
IMO II/III SUS
Panama
DH
2003
6,689
IMO II/III SUS
Panama
DH
No.
(3)
(3)
(3)
(3)
(3)
Time Charter
48
MT Bidadari(5)
49
MT Bestari(5)
50
MT CB New Orleans
2003
32,000
IMO II/III SUS
Singapore
DH
51
MT CB Westport
2006
32,000
IMO II/III SUS
Singapore
DH
52
MT CB Singapore(6)
2007
19,500
IMO II/III SUS
Singapore
DH
53
MT CB Tortola(6)
2007
19,500
IMO II/III SUS
Singapore
DH
54
MT CB Minneapolis
2007
32,000
IMO II/III SUS
Singapore
DH
(7)
(6)
(6)
Catatan:
(1) “SUS” berarti kapal tanker yang memiliki tanki kargo yang
terbuat dari baja stainless.
(2) “DH” berarti double hull; “DB” berarti double bottom.
(3) Sewa kapal kosong (bareboat charter) untuk masa 6.5 tahun,
berakhir pada 2010 dan 2011.
(4) Sewa kapal kosong (bareboat charter) untuk masa 12 tahun,
berakhir bulan Juni, Juli dan September 2018.
(5) Sewa berjangka waktu (time charter) untuk masa 5 tahun,
berakhir bulan Agustus dan Oktober 2009.
(6) Sewa berjangka waktu (time charter) untuk masa 10 tahun,
berakhir pada tahun 2017 dan 2018.
(7) Sewa berjangka waktu (time charter) untuk masa 5 tahun,
berakhir pada tahun 2008.
Notes:
(1) “SUS” refers to tankers with cargo tanks made of stainless
steel.
(2) “DH” means double hull; “DB” means double bottom.
(3) Six-and-a-half-year bareboat charters, to expire in 2010 and
2011.
(4) Twelve-year bareboat charters, to expire in June, July and
September 2018.
(5) Five-year time charters, to expire in August and October 2009.
(6) Ten-year time charters, to expire in 2017 and 2018.
(7) Five-year time charters, to expire in 2008
29
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Annual Report 2007
OPERATIONS review
Pembahasan Operasional
Perseroan telah menambah armada operasinya dengan tiga
The Company increased the size of its fleet with the addition
buah kapal yang semuanya diserahterimakan pada bulan
of three ships that were delivered in January and February
Januari dan Februari 2008. Ketiga kapal tersebut terdiri atas
2008. These three ships consist of one recently constructed
satu kapal tanker pengangkut bahan kimia milik Perseroan
chemical tanker owned by the Company and with a capacity
yang baru selesai dibuat, dengan kapasitas 19.900 DWT
of 19,900 DWT, named MT Puspawati; another recently
bernama MT Puspawati, satu kapal tanker sewa dengan
constructed tanker chartered by the Company with an option
opsi beli yang juga baru selesai dbuat, dengan kapasitas
to buy and with a capacity of 32,000 DWT, named MT CB
32.000 DWT bernama MT CB Lindy Alice. Yang terakhir
Chembulk Lindy Alice; and another chartered vessel with a
adalah satu kapal sewa bernama MT Golden Ambrosia
capacity of 13,000 DWT, named MT Golden Ambrosia.
dengan kapasitas 13.000 DWT.
Each of the Company’s chemical tankers is registered with
Setiap kapal tanker pengangkut bahan kimia Perseroan
one of several classification societies. For the Company’s
didaftarkan dalam salah satu biro klasifikasi. Untuk kapal
chemical tankers, these organizations include Lloyds
tanker pengangkut bahan kimia, klasifikasi ini adalah: Lloyds
Register, Nippon Kaji Kyokai, Bureau Veritas and Det Norske
Register, Nippon Kaiji Kyokai, Bureau Veritas dan Det Norske
Veritas.
Veritas.
Oil Tankers
Kapal Tanker Minyak
As of 31 December 2007, the Company operated 15 oil
Per 31 Desember 2007, Perseroan mengoperasikan 15
tankers with a total combined shipping capacity of 966,068
tanker minyak dengan jumlah kapasitas 966.068 DWT.
DWT. The Company’s fleet of oil tankers consisted of two
Armada tanker minyak terdiri atas dua unit Suezmax, empat
Suezmax units, six Handysize units and three small-range
unit Aframax, enam unit Handysize dan tiga unit tanker
tankers. The Company’s fleet of oil tankers had an average
small-range. Armada tanker minyak Perseroan rata-rata
age of 14.4 years, compared to the industry average of 12.8
berusia sekitar 14,4 tahun, dibandingkan dengan kapal
years.
dalam industri yang berusia rata-rata 12,8 tahun.
The tables below contain a list and short description of
Tabel di bawah memberikan penjelasan singkat mengenai
the Company’s oil tankers that were in operation as of 31
tanker minyak yang dioperasikan Perseroan per 31
December 2007. Except for MT Gandari, all of the Company’s
Desember 2007. Kecuali untuk MT Gandari, seluruh kapal
fleet of oil tankers are wholly owned by the Company.
tanker minyak ini dimiliki oleh Perseroan.
No
Vessels
Built
DWT
Type
Flag
Hull
1
MT Tridonawati
1991
154,970
Crude Oil Tanker
Liberia
SH
2
MT Trirasa
1991
154,970
Crude Oil Tanker
Singapore
SH
3
MT Badraini
1991
111,777
Crude Oil Tanker
Singapore
DB
4
MT Barunawati
1992
111,689
Crude Oil Tanker
Singapore
DB
5
MT Barawati
1990
101,134
Crude Oil Tanker
Singapore
SH
6
MT Bramani
1990
96,672
Crude Oil Tanker
Singapore
SH
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Annual Report 2007
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OPERATIONS review
Pembahasan Operasional
No
Vessels
Built
DWT
Type
Flag
Hull
7
MT Pergiwo
1993
37,087
Crude Oil Tanker
Singapore
SH
8
MT Anjani
1985
36,882
Oil Product Tanker
Indonesia
DS
9
MT Pradapa
1993
36,362
Crude Oil Tanker
Indonesia
DS
10
MT Pergiwati
1993
36,345
Crude Oil Tanker
Singapore
DS
11
MT Gandini
1998
32,042
Oil Product Tanker
Singapore
DH
12
MT Gandari(1)
1999
30,500
Oil Product Tanker
Singapore
DH
13
MT Ontari
1993
18,520
Oil Product Tanker
Indonesia
SH
14
MT Dewayani
1999
3,561
Oil Product Tanker
Singapore
DH
15
MT Dewi Sri
1999
3,557
Oil Product Tanker
Singapore
DH
Catatan:
(1) Kepemilikan melalui sewa kapal kosong (bareboat charter) untuk masa 10
tahun, yang berakhir bulan Mei 2012.
Notes:
(1) Ownership is through a 10-year bareboat charter, to expire in May 2012.
Masing-masing kapal tanker minyak tersebut terdaftar dalam
Each of these oil tankers is registered with one of several
salah satu biro klasifikasi, yaitu: Lloyds Register, Nippon Kaiji
classification societies, including Lloyds Register, Nippon
Kyokai, Bureau Veritas dan Det Norske Veritas dan Biro
Kaiji Kyokai, Bureau Veritas, Det Norske Veritas and Biro
Klasifikasi Indonesia.
Klasifikasi Indonesia.
Kapal Tanker Gas
Gas Tankers
Per 31 Desember 2007, Perseroan mengoperasikan 8
As of 31 December 2007, the Company operated 8 gas
kapal tanker gas, seluruhnya adalah tanker gas LPG/
tankers, all of which were built for the transportation of LPG/
petrochemical, dengan total kapasitas 34.126 CBM (35,364
petrochemical gas, with a total combined capacity of 34,126
DWT). Armada tanker Perseroan memiliki umur rata-rata
CBM (35,364 DWT). The average age of the gas tankers in
sekitar 11,2 tahun, dibandingkan dengan umur rata-rata
the Company’s fleet is 11.2 years, compared to an industry
untuk industri yaitu 16,5 tahun.
average of 16.5 years.
Perseroan saat ini memiliki enam unit tanker pengangkut
The Company currently has six tankers for the transportation
ethylene dan gas yang sedang dibangun dan dua unit
of ethylene and gas and two tankers for the transportation
tanker LNG baru, dengan kapasitas keseluruhan 35.000
of LNG on order, with a capacity of 35,000 CBM (36,500
CBM (36.500 DWT) dan 310.000 CBM (153.400 DWT).
DWT) and 310,000 CBM (153,400 DWT) respectively. The
Kapal-kapal
kepada
Company will take delivery of these ships between 2008 to
Perseroan antara tahun 2008-2012. Perseroan tersebut
2012. The Company owns a 30 per cent stake in the two
memiliki 30% saham dalam dua kapal tanker LNG itu.
LNG tankers on order. The Company aims to utilize these new
Perseroan juga bermaksud untuk meningkatkan pangsa
vehicles to increase its market share in the transportation of
pasar
tersebut
akan
diserahterimakan
pengangkutan gas LPG/Petrochemical di wilayah
LPG and petrochemical gases in the Far East Asian region.
Asia Timur Jauh. Selain itu, Perseroan akan terus berusaha
The Company also intends to increase the volume of LNG
meningkatkan pengangkutan LNG di dalam negeri seiring
transported domestic rate, depending on the growth in the
pertumbuhan permintaan LNG di Indonesia.
demand for LNG within Indonesia.
31
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OPERATIONS review
Pembahasan Operasional
Tabel berikut memberikan gambaran singkat mengenai kapal
The tables below contain a list and short description of the
tanker pengangkut gas yang dioperasikan oleh Perseroan
Company’s gas tankers that were in operation as of 31
per 31 Desember 2007, dimana seluruh kapal ini dimiliki
December 2007. All of the Company’s fleet of gas tankers
oleh Perseroan.
are wholly owned by the Company.
Setiap kapal tanker gas Perseroan terdaftar pada salah satu
Each of these gas tankers is registered with one of several
biro klasifikasi, yaitu: Nippon Kaiji Kyokai dan Biro Klasifikasi
classification societiess, including Nippon Kaiji Kyokai and
Indonesia.
Biro Klasifikasi Indonesia.
No
Owned Vessels
Built
Type
Flag
Hull
CBM
1
MT Gas Maluku
1996
Gas Tanker
Singapore
DH
5,000
2
MT Gas Sumatera
1989
Gas Tanker
Indonesia
DH
3,512
3
MT Gas Jawa
1989
Gas Tanker
Indonesia
DH
3,596
4
MT Gas Indonesia
1990
Gas Tanker
Indonesia
DH
3,518
5
MT Gas Kalimantan
1996
Gas Tanker
Indonesia
DH
3,500
6
MT Gas Sulawesi
2006
Gas Tanker
Singapore
DH
5,000
7
MT Gas Papua
2007
Gas Tanker
Singapore
DH
5,000
8
MT Gas Bali
2007
Gas Tanker
Singapore
DH
5,000
Kapal Tanker FPSO
FPSO Tankers
Kapal tanker FPSO adalah kapal tanker yang digunakan
An FPSO tanker is a tanker used as a floating production,
untuk fasilitas terapung untuk produksi, penyimpanan
storage and offloading facility. As of 31 December 2007,
dan bongkar muat minyak bumi. Per 31 Desember 2007,
the Company had one single FPSO tanker in its fleet. The
Perseroan memiliki satu tanker FPSO dalam armadanya.
Company bought this tanker as an oil tanker in December
Perseroan membeli tanker ini sebagai tanker minyak pada
2005 and converted it to its current purpose as an FPSO
bulan Desember 2005, lalu mengkonversinya menjadi kapal
tanker. The conversion to an FPSO tanker was completed in
FPSO. Konversi ke FPSO diselesaikan pada bulan Agustus
August 2006. This tanker is 60,874 DWT, and has production
2006. Tanker ini memiliki bobot mati 60.874 DWT dengan
capacity of 15,000 barrel per day.
kapasitas produksi 15.000 barrel per hari.
The table below describes the Company’s FPSO tanker,
Tabel di bawah ini memberikan penjelasan singkat mengenai
operational as of 31 December 2007. The Company’s FPSO
tanker FPSO Perseroan yang dioperasikan per 31 Desember
tanker was listed with the Biro Klasifikasi Indonesia.
2007. Tanker FPSO Perseroan terdaftar dalam klasifikasi,
yaitu Biro Klasifikasi Indonesia.
32
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OPERATIONS review
Pembahasan Operasional
No
1
Owned Vessels
FPSO Brotojoyo
Built
DWT
Type
Flag
Hull
1980
60,874
FPSO Tanker
Singapore
DB
Kapal Baru
Vessels under Construction
Tabel di bawah ini memberikan penjelasan singkat mengenai
The tables below contain a list and short description of the
kapal Perseroan yang masih dalam pembuatan, beserta
new ships under construction for inclusion in the Company’s
rencana tonase dan rencana penyerahan. Kecuali yang
fleet, with planned tonnage and expected delivery dates.
diberikan penjelasan, seluruh kapal ini sepenuhnya milik
Unless otherwise stated, all of these ships are wholly owned
Perseroan. Lalu untuk tanker kimia, ukuran kapal tersebut
by the Company. Shipping capacities are indicated by DWT
dinilai dengan DWT, dan untuk tanker gas, ethylene dan
for chemical tankers and by CBM for gas, ethylene and LNG
tanker LNG diukur dalam bentuk CBM.
tankers.
No.
Name
Expected
Delivery
DWT/
CBM
Type
Flag
Hull
Shipyard
1
MT Puspawati (*)
2008
19,900
Chemical Tanker IMO II/III SUS
Singapore
DH
Shin Kurushima(2)
2
MT CB Lindy Alice (*)(**)
2008
32,000
Chemical Tanker IMO II/III SUS
Panama
DH
Kitanihon(10)
3
MT Gas Lombok
2008
9,000
Gas Tanker
Singapore
DH
STX(3)
4
MT Gas Sumbawa
2008
9,000
Gas Tanker
Singapore
DH
STX(3)
5
MT Tangguh Hiri(1)
2008
155,000
LNG Tanker
Bahamas
DH
Hyundai Samho(4)
6
MT Pramoni
2008
19,000
Chemical Tanker IMO II/III SUS
Singapore
DH
Shin Kurushima(2)
7
MT Purbasari
2008
19,900
Chemical Tanker IMO II/III SUS
Singapore
DH
Fukuoka(5)
8
MT CB Kings Point (**)
2008
19,500
Chemical Tanker IMO II/III SUS
Panama
DH
Kitanihon(10)
9
MT Tangguh Sago(1)
2009
155,000
LNG Tanker
Bahamas
DH
Hyundai(6)
10
MT Pramesti
2009
19,000
Chemical Tanker IMO II/III SUS
Singapore
DH
Shin Kurushima(2)
33
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
OPERATIONS review
Pembahasan Operasional
No.
Name
Expected
Delivery
DWT/
CBM
Type
Flag
Hull
Shipyard
11
MT Hyacinth
2009
12,500
Chemical Tanker IMO II/III SUS
Singapore
DH
Shitanoe(7)
12
CB Jakarta(**)
2009
19,500
Chemical Tanker IMO II/III SUS
Not Decided Yet
DH
Kitanihon(10)
13
MT Subadra
2010
12,500
Chemical Tanker IMO II/III SUS
Singapore
DH
Shitanoe(7)
14
MT Gas Karimun
2012
5,000
Gas Tanker
Singapore
DH
Shitanoe(7)
15
MT Gas Batam
2011
5,000
Gas Tanker
Singapore
DH
Shitanoe(7)
16
MT Gas Bangka
2010
3,500
Gas Tanker
Singapore
DH
Yamanishi(8)
17
MT Gas Madura
2010
3,500
Gas Tanker
Singapore
DH
Yamanishi(8)
18
MT Wilutama
2010
25,100
Chemical Tanker IMO II/III SUS
Singapore
DH
Shin Kurushima(2)
19
MT Watari
2011
25,400
Chemical Tanker IMO II/III SUS
Singapore
DH
Fukuoka(5)
20
MT Setyaboma
2011
12,500
Chemical Tanker IMO II/III SUS
Singapore
DH
Shitanoe(7)
21
MT Sakuntala
2011
12,500
Chemical Tanker IMO II/III SUS
Singapore
DH
Shitanoe(7)
22
MT Wardani
2011
25,400
Chemical Tanker IMO II/III SUS
Singapore
DH
Fukuoka(5)
23
MT Widawati
2011
25,100
Chemical Tanker IMO II/III SUS
Singapore
DH
Shin Kurushima(2)
24
MT Pitaloka
2011
19,990
Chemical Tanker IMO II/III SUS
Singapore
DH
Asakawa(9)
25
MT Partawati
2011
19,990
Chemical Tanker IMO II/III SUS
Singapore
DH
Asakawa(9)
Catatan:
(*) Perseroan telah menerima penyerahan MT Gas Puspawati, MT
CB Lindy Alice, dan MT Golden Ambrosia pada bulan Januari
2007.
(**) Kapal ini tidak dimiliki oleh perseroan, tetapi akan disewa oleh
perseroan dengan opsi beli
(1) Perseroan memiliki saham 30% dan sisanya 70 % dimilki oleh
Teekay Tangguh Holdings Corporation.
(2) Shin Kurushima — Shin Kurushima Dockyard Co., Ltd.
(3) STX — STX Shipbuilding Co., Ltd.
(4) Hyundai Samho — Hyundai Samho Heavy Industries Co., Ltd.
(5) Fukuoka — Fukuoka Shipbuilding Co., Ltd.
(6) Hyundai — Hyundai Heavy Industries Co., Ltd.
(7) Shitanoe — Shitanoe Shipbuilding Co., Ltd.
(8) Yamanishi - Yamanishi Corporation
(9) Asakawa - Asakawa Shipbuilding Co., Ltd.
(10) Kitanihon - Kitanihon Shipbuilding Co. Ltd.
34
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
Notes:
(*) The Company took delivery of MT Gas Puspawati, MT CB Lindy
Alice and MT Golden Ambrosia in January 2007.
(**) The vessel doesn’t belong to the Company but will be rented
with a purchasing option.
(1) The Company owns 30% interest and the remaining 70% owned
by Teekay Tangguh Holdings Corporation.
(2) Shin Kurushima — Shin Kurushima Dockyard Co., Ltd.
(3) STX — STX Shipbuilding Co., Ltd.
(4) Hyundai Samho — Hyundai Samho Heavy Industries Co., Ltd.
(5) Fukuoka — Fukuoka Shipbuilding Co., Ltd.
(6) Hyundai — Hyundai Heavy Industries Co., Ltd.
(7) Shitanoe — Shitanoe Shipbuilding Co., Ltd.
(8) Yamanishi - Yamanishi Corporation
(9) Asakawa - Asakawa Shipbuilding Co., Ltd.
(10) Kitanihon - Kitanihon Shipbuilding Co. Ltd.
OPERATIONS review
Pembahasan Operasional
Pertumbuhan Armada
Fleet Growth
Grafik berikut menunjukkan pertumbuhan armada Perseroan
The following graph demonstrates the growth in the
menurut tonase dan jumlah kapal yang dimiliki Perseroan
Company’s fleet in terms of deadweight tonnage and
selama 10 tahun terakhir.
number of vessels over the past 10 years.
DWT(,000)
Number of vessels
2,000
78
1,800
1,600
1,400
53
1,200
44
1,000
800
600
400
200
0
1879
59
22
28
35
30
171
1997
1998
228
244
303
1999
2000
2001
80
70
60
1519
50
1297
727
40
30
422
18
153
35
40
90
20
380
10
DWT(,000)
2002
2003
2004
2005
2006
2007
0
Number of vessels
35
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
OPERATIONS review
Pembahasan Operasional
PENJUALAN DAN PEMASARAN
SALES AND MARKETING
Kegiatan penjualan dan pemasaran Perseroan didukung
The Company’s sales and marketing activities are supported
oleh jaringan kantor Perseroan yang tersebar luas, sehingga
by an extensive global network of offices that facilitates
memungkinkan
menjual
the Company’s endeavors to market and sell services to
langsung di tempat pelanggan Perseroan
customers in the geographical areas where the majority
beraktivitas. Perseroan melakukan sendiri keseluruhan
of the activities of those customers are conducted. The
kegiatan pemasaran, karena Perseroan beranggapan,
Company conducts all of its own marketing activities, as the
bidang ini sangat penting dan harus dikontrol.
Company believes that it is vital to retain full control over this
layanannya
Perseroan
memasarkan
dan
aspect of its business.
Tim pemasaran dan operasional terdiri atas 135 orang, yang
tersebar di berbagai kantor Perseroan, yaitu, di Jakarta,
The marketing and operations team consists of 135 people
Singapura, Hong Kong, Bangkok, Taiwan, Shanghai, Beijing,
located in the Company’s offices in Jakarta, Singapore, Hong
Xiamen, Dubai, Mumbai, Glasgow, Rotterdam dan Westport,
Kong, Bangkok, Taiwan, Shanghai, Beijing, Xiamen, Dubai,
Connecticut. Kantor Perseroan di Jakarta, Singapura
Mumbai, Glasgow, Rotterdam, and Westport Connecticut.
dan Hong Kong serta Westport, Connecticut melayani
The Company’s offices in Jakarta, Singapore and Hong
segala aspek dari operasional, mulai dari pemasaran
Kong, and Westport, Connecticut, conduct and oversee all
dan pengelolaan kapal, sampai dengan penawaran dan
aspects of the Company’s operations, from marketing and
penandatanganan kontrak, pengalokasian kapal, pembelian
the management of ships to the bidding on and entering
kapal dan pengelolaan umum lainnya. Sedangkan kantor-
into of contracts, the allocation of shipping resources, the
kantor yang lain, memiliki kegiatan utama untuk pemasaran
acquisition of new vessels and general management issues.
dan pengelolaan kapal. Untuk mendukung pengoperasian
Other officers are primarily involved in ship management
armada bagian Barat, Perseroan telah membuka kantor
and marketing activities only. To support the operation of the
pemasaran di Glasgow pada tahun 2004 dan Rotterdam
Company’s fleet in the Western Hemisphere, the Company
MT Gas Papua, 5,000 CBM, 2007
36
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
OPERATIONS review
Pembahasan Operasional
pada tahun 2007 melalui akuisisi Chembulk Tankers LLC,
opened a marketing office in Glasgow in 2004, in Dubai in
di Dubai tahun 2005 dan di Mumbai tahun 2007. Perseroan
2005, in Mumbai in 2007 and Rotterdam in 2007 through
juga telah membuka kantor pemasaran di Shanghai untuk
acquisition of Chembulk Tankers LLC. In order to sport
mendukung operasional di daerah Asia Timur Jauh. Selain
its operations in North Asia, the Company has opened a
itu Perseroan pun telah menambah kantor di Westport,
marketing office in Shanghai in 2007. The Company opened
Connecticut melalui akuisisi Chembulk Tankers LLC, untuk
its additional office in Westport, Connecticut through
membuka daerah operasional baru yaitu Amerika Utara dan
the acquisition of Chembulk Tankers LLC, an acquisition
Amerika Selatan.
which was intended to facilitate the Company’s expansion
throughout North and South America.
Dalam berkompetisi ketika menjalankan usaha, Perseroan
menggunakan jalur penjualan yang biasa dilakukan dalam
The Company competes for business through established
industri transportasi laut. COA biasanya ditenderkan
sales channels for the maritime transportation industry.
dalam pasar terbuka, dan Perseroan berpartisipasi dalam
COAs are usually tendered in the open market, and the
penawaran COA yang mencakup wilayah geografis di lokasi
Company participates in bidding for those COA that covered
mana kapal-kapal Perseroan beroperasi melalui proses
geographic areas in which or near which the Company has
tender normal.
deployed the vessels through the normal tender process.
Kontrak spot biasanya ditawarkan pada pasar terbuka.
Spot contracts are usually offered on the open market. The
Tim Penjualan dan Pemasaran Perseroan kemudian
Company’s marketing and sales team maintains contact with
melakukan kontak dengan para penyewa dan broker untuk
charterers and brokers to market vessel space according
memasarkan ruang kapal, dengan memperhatikan posisi
to the position and schedules of particular vessels. The
dan ketersediaan kapal. Departemen Marketing senantiasa
marketing department also continually updates charterers
menginformasikan kepada pelanggan tentang ketersediaan
on the availability of space on the Company’s vessels and
ruang kapal dan lokasinya.
on their geographic location.
Persaingan Usaha
Competition
Dalam menjalankan usaha, Perseroan terutama melayani
The Company caters primarily to the liquid cargo segment
segmen pengangkutan muatan bahan cair. Sementara
in the shipping industry. The Company’s tankers are utilized
itu, tanker yang dimiliki digunakan untuk melakukan
for both domestic and foreign trade. Competition in this
perdagangan, baik di dalam negeri maupun luar negeri.
segment of the industry can be extremely intense. Different
Persaingan dalam industri ini sangat ketat. Secara umum,
operators compete on the basis of the availability of vessels
persaingan terjadi berdasarkan tingkat ketersediaan kapal di
in a particular region or for a particular route and price and
wilayah-wilayah atau rute tertentu dan berdasarkan harga.
on the basis of their proven reliability and reputation in the
Selain itu, faktor yang juga berpengaruh adalah keandalan
industry.
dan reputasi di dalam industri.
Within the domestic segment, the number of operators
Untuk segmen pengangkutan domestik yang melibatkan
in the field offering shipping services within Indonesia is
pengangkutan di dalam wilayah Indonesia, jumlah pesaing
considerably fewer than in the international arena. In terms
yang dihadapi Perseroan lebih sedikit dibandingkan
of transportation services within the Indonesian waters, the
dengan segmen internasional. Beberapa pesaing dalam
Company’s competitors are PT Samudera Indonesia Tbk
pengangkutan domestik diantaranya adalah PT Samudera
and PT Humpuss Intermoda Transportasi Tbk. In terms
Indonesia Tbk dan PT Humpuss Intermoda Transportasi Tbk.
of transportation services in the international arena, the
Untuk segmen internasional, Perseroan memiliki sejumlah
Company has a number of different competitors, primarily
pesaing dari berbagai negara. Pesaing utama adalah grup
shipping groups based in Greece and elsewhere in Europe.
pelayaran asing khususnya yang berasal dari Yunani dan
wilayah lain di Eropa.
37
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
OPERATIONS review
Pembahasan Operasional
Pada segmen kapal tanker minyak internasional, beberapa
In the area of the transportation of oil, the Company’s
pesaing Perseroan diantaranya adalah Ocean Tankers,
competitors are Ocean Tankers, Dynacom, Tanker Pacific,
Dynacom, Tanker Pacific, China Shipping dan Teekay
and Teekay Shipping. In the area of the transportation of
Shipping. Pada segmen kapal tanker kimia internasional
liquid chemicals, the Company’s competitors are lino Kaiun
beberapa pesaing Perseroan pada saat ini diantaranya
Kaisha, Odfjell ASA, Stolt Nielsen Group, Jo Tankers A/S,
adalah lino Kaiun Kaisha, Odfjell ASA, Stolt Nielsen Group,
Koyo Kaiun Co Ltd, Tokyo Marine Co Ltd, and Woolim
Jo Tankers A/S, Koyo Kaiun Co Ltd, Tokyo Marine Co Ltd,
Shipping. In the area of the transportation of gas, the
dan Woolim Shipping. Pada segmen kapal tanker gas,
Company’s current major competitors are Unigas Khosan,
pesaing internasional Perseroan diantaranya adalah Unigas
Petredec and Stealth Gas.
Khosan, Petredec dan Stealth Gas.
Customers
Pelanggan
The Company has established long-term relationships
Perusahaan mempunyai hubungan jangka panjang yang
with the majority of its customers, who include the major
kuat dengan banyak pelanggan termasuk diantaranya
international oil and chemical companies such as Pertamina,
perusahaan kimia dan minyak terkemuka dunia seperti
Celanese Corporation, Exxon Mobil Corporation, Shell,
Pertamina, Celanese Corporation, Exxon Mobil Corporation,
BASF, SABIC and Dow Chemical. In particular, the Company
Shell, BASF, SABIC dan Dow Chemical. Perseroan memiliki
has an established long-term business relationship with
hubungan bisnis jangka panjang dengan Pertamina,
Pertamina, the Indonesian state-owned oil Company, which
perusahaan minyak milik negara Indonesia yang saat ini
currently controls the distribution of Indonesian oil and
mengontrol distribusi minyak yang diproduksi di Indonesia
refinery products within Indonesian waters.
dan produk turunannya di wilayah perairan Indonesia.
The Company establishes contact with customers and
Perseroan mencari pelanggan dan menerima order jasa
received orders for shipping transportation services through
pengangkutan baik melalui broker pelayaran maupun
brokers and through direct contacts with companies
melalui kontak langsung dengan pelanggan yang dilakukan
established by the Company’s marketing and sales force.
oleh tim pemasaran dan penjualan. Para pelanggan memilih
The customers choose the Company’s services over those
menggunakan layanan yang diberikan oleh Perseroan
of competitors on the basis of the Company’s established
dibandingkan
karena
reputation for safety and reliability; its competitive prices;
kombinasi dari reputasi Perseroan yang dikenal luas tentang
and the availability of vessels. Within its marketing and sales
keselamatan dan keandalan, harga yang bersaing dan
teams, the Company employs designated customer service
ketersediaan kapal. Sebagai bagian dari tim pemasaran
representatives who focus exclusively on one or more major
dan penjualan, Perseroan menunjuk personil khusus untuk
customer accounts in order to address the needs of valued
pelayanan pelanggan yang bertugas khusus melayani dan
customers. Through this means, the Company is able to
memenuhi kebutuhan pelanggan utama tertentu secara
anticipate the particular, specific needs of the customer in
eksklusif. Melalui kontak dengan pelanggan ini, Perseroan
terms of their required shipping capacity and destinations,
mampu mengantisipasi atau mengetahui pada wilayah
allowing the Company to deploy its fleet effectively to meet
mana pelanggan tertentu akan membutuhkan layanan
these needs.
dengan
para
pesaing
lainnya
pengangkutan di masa yang akan datang, sehingga
Perseroan dapat memenuhi kebutuhan tersebut.
38
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
OPERATIONS review
Pembahasan Operasional
Untuk memenuhi permintaan pelanggan pada wilayah tertentu
In order to fulfill the needs of customers for services in
atau untuk pelayaran tertentu, Perseroan kadang-kadang
a particular area or at a particular time, the Company
menyewa kapal dalam jangka pendek dari perusahaan
occasionally charters vessels from other, reputable shipping
pelayaran lain yang memiliki reputasi baik. Pelayanan dan
companies on a short term charter basis. This allows the
fleksibilitas ini memungkinkan Perseroan untuk menjaga
Company to maintain long-term relationships with its
hubungan jangka panjang dengan para pelanggan, dan
customers and to build on the Company’s reputation to win
pada saat yang bersamaan mampu membangun reputasi
new contracts.
untuk dapat memenangkan kontrak pengangkutan baru.
Areas of Operation
Wilayah Operasional Armada
The Company divides the operation of its fleet into 4
Perseroan membagi operasi armadanya menjadi 4 wilayah
geographical zones for its chemical tankers, one zone for its
geografis untuk kapal tanker kimia, dan masing-masing satu
oil tankers, and one zone for its gas tankers. In the chemical
wilayah geografis untuk armada tanker minyak dan armada
tanker segment, Section 1 includes the area within Southeast
tanker gas. Divisi I untuk segmen kapal tanker kimia meliputi
Asia, between ports in Indonesia, Thailand, Malaysia and
wilayah operasi di dalam wilayah Asia tenggara, yaitu antar
Singapore. Section 2 includes the area from Southeast Asia
pelabuhan-pelabuhan di Indonesia, Thailand, Malaysia,
to North Asia and within North Asia, as well as the backhaul
dan Singapura. Divisi II meliputi wilayah operasi dari Asia
from North Asia, with the primary destination ports located
Tenggara hingga Asia Timur Jauh, dan di dalam wilayah Asia
in China, Korea, Taiwan and Japan. Section 3 includes the
Timur Jauh dan pengangkutan balik dari Asia Timur Jauh
area from Southeast Asia Westwood, to India, the Middle
dengan pelabuhan tujuan utama di China, Korea, Taiwan
East and Europe as well as trade within these areas and
dan Jepang. Divisi III meliputi wilayah operasi dari wilayah
backhaul from these areas. The primary destination ports
Asia tenggara ke arah barat, menuju India, wilayah Timur
for Section 3 are located in India, Iran, Saudi Arabia, Kuwait,
Tengah, dan Eropa, selain operasi di dalam wilayah itu sendiri
Qatar, Egypt, Italy, Spain, the Netherlands and England.
dan pengangkutan baliknya. Pelabuhan tujuan utama untuk
Section 4 covers trade between North and South America,
Divisi III berlokasi di India, Iran, Saudi Arabia, Kuwait, Qatar,
from America to Europe through the Atlantic Ocean, and
Mesir, Italia, Spanyol, Belanda, dan Inggris. Divisi IV meliputi
from America to Asia through the Pacific Ocean.
wilayah operasi dari wilayah Amerika Utara hingga Amerika
Selatan, Amerika ke Eropa melalui Samudera Atlantik dan
The Company deploys its vessels throughout its area of
Amerika ke Asia melalui Samudera Pasifik.
operations on the basis of market conditions and customer
requirements. The Company attempts to anticipate where
Perseroan menempatkan kapal yang dimiliki pada wilayah
the greatest demand for transportation services will be,
operasinya agar dapat merespons kondisi pasar dan
while at the same time maintaining a broadly diversified
kebutuhan dari para pelanggan. Perseroan berusaha untuk
position by spreading its vessels across a range of different
selalu mengantisipasi lokasi dari permintaan terbanyak
geographic areas.
untuk kapal yang dimiliki oleh Perseroan, dan pada saat
yang bersamaan menjaga tingkat diversifikasi penempatan
kapal-kapal pada wilayah geografis yang berbeda.
39
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
OPERATIONS review
Pembahasan Operasional
KEKUATAN BERSAING
COMPETITIVE STRENGTHS
Perseroan memiliki kekuatan bersaing yang dapat membantu
meraih visinya untuk menjadi perusahaan pengangkutan
pilihan dalam perdagangan domestik dan internasional.
Kekuatan ini adalah sebagai berikut:
The Company possesses a number of competitive strengths
Armada Operasi
Besar, fleksibel, modern, kapal-kapal berkualitas tinggi yang
dioperasikan dan dikendalikan oleh awak dan staf yang
terampil.
Perseroan berharap, industri-industri kimia dan minyak
dapat terus berkembang dalam beberapa tahun ke depan.
Dengan pertumbuhan ini, kebutuhan mereka terhadap
jasa pengangkutan akan terus meningkat. Perseroan
mengoperasikan armada yang besar dan beragam, yakni
sebanyak 81 kapal sampai dengan Februari 2008. Melalui
kekuatan armada itu, Perseroan menempatkan dirinya
secara baik untuk melayani kebutuhan transportasi yang luas
dan beragam kepada perusahaan-perusahaan multinasional
ternama, dan perusahaan-perusahaan perdagangan
regional, serta untuk berbagai jenis produk dan klasifikasiklasifikasi produk.
Armada kapal-kapal pengangkut milik Perseroan
dioperasikan untuk mengangkut bahan kimia modern,
minyak dan gas, yang dirawat dan dioperasikan secara
prima oleh awak yang memiliki kualifikasi tinggi. Kondisi
ini memberikan kesempatan bagi Perseroan untuk
mengembangkan kemampuannya dan mempertahankan
hubungan jangka panjang dengan para pelanggan mereka,
dengan menyediakan pelayanan berkualitas tinggi dan
efisiensi pembiayaan secara konstan. Armada Perseroan
lebih baru ketimbang mayoritas armada milik para
pesaingnya. Sampai dengan 31 Desember 2007, kapal
pengangkut bahan kimia, minyak dan gas milik Perseroan
berusia antara 7,6, 14,4 dan 9,9 tahun. Bandingkan dengan
rata-rata kapal pengangkut sejenis di industri yang berkisar
pada usia antara 12,4, 12,8, dan 16,5 tahun.
Kualitas manajemen pengawakan Perseroan dibuktikan
lewat sertifikasi ISO 9001:2000 yang diperoleh Perseroan
dari Nippon Kaji Kyokai, atas penilaian pengaturan
awak dan pengendalian divisi, serta untuk kualitas bisnis
pengangkutan dan agensi. Kualitas armada dan awaknya
juga mendapat pengakuan tingkat tinggi dari para pengguna
yang ditunjukkan melalui tingkat penggunaan kapal
Perseroan sampai dengan 95,1%.
40
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
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 operated and
managed by skilled crew and staff.
The Company expects that the chemical and petroleum
industries will continue to grow over the next several years
and that with this growth, the demand for shipping services
will continue to increase. With its extensive and diverse fleet,
comprised of 81 vessels as of February 2008, the Company
is extremely 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.
The Company’s fleet of modern chemical, oil and gas tankers
is superbly maintained and operated by highly qualified
crew, facilitating its ability to develop and maintain longterm relationships with its clients by providing consistently
high-quality and cost efficient service. The Company’s fleet
is demonstrably more recently constructed than that of the
majority of its competitors: as of 31 December 2007, the
average age of the Company’s chemical, oil and gas tankers
was approximately 7.6, 14.4 and 9.9 years respectively,
compared to industry averages of approximately 12.4, 12.8
and 16.5 years respectively.
The quality of the Company’s manning management 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.
That the quality of the fleet and the crew manning the fleet
has won a high level of acceptance from charterers is
demonstrated by the Company’s vessel utilization rate of
95.1 per cent.
OPERATIONS review
Pembahasan Operasional
Kinerja Keuangan
Financial Performance
Kinerja keuangan jangka panjang yang telah terbukti.
Proven long term financial performance.
Sejak saham Perseroan dicatatkan di Bursa Efek Indonesia
Since its listing on the Indonesia Stock Exchange in 1990,
pada tahun 1990 (d/h Bursa Efek Jakarta), Perseroan telah
the Company has recorded positive net profits every year.
mencatat laba bersih yang positif setiap tahun. Antara
In the period between 1990 and 2007 (on the basis of
periode 1990 dan 2007 (berdasarkan PSAK Indonesia),
Indonesian GAAP), the Company’s EBITDA has increased
EBITDA Perseroan
meningkat berdasarkan rata-rata
at a compound annual growth rates of 23.4 per cent, while
peningkatan tahunan sebesar 23,4%, sementara laba telah
profit has increased at compound annual growth rate of
meningkat berdasarkan rata-rata peningkatan tahunan
21.8 per cent.
sebesar 21,8%.
The Company has achieved this excellent financial
Perseroan berhasil mencatat kinerja keuangan yang luar
performance by adopting a strategy of a balanced business
biasa ini dengan mengadopsi suatu strategi perimbangan
mix between the chemical, oil and gas sectors. Similarly, it
bisnis campuran, antara sektor bahan kimia, minyak
has adopted a strategy of a balanced mix of contract and
dan gas. Strategi ini memungkinkan Perseroan untuk
spot charters. These strategies enable the Company to
mempertahankan labanya melalui siklus bisnis.
maintain its profitability through business cycles.
Hubungan Pelanggan
Customer Relationships
Membangun kemampuan yang telah terbukti untuk
menyediakan jasa transportasi yang dapat diandalkan,
aman dan efisien.
Perseroan berhasil mengembangkan hubungan jangka
panjang yang erat dengan para pelanggan, yang terdiri
atas
perusahaan-perusahaan
migas
ternama
dan
produsen bahan kimia seperti PT. Pertamina (Persero),
Exxon Mobil, Shell, BASF, Celanese, Dow dan SABIC.
Landasan utama hubungan yang erat dengan pelanggan
ini adalah kemampuan Perseroan dalam menyediakan jasa
transportasi yang terbukti berkualitas, dapat diandalkan,
aman dan efisien.
Dengan adanya ekspansi armada Perseroan yang terus
berlanjut, diharapkan Perseroan memiliki kemampuan
untuk membangun hubungan yang telah ada untuk menarik
Building on proven ability to provide dependable, safe and
efficient transportation services.
The Company has worked to develop strong, long standing
relationships with its clients, who include major international
oil and chemical companies such as PT Pertamina (Persero),
Exxon Mobil, Shell, BASF, Celanese, Dow and SABIC.
The basis for these strong customer relationships is the
Company’s proven ability to provide dependable, safe and
efficient transportation services.
With the ongoing expansion of the Company’s fleet, it
expects to be able to build on these existing relationships to
win the trust of new clients by providing them with a greater
geographical reach, especially in Europe and America,
where the Company plan to expand.
kepercayaan pelanggan-pelanggan baru dan memberikan
mereka jangkauan geografis yang lebih besar, terutama
di Eropa dan Amerika, dimana Perusahaan berencana
mengembangkan usahanya.
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OPERATIONS review
Pembahasan Operasional
Pemasaran dan Jaringan Operasi
Marketing and Operating Network
Ekspansi dari Asia Tenggara ke Asia Utara, Timur Tengah,
Eropa, dan Amerika.
Expanding from South-East Asia into North Asia, the Middle
Perseroan telah mengembangkan suatu jaringan penjualan
dan pemasaran internasional ekstensif. Keduanya
dimaksudkan untuk melayani pelanggan-pelanggan yang
ada dan untuk memungkinkan mereka mengidentifikasi
peluang-peluang bisnis baru. Perseroan mempertahankan
keberadaan pemasaran terpadu di pasar-pasar utama
Asia dengan membuka kantor di Jakarta, Singapura, Hong
Kong, Bangkok, Taiwan, Shanghai dan Beijing. Ditambah
lagi, Perseroan telah menempatkan kehadirannya di Timur
Tengah melalui kantor-kantor pemasaran di Dubai, di Eropa
melalui kantor-kantor di Glasgow dan Rotterdam, di Asia
Selatan melalui kantor di Mumbai, dan di Amerika Utara serta
Amerika Selatan melalui kantor di Westport, Conneticut.
The Company has developed an extensive international
Struktur Biaya Yang Kompetitif
Tingkat efisiensi tinggi memudahkan struktur pembiayaan
kompetitif.
Perseroan berhasil memperoleh tingkat efisiensi pembiayaan
yang tinggi, dengan tingkat dasar pembiayaan total lebih
rendah dibanding sebagian besar pesaingnya. Hal ini
dikarenakan sebagian besar lokasi operasi Perseroan berada
di Asia, dimana biaya buruh, aktivitas bongkar-muat dan
pemeliharaan lebih murah, dibandingkan dengan di Eropa
dan di AS. Secara khusus, Perseroan berkomitmen untuk
mempekerjakan buruh berdasarkan tingkat pembiayaan
efektif dan kebijakan-kebijakan ketenagakerjaan. Sebagai
tambahan, sebagian besar kantor-kantor Perseroan di luar
negeri mempekerjakan karyawan-karyawan yang direkrut
secara lokal. Tidak saja ini merupakan kebijakan pembiayaan
yang lebih efektif dibanding menggunakan buruh ekspatriat,
karyawan-karyawan lokal yang dipekerjakan biasanya lebih
sensitif terhadap kondisi lokal dan kebutuhan pelanggan di
negara-negara dimana mereka ditempatkan.
Dengan demikian, Perseroan memiliki struktur pembiayaan
yang kompetitif sehingga memungkinkan Perseroan untuk
menetapkan tarif pengangkutan yang lebih rendah atau sama
dari para pesaingnya juga menjaga marjin keuntungannya.
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PT BERLIAN LAJU TANKER Tbk
East, Europe, and America.
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 with 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 offices in Glasgow and Rotterdam; in South
Asia through offices in Mumbai; and in North America and
South America through offices in Westport, Connecticut.
Competitive Cost Structure
High level of cost efficiency enables a competitive cost
structure.
The Company has achieved a high level of cost efficiency,
with a much lower overall cost base than many of its
competitors. At least in part, this is due to the location of
the majority of the Company’s central functions in Asia,
where the costs of labor, maintenance and docking activities
are considerably cheaper than in Europe or the USA. In
particular, the Company is committed to highly cost-effective
labor employment and the employment policies. In addition,
most of the Company’s overseas offices are staffed by
locally recruited employees. Not only is this a more costeffective policy than using expatriate labor, locally recruited
employees are usually more sensitive to local conditions
and the needs of clients in the countries in which they are
based.
As a result of this high level of cost efficiency, the Company
is able to implement a competitive cost structure that allows
it to set freight rates over the match those of competitors or
to protect margins.
OPERATIONS review
Pembahasan Operasional
Pengelolaan Kapal
Vessel Management
Pengelolaan kapal dengan kualitas tinggi dan biaya yang
bersaing.
High-quality and cost competitive services through wholly
Perseroan menyediakan semua jasa pengelolaan kapal
The Company provides all of the vessel management
yang diperlukan untuk mengoperasikan armada, termasuk
services required to operate the fleet, including operations
pendukung operasi, pemeliharaan kapal pengangkut dan
support, tanker maintenance and technical support, crewing,
pendukung teknis, pengawakan, pengawasan galangan
shipyard
kapal dan pengelolaan perdagangan, melalui cabang-
through wholly owned subsidiaries. The Company believes
cabang yang dimiliki sepenuhnya oleh Perseroan. Perseroan
that by performing these services through wholly owned
yakin, dengan menjalankan pelayanan semacam ini oleh
subsidiaries, the Company is able to ensure quality and to
cabang-cabangnya, Perseroan dapat memberikan jaminan
achieve a greater level of cost efficiency.
vessel management.
supervision
and
commercial
management,
kualitas guna memperoleh tingkat pembiayaan efektif yang
lebih besar.
Tim Manajemen Berpengalaman
Pengalaman yang panjang dalam industri pengangkutan
dan kesetiaan serta komitmen terhadap Perseroan.
Eksekutif senior Perseroan dan karyawan-karyawan kunci
memiliki banyak pengalaman dalam industri pengangkutan,
dengan rata-rata 19 tahun pengalaman. Sebagai tambahan,
kesetiaan dan komitmen anggota tim manajemen senior
terhadap Perseroan ditunjukkan lewat masa kerja mereka
yang rata-rata telah berkarier selama 17 tahun di Perseroan.
Dengan pengalaman yang lama itu, tim manajemen
Perseroan memiliki keahlian dalam semua bidang bisnis
pengangkutan, termasuk manajemen perdagangan dan
teknis. Pengalaman yang lama ini memberikan suatu
dasar bagi upaya pemasaran yang lebih fokus, lebih tepat,
Experienced Management Team
Lengthy experience in the shipping industry and loyalty and
commitment to the Company.
The Company’s senior executives and key employees have
extensive experience in the international shipping industry,
with an average of 19 years of experience. In addition,
members of the senior management team’s loyalty and
commitment to the Company is demonstrated by the fact
that they have on average been employed by the Company
for almost 17 years. With their long experience, Company’s
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.
operasional yang efektif dan pengawasan keselamatan yang
baik.
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PT BERLIAN LAJU TANKER Tbk
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OPERATIONS review
Pembahasan Operasional
STRATEGI
STRATEGY
Untuk mempertahankan dan meningkatkan kinerja saham
In order to maintain and increase its market share and to
di bursa efek, dan untuk meraih kinerja keuangan yang
achieve a consistently strong financial performance through
kuat melalui siklus ekonomi dan pengangkutan, Perseroan
economic and shipping cycles, the Company plans to
merencanakan menjalankan strategi inisiatif berikut:
pursue the following strategic initiatives:
Portofolio yang Berimbang
A Balanced Portfolio
Menjaga keseimbangan portofolio kapal tanker pengangkut
bahan kimia, minyak, dan gas.
Maintain a balance portfolio of chemical, oil, and gas
Fakta menunjukkan, produk bahan kimia, minyak dan gas
It is a fact that the chemical, oil, and gas sectors are subject
memiliki siklus ekspansi dan kontraksi, yang dapat berimbas
to cyclical patterns of expansion and contraction, and that
pada permintaan akan jasa pengangkutan di masing-
this will impact the demand for shipping services in each of
masing sektor. Ketiga sektor ini tidak terhubung secara
these respective sectors. However, it is also clear that each
langsung. Dengan adanya diversifikasi produk tersebut,
of these three sectors is governed by cycles that are not
yang sasaran utamanya pada pasar minyak, bahan kimia
directly correlated. Thus, by diversifying its focus across the
dan gas, Perseroan dapat mengurangi kerentanan pada
oil, chemical and gas markets, the Company can reduce
salah satu jenis produk. Dalam rangka pengelolaan risiko
its exposure to volatilities in any one particular sector. In
dan mencapai pertumbuhan yang konsisten, Perseroan
order to manage risk and achieve consistent growth, the
berupaya menjaga keseimbangan antara ketiga produk atau
Company intends to maintain a balance between these
sektor tersebut dalam bisnisnya.
three main segments of its business.
Ikatan Kontrak
Contractual Arrangements
Memanfaatkan ikatan kontrak untuk menjaga pertumbuhan
dan menjaga stabilitas arus kas operasional.
Perseroan ingin meningkatkan stabilitas pemasukan yang
lebih besar melalui kontrak-kontrak dan perjanjian sewa
untuk sebagian armada Perseroan, sambil mempertahankan
fleksibilitas untuk memperoleh keuntungan yang lebih tinggi
dari peningkatan tarif di pasar spot. Perseroan juga selalu
memantau perkembangan pasar untuk mengantisipasi
kebutuhan transportasi para pelanggan dan menanggapi
dengan cepat kebutuhan pasar tersebut, untuk mendapatkan
peluang-peluang penyewaan yang menarik.
Dengan tercapainya stabilitas operasi yang konsisten,
hal ini dapat mendorong pertumbuhan Perseroan karena
memungkinkan Perseroan untuk melakukan investasi.
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Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
tankers.
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
quickly to attractive chartering opportunities.
The achievement of consistent operational stability has
facilitated the growth of the Company, allowing it to engage
in investment activities.
OPERATIONS review
Pembahasan Operasional
Perluasan Armada
Fleet Expansion
Memperluas armada secara konsisten sambil mengelola
struktur modal.
Consistently grow the fleet while prudently managing the
Sejak Januari 2005 sampai dengan Desember 2007,
Since January 2005 to December 2007, the Company
Perseroan telah membeli 41 kapal baru dan bekas, dengan
has acquired 41 new and second-hand ships with a total
kapasitas total 1.571.084 ton bobot mati dengan biaya
capacity of 1,571,084 DWT for an aggregate cost of
keseluruhan mencapai US$ 946 juta. Perseroan akan
approximately US$946 million. The Company intends to
melanjutkan penambahan armada, dengan menambah 25
continue to expand its fleet, with 25 vessel new builds,
kapal baru, berkapasitas 684.780 DWT, untuk memenuhi
representing a total capacity of 684,780 DWT, on order for
permintaan dalam empat tahun ke depan.
Perseroan
delivery over the next four years. Furthermore, the Company
juga mempertimbangkan untuk mengakuisisi perusahaan
may consider acquisitions of other shipping companies to
pelayaran lainnya untuk mewujudkan sasaran strategisnya.
achieve its strategic objectives.
Menembus Pasar-Pasar Baru
Penetrating New Markets
Memperluas jangkauan geografis pada pasar utama
pelanggan.
Sejak 1998, Perseroan telah menerapkan strategi perluasan
wilayah geografis untuk menjangkau pasar-pasar
baru
dari pusat operasional mereka yang sudah ada di Asia
Tenggara. Pada tahun 1998, Perseroan memiliki cabang di
Hong Kong untuk menembus pasar-pasar Asia Utara. Pada
tahun 2001, Perseroan memperluas wilayah perdagangan
dan operasi mereka ke Timur Tengah dan India. Pada tahun
2004, Perseroan membuka kantor cabang pemasaran di
Glasgow, Skotlandia. Pada tahun 2007 Perseroan memiliki
cabang di Amerika untuk menembus pasar Amerika Selatan
dan Utara.
Perseroan berencana melanjutkan fokus utama
bisnis
mereka di Asia sambil memperluas dan menambah operasi
mereka ke Eropa dan Amerika dan menempatkan penekanan
terhadap pemenuhan kebutuhan pelanggan-pelanggan
Eropa dan Amerika. Manajemen Perseroan berkeyakinan,
bahwa pasar-pasar Eropa dan Amerika akan menawarkan
peluang baru. Keyakinan itu didasarkan pada keberadaan
para pelanggan besar Perseroan yang menjalankan
bisnisnya di Eropa dan Amerika, dimana mereka memiliki
permintaan akan jasa pengangkutan yang handal, efisien
capital structure.
Expand the geographic presence in customers’ key
markets.
Since 1998, the Company has pursued 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 subsidiary in America to penetrate
North and South America
The Company intends to continue to focus on its core
business in Asia while also striving to extend and expand
its operations into Europe and America and to place greater
emphasis on meeting the needs of European and American
customers. The management of the Company believes
that the European and American market offers substantial
opportunities, as many of the largest existing customers
do business in Europe and America and have a demand
for reliable, efficient and cost-effective shipping services
throughout this region.
dan kompetitif.
45
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
OPERATIONS review
Pembahasan Operasional
Perseroan akan membangun jaringan melalui hubungan-
The Company intends to build on established relationships
hubungan yang sudah ada dengan para pelanggan, untuk
with existing customers in order to facilitate expansion and
memfasilitasi perluasan dan memperoleh bagian yang
gain a greater share of their European and American shipping
lebih besar dari bisnis pengangkutan mereka di Eropa
businesses. At the same time, the Company also plans
dan Amerika. Pada waktu yang bersamaan, Perseroan
to take advantage of the cost efficiencies it has achieved
juga berencana mengambil keuntungan dari efisiensi biaya
through its established presence in Asia to offer competitive
yang harus dicapainya melalui kehadirannya di Asia untuk
pricing to customers in European markets.
menawarkan harga yang kompetitif untuk pasar-pasar di
Eropa.
In addition, the Company recognizes that new Indonesian
shipping regulations that stipulate that intra-Indonesian
Sebagai tambahan, peraturan pelayaran Indonesia yang
shipping services may only be provided by domestic ship
baru yang mengharuskan jasa-jasa pelayaran di wilayah
owners using Indonesian-flagged vessels, to the extent
Indonesia dilayani oleh pemilik kapal dalam negeri dengan
such vessels are available. The Company believes that the
menggunakan kapal-kapal berbendera Indonesia sepanjang
new regulations will provide an opportunity to expand its
kapal tersebut tersedia. Kebijakan ini memberikan peluang
operations in the domestic market.
untuk memperluas operasi Perseroan di pasar dalam
negeri.
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Annual Report 2007
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OPERATIONS review
Pembahasan Operasional
Pasar-pasar FSO dan FPSO
FSO and FPSO Markets
Memperluas operasi ke wilayah-wilayah dengan potensi
Expanding operations into areas with high growth potential
pertumbuhan tinggi.
The Company believes that the FSO and FPSO markets
Perseroan berkeyakinan, pasar-pasar FSO dan FPSO
for offshore services have high growth potential. Thus, the
untuk jasa-jasa lepas pantai memiliki potensi tinggi. Atas
Company will seek to expand its involvement in this area
dasar pertimbangan itu, Perseroan berupaya mendapatkan
by entering into long-term agreements with operators of
kontrak jangka panjang dengan para operator eksplorasi
oil exploration and production facilities to manage storage,
minyak dan fasilitas produksi untuk mengelola penyimpanan,
off-loading and other offshore services. The Company has
bongkar muat dan pelayanan-pelayanan lepas pantai
converted one of its existing tankers to serve as an FPSO in
lainnya. Perseroan telah mengalihkan salah satu kapal
2006 as the first entry into this market.
angkutnya untuk melayani FPSO pada tahun 2006 sebagai
salah satu syarat memasuki pasar ini.
47
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
OPERATIONS review
Pembahasan Operasional
PROSPEK USAHA DAN KONDISI PASAR
BUSINESS PROSPECTS
AND MARKET CONDITIONS
Industri pengangkutan muatan cair sangat dipengaruhi
oleh kondisi pasar yang seringkali berada di luar kendali
The liquid cargo shipping industry is affected by market
perusahaan pelayaran. Hasil operasi Perseroan bisa jadi
conditions that are often outside the control of individual
berfluktuasi secara signifikan karena dipengaruhi oleh
shipping companies. Thus, the Company’s operational
beberapa faktor seperti, kondisi perekonomian global, tingkat
and financial performance may fluctuate significantly due
permintaan dan penawaran dari pengangkutan muatan cair,
to factors including general global economic conditions;
serta siklus yang dimiliki oleh industri pengangkutan muatan
the supply and demand for liquid shipping transportation
cair.
services; and business cycles affecting the liquid cargo
maritime shipping industry.
Pengangkutan bahan kimia, minyak bumi, dan gas
merupakan penyumbang utama hasil operasi Perseroan.
The vast majority of the Company’s operations involve the
Pasar untuk transportasi bahan kimia, minyak, dan gas
shipping of chemicals, oil and gas. The demand for these
memiliki tingkat volatilitas yang tinggi seiring dengan tingkat
services has historically been volatile, as global demand
permintaan global terhadap produk ini yang berfluktuasi.
for these three products fluctuates. The demand for oil,
Tingkat permintaan terhadap minyak, bahan kimia, dan gas
chemicals and gas is closely interrelated with global patterns
secara umum mengikuti pola perkembangan, pertumbuhan,
of economic development, growth and activity. Fluctuations
dan aktivitas perekonomian global. Perubahan tingkat
in the demand for services involving the transportation
permintaan untuk pengangkutan minyak, bahan kimia, dan
of these commodities are influenced by a number of
gas dipengaruhi banyak faktor. Antara lain,
perubahan
factors, including changes in levels of global production
produksi minyak dan gas global dan hubungannya dengan
of and demand for oil and gas and related changes in the
perubahan harga minyak dan gas, tingkat ekspor dan
prices of these commodities; export and import levels in
impor pada perdagangan minyak dunia, permintaan dunia
the global energy market; the level of global demand for
terhadap energi, khususnya minyak dan produk turunannya,
energy products and particularly petroleum and petroleum
tingkat fluktuasi pada perdagangan dan produksi global dan
related products; fluctuations in global and regional trade;
regional, tingkat nilai tukar mata uang, tingkat persediaan
fluctuations in currency exchange rates; fluctuations in
minyak dan gas terutama di negara pengimpor komoditas
the oil and gas inventory levels, particularly in importing
tersebut, serta perubahan peraturan tentang perkapalan
countries; and changes in the regulatory regimes governing
dan industri pelayaran.
the shipping industry and other related matters.
Selama beberapa tahun terakhir ini, tingkat permintaan
Over the past several years, the global demand for
dunia terhadap pengangkutan minyak, bahan kimia, dan
transportation services involving the shipping of oil,
gas meningkat secara stabil. Pengangkutan bahan kimia
chemicals and gas has risen steadily. The volume of liquid
mengalami peningkatan sebesar 21,28% sejak tahun 2001,
chemicals transported by sea has risen by approximately
yaitu dari 133 juta ton menjadi 161,3 juta ton di tahun 2007.
21.28 per cent since 2001, from 133 million tons to 161.3
Sedangkan tingkat permintaan untuk tanker pengangkut
million tons in 2007; the volume of petroleum transported by
minyak telah meningkat dari sekitar 249,9 juta DWT di tahun
sea has increased from approximately 249.9 million DWT in
2003 menjadi sekitar 297,7 juta DWT di tahun 2007. Untuk
2003 to approximately 297.7 million DWT in 2007; while the
sektor gas terjadi peningkatan tingkat permintaan dari
volume of LPG, ammonia and petrochemical gas has risen
67,5 juta ton untuk pengangkutan LPG, amonia, dan gas
from 67.5 million tons in 2002 to 79.4 million tons in 2007.
petrokimia pada tahun 2002 menjadi 79,4 juta ton di tahun
2007.
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OPERATIONS review
Pembahasan Operasional
Seaborne Chemical Trade
in million tonnes (’000,000)
200
180
160
140
120
100
80
60
40
20
0
2001
2002
*Source: Drewry
2003
2004
Organic
2005
2006
Inorganic
2007E
2008E
Veg-Oils
2009E
2010E
2011E
Others
Oil Carrier Demand
in million DWT (’000,000)
400.0
380.0
360.0
340.0
320.0
300.0
280.0
260.0
240.0
2003
2004
2005
2006
2007
2008
2009E
2010E
2011E
2012E
2008
2009E
2010E
2011E
*Source: Drewry
Seaborne Gas Trade
in million tonnes (’000,000)
100
80
60
40
2002
2003
2004
2005
2006
2007
*Source: Drewry
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Annual Report 2007
OPERATIONS review
Pembahasan Operasional
MT Puspawati, 19,900 DWT, 2008
Selama beberapa tahun terakhir ini, penawaran akan
Over the past several years, the supply of liquid cargo
pengangkutan muatan cair terus meningkat, sejalan
maritime transportation services has increased in response
dengan
Drewry
to the growth in demand. According to Drewry Shipping
Shipping Consultants Ltd., sejak tahun 2002 armada tanker
meningkatnya
permintaan.
Menurut
Consultants Ltd, since 2002, the total combined capacity of
pengangkut bahan kimia dunia berkembang dari sekitar 40,6
the world chemical tankers has grown from approximately
juta DWT menjadi 69,8 juta DWT pada akhir tahun 2007.
40.6 million DWT to 69.8 million DWT at the end of 2007
Termasuk didalamnya, kapal yang memiliki peringkat kimia
(including vessels that have a limited chemical rating but they
terbatas tapi pada umumnya digunakan untuk transportasi
are primarily used for the transportation of oil products).
produk minyak.
The total combined capacity of the world’s oil tankers has
Jumlah armada kapal tanker pengangkut minyak telah
grown from approximately 265.5 million DWT in 2003 to
berkembang dari sekitar 265,5 juta DWT pada tahun 2003
approximately 323.8 million DWT at the end of 2007, while
menjadi lebih dari 323,8 juta DWT pada akhir tahun 2007.
the combined capacity of the world’s gas tankers has grown
Sedangkan armada kapal tanker gas dunia berkembang
from 14.4 million CBM in 2003 to approximately 16.1 million
dari 14,4 juta CBM pada tahun 2003 menjadi sekitar 16,1
CBM at the end of 2007. The Company expects a further
juta CBM pada akhir tahun 2007. Perseroan memperkirakan
growth in the supply of liquid cargo shipping services as
pertumbuhan tingkat penawaran pengangkutan muatan cair
shipyards building new vessels are currently running at full
akan terus berlanjut karena galangan-galangan kapal saat
capacity.
ini membangun kapal baru dengan kapasitas maksimal.
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OPERATIONS review
Pembahasan Operasional
MT Nolowati, 11,636 DWT, 1998
Kinerja keuangan dari industri pelayaran pengangkutan
The financial performance of the liquid cargo shipping
bahan kimia secara historis memiliki siklus tersendiri,
industry has historically been subject to specific cycles, with
dikarenakan tingkat volatilitas tarif yang disebabkan oleh
volatility in freight rates due to the fluctuations in the supply
tingkat permintaan dan penawaran layanan pengangkutan
of and demand for shipping services as explained above.
yang berfluktuasi. Siklus usaha dari masing-masing
However, there is not necessarily a correlation between the
kegiatan usaha Perseroan, yaitu, pengangkutan bahan
business cycles of each of the three product markets in
kimia, minyak, dan gas, belum tentu saling berhubungan
which the Company operates: chemicals, oil and gas. The
satu sama lain. Rute operasi Perseroan yang bervariasi
various shipping routes on which the Company operates
dan variasi produk yang diangkut memiliki paparan yang
and the various products for which the Company provides
berbeda-beda dengan siklus tarif tersebut. Perseroan
its services are subject to varying degrees of exposure to this
berusaha untuk selalu mengelola risiko tersebut dengan
volatility affecting freight rates. The Company endeavors to
menjaga keseimbangan dari berbagai macam produk,
control the impact that this volatility has on its performance
dengan menjaga keseimbangan antara spot kontrak dan
by maintaining a balance between the proportion of business
kontrak jangka panjang serta mengalihkan operasi armada
involving each of the three product markets; by maintaining
Perseroan ke wilayah geografis yang diperkirakan memiliki
a balance between long-term and spot contracts; and by
tingkat permintaan yang tinggi dan relatif stabil.
moving its ships to geographic regions where demand is
both high and relatively stable.
51
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
OPERATIONS review
Pembahasan Operasional
ANAK PERUSAHAAN UTAMA
MAJOR SUBSIDIARIES
GBLT Shipmanagement (UK) Ltd
Sebagai salah satu cabang dari pemilik kapal Indonesia PT Berlian Laju Tanker Tbk
(BLT), GBLT Shipmanagement (UK) Ltd (“GBLT UK”) ditempatkan secara strategis
di Glasgow, Skotlandia untuk membantu ekspansi kelompok ke pasar-pasar Eropa
dan Afrika. Glasgow adalah kota yang kaya akan tradisi pembuatan kapal dan saat
ini sebagai pusat pengelolaan kapal yang prima. 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 mengoperasikan tujuh kapal yang merupakan bagian
dari armada BLT, yaitu: MT Fatmarini, MT Frabandari, MT Harsanadi, MT Hartati,
MT Nogogini, MT Nolowati dan MT Ratih.
GBLT UK memiliki wewenang untuk menyewakan dan mengoperasikan semua
kapal di pasar-pasar Eropa dan Afrika Utara. Dengan demikian, di saat kapal-kapal
terus diperdagangkan secara reguler di wilayah ini kami telah mengembangkan
pelayanan-pelayanan administratif dan teknis (termasuk audit kapal, melayani
pelatihan kadet dan pelaut superintenden) untuk menjamin dukungan terbaik yang
paling memungkinkan kepada kapal mana pun yang diminta ke Eropa.
Bersamaan dengan pemeriksaan semua kapal GBLT UK setiap tahunnya,
departemen teknis seringkali mengadakan kunjungan ke kapal-kapal BLT yang
dipanggil ke pelabuhan-pelabuhan di Eropa. GBLT UK juga merekrut dan melatih
para kadet, yang dilakukan di atas kapal BLT.
GBLT mendapatkan akreditasi kualitas ISO 9001 dari Llyods Register pada tahun
2006. Perusahaan terus mempertahankan standar-standar yang tinggi akan
kualitas dan pelayanan jasa.
As a subsidiary of the Indonesian Ship Owner PT Berlian Laju Tanker Tbk (BLT),
GBLT Shipmanagement (UK) Ltd. (“GBLT UK”) is strategically located in Glasgow,
Scotland to assist with the Group’s 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 company’s demonstrated
capability and experience, combined with strong ethics and a commitment to
safety, will determine its success in Europe. GBLT UK operating 7 vessels which
form part of the BLT fleet: MT Fatmarini, MT Frabandari, MT Harsanadi, MT Hartati,
MT Nogogini, MT Nolowati and MT Ratih.
GBLT (UK) has authority for the chartering and operations of all BLT vessels trading
in the European and North African markets. Indeed, as the vessels continue to
trade more regularly in this area we have developed administrative and technical
services (including ship audit, cadet training and marine supt. 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 trains
cadets, part of their training being conducted onboard BLT vessels.
GBLT UK obtained ISO 9001 quality accreditation from Lloyds Register in 2006.
The office continues to maintain high standards of quality and service.
GBLT UK Ltd 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.
GBLT UK baru saja membeli kantor baru dan menempatinya pada bulan Januari
2008. Kantor-kantor baru tersebut ditempatkan di Sentra Bisnis Glasgow yang
berada tidak jauh dari pusat kota Glasgow. Kantor baru yang luas memberikan
GBLT UK suatu kebebasan untuk mengakomodasi anggota mereka yang terus
bertambah.
Gold Bridge Shipping Ltd (Hong Kong)
Industri petrokimia Asia telah mengubah dirinya sebagai pusat penyulingan besar
dan penghubung pengangkutan lintas-batas guna memenuhi permintaan akan
produk-produk petrokimia dan perminyakan yang semakin meningkat di kawasan.
Pusat-pusat penyulingan besar di Asia Utara, Asia Tenggara dan Timur Tengah
memberikan peluang perdagangan bagi 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 seutuhnya oleh PT. Berlian Laju Tanker
Tbk (‘BLT’). BLT memiliki lebih dari 24 tahun pengalaman di bidang pengangkutan
bahan cair, dan terlibat dalam semua aspek industri tanker dari bahan-bahan
kimia, produk minyak mentah, tanker-tanker aspal dan gas. Dengan kehadiran
Gold Bridge yang kuat di Asia Utara dan BLT di kawasan lainnya, BLT telah menjadi
operator tanker bahan kimia terdepan di kawasan.
52
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
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.
OPERATIONS review
Pembahasan Operasional
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)
abad 21 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 seutuhnya oleh PT. Berlian
Laju Tanker Tbk. (“BLT”), yang merupakan perusahaan pelayaran terbesar ketiga
dalam pengangkutan bahan kimia di dunia. Wilayah operasi Chembulk adalah
di Amerika, Eropa dan Asia Timur. Dengan armada baru kami yang dipadukan
dengan BLT di kawasan lain, kami beroperasi di seluruh dunia.
Chembulk Tankers LLC (“Chembulk”) was formed in January 2007 as a cutting
edge provider of marine transportation for the chemical industry deploying
21st century stainless steel chemical carriers built to the industry’s 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 cargoe.
Chembulk is a wholly owned subsidiary of PT Berlian Laju Tanker Tbk (“BLT”),
which becomes the 3rd in the world in chemical liquid transportation. Chembulk
operating areas are in America, Europe and East Asia. With our young fleet and
combined with BLT in other region, we are trading all over the world.
GBLT Ship Management Pte. Ltd. (Singapore)
GBLT Ship Management Pte. Ltd. (“GBLT”), anak perusahaan yang dimiliki
seutuhnya oleh PT. Berlian Laju Tanker Tbk. (“BLT”), didirikan di Singapura pada
tanggal 1 Juni 2002. GBLT didirikan untuk memberikan pelayanan independen
pengelolaan teknis bagi armada BLT. GBLT mengelola armada tanker-tanker,
termasuk kapal minyak, kimia, dan gas yang beroperasi dari pelabuhan-pelabuhan
asal di Indonesia ke Asia Tenggara, Asia dan Timur Tengah, meluas ke Mediterania,
Eropa dan melintasi benua menuju Amerika Selatan.
GBLT Ship management Pte. Ltd., 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.
Untuk dapat mencapai misinya dalam menyediakan pelayanan yang berkualitas
dunia dan profesional, GBLT berkomitmen pada pencapaian ZERO incident
dan ZERO spills dalam pengelolaan kapal-kapal. Kami senantiasa melakukan
perbaikan-perbaikan yang berkesinambungan untuk mencapai tujuan-tujuan
tersebut.
To uphold its Mission Statement to provide a world class quality and professional
services, GBLT is committed to ZERO incidents and ZERO spills in the
management of our vessels and we aim to achieve these goals through continuous
improvement.
Melalui struktur program pelatihan in-house-nya, berdasarkan keunggulan
keselamatan dan lingkungan, GBLT menetapkan standar-standar, menyediakan
pelayanan-pelayanan pengelolaan kapal yang kompeten dan menetapkan
strategi-strategi untuk meningkatkan kinerja keselamatan secara keseluruhan
bagi armada kapal. Tim manajemen GBLT yang terdiri atas profesional-profesional
internasional memberikan pandangan dan pengalaman yang tiada bandingannya
kepada semua wilayah pengelolaan kapal agar dapat tetap menjadi yang terdepan
dalam industri maritim.
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 of the fleet. GBLT’s management team of international professionals
provides unparalleled insight and experience to all areas of ship management to
stay at the forefront of the maritime industry.
53
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
OPERATIONS review
Pembahasan Operasional
KINERJA SAHAM
SHARE PERFORMANCE
Setelah melakukan penawaran perdana saham (Initial Public
Offering/IPO) pada tanggal 22 Januari 1990 dan tercatat di
Bursa Efek Indonesia, yang merupakan hasil penggabungan
Bursa Efek Jakarta dan Bursa Efek Surabaya, Perseroan
pun telah melaksanakan tiga kali penawaran umum terbatas
(Limited Public Offering) melalui mekanisme right issue
pada tahun 1993, 1998, dan 2001. Sebagai tambahan,
beberapa aksi korporasi juga telah dilaksanakan seperti
pendistribusian saham bonus sebagai bentuk penghargaan
dari Perseroan untuk para pemegang saham, serta stock
split atau pemecahan saham dengan tujuan meningkatkan
likuiditas perdagangan saham Perseroan.
Since the Company conduct its Initial Public Offering on 22
January 1990, with shares in the Company being listed on
what was then known as the Jakarta Stock Exchange and
the Surabaya Stock Exchange (now the Indonesian Stock
Exchange) the Company has conducted three limited public
offerings with pre-emptive rights, in 1993, 1998, and 2001
respectively. In addition, a number of corporate actions in
the capital market have also been conducted, including
a distribution of Bonus to shareholders and a Stock Split
which was intended to increase the trading liquidity of the
Company’s shares.
Perseroan harus selalu mempertimbangkan berbagai
alternatif pembiayaan untuk mendukung aktivitas investasi
dan operasional. Salah satu alternatif pembiayaan yang pada
masa lalu belum menjadi fokus Perseroan yaitu pasar modal.
Kini Perseroan telah membuka akses ke pendanaan pasar
modal luar negeri dengan menerbitkan obligasi konversi,
yang sukses diterbitkan pada akhir 2005. Selanjutnya, pada
tanggal 30 Oktober 2006, Perseroan telah mendaftarkan
surat berharga tersebut di Bursa Efek Singapura sebagai
landasan bagi Pereroan untuk mengakses dana di pasar
modal luar negeri. Pada awal tahun 2007 Perseroan juga
berhasil menerbitkan wesel bayar (notes payable) dan
obligasi konversi kedua yang juga terdaftar di Bursa Efek
Singapura, serta menerbitkan obligasi rupiah ketiga dan
sukuk Ijarah yang tercatat di Bursa Efek Indonesia.
The Company is engaged in an ongoing process to determine
optimally beneficial financial resources for investment and
to finance the operational activities of the Company. One
source of financing which, in the past, has not been a major
area of focus for the Company is the international capital
market. However, the Company has begun to access the
overseas capital market through a Convertible Bond that
was successfully issued by the Company at the end of
2005. Thereafter, on 30 October 2006, the Company has
registered its stock on the Singapore Stock Exchange
(Singapore Exchange Securities Trading Limited) as a
means to access overseas capital market. In early 2007,
the Company also successfully issued Guaranteed Notes
and the second Convertible Bond, which is also listed in
Singapore Stock Exchange. It also issued its Third Rupiah
Bond and Sukuk Ijarah which was listed on the Indonesian
Stock Exchange.
Aksi Korporasi Perseroan di Pasar Modal:
Summary of Company’s Activities in Capital Markets:
Tanggal Pencatatan
Saham Baru
Jumlah Saham
Nilai Nominal
Recording Date
New Share
Total Share
Nominal Value
11,900,000
Rp. 1,000
Before IPO
Aksi Korporasi
Corporate Action
Sebelum Penawaran
Umum Perdana
Penawaran Umum
Perdana (@ Rp 8.500)
26-Mar-90
2,100,000
14,000,000
Rp. 1,000
Initial Public Offering
(@ Rp 8,500)
Saham Bonus I (2:1)
20-Jul-91
7,000,000
21,000,000
Rp. 1,000
Stock Bonus I (2:1)
Saham Bonus II (5:2)
24-Sep-92
8,400,000
29,400,000
Rp. 1,000
Stock Bonus II (5:2)
Penawaran Umum
Terbatas I
(1:1 @ Rp 1.600)
24-May-93
29,400,000
58,800,000
Rp. 1,000
Rights Issue I
(1:1 @ Rp 1,600)
Pemecahan Nilai Saham
(1:2)
27-Jan-97
58,800,000
117,600,000
Rp. 500
Stock Split (1:2)
Saham Bonus III
(500:150)
4-Mar-97
35,280,000
152,880,000
Rp. 500
Stock Bonus III
(500:150)
54
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
OPERATIONS review
Pembahasan Operasional
Aksi Korporasi
Tanggal Pencatatan
Saham Baru
Jumlah Saham
Nilai Nominal
Recording Date
New Share
Total Share
Nominal Value
Penawaran Umum Terbatas II
16-Jan-98
305,760,000
458,640,000
Rp. 500
Rights Issue II (1:2 @ Rp 1,200, 10
6,380
458,646,380
Rp. 500
Warrant Conversion
19-Jan-01
53,958,150
512,604,530
Rp. 500
Rights Issue III (17:2 @ Rp 1,100)
Start from Oct-01
51,260,000
512,604,530
Rp. 500
Stock Buy Back(*)
839,262
513,443,792
Rp. 500
Warrant Conversion
1,540,331,376
2,053,775,168
Rp. 125
Stock Split (1:4)
14,482,420
2,068,257,588
Rp. 125
Warrant Conversion
Warrant Conversion
(1:2 @ Rp 1.200, 10 HMETD + 2 Waran)
Konversi Waran
Rights + 2 Warrant)
Up to 31-Dec-00
Penawaran Umum Terbatas III
Corporate Action
(17:2 @ Rp 1.100)
Pembelian Kembali Saham *
Konversi Waran
Up to 6-Feb-02
Pemecahan Nilai Saham (1:4)
6-Feb-02
Konversi Waran
Up to 31-Dec-03
Konversi Waran
Up to 12-Nov-04
Pemecahan Nilai Saham (1:2)
12-Nov-04
3,923,900
2,072,181,488
Rp. 125
2,072,181,488
4,144,362,976
Rp. 62.50
Stock Split (1:2)
Konversi Waran
Up to 31-Dec-04
22,500
4,144,385,476
Rp. 62.50
Warrant Conversion
Pembelian Kembali Saham *
Start from May-05
412,433,000
4,144,385,476
Rp. 62.50
Stock Buy Back(*)
Warrant Conversion
Konversi Waran
Up to 31-Dec-05
12,828,960
4,157,214,436
Rp. 62.50
Pembelian Kembali Saham *
Start from Jul-06
113,938,000
4,157,214,436
Rp. 62.50
Stock Buy Back(*)
Konversi Waran
Up to 31-Dec-06
358,000
4,157,572,436
Rp. 62.50
Warrant Conversion
Konversi Waran
Up to 31-Dec-07
1,438,000
4,159,010,436
Rp. 62.50
Warrant Conversion
Pembelian Kembali Saham *
Start from Oct-01
51,260,000
512,604,530
Rp. 500
Stock Buy Back(*)
839,262
513,443,792
Rp. 500
Warrant Conversion
1,540,331,376
2,053,775,168
Rp. 125
Stock Split (1:4)
14,482,420
2,068,257,588
Rp. 125
Warrant Conversion
Warrant Conversion
Konversi Waran
Up to 6-Feb-02
Pemecahan Nilai Saham (1:4)
6-Feb-02
Konversi Waran
Up to 31-Dec-03
Konversi Waran
Up to 12-Nov-04
Pemecahan Nilai Saham (1:2)
12-Nov-04
3,923,900
2,072,181,488
Rp. 125
2,072,181,488
4,144,362,976
Rp. 62.50
Stock Split (1:2)
Konversi Waran
Up to 31-Dec-04
22,500
4,144,385,476
Rp. 62.50
Warrant Conversion
Pembelian Kembali Saham *
Start from May-05
412,433,000
4,144,385,476
Rp. 62.50
Stock Buy Back(*)
Warrant Conversion
Konversi Waran
Up to 31-Dec-05
12,828,960
4,157,214,436
Rp. 62.50
Pembelian Kembali Saham *
Start from Jul-06
113,938,000
4,157,214,436
Rp. 62.50
Stock Buy Back(*)
Konversi Waran
Up to 31-Dec-06
358,000
4,157,572,436
Rp. 62.50
Warrant Conversion
Konversi Waran
Up to 31-Dec-07
1,438,000
4,159,010,436
Rp. 62.50
Warrant Conversion
* Tidak mempengaruhi Jumlah Saham yang telah diterbitkan
* Will not have an effect on Total Share issued
Total Saham yang Tercatat di BEI dan SGX per 31 December
Total Listed Share in IDX and SGX on 31 December 2007
2007: 4.159.010.426 Saham
4,159.010,426 shares
Kinerja Saham Perseroan per Kuartal Tahun 2006 & 2007
Performance of Share Quarterly in 2006 and 2007
BEI/Indonesian Stock Exchange
SGX/Bursa Singapura
Year
Q
Vol
Hih
Low
Close
High
Low
Close
2006
Q1
1,320,584,500
1,570
1,020
1,420
Vol
-
-
-
-
2006
Q2
3,314,415,000
2,130
1,410
1,730
-
-
-
-
2006
Q3
1,370,428,000
2,150
1,720
2,125
-
-
-
2006
Q4
907,840,000
2,200
1,660
1,740
313,686,000
0.34
0.27
0.29
2007
Q1
1,095,653,000
1,940
1,640
1,880
343,292,000
0.35
0.28
0.32
2007
Q2
1,148,385,000
2,100
1,870
2,050
327,589,000
0.36
0.31
0.33
2007
Q3
809,422,500
2,050
1,170
1,950
183,200,000
0.35
0.21
0.32
2007
Q4
858,645,000
2,700
1,940
2,650
588,322,000
0.44
0.28
0.40
-
55
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
OPERATIONS review
Pembahasan Operasional
Kinerja Saham di BEI (Bursa Efek Indonesia) dan SGX
Performance of Share in IDX ( Indonesia Stock Exchange)
(Bursa Efek Singapura) periode 2006 & 2007
and SGX (Singapore Exchange Securities Trading Limited)
for period 2006 & 2007
Bursa Efek Indonesia/ Indonesia Stock Exchange
250,000,000
3,000
2,500
200,000,000
2,000
150,000,000
1,500
100,000,000
1,000
50,000,000
500
Ja
n0
Fe 6
b0
M 6
ar
-0
Ap 6
rM 06
ay
-0
Ju 6
n0
Ju 6
l-0
Au 6
gSe 06
pO 06
ct
-0
No 6
vDe 06
cJa 06
n0
Fe 7
b0
M 7
ar
-0
Ap 7
r-0
M 7
ay
-0
Ju 7
n0
Ju 7
l-0
Au 7
gSe 07
pO 07
ct
-0
No 7
vDe 07
c07
-
VOLUME
HIGH
LOW
CLOSE
Bursa Singapura/ Singapore Stock Exchange Trading Limited
0,500
0,450
0,400
0,350
0,300
0,250
0,200
0,150
0,100
0,050
-
160,000,000
140,000,000
120,000,000
100,000,000
80,000,000
60,000,000
40,000,000
20,000,000
VOLUME
PT BERLIAN LAJU TANKER Tbk
LOW
CLOSE
07
cDe
07
vNo
-0
7
ct
O
p07
Se
g07
Au
07
l-0
7
Ju
nJu
-0
7
HIGH
56
Annual Report 2007
M
ay
r-0
7
Ap
M
ar
-0
7
b07
Fe
06
07
nJa
06
cDe
vNo
O
ct
-0
6
-
OPERATIONS review
Pembahasan Operasional
Penghargaan dan Sertifikasi
AWARDS AND CERTIFICATIONS
Perseroan
memperluas
The Company is engaged in an ongoing endeavor to develop
pangsa pasar, dengan cara memperkuat dan meningkatkan
and expand its market share by strengthening and developing
keunggulan kompetitifnya dalam segala hal, terutama yang
its competitive excellence in terms of management systems,
berkaitan dengan sistem-sistem manajemen, performa
operational performance, financial performance, adherence
operasional, performa finansial, keterkaitan dengan prinsip-
to the principles of good corporate governance, and creating
prinsip perusahaan yang baik (good corporate governance),
value for shareholders. The Company is extremely gratified
dan peningkatan nilai untuk para pemegang saham.
that its endeavors to achieve excellence in all these areas has
Perseroan sangat berterimakasih terhadap upaya-upaya
been recognized and acknowledged through awards and
manajemen dan karyawan dalam menciptakan keunggulan
certificates granted by a number of prestigious agencies,
di semua bidang-bidang tersebut. Hasil kerja keras ini telah
certifying bodies, and other third parties. In 2007, amongst
diakui
others, the Company received the following awards:
berupaya
meningkatkan
dan
melalui penghargaan-penghargaan dan sertifikasi-
sertifikasi yang diterima Perseroan dari sejumlah lembaga,
badan-badan sertifikasi, dan pihak ketiga lainnya. Pada
tahun 2007, Perseroan antara lain menerima penghargaanpenghargaan berikut:
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
57
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
GOOD CORPORATE GOVERNANCE
Tata Kelola Perusahaan Yang Baik
58
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
BERMULA DARI TATA KELOLA
PERUSAHAAN YANG BAIK MENUJU
HASIL YANG BAIK
FROM GOOD CORPORATE
GOVERNANCE TO GOOD RESULTS
Perseroan memiliki komitmen untuk meningkatkan dan
high standards of corporate governance, in compliance
mempertahankan tata kelola perusahaan (good governance)
with the principles and guidelines set out in the new Code
dengan standar tinggi, sesuai dengan prinsip dan panduan
of Corporate Governance 2005 (“Code 2005”) and the
yang dirumuskan dalam Code of Corporate Governance
Best Practices Guide issued by the Singapore Exchanges
2005 (Code 2005) dan Best Practice Guide yang diterbitkan
Securities Limited (the “SGX-ST) and these are in line in
oleh Bursa Efek Singapura (Singapore Exchanges Securities
principle with the Indonesian Code of Good Corporate
Limited) (“SGX-ST”) dan selaras dengan ketentuan Tata
Governance 2001 and other prevailing standards adopted
Kelola Perusahaan yang Baik 2001 (Indonesian Good
and used in Indonesia.
Corporate Governance 2001) dan ketentuan lain yang yang
berlaku di Indonesia.
The Company is committed to achieving and maintaining
The corporate governance practices of the Company in
2007 are described herein under the following sections:
Praktik Tata Kelola Perusahaan yang diterapkan perusahaan
selama tahun 2007 sebagai berikut:
Ketentuan Tentang Direksi dan Dewan Komisaris
Dalam Perusahaan
Prinsip 1: Setiap perusahaan harus ditangani oleh Direksi
The Board’s Conduct of its Affairs
Principle 1: Every company should be headed by an effective
Board to lead and control the company.
dan Dewan Komisaris yang efektif untuk memimpin dan
Board Composition and Balance
mengendalikan perusahaan.
Principle 2: There should be a strong and independent
element on the Board, which is able to exercise objective
Komposisi Direksi dan Dewan Komisaris dan
Keseimbangan
Prinsip 2: Sebaiknya ada elemen kuat dan independen
judgment on corporate affairs independently, in particular,
from Management. No individual or small group of individuals
should be allowed to dominate the Board’s decision
making.
dalam Direksi dan Dewan Komisaris, yang mampu
memberikan penilaian objektif terhadap hubungan korporasi
yang independen, secara khusus, dari pihak Manajemen.
Composition of the Board and its Committees
Tidak ada individu atau sekelompok kecil individu yang
The composition of the Board and its Committee is as stated
diizinkan mendominasi Direksi dan Dewan Komisaris dalam
on page 62.
mengambil keputusan.
During the financial year ended 31st December 2007, two
(2) Board Meetings and twelve (12) Management Review
Komposisi Direksi, Dewan Komisaris dan
Komitenya
Komposisi Direksi, Dewan Komisaris dan Komitenya adalah
Meetings were held. The attendance records of the
Commissioners and Directors, together with their attendance
at Committee Meetings are as follows:
sebagaimana yang tertera pada tabel di halaman 62.
Selama tahun keuangan yang berakhir 31 Desember
2007, telah dilakukan dua (2) kali Rapat Direksi dan Dewan
Komisaris dan dua belas (12) kali Evaluasi Manajemen.
Daftar kehadiran dari Komisaris dan Direksi bersama dengan
kehadiran mereka pada pertemuan komite adalah sebagai
berikut:
59
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Rapat Dewan
Rapat Evaluasi
Manajemen
Rapat Komite Audit
Rapat Komite
Nominasi
Rapat Komite
Remunerasi
Board Meeting
Management
Review Meeting
Audit Committee
Meeting
Nomination Committee
Meeting
Remuneration
Committee Meeting
Hadi Surya
2/2
-
1/1
1/1
Harijadi Soedarjo
2/2
-
-
-
Alan Jonathan
2/2
4/4
1/1
1/1
Jaka Prasetya
2/2
4/4
1/1
1/1
Max Sumakno
-
4/4
-
-
Segara Utama
-
-
-
-
(resigned on 31 May 2007)
Widihardja Tanudjaja
2/2
10/12
0/4
-
-
Siana Anggraeni Surya
2/2
8/12
0/4
-
-
Kevin Wong
2/2
10/12
3/4
-
-
Michael Murni
Gunawan
2/2
12/12
4/4
-
-
Henrianto Kuswendi
2/2
10/12
2/4
-
-
Dewan Komisaris
Board of Commissioners
Berdasarkan Anggaran Dasar Perseroan, Dewan Komisaris
Under the Company’s Articles of Association, the Board
terdiri atas sedikitnya 3 anggota termasuk di dalamnya
of Commissioners, which has the task of supervising
Komisaris
mengawasi
the Company’s management, must consist of at least
Utama,
manajemen
yang
bertugas
untuk
Perseroan. Karena Perseroan mencatatkan
three members, including the President Commissioner.
sahamnya pada Bursa Efek Indonesia dan Bursa Efek
A company listed on the Indonesia Stock Exchange and
Singapura, maka Perseroan diharuskan memiliki Komisaris
Singapore Exchange Securities Trading Limited (SGX),
Independen (dalam peraturan SGX disebut independen non-
such as the Company, is also required to have independent
executive director) sebagai bagian dari Dewan Komisaris.
commissioners (or independent non-executive director in
Fungsi utama Dewan Komisaris adalah memberikan saran
the case of Singapore Stock Exchange requirement) as
dan mengawasi kebijakan-kebijakan yang dilakukan Dewan
members of its Board of Commissioners. The principal
Direksi dalam mengelola Perseroan. Dewan Komisaris
functions of the Board of Commissioners are to give advice
berkewajiban untuk menjalankan tugasnya dengan itikad baik
to and supervise the policies of the Board of Directors. The
dan penuh tanggung jawab dengan selalu memperhatikan
Board of Commissioners is required to perform its duties in
kepentingan Perseroan.
good faith and in the best interests of the Company.
Rapat Dewan Komisaris dapat diadakan setiap waktu jika
Meetings of the Board of Commissioners may be held at
dipandang perlu oleh Komisaris Utama atau dua orang
any time deemed necessary by the President Commissioner
anggota Dewan Komisaris, atau didasarkan atas permintaan
or two members of the Board of Commissioners, or upon
tertulis, baik dari seorang atau lebih anggota Dewan Direksi,
the request in writing from either one or more members of
atau seorang pemegang saham Perseroan ataupun lebih,
the Board of Directors or one or more of the shareholders
yang bersama-sama mewakili 1/10 ( satu per sepuluh)
jointly representing at least one-tenth of the total voting
bagian dari seluruh jumlah saham dengan hak suara yang
shares issued by the Company. A meeting of the Board of
sah. Keputusan yang diambil dalam Rapat Dewan Komisaris
Commissioners will be valid and entitled to adopt binding
sah dan mengikat apabila lebih dari lima puluh persen dari
resolutions only if more than 50 percent of the members of
jumlah anggota Dewan Komisaris hadir dan / atau diwakili
the Board of Commissioners are present and/or represented
dalam rapat.
at the meeting.
60
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Anggota Dewan Komisaris diangkat dan diberhentikan
The members of the Board of Commissioners are appointed
melalui Rapat Umum Pemegang Saham. Dalam menjalankan
and dismissed by a general meeting of shareholders. Each
tugas yang diberikan, setiap anggota Dewan Komisaris
Commissioner is granted an honorarium for serving, the
mendapatkan gaji/honorarium yang besarnya ditentukan
amount of which is determined at a general meeting of
oleh Rapat Umum Pemegang Saham.
shareholders.
Direksi
Board Of Directors
Direksi bertugas mengelola jalannya Perseroan sehari-hari.
The Board of Directors manages the Company on a day-
Sesuai Anggaran Dasar Perseroan, Direksi diharuskan terdiri
to-day basis. Under the Articles of Association of the
atas paling sedikit tiga orang anggota, salah satu di antaranya
Company, the Board of Directors is required to be made
adalah Direktur Utama dan apabila diperlukan, satu atau
up of at least three members, one of whom is the President
lebih dari anggota Direksi dapat ditunjuk sebagai Wakil
Director and if deemed necessary, one or more Directors
Direktur Utama. Direksi berkewajiban untuk menjalankan
may be appointed as Vice-President Director. The Board of
tugasnya dengan itikad baik dan penuh tanggung jawab
Directors is required to perform its duties in good faith and
dengan selalu memperhatikan kepentingan Perseroan.
in the best interests of the Company.
Direksi memiliki wewenang untuk menjalankan segala
The Board of Directors has the power to perform for and
tindakan untuk kepentingan dan atas nama Perseroan yang
on behalf of the Company all transactions concerning the
berkaitan dengan manajemen dan administrasi Perseroan.
Company’s management and administration. However,
Walaupun demikian, berdasarkan Anggaran Dasar Perseroan
pursuant to the Company’s Articles of Association and in
dan Undang Undang yang berlaku di Indonesia, ada tindakan-
conjunction with the Indonesian Company Law, certain
tindakan tertentu yang memerlukan persetujuan tertulis dari
actions of the Company require written approval or the
dan/atau akta yang bersangkutan turut ditandatangani
relevant deed relating to such actions must also be signed
oleh Komisaris Utama atau dari/oleh dua anggota Dewan
by the President Commissioner or in the absence of the
Komisaris bila Komisaris Utama berhalangan hadir atau oleh
President Commissioner by two other Commissioners or by
semua anggota Dewan Komisaris bersama-sama.
all members of the Board of Commissioners.
Rapat Direksi dapat dilakukan sewaktu-waktu apabila
Meetings of the Board of Directors may be held at any time
dipandang perlu, oleh Direktur Utama atau satu atau lebih
deemed necessary by the President Director or one or more
dari satu anggota Direksi, atau berdasarkan permintaan
members of the Board of Directors, or upon the request in
tertulis, baik dari seorang atau lebih anggota Dewan
writing from either one or more members of the Board of
Komisaris atau atas permintaan tertulis 1 (satu) pemegang
Commissioners or one or more of the shareholders jointly
saham atau lebih yang bersama-sama mewakili 1/10 (satu
representing at least one-tenth of the total voting shares
per sepuluh) bagian dari jumlah seluruh saham dengan hak
issued by the Company.
suara yang sah.
A meeting of the Board of Directors will be valid and entitled
Pertemuan para Direksi dinyatakan sah dan dapat
to adopt binding resolutions only if more than 50 percent
menerapkan keputusan-keputusan rapat tersebut jika lebih
of the members of the Board of Directors are present or
dari 50 persen anggota Direksi hadir atau diwakilkan.
represented at the meeting.
Seluruh rapat Direksi dipimpin oleh Direktur Utama. Apabila
All meetings of the Board of Directors are chaired by the
Direktur Utama berhalangan hadir hal mana tidak perlu
President Director. In the event of the absence or disability
dibuktikan kepada pihak ketiga, maka Rapat Direksi akan
of the President Director, the impediment of which need not
dipimpin oleh salah satu dari anggota Direksi yang secara
be evidenced to any third parties, a meeting of the Board of
khusus ditunjuk oleh Rapat Direksi tersebut.
Directors will be chaired by another member of the Board of
Directors specifically appointed by the meeting of the Board
of Directors.
61
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Keputusan rapat Direksi harus diambil dengan musyawarah
Resolutions of a meeting of the Board of Directors are
mufakat, namun bila tidak tercapai suatu mufakat, maka
generally adopted on the basis of a mutual consensus. In the
keputusan diambil berdasarkan pemungutan suara dengan
event a mutual consensus is not reached, then a resolution
suara setuju lebih dari 50% (lima puluh persen) dari jumlah
may be adopted on the basis of an affirmative vote of more
anggota Direksi yang hadir dan/atau diwakili dalam rapat.
than 50 per cent. of the members of the Board of Directors
Manajemen Kinerja dan Manajemen Krisis adalah pelatihan
present and/or represented at the meeting.
yang diselenggarakan oleh Perseroan untuk meningkatkan
Performance Management and Crisis Management are the
kompetensi para Direksi.
training held by the Company to improve competency of the
Anggota Direksi diangkat dan diberhentikan oleh Rapat
Board of Directors.
Umum Pemegang Saham. Berdasarkan Anggaran Dasar
The members of the Board of Directors are appointed
Perseroan setiap anggota Direksi mendapatkan gaji bulanan
and dismissed by a general meeting of shareholders. In
dan tunjangan lainnya, termasuk santunan purna jabatan
accordance with the Company’s Articles of Association,
yang jumlahnya ditentukan oleh Rapat Umum Pemegang
members of the Board of Directors may be given monthly
Saham. Kewenangan Rapat Umum Pemegang Saham
salary and other benefits, including pension benefits, which
untuk menentukan jumlah gaji dan tunjangan yang diberikan
amount shall be determined by the General Meeting of
kepada masing-masing Direksi dapat didelegasikan kepada
Shareholders of the Company. The authority of the General
Dewan Komisaris.
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.
Dewan Komisaris
Direksi
Komite Audit
Komite Nominasi
Komite Remunerasi
Board
of Commissioners
Board
of Directors
Audit
Committee
Nomination
Committee
Remuneration
Committee
Hadi Surya
C
-
-
C
C
Harijadi Soedarjo
M
-
-
-
-
Alan Jonathan*
M
-
C
M
M
Jaka Prasetya*
M
-
M
M
M
Max Sumakno
-
-
M
-
-
Segara Utama
(resigned on 31 May
2007)
-
-
M
-
-
Widihardja Tanudjaja
-
C
-
-
-
Siana Anggraeni Surya
-
M
-
-
-
Kevin Wong
-
M
-
-
-
Michael Murni
Gunawan
-
M
-
-
-
Henrianto Kuswendi
-
M
-
-
-
Catatan: C - Ketua; M - Anggota; * - Komisaris Indepeden
Note: C - Chairman; M - Member; * - Independent Commissioner
Tanggung Jawab Manajemen
Management Responsibilities
Prinsip 3: Harus ada pembagian tanggung jawab yang
Principle 3: There should be a clear division of responsibilities
jelas antara para pemimpin perusahaan – pekerjaan Direksi
at the top of the company – the working of the Board and the
dan Dewan Komisaris dan eksekutif yang bertanggung
executive responsibility of the company’s business – which
jawab terhadap bisnis perusahaan – yang dapat menjamin
will ensure a balance of power and authority, such that no
keseimbangan kekuasaan dan wewenang, sebagaimana
one individual represents a considerable concentration of
tidak ada seorang individu pun yang menjadi pusat
power.
kekuasaan.
62
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Peran Presiden Direktur dan direktur-direktur eksekutif
The roles of President Director and those of the other
lainnya terpisah, untuk menjamin perimbangan kekuasaan,
executive directors are separate to ensure an appropriate
meningkatkan akuntabilitas dan kapasitas Direksi yang lebih
balance of power, increased accountability and greater
besar dalam mengambil keputusan independen. Mereka
capacity of the Board for independent decision making.
tidak terkait satu sama lain.
They are not related to each other.
Peran Presiden Direktur dalam Direksi di antaranya sebagai
The President Director’s role in the Board of Directors
berikut:
includes among others, the following:
a)
a)
b)
c)
Mengatur pertemuan yang dapat membuat Direksi dapat
menjalankan kewajibannya dengan tidak mencampuri
duties responsibly while not interfering with the flow of
kegiatan-kegiatan perusahaan;
the company’s operations;
Mempersiapkan
agenda
pertemuan
dikonsultasikan
dengan Direksi;
yang
b)
Mengendalikan kualitas, kuantitas dan jadwal aliran
c)
ketentuan-ketentuan
perusahaan
Exercise control over quality, quantity and timeliness of
the flow of information between Management and the
Board; and
Memberikan bantuan untuk menjamin kepatuhan
terhadap
Prepare meeting agenda in consultation with the
Board;
informasi antara Manajemen dan Direksi; dan
d)
Schedule meetings that enable the Board to perform its
terkait
d)
Assist in ensuring compliance with company’s guidelines
on corporate governance.
dengan penerapan tata kelola perusahaan yang baik.
Keanggotaan Direksi dan Dewan Komisaris
Board Membership
Prinsip 4: Harus ada proses formal dan transparan dalam
Principle 4: There should be a formal and transparent
penunjukan direktur baru. Sesuai ketentuan tata kelola
process for the appointment of new directors to the Board.
perusahaan (Good Corporate Governance), semua direktur
As a principle of good corporate governance, all directors
diminta mendaftarkan diri untuk pencalonan dan pemilihan
should be required to submit themselves for re-nomination
ulang dalam suatu interval yang reguler.
and re-election at regular intervals.
Komite Nominasi
Nomination Committee
Anggota dari Komite Nominasi adalah Hadi Surya,
The Nomination Committee members are Hadi Surya,
Jaka Prasetya, dan Alan Jonathan Tangkas Darmawan.
Jaka Prasetya and Alan Jonathan Tangkas Darmawan. The
Ketua Komite Nominasi adalah Alan Jonathan Tangkas
Chairman of our Nomination Committee is Alan Jonathan
Darmawan.
Tangkas Darmawan.
Tugas dan tanggung jawab dari Komite Nominasi Perseroan
Nomination Committee has the duties of, among other
adalah:
things:
•
•
•
Meneliti dan menilai calon Direksi dan Komisaris
Reviewing and assessing candidates for directorships
sebelum direkomendasikan kepada pemegang saham
and commissionership before making recommendations
Perseroan untuk dapat disetujui sebagai Direktur dan
to Shareholders for appointment of Directors and
Komisaris Perseroan.
Commissioners;
Meneliti
dan
memberikan
rekomendasi
kepada
•
Reviewing and recommending to our Shareholders
pemegang saham Perseroan mengenai pengakhiran
the
retirement
or
re-election
of
Directors
and
masa jabatan atau pengangkatan kembali Direktur dan
Commissioners in accordance with the Company’s
Komisaris sesuai dengan Anggaran Dasar Perseroan
Articles of Association at each annual general meeting;
pada setiap rapat tahunan.
63
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
•
•
Meneliti komposisi Direksi dan Dewan Komisaris setiap
Reviewing the composition of the Company’s Board
tahun untuk memastikan bahwa Perseroan memiliki
of Directors and Board of Commissioners annually
cukup Komisaris Independen dan untuk memastikan
to ensure that we have an appropriate balance of
adanya keseimbangan keahlian dan kemampuan yang
independent Commissioners and to ensure there is an
tepat antar Direktur dan Komisaris Perseroan
appropriate balance of expertise, skills, attributes and
Secara
tahunan
menentukan
independensi
ability among Directors and Commissioners;
dari
Komisaris Independen Perseroan, sesuai dengan
•
•
•
Determining
annually
the
independence
of
the
peraturan perundang-undangan dan pedoman yang
Company’s Independent Commissioners, in accordance
berlaku
with applicable codes and guidelines; and
Menentukan apakah Direktur dan Komisaris dapat terus
•
Deciding whether the Directors and Commissioners
memberikan kontribusi secara efektif dan menunjukkan
can continue to contribute effectively and demonstrate
komitmen mereka terhadap tugas-tugas mereka.
commitment to their roles.
Komite ini baru dibentuk pada akhir tahun 2006 dan baru
This committee was established by the end of 2006 and
akan mengadakan pertemuan pertama pada tahun 2007.
conducted it first meeting in 2007.
Kinerja Direksi dan Dewan Komisaris
Board Performance
Prinsip 5: Harus ada evaluasi formal untuk menguji efektivitas
Principle 5: There should be a formal assessment of the
Direksi dan Dewan Komisaris secara keseluruhan serta
effectiveness of the Board as a whole and the contribution
untuk menguji kontribusi setiap direktur terhadap efektivitas
by each director to the effectiveness of the Board.
Direksi dan Dewan Komisaris.
Informed Decision
Keputusan Yang Disampaikan
The decisions made by the Board of Commissioners and/or
Keputusan yang dibuat oleh Dewan Komisaris dan/atau
Direksi berdasarkan pada:
•
•
be carried out in a correct framework by defining
pada suatu kerangka kerja yang tepat dengan
scope of issue/project, assumption and its final results,
menetapkan lingkup asumsi dan hasil akhir suatu isu
assumption and its final results;
Memberikan
•
alternatif-alternatif
(oleh
manajemen)
dasar kebijakan / keputusan yang diambil;
basis of the policy / decision taken;
•
Delivering integrated and reliable information to the
Memberikan informasi yang terintegrasi dan dapat
Board of Commissioners and / or Board of Directors
dipercaya kepada Dewan Komisaris dan / atau Direksi
as to serve the decision making process which is taken
sebagai pendukung proses pengambilan keputusan
by considering various aspects of the issue / project
dengan mempertimbangkan berbagai aspek isu/
including paying attention to customers and other
proyek dimaksud termasuk memperhatikan masukan
stakeholders input and / or perspective;
dan / atau perspektif para pelanggan dan stakeholder
lainnya;
•
Presenting alternatives (by management) to the Board
of Commissioners and / or Board of Directors as a
kepada Dewan Komisaris dan / atau Direksi sebagai
•
Discussion of the main topic of an issue/project should
Diskusi mengenai suatu isu / proyek harus dilaksanakan
/ proyek;
•
Board of Directors are based on:
Final policy approved by the Board of Commissioners
and Board of Directors is based on a clear, logic, sound
Kebijakan yang disetujui oleh Dewan Komisaris dan
Direksi didasarkan pada penjelasan yang jernih, logis,
jelas, dan terukur, sejauh dapat dijadikan pembanding;
64
Annual Report 2007
•
PT BERLIAN LAJU TANKER Tbk
explanation, and is measurable as well as comparable;
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
•
Keputusan yang dapat dilaksanakan dan orang yang
•
Decisions are executable and people who implement
mengimplementasikan keputusan-keputusan tersebut
the decisions should take responsibility for the result
harus bertanggung jawab terhadap hasil akhir dan
and project timeliness.
lamanya waktu proyek.
Pengelolaan Risiko
Risk Management
Company manages risk through a framework and processes,
Perseroan mengelola risiko melalui suatu kerangka kerja
whereby a culture of risk awareness and risk management is
dan proses-proses, sesuai budaya waspada risiko, dan
encouraged in the organization, which involves:
pengelolaan risiko yang diterapkan Perseroan, meliputi:
•
Recognizing the different types of risk the company may
encounter in running daily operation and / or making
Perseroan dalam menjalankan kerja sehari-hari dan /
decision.
atau membuat keputusan.
•
•
Mengenali berbagai jenis risiko yang dapat ditemui oleh
•
Ensuring that there is accountable senior management
Menjamin adanya seorang manajemen senior yang
who may answer or take responsibility for mitigating the
akuntabel untuk menjawab atau bertanggung jawab
risk.
dalam mengurangi risiko.
Crisis Management
Manajemen Krisis
The Company recognizes various types of crisis such as
Perseroan dapat dihadapkan pada berbagai jenis krisis,
on site and working environment that requires effective
seperti di lapangan dan lingkungan kerja yang memerlukan
crisis management. Plan for effective crisis management
pengendalian krisis yang efektif. Rencana penanganan krisis
is formulated based on the weakness identified in order to
disusun berdasarkan kelemahan yang telah teridentifikasi
establish a proven and reliable business process.
agar dapat membuat proses bisnis yang teruji dan andal.
Board of Commissioners and Directors are committed to
Dewan Komisaris dan Direksi Perseroan berkomitmen untuk
put into practice Good Corporate Governance in managing
menerapkan Tata Kelola Perusahaan dalam mengendalikan
the business to achieve Company’s objectives. By having a
jalannya Perseroan untuk mencapai tujuan usaha. Dengan
mechanism that promotes good decision making process,
memiliki mekanisme yang mendukung proses pengambilan
recognize and address business risk, as well as being
keputusan yang baik, pengenalan dan pengendalian risiko
prepared to deal with event of crisis the Company is well
bisnis, serta kesiapan dalam menghadapi krisis, maka
equipped to running an effective business. Coupled with
Perseroan memiliki cukup bekal untuk menjalankan usaha
good cost control mechanism the Company surely will
secara efektif. Ditambah dengan mekanisme pengendalian
deliver a sustainable growth and worthy investment results.
biaya yang baik maka dapat diyakinkan bahwa Perseroan
akan tumbuh berkelanjutan dan memberikan imbal hasil
investasi yang layak.
Corporate Secretary
Currently the Corporate Secretary post is held by Wong
Sekretaris Perusahaan
Kevin, who is also a Director of the Company. The tasks and
function of the Corporate Secretary are as follow:
Pada saat ini Sekretaris Perusahaan dijabat oleh Wong
Kevin yang juga adalah Direktur Keuangan Perseroan.
Uraian tugas dan fungsi dari Sekretaris Perusahaan adalah
sebagai berikut:
65
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
•
Mengikuti perkembangan pasar modal, khususnya
•
peraturan-peraturan yang berlaku di bidang pasar
modal;
•
•
dengan kondisi Perseroan;
•
yang berlaku;
Provide the public with all information needed by
investors regarding the condition of the Company;
•
Make recommendations to the Company’s Board of
Directors with respect to compliance with the applicable
Memberikan masukan kepada Direksi Perseroan untuk
mematuhi ketentuan peraturan perundang-undangan
•
developments, especially capital market regulations;
Memberikan pelayanan kepada masyarakat atas setiap
informasi yang dibutuhkan pemodal yang berkaitan
Keep informed with respect to capital market
law, rules, and regulation;
•
Act as the Company’s contact person with capital
market authorities and the public.
Sebagai penghubung atau contact person antara
Emiten atau Perusahaan Publik dengan Bapepam dan
masyarakat.
Board Meetings and Access to Information
Principle 6: In order to fulfil their responsibilities, board
Rapat Dewan Komisaris, Direksi dan Akses
Informasi
Prinsip 6: Untuk mewujudkan tanggung jawabnya, anggota
Direksi dan Dewan Komisaris harus diberikan informasi yang
lengkap, memadai dan tepat waktu, sebelum rapat dewan
dan saat pelaksanaan repat, secara terus menerus.
members should be provided with complete, adequate and
timely information prior to board meetings and on an ongoing 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
Dalam setiap rapat Direksi dan Dewan Komisaris, manajemen
background and explanatory notes on matters to be
berkewajiban menyediakan informasi yang lengkap dan tepat
addressed by the Boards, copies of disclosure documents,
waktu bagi anggota Komisaris dan Direksi untuk membantu
monthly internal financial statements, risk management
Direksi dan Dewan Komisaris memenuhi tanggung jawab
reports, budgets and forecasts. In respect of budgets, any
mereka. Informasi yang disediakan termasuk latar belakang
material variance between the projections and actual results
dan penjelasan mengenai masalah-masalah yang akan
should also be disclosed and explained.
disampaikan oleh Direksi dan Dewan Komisaris, salinan
dokumen-dokumen yang disampaikan, pernyataan finansial
bulanan, laporan pengelolaan risiko, anggaran dan prediksi.
Untuk anggaran, materi tentang perbedaan antara proyeksi
dan hasil nyata juga harus disampaikan dan dijelaskan.
Sesuai prosedur Dewan Komisaris dan Direksi, para
komisaris dan direksi, secara individual atau berkelompok,
bisa mempekerjakan penasihat profesional yang independen,
jika diperlukan untuk mendukung pekerjaan mereka, yang
dibiayai perusahaan.
Selama tahun fiskal yang berakhir tanggal 31 Desember
2007, dua (2) Rapat Direksi dan Dewan Komisaris dan duabelas (12) Rapat Evaluasi Manajemen diselenggarakan.
Laporan kehadiran Komisaris dan Direksi dalam rapat-rapat
Komite dapat dilihat pada halaman 60.
66
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
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 company’s expense.
During the financial year ended 31 December 2007,
two (2) Board Meetings and twelve (12) Management
Review Meeting were held. The attendance records of the
Commissioners and Directors together with their attendance
at Committee meetings can be seen on page 60.
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Ketentuan Remunerasi
Remuneration Matters
Kebijakan Prosedur Peningkatan Remunerasi
Procedures for Developing Remuneration Policies
Prinsip 7: Harus ada prosedur formal dan transparan untuk
Principle 7: There should be a formal and transparent
memperbaiki paket-paket remunerasi setiap direktur. Tidak
procedure for fixing the remuneration packages of individual
dibolehkan ada direktur yang terlibat dalam menentukan
directors. No director should be involved in deciding his
remunerasinya sendiri.
own remuneration.
Komite Remunerasi
Remuneration Committee
Komite Remunerasi Perseroan adalah Hadi Surya, Jaka
The Company’s Remuneration Committee members are
Prasetya, dan Alan Jonathan Tangkas Darmawan. Ketua
Hadi Surya, Jaka Prasetya and Alan Jonathan Tangkas
dari Komite Remunerasi adalah Alan Jonathan Tangkas
Darmawan. The Chairman of the Company’s Remuneration
Darmawan. Jika ada anggota Komite Remunerasi yang
Committee is Alan Jonathan Tangkas Darmawan. If a
mempunyai kepentingan dengan masalah yang sedang
member of the Remuneration Committee has an interest in
dibahas oleh Komite, maka anggota tersebut tidak akan
a matter being deliberated upon by the Committee, he will
berpartisipasi dalam proses penelaahan dan persetujuan
abstain from participating in the review and approval process
Komite Remunerasi dalam hal tersebut.
of the Remuneration Committee in relation to that matter.
Tugas dan tanggung jawab dari Komite Remunerasi
Remuneration Committee has the duties of, among other
Perseroan adalah:
things:
•
•
•
Memberikan rekomendasi kepada Dewan Komisaris
to
Board
of
Commissioners
for endorsement, the remuneration policies and
renumerasi Direktur, Komisaris dan eksekutif-eksekutif
guidelines for setting remuneration for the Directors,
utama Perseroan;
Commissioners and key executives;
Menyetujui target kinerja untuk menilai kinerja Direktur
•
Perseroan; dan
•
Recommending
mengenai kebijakan dan pedoman dalam menetapkan
Memberikan rekomendasi kepada Dewan Komisaris
Approving performance targets for assessing the
performance of our Directors; and
•
Recommending
specific
remuneration
packages
mengenai paket renumerasi yang diberikan kepada se-
for each Director for endorsement by our Board of
tiap Direktur.
Commissioners.
Komite ini baru dibentuk pada akhir tahun 2006 dan telah
This committee was established by the end of 2006 and
mengadakan pertemuan yang pertama pada tahun 2007.
conducted its first meeting in 2007.
Level dan Komposisi Renumerasi
Level and Mix of Remuneration
Prinsip 8: Tingkat remunerasi harus menarik, untuk
Principle 8: The level of remuneration should be appropriate
mempertahankan dan memotivasi direksi agar menjalankan
to attract, retain and motivate the directors needed to run the
Perseroan dengan sukses, tetapi perusahaan harus
company successfully but companies should avoid paying
menghindari untuk membayar lebih untuk tujuan ini.
more for this purpose. A proportion of the remuneration,
Renumerasi yang proporsional, terutama bagi direksi
especially that of executive directors, should be linked to
eksekutif, harus dikaitkan dengan kinerjanya.
performance.
67
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Pembahasan Remunerasi
Disclosure on Remuneration
Prinsip 9: Setiap perusahaan harus menyediakan kebijakan
Principle 9: Each company should provide clear disclosure
remunerasi yang jelas, tingkat dan komposisi remunerasi,
of its remuneration policy, level and mix of remuneration, and
dan prosedur untuk menerapkan remunerasi, dalam laporan
the procedure for setting remuneration, in the company’s
tahunan perusahaan.
annual report.
Berdasarkan Rapat Umum Pemegang Saham Tahunan
On the Annual General Meeting of the Company which
Perseroan yang diadakan pada tanggal 24 Mei 2007
was held on 24 May 2007, it was resolved that the annual
ditetapkan bahwa besarnya gaji dan /atau tunjangan
compensation for all members of Board of Commissioners
lainnya bagi seluruh anggota Dewan Komisaris Perseroan
after income tax is not more than Rp 7,000,000,000,-
setelah dipotong Pajak Penghasilan tidak melebihi jumlah
(seven billion Rupiah).The compensation in bands of S$
Rp 7.000.000,000.- (tujuh miliar Rupiah) setahun. Gaji
250,000 (except for the President Commissioner which is
dan/atau tunjangan yang diberikan pada masing-masing
in band of S$250,000 - S$500,000) paid by the Company
anggota Dewan Komisaris besarnya kurang dari S$250.000
to each of the Commissioners for services rendered by
(kecuali untuk Presiden Komisaris yang berada pada kisaran
them in all capacities to the Company for the years ended
S$250.000 - S$500.000) yang merupakan balas jasa atas
31 December 2007, including any benefit-in-kind and any
pengabdian yang diberikan kepada Perseroan selama tahun
deferred compensation accrued for the financial year in
2007, termasuk di dalamnya segala benefit atau kompensasi
question and payable at a later date, are as follows:
pada tahun tersebut yang diakumulasikan untuk dibayarkan
pada waktu yang telah ditentukan, adalah sebagai berikut:
Dibawah/Below
Antara/Between
Diatas/Above
SGD250,000
SGD250,000 - SGD500,000
SGD500,000
Hadi Surya
-
4
-
Harijadi Soedarjo
Nama/Name
4
-
-
Jaka Prasetya
4
-
-
Alan Jonathan Tangkas Darmawan
4
-
-
Berdasarkan Rapat Umum Pemegang Saham Tahunan
On the Annual General Meeting of the Company which
Perseroan yang diadakan pada tanggal 24 Mei 2007
was held on 24 May 2007, it was resolved that the annual
ditetapkan bahwa besarnya gaji dan /atau tunjangan lainnya
compensation for all members of Board of Directors after
bagi seluruh anggota Direksi Perseroan setelah dipotong
income tax is not more than Rp 15,000,000,000,- (fifteen
Pajak Penghasilan tidak melebihi Rp 15.000.000,000.- (lima
billion Rupiah).The compensation in bands of S$ 250,000
belas miliar Rupiah) setahun. Gaji dan/atau tunjangan yang
-S$500,000 paid by our Company to each of our Directors
diberikan pada masing-masing anggota Direksi besarnya
for services rendered by them in all capacities to our
antara S$250.000 - S$500.000 yang merupakan balas
Company for the years ended 31 December 2007, including
jasa atas pengabdian yang diberikan kepada Perseroan
any benefit-in-kind and any deferred compensation accrued
selama tahun 2007, termasuk didalamnya segala benefit
for the financial year in question and payable at a later date,
atau kompensasi pada tahun tersebut yang diakumulasikan
are as follows:
untuk dibayarkan pada waktu yang telah ditentukan, adalah
sebagai berikut:
68
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Dibawah/Below
Antara/Between
Diatas/Above
SGD250,000
SGD250,000 - SGD500,000
SGD500,000
Widihardja Tanudjaja
-
4
-
Kevin Wong
-
4
-
Siana Anggraeni Surya
-
4
-
Henrianto Kuswendi
-
4
-
Michael Murni Gunawan
-
4
-
Nama/Name
Akuntabilitas dan Audit
Accountability and Audit
Akuntabilitas
Accountability
Prinsip 10: Dewan Komisaris dan Direksi dapat diaudit oleh
Principle 10: The Board is accountable to the shareholders
pemegang saham sedangkan pihak manajemen dapat
while the Management is accountable to the Board.
diaudit oleh Dewan Komisaris dan Direksi.
The Board strives to provide its shareholders with a balanced
Dewan Komisaris dan Direksi berupaya memberikan penilaian
and understandable assessment of the Company’s
yang berimbang dan dapat dipahami pemegang saham,
performance, position and prospects on a quarterly basis.
mengenai kinerja Perseroan, serta posisi dan peluang pada
This responsibility extends to interim and other price sensitive
tiap kuartal. Tanggung jawab ini dapat diperluas ke laporan
public reports, and reports to regulators (if required).
interim dan laporan sensitif lainnya, dan laporan kepada
The Management provides to all members of the Boards
regulator (jika diperlukan).
with a balanced and understandable management accounts
Pihak Manajemen menyediakan menyiapkan laporan yang
of the company’s performance, position and prospects on
berimbang dan mudah dipahami soal posisi dan peluang
a monthly basis.
perusahaan setiap bulan, untuk kepentingan anggota
Dewan.
Akuntabilitas bagi Pemegang Saham
Accountability to Shareholders
The Board of Commissioners and Board of Directors
acknowledge the importance of ensuring high quality,
Dewan Komisaris dan Direksi memahami pentingnya
relevant information are made available to shareholders
menjamin kualitas tinggi. Untuk itu informasi yang relevan
in a timely manner to keep them abreast of all material
perlu disediakan bagi pemegang saham secara tepat
business matters affecting the Company. Towards ensuring
waktu agar mereka bisa mengikuti semua informasi
the effective dissemination of information, the Company
bisnis yang mempengaruhi Perseroan. Dalam menjamin
maintains a Shareholders Communication and Investor
diseminasi informasi yang efektif, Perseroan membentuk
Relation Policy. The Policy outines how the Company
divisi Komunikasi antara Pemegang Saham dan Hubungan
identifies and distributes information in a timely manner to all
Investor. Kebijakan tersebut menggarisbawahi bagaimana
shareholders. It also reinforces the Company’s commitment
Perseroan mengidentifikasi dan membagikan informasi
to the continuous disclosure obligations imposed by law,
tepat waktu kepada semua pemegang saham. Hal tersebut
and describes the procedures implemented to ensure
juga memperkuat komitmen Perseroan terhadap kewajiban-
compliance.
kewajiban untuk mengungkapkan kewajiban-kewajiban
secara sah dan terus-menerus, dan menggambarkan
prosedur-prosedur yang diimplementasikan untuk menjamin
kepatuhan.
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PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Pengumuman Peraturan, Laporan Tahunan, Hasil Finansial
Regulatory Announcements, Annual Reports, Quarterly
per Kuartal dan informasi terkait lainnya dapat diakses melalui
Financial Results and other relevant information are
situs web Perseroan di www.blt.co.id. Siapa pun yang berniat
accessible via the Company’s website at www.blt.co.id.
menerima atau membuat permohonan dokumen dapat
Any persons wishing to receive or make any request for
disampaikan melalui situs Perseroan. Sebagai tambahan,
documents are able to do so via submission to the Group’s
pemegang saham didorong untuk menghadiri Rapat Umum
website. Additionally, shareholders are encouraged to attend
Pemegang Saham (RUPS) Tahunan yang dihadiri oleh para
the Annual General Meeting (AGM) which is attended by
Komisaris, Direksi dan auditor eksternal, di mana pemegang
the Commissioners, Directors and external auditors, where
saham dapat mengajukan pertanyaan, menyampaikan
shareholders may raise questions, voice their concerns and
kekhawatiran dan mengusulkan langkah bisnis tertentu.
vote on proposed resolutions.
Laporan Finansial
Financial Reporting
Direksi
mempunyai
komitmen
untuk
menyediakan
The Board of Directors is committed to providing a balanced
pandangan benar dan berimbang mengenai kinerja dan
and true view of its financial performance and prospects in
peluang finansial Perseroan dalam semua laporannya kepada
all its reports to stakeholders and regulatory authorities.
pemegang saham dan wewenang pembuatan peraturan.
This is channeled through the audited financial statements,
Hal tersebut disalurkan melalui laporan finansial yang telah
quarterly announcements of the Company’s unaudited
diperiksa, pengumuman-pengumuman kuartal tentang hasil
financial results as well as the Remarks from Board of
finansial Perseroan yang belum diaudit, begitu pula dengan
Commissioners, Remarks from Board of Directors and
Sambutan Dewan Komisaris, Sambutan Direksi, serta
Management Discussion and Analysis in the Annual Report.
Diskusi dan Analisis Manajemen dalam Laporan Tahunan.
The Company strives to make timely releases of all result
Perseroan berjuang agar semua pengumuman kinerja dan
announcements and press releases to the media.
pernyataan pers dapat disampaikan tepat waktu kepada
media.
In discharging its fiduciary responsibility, the Boards are
assisted by the Audit Committee to oversee the financial
Dalam kaitan dengan tanggung jawab fidusianya, Dewan
reporting processes and the quality of the Company’s
dibantu oleh Komite Audit untuk mengawasi proses
financial statements.
pelaporan finansial dan kualitas pernyataan finansial
Perseroan.
Pernyataan
The Statement of Responsibility by Directors in respect of
the preparation of the annual audited financial statements for
Tanggung
Jawab
Direksi
dalam
hal
penyelenggaraan pemeriksaan laporan keuangan tahunan
the financial year under review is set out on the independent
auditor’s report.
yang telah diaudit untuk evaluasi tahun buku ini dapat dilihat
pada laporan auditor independen.
Principle 11: The Board should establish an Audit Committee
Komite Audit
(“AC”) with written terms of reference which clearly set out
Prinsip 11: Dewan harus membentuk suatu Komite Audit
(“AC”) dengan ketentuan referensi yang menggariskan
dengan jelas wewenang dan kewajibannya.
70
Annual Report 2007
Audit Committee
PT BERLIAN LAJU TANKER Tbk
its authority and duties.
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Anggota Komite Audit terdiri atas Alan Jonathan Tangkas
The Audit Committee members are Alan Jonathan Tangkas
Darmawan, Max Sumakno Budiarto, dan Jaka Prasetya.
Darmawan, Max Sumakno Budiarto and Jaka Prasetya. The
Ketua Komite Audit adalah Alan Jonathan Tangkas
Chairman of our Audit Committee is Alan Jonathan Tangkas
Darmawan yang diangkat sebagai Ketua sejak tanggal 19
Darmawan which was appointed since 19 December
Desember 2006. Segara Utama berhenti dari keanggotaan
2006. Segara Utama resigned from the member of Audit
Komite Audit pada tanggal 31 Mei 2007. Komite Audit
Committee on 31 May 2007. Our Audit Committee is
Perseroan dibentuk Dewan Komisaris untuk mengawasi
formed by the Board of Commissioners to assist the Board
Direksi dan bertanggung jawab penuh terhadap Dewan
of Commissioners in supervising the Board of Directors and
Komisaris.
is accountable to the Board of Commissioners.
Sesuai dengan peraturan yang berlaku di Indonesia,
Perseroan telah mengangkat seorang anggota Komite
Audit, yaitu Max Sumakno Budiarto, yang bukan merupakan
anggota dari Dewan Komisaris maupun Direksi, sehingga
diperoleh perpaduan keahlian dan pengalaman di antara
anggota Komite Audit untuk mencapai seluruh tujuan dari
Komite Audit. Latar belakang masing-masing anggota
Komite Audit sebagai berikut:
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 Committee’s objectives. Brief details
of their background are set out below:
Max Sumakno Budiarto
Umur 63 tahun, lulus dari jurusan Akuntansi Fakultas
Ekonomi Universitas Indonesia tahun 1961-1967. Max
Sumakno Budiarto ditunjuk sebagai Anggota Komite Audit
Perseroan sejak tanggal 6 Mei 2004. Berbagai jabatan
penting yang diemban di antaranya adalah Komisaris
Independen PT Surya Citra Televisi (2005 – sekarang),
Anggota Komite Audit PT Surya Citra Media Tbk (2004
– sekarang), Advisor PT Styrindo Mono Indonesia (2002),
Vice President Director di PT Styrindo Mono Indenesia
(1993 – 2002), Komisaris PT Redeco Petrolin Utama (1999
– 2002), Direktur di Chemical Holding PT Bima Kimia Citra
(1996 – 1999), Direktur PT Sytrindo Mono Indonesia ( 1990
– 1993), Direktur PT Redeco Petrolin Utama ( 1986 – 1990),
Direktur PT Polychem Lindo Inc (1982 – 1990), Direktur PT
Ananda Lindo Inc (1978 – 1982).
Resume Alan Jonathan Tangkas Darmawan dan Jaka
Prasetya, dapat ditemukan di bagian Profil Dewan
Komisaris.
Tugas dan tanggung jawab dari Komite Audit adalah sebagai
berikut:
•
Meneliti rencana audit auditor eksternal dan internal
Perseroan, termasuk hasil auditor Perseroan dalam
menelaah dan mengevaluasi sistem akuntansi internal,
Max Sumakno Budiarto
Aged 63, he graduated with a bachelor degree in Accounting,
Faculty of Economics University of Indonesia (1961-1967).
He was appointed as a member of Audit Committee
on 6 May 2004. He has held several important positions
including: Independent Commissioner of PT. Surya Citra
Televisi since 2005, member of Audit Committee PT Surya
Citra Televisi since 2004, an advisor of PT. Styrindo Mono
Indonesia (2002), Vice President Director at PT Styrindo
Mono Indenesia (1993 – 2002), Commissioner of PT Redeco
Petrolin Utama (1999 – 2002), Director of Chemical Holding
PT Bima Kimia Citra (1996 – 1999), Director of PT Sytrindo
Mono Indonesia ( 1990 – 1993), Director of PT Redeco
Petrolin Utama ( 1986 – 1990), Director of PT Polychem
Lindo Inc (1982 – 1990), and PT Ananda Lindo Inc (1978
– 1982).
For the CVs of Alan Jonathan Tangkas Darmawan and Jaka
Prasetya, please refer to the Board of Commissioners’ CV.
The tasks and responsibilities of the Audit Committee are
as follows:
•
Examining the audit plan of the Company’s external
and internal auditor in evaluating the internal accounting
system, operational supervision, compliance and risk
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Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
pengawasan operasional, kepatuhan dan manajemen
management, and ensuring coordination among the
risiko, serta memastikan koordinasi antara auditor
internal auditor, external auditor and the Company’s
internal, auditor eksternal, dan manajemen Perseroan,
management at least once a year;
sekurang-kurangnya setahun sekali;
•
Melakukan
penelaahan
atas
•
laporan
keuangan
auditor’s report on the financial statement, discussing
konsolidasi dan laporan auditor atas laporan keuangan
every important adjustment and high-risk areas,
tersebut, membahas setiap penyesuaian penting
changes in accounting policies, compliance of the
dan bidang-bidang yang berisiko tinggi, perubahan
reporting to the applicable rules, issues found from
kebijakan akuntansi, kepatuhan tehadap standar-
audit process, including matters which the external
standar pelaporan keuangan berdasarkan ketentuan
auditor wish to discuss without the presence of
yang berlaku, masalah-masalah yang timbul dari hasil
management (if necessary), prior to submission to
audit, termasuk hal-hal yang ingin dibahas oleh auditor
Board of Commissioners for approval;
eksternal tetapi tidak di hadapan manajemen (jika
diperlukan), sebelum diajukan kepada Dewan Komisaris
•
of law or regulation which might have material effect to
Melakukan penelaahan dan pembahasan dengan
the result of the Company’s operation and/or financial
auditor eksternal tentang dugaan penipuan, hal-hal
position and management’s responds on the above
yang janggal atau pelanggaran peraturan perundang-
issues;
undangan yang berakibat atau kemungkinan dapat
berdampak
material
terhadap
hasil
operasional
•
tanggapan dari manajemen atas hal-hal tersebut di
•
Meneliti kerjasama yang diberikan manajemen kepada
•
objectivity of external auditor annually;
Menelaah transaksi-transaksi yang diadakan Perseroan
yang menyangkut instrumen derivative keuangan;
•
•
penelaahan
atas
transaksi-transaksi
•
Conducting other researches and other tasks assigned
benturan kepentingan berdasarkan peraturan-peraturan
by Board of Commissioners from time to time on issues
yang berlaku;
which require Commissioners’ attention;
•
Meneliti 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;
•
Examining and approving the fees of the Auditors of the
Company;
dan objektifitas auditor eksternal setiap tahun;
Melakukan
Examining conflict of interests transactions based on
applicable rules and regulations;
Mempertimbangkan pengangkatan dan pengangkatan
kembali auditor eksternal dan meneliti ketidakberpihakan
•
Considering the appointment and re-appointment of
external auditor and examining the independence and
auditor Perseroan;
•
Examining the transactions undertaken by the Company
which involve financial derivative instruments;
atas;
•
Examining the cooperation given by the management
to the Company’s auditor;
Perseroan dan atau posisi keuangan Perseroan dan
•
Examining and discussing with external auditors
regarding suspicion of fraud, unusual matters or breach
untuk disetujui;
•
Examining the consolidated financial statement and
Melaporkan risiko-risiko yang dihadapi Perseroan dan
implementasi risiko manajemen oleh Perseroan kepada
Dewan Komisaris;
72
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
•
Reporting the risks which the Company faces and the
implementation of risk management by the Company to
Board of Commissioners;
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
•
Melakukan penelaahan dan melaporkan keluhankeluhan
mengenai
Perseroan
kepada
Dewan
kepatuhan
Perseroan
terhadap
semua
Komisaris;
•
Meneliti
•
Company to Board of Commissioners;
•
tempat Perseroan beroperasi; dan
•
Examining the compliance of the Company to all
applicable rules and regulation in capital market and the
peraturan dan perundang-undangan di bawah hukum
pasar modal dan peraturan perundang-undangan
Examining and reporting complaints regarding 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.
Secara umum melakukan fungsi-fungsi dan tugastugas lain yang diisyaratkan oleh hukum yang berlaku,
sebagaimana diubah dari waktu ke waktu.
Other than the above mentioned tasks, the Audit Committee
shall provide a mechanism so that the Company’s employees
can confidentially communicate the possible breach with
Selain dari tugas-tugas yang disebutkan di atas, Komite
regard to financial reports or other matters. The Audit
Audit akan mengadakan suatu mekanisme agar pegawai
Committee shall examine the findings of internal investigation
Perseroan dapat menyampaikan (secara confidential) hal-hal
regarding the issues and whereby fraud or unusual matter
mengenai kemungkinan pelanggaran sehubungan dengan
is suspected or the failure in internal supervision, or breach
laporan keuangan atau hal lainnya. Komite Audit akan
of applicable law, rules and regulations which have or may
meneliti penemuan-penemuan investigasi internal mengenai
have material impact to the Company’s operational result
masalah-masalah tersebut atau masalah-masalah di mana
or financial position. The Audit Committee also ensures
diduga terjadi penipuan atau kejanggalan atau kegagalan
necessary mitigation measures are taken. Any member of
pengawasan internal atau pelanggaran hukum dan peraturan
the Audit Committee cannot vote on decision whereby the
perundang-undangan yang berlaku yang memiliki atau
member has conflict of interests.
dapat memiliki dampak material terhadap hasil operasional
atau posisi keuangan Perseroan. Komite Audit juga akan
memastikan tindakan-tindakan yang diperlukan dilakukan.
During the year 2007, the Audit Committee has conducted
Setiap anggota Komite Audit tidak dapat memberikan suara
meetings with the Company’s management once in 3
sehubungan dengan keputusan-keputusan ketika anggota
months. The meetings with external auditor conducted
tersebut memiliki kepentingan.
twice a year.
Selama tahun 2007, Komite Audit mengadakan pertemuan
In the year 2007, the Audit Committee conducted activities
dengan Managemen Perseroan, dengan frekuensi rata-rata
as follows:
sekali dalam tiga bulan yang dihadiri oleh anggota Komite
•
Requesting explanation to the management regarding
Audit. Sedangkan pertemuan Komite Audit dengan Eksternal
the compliance to applicable rules and regulation both
Auditor Perseroan dilakukan dua kali dalam setahun.
in Indonesia and Singapore in relation to the Company
plan to dual-listing shares;
Kegiatan-kegiatan Komite Audit selama tahun 2007 sebagai
berikut:
•
•
Following the progress of the Company’s new building
vessels;
Meminta penjelasan kepada Manajemen tentang
kepatuhan terhadap peraturan terkait, yang berlaku
di Indonesia dan di Singapura, sehubungan dengan
rencana dual-listing Perseroan;
•
Mengikuti perkembangan pembangunan kapal-kapal
baru Perseroan;
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Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
•
Mendiskusikan dan memantau transaksi hubungan
istimewa;
•
Routinely discussing with the Company’s management
regarding the latest development of the Company and
regulations related the Company’s business;
•
Reviewing the scope and working plan of the Company’s
Meninjau ruang lingkup rencana kerja Internal Audit
Internal Audit, providing advices and monitor the results
Perseroan, memberi masukan dan memonitor hasil
of Internal Audit;
•
Conducting meeting with external auditors and the
Mengadakan pertemuan dengan Auditor Eksternal dan
Company’s management in discussing scope of audit,
Manajemen Perseroan dalam membahas lingkup Audit,
result of audit and Management Letter;
hasil Audit, dan surat kepada Manajemen;
•
•
mengenai perkembangan terakhir Perseroan dan
kerja Internal Audit;
•
Discussing and monitoring related-party transactions;
Berdiskusi secara rutin dengan Manajemen Perseroan
regulasi-regulasi terkait bisnis Perseroan;
•
•
•
Mendiskusikan mengenai peran dan fungsi Komite
Discussing the role and function of Audit Committee
and the plan to update the Audit Committee Charter.
Audit serta rencana meng-update pedoman kerja
Komite Audit.
Komite Audit dan Perusahaan telah mengevaluasi dan
mengkonfirmasi jika para pemeriksa eksternal, Osman,
Bing, Satrio & Rekan, tidak menyediakan jasa-jasa nonaudit kepada Perusahaan dan oleh karena itu tidak ada
The Audit Committee and the Company has reviewed and
confirmed if the external auditors, Osman, Bing, Satrio &
Rekan, did not provide non-audit services to the Company
and therefore no such fee being paid for these services.
biaya untuk jasa-jasa tersebut.
Internal Controls
Pengendalian Internal
Principle 12: The Board should ensure that the Management
Prinsip 12: Dewan harus menjamin agar pihak Manajemen
memelihara suatu sistem pengendalian internal untuk
menjaga
investasi
pemegang
saham
dan
maintains a sound system of internal controls to safeguard
the shareholders’ investments and the company’s assets.
aset-aset
perusahaan.
The Company’s management recognized the importance of
sistem
a good internal control system as an important element in
pengendalian internal yang baik merupakan salah satu
the framework of Good Corporate Governance, which helps
elemen penting dalam kerangka Tata Kelola Perusahaan,
the Company to achieve it goals and prevent or detect
sekaligus membantu untuk mencapai tujuan Perseroan dan
wrongdoings.
Manajemen
Perseroan
menyadari
bahwa
mencegah atau mendeteksi apabila terjadi penyimpangan.
Perseroan telah membentuk serangkaian elemen kontrol
The Company has established a series of integrated control
terintegrasi, mulai dari pengendalian lingkungan dengan
element, starting with environment control by establishing
membuat suatu aturan pelaksana yang tepat dan sepakat
a strict code of conduct and adopting adherence to its
untuk
sebagai
Corporate Values as guidelines in doing business. Activities
panduan dalam menjalankan bisnis. Kegiatan mengontrol
controls are created by setting a clear division of tasks,
dibentuk dengan cara menetapkan pembagian pekerjaan,
authority and responsibility at all level of staff within the
wewenang dan tanggung jawab yang jelas di semua tingkat
organization structure. Proper channels of risk assessment,
staf dalam struktur organisasi. Saluran-saluran yang tepat
control information flow and communication are initiated and
patuh
terhadap
nilai-nilai
Korporasi
mengenai penilaian resiko, pengendalian aliran informasi
dan komunikasi diterapkan, dan pengawasan berkelanjutan
74
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
diterapkan melalui pemeriksaan internal dan kegiatan
continuous monitoring conducted through internal audit and
kolaboratif lainnya dilaksanakan untuk menjaga integritas
other collaborative activities are undertaken to safe guard
dari sistem pengendalian.
the integrity of the control systems.
Tujuan dari pengendalian tersebut adalah untuk menetapkan
The essence of the controls is that the Company is aiming
dan
to establish and implement internal control system which
menerapkan
sistem
pengendalian
intern
yang
mencakup:
covers:
•
Pengendalian Keuangan (Financial Controls);
•
Financial Controls;
•
Pengendalian Operasional (Operational Controls); dan
•
Operational Controls;
•
Pengendalian Ketaatan atas Hukum dan Peraturan
•
Compliance Controls.
yang berlaku (Compliance Controls).
Internal Audit
Pemeriksaan Internal
Principle 13: The Company should establish an internal audit
Prinsip 13: Perseroan harus membuat suatu fungsi
pemeriksaan internal yang independen dalam kegiatan
pemeriksaan.
Setiap
level
function that is independent of the activities it audits.
All levels of staff within the Company are required to adhere
to a prescribed internal control system. To ensure the
dalam
struktur
organisasi
Perseroan
bertanggung jawab untuk mengimplementasikan sistem
effectiveness of the Company’s internal control system, the
Board of Directors is assisted by internal auditor.
pengendalian internal yang baik. Untuk memastikan
efektivitas pengendalian internal Perseroan, Direksi dibantu
oleh auditor internal.
The Role of an Internal Auditor
Internal auditor conducts tests on the sufficiency and
Peran Auditor Internal
compliance on policies, procedures, law and regulations,
and verify the reliability of information and financial reports.
Auditor internal Perseroan melakukan pengujian atas
In addition, internal auditor also provide his views on internal
kecukupan dan ketaatan kebijakan, prosedur, hukum dan
controls and make appropriate recommendations to the
peraturan, serta kehandalan informasi dan laporan keuangan.
auditees to immediately undertake corrective actions on
Di samping itu, auditor internal juga memberikan pandangan
the weaknesses identified during the investigative process
mengenai pengendalian internal dan rekomendasi kepada
and to ensure the completeness of internal control
bagian yang bertanggung jawab (auditee) agar segera
implementation.
melakukan tindakan perbaikan atas kelemahan implementasi
pengendalian internal.
Komunikasi dengan Pemegang Saham
Prinsip 14: Perseroan harus mengembangkan komunikasi
secara reguler, efektif dan fair dengan para pemegang
saham.
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 Company’s new initiatives will be first
Perseroan berusaha memberikan informasi tepat waktu
disseminated via IDX website, Bapepam-LK office and
dan transparan kepada para pemegang saham dan
SGXNET followed by a news release, where appropriate.
publik. Semua informasi mengenai inisiatif-inisiatif baru
Perseroan akan disebarkan pertama kali melalui situs
BEI, kantor Bapepam-LK dan SGXNET diikuti oleh berita-
75
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
berita lainnya, karena dimungkinkan. Perseroan saat ini
The Company currently holds media and analyst briefing
melakukan pertemuan dengan media dan analis menjelang
upon the release of its quarterly financial results. In addition
diterbitkannya laporan keuangan per kuartal. Sebagai
to the media and analyst briefings, the Company has taken
tambahan terhadap pertemuan media dan analis tersebut,
part in various road shows.
Perseroan telah ikut serta dalam berbagai road show.
Price-sensitive information is first publicly released via IDX
Informasi sensitif pertama kali dipublikasikan kepada publik
website, Bapepam-LK office and SGXNET, either before
melalui situs BEI, kantor Bapepam-LK dan SGXNET, sebelum
the Company meets with any group of investors or analysts
Perseroan bertemu dengan kelompok investor atau analis
or simultaneously with such meetings. Results and annual
atau keduanya sekaligus secara simultan. Hasil dan laporan
reports are announced or issued within the period prescribed
tahunan diumumkan atau dikeluarkan dalam jangka waktu
by the SGX-ST.
yang ditetapkan oleh SGX-ST.
At general meetings of the Company, shareholders are given
Pada rapat umum pemegang saham Perseroan, pemegang
the opportunity to express their views and ask questions
saham
regarding the Company and the Group.
diberikan
kesempatan
untuk
menyampaikan
pandangan mereka dan bertanya mengenai Perseroan dan
grup.
During 2007 the Company has conducted several road
show in Indonesia and overseas. Furthermore, in various
Selama tahun 2007, Perseroan telah melaksanakan
opportunities the Company has also held analyst meetings
beberapa kali roadshow baik di dalam negeri maupun ke luar
and press conference which were aimed to disclose the
negeri. Selain itu dalam beberapa kesempatan, Perseroan
latest development of the Company. Aside from that, the
juga mengadakan analyst meeting dan konferensi pers
Company has conducted public exposes which were held
yang bertujuan untuk menginformasikan perkembangan
at least once a year.
terbaru Perseroan. Disamping itu, Perseroan juga
telah
melaksanakan paparan publik yang diadakan minimal satu
tahun sekali.
Interested Person Transactions
(“IPTS”) Policy
Kebijakan
Transaksi
Berkepentingan (“IPTS”)
Orang
Yang
Material Contracts Involving Commissioners’, Directors’ and
Major Shareholders’ Interest
Materi Kontrak Terkait Kepentingan Komisaris, Direktur, dan
No material contract has been entered into between the
Pemegang Saham Mayoritas
Company and its subsidiaries which involve the interests of
Tidak ada materi kontrak antara Perseroan dan cabangcabangnya yang melibatkan kepentingan masing-masing
komisaris, direktur atau pemegang saham pengendali
Perseroan, baik yang masih berlaku pada akhir tahun
each commissioners, directors or controlling shareholder of
the Company, 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.
keuangan saat ini sudah tidak berlaku namun terjadi sejak
Other Contracts in Relation to Related Party Transactions
akhir tahun fiskal sebelumnya.
Other than contracts entered into and disclosed as Related
Kontrak-kontrak yang Terkait dengan Transaksi Pihak
Party Transactions in Note 38 to the Consolidated Financial
Terafiliasi
Statements for years ending 31 December 2007, there are
Selain kontrak yang dimasukkan dan diumumkan sebagai
Transaksi Pihak Terafiliasi dalam Catatan No 38 laporan
keuangan konsolidasi untuk tahun yang berakhir 31
Desember 2007, tidak ada materi kontrak, termasuk kontrak
terkait dengan pinjaman (yang tidak menjadi kegiatan bisnis
biasa) Perseroan, melibatkan kepentingan-kepentingan
76
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
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
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Komisaris, Direktur dan pemegang saham mayoritas baik
shareholders’ interests, either still subsisting at the end of
yang masih berlaku pada akhir tahun keuangan saat ini atau
the financial year or, if not then subsisting, entered into since
sudah tidak berlaku namun terjadi sejak akhir tahun fiskal
the end of the previous financial year.
sebelumnya.
Disclosure of Recurrent Related Party Transaction
Pengumuman Transaksi Berulang dengan pihak Terkait
The amount of the recurrent related party transaction varies
Jumlah transaksi berulang dengan pihak terkait yang
depends on the depth of the transaction in a particular
beragam mengacu pada transaksi tersebut dalam tahun
year and it is also stated in the note 38 of the notes to the
tertentu dan juga disebutkan dalam catatan No 38 dari
Financial Statements of the Company.
catatan keuangan Perseroan.
Disclosure Of Related Party Transactions of Trading Nature
Pengumuman Transaksi Pihak Terkait Bermotif Dagang
In relation to Related party Transactions of a revenue of
Dalam kaitan dengan Transaksi Pihak Terkait tentang
trading nature which are necessary for the Company’s day-
pendapatan bersifat dagang, yang diperlukan bagi
to-day operations and transacted in the ordinary course
Perseroan dalam operasi sehari-harinya dan ditransaksikan
of business with related parties, the Company will make
dalam
pihak-pihak
an immediate notification or announcement to Bursa Efek
terkait, Perseroan akan segera membuat laporan atau
Indonesia and Singapore Exchange where appropriate and
pengumuman kepada Bursa Efek Indonesia dan Bursa
required.
kegiatan
bisnis
biasa
dengan
Efek Singapura sejauh dimungkinkan dan dibutuhkan.
Transaksi pihak Terafiliasi yang Signifikan akan disampaikan
dalam Catatan 38 dalam Laporan Keuangan
Significant Related party Transactions are disclosed in note
38 to the Financial Statements
The Company has adopted an internal policy in respect of
Perseroan telah menyetujui kebijakan internal mengenai
any transactions with interested persons and has set out
setiap transaksi dengan pihak-pihak yang berkepentingan
the procedures for review and approval of the Company’s
dan telah menetapkan suatu prosedur untuk evaluasi
interested person transactions and its associates, which
dan persetujuan transaksi pihak yang memiliki hubungan
are covered by a Shareholders’ Mandate approved at each
istimewa dengan Perseroan dan rekanannya, yang dilindungi
general meeting.
oleh Mandat Pemegang Saham yang disetujui pada setiap
rapat umum.
The Audit Committee reviews the Shareholders’ Mandate at
regular intervals, and is satisfied that the review procedures
Komite Audit mengevaluasi Mandat Pemegang Saham
for IPTs and the reviews to be made periodically by the Audit
secara teratur, dan puas akan prosedur evaluasi untuk
Committee in relation thereto are adequate to ensure that
IPT dan evaluasi tersebut akan dibuat secara teratur
the IPTs will be transacted on normal terms and will not be
oleh Komite Audit untuk menjamin agar IPT dapat
prejudicial to the interests of the Company and its minority
dilakukan dengan ketentuan-ketentuan biasa dan tidak
shareholders.
mengesampingkan kepentingan Perseroan dan pemegang
saham minoritasnya.
Transaksi Efek
Dealing In Securities
In line with Chapter 12 Rule 18 of the Listing Manual of SGXST on dealings in securities, the Company has adopted an
Sejalan dengan Bab 12 Aturan 18 dari Panduan Pendaftaran
internal compliance code which mirrors substantially the
Bursa Efek Singapura mengenai transaksi efek, Perusahaan
provisions of the Best Practices Guide in the Listing Manual
telah menerapkan suatu peraturan mengenai kepatuhan
to provide guidance to its directors and officers in relation to
internal yang merefleksikan secara mendasar ketentuan-
dealings in its securities.
ketentuan Panduan Praktek-praktek Terbaik (Best Practices)
dalam Panduan Pendaftaran guna memberikan panduan
kepada para direktur dan pejabat terkait sehubungan
dengan transaksi efek.
77
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Peraturan Perseroan melarang Direksi dan karyawan
The Company’s Code prohibits securities dealings by
melakukan transaksi
efek ketika sedang memegang
the Directors and employees while in possession of
informasi yang dapat mempengaruhi harga. Perseroan
price-sensitive information. The Company issues regular
menerbitkan edaran kepada Direksi, pejabat tinggi dan
circulars to its Directors, principal officers and relevant
pejabat terkait lainnya yang memiliki akses ke informasi
officers who have access to unpublished material price-
penting yang belum diterbitkan, dan untuk mengingatkan
sensitive information to remind them of the aforementioned
mereka akan kebutuhan untuk melaporkan transaksi efek
prohibition and to remind them of the requirement to report
yang mereka lakukan. Direksi dan karyawan juga dilarang
their dealings in shares of the Company. The Directors and
melakukan transaksi efek milik Perseroan pada periode
employees are also prohibited from dealing in the securities
dua minggu sebelum pengumuman hasil laporan keuangan
of the Company during the period commencing two weeks
Perseroan untuk setiap kuartal pertama dan ketiga tahun
before the announcement of financial results of the Company
fiskal atau satu bulan sebelum kuartal kedua tahun fiskal,
for each of the first and third quarters of its financial year
sebagaimana yang mungkin terjadi, dan berakhir pada saat
or one month before the second quarter and the financial
pengumuman hasil-hasil yang relevan.
year, as the case may be, and ending on the date of the
announcement of the relevant results.
Informasi Lainnya
Konflik Kepentingan Komisaris dan Direksi
Other Information
Baik Komisaris maupun Direksi tidak mempunyai konflik
Commissioners & Directors Conflict of Interest
kepentingan atau kepentingan lainnya pada pengelolaan
usaha yang melibatkan PT Berlian Laju Tanker Tbk., dan
anak perusahaannya.
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
Hukuman dan/atau Penalti
subsidiaries.
Untuk tahun keuangan dalam pembahasan, tidak ada
Sanctions and/or Penalties
hukuman dan/atau penalti yang dibebankan pada Perseroan,
Komisaris, Direksi, maupun Manajemen Perseroan.
For the financial year under review, there were no
sanctions and/or penalties imposed on the Company, its
Variasi dari Hasil
Commissioners, its Directors or Management.
Tidak ada variasi yang signifikan antara laporan keuangan
Variation in Results
yang diaudit pada tahun keuangan berjalan dengan laporan
keuangan yang tidak diaudit yang pernah diumumkan
sebelumnya, apabila ada.
Beban Non Audit
results for the financial year and the unaudited results
previously announced, if any.
Non Audit Fees
Tidak ada pembayaran Beban Non Audit kepada auditor
selama tahun keuangan dalam pembahasan yang berakhir
pada tanggal 31 Desember 2007.
Pembelian-Kembali Saham
Berikut ini adalah Pembelian Kembali Saham (share buy
back) yang dilakukan selama tahun berjalan yang berakhir
pada tanggal 31 Desember 2007. 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
78
Annual Report 2007
There were no significant vatiations between the audited
PT BERLIAN LAJU TANKER Tbk
There is no Non Audit Fees paid to auditor during the financial
year under review ended 31 December 2007 .
Share Buy-Backs
The following is the Share Buy Back actioned during the
year under review ended 31 December 2007. The Purchase
Price of Shares is the average price for all shares purchased
in the month and the Total Purchase Price includes incidental
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Jumlah Saham
Dibeli Kembali
Harga Tertinggi
Harga Terendah
Harga Rata-Rata
Pembelian Saham
Total Harga
Pembelian
No. of Shares
Bought Back
Highest Price (Rp)
Lowest Price (Rp)
Average Purchase
Price of Shares (Rp)
Total Purchase Price
(Rp)
January
-
-
-
-
-
February
39,750,000
1,870
1,760
1,802
71,610,000,000
March
60,800,000
1,940
1,690
1,875
114,025,380,000
April
72,500,000
2,050
1,890
1,989
144,198,490,000
May
116,050,000
2,025
1,910
1,943
225,484,750,000
June
-
-
-
-
-
July
-
-
-
-
-
August
-
-
-
-
-
September
-
-
-
-
-
October
-
-
-
-
-
November
-
-
-
December
-
-
-
-
-
TOTAL
289,100,000
2,050
1,690
1,921
553,318,620,000
fy 2007
* Belum termasuk komisi broker
* Not include broker commission
dipertahankan sebagai saham diperoleh kembali dan tidak
costs. All shares have been maintained as treasury shares
ada penjualan kembali saham Perseroan dan tidak ada pula
and there have been no resale of the Company’s treasury
saham yang dibatalkan selama tahun berjalan.
shares nor have there been any shares cancalled during the
Program Kepemilikan Saham Untuk Karyawan
Saat ini, Perseeroan belum memiliki program kepemilikan
saham untuk karyawan.
Pedoman Tata Kelola Perseroan
Saat ini Perseroan sedang dalam proses merumuskan
year under review.
Employee Stock Option Scheme
Currently the Company does not have any employee share
option scheme or plan in place.
Code of Corporate Governance
kebijakan-kebijakan untuk menerapkan Pedoman Tata
The Company is in the process of setting up the policies
Kelola Perseroan (the Code of Good Corporate Governance)
to adopt the Code of Corporate Governance issued by the
yang dikeluarkan oleh Komite Tata Kelola Perusahaan
Committee on Corporate Governance of Singapore and
Singapura dan Indonesia (The Committee on Corporate
Indonesia (the “Code”) and intends to fully adopt and comply
Governance of Singapore and Indonesia) dan bermaksud
with the Code to the extend that it does not contravene with
untuk menerapkan dan melaksanakannya sejauh tidak
Indonesian laws and regulations.
berbenturan dengan hukum dan peraturan yang berlaku di
Properties for Development, Sale and Investment Purposes
Indonesia
The aggregate value of all properties held by the Company
Properti Untuk Tujuan Pengembangan, Penjualan dan
for development, sale or investment purposes does not
Investasi
represent more than 15% of the value of the consolidated
Jumlah nilai dari semua tanah dan bangunan yang dimiliki
net tangible assets, or contribute more than 15% of the
oleh Perseroan untuk dibangun, dijual dan diinvestasikan
consolidated pre-tax operating profit of the Company.
tidak melebihi 15% dari nilai bersih aktiva berwujud secara
konsolidasi atau tidak memberikan kontribusi melebihi 15%
dari laba operasi sebelum pajak secara konsolidasi.
79
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
KEBIJAKAN DIVIDEN
DIVIDEND POLICY
Sebagaimana telah disetujui pada Rapat Umum Pemegang
Saham Tahunan pada tanggal 24 Mei 2007, Perusahaan
telah membayar dividen sebesar Rp 40 per saham dari
kinerja tahun 2006.
As approved during The Annual General Meeting of
Shareholders on 24 May 2007, the Company paid dividend
of Rp 40 per share out of year 2006’s performance.
Dividen Tunai/ Cash Dividend
TAHUN
FISKAL/
Dewan
Direktur
mengikuti prinsip-prinsip umum tertentu
Rp per Saham/ Rp per Jumlah Dividen/ Total
FISCAL YEAR
Share
Dividend (Rp)
Laba Bersih/ Net Profit
(Rp)
Rasio Pembayaran/
Pay Out Ratio
1990 (Interim)
50.0
595,000,000
5,252,487,257
11.33%
1990 (Final)
70.0
980,000,000
5,252,487,357
18.66%
1991
120.0
2,520,000,000
8,165,320,975
30.86%
1992
50.0
2,940,000,000
9,435,826,023
31.16%
1993
50.0
2,940,000,000
12,004,519,839
24.49%
1994
100.0
5,880,000,000
10,186,663,218
57.72%
1995
100.0
5,880,000,000
9,645,533,121
60.96%
1996
30.0
4,586,400,000
13,232,719,380
34.66%
1997
15.0
6,879,600,000
20,673,859,675
33.28%
1998
-
-
74,539,573,249
0.00%
1999
10.0
4,586,463,800
132,641,573,249
3.46%
2000
15.0
7,689,067,950
25,451,979,791
30.21%
2001
12.5
23,151,630,850
112,831,220,587
20.52%
2002
12.5
22,288,155,850
106,505,436,280
20.93%
2003
15.0
27,994,748,820
149,149,512,900
18.77%
2004
15.0
62,333,360,640
243,204,229,960
25.63%
2005
20.0
75,420,628,720
645,185,592,405
11.69%
2006
40.0
166,302,897,440
1,205,279,899,017
13.80%
Dewan Direktur mengikuti prinsip-prinsip umum tertentu
Direksi mengkuti prinsip-prinsip umum tertentu dalam
memformulasikan rekomendasi-rekomendasinya yang
terkait dengan pembayaran dividen-dividen, dan dengan
rekomendasi-rekomendasi tersebut yang harus disetujui
terlebih dahulu oleh para pemegang saham Perseroan, atau
ketika mengumumkan suatu dividen interim. Nilai aktual
dividen yang dapat diajukan oleh atau diumumkan pada
80
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
The Board of Directors adheres to certain general principles
when formulating its recommendations regarding the
payment of dividends, with these recommendations
subject to approval by the Company’s shareholders, or
when declaring interim dividends. The actual value of the
dividends that the Board of Directors may recommend or
declare in respect of any particular financial year or period
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
suatu tahun atau periode finansial tertentu harus didasarkan
atas faktor-faktor di bawah berikut, begitu pula dengan
faktor-faktor lainnya yang dianggap relevan oleh Direksi.
Kebijakan dividen saat ini adalah sebagai berikut:
• Dalam menentukan rasio pembayaran dividen Perseroan
pada tahun finansial manapun, Perseroan akan
mempertimbangkan tujuannya untuk mempertahankan
dan meningkatkan tingkat dividen dan memaksimalkan
nilai pemegang saham untuk jangka waktu panjang;
dan
• Pada saat dividen dibayarkan pada tahun finansial
tertentu, dividen tersebut pada umumnya diumumkan
pada kuartal kedua dan dibayarkan pada kuartal ketiga
tahun finansial berikutnya.
Dalam memformulasikan rekomendasi-rekomendasinya
mengenai nilai pembayaran dividen, Direksi akan
mempertimbangkan faktor-faktor berikut:
• Nilai total uang kas Perseroan, perlengkapan, tingkat
pengembalian ekuitas dan laba ditahan Perseroan;
• Kinerja finansial yang diharapkan Perseroan;
• Tingkat proyeksi pengeluaran modal Perseroan dan
rencana-rencana investasi lainnya;
• Tingkat dividen, jika ada, yang diterima Perseroan dari
cabang-cabangnya;
• Hasil dividen perseroan setara dengan perusahaanperusahaan pengangkutan global yang sejenis; dan
• Pembatasan-pembatasan pembayaran dividen yang
dapat diberlakukan pada pengaturan-pengaturan
pendanaan Perseroan.
Perseroan dapat juga mengumumkan dividen untuk
disetujui dengan resolusi biasa para pemegang saham
pada saat Rapat Umum Pemegang Saham Tahunan.
Bagaimana pun juga, tidak diperbolehkan membayar
dividen melebihi jumlah yang disarankan oleh Direksi.
Direksi dapat juga mengumumkan suatu dividen interim
atas persetujuan Dewan Komisaris, bilamana suatu dividen
interim, merupakan pengimbangan terhadap dividen yang
didistribusikan atas dasar resolusi Rapat Umum Pemegang
Saham Tahunan berikutnya. Perseroan akan membayar
dividen berdasarkan nilai keuntungan Perseroan dengan
pengurangan untuk dana cadangan yang diperlukan. Jika
dividen telah diumumkan, maka akan diumumkan dalam
Rupiah.
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 Company’s 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
• 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 value of
dividend payments, the Board of Directors will take into
account the following factors:
• The total value of the Company’s cash, gearing, return
on equity and retained earnings;
• The Company’s expected financial performance;
• The Company’s 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.
The Company may declare dividends to be approved by
ordinary resolution of shareholders at the Annual General
Shareholders Meeting. 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 Board
of Commissioners, provided that such interim dividends are
offset against the dividends that are distributed on the basis
of resolutions made at the next Annual General Shareholders
Meeting. The Company will pay dividends on the basis of
the value of the Company’s profits with subtraction is for
required reserve funds. 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. The Board of Directors may
decrease the level of dividends provided for in this dividend
policy or entirely discontinue the payment of dividends.
Direksi dapat dengan diskresinya, mengamandemen
atau mencabut kebijakan dividen yang ada. Direksi juga
dapat mengurangi tingkat dividen yang disediakan dalam
suatu kebijakan dividen atau menghentikan sepenuhnya
pembayaran dividen.
81
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
PENERBITAN OBLIGASI KORPORASI
CORPORATE BOND ISSUANCE
Perseroan tidak hanya mengandalkan ekuitas sebagai
In addition to equities, the Company uses a number of other
instrumen pendanaan. Alternatif pendanaan lain untuk
financing instruments in order to diversify sources of financing
pengembangan usaha dan armada kapal juga diupayakan
and to reduce risk. Funds raised from these instruments are
sebagai
pendanaan.
used to develop the Company’s business and to expand its
Keberhasilan dalam memberikan nilai tambah bagi para
fleet of ships. The Company’s success in providing added
pemegang saham, telah meyakinkan manajemen Perseroan
value to shareholders justifies the confidence of management
untuk menerbitkan instrumen obligasi korporasi. Dana hasil
in their issuance of corporate bonds as a source of funds for
penerbitan surat utang itu digunakan untuk pengembangan
the development of the Company’s fleet.
diversifikasi
jenis
dan
risiko
armada kapal.
In July 2000, the Company issued the Berlian Laju Tanker
Pada bulan Juli tahun 2000, Perseroan menerbitkan Obligasi
Bonds 2000, which fell due within five years of the date
Berlian Laju Tanker I tahun 2000, berjangka waktu lima
of issuance and had both fixed and floating interest rates,
tahun dengan tingkat bunga tetap dan atau mengambang
with a total nominal value of Rp 200 billion. The bond was
dengan nilai nominal keseluruhannya berjumlah Rp 200
rated id A- (stable outlook) by PT Pemeringkat Efek Indonesia
miliar. Pada saat diterbitkan, obligasi ini memperoleh
(Pefindo). This bond consisted of two series, the A series,
peringkat
A- (stable outlook) dari PT Pemeringkat Efek
consisting of bonds with fixed interest rates of 17 per cent
Indonesia (Pefindo). Obligasi ini terdiri atas dua seri yaitu
per annum; and the B series, consisting of bonds with fixed
seri A yang memiliki tingkat bunga tetap sebesar 17% per
interest rates of 17 per cent in the first year, and floating
tahun dan Seri B yang memiliki tingkat bunga tetap sebesar
interest rates from the second until the fifth year, based on
17% pada tahun pertama dan tingkat bunga mengambang
interest rates for six months term deposits with an additional
untuk tahun kedua sampai dengan tahun kelima, dengan
margin of three per cent. The bond fell due and was paid in
patokan bunga deposito berjangka enam bulan ditambah
full in 2005.
id
margin sebesar 3%. Obligasi ini telah dibayar lunas pada
tahun 2005.
Improvements in the corporate bond market created
opportunities for the Company to issue Berlian Laju Tanker
Perkembangan pasar obligasi korporasi yang semakin
Bonds II 2003, which will also fall due after a five-year period
membaik telah memberikan kesempatan bagi Perseroan
on 28 May 2008. The bond was rated id A- (positive outlook)
untuk menerbitkan Obligasi Berlian Laju Tanker II tahun
by PT Pemeringkat Efek Indonesia (Pefindo) and has a
2003 yang juga berjangka waktu lima tahun atau akan jatuh
total nominal value of Rp 340 billion. This bond consists of
tempo pada tanggal 28 Mei 2008. Pada saat diterbitkan,
two series, the A Series, which has a fixed interest rate of
obligasi ini memperoleh peringkat
A- (positive outlook)
14.75 per cent per year; and the B Series, which has a fixed
dari PT Pemeringkat Efek Indonesia (Pefindo), dengan nilai
interest rate of 14.75 per cent in the first year, and a floating
nominal keseluruhan sebesar Rp 340 miliar. Obligasi ini
interest rate from the second until the fifth year, based on the
diterbitkan dalam dua seri, yaitu seri A yang memiliki tingkat
interest rate for three month SBI with an additional margin of
bunga tetap sebesar 14,75% per tahun dan Seri B yang
2.5 per cent and with a maximum interest rate of 16.75 per
memiliki tingkat bunga tetap sebesar 14,75% pada tahun
cent. This bond is listed on the Indonesian Stock Exchange
pertama dan mengambang untuk tahun kedua sampai
with PT Bank Mandiri (Persero) Tbk. as the Trustee.
id
dengan tahun kelima, dengan patokan bunga tiga bulan
SBI ditambah margin sebesar 2,5% dengan batas bunga
maksimum sebesar 16,75%. Obligasi ini tercatat di Bursa
Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank
Mandiri (Persero) Tbk. sebagai wali amanat.
82
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
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 sebesar Rp. 60 miliar. Pada saat diterbitkan
obligasi ini memperoleh peringkat id A-(sy) (positive outlook)
dari PT Pemeringkat Efek Indonesia(Pefindo). Obligasi
syariah 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. sebagai
wali amanat.
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 id AA- (stable outlook)
dari PT Pemeringkat Efek Indonesia (Pefindo), dengan nilai
nominal yang diterbitkan sebesar Rp 700 miliar. 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. sebagai
wali amanat.
Pada saat yang bersamaan, Perseroan kembali dipercaya
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, yang akan jatuh
tempo pada 5 Juli 2012. Nilai nominal obligasi syariah ini
sebesar Rp 200 miliar. Pada saat diterbitkan, PT Pemeringkat
Efek Indonesia (Pefindo) memberikan peringkat id AA-(sy)
(stable outlook). Obligasi syariah ini ditawarkan dengan
ketentuan yang mewajibkan Perusahaan untuk membayar
kepada Pemegang Sukuk Ijarah sejumlah Cicilan Imbalan
Ijarah sebesar Rp 20.6 miliar 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. sebagai wali amanat.
At the same time, the Company was supported by the
National Syari’ah Council Majelis Ulama Indonesia in its
endeavours to participate in the Syaria’ah Capital Market
through the issuance of the Syari’ah Mudarabah Berlian Laju
Tanker Bond 2003, which is to fall due within five years of
issuance, on 28 may 2008. The nominal value of this Syari’ah
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 Syari’ah Bond Holder
Ratio and revenues. This bond is listed on the Indonesian
Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the
Trustee.
In 2007, in light of the improvements in the market for
corporate bonds, the Company issued the Berlian Laju
Tanker Bonds III 2007, which will also fall due after a fiveyear period 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 Indonesian Stock Exchange with
PT Bank Mandiri (Persero) Tbk. as the Trustee.
At the same time, the Company was again supported by
the National Syari’ah Council Majelis Ulama Indonesia in
its endeavours to participate in the Syari’ah Capital Market
through the issuance of the Sukuk Ijarah Berlian Laju Tanker
Bond 2007, which is to fall due within five years of issuance,
on 5 July 2012. The nominal value of this Syari’ah Bond is
Rp 200 billion. At the time of issuance it received a rating
of
id
AA-(sy) (positive outlook) from PT. Pemeringkat Efek
Indonesia (Pefindo). This Syari’ah bond was offered with the
provision obliging the Company to pay Rp 20.6 billion per
year to the holder of the bond. This bond is listed on the
Indonesian Stock Exchange with PT Bank Mandiri (Persero)
Tbk. as the Trustee.
83
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Pada Tanggal 18 Desember 2007 Berdasarkan 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 baru.
Pada Tanggal 22 Januari 2008 Berdasarkan Rapat Umum
Pemegang Obligasi, para pemegang Obligasi Berlian Laju
Tanker II tahun 2003 juga setuju untuk mengganti PT
Bank Mandiri Tbk (Persero) Tbk. sebagai wali amanat dan
menunjuk PT Bank Niaga Tbk sebagai wali amanat yang
baru.
On 18 December 2007, following the General Bond Holders
Meeting, holders of the Berlian Laju Tanker III Bond 2007,
the Sukuk Ijarah Berlian Laju Tanker III, and the Syari’ah
Mudharabah Berlian laju Tanker 2003 decided to replace PT
Bank Mandiri (Persero) Tbk. as the Trustee of the bond with
PT Bank Niaga Tbk.
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
Penggantian Wali Amanat ini diputuskan untuk menghindari
benturan kepentingan sesuai dengan peraturan pasar
modal, yang menyebutkan, wali amanat tidak boleh memiliki
hubungan kredit dengan emiten.
regulations stating that an appointed the Trustee may not
have a credit connection with the issuer.
Notes Payable
Wesel Bayar (Notes Payable)
Berkat kepercayaan masyarakat Internasional terhadap
kredibilitas Perseroan yang telah tercatat di Bursa Singapura
(Singapore Stock Exchange Trading Limited), pada tanggal
4 Mei 2007, melalui anak perusahaan, BLT Finance B.V.
Perseroan berhasil menerbitkan wesel bayar (Guaranteed
Senior Notes) senilai US$ 400 juta. Wesel bayar ini ditawarkan
kepada masyarakat internasional dengan tingkat bunga
7,5% per tahun, dengan jangka waktu selama tujuh tahun
yang akan jatuh tempo pada tanggal 15 Mei 2014 dengan
harga sebesar nilai nominal. Pada saat penerbitan wesel
bayar ini memperoleh peringkat BB- dari Standard & Poor’s
Ratings Group dan Fitch ratings Ltd. Wesel bayar ini terdaftar
di Bursa Efek 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.
With the increased trust in the Company by the international
investor community demonstrated by the Company’s 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 BBfrom Standard and Poor’s 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 read by these
notes payable at prices determined by defined conditions
and stipulations.
84
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Pada bulan Januari 2008 Fitch Ratings Ltd memberikan
peringkat B+ (stable outlook) untuk wesel bayar ini
sedangkan Standard & Poor’s memberikan peringkat B+
(negative watch) untuk wesel bayar ini pada bulan Januari
2008 dan B (negative watch) pada bulan Maret 2008.
mempelajari
Perseroan
khususnya
kondisi
dalam
internal
hal
B+ (stable outlook) for this notes payable. Standard and
Poor’s granted a rating B+ (negative watch) in January 2008
and granted a rating B (negative watch) in March 2008.
Issuance of Convertible Bonds
Penerbitan Obligasi Konversi
Setelah
In January 2008, Fitch Ratings Limited granted a rating of
dan
eksternal
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
dolar Amerika Serikat senilai US$ 50 iuta. Obligasi konversi
ini diterbitkan dengan harga nominal 100%, dengan tingkat
suku bunga tetap sebesar 1,25% per tahun. Obligasi
konversi ini berjangka waktu lima 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 US$) dengan harga konversi.
Setelah jangka waktu tiga 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 dua tahun sejak obligasi
diterbitkan, pemegang Obligasi Konversi memiliki hak
opsi untuk menjual obligasi konversi (Put Option) kepada
After studying the internal and external conditions of
the Company, especially with regard to the financing of
the development of its fleet, 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 Convertible Bond falls due after five years
with a bond value at the time of the due date amounting to
130.44 per cent.
This Convertible Bond can be converted to shares in the
Company at the bondholders option through a Share Buy
Back program with a conversion price of Rp 1,250. The
amount of shares to be received by the bond holder at the
time of the conversion are to be determined by dividing the
nominal value of the Convertible Bond after conversion into
rupiah at the predetermined exchange rate of IDR 10,078
per US dollar by the Conversion Price.
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.
BLT Finance Corporation sesuai dengan syarat-syarat
dan ketentuan yang berlaku. Obligasi konversi ini telah
dikonversikan seluruhnya pada bulan Mei 2007.
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PT BERLIAN LAJU TANKER Tbk
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GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Pada tanggal 17 Mei 2007, Perseroan melalui anak
On 17 May 2007, the Company successfully issued a
perusahaannya BLT Finance B.V. yang seluruh sahamnya
US$125 million convertible bond through its wholly-owned
dimiliki oleh Perseroan, berhasil menerbitkan obligasi
subsidiary BLT Finance B.V. This convertible bond was
konversi dalam mata uang dolar Amerika Serikat senilai
issued at the nominal cost of 100 per cent, without interest.
US$ 125 juta. Obligasi konversi ini diterbitkan dengan
This Convertible Bond falls due after five years with a bond
harga nominal 100%, tanpa bunga, dengan jangka waktu
value at the time of the due date amounting to 129.58 per
selama lima tahun yang akan jatuh tempo pada tanggal 17
cent. At the time of issuance, this note payable received a
Mei 2012. Nilai obligasi ini pada saat jatuh tempo sebesar
rating of BB- from Standard and Poor’s Ratings Group and
129,58% dari harga pokok. Pada saat penerbitan, obligasi
Fitch Ratings Limited this note was listed on the Singapore
konversi ini memperoleh peringkat BB- dari Standard &
Stock Exchange (SGX-ST) with the Hongkong and Shanghai
Poor’s Ratings Group dan Fitch ratings Ltd. Instrumen ini
Banking Corporation Ltd acting as the Trustee.
tercatat di Bursa Efek Singapura (SGX-ST) dengan The
Hongkong and Shanghai Banking Corporation Ltd sebagai
This convertible bond can, at the option of the bond holder,
wali amanat.
be converted into shares in the Company through a buyback
program with the initial conversion price set at SGD 0.4965
Obligasi Konversi tersebut, atas pilihan pemegang obligasi
konversi, dapat dikonversikan dengan saham-saham
Perseroan hasil pembelian kembali pada harga konversi awal
sebesar SG$ 0,4965 per saham. Jumlah saham yang akan
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PT BERLIAN LAJU TANKER Tbk
per share. The number of shares to be received at the time
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
diterima pada saat konversi, akan ditentukan berdasarkan
of conversion will be determined according to the number
saham yang tercatat pada SGX-ST, dengan membagi jumlah
of shares registered on the SGX-ST, by dividing the initial
pokok Obligasi Konversi dengan yang akan dikonversikan
value of the convertible bond after conversion at the fixed
(setelah disetarakan menggunakan kurs tetap SG$ 1,5143
rate of SGD1.5143 per USD1 or Rp 8,894 per USD1 by the
per US$ 1 atau Rp 8.894 per US$ 1) dengan harga konversi
conversion price at the time of conversion.
pada saat konversi.
The BLT Finance B.V. retains the option to buy back (‘Call
Setelah jangka waktu dua tahun sejak obligasi konversi
Option’) the Convertible Bond after three years in accordance
diterbitkan, BLT Finance B.V. memiliki hak opsi untuk
with predetermined terms and conditions. In addition, the
membeli kembali (Call Option) obligasi konversi seluruhnya
bond holder retains the option to sell the convertible bond to
sesuai dengan syarat-syarat dan ketentuan yang berlaku.
BLT Finance B.V. (‘Put Option’) two years after the convertible
Selain itu, setelah jangka waktu tiga tahun sejak obligasi
bonds were issued in accordance with predetermined terms
diterbitkan, pemegang obligasi konversi memiliki hak opsi
and conditions.
untuk menjual obligasi konversi kepada BLT Finance B.V.
(Put Option) sesuai dengan syarat-syarat dan ketentuan
yang berlaku.
87
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Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
KEPEMILIKAN SAHAM
SHARE OWNERSHIP
Sampai dengan 31 Desember 2007, modal ditempatkan
As at 31 December 2007, the Company has 4,159,010,436
dan disetor Perseroan telah adalah 4.159.010.436 saham
issued shares (including 31,050,000 shares held in
(termasuk 412.351.000 saham yang diperoleh kembali).
treasury). The following table sets forth the shareholdings
Tabel berikut menjelaskan kepemilikan saham dari direksi
of the Company’s Directors, Commissioners, Substantial
Perseroan, Komisaris, pemegang saham substansial dan
Shareholders and others as at 31 December 2007. A
lainnya sampai dengan 31 Desember 2007. “Pemegang
“Substantial Shareholder” is one who, directly or indirectly,
Saham Substansial” adalah pihak yang secara langsung
beneficially owns five percent or more of the Company’s
maupun tidak langsung, memiliki lima persen atau lebih
shares. Beneficial ownership generally includes any shares
saham Perseroan. Kepemilikan demikian, termasuk saham
over which a person exercises sole or shared voting or
dimana satu pihak
investment power.
secara sendiri atau bersama-sama,
mempunyai hak suara ataupun hak melakukan keputusan
investasi.
Nama Pemegang Saham /
Name of Shareholders
Jumlah Saham yang Dimiliki /
Number of Shares Held
Persentase dari Jumlah Saham Beredar/
Percentage of Total Outstanding Shares
Direktur/Directors
Widihardja Tanudjaja
8,928,720
0.21%
62,400
0.00%
2,047,793,764
49.24%
138,000,000
3.32%
1,551,874,552
37.31%
412,351,000
9.91%
4,159,010,436
100.00%
Siana Anggraeni Surya
Pemegang Saham Lainnya /
Other Shareholders
PT Tunggaladhi Baskara
Meadowstream limited
Pemegang Saham Publik/
Public Shareholders
Saham Diperoleh Kembali/
Treasury Stock
TOTAL
Catatan:
(1) Meadowstream Limited merupakan anak perusahaan atau cabang usaha dari
PT. Tunggaladhi Baskara.
(2) Sampai dengan 31 Desember 2007, Widihardja Tanudjaja (Presiden Direktur)
dan Siana Anggraeni Surya (Direktur) memiliki 8.928.720 dan 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. Siana Anggraeni Surya adalah putri dari Hadi
Surya, Presiden Komisaris Perseroan.
Notes :
(1) Meadowstream Limited is wholly owned subsidiary of PT Tunggaladhi Baskara
(2) As of 31 December 2007, Widihardja Tanudjaja(President Director) and Siana
Anggraeni Surya ( Director) held 8,928,720 and 62,400 shares of the company
respectively, either through direct or deemed interest of the company’s share. No
direct shareholding or deemed interest of the Company’s shares held by other
Director. Siana Anggraeni Surya is the daughter of Hadi Surya, the President
Commissioner of the Company.
Nilai Kapitalisasi Pasar Saham Perseroan berdasarkan harga
Total Capitalisation by ISX price and SGX price as of 31
BEI dan SGX per 31 Desember 2007
December 2007
Jumlah saham tercatat / Number
of Shares
4,159,010,436
Nilai kapitalisasi / Capitalisation
ISX Price (Rp)
Rp2,650.00
Rp11,021,377,655,400.00
SGX Price
(Sing $) SGD 0.40
SGD 1,663,604,174.40
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GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Statistik Kepemilikan Saham
Statistic of Shareholding
Sampai dengan 14 Maret 2008, Perseroan memiliki modal
As of 14 March 2008, the Company has an authorized capital
dasar sebesar 14.676.480.000 saham biasa dengan nilai
stock of 14,676,480,000 ordinary shares with par value of
nomial Rp 62,50 per saham. Modal yang ditempatkan dan
Rp 62.50 per share. The issued and fully paid-up capital
disetorkan Perseroan sebesar 4.589.281.176 saham biasa.
stock was 4,589,281,176 ordinary shares. All of the issued
Semua saham yang telah diterbitkan memiliki klasifikasi yang
shares have similar class which is ordinary shares with equal
sama, yaitu saham biasa, dengan hak suara yang sama
voting rights. The tables set forth below are the statistic of
pula. Tabel di bawah adalah statistik kepemilikan saham
shareholding of the issued shares of the Company as of 14
yang dikeluarkan oleh Perseroan sampai dengan 14 Maret
March 2008.
2008.
Jadwal Distribusi Saham (pada 14 Maret 2008)
Distribution Schedule of the Shares (as of 14 March 2008)
Besar kepemilikan/
Size of
shareholdings
1,000,001 and above
Jumlah Pemegang
Saham/
No. of Shareholders
Jumlah Saham/
Number of Shares
%
%
141
4.03%
4,438,411,627
96.71%
10,001 – 1,000,000
1,588
45.42%
140,919,655
3.07%
1,000 – 10,000
1,627
46.54%
9,888,928
0.22%
1 - 999
140
4.00%
60,966
0.00%
TOTAL
3,496
100.00%
4,589,281,176
100.00%
Daftar Pemegang Saham Utama Langsung dan Tidak Langsung (pada 14 Maret 2008)
List of Substantial Shareholders and Its Deemed Interest (as of 14 March 2008)
Pemegang saham
utama/
Substantial
shareholders
Kepemilikan
Langsung/
Direct Interest
%
PT Tunggaladhi
Baskara
2,276,425,764
49.60%
Meadowstream
Limited
138,000,000
3.01%
Catatan: Kepemilikan tidak langsung PT Tunggaladhi Baskara,
termasuk didalamya kepemilikan saham Meadowstream Limited
sebagai anak perusahaan dari PT Tunggaladhi Baskara.
Kepemilikan
Gabungan/
Deemed Interest
%
2,414,425,764
52.61%
Notes: The deemed interests of PT Tunggaladhi Baskara includes
the shareholding interest of Meadowstream Limited as a wholly
owned subsidiary of PT Tunggaladhi Baskara.
89
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Dua Puluh Pemegang Saham Terbesar (pada 14 Maret 2008)
Twenty Largest Shareholders (as of 14 March 2008)
No
NAME
NO. OF SHARES
%
2,276,425,764
49.60%
1
TUNGGALADHI BASKARA, PT
2
UOB KAY HIAN PTE LTD
144,237,000
3.14%
3
Meadowstream Limited
138,000,000
3.01%
4
Everwin International Corp
120,030,560
2.62%
5
Genial Properties Limited
94,783,296
2.07%
6
Widetech International Limited
75,090,768
1.64%
7
Dayareksa Tataartha,PT
70,798,584
1.54%
8
CITIBANK NEW YORK S/A DIMENSIONAL EMERG MARK
54,456,800
1.19%
9
DBS NOMINEES PTE LTD
54,270,500
1.18%
10
Natalia Salim
34,932,000
0.76%
11
PT PRUDENTIAL LIFE ASSURANCE-REF
33,419,000
0.73%
12
SSB XBJ2 SSL C/O SSB,BOSTON SCOTTISH WIDOWS PLC -2144606505
30,842,000
0.67%
13
Techfaith International Limited
29,030,608
0.63%
14
HSBC (SINGAPORE) NOMS PTE LTD
28,249,000
0.62%
15
SSB 2D09 SSGA EMERGING MARKETS FUND-2157564025
27,617,500
0.60%
16
Chanita Lancy Setiawan
27,126,000
0.59%
17
NANCY GOZALIE
25,189,500
0.55%
18
SSB W33P ABBEY LIFE ASSURANCE COMPANY LIMITED - 2144604384
23,568,000
0.51%
19
SSB D26J ACF THE EMM UMBRELLA FUNDS-2144605397
23,405,000
0.51%
20
SSB W33N ABBEY LIFE ASSURANCE COMPANY LIMITED - 2144604383
21,606,500
0.47%
3,333,078,380
72.63%
TOTAL
Berdasarkan informasi yang dimiliki Perseroan sampai dengan 14 Maret 2008, sebanyak 38,41% saham yang dikeluarkan oleh
Perseroan dimiliki oleh publik. Oleh karena itu, telah sesuai dengan Peraturan 723 yang tercantum pada Peraturan Pencatatan
Singapore Exchange Securities Trading Limited.
Based on information available to the Company as at 14 March 2008, approximately 38.41% 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.
90
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GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
PEMERINGKATAN EFEK
Sejak tahun 2000,
Perseroan
Financial Ratings
mendapatkan peringkat
Since 2000, the Company has received financial ratings from
kelayakan penerbitan surat utang dari PT Pemeringkat
PT Pemeringkat Efek Indonesia, or Pefindo. These ratings
Efek Indonesia atau Pefindo. Hasil pemeringkatan terus
have improved steadily, reflecting the steady improvement
meningkat dari tahun ke tahun. Ini mencerminkan posisi
in the financial position and the financial strength of the
keuangan dan kekuatan keuangan Perseroan semakin baik,
Company and its ability to manage risk effectively.
serta semakin rendahnya risiko Perseroan.
Sejarah Pemeringkatan / Ratings History
May 2000
id A - / Stable Outlook
October 2001
N/A
May 2002
id A - / Stable Outlook
April 2003
id A - / Positive Outlook
June 2004
id A / Stable Outlook
May 2005
id A / Stable Outlook
July 2006
id A+ / Stable Outlook
May 2007
id AA - / Stable Outlook
Sejarah Pemeringkatan / Ratings History (By Fitch ratings)
June 2007
January 2008
Long term - Foreign Currency
BB - / Stable Outlook
B + / Stable Outlook
Long term - Local Currency
BB - / Stable Outlook
B + / Stable Outlook
Senior Unsecured Notes
BB - / Stable Outlook
B + / Stable Outlook
Sejarah Pemeringkatan / Ratings History (By Standard & Poors)
May 2007
BB - / Stable Outlook
January 2008
B + / Negative Watch
March 2008
B / Negative Watch
Baru pada awal tahun 2008, Perseroan
mendapatkan
Since the acquisition of Chembulk Tankers LLC, the
penurunan peringkat pasca-akuisisi Chembulk Tankers LLC,
Company’s ratings have declined due to the relatively higher
karena tingginya financial leveraging yang relatif lebih tinggi.
level of financial leveraging.
91
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GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
PENGEMBANGAN SUMBER DAYA
MANUSIA
HUMAN RESOURCE DEVELOPMENT
Sebagai penyedia jasa transportasi kargo cair terdepan
As a leading provider of maritime transportation services
di kawasan Asia, Perseroan
terus bekerja keras untuk
specializing in the transportation of liquid cargoes in the Asian
mengembangkan dan meningkatkan pasar. Untuk mencapai
region, the Company is engaged in an ongoing endeavor to
tujuan itu, Perseroan terus memperkuat dan memperluas
develop and expand its market share. In order to achieve
kualitas kompetitif jangka panjang melalui pengembangan
this goal, the Company is committed to strengthening and
sumber daya manusia. Perseroan berkeyakinan bahwa
developing its competitive excellence over the long term
sumber daya manusia merupakan aset strategis sekaligus
through the development of its human resources. The
keuntungan kompetitif untuk memaksimalkan kinerja.
Company is committed to the belief that human resources
are a strategic asset that provides the Company with
Dalam menghadapi perubahan-perubahan bisnis di pasar
the competitive excellence needed to achieve maximum
global yang kian kompetitif, Perseroan mempersiapkan
performance.
sumber daya manusia melalui peningkatan kemampuan
dan komitmen karyawan. Sebagai suatu inisiatif strategis,
In an ever changing and increasingly competitive global
Perseroan telah melakukan pengembangan ke arah
market, the Company strives to develop its human resources
kompetensi keras dan lunak di antara para karyawan,
by improving the capabilities and strengthening the
guna
dengan
commitment of its employees. As a strategic initiative, the
kompetensi sangat baik serta komitmen yang tinggi.
Company strives to achieve improvements in the hard and
Dalam pengembangan para pelaut, Perseroan merujuk
soft competencies of its employees in order to ensure the
pada Standar Pelatihan, Sertifikasi dan Pengawasan bagi
highest possible degree of competence and commitment.
Pelaut 1978, sebagaimana telah diamandemen pada tahun
In order to improve the competence and commitment of the
1995 (STCW 95), sesuai ketentuan Organisasi Kelautan
crew of its vessels, the Company adheres to the standards
Internasional (IMO).
established by the International Maritime Organization
menghasilkan
sumber
daya
manusia
(IMO) through its Standard For Training, Certification &
Perseroan menyadari bahwa suatu organisasi yang kompeten
Watchkeeping for Seafarer 1978 as Amended 1995 (STCW
perlu didukung oleh sumber daya yang kompeten pula.
95).
Oleh karena itu, Perseroan bekerja keras mempersiapkan
karyawan yang memiliki kualifikasi dan dedikasi guna,
The Company is aware that developing a competent
memenuhi
pengetahuan,
organization is only possible when efforts to achieve this are
keterampilan dan tingkah laku yang baik. Upaya-upaya ini
supported by competent staff. Thus, the Company makes
tidak hanya dilakukan untuk mengembangkan kemampuan
every possible effort to implement the highest possible
karyawan yang sudah lama bekerja, tetapi dimulai sejak
standards to ensure the dedication and competence of its
proses perekrutan karyawan baru yang selektif.
staff in terms of knowledge, skills and attitudes. This involves
standar
dengan
dukungan
not merely the ongoing training and development of existing
Perseroan menyadari bahwa sumber daya manusia
employees, but begins with a highly selective recruitment
merupakan aset yang berharga dalam kegiatan bisnis
process for the selection of new employees.
dan memberikan keunggulan kompetitif bagi Perseroan.
Demi peningkatan kinerja jangka panjang Perseroan,
The Company is aware that human resources are a vital
pihak Manajemen secara konsisten telah menempatkan
asset in the operation of the business and for ensuring the
pengembangan sumber daya manusia sebagai fokus
Company’s competitive excellence. In order to ensure the
utama dan menjadikannya sebagai suatu komitmen
ongoing growth and development of the Company in the
untuk meningkatkan kompetensi sumber daya manusia
long term, the Company consistently strives to achieve
Perseroan.
the development of its human resources by improving the
competencies of the Company’s staff and employees.
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GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
Sampai dengan tanggal 31 Desember 2007, Perseroan
As of 31 December 2007, the Company had 349 permanent
telah memiliki 349 karyawan tetap dan 1.687 karyawan
employees and 1,687 contract employees. The following
tidak tetap. Tabel berikut menunjukkan komposisi karyawan
table shows the composition of the Company is employees
Perseroan berdasarkan kegiatan dan lokasi:
in terms of their activities and geographical location:
Jumlah Karyawan Berdasarkan
EMPLOYEES BY ACTIVITY
Aktivitias
Marketing/ Operation
135
Pemasaran/Operasi
Ship Management
98
Manajemen Kapal
Administration/ IT
71
Administrasi/IT
Finance
16
Keuangan
Human Resources
17
Sumber Daya Manusia
Legal/ Business Development
12
Hukum/Pengembangan Bisnis
Crew
1,687
Awak Kapal
TOTAL
2,036
Jumlah
EMPLOYEES
Jumlah Karyawan Berdasarkan
BY GEOGRAPHIC REGION
Daerah Geografis
Indonesia
220
Indonesia
Singapore
53
Singapura
Hong Kong
25
Hong Kong
United Kingdom
13
Inggris
China
11
China
United Arab Emirates
1
Uni Emirat Arab
Netherland
3
Belanda
India
4
India
America
19
Amerika
Vessel Crew
1,687
Awak Kapal
Total
2,036
Jumlah
93
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
TANGGUNG JAWAB SOSIAL
PERUSAHAAN
CORPORATE SOCIAL RESPONSIBILITY
Perseroan memiliki komitmen tidak saja melayani kebutuhan
The Company is committed not only to serving the needs of
para stakeholders, tetapi juga anggota masyarakat,
stakeholders, but also to serving members of the broader
terutama di sekitar lokasi operasi perusahaan. Perseroan
community, particularly those of communities in the areas
sangat
baik
surrounding the Company’s operations. The Company is
dengan masyarakat. Untuk itulah, Perseroan berkomitmen
aware of the importance of maintaining good relationships
mengadakan berbagai kegiatan yang bermanfaat sesuai
with all members of the community. In order to facilitate
dengan kebutuhan masyarakat.
such relationships, the Company is committed to engaging
menyadari
pentingnya
hubungan
yang
in a number of activities intended to benefit members of the
Salah satu bentuk kepedulian terhadap masyarakat dan
community.
lingkungannya adalah melalui kegiatan sosial berupa
donor darah yang rutin dilakukan dua kali dalam setahun
As one manifestation of its concern for the community and
yaitu pada bulan Maret dan Agustus. Tahun 2007, sesuai
the environment around it, the Company takes part in routine
program, telah dua kali diadakan kegiatan tersebut. Untuk
blood donation programs, conducted twice a year in March
mendukung kegiatan ini, Perseroan bekerjasama dengan
and August. In year 2007 as an integral part of this program,
Palang Merah Indonesia dan mengundang lebih dari 100
the Company worked in cooperation with the Indonesian
pendonor untuk setiap kegiatannya. Pendonor berasal dari
Red Cross, inviting more than 100 donors to participate.
karyawan Perseroan maupun dari pihak eksternal yang telah
These donors included both members of the Company staff
rutin berpartisipasi menyumbangkan darahnya.
and those from outside the Company who have taken in
blood donation programs.
Selain itu, Perseroan juga turut andil dalam memberikan
bantuan bagi korban banjir di berbagai wilayah Tanah Air.
In addition to this program, the Company also provided
Selain dalam bentuk paket sembako untuk menopang
assistance to flood victims throughout Indonesia. In addition
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GOOD corporate governance
Tata Kelola Perusahaan Yang Baik
kebutuhan utama para korban selama bencana, juga
to providing packets of essential goods to flood victims
mengerahkan karyawan sebagai relawan untuk membantu
directly affected by the natural disaster, the Company also
korban banjir saat terjadi bencana di bulan Februari 2007.
facilitated the participation of members of its staff who acted
as volunteers to assist flood victims in February 2007.
Perseroan juga selalu membantu karyawan yang terkena
musibah bencana. Dengan menunjukkan perhatian kepada
The Company also provided assistance to staff members
karyawan, Perseroan membangun ikatan yang loyal antara
who were themselves directly affected by natural disasters.
Perseroan dengan karyawan. Dalam jangka panjang, hal
By demonstrating its commitment to the welfare of its staff,
ini akan memberi manfaat kepada Perseroan. Karyawan
the Company strengthened long-term bonds of loyalty with
akan melihat adanya komitmen Perseroan untuk melindungi
these staff. In the long term, this will provide direct benefit for
kepentingan jangka panjang mereka. Dengan begitu,
the Company itself, as members of staff will become aware
mereka akan berusaha memberi kontribusi terbaik kepada
of the Company’s commitment to protecting their long-term
Perseroan.
interests. As a result, there will be inspired to make the best
possible contribution to the Company.
Program-program sosial yang dilakukan Perseroan secara
keseluruhan diharapkan
memberikan
manfaat dari
The social programs and activities conducted by the Company
hubungan yang saling menguntungkan dengan masyarakat.
are designed to develop mutually beneficial relationships
Apabila kesejahteraan masyarakat bertumbuh, diharapkan
with members of the community. With improvements to the
secara tidak langsung akan memacu pula perkembangan
welfare of members of the broader community, it is hoped
kinerja perusahaan, lewat peningkatan kebutuhan armada
that the Company will benefit indirectly from the increased
angkutan pelayaran.
demand for maritime transportation services created by
improvements to the economy.
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MANAGEMENT’S DISCUSSION AND
ANALYSIS Analisa dan Pembahasan Manajemen
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Analisa dan Pembahasan Manajemen
TINJAUAN
BIAYA
ATAS
PENDAPATAN
DAN
Overview of Revenue
and Expenses
Perseroan memperoleh pendapatan dari empat kegiatan
The Company derives revenues from four main areas
usaha, yaitu penyewaan kapal, pengoperasian kapal, jasa
of activity, these being the chartering out of its ships; the
keagenan kapal serta penyewaan tanki penyimpanan di
operation of its ships; agency fees; and storage fees. The
darat. Pendapatan utama Perseroan berasal dari penyewaan
majority of the Company’s revenues are derived from its
kapal dan pengoperasian kapal. Kedua kegiatan usaha
shipping operations. The Company’s shipping operations
pengangkutan cair ini oleh Perseroan dibagi kedalam empat
can be divided into four main segments: the transportation of
segmen, yaitu segmen pengangkutan bahan kimia, segmen
liquid chemicals; the transportation of oil; the transportation
pengangkutan bahan minyak, dan segmen pengangkutan
of gas; and, since 2006, the provision of FPSO services.
bahan gas serta segmen baru yang dimasuki oleh perseroan
sejak tahun 2006 yaitu segmen FPSO.
The following table shows the operating revenues for 2007
according to business segment:
Tabel berikut ini menunjukkan pendapatan operasi perseroan
untuk tahun 2007, berdasarkan segmen usaha:
SEGMENT
Juta US$/ US$ million
%
Segmen
Chemical
218.98
54.9%
Kimia
Oil
146.28
36.7%
Minyak
Gas
21.19
5.3%
Gas
FPSO
10.95
2.7%
FPSO
Other*
1.24
0.3%
Lain-Lain*
Total
398.64
100.0%
Jumlah
* Pendapatan dari jasa keagenan dan penyimpanan
* Revenue from agency and storage fee
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Analisa dan Pembahasan Manajemen
Faktor utama yang mendorong pendapatan Perseroan
The primary factor determining the level of the Company’s
adalah jumlah kapal yang dioperasikan oleh Perseroan.
revenues is the number of vessels in its fleet. In 2007, the
Pada Tahun 2007 Perseroan menambah 19 unit kapal ke
Company added 19 vessels to its fleet. These additions
dalam armadanya, melalui pembelian 13 unit kapal tanker
were achieved through the purchase of 13 chemical tankers;
kimia, menyewa lima kapal tanker kimia, dan pembelian dua
the chartering of five chemical tankers; the purchase of two
unit kapal tanker minyak, serta pembelian dua unit kapal
oil tankers; and the purchase of two gas tankers. Over the
tanker gas. Selain itu Perseroan juga menjual tiga buah
year, the Company sold three oil tankers. As a result of
kapal tanker minyak. Hasil dari kegiatan tersebut, Perseroan
these activites, the Company gained an additional capacity
menambah kapasitas angkutnya sebesar 360.015 DWT,
of 360,015 DWT. With the acquisitions, the Company’s
sehingga total kapasitas angkut Perseroan pada akhir
fleet now consists of 78 vessels with a total combined
tahun 2007 sebanyak 78 buah kapal dengan total kapasitas
transportation capacity of 1,878,502 DWT. The average
angkut sebesar 1.878.502 DWT. Jumlah rata-rata kapal
number of vessels maintained by the Company throughout
untuk tahun 2007 sebanyak 63,9 kapal, naik dari 56,3 kapal
2007 was 63.9 vessels, increase from 56.3 vessels in 2006.
pada tahun 2006. Hal ini terjadi karena penambahan 16
This is due to addition of 16 vessels which were acquired
buah kapal hasil akuisisi Chembulk Tankers LLC baru terjadi
through the acquisition of Chembulk Tankers LLC, and was
pada bulan Desember 2007.
only completed in December 2007.
Pada Januari 2008 Perseroan telah menambah tiga buah
MT Puspawati, 19,900 DWT, 2008
kapal melalui pembelian satu buah kapal tanker kimia, dan
In January 2008, the Company acquired an additional three
menyewa dua buah kapal tanker kimia. Sehingga, total
vessels with the purchase of one chemical tanker and the
armada Perseroan menjadi 81 kapal dengan total kapasitas
chartering of two chemical tankers. With these acquisitions,
angkut sebesar 1.943.402 DWT.
the Company’s fleet now consists of 81 vessels, with a
combined total capacity of 1,943,402 DWT.
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MANAGEMENT’S discussion and analysis
Analisa dan Pembahasan Manajemen
BIAYA
Expenses
Biaya utama perseroan dapat dibagi menjadi beberapa
The Company’s main expenses can be described as
komponen seperti berikut:
follows:
Biaya Pelayaran
Voyage Expenses
Biaya pelayaran terdiri atas biaya bahan bakar dan biaya
The Company’s voyage expenses consist primarily of fuel
sandar atau jasa pelabuhan (port charges).
expenses and port charges.
Biaya bahan bakar dipengaruhi oleh jumlah kapal dan
The Company’s fuel costs are determined primarily by the
ukuran armada perseroan, dan harga bahan bakar. Biaya
size of its fleet and the cost of fuel on the open market.
bahan bakar termasuk biaya marine fuel oil (MFO) yang
Fuel costs include the cost of marine fuel oil (MFO), used
digunakan sebagai bahan bakar mesin utama (main engines)
in the main engines of the Company’s vessels, and the cost
kapal, dan marine gas oil (MGO) untuk bahan bakar mesin
of marine gas oil (MGO), used in auxiliary engines. Of the
tambahan (auxiliary engines). Dari jumlah bahan bakar yang
Company’s total expenditure on fuel, approximately two
dipakai Perseroan, sekitar duapertiganya adalah MFO dan
thirds is for the purchase of MFO, while one third is for the
sepertiganya adalah MGO.
purchase of MGO.
Biaya sandar terdiri atas biaya jasa pelabuhan saat kapal
Ports charges consist of port service charges for vessels in
bersandar dan biaya pasasi (passing charges) untuk melalui
harbor and fees imposed on vessels passing through canals.
terusan (canal). Biaya ini sangat dipengaruhi oleh jumlah
The Company’s expenditure on port charges is heavily
kapal armada perseroan dan jumlah pelabuhan yang harus
influenced by the number of vessels in the Company’s fleet
disinggahi.
and the number of port calls made by these vessels.
Biaya sandar sudah termasuk biaya jasa pelabuhan yang
Port charges include harbor services fees imposed by ports
ditagih oleh pihak pelabuhan, dimana biaya kapal yang
visited by the Company’s vessels and including canal passing
singgah, termasuk biaya pasasi (passing charges) untuk
charges. The Company’s expenses for port charges depend
melewati terusan (canal). Biaya sandar Perseroan ditentukan
primarily on the size of the fleet and the resultant number of
terutama oleh jumlah kapal dalam armada Perseroan dan
port calls by the vessels. Port charges also depend on the
jumlah pelabuhan yang disinggahinya. Biaya pelabuhan juga
average fee imposed for each port call.
dipengaruhi oleh rata-rata biaya jasa pelabuhan setiap kali
singgah.
Charter Expenses
Biaya Sewa
These consist of charter expenses and other costs incurred
by the Company for chartering in vessels from third parties.
Biaya Sewa adalah biaya yang harus dikeluarkan oleh
Perseroan untuk menyewa kapal dari pihak ketiga.
Ship Operating Expenses
Biaya Operasi Kapal
The Company’s ship operating expenses are the costs related
to the running of the vessels in its fleet. These costs consist of
Biaya operasi kapal Perseroan adalah biaya yang dikeluarkan
salaries and wages for the crew of vessels; the cost of repairs
Perseroan untuk menjalankan kapalnya. Biaya ini terdiri atas
and maintenance, including both routine and extraordinary
biaya untuk gaji awak kapal, biaya untuk perbaikan dan
repairs; the purchase of spare parts; cost of insurance; the
pemeliharaan kapal, baik yang bersifat rutin maupun di luar
cost of supplies and the transportation of spare parts; the cost
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Analisa dan Pembahasan Manajemen
kebiasaan, termasuk untuk membeli suku cadang, biaya
of catering and meal allowances for crew members; costs
asuransi, biaya perlengkapan berlayar dan biaya transportasi
related to documentation; and the cost of lubricants and
untuk mengangkut suku cadang pada saat kapal sedang
other such substances for engines.
transit, uang makan untuk para awak kapal, pengurusan
dokumen, dan biaya pelumas untuk mesin-mesin kapal.
The relative expenditure on each of the Company’s business
segments is influenced by a number of factors, primarily the
Besarnya biaya dari masing-masing segmen bisnis Perseroan
size and age of the vessels used, and also on the different
terhadap biaya operasi kapal ini dipengaruhi oleh beberapa
cost basis for chemical, oil, gas and FPSO tankers.
faktor. Yang paling utama adalah ukuran dan usia kapal itu
sendiri. Selain itu juga bergantung pada biaya pokok untuk
Depreciation
masing – masing tanker kimia, tanker minyak dan tanker gas
serta tanker FPSO yang berbeda-beda.
Depreciation makes up the largest proportion of the
Company’s costs in the operation of vessels owned by
Penyusutan
the Company itself. The Company calculates the cost of
depreciation using the straight line method, which is based
Beban penyusutan merupakan komponen biaya yang
on an estimation of the economic lifespan of each vessel,
paling besar bagi perseroan untuk mengoperasikan kapal
which ranges from five to 25 years. The cost of appreciation
milik
penyusutan
is determined by calculating the cost of obtaining the vessel
menggunakan metode garis lurus (straight line method)
Perseroan.
Perseroan
menghitung
in question and subtracting its residual value. The estimated
berdasarkan estimasi usia ekonomis masing – masing
costs of depreciation vary from year to year as a result of
kapal, dengan jangka waktu antara lima tahun sampai 25
differences in the valuations made by third parties.
tahun. Penyusutan didasarkan pada biaya perolehan kapal
dikurangi perkiraan nilai akhir/residunya. Beban ini bervariasi
General and Administrative Costs
untuk setiap tahun, karena perhitungannya sebagian
didasarkan atas penilaian yang dilakukan oleh pihak ketiga.
The Company’s general and administrative costs consist
primarily of salaries for onshore personnel; expenses related
Biaya Umum dan Administrasi
to the running of the Company’s offices in 14 different cities
throughout Asia, Europe, the Americas, and the Middle East
Beban umum dan administrasi Perseroan terdiri atas gaji
(including expenses related to the opening of marketing
karyawan darat, biaya operasional kantor untuk kantor-
offices, most recently in Rotterdam, the Netherlands, and
kantor Perseroan yang berlokasi di 14 kota yang tersebar di
Westport, Connecticut - USA); professional fees for financial,
kawasan Asia, Eropa, Amerika dan Timur Tengah (termasuk
legal and other consultants and specialists; costs related to
biaya tertentu yang berkaitan dengan pembukaan beberapa
marketing; telecommunications costs; banking charges;
kantor pemasaran diantaranya yang dibuka akhir-akhir ini di
transportation costs; the cost of depreciation in value of
kota Rotterdam dan Westport, Connecticut - USA), biaya jasa
office equipment; and the cost of providing pensions, training
profesional untuk penasihat keuangan, penasihat hukum dan
and education to employees. Wages and salaries, including
konsultan, biaya pemasaran, biaya-biaya telekomunikasi,
social security, pension payments for onshore personnel,
biaya bank, biaya transportasi, biaya penyusutan peralatan
and payments for crew members, make up the biggest
kantor, imbalan paska kerja/pensiun, pendidikan dan
proportion of these general and administrative costs.
pelatihan karyawan. Gaji merupakan komponen terbesar
dari biaya umum dan administrasi ini, Biaya tersebut terdiri
atas upah, pembayaran jaminan sosial dan pembayaran
pensiunan pegawai darat, juga pembayaran awak kapal
yang dibayar selaku pegawai darat.
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Analisa dan Pembahasan Manajemen
Beban Keuangan Bersih dan Beban
Lain-Lain
Net Financial and Other Costs
The Company’s net financial and other costs include gains
Beban keuangan bersih dan beban lain-lain Perseroan
or losses from foreign exchange transactions; gains or
termasuk keuntungan dan kerugian dari perubahan nilai
losses from swap transactions; gains or losses resulting
tukar mata uang asing, keuntungan atau kerugian dari
from net earnings of associated companies; investment
transaksi swap, keuntungan dari kepemilikan saham pada
income; financial costs; and other miscellaneous gains and
anak perusahaan asosiasi, pendapatan investasi, beban
losses. The largest proportion of net financial and other
keuangan dan keuntungan atau kerugian lainnya.
costs is made up of financial costs incurred by the Company
Komponen terbesar dari Beban Keuangan Bersih dan beban
in financing the acquisition of vessels for the expansion of
lain-lain ini adalah beban keuangan yang harus dikeluarkan
its fleet. These financial costs consist primarily of interest
untuk membiayai pembelian kapal untuk pengembangan
payments on bank loans and, to a lesser extent, interest
armada Perseroan. Beban keuangan ini terdiri atas
payments on the Company’s outstanding bonds.
pembayaran bunga pinjaman bank dan dan biaya bunga
obligasi yang berhasil diterbitkan oleh Perseroan.
Results of Operations
HASIL OPERASI
Operating Revenue
Pendapatan Operasi
The total value of the Company’s operating revenues
increased by approximately 18.92 per cent in 2007
Total Pendapatan Operasi Perseroan tahun 2007 meningkat
compared to the previous year. This increase was primarily
sebesar 18,92% dibandingkan dengan tahun 2006.
due to the growth in the size of the Company’s fleet and
Kenaikan ini terutama disebabkan oleh pertumbuhan
to increases in freight rates. The growth in the size of the
armada dan kenaikan uang tambang. Pertumbuhan
Company’s fleet can be seen by the increase in the average
armada kapal perseroan terlihat dari rata-rata jumlah kapal
number of vessels maintained over the year, which grew from
pada tahun 2007 sebanyak 63,9 kapal dibandingkan
56.3 in 2006 to 63.9 in 2007. As a result of this increase,
dengan rata-rata jumlah kapal pada tahun 2006 sejumlah
the Company’s tonnage capacity increase from 1,518,487
56,3 kapal. Dengan penambahan armada tersebut, jumlah
DWT as of 31 December 2006, to 1,878,502 DWT as of 31
kapasitas angkut Perseroan meningkat dari 1.518.487 DWT
December 2007.
pada 31 Desember 2006 menjadi 1.878.502 DWT pada 31
Desember 2007.
Voyage Expenses
Biaya Pelayaran
The total value of the Company’s voyage expenses increased
by 25.75 per cent in 2007 compared to the previous year.
Total biaya pelayaran Perseroan meningkat sebesar 25,75%
This increase was largely attributable to the increased
pada tahun 2007 dibandingkan pendapatan pada tahun
cost of fuel. The growth in the size of the Company’s fleet,
2006. Penyebab kenaikan ini diakibatkan oleh kenaikan
combined with the increased cost of fuel and the increased
harga bahan bakar. Pertumbuhan armada Perseroan yang
cost of port charges had a significant impact on the voyage
diikuti dengan kenaikan harga bahan bakar dan biaya sandar
expenses related to the Company’s three main business
yang cukup tinggi, Perseroan berpengaruh cukup signifikan
segments. In addition, the total expenditure on port charges
terhadap kenaikan biaya pelayaran. Biaya pelayaran juga
increased because of the higher number of port calls made
meningkat karena jumlah pelabuhan yang disinggahi oleh
by the Company’s fleet.
armada Perseroan bertambah.
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Analisa dan Pembahasan Manajemen
Biaya Sewa
Charter Expenses
Total Biaya Sewa Perseroan hanya meningkat sebesar
The total expenditure on chartering and rental fees increased
0,61%, walaupun Perseroan telah menyewa tambahan lima
by only 0.61 per cent over the year, despite the fact that the
buah kapal tanker kimia seiring dengan akuisisi Chembulk
Company chartered an additional five chemical tankers with
Tankers LLC, hal ini hampir tidak berpengaruh karena hanya
its acquisition of Chembulk Tankers LLC. This acquisition
dihitung dari tanggal akuisisi yaitu 19 Desember 2007.
did not have a significant impact on chartering expenses in
2007, as the acquisition was only effected on 19 December
Biaya Pengoperasian Kapal
2007.
Total Biaya pengoperasian kapal meningkat sebesar 42,17%.
Ship Operating Expenses
Komponen utama peningkatan ini adalah kenaikan biaya
gaji yang diakibatkan pertumbuhan armada dan tambahan
The total value of the Company’s ship operating expenses
rute pelayaran tertentu, dimana remunerasi awak kapal lebih
increased by 42.17 per cent over the year. The most
tinggi, ditambah adanya kenaikan biaya suku cadang yang
significant cause of this increase was the increased cost of
disebabkan docking regular untuk beberapa kapal besar
wages and salaries resulting from the increased size of the
Perseroan pada tahun 2007. Armada Perseroan meningkat
Company’s fleet and the addition of a number of routes for
dari rata-rata 56,3 kapal pada tahun 2006 menjadi 63,9
which crew remuneration is higher than with routes served
kapal pada tahun 2007.
by the Company in the past. In addition, the increase was
the result of the cost of spare parts required due to regular
Biaya Penyusutan Kapal
docking for several of the Company’s larger ships in 2007.
As stated previously, the Company’s fleet grew from an
Beban Penyusutan Kapal Perseroan meningkat sebesar
average of 56.3 ships in 2006 to 63.9 ships in 2007.
25,77% pada tahun 2007 bila dibandingkan dengan tahun
2006. Peningkatan ini dikarenakan adanya peningkatan
Cost of Vessel Depreciation
armada Perseroan dari rata-rata 56,3 kapal pada tahun 2006
menjadi 63,9 kapal pada tahun 2007. Selain itu,disebabkan
The cost of depreciation in the value of the Company’s
pula karena secara umum nilai pasar kapal lebih tinggi.
fleet increased by 25.77 per cent in 2007 compared to the
previous year. This increase was primarily attributable to the
Biaya Umum dan Administrasi
increase in the size of the Company’s fleet from an average
of 56.3 ships in 2006 to 63.9 ships in 2007 and to increases
Total biaya Umum dan Administrasi Perseroan meningkat
in the market values of these vessels.
sebesar 18,62% pada tahun 2007, dibandingkan dengan
tahun 2006. Kenaikan ini dipacu oleh meningkatnya biaya
General and Administrative Expenses
karyawan karena kenaikan gaji umum untuk karyawan
kantor dan peningkatan jumlah karyawan, peningkatan
The total value of the Company’s general and administrative
biaya jasa profesional sehubungan dengan dilakukannya
expenses increased by 18.62 per cent in 2007 compared
akuisisi Chembulk tankers LLC, dan kenaikan beban kantor
to the previous year. This increase was primarily due to
the increased cost of salaries and associated expenses
due to general increases in wages and increases in the
number of employees, as well as expenditure on specialized
professional services related to the acquisition of Chembulk
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MANAGEMENT’S discussion and analysis
Analisa dan Pembahasan Manajemen
setelah pembukaan kantor baru di Mumbai. Selain itu, terjadi
Tankers LLC. In addition, this increase was partly attributable
kenaikan biaya transportasi, biaya telekomunikasi, biaya
to the cost of opening a new office in Mumbai. There were
pemasaran, biaya imbalan pasca-kerja, biaya penyusutan,
also increases in transportation costs, telecommunications
biaya amortisasi serta biaya pendidikan dan pelatihan.
costs, marketing costs, pension payments, depreciation
costs, amortization costs, and the cost of training and
Pendapatan /Beban Keuangan Bersih dan
Pendapatan/Beban Lain – Lain.
education.
Net Financial and Other Costs
Beban Keuangan Bersih dan beban lain-lain Perseroan
meningkat terutama karena meningkatnya beban keuangan
The Company’s net financial and other items costs
melalui peningkatan biaya bunga bank, dan kerugian dari
increased largely as a result of increased bank interest rates
transaksi swap, peningkatan pendapatan bunga hasil
and losses resulting from swap transactions; increases in
investasi, dan penurunan keuntungan dari penjualan aktiva
interest income on investment; decreases in profits from the
tetap. Terjadi pula perubahan atas obligasi konversi dan
sale of fixed assets; and changes in convertible bonds and
wesel bayar yang diterbitkan Perseroan.
notes payable.
Belanja Modal
Capital Expenditure
Belanja
modal
Perseroan
terutama
terkait
dengan
The most significant proportion of the Company’s capital
pembelian kapal-kapal baru, baik bekas maupun yang
expenditures are related to the acquisition of new vessels,
baru dibangun, dan peningkatan serta pemeliharaan kapal
including both used and newly built vessels, and to the
serta akuisisi. Perseroan melakukan investasi dengan nilai
upgrading and maintenance of the Company’s vessels. In
keseluruhan US$ 1.147,3 juta atau Rp 10,8 triliun. Belanja
2007, the total value of the Company’s capital expenditure
modal tersebut berasal dari kas hasil operasi Perseroan dan
amounted to US$ 1,147.3 million, or Rp 10,8 billion. The
pinjaman bank. Belanja modal perseroan selanjutnya terkait
source of these funds was revenue derived from the
atau diwujudkan dengan pembuatan kapal baru yang saat
Company’s operations and bank loans. Future expenditures
ini sedang dibangun.
will relate to expenditure on vessels currently under
construction.
Per 31 Desember 2007 Perseroan secara keseluruhan
memiliki kewajiban belanja modal untuk pembangunan
As of 31 December 2007, the total value of the Company’s
beberapa kapal baru yang dikerjakan di galangan kapal di
contractual obligations for the construction of new ships
Jepang, bernilai kontrak sekitar JPY 26,7 miliar.
from Japan amounted to JPY 26.7 billion.
Divestasi
Divestment
Divestasi utama Perseroan terkait dengan pelepasan
The Company’s most significant divestments of assets
kapal. Tahun 2007 Perseroan telah melepas tiga kapal MT
related to the disposal of vessels. In 2007, the Company
Bandondari, MT Tribuana dan MT Trirasa dengan total nilai
divested itself of three vessels, the MT Bandondari, the MT
penjualan sebesar US$ 61.230.087.
Tribuana and the MT Trirasa, for a total of US$ 61,230,087.
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BOARD of commissioners
Dewan Komisaris
HADI SURYA
Presiden Komisaris / 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 (1970-1994) 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, he 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 (1989—2000). 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 (1955—1959), a Commissioner
of PT Daya Sakti Timber Corporation (1970—1994) and a Commissioner of PT
Daya Sakti Krida Unggul (1985—1999). 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.
HARIJADI SOEDARJO
Komisaris / Commissioner
Umur 45, 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 (1988-1990) dan Direktur PT Daya Sakti Unggul Corporation Tbk
(1994-19998). Memperoleh gelar MBA dari Golden Gate University, San Francisco
pada tahun 1987.
Aged 45, 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 (1987—1988), a Director
of PT Jaya Agra Wattie (1988—1990) and a Director of PT Daya Sakti Unggul
Corporation Tbk (1994—1998). He received an MBA from Golden Gate University,
San Francisco in 1987.
104
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
BOARD of commissioners
Dewan Komisaris
ALAN JONATHAN TANGKAS DARMAWAN
Komisaris Independen/ Independent Commissioner
Umur 40, diangkat sebagai Komisaris Perseroan pada 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
(2000-2001), dan Vice President pada PT. Puri Dana Bersama (1997-2000).
Lulusan dari Indiana University pada tahun 1991.
Aged 40, he 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 (2002—2004), Director of PT Asuransi Allianz Life Indonesia
(2001—2002), 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 36 tahun, diangkat sebagai Komisaris Perseroan pada tanggal
11 September 2006. Pada saat ini menduduki jabatan sebagai CEO di
United Fiber System ,Ltd sejak tahun 2006 sampai dengan sekarang,
sebelumnya sebagai Direktur pada Deutsche Bank (2004-2006), 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.
Aged 36, he was appointed as a Commissioner of the Company on 11 September
2006. He has been the CEO of United Fiber System Ltd since 2006. Prior to
this, he was a Director at Deutsche Bank (2004—2006), Vice President at Zurich
Financial Services (2002—2004), an associate at Merrill Lynch (2000—2002)
and an associate director at UBS (1998—2000). 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.
105
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
BOARD of directors
Dewan Komisaris
WIDIHARDJA TANUDJAJA
Direktur Utama / President Director
Umur 57, 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 (19841987). 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 (2005-2008).
Aged 57, he was appointed as President Director on 26 June 2000. He oversees all
aspects of the Group’s operations. He joined the Company in 1981. He previously served
as the Company’s Operations Manager (1984—1987), General Manager (1987—1990)
and Commercial Director (1990—2000). 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 Master’s degree in
Maritime Science from Tokyo University of Mercantile Marine and a Bachelor’s degree
in Law from Hosei University of Tokyo in 1979, and a Bachelor’s degree in Maritime
Science from Tokyo University of Mercantile Marine in 1976. He has been the Chairman
of the Nippon Kaiji Kyokai’s Indonesia Committee since 2001. He also serves as the
Chairman of Liquid Cargo Division of the Indonesian National Ship owners’ Association
(2005—2008) and the Vice Chairman of the Forum Komunikasi Rekanan Kapal Charter
PT Pertamina (2005—2008), a forum of approved Pertamina partners.
HENRIANTO KUSWENDI
Direktur Komersial / Commercial Director
Umur 46, 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 (19901994), Assistant General Manager, commercial division (1994-1997) dan General Manager, Divisi Niaga (1997-1999).
Memperoleh gelar sarjana dalam bidang manajemen dari Universitas Padjadjaran, Bandung, Indonesia pada tahun 1985.
Aged 46, he 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 (1990—1994), Assistant
General Manager, Commercial Division (1994—1997) and General Manager, Commercial Division (1997—1999). He
graduated with a Bachelor’s degree in Management from Padjadjaran University, Bandung, Indonesia in 1985.
106
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
BOARD of directors
Dewan Komisaris
MICHAEL MURNI GUNAWAN
Direktur Administrasi / Administration Director
Umur 45, diangkat sebagai Direktur Perseroan pada 22 Juni 1999. 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 45, he 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 (1996—1998), Information
Technology Manager of PT Daya Sakti Timber Corporation (1991—1994), and Assistant Accounting Manager
of PT Daya Sakti Timber Corporation (1986—1991). He graduated with a Bachelor’s degree in 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 40 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 (1993-1994).
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 40, she 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 (1993—1994). She majored in Applied Chemistry and graduated with a Bachelor’s degree
in Engineering from Waseda University — Tokyo in 1991 and a Master’s degree in engineering from Waseda
University — Tokyo in 1993.
WONG KEVIN
Direktur Keuangan / Finance Director
Umur 39, 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 39, he 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 presently holds. 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 (1995—1996), an Associate of PT Bahana Pembinaan Usaha Indonesia (1994—1995), and
an Assistant Manager of Citibank, N.A. Jakarta (1992—1994). 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.
107
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
Surat Pernyataan
Statement Letter
Direksi dan Dewan Komisaris Perseroan bertanggung
The Board of Directors and the Board of Commissioners of
jawab penuh atas kebenaran informasi yang terdapat
the Company accept full responsibility for the accuracy of
dalam Laporan Tahunan Tahun 2007 ini.
the information contained in this 2007 Annual Report.
Jakarta, 1 April 2008
Direksi
The Board of Directors
Kevin Wong
Widihardja Tanudjaja
Henrianto Kuswendi
Direktur
Direktur Utama
Direktur
Director
President Director
Director
Siana Anggraeni Surya
Michael Murni Gunawan
Direktur
Direktur
Director
Director
Dewan Komisaris
The Board of Commissioners
Hadi Surya
Komisaris Utama
President Commissioner
Harijadi Soedarjo
Alan Jonathan Tangkas Darmawan
Jaka Prasetya
Komisaris
Komisaris Independen
Komisaris Independen
Commissioner
Independent Commissioner
Independent Commissioner
108
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
INDEPENDENT AUDITOR’S REPORT
Laporan Auditor Independen
109
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT
1.
UMUM
a.
1.
GENERAL
a.
Pendirian dan Informasi Umum
Establishment and General Information
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. 17 tanggal
23 Nopember 2007 dari Amrul Partomuan
Pohan, S.H., LLM, notaris di Jakarta, mengenai
persetujuan peningkatan modal ditempatkan
dan disetor Perusahaan. Perubahan anggaran
dasar tersebut telah diterima dan dicatat oleh
Menteri Hukum dan Hak Asasi Manusia
Republik Indonesia dalam Surat Keputusannya
No. C-UM.HT.01.10-5957 tanggal 13 Desember
2007.
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 public 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. 17 dated
November 23, 2007 of Amrul Partomuan Pohan,
S.H., LLM, notary public in Jakarta, concerning
the increase in the Company’s subcribed and
paid-up capital stock. Such amendments were
received and recorded by the Minister of Justice
and Human Rights of the Republic of Indonesia
in his Decision Letter No. C-UM.HT.01.10-5957
dated December 13, 2007.
Perusahaan
berkedudukan
di
Jakarta,
mempunyai dua kantor cabang di Merak dan
Dumai. Kantor pusat beralamat di Wisma Bina
Surya Group (BSG) Lt. 10 Jl. Abdul Muis No. 40
Jakarta.
The Company is domiciled in Jakarta and has
two branches in Merak and Dumai. Its head
office is located at Wisma Bina Surya Group
(BSG) 10th Floor, 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
371 karyawan untuk tahun 2007 dan 245
karyawan untuk tahun 2006.
In accordance with article 3 of the Company’s
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 371 in 2007 and
245 in 2006.
Perusahaan tergabung dalam kelompok usaha
(group) Bina Surya Group (BSG). Susunan
pengurus
Perusahaan
pada
tanggal
31 Desember 2007 adalah sebagai berikut:
The Company is one of the group of companies
owned by the Bina Surya Group (BSG). The
Company’s
management
as
of
December 31, 2007 consisted of the following:
Dewan Komisaris
Komisaris Utama
Komisaris
Komisaris Independen
Dewan Direksi
Direktur Utama
Direktur
Hadi Surya
Harijadi Soedarjo
Alan Jonathan Tangkas Darmawan
Jaka Prasetya
Widihardja Tanudjaja
Michael Murni Gunawan
Wong Kevin
Siana Anggraeni Surya
Henrianto Kuswendi
-8-
Board of Commissioners
President Commissioner
Commissioner
Independent Commissioners
Board of Directors
President Director
Directors
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
b.
b. Subsidiaries
Anak Perusahaan
Perusahaan memiliki 100% saham Indigo
Pacific
Corporation,
Diamond
Pacific
International Corporation dan Asean Maritime
Corporation (ketiganya berkedudukan di luar
negeri dan bergerak dalam bidang investasi).
Perusahaan juga memiliki PT Banyu Laju
Shipping, PT Brotojoyo Maritime dan PT Buana
Listya Tama yang bergerak dalam bidang
pengoperasian dan pemilikan kapal serta
PT Bayu Lestari Tanaya yang bergerak dalam
bidang agen perkapalan, keempat anak
perusahaan ini berdomisili di Indonesia.
The Company owns 100% equity in Indigo
Pacific
Corporation,
Diamond
Pacific
International Corporation and Asean Maritime
Corporation. These three subsidiaries are
domiciled in foreign countries and are
operating as investment holding companies.
The Company also owns PT Banyu Laju
Shipping,
PT Brotojoyo
Maritime
and
PT Buana Listya Tama, owners and operators
of vessels, and PT Bayu Lestari Tanaya,
operating as a shipping agency, which are all
domiciled in Indonesia,
Berdasarkan Rapat Umum Luar Biasa Para
Pemegang Saham tanggal 18 Desember 2007
sebagaimana yang tercantum dalam akta
notaris Amrul Partomuan, S.H., LLM, No. 16
tanggal 18 Desember 2007, Perusahaan
mendapat persetujuan dari pemegang saham
untuk melakukan akuisisi/pembelian Chembulk
Tankers LLC (Catatan 11).
At the Extraordinary General Meeting of
Stockholders, as stated in notarial deed No. 16
dated December 18, 2007 of Amrul
Partomuan, S.H., LLM, notary in Jakarta, the
stockholders approved to acquire/purchase
Chembulk Tankers LLC (Note 11).
Berikut adalah rincian anak perusahaan yang
dimiliki oleh Perusahaan sebesar 100%, baik
langsung maupun tidak langsung melalui anak
perusahaan:
Details of the Company’s subsidiaries, directly
or indirectly owned, are as follows:
Anak Perusahaan dan jenis usaha /
Subsidiary and type of business
Domisili/
Domicile
Tahun Operasi Komersial/
Start of Commercial Operations
Jumlah Aktiva
31 Desember 2007/
Total Assets as of
December 31, 2007
Rp
1.
Indigo Pacific Corporation
(Perusahaan Investasi/
Investment holding company)
Labuan, Malaysia
24 Desember 1997/
December 24, 1997
1.514.396.354.665
1.1.
Indigo Pacific Corporation
(Perusahaan Investasi/
Investment holding company)
British Virgin Islands
8 Pebruari 1993/
February 8, 1993
1.533.547.391.739
1.1.1.
Melani Maritime Inc.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
24 Pebruari 1993/
February 24, 1993
251.711.110.228
1.1.2.
Zona Overseas International Shipping S.A.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
24 Juni 1997/
June 24, 1997
496.564.485.045
1.1.3.
Wigati Maritime S.A.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
13 Nopember 1997/
November 13, 1997
48.875.961.003
1.1.4.
Kunti Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
11 Oktober 2000/
October 11, 2000
36.670.185.209
-9-
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Anak Perusahaan dan jenis usaha /
Subsidiary and type of business
Domisili/
Domicile
Tahun Operasi Komersial/
Start of Commercial Operations
Jumlah Aktiva
31 Desember 2007/
Total Assets as of
December 31, 2007
Rp
1.1.5.
Jembawati Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
15 Nopember 2000/
November 15, 2000
83.105.981.989
1.1.6.
Tirtasari Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
24 Nopember 2001/
November 24, 2001
43.437.351.095
1.1.7.
Pergiwo Navigation Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
26 April 2002/
April 26, 2002
1.1.8.
Fatmarini Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
14 Agustus 2002/
August 14, 2002
251.053.268.430
1.1.9.
Harsanadi Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
26 Agustus 2002/
August 26, 2002
52.016.087.474
1.1.10.
Hartati Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
26 Agustus 2002/
August 26, 2002
132.204.704.508
1.1.11.
BLT Finance Corporation
(Perusahaan Investasi/
Investment holding company)
British Virgin Islands
20 Juni 2005/
June 20, 2005
1.678.919.325
1.1.12.
Pujawati Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
10 Maret 2006/
March 10, 2006
27.215.889.673
1.1.13.
Pertiwi Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
12 Maret 2006/
March 12, 2006
34.122.195.853
1.1.14.
Anggraini Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
5 Juni 2006/
June 5, 2006
538.076.865.974
1.1.15.
Emerald Maritime Pte. Ltd.
(Pengoperasian kapal/Operator of vessel)
Republik Singapura/
The Republic of Singapore
12 April 2006/
April 12, 2006
170.108.218.099
1.1.16.
BLT Finance B.V
(Perusahaan investasi/
Investment holding Company)
*
Belanda/
The Netherlands
27 April 2007/
April 27, 2007
4.691.309.038.205
1.1.17.
Tridonawati Maritime Pte. Ltd
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
*
Republik Singapura/
The Republic of Singapore
6 Juni 2007/
June 6, 2007
293.212.811
1.1.18.
Purbasari Maritime Pte. Ltd
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
*
Republik Singapura/
The Republic of Singapore
23 Juni 2007/
June 23, 2007
303.684.855
1.1.19.
Tridonawati Maritime Corporation
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
*
Republik Liberia/
The Republic of Liberia
21 Juni 2007/
June 21, 2007
478.329.677.616
1.1.20.
Trirasa Maritime Pte. Ltd
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
*
Republik Singapura/
The Republic of Singapore
6 Juni 2007/
June 6, 2007
293.212.811
2.
Diamond Pacific International Corporation
(Perusahaan Investasi/
Investment holding company)
Labuan, Malaysia
24 Desember 1997/
December 24, 1997
* Merupakan pendirian perusahaan baru di tahun 2007/Newly established companies in 2007.
- 10 -
164.220.650.049
676.068.895.412
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Jumlah Aktiva
31 Desember 2007/
Total Assets as of
December 31, 2007
Rp
Anak Perusahaan dan jenis usaha /
Subsidiary and type of business
Domisili/
Domicile
Tahun Operasi Komersial/
Start of Commercial Operations
2.1.
Diamond Pacific International Corporation
(Perusahaan Investasi/
Investment holding company)
British Virgin Islands
9 Pebruari 1993/
February 9, 1993
746.470.246.500
2.1.1.
Lenani Maritime Inc.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
24 Pebruari 1993/
February 24, 1993
244.507.380.850
2.1.1.1
Ontari Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
25 Juli 2002
July 25, 2002
81.832.899.400
2.1.2.
Averina Maritime S.A.
(Agen perkapalan/Shipping agency)
Republik Panama/
The Republic of Panama
27 Mei 1998/
May 27, 1998
53.595.119.246
2.1.3.
Gandari Navigation Pte. Ltd.
(Pengoperasian kapal/Operator of vessel)
Republik Singapura/
The Republic of Singapore
26 April 2002/
April 26, 2002
6.371.395.048
2.1.4.
GBLT Shipmanagement Pte. Ltd.
(Pengoperasian kapal/Operator of vessel)
Republik Singapura/
The Republic of Singapore
10 Maret 2002/
March 10, 2002
174.438.711.573
2.1.4.1.
GBLT Shipmanagement Ltd.
(Pengoperasian kapal/Operator of vessel)
United Kingdom
2 Pebruari 2004/
February 2, 2004
52.435.529.390
2.1.4.1.1
Harsanadi Shipping Ltd.
(Pengoperasian kapal/Operator of vessel)
United Kingdom
2 Pebruari 2004/
February 2, 2004
4.656.062.622
2.1.4.1.2
Hartati Shipping Ltd.
(Pengoperasian kapal/Operator of vessel)
United Kingdom
2 Pebruari 2004/
February 2, 2004
4.678.187.100
2.1.4.1.3
Frabandari Shipping Ltd.
(Pengoperasian kapal/Operator of vessel)
United Kingdom
2 Pebruari 2004/
February 2, 2004
3.170.807.827
2.1.4.1.4
Fatmarini Shipping Ltd.
(Pengoperasian kapal/Operator of vessel)
United Kingdom
2 Pebruari 2004/
February 2, 2004
3.584.914.822
2.1.4.1.5
Nogogini Shipping Ltd.
(Pengoperasian kapal/Operator of vessel)
United Kingdom
2 Pebruari 2004/
February 2, 2004
3.745.512.068
2.1.4.1.6
Nolowati Shipping Ltd.
(Pengoperasian kapal/Operator of vessel)
United Kingdom
2 Pebruari 2004/
February 2, 2004
3.820.595.627
2.1.4.1.7
Ratih Shipping Ltd.
(Pengoperasian kapal/Operator of vessel)
United Kingdom
2 Pebruari 2004/
February 2, 2004
5.252.974.511
2.1.5.
Cendanawati Navigation Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
25 Juli 2002/
July 25, 2002
29.929.764.385
2.1.6.
Frabandari Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
14 Agustus 2002/
August 14, 2002
224.369.323.093
2.1.7.
Brotojoyo Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
3 Juli 2003/
July 3, 2003
204.920.731.708
2.1.8.
Berlian Laju Tanker Pte. Ltd.
(Pengoperasian kapal/Operator of vessel)
Republik Singapura/
The Republic of Singapore
3 Juli 2003/
July 3, 2003
45.292.850.485
- 11 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Anak Perusahaan dan jenis usaha /
Subsidiary and type of business
Domisili/
Domicile
Tahun Operasi Komersial/
Start of Commercial Operations
Jumlah Aktiva
31 Desember 2007/
Total Assets as of
December 31, 2007
Rp
2.1.9.
Anjasmoro Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
17 Maret 2004/
March 17, 2004
297.131.055.142
2.2.
BLT LNG Tangguh Corporation
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Marshall Island/
The Republic of Marshall Island
8 Juli 2005/
July 8, 2005
210.881.430.004
3.
Asean Maritime Corporation
(Perusahaan Investasi/
Investment holding company)
Labuan, Malaysia
16 September 1997/
September 16, 1997
2.399.295.093.877
3.1.
Gold Bridge Shipping Corporation
(Perusahaan Investasi/
Investment holding company)
British Virgin Islands
20 Nopember 1996/
November 20, 1996
307.598.719.601
3.1.1.
Bauhinia Navigation S.A.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
30 Mei 1996/
May 30, 1996
16.855.432.837
3.1.2.
Cempaka Navigation S.A.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
23 Juni 1997/
June 23, 1997
52.296.805.510
3.1.3.
Gold Bridge Shipping Ltd.
(Agen perkapalan/Shipping agency)
Hong Kong
27 April 1990/
April 27, 1990
29.280.702.696
3.1.3.1
BLT Shipping Shanghai Co. Ltd.
(Agen perkapalan/Shipping agency)
China
27 Juli 2006/
July 27, 2006
8.223.471.950
3.1.4.
Great Tirta Shipping S.A.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
23 Juni 1997/
June 23, 1997
40.287.393.543
3.1.4.1. Dewayani Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
1 Nopember 2002/
November 1, 2002
44.106.664.105
3.1.5.
Hopeway Marine Inc.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
22 Nopember 1984/
November 22, 1984
89.439.777.330
3.1.6.
Lestari International Shipping S.A.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
23 Juni 1997/
June 23, 1997
36.868.946.266
3.1.6.1. Gandini Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
2 Januari 2002/
January 2, 2002
302.510.764.181
3.1.7.
Quimera Maritime S.A.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
3 Desember 1993/
December 3, 1993
171.266.986.241
3.1.8.
South Eastern Overseas Navigation S.A.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
26 Mei 1994/
May 26, 1994
38.422.865.948
3.1.9.
Zenith Overseas Maritime S.A.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
23 Juni 1997/
June 23, 1997
20.805.794.121
3.1.9.1. Gandari Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
20 Januari 2002/
January 20, 2002
281.929.588.062
Zona Shipping S.A.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
23 Juni 1997/
June 23, 1997
38.000.377.362
3.1.10.1. Dewi Sri Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
1 Nopember 2002/
November 1, 2002
49.256.951.359
3.1.10.
3.1.11.
Dahlia Navigation S.A.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
29 Januari 1997/
January 29, 1997
12.128.042.859
3.1.12.
Eglantine Navigation S.A.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
24 Nopember 1997/
November 24, 1997
17.124.914.666
- 12 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Anak Perusahaan dan jenis usaha /
Subsidiary and type of business
Domisili/
Domicile
Tahun Operasi Komersial/
Start of Commercial Operations
Jumlah Aktiva
31 Desember 2007/
Total Assets as of
December 31, 2007
Rp
3.1.13.
Wulansari Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
6 April 2001/
April 6, 2001
126.574.126.338
3.1.14.
Yanaseni Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
18 April 2001/
April 18, 2001
82.611.979.175
3.1.15.
Indradi Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
13 September 2001/
September 13, 2001
95.351.631.330
3.1.16.
Gold Bridge Logistic Ltd.
(Perusahaan Investasi/
Investment holding company)
Hong Kong
4 Juni 2001/
June 4, 2001
9.608.153.677
China
8 Juni 2001/
June 8, 2001
13.739.876.487
3.1.16.1 Beihai New Resources Logistic Corportion
(Jasa penyimpanan/Storage services)
3.1.17.
Gold Bridge Shipping Agencies S.A.
(Agen perkapalan/Shipping agency)
Republik Panama/
The Republic of Panama
26 September 2001/
September 26, 2001
7.974.243.137
3.1.18.
Elite Bauhinia Navigation Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
24 Nopember 2001/
November 24, 2001
76.773.614.191
3.1.19.
Cempaka Navigation Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
25 Juli 2002/
July 25, 2002
16.469.522.184
3.1.20.
Dahlia Navigation Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
25 Juli 2002/
July 25, 2002
67.228.768.439
3.1.21.
Freesia Navigation S.A.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
15 Nopember 2002/
November 15, 2002
115.958.840.341
3.1.22.
Gerbera Navigation S.A.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
29 Nopember 2002/
November 29, 2002
116.231.473.579
3.1.23.
Mustokoweni Maritime Pte Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
12 Agustus 2004/
August 12, 2004
22.277.502.604
3.1.24.
Ulupi Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
12 Agustus 2004/
August 12, 2004
98.509.325.272
3.1.25.
Erowati Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
12 Agustus 2004/
August 12, 2004
87.646.431.661
3.1.26.
Gas Papua Maritime Pte Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
10 Nopember 2004/
November 10, 2004
129.201.970.448
3.1.27.
Rasawulan Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
8 Nopember 2004/
November 8, 2004
120.237.059.684
3.1.28.
Gas Sulawesi Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
10 Nopember 2004/
November 10, 2004
134.583.171.268
3.1.29.
Tribuana Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
11 Nopember 2004/
November 11, 2004
188.851.702.107
3.1.30.
Gagarmayang Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
12 Nopember 2004/
November 12, 2004
1.076.914.559.302
3.1.31.
Prita Dewi Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
13 Nopember 2004/
November 13 2004
175.485.746.545
3.1.32.
Purwati Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
14 Nopember 2004/
November 14, 2004
356.420.327.323
- 13 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Anak Perusahaan dan jenis usaha /
Subsidiary and type of business
Domisili/
Domicile
Tahun Operasi Komersial/
Start of Commercial Operations
Jumlah Aktiva
31 Desember 2007/
Total Assets as of
December 31, 2007
Rp
3.1.33.
Trijata Maritime Pte Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
8 Oktober 2004/
October 8, 2004
210.421.119.518
3.1.34.
Pradapa Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
8 Januari 2005/
January 8, 2005
2.395.495.379.420
3.1.35.
Pergiwati Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
8 Januari 2005/
January 8, 2005
242.308.875.012
3.1.36.
Badraini Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
19 Januari 2005/
January 19, 2005
301.621.317.650
3.1.37.
Barunawati Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
19 Januari 2005/
January 19, 2005
352.565.477.242
3.1.38.
Gas Maluku Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
8 April 2005/
April 8, 2005
136.356.226.339
3.1.39.
Barawati Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
22 April 2005/
April 22, 2005
280.721.316.010
3.1.40.
Gas Bali Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
6 Juli 2005/
July 6, 2005
134.579.269.730
3.1.41.
Eustoma Navigation S.A.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Panama/
The Republic of Panama
12 Agustus 2005/
August 12, 2005
73.070.830.098
3.1.42.
Puspawati Maritime Pte. Ltd.
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Singapura/
The Republic of Singapore
26 September 2005/
September 26, 2005
106.406.190.288
3.1.43.
Diamond Flow Ltd.
(Perusahaan investasi/
Investment holding company)
*
Hong Kong
18 Januari 2007/
January 18, 2007
3.1.44.
Likabula International Ltd.
(Perusahaan investasi/
Investment holding company)
*
Hong Kong
14 Juni 2007/
June 14, 2007
14.135.498.976
3.2.
BLT Chembulk BVI
(Perusahaan investasi/
Investment holding company)
*
British Virgin
Islands
5 Oktober 2007/
October 5, 2007
51.025.669.546
3.2.1
Chembulk Tankers LLC
(Perusahaan investasi/
Investment holding company)
**
Marshall Islands
25 Januari 2007/
January 25, 2007
559.517.428.311
3.2.1.1
Chembulk Trading II LLC
(Pengoperasian & pemilikan kapal/
Owner and operator of vessel)
**
Marshall Islands
25 Januari 2007/
January 25, 2007
2.098.254.604.127
3.2.1.2
Chembulk Management LLC
(Manajemen perkapalan/
Ship management)
**
Amerika Serikat/
United States of
America
25 Januari 2007/
January 25, 2007
22.950.355.368
3.2.1.3
Chembulk Management B.V.
(Manajemen perkapalan/
Ship management)
**
Belanda/
The Netherlands
22 Mei 2007/
May 22, 2007
1.711.863.408
3.2.1.4
Chembulk Management Pte. Ltd.
(Manajemen perkapalan/
Ship management)
**
Republik Singapura/
The Republic of Singapore
29 Maret 2007/
March 29, 2007
4.157.210.342
3.2.2
Chembulk Barcelona Pte. Ltd.
(Pengoperasian & pemilikan kapal/
Owner and operator of vessel)
*
Republik Singapura/
The Republic of Singapore
2 Nopember 2007/
November 2, 2007
* Merupakan pendirian perusahaan baru di tahun 2007/Newly established companies in 2007.
** Merupakan akuisisi perusahaan di tahun 2007/Newly acquired companies in 2007.
- 14 -
12.075.629
665.680.350.647
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Anak Perusahaan dan jenis usaha /
Subsidiary and type of business
Domisili/
Domicile
Tahun Operasi Komersial/
Start of Commercial Operations
Jumlah Aktiva
31 Desember 2007/
Total Assets as of
December 31, 2007
Rp
3.2.3
Chembulk Gibraltar Pte. Ltd.
(Pengoperasian & pemilikan kapal/
Owner and operator of vessel)
*
Republik Singapura/
The Republic of Singapore
2 Nopember 2007/
November 2, 2007
446.937.172.672
3.2.4
Chembulk Hong Kong Pte. Ltd.
(Pengoperasian & pemilikan kapal/
Owner and operator of vessel)
*
Republik Singapura/
The Republic of Singapore
2 Nopember 2007/
November 2, 2007
646.946.093.962
3.2.5
Chembulk Houston Pte. Ltd.
(Pengoperasian & pemilikan kapal/
Owner and operator of vessel)
*
Republik Singapura/
The Republic of Singapore
2 Nopember 2007/
November 2, 2007
447.191.823.249
3.2.6
Chembulk Kobe Pte. Ltd.
(Pengoperasian & pemilikan kapal/
Owner and operator of vessel)
*
Republik Singapura/
The Republic of Singapore
2 Nopember 2007/
November 2, 2007
466.047.069.344
3.2.7
Chembulk New York Pte. Ltd.
(Pengoperasian & pemilikan kapal/
Owner and operator of vessel)
*
Republik Singapura/
The Republic of Singapore
2 Nopember 2007/
November 2, 2007
570.472.656.331
3.2.8
Chembulk Savannah Pte. Ltd.
(Pengoperasian & pemilikan kapal/
Owner and operator of vessel)
*
Republik Singapura/
The Republic of Singapore
2 Nopember 2007/
November 2, 2007
551.532.227.720
3.2.9
Chembulk Shanghai Pte. Ltd.
(Pengoperasian & pemilikan kapal/
Owner and operator of vessel)
*
Republik Singapura/
The Republic of Singapore
2 Nopember 2007/
November 2, 2007
428.198.560.359
3.2.10
Chembulk Ulsan Pte. Ltd.
(Pengoperasian & pemilikan kapal/
Owner and operator of vessel)
*
Republik Singapura/
The Republic of Singapore
2 Nopember 2007/
November 2, 2007
504.131.036.940
3.2.11
Chembulk Virgin Gorda Pte. Ltd.
(Pengoperasian & pemilikan kapal/
Owner and operator of vessel)
*
Republik Singapura/
The Republic of Singapore
2 Nopember 2007/
November 2, 2007
665.646.019.051
3.2.12
Chembulk Yokohama Pte. Ltd.
(Pengoperasian & pemilikan kapal/
Owner and operator of vessel)
*
Republik Singapura/
The Republic of Singapore
2 Nopember 2007/
November 2, 2007
485.355.557.530
4.
PT Banyu Laju Shipping
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Indonesia/
The Republic of Indonesia
25 Juli 1991/
July 25, 1991
27.245.191.306
4.1.
Banyu Laju Corporation
(Perusahaan investasi/
Investment holding company)
Labuan, Malaysia
18 Desember 2003/
December 18, 2003
1.669.879.575
4.1.1.
Banyu Laju Maritime S.A.
(Pengoperasian Kapal/Operator of vessel)
Republik Panama/
The Republic of Panama
1 Juni 2004/
June 1, 2004
1.669.879.575
5.
PT Brotojoyo Maritime
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Indonesia/
The Republic of Indonesia
20 Januari 2003/
January 20, 2003
65.473.739.045
5.1.
PT Gemilang Bina Lintas Tirta
(Pengoperasian kapal/Operator of vessel)
Republik Indonesia/
The Republic of Indonesia
10 Nopember 2003/
November 10, 2003
1.941.832.249
5.1.1.
PT Karya Bakti Adil
(Agen kru/Crew agency)
Republik Indonesia/
The Republic of Indonesia
20 Nopember 2003/
November 20, 2003
328.333.134.575
6.
PT Buana Listya Tama
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Indonesia/
The Republic of Indonesia
12 Mei 2005/
May 12, 2005
900.524.633.181
6.1.
PT Anjasmoro Maritime
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Indonesia/
The Republic of Indonesia
24 Maret 2006/
March 24, 2006
6.2.
PT Pearl Maritime
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Indonesia/
The Republic of Indonesia
9 Nopember 2006/
November 9, 2006
11.341.595.639
6.3.
PT Ruby Maritime
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Indonesia/
The Republic of Indonesia
9 Nopember 2006/
November 9, 2006
232.044.352
6.4.
PT Sapphire Maritime
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Indonesia/
The Republic of Indonesia
9 Nopember 2006/
November 9, 2006
236.544.352
* Merupakan Pendirian Perusahaan baru di tahun 2007/Newly established companies in 2007.
- 15 -
233.109.082
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Anak Perusahaan dan jenis usaha /
Subsidiary and type of business
Tahun Operasi Komersial/
Start of Commercial Operations
6.5.
PT Citrine Maritime
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Indonesia/
The Republic of Indonesia
29 Mei 2006/
May 29, 2006
160.593.998.688
6.6.
PT Diamond Maritime
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Indonesia/
The Republic of Indonesia
29 Mei 2006/
May 29, 2006
207.749.329.259
6.7.
PT Emerald Maritime
(Pengoperasian dan pemilikan kapal/
Owner and operator of vessel)
Republik Indonesia/
The Republic of Indonesia
29 Mei 2006/
May 29, 2006
424.461.787.352
7.
PT Bayu Lestari Tanaya
(Agen Perkapalan/Shipping agency)
Republik Indonesia/
The Republic of Indonesia
22 Maret 2005/
March 22, 2005
415.336.008
7.1.
PT Berlian Dumai Logistics
(Perdagangan umum/General trading)
Republik Indonesia/
The Republic of Indonesia
16 Nopember 2007/
November 16, 2007
250.000.000
*
c.
Domisili/
Domicile
Jumlah Aktiva
31 Desember 2007/
Total Assets as of
December 31, 2007
Rp
*
Merupakan Pendirian Perusahaan baru di tahun 2007/Newly established companies in 2007.
Penawaran Umum Efek Perusahaan dan
Obligasi
c.
Public Offering of Shares and Bonds
Saham
Shares
Pada tanggal 22 Januari 1990, Perusahaan
memperoleh persetujuan dari Menteri Keuangan
Republik Indonesia dengan Surat Keputusannya
No.
S1-076/SHM/MK.01/1990
untuk
menawarkan
2.100.000
saham
kepada
masyarakat melalui Bursa Efek di Indonesia
seharga Rp 8.500 setiap saham. Saham-saham
tersebut telah tercatat pada Bursa Efek di
Indonesia pada tanggal 26 Maret 1990.
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.
Pada tanggal 27 Januari 1993, Perusahaan
memperoleh Surat
Pemberitahuan Efektif
No. S-109A/PM/1993
dari
Ketua
Badan
Pengawas Pasar Modal (Bapepam) (sekarang
menjadi Badan Pengawas Pasar Modal dan
Lembaga Keuangan - 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 pada tanggal 24 Mei 1993.
On January 27, 1993, the Company obtained
the notice of effectivity from the Chairman of
the Capital Market Supervisory Agency
(“Bapepam”) (currently the Capital Market and
Financial Institutions Supervisory Agency or
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 on May 24,
1993.
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
sebanyak 305.760.000 saham dan 61.152.000
waran dengan harga pelaksanaan Rp 1.200 per
saham. Jangka waktu pelaksanaan waran 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 sehingga akan
berakhir pada tanggal 18 Januari 2008. Bila
waran tidak dilaksanakan sampai masa
berlakunya habis, maka waran tersebut menjadi
kadaluarsa. Saham-saham tersebut telah
tercatat pada Bursa Efek Jakarta dan Bursa
Efek Surabaya pada tanggal 16 Januari 1998
(Catatan 41c).
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 to stockholders totaling
305,760,000 shares with 61,152,000 warrants
at an exercise price of Rp 1,200 per share. The
holder of each warrant can exercise the right to
purchase one share 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 public 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 (see Note
41c).
- 16 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
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.
The Company conducted a stock split of 4:1 in
2002 and 2:1 in 2004. Thus, the warants
exercise price since 2005 became Rp 150 per
share.
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
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.
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.
Pada tanggal 22 September 2006, Perusahaan
memperoleh ijin dari Singapore Exchange
Securities Limited (SGX-ST) dengan suratnya
No. RMR/IR/YCH/260407 untuk mencatatkan
sahamnya di papan utama (SGX-Mainboard).
Sehubungan dengan pencatatan saham tersebut
Perusahaan juga telah merubah anggaran
dasarnya yang telah disetujui oleh para
pemegang sahamnya dalam Rapat Umum Para
Pemegang Saham Luar Biasa pada tanggal
11 September 2006.
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 Company’s 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.
Pada tanggal 31 Desember 2007, seluruh
saham Perusahaan sejumlah 4.159.010.436
saham telah tercatat di Bursa Efek Indonesia
dan Singapura.
As of December 31, 2007, 4,159,010,436
shares have been listed on the Stock
Exchanges in Indonesia and Singapore.
Obligasi dan Wesel Bayar
Bonds and Notes Payable
Pada tanggal 29 Juni 2000, Perusahaan
memperoleh pernyataan efektif dari Ketua
Bapepam dengan suratnya No. S-1577/PM/2000
untuk melakukan Penawaran Umum Obligasi
Berlian Laju Tanker I tahun 2000 kepada
masyarakat
dengan
nilai
nominal
Rp 200.000.000.000 pada tingkat bunga tetap
dan/atau mengambang.
On June 29, 2000, the Company obtained the
notice of effectivity from the Chairman of
Bapepam in his letter No. S-1577/PM/2000 for
its public offering of Berlian Laju Tanker I
Bonds year 2000 with nominal value of
Rp 200,000,000,000 at fixed and/or floating
rates.
Pada tanggal 12 Mei 2003, Perusahaan
memperoleh pernyataan efektif dari Ketua
Bapepam dengan suratnya No. S-1006/PM/2003
untuk melakukan Penawaran Umum Obligasi
Berlian Laju Tanker II pada tingkat bunga tetap
dan/atau mengambang dan Obligasi Syari’ah
Mudharabah kepada masyarakat dengan total
keseluruhan sebesar Rp 400.000.000.000.
On May 12, 2003, the Company obtained the
notice of effectivity from the Chairman of
Bapepam in his letter No. S-1006/PM/2003 for
its public offering of Berlian Laju Tanker II
Bonds year 2003 with fixed and/or floating
interest rate and Syariah Mudharabah Bonds
totaling Rp 400,000,000,000.
Pada tanggal 14 Desember 2005, anak
perusahaan,
BLT
Finance
Corporation
melakukan penawaran obligasi konversi 1,25%
di
Singapura
dengan
nilai
nominal
USD 50.000.000. Obligasi konversi ini terdaftar
di Bursa Efek di Singapura (SGX-ST).
On December 14, 2005, BLT Finance
Corporation, a subsidiary, offered 1.25%
guaranteed convertible bonds with a principal
amount of USD 50,000,000. The convertible
bonds are listed on the Singapore Exchange
Securities Trading Limited (SGX-ST).
Pada tanggal 4 Mei 2007, anak perusahaan,
BLT Finance B.V. (BLT FBV) menerbitkan wesel
bayar (Guaranteed Senior Notes) senilai
USD 400.000.000 dengan tingkat bunga 7,5%
per tahun yang jatuh tempo tahun 2014. Wesel
bayar ini terdaftar di Bursa Efek Singapura
(SGX-ST).
On May 4, 2007, BLT Finance B.V., (BLT FBV),
a subsidiary, issued USD 400,000,000, 7.5%
Guaranteed Senior Notes due in 2014, which
were registered in Singapore Exchange
Securities Trading Limited (SGX-ST).
- 17 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
2.
Pada tanggal 17 Mei 2007, anak perusahaan,
BLT Finance B.V. (BLT FBV) melakukan
penawaran obligasi konversi Zero Coupon
Guaranteed di Singapura dengan nilai nominal
USD 125.000.000 yang jatuh tempo tahun 2012.
Obligasi konversi ini terdaftar di Bursa Efek
Singapura (SGX-ST).
On May 17, 2007, BLT Finance B.V., (BLT
FBV) a subsidiary, issued USD 125,000,000
Zero Coupon Guaranteed Convertible Bonds
due in 2012. The convertible bonds are listed
on the Singapore Exchange Securities Trading
Limited (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 pada tingkat bunga tetap dan
sukuk ijarah kepada masyarakat dengan total
keseluruhan Rp 900.000.000.000.
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 with fixed interest rate and
sukuk
ijarah
bonds
totaling
Rp 900,000,000,000.
2.
KEBIJAKAN AKUNTANSI
a.
b.
SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
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.
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 Rupiah (Rp).
Laporan keuangan konsolidasi tersebut disusun
berdasarkan nilai historis, kecuali beberapa
akun tertentu disusun berdasarkan pengukuran
lain sebagaimana diuraikan dalam kebijakan
akuntansi masing-masing akun tersebut.
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 Indonesian Rupiah, 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.
Laporan arus kas konsolidasi disusun dengan
menggunakan
metode
langsung
dengan
mengelompokkan arus kas dalam aktivitas
operasi, investasi dan pendanaan.
The consolidated statements of cash flows are
prepared using the direct method with
classifications of cash flows into operating,
investing and financing activities.
Sehubungan
dengan
pencatatan
saham
Perusahaan di Bursa Efek Singapura (SGX),
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.
In connection with the listing of the Company’s
shares on the SGX, the Company issued
separate consolidated financial statements
prepared under International Financial Reporting
Standards (IFRS). Significant differences
between Indonesia GAAP and IFRS are
summarized in Note 37 in the consolidated
financial statement.
Prinsip Konsolidasi
b. Principles of Consolidation
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.
- 18 -
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.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
c.
Pada saat akuisisi, aktiva dan kewajiban anak
perusahaan diukur sebesar nilai wajarnya pada
tanggal akuisisi. Selisih lebih antara biaya
perolehan dan bagian Perusahaan atas nilai
wajar aktiva dan kewajiban yang dapat
diidentifikasi diakui sebagai goodwill dan
diamortisasi dengan menggunakan metode
garis lurus selama dua puluh tahun.
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.
Hasil usaha anak perusahaan selama tahun
berjalan dari tanggal efektif akuisisi atau sampai
dengan tanggal efektif penjualan termasuk
dalam laporan laba rugi konsolidasi.
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.
Penyesuaian dilakukan terhadap laporan
keuangan anak perusahaan agar kebijakan
akuntansi yang digunakan sesuai dengan
kebijakan akuntansi yang digunakan oleh
Perusahaan.
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.
Seluruh transaksi antar perusahaan, saldo,
penghasilan dan beban dieliminasi pada saat
konsolidasi.
All intra-group transactions, balances, income
and expenses are eliminated on consolidation.
Transaksi dan Penjabaran Laporan Keuangan
dalam Mata Uang Asing
c. Foreign
Currency
Translation
Transactions
and
Pembukuan Perusahaan dan anak perusahaan;
PT Banyu Laju Shipping, PT Brotojoyo Maritime,
PT Buana Listya Tama dan PT Bayu Lestari
Tanaya, diselenggarakan dalam mata uang
Rupiah. Transaksi-transaksi selama tahun
berjalan dalam mata uang asing selain Rupiah
dicatat dengan kurs yang berlaku pada saat
terjadinya
transaksi. Pada tanggal neraca,
aktiva dan kewajiban moneter dalam mata uang
asing selain mata uang Rupiah disesuaikan
untuk mencerminkan kurs yang berlaku pada
tanggal tersebut. Keuntungan atau kerugian
yang timbul dikreditkan atau dibebankan pada
laporan laba rugi tahun yang bersangkutan.
The books of accounts of the Company and its
subsidiaries: PT Banyu Laju Shipping,
PT Brotojoyo Maritime, PT Buana Listya Tama
and PT Bayu Lestari Tanaya, are maintained in
Indonesian Rupiah. Transactions during the
year involving currencies other than Rupiah 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 Rupiah
are adjusted to reflect the rates of exchange
prevailing at that date. The resulting gains or
losses are credited or charged to current
operations.
Pembukuan Indigo Pacific Corporation dan anak
perusahaan, Diamond Pacific International
Corporation dan anak perusahaan serta Asean
Maritime Corporation dan anak perusahaan,
diselenggarakan dalam Dollar Amerika Serikat.
Untuk tujuan penyajian laporan keuangan
konsolidasi, aktiva dan kewajiban anak
perusahaan pada tanggal neraca dijabarkan
masing-masing dengan menggunakan kurs
yang berlaku pada tanggal tersebut, sedangkan
pendapatan dan beban dijabarkan dengan
menggunakan kurs rata-rata. Selisih kurs yang
terjadi disajikan sebagai bagian dari ekuitas
pada akun “Selisih kurs karena penjabaran
laporan keuangan”.
The books of accounts of Indigo Pacific
Corporation and subsidiaries, Diamond Pacific
International Corporation and subsidiaries and
Asean Maritime Corporation and subsidiaries
are maintained in US Dollar. For consolidation
purposes, assets and liabilities of these
subsidiaries at balance sheet date are translated
into Rupiah using the exchange rates at balance
sheet date, while revenues and expenses are
translated at the average rates of exchange for
the year. Resulting translation adjustment is
shown in equity as “Translation Adjustment”.
- 19 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
d.
Penggunaan Estimasi
d. Use of Estimates
Penyusunan laporan keuangan konsolidasi
sesuai dengan prinsip akuntansi yang berlaku
umum di Indonesia mengharuskan manajemen
membuat
estimasi
dan
asumsi
yang
mempengaruhi jumlah aktiva dan kewajiban
yang dilaporkan dan pengungkapan aktiva dan
kewajiban kontinjensi pada tanggal laporan
keuangan serta jumlah pendapatan dan beban
selama periode pelaporan. Realisasi dapat
berbeda dengan jumlah yang diestimasi.
e.
e. Cash and Cash Equivalents
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.
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.
Investasi
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.
f. Investment
Investasi efek ekuitas yang nilai wajarnya
tersedia
Investments in equity securities with readily
determinable fair values
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 telah
diakui dalam ekuitas dibebankan dalam laba
rugi tahun berjalan.
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.
Untuk menghitung laba atau rugi yang
direalisasi, biaya perolehan efek ditentukan
berdasarkan metode rata-rata tertimbang.
Cost of securities sold is determined using the
weighted average method.
Investasi pada perusahaan asosiasi
Investments in associates
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.
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.
Penghasilan, aktiva 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 aktiva 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.
The results and 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 Company’s 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 Company’s 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.
- 20 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
g.
Selisih lebih antara biaya perolehan dengan
bagian Perusahaan atas nilai wajar aktiva 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.
Any excess of the cost of acquisition over the
Company’s 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.
Apabila terdapat transaksi antara Perusahaan
dengan perusahaan asosiasi, keuntungan dan
kerugian yang terjadi dieliminasi sebesar bagian
Perusahaan pada perusahaan asosiasi tersebut.
Where a company transacts with an associate,
profits and losses are eliminated to the extent of
the Company’s interest in the relevant
associate.
Penyisihan Piutang Ragu-ragu
g. Allowance for Doubtful Accounts
Perusahaan dan anak perusahaan menetapkan
penyisihan piutang ragu-ragu berdasarkan
penelaahan terhadap masing-masing akun
piutang pada akhir tahun.
h.
Persediaan
Allowance for doubtful accounts is provided
based on a review of the status of the individual
receivable accounts at the end of the year.
h. Inventories
Persediaan dinyatakan berdasarkan biaya
perolehan atau nilai realisasi bersih, mana yang
lebih rendah. Biaya perolehan ditentukan
dengan metode “first-in, first-out” (FIFO).
i.
Biaya Dibayar Dimuka
i.
Biaya dibayar dimuka diamortisasi selama
manfaat
masing-masing
biaya
dengan
menggunakan metode garis lurus.
j.
Inventories are stated at cost or net realizable
value, whichever is lower. Cost is determined
using the first-in, first-out method.
Aktiva Tetap
Prepaid Expenses
Prepaid expenses are amortized over their
beneficial periods using the straight-line method.
j. Property, Vessels and Equipment
Aktiva tetap dinyatakan berdasarkan biaya
perolehan
setelah
dikurangi
akumulasi
penyusutan. Penyusutan dihitung dengan
menggunakan metode garis lurus berdasarkan
taksiran masa manfaat ekonomis aktiva tetap
sebagai berikut:
Property, vessels and equipment are stated at
cost
less
accumulated
depreciation.
Depreciation is computed using the straightline method based on the estimated useful
lives of the assets as follows:
Tahun/Years
Bangunan
Kapal dan peralatan
Tangki minyak
Kendaraan
Perabot kantor
Peralatan kantor dan mess
20
5 - 25
10
5
5
5
Buildings
Vessels and equipment
Oil tanks
Transportation equipment
Office furniture and fixtures
Office and dormitory equipment
Tanah dinyatakan berdasarkan biaya perolehan
dan tidak disusutkan.
Land is stated at cost and is not depreciated.
Pada tanggal neraca, manajemen menilai
apakah ada indikasi penurunan nilai aktiva. Jika
terdapat indikasi tersebut, manajemen akan
mengestimasi taksiran jumlah yang dapat
diperoleh kembali dari aktiva tersebut. Bila nilai
tercatat suatu aktiva melebihi taksiran jumlah
yang dapat diperoleh kembali (estimated
recoverable amount) maka nilai tersebut
diturunkan ke jumlah yang dapat diperoleh
kembali tersebut, yang ditentukan sebagai nilai
tertinggi antara harga jual neto dan nilai pakai.
At each balance sheet date, management
assesses whether there is any indication that an
asset may be impaired. If any such indication
exists, management estimates the recoverable
amount of asset. When the carrying amount of
the asset exceeds its estimated recoverable
amount, the asset is written down to its
estimated recoverable amount, which is
determined as the higher of net selling price or
value in use.
- 21 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
k.
Biaya docking kapal dikapitalisasi pada saat
terjadinya dan diamortisasi dengan metode
garis lurus sampai dengan biaya docking kapal
berikutnya atas kapal tersebut.
Vessel dry docking cost is capitalized when
incurred and is amortized on a straight line
basis over the period to the next dry docking.
Beban pemeliharaan dan perbaikan dibebankan
pada laporan laba rugi konsolidasi pada saat
terjadinya; pengeluaran yang memperpanjang
masa manfaat atau memberi manfaat ekonomis
di masa yang akan datang, misalnya dalam
bentuk peningkatan kapasitas atau peningkatan
standar kinerja dikapitalisasi. Aktiva tetap yang
sudah tidak digunakan lagi atau yang dijual
dikeluarkan dari kelompok aktiva tetap berikut
akumulasi penyusutannya. Keuntungan atau
kerugian dari penjualan aktiva tetap tersebut
dibukukan dalam laporan laba rugi konsolidasi
pada tahun yang bersangkutan.
The cost of maintenance and repairs is charged
to operations as incurred; expenditures which
extend the useful life of the asset or result in
increased future economic benefits are
capitalized. When assets are retired or
otherwise disposed of, their carrying values and
the related accumulated depreciation are
removed from the accounts and any resulting
gain or loss is reflected in the current
operations.
Aktiva dalam penyelesaian dinyatakan sebesar
biaya perolehan. Akumulasi biaya perolehan
akan dipindahkan ke masing-masing aktiva
tetap yang bersangkutan pada saat selesai dan
siap digunakan.
Construction in progress is stated at cost, and is
transferred to the respective property, vessels
and equipment account when completed and
ready for use.
k. Bond Issuance Costs
Biaya Obligasi Yang Ditangguhkan
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.
l.
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.
l. Notes Payable
Wesel Bayar
Instrumen-instrumen
ini
dipertimbangkan
sebagai sebuah instrumen campuran (hybrid
instrument) dimana di dalamnya termasuk
kumpulan kontrak utama hutang dan instrumen
derivatif melekat (embedded derivatives). Pada
saat penerbitan, wesel bayar 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.
These instruments are considered a hybrid
instrument containing a debt host contract and
embedded derivatives. At the time of issue, the
notes payable 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.
m. Convertible Bonds
m. Obligasi Konversi
Instrumen-instrumen
ini
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 jatuh tempo tahun 2010 dan 2012
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.
- 22 -
These instruments are considered a hybrid
instrument containing a debt host contract and
compound embedded derivatives. At the time of
issue, the convertible bonds due in 2010 and
2012 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.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Sejak 2 Januari 2006, obligasi konversi yang
jatuh tempo pada tahun 2010 tidak diukur lagi
pada nilai perolehan setelah dikurangi nilai
amortisasi sejak BLT Finance Corporation (BLT
FC) membatalkan secara tetap dan pasti serta
melepaskan hak opsinya atas penyelesaian
secara kas.
n.
Sewa
Since January 2, 2006, the convertible bonds
due in 2010 were measured at amortized cost
and no longer at fair value since BLT Finance
Corporation (BLT FC) has irrevocably and
permanently waived and renounced its cash
settlement option.
n.
Leasing
Suatu sewa diklasifikasikan sebagai sewa
pembiayaan, jika sewa tersebut mengalihkan
secara substansial seluruh risiko dan manfaat
yang terkait dengan kepemilikan aset kepada
lessee.
Seluruh
sewa
yang
lainnya
diklasifikasikan sebagai sewa operasi.
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.
Perusahaan atau Anak Perusahaan sebagai
Lessor
The Company or its Subsidiaries as Lessor
Pendapatan dari sewa operasi diakui sebagai
pendapatan dengan dasar garis lurus selama
masa sewa. Biaya langsung awal yang
dikeluarkan oleh lessor dalam proses negosiasi
dan pengaturan sewa operasi ditambahkan ke
jumlah tercatat dari aset sewaan dan diakui
sebagai beban selama masa sewa dengan
dasar garis lurus.
Rental income from operating leases is
recognized on a straight-line basis over the term
of the relevant lease. Initial direct cost 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.
Perusahaan atau Anak Perusahaan sebagai
Lessee
The Company or its Subsidiaries as Lessee
Pada awal masa sewa, Perusahaan dan anak
perusahaan mengakui sewa pembiayaan
sebagai aset dan kewajiban sebesar nilai wajar
aset sewaan atau sebesar nilai kini dari
pembayaran sewa minimum, jika nilai kini lebih
rendah dari nilai wajar. Penilaian ditentukan
pada awal kontrak .
Assets held under finance leases are initially
recognised 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 balance sheet as a finance lease
obligation.
Pembayaran sewa minimum harus dipisahkan
antara bagian yang merupakan beban keuangan
dan bagian yang merupakan pelunasan
kewajiban. Beban keuangan harus dialokasikan
ke setiap periode selama masa sewa
sedemikian rupa sehingga menghasilkan suatu
tingkat suku bunga periodik yang konstan atas
saldo kewajiban. Rental kontinjen dibebankan
pada periode terjadinya.
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.
Finance charges are charged directly to profit or
loss. Contingent rentals are recognised as
expenses in the periods in which they are
incurred.
Pembayaran sewa dalam sewa operasi diakui
sebagai beban dengan dasar garis lurus
(straight-line basis) selama masa sewa kecuali
terdapat dasar sistematis lain yang dapat
mencerminkan pola waktu dari manfaat aset
yang dinikmati pengguna. Rental kontinjen
dibebankan pada periode terjadinya.
Operating lease payments are recognised 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 recognised as an expense
in the period in which they are incurred.
Jika terjadi penarikan insetif sewa ke dalam
sewa operasi, insentif tersebut diakui sebagai
kewajiban.Seluruh manfaat dari insentif diakui
sebagai pengurang beban sewa dengan dasar
garis lurus (straight –line basis), kecuali terdapat
basis
sistematis
lain
yang
lebih
merepresentasikan pola waktu dari manfaat aset
yang dinikmati pengguna.
In the event that lease incentives are received to
enter into operating leases, such incentives are
recognised as a liability. The aggregate benefit
of incentives is recognised 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.
- 23 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
o.
Saham Diperoleh Kembali
o.
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.
p.
q.
Pengakuan Pendapatan dan Beban
Treasury Stock
Treasury stock 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.
p. Revenue and Expense Recognition
Pendapatan dari operasi freight diakui
berdasarkan persentase penyelesaian rute
perjalanan pada tanggal neraca. Pendapatan
diterima dimuka diakui sebagai kewajiban.
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.
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.
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.
Pendapatan jasa perantara kapal dan jasa
penyimpanan diakui pada saat jasa tersebut
diserahkan kepada pelanggan.
Revenues from agency services and storage
services are recognized when the services are
rendered to customers.
Pendapatan bunga diakui sesuai manfaatnya
pada periode yang bersangkutan (accrual basis).
Interest income on interest-bearing instruments
is recognized on accrual basis.
Beban diakui pada saat terjadinya.
Expenses are recognized when incurred.
q. Post-Employment Benefits
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.
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.
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.
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 Company’s 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.
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.
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.
- 24 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
r.
s.
Pajak Penghasilan
r. Income Tax
Beban pajak kini ditentukan berdasarkan laba
kena pajak dalam periode yang bersangkutan
yang dihitung berdasarkan tarif pajak yang
berlaku.
Current tax expense is determined based on the
taxable income for the year computed using
prevailing tax rates.
Aktiva dan kewajiban pajak tangguhan diakui
atas konsekuensi pajak periode mendatang
yang timbul dari perbedaan jumlah tercatat
aktiva dan kewajiban menurut laporan keuangan
dengan dasar pengenaan pajak aktiva dan
kewajiban. Kewajiban pajak tangguhan diakui
untuk semua perbedaan temporer kena pajak
dan aktiva pajak tangguhan diakui untuk
perbedaan temporer yang boleh dikurangkan,
sepanjang
besar
kemungkinan
dapat
dimanfaatkan untuk mengurangi laba kena
pajak pada masa datang.
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. 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.
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.
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.
Aktiva dan kewajiban pajak tangguhan disajikan
di neraca, kecuali aktiva dan kewajiban pajak
tangguhan untuk entitas yang berbeda, atas
dasar kompensasi sesuai dengan penyajian
aktiva dan kewajiban pajak kini.
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.
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.
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.
Perbedaan nilai tercatat aktiva atau kewajiban
yang berhubungan dengan pajak penghasilan
final dengan dasar pengenaan pajaknya tidak
diakui sebagai aktiva atau kewajiban pajak
tangguhan.
Deferred tax is not recognized for the difference
between the financial statement carrying
amounts of assets and liabilities related to
revenues subject to final tax and their respective
tax bases.
s. Earnings Per Share
Laba Per Saham
Laba per saham dasar dihitung dengan
membagi laba bersih residual dengan jumlah
rata-rata tertimbang saham beredar pada tahun
yang bersangkutan.
Basic earnings per share is computed by
dividing net income by the weighted average
number of shares outstanding during the year.
Laba per saham dilusian dihitung dengan
membagi laba bersih residual dengan jumlah
rata-rata tertimbang saham biasa yang telah
disesuaikan dengan dampak dari semua efek
berpotensi saham biasa yang dilutif.
Diluted earnings 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.
- 25 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
t.
u.
Instrumen Keuangan Derivatif
t. Derivative Financial Instruments
Instrumen keuangan derivatif awalnya dinilai
berdasarkan nilai wajar pada saat tanggal
kontrak dibuat, dan selanjutnya dinilai kembali
berdasarkan nilai wajar pada tanggal laporan
keuangan.
Derivative financial instruments are initially
measured at fair value on the contract date, and
are remeasured to fair value at subsequent
reporting dates.
Perubahan nilai dari instrumen keuangan
derivatif diakui dalam laporan laba rugi
konsolidasi sepanjang tidak dimaksudkan dan
tidak memenuhi kualifikasi lindung nilai.
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.
Suatu derivatif disajikan sebagai aktiva 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 aktiva atau kewajiban
lancar.
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.
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.
The use of financial derivatives is governed by
the Company’s policies approved by the Board
of Directors consistent with the Company’s risk
management strategy. The Company and
subsidiaries do not use derivative financial
instruments for speculative purposes.
Instrumen keuangan derivatif ini digunakan
untuk mengelola risiko yang berkaitan erat
dengan fluktuasi mata uang asing. Tetapi
akuntansi lindung nilai tidak diperlakukan karena
identifikasi lindung nilai dan dokumentasi yang
diperlukan sesuai dengan standar akuntansi
belum dipenuhi.
These derivative financial instruments are used
to manage exposure to foreign currency
fluctuation. However, hedge accounting is not
applied as the hedging designation and
documentation
required
by
accounting
standards have not been met.
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 keuntungan atau kerugian yang
belum direalisasi dilaporkan pada laporan laba
rugi konsolidasi.
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 unrealized gains or
losses reported in profit or loss.
u. Segment Information
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.
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.
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.
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
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.
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.
- 26 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Aktiva dan kewajiban yang digunakan bersama
dalam satu segmen atau lebih dialokasikan
kepada setiap segmen jika, dan hanya jika,
pendapatan dan beban yang terkait dengan
aktiva tersebut juga dialokasikan kepada
segmen-segmen tersebut.
3.
KAS DAN SETARA KAS
3.
2007
Rp
Kas
Bank
Rupiah
Bank INA Perdana
Bank Mandiri
Bank Mega
Citibank
Lain-lain (masing-masing
dibawah Rp 500.000.000)
Dollar Amerika Serikat
United Overseas Bank Limited
Nordea Bank
Citibank
DVB Group Merchant Bank
(Asia) Ltd.
Hongkong & Shanghai
Banking Corporation
Bank of China
DBS Bank Indonesia
Bank Central Asia
Deutsche Bank
Fortis Bank S.A./ N.V.
Bank Mandiri
J.P. Morgan International Bank
Limited
Lain-lain (masing-masing
dibawah Rp 2.000.000.000)
Renmimbi China
Bank of China
Yen Jepang
Nordea Bank Norge ASA
Lain-lain (masing-masing
dibawah Rp 1.000.000.000)
Dollar Singapura
Citibank
Deutsche Bank
United Overseas Bank Limited
Dollar Hongkong
Hongkong & Shanghai
Banking Corporation
Citibank
GBP Inggris
Allied Irish Bank
Euro
ING Bank N.V
DFL Bank
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.
CASH AND CASH EQUIVALENTS
2006
Rp
13.431.851.197
7.079.106.594
46.797.371.263
753.544.951
704.719.855
676.265.443
16.484.759.377
565.380.504
195.710.491
817.593.391
361.701.248
710.051.815.942
190.950.004.008
118.978.820.158
7.708.703.742
310.671.941.423
16.849.926.207
10.912.089.500
11.345.236.558
11.215.505.838
9.483.074.914
8.814.510.715
4.679.982.832
2.866.627.062
2.098.572.409
31.488.495.280
24.086.781.598
53.407.239
1.292.603.343
2.935.997.643
2.077.891.587
591.268.126
5.513.239.713
4.268.095.297
6.035.125.068
3.488.855.181
1.130.870.948
-
1.084.724.737
228.041.300
867.721.574
382.383.896
346.137.324
128.586.922
2.389.671.306
390.420.941
28.740.854
271.268.686.366
199.287.767
145.875.256
- 27 -
276.705.767.289
-
Cash on hand
Cash in banks
Rupiah
Bank INA Perdana
Bank Mandiri
Bank Mega
Citibank
Others (below
Rp 500,000,000 each)
U.S. Dollars
United Overseas Bank Limited
Nordea Bank
Citibank
DVB Group Merchant Bank
(Asia) Ltd.
Hongkong & Shanghai
Banking Corporation
Bank of China
DBS Bank Indonesia
Bank Central Asia
Deutsche Bank
Fortis Bank S.A./ N.V.
Bank Mandiri
J.P. Morgan International Bank
Limited
Others (below
Rp 2,000,000,000 each)
Chinese Renmimbi
Bank of China
Japanese Yen
Nordea Bank Norge ASA
Others (below
Rp 1,000,000,000 each)
Singapore Dollar
Citibank
Deutsche Bank
United Overseas Bank Limited
Hongkong Dollar
Hongkong & Shanghai
Banking Corporation
Citibank
British Poundsterling
Allied Irish Bank
Euro
ING Bank N.V
DFL Bank
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
2007
Rp
Deposito berjangka
Dollar Amerika Serikat
Fortis Bank S.A./ N.V.
Bank of China
DNB NOR Bank ASA
J.P. Morgan International Bank
Limited
Citibank
Bank Sumitomo Mitsui Indonesia
United Overseas Bank Limited
UBS Bank
Barclays Capital
Bank Resona Perdania
Dollar Singapura
United Overseas Bank Limited
Rupiah
Bank Negara Indonesia
Jumlah
Tingkat bunga deposito berjangka
per tahun
Dollar Amerika Serikat
Dollar Singapura
Rupiah
4.
2006
Rp
273.621.950.000
125.556.698.203
57.455.900.000
89.435.741.714
45.363.242.476
-
37.676.000.000
26.515.561.097
9.588.657.849
6.954.080.384
1.669.317.785
528.647.215
-
22.550.000.000
24.735.174.647
482.414.315
1.384.962.190
369.239.588
500.000.000
502.208.219
1.980.422.580.895
886.090.706.964
Total
2,61% - 5,24%
4,79% - 7,95%
Interest rates per annum on
time deposits
U.S. Dollar
Singapore Dollar
Rupiah
2,81% - 6,63%
0,825%
6,5% - 9,75%
INVESTASI TERSEDIA UNTUK DIJUAL
4.
Perincian investasi tersedia untuk dijual adalah
sebagai berikut:
2007
Rp
Biaya perolehan
PT Danatama Makmur
Reksadana Nusadana Kombinasi
Maxima
Laba yang belum direalisasi
PT Danatama Makmur
Reksadana Nusadana Kombinasi
Maxima
Nilai wajar
-
Time Deposits
U.S. Dollars
Fortis Bank S.A./ N.V.
Bank of China
DNB NOR Bank ASA
J.P. Morgan International Bank
Limited
Citibank
Bank Sumitomo Mitsui Indonesia
United Overseas Bank Limited
UBS Bank
Barclays Capital
Bank Resona Perdania
Singapore Dollar
United Overseas Bank Limited
Rupiah
Bank Negara Indonesia
AVAILABLE-FOR-SALE INVESTMENTS
The details of available for sale investments are as
follows:
2006
Rp
658.808.027.298
2.000.000.000
19.940.475.112
218.770.408
680.967.272.818
Berdasarkan perjanjian kontrak jasa manajer investasi
tanggal 18 Desember 2007 dan 15 Desember 2006,
Perusahaan menunjuk PT Danatama Makmur sebagai
pengelola dana sebesar USD 69.944.583 dan
USD 48.000.000 masing-masing pada tahun 2007
dan 2006, 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 serta skema investasi kolektif. Perjanjian
berlaku selama 1 bulan sejak kontrak ditandatangani
dan dapat diperpanjang setiap bulannya untuk jangka
waktu yang sama (1 bulan) dengan instruksi tertulis
dari Perusahaan kepada PT Danatama Makmur.
- 28 -
432.960.000.000
612.295.640
433.572.295.640
Cost
PT Danatama Makmur
Nusadana Kombinasi Maxima
mutual fund
Unrealized gain
PT Danatama Makmur
Nusadana Kombinasi Maxima
Mutual Fund
Fair value
Under the Investment Management Contract
Service Agreement dated December 18, 2007 and
December 15, 2006, the Company appointed
PT Danatama Makmur to manage funds of USD
69,944,583 and USD 48,000,000 in 2007 and 2006,
repectively, 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.
The agreement is valid for 1 month from signing of
the contract and can be extended on a monthly
basis (1 month) upon the written instruction from
the Company to PT Danatama Makmur.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Perusahaan sebagai pemilik dana dapat mencairkan
seluruh atau sebagian dana tersebut yang telah
diinvestasikan sebelum jatuh tempo dengan
memberikan instruksi tertulis minimal dalam jangka
waktu 2 hari perdagangan kepada PT Danatama
Makmur sebelum hari penarikan atas dana investasi
tersebut.
5.
5.
PIUTANG USAHA
2007
Rp
a. Berdasarkan pelanggan
Pihak yang mempunyai
hubungan istimewa
Pan Union Agencies Pte. Ltd.
Lain-lain (masing-masing
di bawah Rp 500.000.000)
Jumlah
The Company as the owner of the funds can
liquidate all or part of the funds that have been
invested before the due date with written notice
within a minimum of 2 (two) trading days to
PT Danatama Makmur before the withdrawal date
of investment funds.
TRADE ACCOUNTS RECEIVABLE
2006
Rp
a. By Debtor
-
11.804.122.097
-
313.878.692
-
12.118.000.789
Related parties
Pan Union Agencies Pte. Ltd.
Others (below
Rp 500,000,000 each)
Total
Pihak ketiga
Kapal yang dimiliki dan disewa
Jasa perantara perkapalan
615.283.133.834
98.148.727.423
423.542.608.500
71.384.300.772
Third parties
Owned and chartered vessels
Agency
Jumlah
713.431.861.257
494.926.909.272
Total
Jumlah Piutang Usaha
713.431.861.257
507.044.910.061
Total Trade Accounts Receivable
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
273.646.321.474
152.513.961.146
176.485.249.947
168.973.078.271
89.309.884.517
5.017.327.048
244.382.911.333
88.371.939.240
17.942.670.231
3.833.428.111
713.431.861.257
507.044.910.061
668.581.285.192
18.433.612.660
26.416.963.405
459.159.582.200
5.904.311.600
41.981.016.261
713.431.861.257
507.044.910.061
b. By Age Category
Not yet due
Past due
1 - 60 days
61 - 120 days
121 - 180 days
> 180 days
Total
c. By Currency
U.S. Dollars
Rupiah
Other currencies
Total
Sebelum menerima suatu pelanggan, Perusahaan
dan anak perusahaan menilai kualitas kredit
pelanggan. Dari saldo piutang pada akhir tahun
sebesar Rp 59.039.874.392 adalah piutang kepada
PT Pertamina
(Persero)
(Pertamina)
yang
merupakan pelanggan Perusahaan (Catatan 26 dan
39). Tidak ada pelanggan lain yang saldonya
melebihi 6% daripada total saldo piutang usaha
tersebut.
Before accepting any new customer, the Company
and its subsidiaries assess the potential customer’s
credit quality. Of the trade receivables balance at
the end of the year, Rp 59,039,874,392 is due from
PT Pertamina
(Persero)
(Pertamina),
the
Company’s largest customer (Notes 26 and 39).
There are no other customers who represent more
than 6% of the total balance of trade accounts
receivables.
Perusahaan dan anak perusahaan tidak menerima
jaminan atas saldo-saldo tersebut di atas.
Berdasarkan penelaahan atas status masing-masing
piutang tersebut pada akhir tahun manajemen
Perusahaan memutuskan bahwa tidak terdapat
perubahan signifikan terhadap kualitas kredit dan
semua piutang usaha tersebut dapat tertagih
sehingga tidak mengadakan penyisihan piutang
ragu-ragu.
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 Company’s 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.
- 29 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
6.
PIUTANG LAIN-LAIN
6.
OTHER ACCOUNTS RECEIVABLE
2007
Rp
7.
8.
2006
Rp
Deposit untuk biaya sandar
Klaim pengganti peralatan
Klaim asuransi
Bagian piutang lain-lain jangka
panjang yang jatuh tempo
dalam satu tahun (Catatan 9)
Lain-lain
5.755.649.492
3.707.930.635
-
3.550.858.300
9.499.268.680
Deposit for port charges
Claims for equipment replacement
Insurance claims
16.778.674.717
1.570.138.460
15.842.622.604
Current portion of other long-term
accounts receivable (Note 9)
Others
Jumlah
26.242.254.844
30.462.888.044
Total
7.
REKENING BANK YANG DIBATASI
PENGGUNAANNYA
RESTRICTED CASH IN BANK
Akun ini merupakan saldo pada Nordea Bank Norge
ASA, Grand Cayman sebesar USD 29.200.000 yang
dijadikan jaminan sehubungan dengan fasilitas
Irrecovable Letter of Credit (L/C) yang diperoleh dari
bank yang sama.
This account represents current account in Nordea
Bank Norge ASA, Grand Cayman amounting to
USD 29,200,000, which is used as security in
relation with Irrecovable Letter of Credit (L/C) facility
obtained from the same bank.
Tingkat bunga rata-rata per tahun selama tahun 2007
sebesar 4,17%.
The average interest per annum of this restricted
cash during the year 2007 was 4.17%
INVESTASI PADA PERUSAHAAN ASOSIASI
8.
Tempat
Kedudukan/
Domicile
INVESTMENTS IN ASSOCIATES
Persentase
Kepemilikan/
Percentage
of Ownership
%
2007
Rp
2006
Rp
30
30
50
192.515.573.957
1.167.781.184
1.040.185.504
222.260.427.312
1.118.631.626
858.761.864
194.723.540.645
224.237.820.802
Metode Ekuitas/Equity Method
Teekay BLT Corporation
Thai Petra Transport Co. Ltd.
PT Berlian Limatama
Marshall Islands
Thailand
Indonesia
Jumlah/Total
Mutasi investasi dengan metode ekuitas:
Teekay BLT Corporation
Saldo awal
Selisih kurs penjabaran
Perubahan ekuitas perusahaan
asosiasi
Bagian rugi bersih perusahaan
asosiasi
Saldo Akhir
Changes in investments under the equity method:
2007
Rp
2006
Rp
222.260.427.312
9.819.307.004
242.654.584.116
(19.988.296.272)
(39.164.165.266)
-
(399.995.093)
192.515.573.957
(405.860.532)
222.260.427.312
- 30 -
Teekay BLT Corporation
Balance at beginning of year
Translation adjustment
Difference due to change of equity
in associate
Equity in net loss of the associate
Balance at end of year
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
2007
Rp
Thai Petra Transport Co. Ltd.
Saldo awal
Selisih kurs penjabaran
Bagian laba (rugi) bersih perusahaan
asosiasi
Saldo Akhir
PT Berlian Limatama
Saldo awal
Bagian laba bersih perusahaan
asosiasi
Saldo Akhir
9.
2006
Rp
1.118.631.626
49.472.698
1.201.974.161
(99.304.754)
(323.140)
15.962.219
Thai Petra Transport Co. Ltd.
Balance at beginning of year
Translation adjustment
Equity in net earnings (loss) of the
the associate
1.167.781.184
1.118.631.626
Balance at end of year
858.761.864
703.618.667
181.423.640
155.143.197
Equity in net earnings of the associate
1.040.185.504
858.761.864
Balance at end of year
PT Berlian Limatama
Balance at beginning of year
Pada tanggal 26 Juli 2005, BLT LNG Tangguh
Corporation, anak perusahaan, membeli 150 saham
Teekay BLT Corporation dari Teekay Tangguh
Holding Corporation seharga USD 24.685.105.
Seluruh saham tersebut digunakan sebagai jaminan
hutang lain-lain jangka panjang (Catatan 18).
On July 26, 2005, BLT LNG Tangguh Corporation,
a subsidiary, agreed to purchase 150 shares of
Teekay BLT Corporation from Teekay Tangguh
Holding Corporation for USD 24,685,105. All of
these shares are used as collateral for other longterm payables (Note 18).
Teekay BLT Corporation bergerak dalam bidang jasa
pelayaran / angkutan laut mulai beroperasi komersial
pada tahun 2006.
Teekay BLT Corporation is engaged in providing
cargo shipping service / sea cargo service and has
commenced commercial operations in 2006.
Thai Petra Transport Co. Ltd. bergerak dalam bidang
pengurusan pelabuhan (keagenan).
Thai Petra Transport Co. Ltd. is engaged in port
services (agency).
PT Berlian Limatama bergerak dalam
ekspedisi muatan kapal laut.
PT Berlian Limatama is engaged in providing cargo
shipping services.
bidang
PIUTANG LAIN-LAIN JANGKA PANJANG
9.
Pada tahun 2006, akun ini merupakan piutang yang
berasal dari penjualan kapal anak perusahaan
kepada pihak ketiga. Piutang ini berbentuk pinjaman
subordinasi dengan nilai USD 3.500.000. Menurut
perjanjian, pembeli menyetujui untuk membayar
kembali pinjaman dan bunga sebesar 5% per tahun
secara basis anuitas dalam cicilan bulanan dengan
jumlah yang sama, bersamaan dengan pembayaran
sekaligus (balloon payment) sebesar USD 1.750.000
pada tanggal 12 Mei 2012. Bagian yang jatuh tempo
dalam waktu satu tahun disajikan sebagai bagian
aktiva lancar dalam akun piutang lain-lain. Seluruh
piutang ini telah dilunasi pada bulan Nopember
2007.
- 31 -
OTHER LONG-TERM ACCOUNTS RECEIVABLE
In 2006, this account receivable arose from the
sale of a subsidiary’s vessel to a third party. The
receivable is in the form of a subordinated loan
with original amount of USD 3,500,000. Under the
loan agreement, the buyer agreed to repay the loan
and interest thereon at the rate of 5% per annum
on annuity basis in equal monthly installment,
together with a balloon payment of USD 1,750,000
on May 12, 2012. The current maturity of the loan
is presented as part of other long-term accounts
receivable under current assets. All of the
receivable amount had been paid in November
2007.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
10. AKTIVA TETAP
10. PROPERTY, VESSELS AND EQUIPMENT
1 Januari 2007/
January 1, 2007
Rp
Selisih Kurs
Penjabaran /
Translation
Adjustment
Rp
292.311.294
6.931.042.868.588
11.102.725.938
6.324.991.631
12.684.232.014
242.592.271.126
1.376.787.283
280.623.051
11.831.142.000
7.043.350.702.682
7.850.750.000
5.041.505.504
5.915.511.774
2.427.598.524
6.544.595.805
424.302.962.191
62.118.371
216.603.035
8.355.160.161
310.560.853
14.202.549.685
617.302.483.728
Jumlah
7.394.722.285.985
252.883.563.027
Akumulasi penyusutan:
Kapal dan peralatan
Tangki minyak
Kendaraan
Perabot kantor
1.613.912.010.111
9.225.061.672
4.324.423.814
8.020.028.937
Penambahan/
Additions
Rp
Pengurangan/
Deductions
Rp
Reklasifikasi/
Reclassification
Rp
31 Desember 2007/
December 31, 2007
Rp
669.917.100.000
1.049.152.659
203.383.976
482.809.684.529
-
12.123.453.294
14.029.878.426.925
12.479.513.221
13.126.588.972
23.718.488.367
733.838.246
261.772.848
3.099.214.528.000
-
-
(482.809.684.529)
3.534.115.994
21.225.521.373
3.099.214.528.000
567.150.921.551
7.699.889.694.452
3.106.125.650.868
671.169.636.635
-
17.782.451.557.697
53.168.492.006
1.143.948.652
172.484.354
519.332.672.484
145.344.212
2.400.070.514
1.640.581.966
631.910.255
155.829.155.656
737.228.745
184.565.567
-
2.030.584.018.945
10.514.354.536
5.987.265.583
10.280.439.945
1.554.502.574
860.674.584
29.524.090
9.860.224
273.188.680
384.550.712
101.916.688
47.458.528.001
38.712.090
-
-
-
-
1.959.132.032
47.458.528.001
1.293.797.610
Jumlah
1.637.896.701.692
54.524.309.326
524.176.408.568
48.231.067.034
156.750.949.968
-
Jumlah Tercatat
Biaya docking
5.756.825.584.293
Biaya perolehan:
Tanah
Kapal dan peralatan
Tangki minyak
Kendaraan
Perabot kantor
Peralatan kantor dan mess
Bangunan
Aktiva sewa pembiayaan
Aktiva dalam penyelesaian
Peralatan kantor dan mess
Aktiva sewa pembiayaan
Bangunan
-
Akuisisi/
Acquisition
Rp
2.108.077.536.652
Jumlah
1 Januari 2006/
January 1, 2006
Rp
Biaya perolehan:
Tanah
Kapal dan peralatan
Tangki minyak
Kendaraan
Perabot kantor
Selisih Kurs
Penjabaran /
Translation
Adjustment
Rp
Penambahan/
Additions
Rp
Pengurangan/
Deductions
Rp
Reklasifikasi/
Reclassification
Rp
Total
Accumulated depreciation:
Vessels and equipment
Oil tanks
Transportation equipment
Office furniture and fixtures
Office and dormitory
equipment
Leased assets
Buildings
Total
15.674.374.021.045
136.344.704.510
Net book value
Docking cost
15.810.718.725.555
Total
31 Desember 2006/
December 31, 2006
Rp
(508.842.369.288)
(561.795.158)
(361.201.096)
1.054.741.546.658
806.060
64.466.687
2.599.444.573
1.652.082.955
6.984.316.154
184.418.893.095
(52.595.058)
(439.720.349)
(12.941.588.165)
828.110.627
1.025.384.576.613
Jumlah
6.492.500.302.433
(523.199.269.114)
2.083.618.951.218
658.197.698.552
-
7.394.722.285.985
Akumulasi penyusutan:
Kapal dan peralatan
Tangki minyak
Kendaraan
Perabot kantor
1.333.173.309.966
8.489.134.524
5.436.882.448
7.017.944.640
(105.320.810.983)
(408.303.039)
(228.026.665)
386.059.511.128
1.144.230.187
1.446.474.699
1.230.110.962
2.558.933.333
-
-
1.613.912.010.111
9.225.061.672
4.324.423.814
8.020.028.937
1.009.354.005
502.079.026
(37.564.009)
-
582.712.578
358.595.558
-
1.554.502.574
860.674.584
Jumlah
1.355.628.704.609
(105.994.704.696)
390.821.635.112
-
1.637.896.701.692
Total
Jumlah Tercatat
Biaya docking
5.136.871.597.824
5.756.825.584.293
147.106.128.088
Net book value
Docking cost
5.903.931.712.381
Total
Peralatan kantor dan mess
Bangunan
-
772.558.919.352
-
292.311.294
6.931.042.868.588
11.102.725.938
6.324.991.631
12.684.232.014
(772.558.919.352)
2.427.598.524
6.544.595.805
424.302.962.191
Cost:
Land
Vessels and equipment
Oil tanks
Transportation equipment
Office furniture and fixtures
Office and dormitory
equipment
Buildings
Construction in progress
292.311.294
6.268.126.870.418
11.663.715.036
8.916.124.944
10.445.988.537
Peralatan kantor dan mess
Bangunan
Aktiva dalam penyelesaian
655.542.098.552
2.655.600.000
-
Cost:
Land
Vessels and equipment
Oil tanks
Transportation equipment
Office furniture and fixtures
Office and dormitory
equipment
Buildings
Leased assets
Construction in progress
2.558.933.333
Jumlah
Jumlah aktiva tetap di neraca termasuk biaya docking
kapal yang belum diamortisasi dengan rincian
sebagai berikut:
Biaya
Docking Kapal/
Docking
Cost
2007
2006
Saldo Awal/
Beginning
Balance
Rp
147.106.128.088
47.902.705.399
Accumulated depreciation:
Vessels and equipment
Oil tanks
Transportation equipment
Office furniture and fixtures
Office and dormitory
equipment
Buildings
The balance sheet carrying amount of property,
vessels and equipment included the unamortized
docking costs of the vessels are as follows:
Penambahan/
Addition
Rp
Pengurangan,
Amortisasi/
Deduction,
Amortization
Rp
101.830.147.722
182.692.961.004
117.090.924.965
70.279.336.273
- 32 -
Total
Selisih Kurs
Penjabaran/
Translation
Adjustment
Rp
4.499.353.665
(13.210.202.042)
Saldo Akhir/
Ending Balance
Rp
136.344.704.510
147.106.128.088
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Penambahan kapal pada tahun 2007 terdiri dari
pembangunan kapal anak perusahaan yang sudah
selesai di bangun (M.T. Purwati, M.T. Gas Sulawesi
dan M.T. Gas Papua) dan pembelian kapal anak
perusahaan (MT Trirasa, MT Fatmawati dan
M.T.Tridonawati,
M.T.
Chembulk
Bercelona,
M.T. Chembulk Gibraltar, M.T. Chembulk Kobe,
M.T. Chembulk New York, M.T. Chembulk Savannah,
M.T. Chembulk Shanghai, M.T. Chembulk Hong
Kong, M.T. Chembuck Houston, M.T. Chembulk
Ulsan, M.T. Chembulk Virgin Gorda dan M.T.
Chembulk Yokohama) dan akuisisi kapal sewa
pembiayaan dari anak perusahaan (M.T. Chembulk
Minneapolis, M.T. Chembulk New Orleans, M.T.
Chembulk Singapore, M.T. Chembulk Tortola dan
M.T. Chembulk Westport).
The additions in vessels in 2007 consist of the
subsidiaries vessels whose construction had been
completed (M.T. Purwati, M.T. Gas Sulawesi and
M.T. Gas Papua) and purchase of vessels by the
subsidiaries (MT Trirasa, MT Fatmawati and MT
Tridonawati,
M.T.
Chembulk
Bercelona,
M.T. Chembulk Gibraltar, M.T. Chembulk Kobe,
M.T. Chembulk New York, M.T. Chembulk
Savannah, M.T. Chembulk Shanghai,
M.T.
Chembulk Hong Kong, M.T. Chembuck Houston,
M.T. Chembulk Ulsan, M.T. Chembulk Virgin Gorda
and M.T. Chembulk Yokohama) and acquisition of
subsidiaries’ vessels under leasing arrangement
(M.T. Chembulk Minneapolis, M.T. Chembulk New
Orleans, M.T. Chembulk Singapore, M.T.
Chembulk Tortola and M.T. Chembulk Westport).
Penambahan kapal pada tahun 2006 terutama
merupakan pembelian kapal anak perusahaan
(M.T. Bramani, M.T. Anjani, M.T. Anggraini, dan
FPSO Brotojoyo).
The additions in vessels in 2006 represent
purchase of vessels by the subsidiaries
(M.T. Bramani, M.T. Anjani, M.T. Anggraini, and
FPSO Brotojoyo).
Pengurangan kapal pada tahun 2007 merupakan
penjualan kapal anak perusahaan (MT Bandondari,
MT Tribuana dan MT Triwati d/h MT Trijata).
The reduction in vessels in 2007 included sale of
vessels of the subsidiary (M.T. Bandondari, M.T.
Tribuana and M.T. Triwati, formerly MT Trijata).
Pengurangan kapal pada tahun 2006 merupakan
penjualan kapal anak perusahaan (M.T. Pertiwi, M.T.
Pujawati, dan M.T. Prita Dewi).
The reduction in vessels in 2006 included sale of
vessels of the subsidiary (M.T. Pertiwi, M.T.
Pujawati, and M.T. Prita Dewi).
Berdasarkan Rapat Umum Pemegang Saham Luar
Biasa (RUPSLB) yang diaktakan dengan akta No. 30
tanggal 21 Juni 2006 dari Amrul Partomuan Pohan,
S.H., LLM, notaris di Jakarta, Perusahaan
memperoleh persetujuan dari Para Pemegang Saham
untuk menjual aktiva tetap, kapal M.T. Pertiwi milik
anak perusahaan (Fatmarini Maritime Pte. Ltd.) dan
M.T. Pujawati milik anak perusahaan (Frabandari
Maritime Pte. Ltd.) dengan harga masing-masing
sebesar USD 45.000.000.
At the Extraordinary General Meeting of
Stockholders as stated in notarial deed No. 30
dated June 21, 2006 of Amrul Partomuan Pohan,
S.H., LLM, notary in Jakarta, the stockholders
approved to sell two vessels in progress of its
subsidiaries, M.T. Pertiwi (owned by Fatmarini
Maritime Pte. Ltd.) and M.T. Pujawati (owned by
Frabandari Maritime Pte. Ltd.) at a price of
USD 45,000,000 each.
Berdasarkan Rapat Umum Pemegang Saham Luar
Biasa (RUPSLB) yang diaktakan dengan akta No. 12
pada tanggal 11 September 2006 dari Amrul
Partomuan Pohan, S.H., LLM, notaris di Jakarta,
Perusahaan memperoleh persetujuan dari Para
Pemegang Saham untuk menjual aktiva tetap, kapal
M.T. Prita Dewi milik anak perusahaan (Prita Dewi
Maritime Pte. Ltd.) dengan harga sebesar
USD 45.000.000.
At the Extraordinary General Meeting of
stockholders as stated in notarial deed No. 12
dated September 11, 2006 of Amrul Partomuan
Pohan, S.H., LLM, notary in Jakarta, the
stockholders approved to sell vessels in progress of
its subsidiary, M.T. Prita Dewi, (owned by Prita
Dewi Maritime Pte. Ltd.) at a price of
USD 45,000,000.
Seluruh penjualan dilakukan kepada pihak ketiga.
Keuntungan penjualan aktiva tetap selama tahun
2007
dan
2006
masing-masing
sebesar
Rp 27.198.658.553 dan Rp 482.910.734.691 dengan
perincian sebagai berikut:
All sales are made with third parties. Gain on sale
of vessels and vehicles in 2007 and 2006 amounted
to Rp 27,198,658,553 and Rp 482,910,734,691,
respectively, with details as shown below:
2007
Rp
Harga jual
Nilai tercatat
2006
Rp
561.716.545.220
(514.418.686.667)
1.219.016.249.910 Proceeds from sale of fixed asset
(655.638.765.219) Net carrying account
Bersih
Komisi
47.297.858.553
20.099.200.000
563.377.484.691
80.466.750.000
Net
Commission
Keuntungan penjualan aktiva tetap
27.198.658.553
482.910.734.691
Gain on sale of vessels and vehicles
- 33 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Perusahaan dan anak perusahaan menerima hasil
penjualan kapal-kapal tersebut pada bulan Oktober
dan Nopember 2007 serta Juli dan Oktober 2006.
The Company received the proceeds from such sale
of vessels in October and November 2007, July and
October 2006.
Beban penyusutan dialokasi sebagai berikut:
Depreciation
following:
2007
Rp
expense
was
allocated
to
the
2006
Rp
Beban usaha
Kapal dan tangki yang dimiliki
(Catatan 27)
Umum dan administrasi (Catatan 28)
Selisih kurs penjabaran
507.676.298.336
4.801.041.439
11.699.068.793
Operating expenses
Owned vessels and tanks
392.828.876.726
(Note 27)
3.688.786.067
General and administrative (Note 28)
(5.696.027.681) Translation adjustment
Jumlah
524.176.408.568
390.821.635.112
Total
Kapal dan peralatan digunakan sebagai jaminan
atas hutang bank dan kewajiban sewa pembiayaan
(Catatan 12, 16 dan 21).
Vessels and equipment are used as collateral for
the bank loans and obligation under finance lease
(Notes 12, 16 and 21).
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.
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 the land was acquired legally and
supported by sufficient evidence of ownership.
Kapal
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 masing-masing sebesar
USD 1.749.550.000 dan USD 933.550.000 pada
tahun 2007 dan 2006 melalui LCH Insurance (s) Pte.
Ltd. dan Sompo Japan Insurance Inc.
The 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 1,749,550,000
in
2007
and
USD 933,550,000 in 2006, with LCH Insurance (s)
Pte. Ltd. and Sompo Japan Insurance Inc.
Kapal
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).
Those vessels and equipment were also insured for
losses of third parties from vessel operations such
as environmental pollution caused by accident
(Protection and Indemnity or P & I).
Manajemen berpendapat bahwa nilai pertanggungan
tersebut cukup untuk menutupi kemungkinan
kerugian atas aktiva yang dipertanggungkan.
Management believes that the insurance coverage
is adequate to cover possible losses on the assets
insured.
Aktiva dalam penyelesaian terutama merupakan 10
kapal yang sedang dibangun yang diperkirakan akan
selesai pada tahun 2008 - 2011 (Catatan 39c).
Construction in progress mainly consists of 10
vessels under construction which are estimated to
be completed in 2008 - 2011 (Note 39c).
- 34 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
11.
GOODWILL – BERSIH
11. GOODWILL - NET
Akun ini merupakan selisih antara biaya akuisisi
anak perusahaan dengan nilai wajar aktiva bersih
yang diperoleh dengan rincian sebagai berikut:
2007
Rp
This account represents the difference between
acquisition cost of subsidiaries and fair value of net
assets acquired as follows:
2006
Rp
Harga perolehan
Penambahan tahun berjalan
Akumulasi amortisasi
61.842.037.155
681.499.228.939
(30.034.912.776)
Goodwill - Bersih
713.306.353.318
61.842.037.155 Cost
Addition during the year
(25.675.178.468) Accumulated amortization
36.166.858.687
Goodwill - Net
Berdasarkan Rapat Umum Pemegang Saham Luar
Biasa tanggal 18 Desember 2007, sebagaimana
yang tercantum dalam akta notaris Amrul
Partomuan Pohan, SH., LL.M, No. 16 tanggal
18 Desember 2007, para pemegang saham
menyetujui untuk melakukan akuisisi/pembelian
Chembulk Tankers LLC.
At the Extraordinary General Meeting of
Stockholders as stated in notarial deed No. 16
dated December 18, 2007 of Amrul Partomuan
Pohan, SH., LL.M, notary in Jakarta, the
stockholders approved to acquire Chembulk
Tankers LLC.
Pada tanggal 19 Desember 2007 (tanggal akuisisi)
Asean Maritime Corporation, melalui BLT Chembulk
Corp, anak perusahaan, membeli 100% saham milik
Chembulk Holding Inc pada Chembulk Tankers LLC.
Pada tanggal akuisisi, nilai wajar atas aktiva bersih
Chembulk
Tankers
LLC
sebesar
Rp 2.069.294.704.197. Perbedaan antara nilai wajar
dari aktiva bersih yang diakuisisi dan biaya
perolehan akuisisi dicatat sebagai goodwill.
As of December 19, 2007 (the effective date of the
acquisition), Asean Maritime Corporation purchased
through its wholly-owned subsidiary, BLT Chembulk
Corp, 100% of the shares owned by Chembulk
Holdings Inc. in Chembulk Tankers LLC. As of
acquisition date, the fair value of the net assets of
Chembulk
Tankers
LLC,
amounted
to
Rp 2,069,294,704,197. The difference between the
fair value of the net assets acquired and the cost of
acquisition, is accounted for as goodwill.
Pada tanggal yang sama, BLT Chembulk Corp. juga
membeli 11 kapal dari Chembulk Holding Inc.
sebesar USD 618.000.000.
On the same date, BLT Chembulk Corp. also
purchased eleven vessels from Chembulk Holding
Inc. at a purchase price USD 618,000,000.
Pada tanggal akuisisi Perusahaan mengakui/
mencatat aktiva tetap dan kewajiban Chembulk
Tankers LLC sebagai berikut:
The Company recognized, at the acquisition date,
the following assets and liabilities of Chembulk
Tankers LLC:
Nilai buku sebelum
diakuisisi/
Book value prior
to acquisition
Rp
Assets
1.389.939.017.182
Property and equipment - net
479.577.804
Other non current assets
51.097.924.296
Inventories
72.484.310.098
Receivables
Prepayment and other current
19.978.857.537
assets
275.034.800.000
Restricted cash
197.509.921.471
Cash
Nilai wajar/
Fair value
Rp
Aktiva
Aktiva tetap - bersih
Aktiva tidak lancar lain-lain
Persediaan
Piutang
Biaya dibayar dimuka dan aktiva
lancar lain-lain
Kas yang dibatasi penggunaannya
Kas
Jumlah
Kewajiban
Kewajiban sewa pembiayaan
Hutang usaha
Kewajiban lain-lain
Jumlah
Aktiva bersih yang diakuisisi
Goodwill pada saat akuisisi
Biaya perolehan akuisisi
3.057.894.578.937
479.577.804
51.097.924.296
72.484.310.098
19.978.857.537
275.034.800.000
197.509.921.471
3.674.479.970.143
2.006.524.408.388
1.355.708.223.650
93.794.854.112
155.682.188.184
1.355.708.223.650
93.794.854.112
155.682.214.651
1.605.185.265.946
1.605.185.292.413
2.069.294.704.197
401.339.115.975
681.499.228.939
2.750.793.933.136
- 35 -
Total
Liabilities
Obligations under finance lease
Trade payables
Other current liabilities
Total
Net assets acquired
Goodwill on acquisition
Acquisition cost
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Harga perolehan akuisisi di atas termasuk biayabiaya yang timbul dalam rangka perjanjian akuisisi.
Harga perolehan dibayar secara tunai, arus kas
keluar bersih pada saat akuisisi sebesar
Rp 2.553.284.011.665
(harga
perolehan
Rp 2.750.793.933.136 dikurangi kas yang diperoleh
sebesar Rp 197.509.921.471).
The acquisition cost above includes directly
attributable acquisition costs incurred in developing
the acquisition contracts. The acquisition cost was
paid in cash, and the net cash outflow on
acquisition expressed in Rupiah amounted to
Rp 2,553,284,011,665
(acquisition
cost
of
Rp 2,750,793,933,136
less cash acquired of
Rp 197,509,921,471).
Perusahaan mempertimbangkan untuk menyajikan
informasi laporan laba rugi konsolidasi proforma
untuk tahun yang berakhir 31 Desember 2007,
seolah-olah Chembulk Tankers LLC telah diakuisisi
sejak awal tahun 2007. Dalam penyusunan informasi
laporan laba rugi konsolidasi proforma, manajemen
telah menghitung penyusutan aktiva tetap yang
diakuisisi tidak menggunakan nilai tercatat aktiva
berdasarkan laporan keuangan sebelum akuisisi
terjadi melainkan menggunakan nilai wajar yang
timbul saat penggabungan usaha pertama kali
dilakukan, dan tidak memperhitungkan keuntungan
atas distribusi kepada pemegang saham lama yang
dianggap sebagai suatu transaksi sebelum akuisisi
serta tidak memperhitungkan penghasilan (beban)
yang bukan berasal dari operasi normal. Informasi
laporan laba rugi konsolidasi proforma tersebut
adalah sebagai berikut:
The Company has considered to present proforma
consolidated statement of income for the year
ended December 31, 2007 as if Chembulk Tankers
LLC had been acquired at the beginning of 2007. In
determining the information on the proforma
consolidated statement of income, the management
had calculated depreciation of property, vessels and
equipment acquired to the basis of the fair values
arising in the initial accounting for the business
combination rather than the carrying amounts
recognised in the pre-acquisition financial
statements and deducted the gain on distribution to
former stockholders as a one-off pre-acquisition
transaction and not calculated revenues and
expenses not derived from normal operations. The
proforma consolidated statements of income
information is as follows:
2007
(Tidak diaudit)/
(Unaudited)
Rp
Pendapatan usaha
Beban langsung
Laba kotor
Beban usaha
5.263.290.792.407
(3.430.561.871.442)
1.832.728.920.965
(333.958.177.810)
Laba usaha
Beban lain-lain - bersih
Operating revenue
Direct cost
Gross profit
Operating expenses
1.498.770.743.155
(657.506.071.694)
Income from operations
Other charges - net
Laba sebelum pajak
Beban pajak
841.264.671.461
(9.099.928.173)
Income before tax
Tax expense
Laba bersih
832.164.743.288
Net income
12. HUTANG BANK
DnB NOR Bank, ASA, Singapura
USD 250.000.000
Bank Sumitomo Mitsui Indonesia,
Jakarta
USD 17.000.000
Bank UOB Indonesia, Jakarta
Bank Mizuho Indonesia, Jakarta
Bank Central Asia, Jakarta
Bank Negara Indonesia, Jakarta
USD 3.110.000
Bank China Trust Indonesia, Jakarta
Jumlah
Tingkat bunga per tahun selama
tahun berjalan
Dollar Amerika Serikat
Rupiah
12. SHORT-TERM BANK LOANS
2007
Rp
2006
Rp
2.354.750.000.000
-
160.123.000.000
150.000.000.000
130.000.000.000
20.000.000.000
130.000.000.000
20.000.000.000
-
28.052.200.000
15.000.000.000
2.814.873.000.000
193.052.200.000
1% - 3,25% diatas/
3,25% diatas/
above LIBOR/SIBOR above LIBOR/SIBOR
6,2% - 13,5%
7,5% - 16,25%
- 36 -
DnB NOR Bank, ASA, Singapore
USD 250,000,000
Bank Sumitomo Mitsui Indonesia,
Jakarta
USD 17,000,000
Bank UOB Indonesia, Jakarta
Bank Mizuho Indonesia, Jakarta
Bank Central Asia, Jakarta
Bank Negara Indonesia, Jakarta
USD 3,110,000
Bank China Trust Indonesia, Jakarta
Total
Interest rate per annum during
the year
U.S. Dollar
Rupiah
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
A.
Pada bulan Desember 2007, anak perusahaan
memperoleh pinjaman “secured 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 (MT Bauhinia, MT
Cendanawati, MT Dewayani, MT Dewi Sri, MT
Fatmawati, MT Gagarmayang, MT Gandini, MT
Gas Bali, MT Gerbera, MT Indradi, MT
Jembawati, MT Tirtasari, MT Tromso Trust dan
MT Trirasa). Tingkat bunga sebesar 1,5% diatas
LIBOR, dimana pembayarannya 1-3 bulan.
A.
On December 2007, 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 in relation to the acquisition of the
vessels and for general working capital
purposes. The loan is due on December 19,
2008 and collateralized by subsidiaries’ vessels
(MT Bauhinia, MT Cendanawati, MT Dewayani,
MT
Dewi
Sri,
MT Fatmawati,
MT
Gagarmayang, MT Gandini, MT Gas Bali, MT
Gerbera, MT Indradi, MT Jembawati, MT
Tirtasari, MT Tromso Trust and MT Trirasa).
Interest rate is 1.5% above LIBOR, which is
paid between 1-3 months
B.
Pada bulan Juni 2007, Perusahaan memperoleh
fasilitas kredit revolving dari Bank Sumitomo
Mitsui Indonesia dengan jumlah maksimum
Rp 150.000.000.000 atau ekuivalen dalam
USD 17.000.000 dan akan jatuh tempo pada
bulan Juni 2008. Tingkat bunga sebesar 1%
diatas LIBOR, dimana pembayarannya setiap
bulan.
B.
In June 2007, the Company obtained a
revolving credit facility from Bank Sumitomo
Mitsui Indonesia with maximum credit of
Rp 150,000,000,000
or
equivalent
to
USD 17,000,000 and due on June 2008.
Interest rate is at 1% above LIBOR, which is
paid on monthly basis.
C. Pinjaman dari Bank UOB Indonesia merupakan
fasilitas kredit modal kerja dengan maksimum
berjumlah Rp 150.000.000.000 jatuh tempo
pada tanggal 12 Desember 2008. Pinjaman ini
dijamin dengan kapal anak perusahaan
(M.T. Anjani)
dan
piutang
usaha
atas
pendapatan charter ke Pertamina dari kapal
M.T. Anjani. Tingkat bunga sebesar SBI
ditambah
1,2%
per
tahun,
dimana
pembayarannya setiap bulan
C. Loan obtained from Bank UOB Indonesia is a
working capital credit facility with maximum
credit
of
Rp 150,000,000,000
due in
December 12, 2008. This loan is secured by
subsidiaries vessel (M.T. Anjani), Company’s
trade accounts receivable from Pertamina in
respect of M.T. Anjani. Interest rate per annum
is the SBI plus 1.2% , which is paid monthly.
D. Pinjaman dari
Bank Mizuho Indonesia
merupakan fasilitas kredit time loan revolving
dengan jumlah maksimum Rp 50.000.000.000
dan akan jatuh tempo pada tanggal 18 April
2008. Tingkat bunga sebesar cost of fund bank
ditambah 1,2%, dimana pembayarannya antara
7 - 30 hari. Pada tahun 2006, pinjaman ini
dijamin dengan kapal milik Perusahaan
M.T. Gas Jawa.
D. Loan obtained from Bank Mizuho Indonesia is
a time revolving loan with maximum credit of
Rp 50,000,000,000 due on April 18, 2008.
Interest rate is at the bank’s cost of funds plus
1.2%, which is paid between 7 - 30 days. In
2006, the loan was collateralized by the
Company’s vessel, M.T. Gas Jawa.
Pada
bulan
April
2005,
Perusahaan
mendapatkan tambahan pinjaman dari Bank
Mizuho Indonesia dengan maksimum kredit
sebesar Rp 35.000.000.000 jatuh tempo April
2008. Tingkat bunga sebesar cost of fund bank
ditambah 1,2%, dimana pembayarannya antara
7 - 30 hari.
In April 2005, the Company obtained additional
loan from Bank Mizuho Indonesia with
maximum credit of Rp 35,000,000,000 due in
April 2008. Interest rate is at the bank’s cost of
funds plus 1.2%, which is paid between 7 - 30
days.
Pada bulan Juli 2006, Bank Mizuho Indonesia
sepakat untuk menambah pinjaman baru senilai
Rp 45.000.000.000 jatuh tempo April 2008.
Tingkat bunga sebesar cost of fund bank
ditambah 1,2%, dimana pembayarannya antara
7 - 30 hari.
In July 2006, the Company obtained additional
loan from Bank Mizuho Indonesia with a
maximum credit of Rp 45,000,000,000 due in
April 2008. Interest rate is at the bank’s cost of
funds plus 1.2% which is paid between 7 - 30
days.
- 37 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
E.
Pinjaman dari Bank Central Asia merupakan
kredit modal kerja dengan jumlah maksimum
Rp 20.000.000.000 (Catatan 16b). Tingkat
bunga per tahun 10,25% - 13,5% pada tahun
2007, dimana pembayarannya setiap bulan.
E.
Loan obtained from Bank Central Asia is a
working capital credit facility with maximum
credit of Rp 20,000,000,000 (Note 16b).
Interest rate per annum is at 10.25% - 13.5%
in 2007, which is paid on a monthly basis.
F.
Pinjaman dari Bank Negara Indonesia
merupakan kredit modal kerja dengan jumlah
maksimum USD 3.110.000 jatuh tempo 2007.
Tingkat bunga per tahun 3,25% diatas SIBOR,
dimana pembayarannya setiap bulan. Pinjaman
in telah dilunasi seluruhnya pada bulan Mei
2007.
F.
Loan obtained from Bank Negara Indonesia is
a working capital credit facility with maximum
credit of USD 3,110,000 due in 2007. Interest
rate per annum is at 3.25% above SIBOR,
which is paid on a monthly basis. This loan
has been fully paid in May 2007.
G. Pinjaman dari Bank Chinatrust Indonesia
merupakan kredit modal kerja dengan jumlah
maksimum Rp 15.000.000.000 dan akan jatuh
tempo pada tanggal 23 Agustus 2007. Tingkat
bunga per tahun berdasarkan tingkat suku
bunga
SBI
ditambah
2%,
dimana
pembayarannya setiap bulan. Pinjaman ini
dijamin dengan aktiva Perusahaan sebesar nilai
yang terhutang kepada Bank Chinatrust
Indonesia.
Pinjaman
ini
telah
dilunasi
seluruhnya pada bulan Mei 2007.
13.
HUTANG USAHA
13. TRADE ACCOUNTS PAYABLE
2007
Rp
a. Berdasarkan pemasok:
Pihak yang mempunyai
hubungan istimewa
Pan Union Agencies Pte. Ltd.
PT Arpeni Pratama Ocean Line Tbk
PT Garuda Mahakam Pratama
Thai Petra Transport Co. Ltd.
Lain-lain
G. Loan obtained from Bank Chinatrust Indonesia
is a working capital credit facility with
maximum credit of Rp 15,000,000,000 due on
August 23, 2007. Interest rate is SBI interest
rate plus 2% which is paid monthly. This loan
is secured by the Company’s asset equivalent
to the outstanding balance of the liability to
Bank Chinatrust Indonesia. This loan was fully
paid in May 2007.
2006
Rp
a. By creditor
24.044.843.734
2.194.458.023
46.027.262
-
1.249.893.056
4.661.618.324
372.408.165
679.927
Related parties
Pan Union Agencies Pte. Ltd.
PT Arpeni Pratama Ocean Line Tbk
PT Garuda Mahakam Pratama
Thai Petra Transport Co. Ltd.
Others
Jumlah
26.285.329.019
6.284.599.472
Total
Pihak ketiga
Pemasok
Jasa perantara perkapalan
74.003.235.590
42.325.951.279
73.154.779.993
9.344.776.761
Third parties
Suppliers
Agents
Jumlah
116.329.186.869
82.499.556.754
Total
Jumlah Hutang Usaha
142.614.515.888
88.784.156.226
Total Trade Accounts Payable
b. Berdasarkan mata uang:
Rupiah
Dollar Amerika Serikat
Mata uang lainnya
15.000.696.951
75.810.676.195
51.803.142.742
918.551.700
87.635.496.740
230.107.786
142.614.515.888
88.784.156.226
Jumlah
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 bahan bakar, suku cadang, peralatan
kapal dan pengeluaran lainnya (disbursements).
- 38 -
b. By currency
Rupiah
U.S. Dollars
Other currencies
Total
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.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
14.
PAJAK PENGHASILAN
14.
Hutang pajak terdiri dari:
Details of taxes payable are as follows:
2007
Rp
Hutang pajak penghasilan badan
Perusahaan
Tahun 2007
Tahun 2006
Pajak penghasilan
Pasal 21
Pasal 23
Pasal 25
Pasal 26
Pajak Pertambahan Nilai - Bersih
Hutang pajak final
Pasal 4(2)
Pasal 15
Jumlah
INCOME TAXES
2006
Rp
8.638.921
-
9.405.889
8.783.556.955
169.929.294
29.155.067
21.048.664
13.996.528.671
3.204.829.379
184.887.171
22.832.992
51.359.109
13.886.033.354
349.009
442.682.686
643.447
184.634.986
23.451.889.267
17.544.626.327
Beban pajak terdiri dari:
Corporate income tax
The Company
2007
2006
Income taxes
Article 21
Article 23
Article 25
Article 26
Value Added Tax - Net
Final tax payable
Article 4(2)
Article 15
Total
Details of tax expense are as follows:
2007
Rp
2006
Rp
Kapal dan operasional
Jasa penyimpanan
Jasa perantara perkapalan
8.464.774.406
252.620.267
382.533.500
8.171.785.102
233.980.345
349.860.800
Vessel and charter operation
Storage services
Agency services
Jumlah
9.099.928.173
8.755.626.247
Total
<
Perhitungan atas pajak final sehubungan dengan
pendapatan atas sewa kapal dan pengoperasian
kapal Perusahaan untuk tahun-tahun yang berakhir
31 Desember 2007 dan 2006 adalah sebagai berikut:
2007
Rp
Jumlah pendapatan yang
berhubungan dengan sewa kapal
dan pengoperasian kapal
(Perusahaan)
Pajak atas pendapatan sewa kapal
1,2% x Rp 106.615.348.231
tahun 2007 dan
Rp 111.563.726.605 tahun 2006
Pajak penghasilan anak
perusahaan
Jumlah beban
Pembayaran selama tahun
berjalan
Hutang Pajak Penghasilan Final
The computation of final tax on revenues related to
charter and operation of vessels of the Company
for the years ended December 31, 2007 and 2006,
was as follows:
2006
Rp
106.615.348.231
111.563.726.605
Revenue from charter and operation
of vessels (the Company)
1.279.384.179
1.338.764.719
Tax on vessel revenues
1.2% x Rp 106,615,348,231 in 2007
and Rp 111,563,726,605 in 2006
7.185.390.227
6.833.020.383
Income tax of subsidiaries
8.464.774.406
8.171.785.102
Tax expense
8.022.091.720
7.987.150.116
Payments during the year
442.682.686
184.634.986
- 39 -
Final tax payable
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Perhitungan pendapatan yang pajaknya
bersifat final adalah sebagai berikut:
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 sebelum pajak
penghasilan
tidak
The computation of tax on revenues not subject to
final tax is as follows:
2007
Rp
2006
Rp
252.620.267
233.980.345
5.900.938.169
5.525.896.118
(4.309.686.672)
1.265.895.757
(1.523.702.254)
15.
Revenue from agency
(4.568.561.030) Agency expenses
3.093.949.957 Other income
(2.826.749.045) Interest income
1.333.445.000
1.224.536.000
Perhitungan pajak penghasilan dengan hutang pajak
penghasilan:
Income not subject to final tax
Tax expense and income tax payable are computed
as follows:
2007
Rp
2006
Rp
10% x Rp 50.000.000
15% x Rp 50.000.000
30% x Rp 1.233.445.000 tahun 2007
dan Rp 1.124.536.000 tahun 2006
5.000.000
7.500.000
370.033.500
-
5.000.000
7.500.000
337.360.800
Pajak Penghasilan Perusahaan
Dikurangi pembayaran pajak dimuka
Pajak penghasilan pasal 25
382.533.500
349.860.800
Hutang Pajak Penghasilan
Income tax of the subsidiary
on storage and agency services
10% x Rp 50,000,000
15% x Rp 50,000,000
30% x Rp 1,233,445,000 in 2007 and
Rp 1,124,536,000 in 2006
Tax expense of the Company
Prepayment of tax
(340.454.911)
Income tax - Article 25
(373.894.579)
8.638.921
9.405.889
Income tax payable
Tidak
terdapat
perbedaan
temporer
yang
berhubungan dengan pendapatan tidak bersifat final
sehingga tidak terdapat pengakuan aktiva dan
kewajiban pajak tangguhan.
There were no temporary differences requiring
recognition of deferred tax assets or liabilities.
Laba kena pajak dan hutang pajak penghasilan
Perusahaan tahun 2006 sudah sesuai dengan Surat
Pemberitahuan Pajak (SPT) yang disampaikan ke
Kantor Pelayanan Pajak.
Income after tax and Income Tax Payable of the
Company for 2006 are in accordance with the
annual tax return (SPT) submitted to the Tax
Service Office.
BIAYA MASIH HARUS DIBAYAR
15.
2007
Rp
ACCRUED EXPENSES
2006
Rp
Operasi kapal dan docking
Bunga
Lain-lain
180.629.478.497
78.544.575.491
40.038.546.960
128.591.451.718
27.781.045.224
16.038.962.229
Operation and docking
Interest
Others
Jumlah
299.212.600.948
172.411.459.171
Total
- 40 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
16.
HUTANG BANK JANGKA PANJANG
16. LONG-TERM BANK LOANS
2007
Rp
DnB NOR Bank, ASA, Singapura
USD 561.744.999,97
USD 114.137.500
Bank Central Asia, Jakarta
USD 29,142,857,14
USD 34.000.000
Rupiah
Fortis Bank S.A./N.V., Singapura
USD 30.250.000
USD 125.000.000
DVB Group Merchant Bank
(Asia) Ltd., Singapura
USD 28.375.000
USD 34.875.000
ING Bank N. V., Singapura
USD 15.920.000
USD 17.910.000
Bank UOB Indonesia, Jakarta
USD 10.560.000
USD 12.000.000
Dialease Maritime S.A., Jepang
USD 9.001.384
USD 30.660.529
The Royal Bank of Scotland PLC,
Skotlandia
USD 1.110.000
HSH Nordbank, Singapura
USD 49.864.783
Bank Negara Indonesia, Jakarta
USD 8.461.600
Jumlah
Bagian yang jatuh tempo dalam
waktu satu tahun
Hutang Bank Jangka Panjang Bersih
Tingkat bunga per tahun selama
tahun berjalan
Dollar Amerika Serikat
Rupiah
2006
Rp
5.291.076.154.717
-
1.029.520.250.000
274.496.571.429
52.083.333.333
306.680.000.000
77.083.333.334
284.924.750.000
-
1.127.499.998.737
267.264.125.094
-
314.572.500.090
149.950.480.000
-
161.548.200.000
99.464.640.000
-
108.240.000.000
84.784.035.708
-
276.557.968.243
10.455.090.000
-
-
449.780.342.660
-
76.323.632.000
6.514.499.180.281
3.927.806.225.064
807.474.522.140
733.080.342.009
5.707.024.658.141
3.194.725.883.055
DnB NOR Bank, ASA, Singapore
USD 561,744,999.97
USD 114,137,500
Bank Central Asia, Jakarta
USD 29,142,857.14
USD 34,000,000
Rupiah
Fortis Bank S.A./N.V., Singapore
USD 30,250,000
USD 125,000,000
DVB Group Merchant Bank
(Asia) Ltd., Singapore
USD 28,375,000
USD 34,875,000
ING Bank N. V., Singapore
USD 15,920,000
USD 17,910,000
Bank UOB Indonesia, Jakarta
USD 10,560,000
USD 12,000,000
Dialease Maritime S.A., Japan
USD 9,001,384
USD 30,660,529
The Royal Bank of Scotland PLC,
Scotland
USD 1,110,000
HSH Nordbank, Singapore
USD 49,864,783
Bank Negara Indonesia, Jakarta
USD 8,461,600
Total
Current maturities
Long-Term Portion - Net
Interest rates per annum
0,8% - 3,75% diatas/
above LIBOR/SIBOR
10,25% - 13%
- 41 -
0,85% - 3,75% diatas/
above LIBOR/SIBOR
13% - 15%
U.S. Dollar
Rupiah
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Jadwal pembayaran kembali hutang bank jangka
panjang adalah sebagai berikut:
The long-term bank loans are repayable as follows:
2007
Rp
2006
Rp
Dalam satu tahun
Dalam tahun kedua
Dalam tahun ketiga
Dalam tahun keempat
Dalam tahun kelima
Setelah lima tahun
807.474.522.140
794.758.872.138
745.939.955.473
747.697.087.529
640.474.507.033
2.778.154.235.968
733.080.342.009
643.603.132.761
572.554.920.526
546.577.261.960
432.690.674.050
999.299.893.758
Jumlah
6.514.499.180.281
3.927.806.225.064
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 jangka panjang adalah sebagai
berikut:
Details of the loans are as follows:
A.
A.
DnB NOR Bank, ASA, Singapura:
−
Pada
bulan
Desember 2007,
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 penjamin. Berdasarkan
perjanjian, anak perusahaan menggunakan
semua pinjaman tersebut untuk perolehan
kapal dan untuk tujuan modal kerja.
DnB NOR Bank, ASA, Singapore:
−
In December 2007, 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 in relation to the acquisition of
the vessels and for general working capital
purposes.
Pinjaman ini terdiri dari:
The facilities consist of:
• Fasilitas A adalah “term loan facility”
dalam mata uang Dollar Amerika Serikat
dengan
jumlah
maksimum
USD 400.000.000. Pinjaman ini dibayar
dalam 40 kali cicilan setiap 3 bulan
sebesar USD 8.000.000 untuk cicilan ke 1 sampai ke - 39 dan USD 88.000.000
untuk cicilan ke - 40. Tingkat bunga
sebesar 1,75% di atas LIBOR tergantung
pada rasio nilai yang harus dipertahankan
dari kapal-kapal yang dijaminkan dimana
pembayaranya antara 1 - 3 bulan.
• Facility A, which is a term loan facility in
US Dollars in the aggregate amount
equal to the facility commitment of
USD 400,000,000. This facility shall be
repaid in 40 consecutive quarterly
installments of USD 8,000,000 for the 1st
to 39th installments and USD 88,000,000
for the 40th installment. Interest rate is at
1.75% above LIBOR depending on the
value maintenance ratio of the secured
vessels, which is paid between 1 - 3
months.
• Fasilitas B adalah “reducing revolving loan
facility” dalam mata uang Dollar Amerika
Serikat dengan jumlah maksimum
USD 100.000.000. Pinjaman ini dibayar
secara triwulan dalam 20 kali cicilan
sebesar USD 5.000.000 sampai dengan
tahun 2012. Tingkat bunga sebesar 1,5%
di atas LIBOR tergantung pada rasio nilai
yang harus dipertahankan dari kapalkapal
yang
dijaminkan
dimana
pembayaranya antara 1 - 3 bulan.
• Facility B, which is a reducing revolving
loan facility in US Dollars in the
aggregate amount equal to the facility
commitment of USD 100,000,000. This
facility is payable in 20 quarterly
installments of USD 5,000,000 until
2012. Interest rate is at 1.5% above
LIBOR depending on the value
maintenance ratio of the secured
vessels, which is paid between 1 - 3
months.
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
Bercelona, M.T. Chembulk Houston dan
M.T. Chembulk
Ulsan). Pada kondisi
tertentu, pinjaman ini juga dapat dijamin
dengan jaminan dari Perusahaan
dan
Goldbridge Corporation (corporate guarantee).
The loans are collateralized by the
subsidiary’s 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
Bercelona, M.T. Chembulk Houston and
M.T. Chembulk
Ulsan). In certain
conditions, the loans are also secured by
corporate guarantee from the Company and
Goldbridge Corporation.
- 42 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
−
Pada bulan Maret 2007, anak perusahaan
tertentu memperoleh pinjaman dengan kredit
maksimum berjumlah USD 65.000.000.
Pinjaman ini dibayar secara angsuran dalam
32 kali cicilan setiap 3 bulan sampai tahun
2015 dan dijamin oleh Perusahaan, Gold
Bridge Shipping Corporation, dan kapal anak
perusahaan M.T. Gas Sulawesi, M.T Gas
Papua dan M.T Purwati. Tingkat bunga
sebesar 0,7-0,8% diatas LIBOR, dimana
pembayarannya antara 1 - 3 bulan.
−
In March 2007 certain subsidiaries obtained
loan
with
maximum
credit
of
USD 65,000,000. This loan is payable in 32
quarterly installments until 2015 and
collateralized by corporate guarantee from
the Company, Gold Bridge Shipping
Corporation, a subsidiary, and the
subsidiaries’ vessel, M.T Gas Sulawesi, M.T
Gas Papua and M.T Purwati. Interest rate is
at 0.7-0.8 % above LIBOR, which is paid
between 1 - 3 months.
−
Pada bulan Juni 2006, anak perusahaan
memperoleh
pinjaman
dengan
kredit
maksimum berjumlah USD 19.500.000.
Pinjaman ini dibayar secara angsuran dalam
32 kali cicilan setiap 3 bulan sampai tahun
2014 dan dijamin oleh Perusahaan, Gold
Bridge
Shipping
Corporation,
anak
perusahaan dan kapal anak perusahaan
M.T. Anggraini. Tingkat bunga sebesar 0,9%
diatas LIBOR, dimana pembayarannya
antara 1 - 3 bulan.
−
In June 2006, a subsidiary obtained loan
with maximum credit of USD 19,500,000.
This loan is payable in 32 quarterly
installments until 2014 and collateralized by
corporate guarantee from the Company,
Gold Bridge Shipping Corporation, a
subsidiary, and the subsidiary’s vessel,
M.T. Anggraini. Interest rate is at 0.9%
above LIBOR, which is paid between 1 - 3
months.
Pinjaman ini telah dilunasi seluruhnya pada
bulan Mei 2007
−
Pada bulan April 2006, anak perusahaan
memperoleh
pinjaman
dengan
kredit
maksimum berjumlah USD 18.500.000.
Pinjaman ini dibayar secara angsuran dalam
24 kali cicilan setiap 3 bulan sampai tahun
2012 dan dijamin dengan kapal anak
perusahaan M.T. Bramani. Tingkat bunga
sebesar 1,1% atau 1% diatas LIBOR,
tergantung
rasio
nilai
yang
harus
dipertahankan
dari
kapal-kapal
yang
dijaminkan (LTV), dimana pembayarannya
antara 1 - 3 bulan.
This loan was fully paid in May 2007.
−
Pinjaman ini telah dilunasi seluruhnya pada
bulan Mei 2007
−
Pada bulan Juni 2005, anak perusahaan
memperoleh tambahan pinjaman dengan
kredit
maksimum
berjumlah
USD 70.000.000. Pinjaman ini dibayar
secara angsuran dalam 28 kali cicilan setiap
3 bulan sampai tahun 2012 dan dijamin
dengan kapal anak perusahaan, M.T. Triwati,
M.T. Tribuana dan M.T. Barawati. Tingkat
bunga sebesar 1,25% diatas LIBOR, dimana
pembayarannya setiap bulan.
This loan was fully paid in May 2007.
−
Pinjaman ini telah dilunasi seluruhnya pada
bulan Mei 2007
−
Pada bulan Pebruari 2005, anak perusahaan
memperoleh
pinjaman
dengan
kredit
maksimum berjumlah USD 51.200.000.
Pinjaman ini dibayar secara angsuran dalam
28 kali cicilan setiap 3 bulan sampai tahun
2012 dan dijamin oleh Perusahaan
(corporate guarantee), Gold Bridge Shipping
Corporation, anak perusahaan dan kapal
anak
perusahaan
M.T. Badraini
dan
M.T. Barunawati. Tingkat bunga sebesar
1,25%
diatas
LIBOR,
dimana
pembayarannya antara 1 - 3 bulan.
- 43 -
In April 2006, a subsidiary obtained loan
with maximum credit of USD 18,500,000.
This loan is payable in 24 quarterly
installments until 2012 and collateralized by
the subsidiary’s vessel, M.T. Bramani.
Interest rate is at 1.1% or 1% above LIBOR,
depending on the Loan to Vessels Value
(LTV) percentage of the Company, which is
paid between 1 - 3 months.
In June 2005, subsidiaries obtained loan
with maximum credit of USD 70,000,000.
This loan is payable in 28 quarterly
installments until 2012 and collateralized by
the subsidiaries’ vessels, M.T. Triwati, M.T.
Tribuana and M.T. Barawati. Interest rate is
at 1.25% above LIBOR, which is paid
monthly.
This loan was fully paid in May 2007.
−
In February 2005, subsidiaries obtained
loan
with
maximum
credit
of
USD 51,200,000. This loan is payable in 28
quarterly installments until 2012 and
collateralized by corporate guarantee from
the Company, Gold Bridge Shipping
Corporation, a subsidiary and the
subsidiaries’ vessels, M.T. Badraini and
M.T. Barunawati. Interest rate is at 1.25%
above LIBOR, which is paid between 1 - 3
months.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Pinjaman ini telah dilunasi seluruhnya pada
bulan Mei 2007
B.
Bank Central Asia, Jakarta:
This loan was fully paid in May 2007.
B.
Bank Central Asia, Jakarta:
Jenis pinjaman yang diperoleh antara lain:
The loans obtained were as follows:
−
Pada bulan Nopember 2006, Perusahaan
memperoleh fasilitas kredit investasi dengan
jumlah maksimum sebesar USD 34.000.000.
Pinjaman ini dibayar secara angsuran dalam
84 kali setiap bulan sampai tahun 2013 dan
dijamin dengan kapal anak perusahaan
(FPSO Brotojoyo). Tingkat bunga sebesar
1,5% diatas SIBOR, dimana pembayarannya
setiap bulan.
−
In November 2006, the Company obtained
investment credit facility with maximum
credit of USD 34,000,000. This loan is
payable in 84 monthly installments until
2013 and collateralized by a subsidiary’s’
vessel, FPSO Brotojoyo. Interest rate is at
1.5% above SIBOR, which is paid monthly.
−
Pada bulan Januari 2005, Perusahaan
memperoleh kredit investasi dengan jumlah
maksimum sebesar Rp 125.000.000.000
berlaku selama 5 tahun. Tingkat bunga per
tahun
10,25%
13%,
dimana
pembayarannya setiap bulan. Perusahaan
juga memperoleh fasilitas kredit Time
Revolving Loan dengan jumlah kredit
maksimum sebesar Rp 20.000.000.000,
yang jatuh tempo pada April 2008 (Catatan
12e). Pinjaman ini dijamin dengan kapal
M.T. Gas Indonesia dan M.T. Gas
Kalimantan dan jaminan saham Perusahaan
milik PT Tunggaladhi Baskara masingmasing 66.188.311 saham dan 167.142.857
saham pada 31 Desember 2007 dan 2006
(Catatan 34).
−
In January 2005, the Company obtained an
investment credit facility with maximum
credit of Rp 125,000,000,000, due in 5
years. Interest rates per annum are set at
10.25% - 13%, which is paid monthly. The
Company also has a time loan revolving
credit facility with maximum credit of
Rp 20,000,000,000, due in April 2008 (Note
12e). The loans are collateralized by the
vessels M.T. Gas Indonesia and M.T. Gas
Kalimantan and pledge of the Company’s
66,188,311 shares and 167,142,857 shares
owned by PT Tunggaladhi Baskara as of
December 31, 2007 and 2006, respectively
(Note 34).
C. Fortis Bank S.A/N.V.
C. Fortis Bank S.A/ N.V.:
Pada bulan September 2005, anak perusahaan
memperoleh pinjaman “secured term-loan and
reducing revolving credit facilities” dari Fortis Bank
S.A/N.V., Calyon dan NIB Capital Bank Ltd.
sebagai pihak pemberi pinjaman utama. Fortis
Bank S.A/N.V. bertindak sebagai agen dan wali
bagi para kreditur. Berdasarkan perjanjian, anak
perusahaan menggunakan semua pinjaman
tersebut untuk membayar semua sisa hutang
yang berhubungan dengan kapal dan untuk
tujuan modal kerja.
In September 2005, the subsidiaries obtained a
secured term loan and reducing revolving credit
facilities from Fortis Bank S.A./N.V., Calyon,
and NIB Capital Bank Ltd. as original lenders.
Fortis Bank S.A./N.V. acts as agent and security
trustee. Under the agreement, the subsidiaries
shall apply all amounts borrowed by them
towards refinancing any existing financial
indebtedness in relation to the vessels and for
general working capital purposes.
Pinjaman ini terdiri dari:
• Fasilitas A adalah “term loan facility” dalam
Dollar Amerika Serikat dengan jumlah
maksimum USD 100.000.000. Pinjaman ini
dibayar secara angsuran dalam 40 kali cicilan
setiap 3 bulan sebesar USD 3.250.000 untuk
cicilan ke-1 sampai ke-8, USD 2.500.000
untuk
cicilan
ke-9
sampai
ke-12,
USD 1.875.000 untuk cicilan ke-13 sampai
ke-39 dan USD 13.375.000 untuk cicilan ke40. Tingkat bunga sebesar 1% atau 0,85%
diatas LIBOR tergantung pada rasio nilai
yang harus dipertahankan dari kapal-kapal
yang dijaminkan dimana pembayarannya
antara 1 - 3 bulan.
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 100,000,000.
This facility shall be repaid in 40 consecutive
quarterly installments of USD 3,250,000 for
the 1st to 8th installments, USD 2,500,000 for
the 9th to 12th installment, USD 1,875,000 for
the
13th
to
39th
installment
and
USD 13,375,000 for the 40th installment.
Interest rate is at 1% or 0.85% above LIBOR
depending on the value maintenance ratio of
the secured vessels, which is paid between
1 - 3 months.
- 44 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
•
Fasilitas B adalah “reducing revolving loan
facility” dalam mata uang Dollar Amerika
Serikat
dengan
jumlah
agregat
USD 55.000.000. Pinjaman ini dibayar secara
angsuran dalam 20 kali cicilan sebesar
USD 2.750.000 sampai dengan tahun 2010.
Tingkat bunga sebesar 1% atau 0,85% diatas
LIBOR tergantung pada rasio nilai yang harus
dipertahankan
dari
kapal-kapal
yang
dijaminkan dimana pembayarannya antara 1 3 bulan.
•
Facility B, which is a reducing revolving loan
facility in US Dollars in the aggregate
amount equal to the facility commitment of
USD 55,000,000. This facility is payable in
20 quarterly installments of USD 2,750,000
until 2010. Interest rate is at 1% or 0.85%
above LIBOR depending on the value
maintenance ratio of the secured vessels,
which is paid between 1 - 3 months.
Pinjaman ini dijamin dengan kapal anak
perusahaan (M.T. Celosia, M.T. Cendanawati,
M.T. Dewayani, M.T. Dewi Sri, M.T. Dragonaria,
M.T. Erowati, M.T. Freesia, M.T. Gandini, M.T.
Indradi, M.T. Jembawati, M.T. Kunti, M.T.
Larasati, M.T. Mustokoweni, M.T. Ontari, M.T.
Pergiwo, M.T. Setyawati dan M.T. Ulupi)
termasuk pendapatan dan asuransi dari kapalkapal tersebut.
The loans are collateralized by the subsidiary’s
vessels (M.T. Celosia, M.T. Cendanawati, M.T.
Dewayani, M.T. Dewi Sri, M.T. Dragonaria, M.T.
Erowati, M.T. Freesia, M.T. Gandini, M.T.
Indradi, M.T. Jembawati, M.T. Kunti, M.T.
Larasati, M.T. Mustokoweni, M.T. Ontari, M.T.
Pergiwo, M.T. Setyawati and M.T. Ulupi) and
assignment of earnings and insurance in respect
of the vessels.
Pada kondisi tertentu, pinjaman ini juga dapat
dijamin dengan deposito berjangka milik anak
perusahaan pada Fortis Bank S.A./N.V.,
Singapura serta jaminan Perusahaan (corporate
guarantee).
In certain conditions, the loans are also secured
by the subsidiaries time deposit with Fortis Bank
S.A./N.V., Singapore, and corporate guarantee
from the Company.
Pinjaman ini telah dilunasi seluruhnya pada bulan
Juni 2007.
This loan was fully paid in June 2007.
Pada bulan Desember 2007, anak perusahaan
menggunakan kembali fasilitas B yang tersedia
sebesar USD 30.250.000. Pinjaman ini dibayar
secara angsuran dalam 11 kali cicilan sebesar
USD 2.750.000 sampai dengan tahun 2010.
Tingkat bunga sebesar 1% atau 0,85% diatas
LIBOR tergantung pada rasio nilai yang harus
dipertahankan dari kapal-kapal yang dijaminkan
dimana pembayarannya antara 1 – 3 bulan.
In December 2007, subsidiary reused available
facility B amounting to USD 30,250,000. This
facility is payable in 11 quarterly installment of
USD 2,750,000 until 2010. Interest rate is at 1%
or 0.85% above LIBOR depending on the value
maintenance ratio of the secured vessel, which
is paid between 1 – 3 months.
Pinjaman ini dijamin dengan kapal anak
perusahaan (M.T. Ulupi, M.T. Erowati. M.T.
Dragonaria, M.T. Larasati dan M.T. Setyawati)
termasuk pendapatan dan asuransi dari kapalkapal tersebut.
The loan is collateralized by the subsidiaries’
vessels (M.T. Ulupi, M.T. Erowati. M.T.
Dragonaria, M.T. Larasati and M.T. Setyawati)
and assignment of earnings and insurance in
respect of the vessels.
D. DVB Group
Singapura:
Merchant
Bank
(Asia)
Ltd.,
Pada bulan September 2005, anak perusahaan
memperoleh pinjaman dengan jumlah maksimum
sebesar USD 43.000.000. 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 1% atau 0,85% diatas
LIBOR berdasarkan pada persentase LTV dari
Perusahaan, dimana pembayarannya antara 1 - 3
bulan.
- 45 -
D. DVB Group
Singapore:
Merchant
Bank
(Asia)
Ltd.,
In September 2005, subsidiaries obtained loan
with maximum credit of USD 43,000,000. This
loan is payable in 32 quarterly installments until
2013 and collateralized by the 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 1% or 0.85% above LIBOR
depending on the LTV percentage of the
Company, which is paid between 1 - 3 months.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
E.
Pada bulan Nopember 2005, anak perusahaan
memperoleh pinjaman dari ING Bank N.V.,
Singapura
dengan
jumlah
maksimum
USD 19.900.000. 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 1% atau 0,8% diatas
LIBOR, dimana pembayarannya setiap 6 bulan.
E.
In November 2005, subsidiaries obtained loan
from ING Bank N.V., Singapore with maximum
credit of USD 19,900,000. This loan 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 1% or 0.8% above LIBOR, which is
paid every 6 months.
F.
Pada bulan Oktober 2006, Perusahaan
memperoleh fasilitas kredit investasi dengan
jumlah maksimum sebesar USD 12.000.000 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
piutang usaha atas pendapatan charter ke
Pertamina dari kapal M.T. Anjani. Tingkat bunga
sebesar 1,375% diatas SIBOR, dimana
pembayarannya setiap 3 bulan.
F.
In October 2006, the Company obtained
investment credit facility with maximum credit of
USD 12,000,000 from Bank UOB Indonesia.
This loan is payable in 20 quarterly installments
until 2011 and collateralized by the subsidiary’s’
vessel, M.T. Anjani, and trade accounts
receivable from Pertamina in respect of
M.T. Anjani. Interest rate is at 1.375% above
SIBOR, which is paid every 3 months.
G. Dialease Maritime S.A., Jepang:
G. Dialease Maritime S.A., Japan:
−
Pada bulan Desember 2004 anak perusahaan
memperoleh
pinjaman
dengan
kredit
maksimum sebesar JPY 1.347.250.000
(ekuivalen USD 12.859.120). 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 1,35%
diatas LIBOR, dimana pembayarannya setiap
3 bulan.
−
In December 2004, a subsidiary obtained loan
with maximum credit of JPY 1,347,250,000
(equivalent to USD 12,859,120). This loan is
payable in 28 quarterly installments until 2011
and collateralized by corporate guarantee from
the Company and the subsidiary’s vessel,
M.T. Rasawulan. Interest rate is at 1.35%
above LIBOR, which is paid quarterly.
−
Pada bulan April 2004 anak perusahaan
memperoleh
pinjaman
dengan
kredit
maksimum sebesar USD 15.600.000. 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. Tirtasari dan M.T. Bauhinia. Tingkat bunga
sebesar 1,5% diatas LIBOR, dimana
pembayarannya setiap 3 bulan.
−
In April 2004, subsidiaries obtained loan with
maximum credit of USD 15,600,000. This loan
is payable in 28 quarterly installments until
2011 and collateralized by corporate
guarantee from the Company and the
subsidiaries’ vessels, M.T. Tirtasari and
M.T. Bauhinia. Interest rate is at 1.5% above
LIBOR, which is paid quarterly.
This loan was fully paid in July 2007.
Pinjaman ini telah dilunasi seluruhnya pada
bulan Juli 2007.
−
Pada tahun 2003 anak perusahaan
memperoleh
pinjaman
dengan
kredit
maksimum sebesar JPY 1.287.750.000
(ekuivalen USD 11.481.687). Pinjaman harus
dibayar secara angsuran dalam 32 kali
cicilan setiap 3 bulan sampai dengan tahun
2011. Pinjaman ini dijamin oleh kapal anak
perusahaan (M.T. Gerbera). Tingkat bunga
sebesar 1,5% diatas LIBOR, dimana
pembayarannya setiap 3 bulan.
Pinjaman ini telah dilunasi seluruhnya pada
bulan Juli 2007.
- 46 -
−
In 2003, subsidiaries obtained loan with
maximum credit of JPY 1,287,750,000
(equivalent to USD 11,481,687). This loan is
payable in 32 quarterly installments until 2011
and collateralized by subsidiary’s vessel
(M.T. Gerbera). Interest rate is at 1.5% above
LIBOR, which is paid quarterly.
This loan was fully paid in July 2007.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
H. The Royal Bank of Scotland PLC, Skotlandia
H. 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 1,110,000 from The Royal Bank of
Scotland PLC. This loan is payable in 39
quarterly
installments
until
2016
and
collateralized by the subsidiary’s land and
building. Interest rate is at 1.25% above the
bank’s currency lending rate for United State
Dollars, which is paid quarterly.
Pada bulan Oktober 2007, anak perusahaan
(GBLT Shipmanagement UK) memperoleh
fasilitas kredit
investasi
dengan jumlah
maksimum sebesar USD 1.110.000 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
1,25% diatas tingkat bunga pinjaman bank untuk
mata uang Dollar Amerika Serikat, dimana
pembayarannya setiap 3 bulan.
I.
HSH Nordbank, Singapura:
I.
−
Fasilitas kredit dengan jumlah maksimum
sebesar USD 30.400.000 yang diperoleh oleh
anak perusahaan pada bulan Juli 2005.
Pinjaman ini dibayar secara angsuran dalam
22 kali cicilan setiap 3 bulan sampai dengan
tahun 2010 dan dijamin oleh Perusahaan
(corporate guarantee) dan kapal anak
perusahaan
(M.T.
Pradapa
dan
M.T. Pergiwati). Tingkat bunga sebesar 1,2%
diatas LIBOR, dimana pembayarannya
antara 1 - 3 bulan.
−
Credit
facility
with
maximum
of
USD 30,400,000 obtained by subsidiary in
July 2005. This loan is payable in 22
quarterly installments until 2010 and
collateralized by corporate guarantee from
the Company and the subsidiaries’ vessels
(M.T. Pradapa and M.T. Pergiwati). Interest
rate is at 1.2% above LIBOR, which is paid
between 1 - 3 months.
−
Fasilitas kredit dengan jumlah maksimum
sebesar USD 33.500.000 yang diperoleh oleh
anak perusahaan pada bulan Desember
2004. Pinjaman ini dibayar secara angsuran
dalam 40 kali cicilan setiap 3 bulan sampai
dengan tahun 2014 dan dijamin oleh jaminan
Perusahaan (corporate guarantee) dan kapal
anak perusahaan (M.T. Gagarmayang).
Tingkat bunga sebesar 1,4% diatas LIBOR,
dimana pembayarannya antara 1 - 3 bulan.
−
Credit
facility
with
maximum
of
USD 33,500,000 obtained by subsidiary in
December 2004. This loan is payable in 40
quarterly installments until 2014 and
collateralized by corporate guarantee from
the Company and the subsidiary vessel
(M.T. Gagarmayang). Interest rate is at
1.4% above LIBOR, which is paid between
1 - 3 months.
These loans were fully paid in May 2007.
Pinjaman ini telah dilunasi seluruhnya pada bulan
Mei 2007.
J.
HSH Nordbank, Singapore:
Pada bulan Juni 2005, Perusahaan memperoleh
fasilitas kredit
investasi
dengan jumlah
maksimum sebesar USD 10.000.000 dari Bank
Negara Indonesia. Pinjaman ini dibayar secara
angsuran dalam 78 kali cicilan setiap bulan
sampai dengan tanggal 28 Juni 2012. Pinjaman
ini dijamin dengan kapal Perusahaan, M.T. Gas
Sumatera,
dan kapal anak perusahaan
M.T. Bandondari. Tingkat bunga sebesar 3,75%
diatas SIBOR, dimana pembayarannya setiap
bulan.
Pinjaman ini telah dilunasi seluruhnya pada bulan
Mei 2007.
- 47 -
J.
In June 2005, the Company obtained investment
credit facility with maximum credit of
USD 10,000,000 from Bank Negara Indonesia.
This loan is payable in 78 monthly installments
until June 28, 2012 and collateralized by the
Company’s vessel, M.T. Gas Sumatera, and
subsidiary vessel M.T. Bandondari. Interest rate
per annum is at 3.75% above SIBOR, which is
paid monthly.
This loan was fully paid in May 2007.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
17.
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.
In relation to the above loan facilities, the Company
and its subsidiaries are required to fulfill certain
covenants including among others the maintainance
of certain financial ratios.
Sehubungan dengan akuisisi dari Chembulk Tankers
LLC dan anak perusahaan dan pembelian 11 kapal
pada bulan Desember 2007 yang menimbulkan
kenaikan hutang yang besar, rasio hutang terhadap
ekuitas Perusahaan dan anak perusahaan pada
tanggal 31 Desember 2007 menjadi sebesar 419%
berdasarkan laporan keuangan yang disusun sesuai
prinsip akuntansi yang berlaku umum di Indonesia
(PSAK) dan sebesar 256% berdasarkan laporan
keuangan yang disusun sesuai Standard Pelaporan
Keuangan Internasional (IFRS) (Catatan 37). Para
kreditur dari Perusahaan dan anak perusahaan
mensyaratkan maksimum
rasio hutang bersih
terhadap ekuitas sebesar 250% (pada tanggal
31 Desember 2007) dan kreditur BLT Chembulk
Corp. dan anak perusahaan mensyaratkan rasio
hutang bersih terhadap ekuitas sebesar 200% (pada
tanggal 30 Juni 2008). Seperti yang tercantum
dalam perjanjian kredit, apabila terjadi kegagalan
oleh Perusahaan dan anak perusahaan untuk
memenuhi persyaratan maksimum rasio hutang
bersih terhadap ekuitas, pihak bank dapat
menyatakan antara lain, seluruh atau sebagian dari
hutang-hutang tersebut menjadi jatuh tempo. Seperti
diungkapkan pada Catatan 36, manajemen
Perusahaan dan anak perusahaan merencanakan
untuk menurunkan rasio hutang terhadap ekuitas
menjadi 150% pada akhir tahun 2008.
Due to the significant amount of borrowings
incurred in the acquisition of Chembulk Tankers
LLC and subsidiaries and the related 11 vessels in
December 2007, the Company and its subsidiaries’
debt to equity ratio as of December 31, 2007
amounted to 419% based on accounting principles
generally accepted in Indonesia (PSAK) and 256%
based on IFRS (Note 37). The lenders of the
Company and its subsidiaries require a maximum
net debt to equity ratio of 250% (as of
December 31, 2007) and the lender of BLT
Chembulk Corp. and subsidiaries (a wholly-owned
subsidiary) require a net debt to equity ratio of
200% (as of June 30, 2008). As stated in the credit
agreements, upon failure by the Company and its
subsidiaries to meet such maximum net debt to
equity ratio, the banks can declare, among others,
that all or any part of the loans be payable on
demand. As discussed in Note 36, the Company’s
management plans to reduce its net debt to equity
ratio to 150% at the end of 2008.
HUTANG OBLIGASI
17. BONDS PAYABLE
2007
Rp
Nilai nominal
Obligasi Berlian Laju Tanker II
Obligasi Berlian Laju Tanker III
Obligasi Syari'ah Mudharabah
Sukuk Ijarah
Diskonto yang belum diamortisasi
Jumlah
Bagian yang jatuh tempo dalam waktu
satu tahun
Hutang obligasi - bersih
2006
Rp
340.000.000.000
700.000.000.000
60.000.000.000
200.000.000.000
(9.545.099.221)
1.290.454.900.779
399.116.836.908
891.338.063.871
Jumlah amortisasi diskonto sebesar Rp 3.082.028.750
dan Rp 2.119.591.404 masing-masing untuk tahun
2007 dan 2006.
- 48 -
Nominal value
340.000.000.000
Berlian Laju Tanker II Bond
Berlian Laju Tanker III Bond
60.000.000.000
Syari'ah Mudharabah Bond
Sukuk Ijarah
(3.002.754.510) Unamortized discount
396.997.245.490
396.997.245.490
Total
Current maturities
Bond payable - net
Amortization
of
discount
amounted
to
Rp 3,082,028,750 and Rp 2,119,591,404, in 2007
and 2006, respectively.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Obligasi Berlian Laju Tanker II
Berlian Laju Tanker II Bond
Pada tanggal 28 Mei 2003 Perusahaan menerbitkan
obligasi rupiah dengan tingkat bunga tetap dan bunga
mengambang yang dibayar setiap 3 bulan. Obligasi
tersebut tidak dijamin oleh pihak manapun, berjangka
waktu 5 (lima) tahun dan akan jatuh tempo pada
tanggal 28 Mei 2008. Hak pemegang obligasi adalah
pari-passu tanpa hak preferen dengan hak-hak kreditur
Perusahaan lainnya. Tingkat bunga tetap 14,75% per
tahun untuk obligasi seri A dengan nilai sebesar
Rp 294.800.000.000 dan untuk obligasi seri B dengan
nilai sebesar Rp 45.200.000.000 dengan tingkat bunga
14,75% per tahun untuk tahun pertama dan tingkat
bunga mengambang untuk tahun kedua hingga tahun
ke 5 (lima) yang dihitung berdasarkan rata-rata tingkat
bunga deposito berjangka 3 (tiga) bulan dalam valuta
Rupiah dari PT Bank Central Asia Tbk, PT Bank
Permata Tbk dan PT Bank Buana Indonesia Tbk,
sebelum penentuan tingkat suku bunga mengambang
ditambah marjin sebesar 2,5% per tahun. Seluruh
obligasi dijual dengan harga sebesar nilai nominal,
tercatat di Bursa Efek Indonesia (d/h Bursa Efek
Surabaya) dengan PT Bank Mandiri Tbk (Persero)
bertindak sebagai wali amanat (Catatan 43d).
On May 28, 2003, the Company issued Rupiah
Bonds with fixed and floating interest rates, payable
every three months. The bonds are unsecured and
have a term of 5 years, due on May 28, 2008.
Bondholders’ right is pari-passu without preferential
rights with other creditors of the Company. Series A
Bonds with a nominal value of Rp 294,800,000,000
bear fixed interest rate at 14.75% per annum, while
Series B Bonds with a nominal value of
Rp 45,200,000,000 bear fixed interest rate at
14.75% per annum for the first year and floating
rates for the second year until the fifth year based
on the average of the 3-month time deposit rates in
Rupiah currency from PT Bank Central Asia Tbk,
PT Bank Permata Tbk, and PT Bank Buana
Indonesia Tbk before closing of floating interest rate
plus 2.5% fixed margin, which is payable on
quarterly basis. All the bonds were sold at nominal
value and are listed on the Indonesia Stock
Exchange (formerly Surabaya Stock Exchange)
with PT Bank Mandiri Tbk (Persero) as trustee
(Note 43d).
Berdasarkan pemeringkatan yang diterbitkan oleh
PT Pefindo tanggal 7 Mei 2007 peringkat obligasi
adalah IdAA.
Based on PT Pefindo’s rating dated May 7, 2007,
the bonds are rated as IdAA.
Obligasi Berlian Laju Tanker III
Berlian Laju Tanker III Bond
Pada tanggal 5 Juli 2007 Perusahaan menerbitkan
obligasi Rupiah sebesar Rp 700.000.000.000 dengan
tingkat bunga tetap 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. Tingkat bunga tetap
obligasi adalah 10,35% per tahun. Seluruh obligasi
dijual dengan harga sebesar nilai nominal, tercatat di
Bursa Efek Indonesia (d/h Bursa Efek Surabaya)
dengan PT Bank Mandiri Tbk (Persero) bertindak
sebagai wali amanat.
On July 5, 2007, the Company issued Rupiah
Bonds amounting to Rp 700,000,000,000 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 PT Bank Mandiri Tbk (Persero)
as trustee.
Pada tanggal 18 Desember 2007, para Pemegang
Obligasi setuju untuk mengganti PT Bank Mandiri Tbk
(Persero) sebagai wali amanat dan menunjuk PT Bank
Niaga Tbk sebagai wali amanat yang baru.
On December 18, 2007, the Bondholders approved
the replacement of PT Bank Mandiri (Persero) Tbk
as Trustee and the appointment of PT Bank Niaga
Tbk as the new Trustee.
Berdasarkan pemeringkatan yang diterbitkan oleh
PT Pefindo tanggal 7 Mei 2007 peringkat obligasi
adalah idAA-.
Based on PT Pefindo’s rating dated May 7, 2007,
the bonds are rated as idAA-.
Obligasi Syari’ah Mudharabah
Syari’ah Mudharabah Bond
Pada tanggal 28 Mei 2003 Perusahaan menerbitkan
obligasi
Syari’ah
Mudharabah
senilai
Rp 60.000.000.000 dengan PT Bank Mandiri Tbk
(Persero) sebagai wali amanatnya. Obligasi tersebut
tidak dijamin oleh pihak manapun, berjangka waktu
5 (lima) tahun dan akan jatuh tempo pada tanggal
28 Mei 2008. Seluruh obligasi dijual dengan harga
sebesar nilai nominal, tercatat di Bursa Efek
Indonesia (d/h Bursa Efek Surbaya). Obligasi ini
ditawarkan dengan ketentuan yang mewajibkan
Perusahaan untuk membayar kepada Pemegang
Obligasi Syari’ah sejumlah Pendapatan Bagi Hasil
setiap 3 (tiga) bulan sejak Tanggal Emisi yaitu pada
setiap Tanggal Pembayaran Pendapatan Bagi Hasil.
Pendapatan yang Dibagihasilkan merujuk kepada
Pendapatan Usaha hasil pengoperasian kapal tanker
M.T. Gandini.
On May 28, 2003, the Company issued Syari’ah
Mudharabah
Bonds
amounting
to
Rp 60,000,000,000 with PT Bank Mandiri Tbk
(Persero) as trustee. The bonds are unsecured and
have a term of 5 years, due on May 28, 2008. All
the bonds were sold at nominal value and are listed
on the Indonesia Stock Exchange (formerly
Surabaya Stock Exchange). These bonds were
offered under the condition that the Company shall
pay to Syariah Bondholders a sum of Profit Sharing
every three months since the issuance date, i.e.,
every Profit Sharing Payment Date. The Profit
Sharing is computed based on the revenue from
M.T. Gandini vessel operations.
- 49 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Besarnya persentase Nisbah Pemegang Obligasi
Syari’ah terhadap Pendapatan Yang Dibagihasilkan
adalah tetap setiap tahunnya sebesar 25% dari
pendapatan kapal M.T. Gandini.
The percentage of Nisbah Syari’ah bondholders to
Profit Sharing is fixed at 25% from the revenue of
M.T. Gandini vessel operation.
Pembayaran Pendapatan Bagi Hasil kepada masingmasing Pemegang Obligasi Syari’ah akan dilakukan
secara proporsional sesuai dengan porsi kepemilikan
Obligasi Syari’ah yang dimiliki dibandingkan dengan
jumlah dana Obligasi Syari’ah yang belum dibayar
kembali.
The payment of Profit Sharing to each Syari’ah
Bondholder is in proportion with the Syari’ah Bonds
held compared with the total outstanding Syari’ah
bonds.
Perhitungan besarnya Bagi Hasil untuk Obligasi
Syari’ah Berlian Laju Tanker Tahun 2007:
The computation of the Profit Sharing for Syari’ah
bonds in 2007 is as follows:
a.
a.
b.
c.
d.
e.
Jumlah bulan pengoperasian kapal M.T. Gandini
sejak 1 Januari – 31 Desember 2007 adalah
12 bulan (A)
Tarif sewa: Rp 98.100 per Dead Weight Ton
(DWT) per bulan (B)
Dasar DWT perhitungan sewa berdasarkan
Perjanjian Sewa Pertamina: 30.000 DWT (C)
Besarnya Pendapatan Yang Dibagihasilkan: A X B
X C = 12 X Rp 98.100 X 30.000 DWT =
Rp 35.316.000.000 (D)
Besarnya Bagi Hasil: D X 25% = Rp 8.829.000.000
b.
c.
d.
e.
Total months of M.T. Gandini vessel
operations since January 1 – December 31,
2007 is 12 months (A)
Charter Rate: Rp 98,100 per Dead Weight Ton
(DWT) per month (B)
DWT for computation according to Pertamina
Charter Agreement: 30,000 DWT (C)
Revenue for Profit Sharing: A x B x C = 12 x
Rp 98,100 x 30,000 DWT = Rp 35,316,000,000
(D)
Profit Sharing: D x 25% = Rp 8,829,000,000
Jumlah yang telah dibayar sebagai Bagi Hasil untuk
Obligasi Syari’ah selama tahun 2007 adalah sebesar
Rp 8.829.000.000, sisanya sebesar Rp 809.325.000
akan dibayarkan pada bulan Pebruari 2008.
Amount paid as Profit Sharing for Syari’ah Bonds in
2007 was Rp 8,829,000,000, and the remaining
balance of Rp 809,325,000 will be paid in February
2008.
Perhitungan besarnya Bagi Hasil untuk Obligasi
Syari’ah Berlian Laju Tanker Tahun 2006:
The computation of the Profit Sharing for Syari’ah
bonds in 2006 are:
a.
a.
b.
c.
d.
e.
Jumlah hari pengoperasian kapal M.T. Gandini
sejak 1 Januari – 31 Desember 2006 adalah
12 bulan (A)
Tarif sewa: Rp 98.100 per Dead Weight Ton
(DWT) per bulan (B)
Dasar DWT perhitungan sewa berdasarkan
Perjanjian Sewa Pertamina: 30.000 DWT (C)
Besarnya Pendapatan Yang Dibagihasilkan : A X B
X C = 12 X Rp 98.100 X 30.000 DWT =
Rp 35.316.000.000 (D)
Besarnya Bagi Hasil: D X 25% = Rp 8.829.000.000
b.
c.
d.
e.
Total days of M.T. Gandini vessel operations
since January 1 – December 31, 2006 is
12 months (A)
Charter Rate: Rp 98,100 per Dead Weight Ton
(DWT) per month (B)
DWT for computation according to Pertamina
Charter Agreement: 30,000 DWT (C)
Revenue for Profit Sharing: A x B x C = 12 x
Rp 98,100 x 30,000 DWT = Rp 35,316,000,000
(D)
Profit Sharing: D x 25% = Rp 8,829,000,000
Jumlah yang telah dibayar sebagai Bagi Hasil untuk
Obligasi Syari’ah selama tahun 2006 adalah sebesar
Rp 8.850.360.484, sisanya sebesar Rp 809.325.000
telah dibayarkan pada bulan Pebruari 2007.
Amount paid as Profit Sharing for Syariah Bonds in
2006 was Rp 8,850,360,484, and the remaining
balance of Rp 809,325,000 was paid in February
2007.
Pada tanggal 18 Desember 2007, para Pemegang
Obligasi setuju untuk mengganti PT Bank Mandiri Tbk
(Persero) sebagai wali amanat dan menunjuk PT Bank
Niaga Tbk sebagai wali amanat yang baru.
On December 18, 2007, the Bondholders approved
the replacement of PT Bank Mandiri (Persero) Tbk
as Trustee and the appointment of PT Bank Niaga
Tbk as the new Trustee.
Berdasarkan pemeringkatan yang diterbitkan oleh
PT Pefindo tanggal 7 Mei 2007 peringkat obligasi
adalah IdAA- (sy).
Based on PT Pefindo’s rating dated May 7, 2007,
the bonds are rated as IdAA- (sy).
- 50 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
18.
Sukuk Ijarah
Sukuk Ijarah
Pada tanggal 5 Juli 2007 Perusahaan menerbitkan
Sukuk Ijarah senilai Rp 200.000.000.000 dengan
PT Bank Mandiri Tbk (Persero) sebagai wali
amanatnya. 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 20.600.000.000 per tahun. Para
pemegang Sukuk Ijarah mempunyai hak pari-passu
yang sama dengan kreditur lain Perusahaan. 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 dengan harga
sebesar nilai nominal, tercatat di Bursa Efek
Indonesia (d/h Bursa Efek Surabaya).
On July 5, 2007 the Company issued Sukuk Ijarah
amounting to Rp 200,000,000,000 with PT Bank
Mandiri Tbk (Persero) as trustee. The Sukuk Ijarah
Bonds 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 20,600,000,000 per
annum. The Sukuk Ijarah bondholders’ right is paripassu without preferential rights with other creditors
of the Company. At anytime after the first
anniversary of the Sukuk Ijarah Bonds, 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 (formerly Surabaya Stock Exchange).
Pada tanggal 18 Desember 2007, para Pemegang
Obligasi setuju untuk mengganti PT Bank Mandiri Tbk
(Persero) sebagai wali amanat dan menunjuk PT Bank
Niaga Tbk sebagai wali amanat yang baru.
On December 18, 2007, the Bondholders approved
the replacement of PT Bank Mandiri (Persero) Tbk
as Trustee and the appointment of PT Bank Niaga
Tbk as the new Trustee.
Berdasarkan pemeringkatan yang diterbitkan oleh
PT Pefindo tanggal 7 Mei 2007 peringkat obligasi
adalah idAA-(sy).
Based on PT Pefindo’s rating dated May 7, 2007,
the bonds are rated as idAA-(sy).
HUTANG LAIN-LAIN JANGKA PANJANG
18. OTHER LONG-TERM PAYABLES
Akun
ini
merupakan
pinjaman
sebesar
USD 13.000.000
kepada
Teekay
Shipping
Corporation. Pinjaman ini dibayar dalam 22 kali
setiap 6 bulan dengan tingkat bunga 8% per tahun
dan dijamin dengan kepemilikan Perusahaan pada
Teekay BLT Corporation. Efektif pada tahun 2006,
pembayaran 6 bulan pertama jatuh tempo dalam
sembilan bulan setelah pengiriman kapal yang
diestimasi pada bulan Januari 2009.
This account represents a loan of USD 13,000,000
owed to Teekay Shipping Corporation. The loan is
payable in 22 semi-annual installments, bears
annual interest of 8% payable on a quarterly basis,
and is secured by the Company’s ownership
interest in Teekay BLT Corporation. Effective in
2006, the first semi-annual installment is due nine
(9) months after the delivery of the vessels, which
is expected to be on January 2009.
Jadwal pembayaran kembali hutang lain-lain jangka
panjang adalah sebagai berikut:
Other long-term payable are repayable as follows:
Jangka pendek
Jatuh tempo tahun pertama
Jangka panjang
Jatuh tempo tahun kedua
Jatuh tempo tahun ketiga
Jatuh tempo tahun keempat
Jatuh tempo tahun kelima
Setelah lima tahun
Jumlah
2007
Rp
2006
Rp
-
-
5.565.771.871
11.131.543.742
11.131.543.742
11.131.543.742
83.486.596.903
5.329.999.180
10.659.998.360
10.659.998.360
90.610.004.100
122.447.000.000
117.260.000.000
- 51 -
Current portion
Within one year
Long term portion
In the second year
In the third year
In the fourth year
In the fifth year
After the fifth year
Total
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
19.
19. NOTES PAYABLE
WESEL BAYAR
Pada tanggal 4 Mei 2007, anak perusahaan (BLT
Finance B.V) menerbitkan Guaranteed Senior Notes
sebesar USD 400.000.000 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 dan jaminan
tersebut tanpa syarat dan tidak dapat dibatalkan.
On May 4, 2007, the subsidiary (BLT Finance B.V)
issued Guaranteed Senior Notes (the Notes)
amounting to USD 400,000,000 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 and its
due on May 15, 2014. The notes payable were
offered at 100% of the nominal value and are listed
on the Singapore Exchange Securities Trading
Limited. The Notes payable are unconditionally and
irrevocably guaranteed by the Company and certain
subsidiaries.
BLT Finance BV (BLTFBV) memiliki opsi untuk
membeli kembali wesel bayar dengan kondisi
sebagai berikut:
The Notes may be redeemed at the option of BLT
Finance BV (BLTF BV) as follows:
i.
Setiap saat sebelum tanggal 15 Mei 2011
sampai dengan 35% dari nilai wesel bayar
dengan hasil bersih atas 1 atau lebih penawaran
ekuitas kepada publik dengan harga dibeli
kembali seharga 107,5% dari nilai pokok
ditambah bunga yang masih harus dibayar dan
belum dibayar jika kondisi-kondisi tertentu
terpenuhi;
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.
Pada saat atau setelah tanggal 15 Mei 2012,
seluruh atau sebagian daripada wesel bayar
dengan harga pembelian kembali setara dengan
100% daripada jumlah pokok ditambah
applicable premium (seperti yang didefinisikan
dalam syarat dan kondisi) dan bunga yang
masih harus dan belum dibayar jika ada sampai
dengan tanggal pembelian kembali.
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 tanggal pembelian kembali
setara dengan 103,75% daripada jumlah pokok
ditambah bunga yang masih harus dibayar dan
belum dibayar jika ada sampai dengan tanggal
pembelian kembali.
iii. On May 15, 2012 until May 14, 2013 all or part
iv. Pada tanggal 15 Mei 2013 sampai dengan
tanggal 14 Mei 2014 seluruh atau sebagian
wesel bayar pada tanggal pembelian kembali
setara dengan 100% daripada jumlah pokok
ditambah dengan bunga yang masih harus
dibayar dan belum dibayar jika ada sampai
dengan tanggal pembelian kembali, atau
iv. On May 15, 2013 until May 14, 2014 all or part
v.
v. At anytime in the event of certain changes
Setiap saat jika terjadi perubahan tertentu yang
berkaitan dengan perpajakan di Indonesia dan
Belanda, jika seluruh atau sebagian jumlah
pokok ditambah jumlah tambahan lainnya yang
terhutang dan bunga yang masih harus dibayar
dan belum dibayar jika ada sampai dengan
tanggal pembelian kembali.
- 52 -
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;
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
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.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
20.
Jika terjadi perubahan terhadap pengendalian
pemegang wesel bayar memiliki hak untuk meminta
kepada BLT FBV untuk membeli kembali 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 penerbitan.
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.
Nilai wajar yang dihitung ditentukan berdasarkan
harga
kuotasi
pasar
adalah
sebesar
Rp 3.255.835.589.200 pada tanggal 31 Desember
2007. Perubahan nilai wajar dicatat pada laporan
laba rugi.
The fair value at December 31, 2007 amounted to
Rp 3,255,835,589,200, which is determined based
on quoted market price. The change in fair value is
recognized in the statement of income.
Berdasarkan pemeringkatan yang diterbitkan oleh
Fitch Ratings Ltd., peringkat wesel bayar pada bulan
Januari 2008 adalah B+.
Based on the rating issued by Fitch Ratings Ltd., in
January 2008 the Notes are B+.
IMBALAN PASCA KERJA
20.
POST-EMPLOYMENT BENEFITS OBLIGATION
Perusahaan dan anak 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 adalah 206 dan 162
karyawan di tahun 2007 dan 2006.
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 206 in 2007 and 162 in
2006.
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:
2007
Rp
Biaya jasa kini
Biaya bunga
Kerugian aktuarial bersih
Amortisasi biaya jasa lalu
Biaya jasa lalu (vested)
Jumlah
2006
Rp
2.931.773.654
2.233.454.366
4.963.636.993
130.709.947
-
893.444.238
967.596.430
3.372.784.558
(163.311.433)
(866.330.728)
Current service cost
Interest costs
Net actuarial losses
Amortization of past service cost
Past service cost (vested)
10.259.574.960
4.204.183.065
Total
Kewajiban imbalan pasca kerja di neraca adalah
sebagai berikut:
The amounts included in the balance sheets arising
from the Company’s obligation in respect of these
post-employment benefits are as follows:
2007
Rp
Nilai kini kewajiban yang
tidak didanai
Kerugian aktuarial yang
belum diakui
Biaya jasa masa lalu yang
tidak diakui
Kewajiban bersih
2006
Rp
37.366.415.415
(15.895.986.058)
(32.601.487)
21.437.827.870
- 53 -
27.482.739.121
Present value of unfunded
obligations
(16.141.174.778) Unrecognized actuarial losses
(163.311.433) Unrecognized past service cost
11.178.252.910
Net liability
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Mutasi kewajiban bersih di neraca adalah sebagai
berikut:
Movements in the net liability recognized in the
balance sheet are as follows:
2007
Rp
2006
Rp
Saldo awal
Beban tahun berjalan
11.178.252.910
10.259.574.960
6.974.069.845
4.204.183.065
Saldo akhir
21.437.827.870
11.178.252.910
Perhitungan imbalan pasca kerja dihitung oleh
aktuaris independen PT Padma Radya Aktuaria pada
tahun 2007 dan 2006. Asumsi utama yang
digunakan dalam menentukan penilaian aktuarial
adalah sebagai berikut:
Beginning of the year
Employee benefits cost for the year
End of the year
The cost of providing post-employment benefits is
calculated by independent actuary, PT Padma
Radya Aktuaria in 2007 and 2006. The actuarial
valuation was carried out using the following key
assumptions:
2007 dan/and 2006
Tingkat diskonto
Tingkat kenaikan gaji
Tingkat kematian
Tingkat pengunduran diri
21.
10%
15%
100%/TMI2
Umur/Age 0 - 36 :
10% per tahun/
per annum
Umur/Age 37 - 55 :
0% per tahun/
per annum
KEWAJIBAN SEWA PEMBIAYAAN
Discount rate
Salary increment rate
Mortality rate
Resignation rate
21. OBLIGATIONS UNDER FINANCE LEASE
2007
Nilai kini pembayaran
Pembayaran
sewa minimal/
sewa minimal/
Present value
Minimum lease
of minimum lease
payment
payment
Rp
Rp
Kurang dari 1 tahun
1 - 2 tahun
Lebih dari 2 tahun
Jumlah
Dikurangi beban keuangan
masa depan
Nilai kini pembayaran sewa
minimal
669.446.797.196
133.881.788.447
768.274.863.500
545.628.795.813
55.335.409.949
754.743.985.675
1.571.603.449.143
1.355.708.191.437
215.895.257.706
1.355.708.191.437
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 pembayaran anak perusahaan ini dijamin
dengan kapal milik anak perusahaan tersebut.
- 54 -
1.355.708.191.437
Less than 1 year
1 - 2 year
More than 2 year
Total
Less future finance charges
Present value of minimum lease
payment
The finance lease relate to lease of vessels with
lease terms of 3 years until 10 years and where its
subsidiaries have options to purchase the vessel for
an amount below the expected fair values at the
conclusion of the lease agreements. The
subsidiaries’ obligatons under finance lease are
secured by the lessors’ title to the leased vessels.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
22.
OBLIGASI KONVERSI
22. CONVERTIBLE BONDS
Rincian dari obligasi konversi adalah sebagai
berikut:
2007
Rp
Obligasi konversi yang jatuh
tempo pada tahun 2012
- Nilai wajar
Obligasi konversi yang jatuh
tempo pada tahun 2010
- biaya perolehan yang
diamortisasi
Details of convertible bonds are as follows:
2006
Rp
1.210.730.033.750
-
Convertible bonds due 2012
- at fair value
Convertible bonds due 2010
-
29.315.000.000
1.210.730.033.750
- at amortized cost
29.315.000.000
Obligasi Konversi jatuh tempo 2012
Convertible Bonds due in 2012
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 125.000.000.
Obligasi ini diterbitkan sebesar 100% dari face
value, dan dijamin tanpa syarat dan tidak dapat
dibatalkan oleh Perusahaan.
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 125,000,000.
The bonds were issued at 100% of face value, and
were unconditionally and irrevocably guaranteed by
the Company.
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.
The bondholders have the right to convert the
bonds into ordinary shares, with par value of Rp
62.50 each, of the Company 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.
- 55 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
BLTF BV juga memiliki opsi untuk membeli kembali
obligasi beserta bunga yang masih harus dan belum
dibayar pada Early Redemption Amount (ERA)
secara keseluruhan dengan ketentuan sebagai
berikut ini:
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. 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.
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. Jumlah agregat pokok obligasi adalah 10 persen
atau kurang dari nilai agregat jumlah pokok saat
pertama kali diterbitkan.
II. If the aggregate principal amount of the bonds is
ten percent or less of the aggregate principal
amount originally issued.
III. Setiap saat dimana terjadi perubahan tertentu
yang berkaitan dengan perpajakan di Belanda
atau Republik Indonesia.
III. At anytime in the event of certain changes
relating to taxation in The Netherlands or the
Republic of Indonesia.
Pemegang obligasi memiliki hak untuk meminta BLTF
BV untuk membeli kembali semua atau sebagian
obligasi pada 116,82% dari nilai pokok pada tanggal
17 Mei 2010. Pemegang obligasi juga memiliki opsi
untuk meminta BLTF BV untuk membeli kembali
obligasi pada nilai ERA-nya bila terjadi perubahan
pengendalian atau terjadinya delisting saham
Perusahaan.
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
bondholders have also 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
Company’s shares.
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.
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-annually basis.
Kecuali telah dibeli kembali, dibatalkan atau telah
dikonversi, BLTF BV akan membeli kembali setiap
obligasi konversi pada harga 129,58% daripada nilai
pokok pada tanggal 17 Mei 2012.
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.
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.
Nilai wajar pada tanggal neraca ditentukan
berdasarkan kuotasi harga pasar. Pada tanggal
31 Desember 2007, nilai wajar obligasi konversi
adalah
sebesar
102,833%
atau
Rp 1.210.730.033.750. Perubahan atas nilai wajar
dicatat pada laporan laba rugi.
These bonds, which include embedded derivatives,
are measured entirely at fair value with changes in
the fair value recognized in earnings. The fair
value at balance sheet date is determined based
on quoted price. On December 31, 2007, fair value
amounted to 102.833% or Rp 1,210,730,033,750.
The change in fair value is recognized in the
statement of income.
Obligasi Konversi jatuh tempo 2010
Convertible Bonds due 2010
Pada tanggal 14 Desember 2005, BLT Finance
Corporation (BLT FC), anak perusahaan, menerbitkan
50.000 obligasi konversi dengan denominasi
USD 1.000 atau dengan jumlah agregat pokok
USD 50.000.000 dengan tingkat bunga 1,25% per
tahun yang dibayar tiap enam bulan sekali setiap
tanggal 14 Juni dan 14 Desember. Obligasi ini
diterbitkan dengan 100% dari face value, dan dijamin
tanpa syarat dan tidak dapat dibatalkan oleh
Perusahaan.
On December 14, 2005, BLT Finance Corporation
(BLT FC), a subsidiary, issued 50,000 convertible
bonds in denomination of USD 1,000 each, or
aggregate principal amount of USD 50,000,000,
with interest rate of 1.25% per annum payable
semi-annually on June 14 and December 14. The
bonds were issued at 100% of face value, and
were unconditionally and irrevocably guaranteed
by the Company.
- 56 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Pemegang
obligasi
memiliki
hak
untuk
mengkonversikan obligasi ini menjadi saham biasa
Perusahaan, dengan nilai nominal Rp 62,5 per
saham dari tanggal 24 Januari 2006 sampai dengan
14 Nopember 2010. Jumlah saham yang akan
dikonversi ditentukan dengan cara membagi nilai
obligasi yang akan dikonversikan (menggunakan
kurs tetap Rp 10.078 per USD 1) dengan harga
konversi yang berlaku pada saat konversi. Harga
konversi awal adalah Rp 1.250 per saham.
Walaupun terdapat hak konversi dari pemegang
obligasi, BLT FC 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. Efektif 2 Januari 2006, BLT
FC mencabut dan melepaskan hak opsinya secara
tetap serta tidak lagi mengakui opsi penyelesaian
secara kas atas obligasi konversi, berdasarkan akta
pelepasan hak tanggal 2 Januari 2006.
The bondholders have the right to convert the
bonds into ordinary shares, with par value of
Rp 62.50 each, of the Company from January 24,
2006 to November 14, 2010. The number of shares
to be delivered on conversion will be determined by
dividing the principal amount of the bond to be
converted (translated into Rupiah at fixed rate of
Rp 10,078 per USD 1) by the conversion price in
effect at the time of conversion. The initial
conversion price is Rp 1,250 per share.
Notwithstanding the Conversion Right of the
bondholders, BLT FC 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. Effective January 2, 2006, BLT FC
irrevocably and permanently waived and renounced
its cash settlement option contained in the
convertible bonds based on the Deed of Waiver
dated January 2, 2006.
BLT FC
obligasi
dibayar
secara
berikut:
The bonds may also be redeemed at the option of
BLT FC at their Early Redemption Amount (ERA),
together with accrued and unpaid interest, in whole
but not in part:
juga memiliki opsi untuk membeli kembali
beserta bunga yang masih dan belum
pada Early Redemption Amount (ERA)
keseluruhan dengan ketentuan sebagai
i.
Pada atau setiap saat setelah tanggal 14
Desember 2008, 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 sekurangkurangnya 125% dari ERA dibagi rasio
konversi.
i.
On or at anytime after December 14, 2008 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.
Jumlah agregat pokok obligasi adalah 10
persen atau kurang dari nilai agregat jumlah
pokok saat pertama kali diterbitkan.
ii.
If the aggregate principal amount of the bonds
is ten percent or less of the aggregate
principal amount originally issued.
iii.
Setiap saat dimana terjadi perubahan tertentu
yang berkaitan dengan perpajakan di British
Virgin Island atau Republik Indonesia.
iii.
At anytime in the event of certain changes
relating to taxation in British Virgin Island or
the Republic of Indonesia.
Pemegang obligasi memiliki hak untuk meminta BLT
FC untuk membeli kembali semua atau sebagian
obligasi pada 112,12% dari nilai pokok beserta
bunga yang masih harus dan belum dibayar pada
tanggal 14 Desember 2007. Pemegang obligasi juga
memiliki opsi untuk meminta BLT FC untuk membeli
kembali obligasi pada nilai ERA-nya bila terjadi
perubahan pengendalian atau terjadinya delisting
saham Perusahaan.
The bondholders have the right to require BLT FC
to redeem all or some of the bonds at 112.12% of
the principal amount together with accrued and
unpaid interest on December 14, 2007. The
bondholders have also the right at their option to
require BLT FC to redeem the bonds at their ERA
on occurrence of change in control or delisting of
Company’s shares.
ERA dari obligasi untuk setiap USD 1.000 nilai
pokok, untuk penyelesaian sebelum tanggal jatuh
tempo pada harga antara USD 1.028,75 sampai
dengan USD 1.269,41, hasil (yield) kotor kepada
investor adalah sebesar 7% untuk pembelian
kembali pada saat atau sebelum tanggal
14 Desember 2007 dan 6,5% untuk pembelian
kembali setelah tanggal tersebut.
ERA of the bonds, for each USD 1,000 principal
amount, pertains to settlement before the maturity
date at price ranging from USD 1,028.75 to
USD 1,269.41, representing a gross yield to the
investor of 7% for redemption on or before
December 14, 2007 and 6.5% for redemption
thereafter.
Kecuali telah kembali atau telah dikonversi, BLT FC
akan membeli kembali setiap obligasi konversi pada
harga 130,44% daripada nilai pokok pada
14 Desember 2010.
Unless previously redeemed, converted or
purchased, BLT FC will redeem each bond at
130.44% of the principal amount on December 14,
2010.
- 57 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Pada tanggal 14 Desember 2005, pada saat
penerbitan obligasi konversi diukur pada nilai wajar,
laba atau rugi yang timbul sebagai hasil perubahan
nilai wajar diakui dalam laporan laba rugi.
On December 14, 2005, at the time of issue, the
convertible bonds were measured at fair value with
changes in fair value recognized in earnings.
Efektif sejak 2 Januari 2006, obligasi konversi tidak
lagi ditetapkan sebagai nilai wajar sejak BLT Finance
Corp secara tetap dan tanpa syarat membatalkan dan
merubah opsi penyelesaian seperti yang didiskusikan
di atas.
Effective January 2, 2006, the convertible bonds
were no longer measured at fair value since
BLT FC has irrevocably and permanently waived
and renounced its cash settlement option as
discussed above.
Obligasi konversi dicatat dan dinilai sebagai berikut:
The bonds are recorded and measured as follows:
Rp
Obligasi konversi jatuh tempo 2010
pada harga nominal
Konversi saham
Pengaruh nilai selisih kurs
Convertible bonds due 2010 491.500.000.000
at amortized cost
(471.146.500.000) Conversion to shares
8.961.500.000 Foreign exchange difference
Saldo per 31 Desember 2006
29.315.000.000
Selama tahun 2007, pemegang obligasi telah
mengkonversi seluruh sisa obligasi konversi sebesar
USD 3.250.000 dengan menggunakan kurs tetap
(1 USD
=
Rp
10.078)
setara
dengan
Rp 32.753.500.000 menjadi 26.202.800 saham.
23.
In 2007, bondholders have converted all of the
remaining bonds amounting to USD 3,250,000
using a fixed rate of (1 USD = Rp 10,078) or
equivalent to Rp 32,753,500,000 converted into
26,202,800 shares.
MODAL SAHAM
23.
Susunan pemegang saham Perusahaan sesuai
dengan Registrasi Biro Administrasi Efek dan
PT Kustodian Sentral Efek Indonesia tanggal
31 Desember 2007 dan 2006 adalah sebagai berikut:
Nama Pemegang Saham
Jumlah
Saham/
Number of
Shares
Balance December 31, 2006
CAPITAL STOCK
The composition of stockholders based on the
Share Registration Bureau (Registrasi Biro
Administrasi Efek) and PT Kustodian Sentral Efek
Indonesia as of December 31, 2007 and 2006 are
as follows:
2007
Persentase
Pemilikan/
Percentage
of Ownership
%
Jumlah Modal
Disetor/
Total Paid-up
Capital
Rp
Name of Stockholder
PT Tunggaladhi Baskara
Tn. Widihardja Tanudjaja
Siana Anggraeni Surya
Koperasi Karyawan Berlian
Masyarakat lainnya (dibawah 5%)
2.047.793.764
2.620.800
62.400
2.422.056
2.106.111.416
49,24
0,06
0,00
0,06
50,64
127.987.110.250
163.800.000
3.900.000
151.378.500
131.631.963.500
PT Tunggaladhi Baskara
Mr. Widihardja Tanudjaja
Siana Anggraeni Surya
Berlian Employees Cooperative
Public (below 5 % each)
Jumlah
4.159.010.436
100,00
259.938.152.250
Total
Nama Pemegang Saham
Jumlah
Saham/
Number of
Shares
2006
Persentase
Pemilikan/
Percentage
of Ownership
%
Jumlah Modal
Disetor/
Total Paid-up
Capital
Rp
Name of Stockholder
PT Tunggaladhi Baskara
Tn. Widihardja Tanudjaja
Siana Anggraeni Surya
Koperasi Karyawan Berlian
Masyarakat lainnya (dibawah 5%)
1.885.536.792
2.620.800
62.400
2.422.056
2.266.930.388
45,35
0,06
0,00
0,06
54,53
117.846.049.500
163.800.000
3.900.000
151.378.500
141.683.149.250
PT Tunggaladhi Baskara
Mr. Widihardja Tanudjaja
Siana Anggraeni Surya
Berlian Employees Cooperative
Public (below 5 % each)
Jumlah
4.157.572.436
100,00
259.848.277.250
Total
- 58 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Mutasi modal disetor Perusahaan adalah sebagai
berikut:
2007
Rp
Movements in share capital are as follows:
2006
Rp
Saldo awal
Pelaksanaan waran
259.848.277.250
89.875.000
259.825.902.250
22.375.000
Beginning of the year
Exercise of warrants
Saldo akhir
259.938.152.250
259.848.277.250
End of the year
Mutasi jumlah saham Perusahaan yang beredar
adalah sebagai berikut:
2007
Lembar/share
Details of the company’s number of shares
outstanding are as follows:
2006
Lembar/share
Saldo awal
Pelaksanaan waran
Perolehan saham diperoleh
kembali
Penerbitan saham diperoleh
kembali melalui konversi atas
obligasi konversi
4.008.118.636
1.438.000
26.202.800
376.917.200
Saldo akhir
3.746.659.436
4.008.118.636
(289.100.000)
3.771.031.436
358.000
Beginning of the year
Exercise of warrants
(140.188.000) Acquisition of treasury stock
Issuance of treasury stock through
conversion of convertible bonds
End of the year
Pada tanggal 31 Desember 2007 dan 2006, jumlah
waran yang belum dilaksanakan adalah 430.990.764
dan 432.428.764 waran (Catatan 1c).
At December 31, 2007 and 2006, 430,990,764 and
432,428,764 warrants have not been exercised
(Note 1c).
Pada tanggal 31 Desember 2007 dan 2006 sebanyak
66.188.311
dan
167.142.857
saham
milik
PT Tunggaladhi Baskara dijaminkan sehubungan
dengan pinjaman Perusahaan dari Bank Central Asia
(Catatan 12, 16b dan 34c).
At December 31, 2007 and 2006, 66,188,311 and
167,142,857 shares, repectively, owned by
PT Tunggaladhi Baskara are used as guarantee in
relation with the Company’s loan from Bank Central
Asia (Notes 12, 16b and 34c).
Pada Rapat Umum Pemegang Saham Luar Biasa
(RUPSLB) sebagaimana tercantum dalam akta
No. 18 tanggal 18 Mei 2005 dari Dr. A Partomuan
Pohan, SH., LLM, notaris di Jakarta, pemegang
saham memutuskan untuk melakukan pemecahan
saham (stock split) dimana setiap saham dengan
nilai nominal Rp 62,5 dipecah menjadi Rp 31,25 per
saham yang mana dapat dilaksanakan dalam
1 tahun dari tanggal RUPSLB tersebut. Pada tanggal
18 Mei 2006, rencana pemecahan saham tersebut
belum dilaksanakan.
At the Extraordinary General Meeting of
Stockholders as stated in notarial deed No. 18
dated May 18, 2005 of Dr. A Partomuan Pohan,
SH., LLM, notary in Jakarta, the stockholders
approved a stock split on the Company’s shares
wherein every share with a nominal value of
Rp 62.50 will be split to become Rp 31.25 per
share, which can be carried out within one year
from the date of the Extraordinary General Meeting
of Stockholders. As at May 18, 2006, the stock split
has not been executed.
Pada Rapat Umum Pemegang Saham Luar Biasa
(RUPSLB) sebagaimana tercantum dalam akta
No. 47 tanggal 31 Mei 2006 dari Dr. A Partomuan
Pohan, SH., LL.M, notaris di Jakarta, pemegang
saham menyetujui untuk merubah jangka waktu
pelaksanaan pemecahan nilai nominal saham (stock
split), seperti yang telah disebutkan diatas
diperpanjang sampai dengan tanggal 30 Juni 2007.
Jika rencana
stock split ini terjadi, maka
berdasarkan hasil evaluasi Perusahaan bahwa
pergerakan harga saham Perusahaan tidak
menguntungkan untuk Perusahaan, sehingga
rencana ini tidak dilaksanakan. Selain itu, para
pemegang saham juga memberi kuasa kepada
direktur Perusahaan untuk menentukan rasio stock
split yang tidak merugikan bagi pemegang saham
Perusahaan.
At the Extraordinary General Meeting of
Stockholders as stated in notarial deed No. 47
dated May 31, 2006 of Dr. A Partomuan Pohan,
SH., LL.M, notary in Jakarta, the stockholders
agreed to change the term to carry out the stock
split, as mentioned above, to extend until June 30,
2007. It further stated that if, based on the
Company’s evaluation, the movements of the
Company’s share price is not advantageous to the
Company, such stock split will not be executed.
Also, the stockholders authorized the Company’s
Directors to determine the stock split ratio which
should not be disadvantageous to the Company’s
stockholders.
- 59 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
24.
Pada Rapat Umum Pemegang Saham Luar Biasa
(RUPSLB) sebagaimana tercantum dalam akta
No. 30 tanggal 21 Juni 2006 dari Dr. A Partomuan
Pohan, SH., LL.M, notaris di Jakarta, para pemegang
saham menyetujui untuk menerbitkan saham baru
melalui penerbitan saham tanpa hak untuk memesan
terlebih dahulu dengan jumlah maksimum 5% dari
saham yang diterbitkan hingga tanggal 6 Mei 2007.
Based on the Extraordinary General Meeting of
Stockholders as stated in notarial deed
No. 30 dated June 21, 2006 of Dr. A Partomuan
Pohan, SH., LL.M, notary in Jakarta, the
stockholders approved the issuance of new shares
through a Rights Issue without Pre-emptive Rights
up to a maximum of 5% of issued shares up to
May 6, 2007.
Pada Rapat Umum Pemegang Saham Luar Biasa
(RUPSLB) sebagaimana tercantum dalam akta
No. 32 tanggal 24 Mei 2007 dari Dr. A Partomuan
Pohan, SH., LL.M, notaris di Jakarta, para
pemegang saham menyetujui untuk memperpanjang
jangka waktu penerbitan saham baru melalui
penerbitan saham tanpa hak untuk memesan
terlebih dahulu sampai dengan tanggal Rapat Umum
Pemegang Saham Tahunan berikutnya. Sampai
dengan tanggal 31 Desember 2007, penerbitan
saham baru tersebut belum dilaksanakan.
Based on the Extraordinary General Meeting of
Stockholders as stated in notarial deed No. 32
dated May 24, 2007 of Dr. A Partomuan Pohan,
SH., LL.M, notary in Jakarta, the stockholders
approved to extend the period of issuance of new
shares through a right issue without preemptive
rights until the next Annual General Meeting of
Stockholders. As of December 31, 2007, the
issuance of new shares has not been executed.
Pada Rapat Umum Pemegang Saham Luar Biasa
(RUPSLB) sebagaimana tercantum dalam akta
No. 18 tanggal 18 Mei 2005 dari Dr. A Partomuan
Pohan, SH., LLM, notaris di Jakarta, pemegang
saham memutuskan untuk melakukan pemecahan
saham (stock split) dimana setiap saham dengan
nilai nominal Rp 62,5 dipecah menjadi Rp 31,25 per
saham yang mana dapat dilaksanakan dalam 1
tahun dari tanggal RUPSLB tersebut. Pada tanggal
18 Mei 2006, rencana pemecahan saham tersebut
belum dilaksanakan.
At the Extraordinary General Meeting of
Stockholders as stated in notarial deed No. 18
dated May 18, 2005 of Dr. A Partomuan Pohan,
SH., LLM, notary in Jakarta, the stockholders
approved a stock split on the Company’s shares
wherein every share with a nominal value of
Rp 62.50 will be split to become Rp 31.25 per
share, which can be carried out within one year
from the date of the Extraordinary General Meeting
of Stockholders. As at May 18, 2006, the stock split
has not been executed.
24. ADDITIONAL PAID-IN CAPITAL
AGIO SAHAM
Rp
Saldo agio saham per 31 Desember 2005
Pelaksanaan waran 358.000 saham
Jumlah yang dicatat sebagai modal disetor
Bersih
Pelaksanaan obligasi konversi sebanyak
376.917.200 saham yang berasal dari
saham diperoleh kembali
Jumlah yang dicatat sebagai saham (Catatan 25)
409.095.309.366
53.700.000
(22.375.000)
31.325.000
471.146.500.000
(355.432.919.600)
Bersih
115.713.580.400
Saldo agio saham per 31 Desember 2006
524.840.214.766
Balance of additional paid-in capital as of
December 31, 2005
Issuance of 358,000 shares through
exercise of warrants
Amount recorded as paid-in capital
Net
Issuance of 376,917,200 treasury shares
through the conversion of convertible
bonds
Amount recorded as paid-in capital (Note 25)
Net
Balance of additional paid-in capital as of
December 31, 2006
Pelaksanaan waran 1.438.000 saham
Jumlah yang dicatat sebagai modal disetor
215.700.000
(89.875.000)
Issuance of 1,438,000 shares through
exercise of warrants
Amount recorded as paid-in capital
Bersih
125.825.000
Net
Pelaksanaan obligasi konversi sebanyak
26.202.800 saham yang berasal dari
saham diperoleh kembali
Jumlah yang dicatat sebagai saham (Catatan 25)
Bersih
Saldo agio saham per 31 Desember 2007
32.753.500.000
(24.709.240.400)
8.044.259.600
533.010.299.366
- 60 -
Issuance of 26,202,800 treasury shares
through the conversion of convertible
bonds
Amount recorded as paid-in capital (Note 25)
Net
Balance of additional paid-in capital as of
December 31, 2007
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
25.
SAHAM DIPEROLEH KEMBALI
25.
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.
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 public 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.
Pada tanggal 31 Desember 2007 dan 2006 jumlah
saham diperoleh kembali adalah sebagai berikut:
As of December 31, 2007 and 2006, the total
number of treasury stocks are as follows:
2007
Persentase
terhadap saham
yang dikeluarkan/
Percentage to
issued shares
%
Number of
shares
Biaya/
Cost
Rp
Saham diperoleh kembali awal
149.453.800
3,59
250.323.928.150
Treasury stocks, beginning
Ditambah: Perolehan
Dikurangi: Penerbitan saham
diperoleh kembali atas
obligasi konversi
(Catatan 24)
289.100.000
6,95
555.306.953.751
26.202.800
0,63
24.709.240.400
Add: Acquisition
Less : Issuance of treasury
stocks from conversion
of convertible bonds
(Note 24)
Saham diperoleh kembali akhir
412.351.000
9,91
780.921.641.501
Number of
shares
26.
TREASURY STOCKS
2006
Persentase
terhadap saham
yang dikeluarkan/
Percentage to
issued shares
%
Treasury stocks, end
Biaya/
Cost
Rp
Saham diperoleh kembali awal
386.183.000
9,29
359.414.045.000
Treasury stocks, beginning
Ditambah: Perolehan
Dikurangi: Penerbitan saham
diperoleh kembali atas
obligasi konversi
(Catatan 24)
140.188.000
3,37
246.342.802.750
376.917.200
9,07
355.432.919.600
Add: Acquisition
Less : Issuance of treasury
stocks from conversion
of convertible bonds
(Note 24)
Saham diperoleh kembali akhir
149.453.800
3,59
250.323.928.150
Treasury stocks, end
PENDAPATAN USAHA
26.
2007
Rp
OPERATING REVENUES
2006
Rp
Kapal yang dimiliki
Kapal yang disewa
Jasa perantara perkapalan
Jasa penyimpanan
2.834.658.208.470
795.811.821.382
6.878.842.434
4.424.046.515
2.410.652.629.872
650.378.917.530
6.437.456.635
6.318.606.473
Owned vessels
Chartered vessels
Agency fees
Storage fees
Bersih
3.641.772.918.801
3.073.787.610.510
Total
- 61 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
27.
0,07% dari pendapatan usaha pada tahun 2006
dilakukan dengan pihak hubungan istimewa (Catatan
34a).
0.07% of the total operating revenues in 2006 was
from related parties (Note 34a).
Pendapatan usaha termasuk pendapatan dari
Pertamina
masing-masing
sebesar
Rp 396.736.653.801 dan Rp 470.092.278.975 pada
tahun 2007 dan 2006, dimana merupakan
pendapatan usaha yang melebihi 10% dari
pendapatan usaha bersih.
Operating revenues include revenues from
Pertamina
of
Rp
396,736,653,801
and
Rp 470,092,278,975 in 2007 and 2006, which
represent more than 10% of the total operating
revenues for the respective years.
27.
BEBAN LANGSUNG
2007
Rp
Kapal Yang Dimiliki
Penyusutan (Catatan 10)
Bahan bakar
Biaya sandar
Gaji
Docking
Suku cadang
Asuransi
Pelumas
Transportasi
Perbaikan dan pemeliharaan
Pengurusan dokumen
Bahan lain
Uang makan
Lain-lain
DIRECT COST
2006
Rp
Owned vessels
Depreciation (Note 10)
Fuel
Port charges
Salaries
Docking
Spare parts
Insurance
Lubricant
Transportation
Repairs and maintenance
Processing of documents
Supplies
Employees' meal allowances
Others
507.676.298.336
464.058.782.288
212.920.320.241
211.153.404.623
134.807.106.778
80.379.639.831
49.844.201.488
47.326.206.390
33.306.862.163
28.431.537.804
21.778.196.767
19.858.296.191
15.170.136.826
22.725.067.921
392.828.876.726
389.465.017.027
172.069.284.121
152.406.510.301
59.139.548.315
76.494.562.189
41.186.141.319
45.108.921.500
21.442.581.890
45.484.650.818
16.299.228.262
15.187.205.458
12.156.784.531
18.129.283.629
1.849.436.057.647
1.457.398.596.086
Kapal Yang Disewa
Sewa
Bahan bakar
Biaya sandar
Gaji
Suku cadang
Perbaikan dan pemeliharaan
Pelumas
Asuransi
Bahan lain
Transportasi
Pengurusan dokumen
Uang makan
Lain-lain
269.783.632.466
159.619.033.266
96.332.249.088
58.317.527.769
14.181.468.190
13.812.900.663
10.813.647.791
7.274.818.557
5.984.173.187
5.019.020.658
4.790.645.873
1.436.740.699
7.878.678.830
189.517.116.356
124.974.506.564
69.597.912.682
41.725.692.639
11.784.408.611
16.482.062.444
10.507.633.952
6.977.782.570
4.229.920.483
3.853.239.410
4.399.075.149
999.461.041
9.046.945.639
Chartered vessels
Rental
Fuel
Port charges
Salaries
Spare parts
Repairs and maintenance
Lubricant
Insurance
Supplies
Transportation
Processing of documents
Employees' meal allowances
Others
Jumlah
655.244.537.037
494.095.757.540
Total
2.504.680.594.684
1.951.494.353.626
Jumlah
Jumlah beban usaha langsung
Total
Total direct cost
0,84% dan 1,67% dari jumlah beban usaha langsung
masing-masing pada tahun 2007 dan 2006
dilakukan dengan pihak hubungan istimewa (Catatan
34b).
0.84% and 1.67% of the above direct cost in 2007
and 2006, respectively, were from related parties
(Note 34b).
Tidak terdapat beban yang berasal dari pihak
tertentu yang melebihi 10% dari seluruh beban
usaha langsung.
There is no expense from specific party that exceeds
10% of the total direct cost.
- 62 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
28.
28.
BEBAN UMUM DAN ADMINISTRASI
2007
Rp
Gaji
Tenaga ahli
Beban kantor
Imbalan pasca kerja (Catatan 20)
Perjalanan dinas
Telekomunikasi
Pemasaran
Penyusutan (Catatan 10)
Beban bank
Representasi
Amortisasi (Catatan 17)
Pendidikan dan pelatihan
Lain-lain
Jumlah
29.
2006
Rp
94.185.081.432
66.109.365.587
22.213.583.662
10.259.574.960
9.348.664.469
6.839.420.994
5.075.158.712
4.801.041.439
3.811.236.136
3.601.877.927
3.082.028.750
2.711.624.706
6.982.556.778
62.845.764.906
53.304.326.240
16.052.603.140
4.204.183.065
8.705.719.642
6.514.232.837
3.331.306.161
3.688.786.067
3.430.570.417
1.780.103.808
2.119.591.404
1.380.594.786
8.543.679.184
239.021.215.552
175.901.461.657
29.
BEBAN KEUANGAN
2007
Rp
Beban keuangan dari:
Hutang bank
Hutang lain-lain jangka panjang
Obligasi
Salaries
Professional fees
Office expenses
Post-employment benefits (Note 20)
Transportation
Telecommunication
Marketing
Depreciation (Note 10)
Bank charges
Representation
Amortization (Note 17)
Training and education
Others
Total
FINANCE COSTS
2006
Rp
216.109.549.089
10.648.096.305
269.021.509.267
272.880.161.381
8.803.490.169
46.433.958.986
Jumlah beban pinjaman
Kerugian (keuntungan) transaksi
derivatif - bersih (Catatan 33)
Bagi hasil obligasi Syariah
495.779.154.661
328.117.610.536
Mudharabah dan Sukuk Ijarah
13.979.000.000
Jumlah
30.
GENERAL AND ADMINISTRATIVE EXPENSE
Total borrowing cost
Net loss (gain) on derivative
(103.189.055.870)
transactions (Note 33)
Profit sharing allocation on Syariah
Mudharabah and Sukuk Ijarah
8.829.000.000
Bonds
112.265.276.635
622.023.431.296
PENDAPATAN INVESTASI
233.757.554.666
30.
Akun ini merupakan penghasilan bunga dari:
Finance costs on:
Bank loans
Other long-term payable
Bonds
Total
INVESTMENT INCOME
This account consists of interest on:
2007
Rp
2006
Rp
Jasa giro dan lain-lain
Deposito berjangka
50.127.764.270
32.486.417.362
15.505.407.869
20.470.844.628
Current accounts and others
Time deposits
Jumlah pendapatan bunga
Keuntungan pemilikan efek yang
sudah direalisasi
82.614.181.632
35.976.252.497
Total interest income
25.511.490.453
19.672.551.397
Realized gain on securities
108.125.672.085
55.648.803.894
Total
Jumlah
- 63 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
31.
LABA PER SAHAM
31.
Laba Bersih
Net Income
2007
Rp
Laba bersih untuk perhitungan laba
per saham dasar
Pengaruh efek berpotensi saham
biasa yang dilutif:
Perubahan nilai wajar obligasi
konversi yang belum diamortisasi
Bunga atas obligasi konversi
Laba bersih untuk perhitungan laba
per saham dilusian
EARNINGS PER SHARE
2006
Rp
758.981.783.247
1.205.279.899.017
33.355.033.750
-
372.531.250
792.336.816.997
1.205.652.430.267
Laba Per Saham
Net income for the computation
of basic earnings per share
Potential effect of dilutive
common share:
Unrealized fair value change of
convertible bonds
Interest on convertible bonds
Net income for the computation
of diluted earnings per share
Earnings Per Share
2007
Rp
2006
Rp
Laba bersih untuk perhitungan laba
per saham dasar
758.981.783.247
1.205.279.899.017
Net income for the computation of
basic earnings per shares
Laba bersih untuk perhitungan laba
per saham dilusian
792.336.816.997
1.205.652.430.267
Net income for the computation of
dillutive earnings per share
Jumlah rata-rata tertimbang
saham biasa untuk laba per
saham dasar
Pengaruh efek berpotensi saham
biasa yang dilutif :
- Obligasi konversi
- Waran
Jumlah rata-rata tertimbang
saham biasa untuk perhitungan
laba per saham dilusian
Harga pelaksanaan waran
Nilai wajar rata-rata per saham
biasa
Laba per saham
- Dasar
- Dilusian
Weighted average number of shares
used in calculating basic earnings
per share
3.810.882.703
3.973.969.589
249.064.587
397.784.338
125.739.847
393.697.897
4.457.731.628
4.493.407.333
Rp
150
Rp
150
Rp
1.918
Rp
1.674
Rp
Rp
199
178
Rp
Rp
303
268
Pada tanggal penerbitan laporan keuangan
konsolidasi,
manajemen
Perusahaan
telah
memutuskan tidak akan melaksanakan pemecahan
nilai nominal saham sampai rencana pemecahan
tersebut disetujui didalam RUPSLB (Catatan 23).
Oleh karena itu, pengaruh dari pemecahan nilai
nominal saham pada laba per lembar saham tidak
diperhitungkan dalam perhitungan laba per lembar
saham dilusian.
- 64 -
Effect of dilutive potential ordinary
share:
- Convertible bonds
- Warrants
Weighted average of common
share for computation of diluted
earning per share
Exercise price of warrants
Average fair value of common
share
Earnings per share
- Basic
- Diluted
As of the issuance date of the consolidated financial
statements, the Company’s management has
decided that they will not carry-out the stock split
until after such stock split is approved in a
Extraordinary Stockholders’ Meeting (Note 23).
Accordingly, the effect of the stock split on the
earnings per share was not considered in the
earnings per share calculation.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
32.
33.
DIVIDEN DAN CADANGAN
32.
DIVIDENDS
AND
APPROPRIATION
GENERAL RESERVES
FOR
Pada Rapat Umum Pemegang Saham Tahunan,
sebagaimana tercantum dalam akta No. 31 tanggal
24 Mei 2007 dari Amrul Partomuan Pohan, S.H.,
LLM, notaris di Jakarta, pemegang saham
menyetujui pembagian dividen untuk tahun buku
2006 sebesar Rp 40 per saham dan membentuk
cadangan sebesar Rp 310.000.000 dari saldo laba.
At the Annual General Meeting of Stockholders, as
stated in notarial deed No. 31 dated May 24, 2007
of Amrul Partomuan Pohan, SH., LLM, notary
public in Jakarta, the stockholders decided to
declare dividends of Rp 40 per share for 2006 and
appropriate Rp 310,000,000 from retained earnings
for general reserve.
Pada Rapat Umum Pemegang Saham Tahunan,
sebagaimana tercantum dalam akta No. 46 tanggal
31 Mei 2006 dari Amrul Partomuan Pohan, S.H.,
LLM, notaris di Jakarta, pemegang saham
menyetujui pembagian dividen untuk tahun buku
2005 sebesar Rp 20 per saham dan membentuk
cadangan sebesar Rp 160.362.000 dari saldo laba.
At the Annual General Meeting of Stockholders, as
stated in notarial deed No. 46 dated May 31, 2006
of Amrul Partomuan Pohan, SH., LLM, notary
public in Jakarta, the stockholders decided to
declare dividends of Rp 20 per share for 2005 and
appropriate Rp 160,362,000 from retained earnings
for general reserve.
INSTRUMEN KEUANGAN DERIVATIF
33.
DERIVATIVE FINANCIAL INSTRUMENTS
Perusahaan menggunakan kontrak swap mata uang
dan suku bunga untuk mengelola risiko dari
kemungkinan pergerakan mata uang asing dan suku
bunga. Instrumen derivatif yang dimiliki Perusahaan
pada tanggal 31 Desember 2007 dan 2006 terutama
terdiri dari kontrak swap mata uang yang berlaku
antara bulan Mei 2008 sampai dengan Juli 2012
yang memiliki nilai wajar bersih sebesar
Rp 194.227.058.505 dan Rp 33.717.422.539.
The Company utilizes currency and interest rate
swap contracts to manage exposure to foreign
currency and interest rate movement. The
outstanding derivative financial instruments,
consisting mainly of cross currency swaps expire
between May 2008 to July 2012 and have net fair
values
of
Rp
194,227,058,505
and
Rp 33,717,422,539 as of December 31, 2007 and
2006, respectively.
Pada tanggal 31 Desember 2007 dan 2006 kontrak
derivatif memiliki nilai nosional masing-masing
sebesar Rp 1.473.906.250.000 (USD 170.473.362)
dan Rp 587.031.250.000 (USD 69.744.753). Kontrak
swap mata uang membutuhkan pertukaran
(pembayaran) secara periodik berdasarkan tingkat
bunga Rupiah dan Dollar Amerika Serikat dari
jumlah nosional dan pertukaran (pembayaran) akhir
atau net settlement dari jumlah nosional (pokok)
pada saat jatuh tempo kontrak.
At December 31, 2007 and 2006, the derivative
contracts
have
notional
amounts
of
Rp 1,473,906,250,000
(USD 170,473,362)
and
Rp 587,031,250,000 (USD 69,744,753), respectively.
The cross currency swaps require periodic exchange of
interest based on the Rupiah and US Dollar notional
amounts and final exchange or net settlement of the
notional (principal) amount on maturity of the
contracts.
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 dalam Rupiah dan Dollar
Amerika Serikat, dengan rincian sebagai berikut:
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 Rupiah and US Dollar notional amount, details of
which are as follows
2007
Rp
2006
Rp
Perubahan nilai wajar - bersih
Bunga dari transaksi swap - bersih
(160.509.635.966)
48.244.359.331
79.721.001.922
23.468.053.948
Keuntungan (kerugian) swap - bersih
(112.265.276.635)
103.189.055.870
- 65 -
Net change in fair value
Net settlement of interest
Net gain (loss) - net
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Derivatif-derivatif ini diukur menggunakan nilai
sekarang dari estimasi arus kas masa depan yang
didiskontokan berdasarkan kurva hasil selama
jangka waktu dari instrumen-instrumen tersebut.
34.
SIFAT DAN TRANSAKSI HUBUNGAN ISTIMEWA
Derivatives are measured at the present value of
future cash flows estimated and discounted based
on the applicable yield curves for the duration of the
instruments.
34.
NATURE
OF
RELATIONSHIP
AND
TRANSACTIONS WITH RELATED PARTIES
Sifat Hubungan Istimewa
Nature of Relationship
•
PT Bagusnusa Samudera Gemilang (Bagusnusa)
merupakan pihak pengendali utama terhadap
Perusahaan dan anak perusahaan.
•
The ultimate controlling party of the Company
and its subsidiaries is PT Bagusnusa
Samudera Gemilang (Bagusnusa).
•
PT Tunggaladhi Baskara merupakan pemegang
saham mayoritas Perusahaan.
•
PT Tunggaladhi Baskara is a major stockholder
of the Company.
•
Bagusnusa merupakan perusahaan induk dari
PT Tunggaladhi Baskara, pemegang saham
mayoritas Bagusnusa adalah Bapak Hadi Surya,
yang sekaligus menjabat sebagai komisaris
Perusahaan.
•
Bagusnusa is the parent company of
PT Tunggaladhi
Baskara,
the
majority
shareholder of Bagusnusa is Mr. Hadi Surya,
one of the Company’s commissioners.
•
Bagusnusa
merupakan
pemegang
saham
mayoritas dari PT Garuda Mahakam Pratama.
•
Bagusnusa is the majority shareholder of
PT 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.
•
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 Company’s directors.
•
PT Arpeni Pratama Ocean Line Tbk dimiliki oleh
keluarga dekat Bapak Hadi Surya.
•
PT Arpeni Pratama Ocean Line Tbk is owned
by a close member of the family of Mr. Hadi
Surya.
Transaksi Hubungan Istimewa
Transactions with Related Parties
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:
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.
0,07% (Rp 2.077.991.700) dari jumlah
pendapatan usaha pada tahun 2006 merupakan
jasa uang tambang, perantaraan kapal dan
sewa yang berasal dari PT Arpeni Pratama
Ocean Line Tbk (pihak yang mempunyai
hubungan istimewa).
a. Manning, agency and charter fees from
PT Arpeni Pratama Ocean Line Tbk (related
party) accounted for 0.07% (Rp 2,077,991,700)
in 2006 of the total operating revenues.
b.
0,84% dan 1,67% dari jumlah beban usaha
langsung atas kapal yang dimiliki dan disewa
pada tahun 2007 dan 2006 merupakan beban
yang dibayarkan kepada pihak-pihak yang
mempunyai hubungan istimewa.
b. Expenses paid to related parties accounted for
0.84% in 2007 and 1.67% in 2006 of total
operating expenses for owned and chartered
vessels.
- 66 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
The details of expenses from related parties are
as follows:
Rincian beban yang dibayarkan kepada pihak
hubungan istimewa sebagai berikut:
2007
Rp
2006
Rp
Pan Union Agencies Pte. Ltd.
Thai Petra Transport Co. Ltd.
PT Arpeni Pratama Ocean Line Tbk
PT Garuda Mahakam Pratama
15.436.985.636
4.092.484.995
1.407.709.248
107.082.642
22.181.481.150
5.656.353.933
4.798.008.093
Pan Union Agencies Pte. Ltd.
Thai Petra Transport Co. Ltd.
PT Arpeni Pratama Ocean Line Tbk
PT Garuda Mahakam Pratama
Jumlah
21.044.262.521
32.635.843.176
Total
b. Saham Perusahaan milik PT Tunggaladhi
Baskara sebanyak 66.188.311 saham dan
167.142.857 saham pada tahun 2007 dan 2006
dijadikan jaminan atas hutang bank Perusahaan
kepada Bank Central Asia pada tahun 2007 dan
2006 (Catatan 12 dan 16b).
c.
PT Tunggaladhi Baskara’s 66,188,311 shares
and 167,142,857 shares in 2007 and 2006 in the
Company’s capital stock were used as collateral
for the Company’s loan to Bank Central Asia in
2007 and 2006 (Notes 12 and 16b).
c. Total kompensasi kepada manajemen utama
(komisaris dan direktur) selama tahun berjalan
adalah sebagai berikut:
d.
Total compensation of the Company’s key
management (commissioners and directors)
during the year are as follows:
2007
Rp
35.
2006
Rp
Imbalan jangka pendek
Imbalan pasca kerja
15.525.716.100
6.223.818.905
6.500.675.527
2.980.988.055
Short-term benefits
Post-employment benefits
Jumlah
21.749.535.005
9.481.663.582
Total
INFORMASI SEGMEN USAHA
35. SEGMENT INFORMATION
Segmen Usaha
Business Segment
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.
For management purpose, 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.
- 67 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
2007
Chemical
Rp
PENDAPATAN
Pendapatan eksternal
Jumlah pendapatan segmen
Tidak dialokasi
Gas
Rp
Oil
Rp
FPSO
Rp
1.997.253.554.461
199.181.621.427
1.333.993.916.388
100.040.937.576
3.630.470.029.852
REVENUES
External revenues
1.997.253.554.461
199.181.621.427
1.333.993.916.388
100.040.937.576
3.630.470.029.852
11.302.888.949
Total segment revenues
Unallocated
3.641.772.918.801
Total revenues per consolidated
statement of income
Jumlah pendapatan per laporan
laba rugi konsolidasi
Biaya segmen
Biaya pelayaran
Biaya sandar
Biaya bahan bakar
206.070.552.977
392.667.669.257
5.949.312.867
20.213.852.688
97.123.807.846
210.796.293.609
108.895.638
-
Jumlah Biaya Pelayaran
598.738.222.234
26.163.165.555
307.920.101.455
108.895.638
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
239.771.872.466
Jumlah Operasi perkapalan
Penyusutan kapal
Jumlah biaya segmen
Hasil Segmen
Total
Rp
-
30.011.760.000
-
309.252.569.328
623.677.815.554
Segment expenses
Voyage Expenses
Port Charges
Fuel
932.930.384.882
Total Voyage Expenses
269.783.632.466
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
158.855.166.455
71.366.567.399
52.904.496.746
33.508.504.856
20.299.980.302
19.482.884.682
13.589.266.721
14.804.747.091
9.122.220.891
20.526.366.713
24.678.554.396
14.159.255.662
12.667.819.475
5.063.634.308
1.853.883.132
5.948.585.819
3.211.698.424
3.483.821.474
2.077.837.226
2.843.042.287
77.851.473.859
91.457.939.276
27.679.803.718
18.942.889.907
26.526.367.071
9.677.187.643
9.278.021.073
6.582.816.188
4.061.695.157
5.210.234.431
8.085.737.682
67.782.908
1.308.988.082
624.825.110
8.438.789.540
3.217.224.676
489.856.423
971.084.626
1.345.124.251
2.024.103.320
269.470.932.392
177.051.545.245
94.561.108.021
58.139.854.181
57.119.020.045
38.325.882.820
26.568.842.641
25.842.469.379
16.606.877.525
30.603.746.751
414.460.201.856
161.591.071.077
75.988.132.203
34.754.847.486
277.268.428.323
264.191.510.769
26.573.516.618
47.138.869.004
794.290.279.000
507.676.298.336
1.414.561.367.633
136.906.145.244
879.391.800.547
73.821.281.260
2.504.680.594.684
Total segment expenses
582.692.186.828
62.275.476.183
454.602.115.841
26.219.656.316
1.125.789.435.168
Segment result
Pendapatan dan biaya yang
tidak dialokasikan
Biaya agen dan pergudangan
11.302.888.949
Biaya Umum dan adminitrasi
Biaya keuangan
Pendapatan investasi
Bagian rugi dari Perusahaan
asosiasi
Perubahan nilai wajar atas
obligasi konversi dari wesel
bayar melalui laba rugi
Keuntungan (kerugian) lain-lain
(239.021.215.552)
(622.023.431.296)
108.125.672.085
(218.894.593)
378.867.386.679
5.259.869.980
Total Ship Operating Expenses
Vessel Depreciation
Unallocated income and expenses
Agency and storage fees
General and administrative
expenses
Finance costs
Investment income
Equity in net loss
of associates
Change in fair value of
convertible bonds and notes
payable
Other gains and losses
*)
Laba sebelum pajak
Beban pajak
768.081.711.420
(9.099.928.173)
Profit before tax
Tax expense
Laba tahun berjalan
758.981.783.247
Profit for the year
Informasi lain-lain
Penambahan modal
Tidak dialokasikan
Jumlah penambahan modal
Penyusutan
Aktiva
Aktiva segmen
Tidak dialokasikan
9.501.081.585.176
184.836.860.122
993.798.690.000
63.240.168.935
161.591.071.077
34.754.847.486
264.191.510.769
47.138.869.004
12.005.427.248.653
944.419.650.959
3.266.046.634.464
426.960.433.333
Jumlah aktiva konsolidasi
Kewajiban
Kewajiban segmen
10.742.957.304.233
63.058.041.087
Other Information
Capital additions
Unallocated
10.806.015.345.320
507.676.298.336
Total capital additions
Depreciation
16.642.853.967.409
4.025.770.580.631
Assets
Segment assets
Unallocated
20.668.624.548.040
1.709.036.725.518
38.616.491.316
80.485.326.221
5.226.875.951
1.833.365.419.006
Consolidated total assets
Liabilities
Segment liabilities
Tidak dialokasikan
15.519.677.432.525
Unallocated
Jumlah kewajiban konsolidasi
17.353.042.851.531
Consolidated total liabilities
*) Merupakan ”Jumlah keuntungan penjualan aktiva
tetap, klaim asuransi, kerugian kurs mata uang
asing – bersih dan lain-lain.
- 68 -
*) Consists of “Total gain on sale of vessels and
equipment, insurance claim, net gain (loss) on
foreign exchange and others - net.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
2006
Chemical
Rp
PENDAPATAN
Pendapatan eksternal
Jumlah pendapatan segmen
Tidak dialokasi
Gas
Rp
Oil
Rp
Total
Rp
1.594.940.729.553
148.477.468.347
1.317.613.349.502
3.061.031.547.402
REVENUES
External revenues
1.594.940.729.553
148.477.468.347
1.317.613.349.502
3.061.031.547.402
12.756.063.108
Total segment revenues
Unallocated
3.073.787.610.510
Total revenues per consolidated statement
of income
Jumlah pendapatan per laporan
laba rugi konsolidasi
Biaya segmen
Biaya pelayaran
Biaya sandar
Biaya bahan bakar
174.489.703.455
346.058.918.090
5.662.816.816
14.185.179.910
63.023.724.011
154.225.386.212
243.176.244.282
514.469.484.212
Segment expenses
Voyage Expenses
Port Charges
Fuel
Jumlah Biaya Pelayaran
520.548.621.545
19.847.996.726
217.249.110.223
757.645.728.494
Total Voyage Expenses
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
247.586.526.954
21.566.161.431
269.152.688.385
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
Jumlah Operasi perkapalan
Penyusutan kapal
Jumlah biaya segmen
Hasil Segmen
-
76.296.121.393
46.888.073.304
42.286.938.409
25.558.212.480
13.817.807.707
9.922.365.899
5.425.900.312
6.930.708.680
8.484.723.614
19.801.930.821
11.669.097.206
8.860.472.102
7.194.338.527
4.588.493.109
2.305.542.384
2.790.253.419
1.350.233.166
1.835.262.672
1.341.096.592
2.468.887.942
71.853.940.798
48.875.653.727
27.013.285.253
20.005.783.188
25.062.791.228
8.729.962.572
9.523.094.784
6.421.234.105
2.330.964.326
12.233.890.302
159.819.159.397
104.624.199.133
76.494.562.189
50.152.488.777
41.186.141.319
21.442.581.890
16.299.228.262
15.187.205.457
12.156.784.532
34.504.709.065
255.412.782.619
128.894.168.301
44.403.677.119
20.211.814.383
232.050.600.283
243.722.894.042
531.867.060.021
392.828.876.726
1.152.442.099.419
84.463.488.228
714.588.765.979
1.951.494.353.626
Total segment expenses
442.498.630.134
64.013.980.119
603.024.583.523
1.109.537.193.776
Segment result
Pendapatan dan biaya yang
tidak dialokasikan
Biaya agen dan pergudangan
Biaya Umum dan adminitrasi
Biaya keuangan
Pendapatan investasi
Bagian rugi dari Perusahaan
asosiasi
Keuntungan dan kerugian
lain-lain
Total Ship Operating Expenses
Vessel Depreciation
Unallocated income and expenses
Agency and storage fees
General and administrative expenses
Finance costs
Investment income
Equity in net loss
of associates
12.756.063.108
(175.901.461.657)
(233.757.554.666)
55.648.803.894
(234.755.116)
445.987.235.925
*)
Other gains and losses
Laba sebelum pajak
Beban pajak
1.214.035.525.264
(8.755.626.247)
Profit before tax
Tax expense
Laba tahun berjalan
1.205.279.899.017
Profit for the year
2.080.126.123.271
3.492.827.947
Other Information
Capital additions
Unallocated
2.083.618.951.218
392.828.876.726
Total capital additions
Depreciation
7.125.225.728.866
1.080.730.222.706
Assets
Segment assets
Unallocated
Informasi lain-lain
Penambahan modal
Tidak dialokasikan
Jumlah penambahan modal
Penyusutan
Aktiva
Aktiva segmen
Tidak dialokasikan
860.048.587.539
390.383.725.199
829.693.810.533
128.894.168.301
20.211.814.383
243.722.894.042
2.876.796.204.456
183.099.280.211
4.065.330.244.199
Jumlah aktiva konsolidasi
Kewajiban
Kewajiban segmen
1.422.266.742.022
1.471.734.955.594
Tidak dialokasikan
2.123.281.396.273
8.205.955.951.572
Consolidated total assets
5.017.283.093.889
Liabilities
Segment liabilities
57.513.311.183
Jumlah kewajiban konsolidasi
5.074.796.405.072
*) Merupakan ”Jumlah keuntungan penjualan aktiva
tetap, klaim asuransi, keuntungan (kerugian) kurs
mata uang asing – bersih dan lain-lain.
- 69 -
Unallocated
Consolidated total liabilities
*) Consists of “Total gain on sale of vessels and
equipment, insurance claim, net gain (loss) on
foreign exchange and others - net.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Segmen Geografis
Geographic Segment
Perusahaan dan anak perusahaan berdomisili di dua
area geografis utama: Malaysia dan Indonesia.
The Company and its subsidiaries are domiciled in
two main geographical areas: Malaysia and
Indonesia.
Berikut ini adalah informasi segmen berdasarkan
segmen geografis:
Segment information based on geographic segment
is presented below:
2007
Malaysia
Rp
Indonesia
Rp
Eliminasi/
Eliminated
Rp
Konsolidasi/
Consolidated
Rp
PENDAPATAN
Pendapatan ekstern
Pendapatan antar segmen
3.244.437.335.795
261.823.321.361
397.335.583.006
-
(261.823.321.361)
3.641.772.918.801
-
REVENUES
External revenues
Inter-segment revenues
Jumlah pendapatan
3.506.260.657.156
397.335.583.006
(261.823.321.361)
3.641.772.918.801
Total revenues
2006
36.
Malaysia
Rp
Indonesia
Rp
Eliminasi/
Eliminated
Rp
Konsolidasi/
Consolidated
Rp
PENDAPATAN
Pendapatan ekstern
Pendapatan antar segmen
2.836.576.654.096
228.952.559.569
237.210.956.414
-
(228.952.559.569)
3.073.787.610.510
-
REVENUES
External revenues
Inter-segment revenues
Jumlah pendapatan
3.065.529.213.665
237.210.956.414
(228.952.559.569)
3.073.787.610.510
Total revenues
MANAJEMEN RISIKO MODAL
36. CAPITAL RISK MANAGEMENT
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.
The Company and its subsidiaries manages their
capital to ensure that they will be able to continue
as a going concern while maximising the return to
stakeholders through the optimisation of the debt
and equity balance.
Struktur modal Perusahaan dan anak perusahaan
terdiri dari hutang, dimana didalamnya termasuk
pinjaman yang dijelaskan pada Catatan 12, 16, 17,
18, 19, 21 dan 22, kas, investasi tersedia untuk dijual
dan ekuitas yang berasal dari ekuitas induk
Perusahaan yang terdiri dari penerbitan saham,
cadangan dan laba ditahan yang dijelaskan pada
Catatan 4, 8, 23, 24 dan 25.
The capital structure of the Group consists of debt,
which includes the borrowings disclosed in Notes
12, 16, 17, 18, 19, 21 and 22, cash, available-forsale investments, and equity attributable to equity
holders of the parent, comprising issued capital,
reserves and retained earnings as disclosed in
Notes 4, 8, 23, 24 and 25.
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. Perusahaan juga memiliki
pencapaian target rasio sebesar 150% yang
ditentukan dengan proporsi hutang bersih terhadap
ekuitas.
The Company’s Board of Directors periodically
reviews the Company’s capital structure. As part of
this review, the Board of Directors considers the
cost of capital and the related risks. The Company
also has a target gearing ratio of 150% determined
as the proportion of net debt to equity.
- 70 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Rasio hutang bersih terhadap ekuitas per tanggal
31 Desember 2007 dan 2006 adalah sebagai berikut:
2007
Rp
2006
Rp
Hutang
Kas dan investasi tersedia
untuk dijual
16.564.547.895.447
4.664.430.670.554
2.661.389.853.713
1.319.663.002.604
Debt
Cash and available-for-sale
investments
Hutang - bersih
Ekuitas
13.903.158.041.734
3.315.581.696.509
3.344.767.667.950
3.131.159.546.500
Net debt
Equity
Rasio hutang bersih terhadap
ekuitas
37.
The gearing ratio as of December 31, 2007 and
2006 are as follows:
419%
107%
Net debt to equity ratio
Manajemen Perusahaan mempunyai beberapa
rencana yang akan dilakukan pada semester
pertama tahun 2008 untuk Perusahaan dan anak
perusahaan dengan melakukan deleveraging yang
diharapkan akan mengurangi rasio hutang bersih
terhadap ekuitas menjadi 150% pada akhir tahun
2008. Hal ini termasuk rencana untuk membayar
terlebih dahulu pinjaman sementara sebesar
US$ 250.000.000 dan pendanaan ekuitas (equity
financing) (Catatan 16).
The Company’s management has several plans to
be executed in the first semester of 2008 for the
Company and its subsidiaries deleveraging
exercise which is expected to reduce the net
gearing ratio to 150% at the end of 2008. This
includes the plan to prepay the US$ 250,000,000
bridging loan and equity financing (Note 16).
REKONSILIASI
STANDAR
PELAPORAN
KEUANGAN INTERNASIONAL (IFRS)
37. RECONCILIATION OF IFRS AND INDONESIAN
GAAP
Laporan keuangan konsolidasi disusun dengan
menggunakan prinsip dan praktek akuntansi yang
berlaku di Indonesia (PSAK).
The consolidated financial statements are prepared
in accordance with accounting principles and
reporting practices generally accepted in Indonesia
(PSAK).
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).
In connection with the listing of the Company’s
shares on the Singapore Exchange Securities
Trading Limited, the Company also issued
consolidated financial statements prepared under
IFRS.
Perbedaan signifikan antara
dijelaskan sebagai berikut:
Significant differences between PSAK and IFRS are
described below:
PSAK
dan
IFRS
a. Goodwill
a. Goodwill
Berdasarkan PSAK, goodwill yang timbul dari
akuisisi usaha diakui sebagai aktiva 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 setiap unit
penghasil-kas yang mengandung goodwill
tersebut.
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 IFRS, goodwill yang timbul dari
akuisisi usaha pada awalnya diakui sebesar
biaya perolehan, dan selanjutnya diukur sebesar
biaya perolehan dikurangi akumulasi penurunan
nilai.
Under IFRS, goodwill arising from business
acquisition is initially recognized at cost, and is
subsequently measured at cost less any
accumulated impairment losses.
- 71 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Ketika
IFRS
diterapkan,
Perusahaan
menghentikan amortisasi terhadap goodwill yang
sudah dimulai 1 Januari 2003. Pada tanggal
31 Desember 2002 nilai akumulasi amortisasi
sebesar Rp 10.192.917.729 yang diakui
berdasarkan PSAK telah dieliminasi dengan
memperhatikan penurunan nilai perolehan atas
goodwill. Nilai amortisasi goodwill untuk tahun
yang berakhir 31 Desember 2007 dan 2006
berdasarkan PSAK, sebesar Rp 4.359.734.306
dan Rp 3.260.541.999 telah dijurnal balik
berdasarkan IFRS.
b.
Aktiva Tetap
In applying IFRS, the Company ceases
amortizing goodwill starting January 1, 2003.
The
accumulated
amortization
of
Rp 10,192,917,729
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 Rp 4,359,734,306 and
Rp 3,260,541,999 for the years ended
December 31, 2007 and 2006 recognized under
Indonesian GAAP has also been reversed under
IFRS.
b. Property, Plant and Equipment
PSAK pada dasarnya tidak mengijinkan
perusahaan untuk mengakui kenaikan nilai aktiva
tetap yang terjadi setelah perolehan awal, namun
pengecualian diberikan untuk revaluasi yang
dilakukan berdasarkan peraturan Pemerintah.
Berdasarkan ketentuan tersebut, Perusahaan dan
anak perusahaan tidak mengakui kenaikan nilai
akibat revaluasi dan mengukur aktiva tetapnya
sebesar biaya perolehan dikurangi akumulasi
penyusutan dan akumulasi penurunan nilai.
While Indonesian GAAP does not generally
allows companies to recognize increases in
value of property, plant and equipment that
occur subsequent to acquisition, an exception is
provided for revaluations made in accordance
with government regulations. For Indonesian
reporting purposes, the Company and its
subsidiaries did not recognize any revaluation
increases and continue to measure property,
plant and equipment at cost less accumulated
depreciation and any accumulated impairment
losses.
Setelah pengakuan awal, apabila suatu aktiva
tetap dapat diukur nilai wajarnya secara andal,
maka IFRS mengijinkan aktiva tetap tersebut
dicatat sebesar nilai revaluasinya, yang
mencerminkan nilai wajar pada tanggal revaluasi,
dikurangi akumulasi penyusutan dan akumulasi
penurunan nilai, jika ada (Model Revaluasi sesuai
IAS 16).
After initial recognition, IFRS allows an item of
property, plant and equipment whose fair value
can be measured reliably, to be carried at
revalued amount, being the fair value at the
date
of
revaluation,
less
subsequent
accumulated depreciation and accumulated
impairment losses, if any (the “Revaluation
Model” under IAS 16).
Dalam laporan keuangan berdasarkan IFRS,
Perusahaan dan anak perusahaan menerapkan
Model Revaluasi untuk mengukur nilai tercatat
kapal setelah pengakuan awal.
For IFRS reporting purposes, the Company and
its subsidiaries adopted the Revaluation Model
in measuring the vessels subsequent to initial
recognition.
Jika nilai tercatat kapal meningkat akibat
revaluasi, kenaikan tersebut dikreditkan ke
ekuitas dalam akun selisih revaluasi. Namun,
kenaikan tersebut harus diakui terlebih dahulu
dalam laporan laba rugi sebesar jumlah
penurunan nilai akibat revaluasi sebelumnya atas
kapal yang sama.
Jika nilai tercatat kapal
menurun akibat revaluasi, penurunan tersebut
harus diakui dalam laporan laba-rugi. Namun,
penurunan tersebut harus didebitkan terlebih
dahulu ke ekuitas pada akun selisih revaluasi
sebesar saldo kredit selisih revaluasi yang
tersedia untuk kapal tersebut.
If the vessel’s carrying amount is increased as a
result of a revaluation, the increase is credited
directly to equity under the heading of
revaluation reserve. However, the increase shall
be recognized in profit or loss to the extent that
it reverses a revaluation decrease of the same
vessel previously recognized in profit of loss. If
the vessel’s carrying amount is decreased as a
result of revaluation, the decrease shall be
recognized in profit or loss. However, the
decrease shall be debited directly to equity
under the heading of revaluation reserve to the
extent of any credit balance existing in the
revaluation surplus in respect of that vessel.
Berdasarkan PSAK, harga perolehan hak atas
tanah dikapitalisasi kedalam nilai tanah dan tidak
disusutkan. Sesuai dengan IFRS, hak atas tanah
dipertimbangkan sebagai sewa dan hak
semacam itu diamortisasi selama periode
pemegang hak atas tanah memiliki hak tersebut.
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.
- 72 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
c.
d.
Instrumen Keuangan
c. Financial Instruments
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
penerbitan obligasi konversi diakui sebagai
kewajiban.
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.
Berdasarkan
IFRS,
kewajiban
keuangan
dinyatakan sebesar nilai yang telah diamortisasi.
Obligasi konversi yang jatuh tempo tahun 2010
dipisahkan sebagai komponen kewajiban dan
komponen ekuitas.
Under IFRS, financial liabilities are measured at
amortized cost. Convertible bonds due in 2010
are separated into its liability component and its
equity component.
Pengukuran dan Mata Uang Pelaporan
d. Measurement and Reporting Currency
Berdasarkan PSAK, mata uang pelaporan yang
digunakan oleh perusahaan di Indonesia adalah
Rupiah. Perusahaan dapat menggunakan mata
uang lainnya, hanya jika mata uang lainnya
tersebut
memenuhi
definisi
mata
uang
fungsional. Untuk tujuan pelaporan di Indonesia
pembukuan Perusahaan dilakukan dalam mata
uang Rupiah dan Perusahaan juga menyajikan
laporan keuangan konsolidasi dalam Rupiah.
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 Company maintains its books of
accounts in Rupiah and presents the
consolidated financial statements also in
Rupiah.
Berdasarkan IFRS, perusahaan wajib mengukur
transaksi berdasarkan mata uang fungsional.
IFRS mengijinkan penggunaan suatu mata uang
penyajian laporan keuangan yang berbeda
dengan mata uang fungsional.
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.
Dalam
penyusunan
laporan
keuangan
berdasarkan IFRS, manajemen memutuskan
bahwa mata uang fungsional Perusahaan adalah
Dolar Amerika Serikat. Untuk tujuan pelaporan
berdasarkan IFRS, transaksi diukur dengan mata
uang fungsional dari masing-masing perusahaan.
In preparing the consolidated financial
statements based on IFRS, management has
determined that the Company’s functional
currency is the US Dollar. For IFRS reporting
purposes, the transactions were measured in
terms of the functional currency of the respective
entity.
Berikut merupakan penyesuaian yang signifikan
terhadap laba bersih konsolidasi untuk tahun yang
berakhir 31 Desember 2007 dan 2006 serta laporan
perubahan ekuitas per 31 Desember 2007 dan 2006
dari PSAK ke IFRS:
A summary of the significant adjustments to
consolidated net income for the years ended
December 31, 2007 and 2006 and to consolidated
stockholders’ equity as of December 31, 2007 and
2006 from Indonesian GAAP to IFRS are set forth
below:
- 73 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
31 Desember/December 31,
2007
2006
Catatan/
Note
Laba konsolidasi sesuai dengan
standar PSAK
Penyesuaian IFRS - kenaikan
(penurunan):
Amortisasi goodwill
Penyusutan kapal dan
peralatan yg dinilai kembali
Penurunan nilai revaluasi
Kerugian penjualan aktiva tetap
kapal berdasarkan kapal
yang telah direvaluasi
Pemulihan atas penurunan
penilaian kembali
Amortisasi hak atas tanah
Kewajiban keuangan yang
disajikan dalam biaya
amortisasi
Rp
USD
1.205.279.899.017
127.312.935
(b)
USD
USD
(4.598.403)
-
(b)
USD
(12.855.487)
-
Depreciation of revalued vessels
Revaluation decrease
Loss on sale of property adjustment
based on revalued amounts of
vessels
(b)
USD
USD
5.537.610
(43.033)
-
Recovery of revaluation decrease
Amortization of landrights
(c)
USD
678.282
4.539.784
Measurement of financial
liabilities at amortized cost
Rp
USD
794.504
IFRS adjustments - increase (decrease)
due to:
Amortization of goodwill
USD
Ekuitas sesuai dengan Neraca
Konsolidasi dalam PSAK
911.202
Profit for the year according to the
consolidated statements of income
prepared under Indonesian GAAP
(a)
Total penyesuaian
Laba konsolidasi sesuai
dengan IFRS
Penyesuaian IFRS - kenaikan
(penurunan):
Amortisasi of goodwill
Selisih revaluasi
Penyusutan kapal dan
peralatan yg dinilai kembali
Kerugian penjualan aktiva 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
Opsi premium atas obligasi
konversi
Kewajiban keuangan yang
disajikan dalam biaya
amortisasi
758.981.783.247
87.147.221
(8.376.793)
(16.780.781)
(10.369.829)
(19.823.286)
76.777.392
107.489.649
3.315.581.696.509
368.251.538
3.131.159.546.500
358.293.829
(a)
(b)
USD
USD
4.089.214
208.571.169
3.178.012
170.315.215
(b)
USD
(12.951.431)
(8.353.028)
(b)
USD
(13.690.815)
(835.328)
(b)
USD
USD
36.387.039
(43.033)
16.366.646
-
(b)
(c)
USD
USD
(15.340.980)
(189.842)
(20.878.590)
(189.842)
(c)
USD
177.244
25.470
(34.470)
(712.752)
Total adjustments
Profit 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
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
Foreign exchange loss
Option premium on convertible
bonds
Measurement of financial liabilities
at amortized cost
Total Penyesuaian
206.974.095
158.915.803
Total adjustments
Ekuitas berdasarkan IFRS
575.225.633
517.209.632
Equity in accodance with IFRS
- 74 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
38.
38.
REKONSILIASI
STANDAR
PELAPORAN
KEUANGAN INTERNASIONAL (IFRS)
RECONCILIATION
OF
INTERNATIONAL
FINANCIAL REPORTING STANDARDS
a. Rekonsiliasi neraca antara IFRS dengan PSAK
31 Desember 2007 dan 2006.
a.
Reconciliation of balance sheet between IFRS
and Indonesian GAAP at December 31, 2007
and 2006.
2007
PSAK/
Rekonsiliasi/
INDONESIAN
Reconciling
Items
USD
GAAP
IDR
(dalam ribuan)/
(in thousand)
Aktiva tetap - bersih
USD
IFRS
USD
15.810.718.725
1.689.981.767
201.644.453
1.891.626.220
7.911.960
194.723.541
1.030.653.493
840.000
20.715.570
113.871.313
1.143.580
840.000
20.715.570
115.014.893
17.044.007.719
1.825.408.650
202.788.033
2.028.196.683
Piutang usaha
Investasi tersedia untuk dijual
Kas
Aktiva lancar lainnya
713.431.861
680.967.273
1.980.422.581
249.795.114
75.668.908
72.297.194
210.315.293
26.562.555
Jumlah Aktiva Lancar
3.624.616.829
Jumlah Aktiva
Modal saham
Agio saham
Uang muka pembelian aktiva tetap
Investasi pada perusahaan asosiasi
Aktiva tidak lancar lainnya
Jumlah Aktiva Tidak Lancar
Pembelian saham kembali
-
Property, vessels and equipment - net
Advances for the purchase of property,
vessels and equipment
Investments in associates
Other non-current assets
Total Non-current Assets
45.040
75.668.908
72.297.194
210.315.293
26.607.595
Trade accounts receivable
Available-for-sale investments
Cash
Other current assets
384.843.950
45.040
384.888.990
Total Current Assets
20.668.624.548
2.210.252.600
202.833.073
2.413.085.673
259.938.152
533.010.299
59.347.625
60.841.768
177.244
59.347.625
61.019.012
(780.921.641)
(86.628.085)
-
(86.628.085)
192.459.876
(91.428)
-
(91.428)
-
2.140.275
Total Assets
Share capital
Additional paid-in capital
Treasury stock
Selisih kurs karena penjabaran
laporan keuangan
Laba yang belum direalisasi atas
investasi yang tersedia untuk
dijual
Selisih transaksi perubahan ekuitas
perusahaan asosiasi
Selisih revaluasi
Saldo laba
(39.164.165)
3.130.099.930
(4.157.996)
336.799.379
208.571.169
(1.774.318)
(4.157.996)
208.571.169
335.025.061
Unrealized gain on available-for-sale
investments
Difference due to change of
equity in associate
Revaluation reserve
Retained earnings
Jumlah Ekuitas
3.315.581.697
368.251.538
206.974.095
575.225.633
Total Equity
Long-term liabilities - net of current
maturities
Bank loans
Bonds payable
Obligations under finance lease
Convertible bonds
Notes payable
Other non-current liabilities
Kewajiban jangka panjang setelah dikurangi bagian
yang jatuh tempo dalam
waktu satu tahun
Hutang bank
Hutang obligasi
Sewa pembiayaan
Obligasi konversi
Wesel bayar
Kewajiban tidak lancar lainnya
Jumlah Kewajiban Tidak Lancar
Hutang bank jangka pendek
Hutang usaha
Hutang jangka panjang yang
jatuh tempo dalam waktu satu
tahun
Kewajiban lancar lainnya
Jumlah Kewajiban Lancar
Jumlah Ekuitas dan Kewajiban
20.159.246
2.140.275
Translation adjustment
5.707.024.658
891.338.064
810.079.396
1.210.730.033
3.255.835.589
279.204.449
605.932.904
94.597.194
86.004.820
128.541.250
345.666.800
29.642.685
(3.317.844)
10.161
-
602.615.060
94.607.355
86.004.820
128.541.250
345.666.800
29.642.685
12.154.212.189
1.290.385.653
(3.307.683)
1.287.077.970
2.814.873.000
142.614.516
298.850.515
15.416.568
-
298.850.515
15.416.568
Short-term bank loans
Trade accounts payable
1.752.220.155
489.122.991
185.990.621
51.357.705
(833.339)
-
185.157.282
51.357.705
Current maturities of long-term
liabilities
Other current liabilities
5.198.830.662
551.615.409
20.668.624.548
2.210.252.600
- 75 -
(833.339)
202.833.073
550.782.070
2.413.085.673
Total Non-current Liabilities
Total Current Liabilities
Total Equity and Liabilities
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
2006
PSAK/
Rekonsiliasi/
INDONESIAN
Reconciling
Items
USD
GAAP
IDR
(dalam ribuan)/
(in thousand)
Aktiva tetap - bersih
USD
5.903.931.712
660.941.570
13.779.904
1.527.705
224.237.821
91.529.890
24.898.122
14.891.906
501.976
24.898.122
15.393.882
Investments in associates
Other non-current assets
6.233.479.327
702.259.303
157.116.891
859.376.194
Total Non-current Assets
507.044.910
433.572.296
886.090.707
145.768.712
56.093.192
48.067.882
98.237.167
16.215.018
-
56.093.192
48.067.882
98.237.167
16.215.018
Jumlah Aktiva Lancar
1.972.476.625
218.613.259
-
218.613.259
Jumlah Aktiva
8.205.955.952
920.872.562
Modal saham
Agio saham
259.848.277
524.840.215
59.337.930
60.067.002
-
59.337.930
60.067.002
Pembelian saham kembali
(250.323.928)
(27.188.806)
-
(27.188.806)
Uang muka pembelian aktiva tetap
Investasi pada perusahaan
asosiasi
Aktiva tidak lancar lainnya
Jumlah Aktiva Tidak Lancar
Piutang usaha
Investasi tersedia untuk dijual
Kas
Aktiva lancar lainnya
156.614.915
IFRS
USD
-
817.556.485
1.527.705
157.116.891
1.077.989.453
Opsi premium atas obligasi
konversi
Selisih kurs karena penjabaran
laporan keuangan
Laba yang belum direalisasi atas
investasi yang tersedia untuk
dijual
Selisih revaluasi
Saldo laba
Jumlah Ekuitas
Property, vessels and equipment - net
Advances for the purchase of property,
vessels and equipment
Trade accounts receivable
Available-for-sale investments
Cash
Other current assets
Total Current Assets
Total Assets
Share capital
Additional paid-in capital
Treasury stock
Option premium on convertible
-
-
25.470
75.251.643
(9.355)
612.296
67.882
2.520.931.044
3.131.159.547
-
25.470
(9.355)
bonds
Translation adjustment
266.019.176
170.315.215
(11.424.882)
67.882
170.315.215
254.594.294
Unrealized gain on available-for-sale
investments
Revaluation reserve
Retained earnings
358.293.829
158.915.803
517.209.632
Total Equity
Kewajiban jangka panjang setelah dikurangi bagian
yang jatuh tempo dalam
waktu satu tahun
Hutang bank
Hutang obligasi
Obligasi konversi
Kewajiban tidak lancar lainnya
3.194.725.883
396.997.246
29.315.000
167.294.943
354.182.471
43.984.820
3.250.000
18.547.111
(1.420.316)
(50.905)
151.774
-
352.762.155
43.933.915
3.401.774
18.547.111
Long-term liabilities - net of current
maturities
Bank loans
Bonds payable
Convertible bonds
Other non-current liabilities
Jumlah Kewajiban Tidak Lancar
3.788.333.072
419.964.402
(1.319.447)
418.644.955
Total Non-current Liabilities
193.052.200
88.784.156
21.402.683
9.857.959
-
21.402.683
9.857.959
Short-term bank loans
Trade accounts payable
733.080.342
271.546.635
81.272.765
30.080.924
(479.465)
-
80.793.300
30.080.924
Current maturities of long-term
bank loans
Other current liabilities
Jumlah Kewajiban Lancar
1.286.463.333
142.614.331
(479.465)
142.134.866
Jumlah Ekuitas dan Kewajiban
8.205.955.952
920.872.562
Hutang bank jangka pendek
Hutang usaha
Hutang bank jangka panjang
yang jatuh tempo dalam
waktu satu tahun
Kewajiban lancar lainnya
- 76 -
157.116.891
1.077.989.453
Total Current Liabilities
Total Equity and Liabilities
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
b.
Rekonsiliasi laporan laba rugi antara IFRS
dan PSAK untuk tahun yang berakhir
31 Desember 2007 dan 2006
b.
Reconciliation of statements of income between
IFRS and Indonesian GAAP for the year ended
December 31, 2007 and 2006
2007
PSAK/
INDONESIAN
GAAP
IDR
(dalam ribuan)/
(in thousands)
Pendapatan usaha
Biaya pelayaran
Pendapatan operasi
setelah biaya pelayaran
Biaya charter
Penyusutan kapal dan
biaya operasi pelayaran
Biaya operasi pelayaran
Penyusutan kapal
Laba kotor
Beban umum dan
administrasi
Laba sebelum biaya
keuangan dan lain-lain
Pendapatan (beban)
keuangan dan lain-lain bersih
Beban keuangan
Pendapatan investasi
Bagian rugi perusahaan
asosiasi
Keuntungan dan kerugian
lain-lain
USD
Rekonsiliasi/
Reconciling
Items
USD
IFRS
USD
3.641.772.919
(932.930.385) *
398.642.549
(103.789.795) *
-
398.642.549
(103.789.795)
2.708.842.534
(269.783.633) *
294.852.754
(29.529.732) *
-
294.852.754
(29.529.732)
(659.483.172) *
(642.483.405) *
(72.181.523) *
(71.251.576) *
(3.095.934)
(72.181.523)
(74.347.510)
Operating revenues
Voyage expenses
Operating revenues after
voyage expenses
Charter expenses
Vessel depreciation and ship
operating expenses
Ship operating expenses
Vessel depreciation
(1.301.966.577)
(143.433.099)
(3.095.934)
(146.529.033)
1.137.092.324
121.889.923
(3.095.934)
118.793.989
Gross profit
(239.021.216)
(24.593.152)
2.623.330
(21.969.822)
General and administrative
898.071.108
97.296.771
(472.604)
96.824.167
Income before financial and
other items
(622.023.431)
108.125.672
(67.289.569)
11.814.557
(1.988.081)
-
(69.277.650)
11.814.557
(218.895)
(24.556)
-
(24.556)
Net financial and other items
Finance costs
Investment income
Equity in net loss of
associates
384.127.257
46.345.910
(7.909.144)
38.436.766
(129.989.397)
(9.153.658)
(9.897.225)
(19.050.883)
Laba sebelum pajak
Beban pajak
768.081.711
(9.099.928)
88.143.113
(995.892)
(10.369.829)
-
77.773.284
(995.892)
Income before tax
Tax expense
Laba tahun berjalan
758.981.783
87.147.221
(10.369.829)
76.777.392
Profit for the year
* Merupakan "Jumlah biaya langsung" menurut PSAK
* Presented as "Total direct costs" in Indonesian GAAP
- 77 -
Other gains and losses
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
2006
PSAK/
INDONESIAN
GAAP
IDR
Rekonsiliasi/
Reconciling
Items
USD
USD
IFRS
USD
(dalam ribuan)/
(in thousands)
Pendapatan usaha
Biaya pelayaran
3.073.787.611
(757.645.728) *
335.216.811
(82.537.773) *
-
335.216.811
(82.537.773)
2.316.141.883
(269.152.688) *
252.679.038
(29.351.438) *
-
252.679.038
(29.351.438)
(467.450.605) *
(457.245.333) *
(50.895.135) *
(50.738.523) *
Pendapatan operasi
setelah biaya pelayaran
Biaya charter
Penyusutan kapal dan
biaya operasi pelayaran
Biaya operasi pelayaran
Penyusutan kapal
Operating revenues after
(924.695.938)
Laba kotor
Beban umum dan
administrasi
1.122.293.257
Pendapatan (beban)
keuangan dan lain-lain bersih
Beban keuangan
Pendapatan investasi
Bagian rugi perusahaan
asosiasi
Keuntungan dan kerugian
lain-lain
voyage expenses
Charter expenses
Vessel depreciation and ship
operating expenses
Ship operating expenses
Vessel depreciation
124.780
(8.376.793)
(50.770.355)
(59.115.316)
(101.633.658)
(8.252.013)
(109.885.671)
121.693.942
(8.252.013)
113.441.929
Gross profit
(18.520.558)
General and administrative
(175.901.462)
(19.219.842)
699.284
946.391.795
102.474.100
(7.552.729)
94.921.371
(233.757.555)
55.648.804
(26.413.276)
6.124.646
3.715.720
-
(22.697.556)
6.124.646
(234.755)
(25.319)
Laba sebelum biaya
keuangan dan lain-lain
Operating revenues
Voyage expenses
Income before financial and
-
(25.319)
other items
Net financial and other items
Finance costs
Investment income
Equity in net loss of
associates
445.987.236
46.107.629
(15.986.277)
30.121.352
Other gains and losses
267.643.730
25.793.680
(12.270.557)
13.523.123
Laba sebelum pajak
Beban pajak
1.214.035.525
(8.755.626)
128.267.780
(954.845)
(19.823.286)
-
108.444.494
(954.845)
Income before tax
Tax expense
Laba tahun berjalan
1.205.279.899
127.312.935
(19.823.286)
107.489.649
Profit for the year
* Merupakan "Jumlah biaya langsung" menurut PSAK
* Presented as "Total direct costs" in Indonesian GAAP
39.
IKATAN
a.
39.
Perusahaan dan anak perusahaan memiliki
beberapa kontrak pengangkutan muatan dengan
Pertamina dengan nilai kontrak sebesar
USD 7.000.000 – USD 44.000.000 per tahun
dengan akhir kontrak bervariasi antara tahun
2008 – 2011.
- 78 -
COMMITMENTS
a.
The Company and its subsidiaries have some
charter contracts with Pertamina with contract
amount of USD 7,000,000 – USD 44,000,000
per year, which will end between 2008 – 2011.
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
Pada tanggal neraca Perusahaan dan anak
perusahaan mengadakan kontrak dengan
Pertamina dengan nilai minimum penerimaan
sewa masa depan adalah sebagai berikut:
At the balance sheet date, the Company and its
subsidiaries have contracts with Pertamina for
the following future minimum lease receipts:
2007
Rp
2006
Rp
Dalam satu tahun
Dari tahun kedua sampai kelima
400.677.734.720
499.750.071.840
485.589.991.992
823.167.149.700
Jumlah
900.427.806.560
1.308.757.141.692
Perusahaan mencatat pendapatan dari kontrakkontrak tersebut sebesar Rp 396.796.653.801
dan Rp 470.092.278.975 masing-masing untuk
tahun 2007 dan 2006.
b.
Perusahaan dan anak perusahaan memiliki
beberapa kontrak carter dengan pihak ketiga
senilai USD 8.000.000 – USD 36.500.000 per
tahun, dimana kontrak akan berakhir antara
tahun 2009 - 2013.
Within one year
In the second to fifth years inclusive
Total
Revenues earned by the Company on these
contracts amounted to Rp 396,796,653,801 in
2007 and Rp 470,092,278,975 in 2006.
b.
Pada tanggal neraca, Perusahaan dan anak
perusahaan
memiliki
perjanjian
dengan
perincian sebagai berikut:
The Company and its subsidiaries have some
charter contracts with third parties amounting
to USD 8,000,000 – USD 36,500,000 per year,
which will end between 2009-2013.
At balance sheet date, the Company and its
subsidiaries have outstanding commitments
under non-cancellable charter contracts, which
fall due as follows:
2007
Rp
2006
Rp
Dalam satu tahun
Dari tahun kedua sampai kelima
Setelah lima tahun
298.833.888.885
1.224.641.995.814
-
249.787.853.771
994.062.197.834
71.516.940.040
Jumlah
1.523.475.884.699
1.315.366.991.645
Pembayaran sewa minimum berdasarkan
perjanjian dicatat sebagai beban sebesar
Rp 269.783.631.552
tahun
2007
dan
Rp 268.154.737.568 tahun 2006.
Within one year
In the second to fifth years inclusive
After five years
Total
The minimum lease payments under charter
contracts recognized as an expense amounted
to Rp 269,783,631,552 and Rp 268,154,737,568
in 2007 and 2006, respectively.
c.
Perusahaan dan anak perusahaan memiliki
beberapa kontrak pembangunan kapal baru
dengan galangan kapal di Jepang dengan total
nilai kontrak sekitar JPY 26.695.400.000
(USD 235.450.697)
tahun
2007
dan
JPY 19.510.900.000 (USD 163.957.143) dan
USD 185.762.556 tahun 2006.
c.
The Company and its subsidiaries have several
contracts with the shipyard in Japan for the
construction of new vessels with total contract
price of approximately JPY 26,695,400,000
(USD 235,450,697)
in
2007
and
JPY 19,510,900,000 (USD 163,957,143) and
USD 185,762,556 in 2006.
d.
Chembulk Trading II LLC (anak perusahaan)
memperoleh
fasilitas
L/C
sejumlah
USD 29.200.000 dari Nordea Bank Norge ASA,
Grand Cayman. Fasilitas ini dijamin dengan
rekening koran sebesar USD 29.200.000 yang
disajikan pada akun Rekening Bank Yang
Dibatasi Penggunaannya.
d.
Chembulk Trading II LLC (a subsidiary)
obtained a letter of credit facility amounting to
USD 29,200,000 from Nordea Bank Norge
ASA, Grand Cayman Branch. Such facility is
secured by a current account amounting to
USD 29,200,000 which is presented under
Restricted Cash in Bank.
- 79 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
40.
AKTIVA DAN KEWAJIBAN MONETER DALAM
MATA UANG ASING
40. MONETARY ASSETS AND LIABILITIES
DENOMINATED IN FOREIGN CURRENCIES
Pada tanggal 31 Desember 2007 dan 2006,
Perusahaan dan anak perusahaan PT Banyu Laju
Shipping, PT Brotojoyo Maritime, PT Buana Listya
Tama dan PT Bayu Lestari Tanaya mempunyai
aktiva dan kewajiban moneter dalam mata uang
asing sebagai berikut:
At December 31, 2007 and 2006, the Company
and its subsidiaries, PT Banyu Laju Shipping,
PT Brotojoyo Maritime, PT Buana Listya Tama,
PT Bayu Lestari Tanaya had monetary assets
and liabilities in foreign currencies as follows:
2007
Mata Uang
Asing/
Foreign
Currencies
Aktiva
Kas dan setara kas
Investasi tersedia untuk dijual
Piutang usaha
- Pihak hubungan istimewa
- Pihak ketiga
2006
Ekuivalen
Rupiah/
Equivalent to
Rupiah' 000
Ekuivalen
Rupiah/
Equivalent to
Rupiah' 000
USD
SGD
JPY
HKD
GBP
USD
7.119.465
95.209
1.875.692
12.391.834
72.061.631
67.058.238
619.084
155.814
233.017.409
678.748.502
3.201.621
34.492
2.629.276
705
14.065.149
48.067.882
28.878.623
191.012
199.287
818
248.908.141
433.572.296
USD
SGD
USD
JPY
THB
1.905.051
127.732
4.155.036
665.516
1.393
12.387.364
1.203.110
39.136.279
55.284
389
2.846.411
6.078.599
-
25.674.629
54.828.962
-
Jumlah aktiva
1.032.381.473
Kewajiban
Hutang usaha
- Pihak hubungan istimewa
- Pihak ketiga
Hutang bank jangka panjang
Hutang lain-lain
USD
USD
USD
USD
20.619
4.076.422
56.702.857
13.000.000
194.206
38.395.817
534.084.212
122.447.000
244.484
3.670.939
57.571.600
13.002.675
Assets
Cash and cash equivalents
Available-for-sale investments
Trade accounts receivable
- Related parties
- Third parties
792.253.768
Total assets
2.205.246
33.111.866
519.295.832
117.284.129
Liabilities
Trade accounts payable
- Related parties
- Third parties
Long-term bank loans
Other accounts payable
Jumlah kewajiban
695.121.235
671.897.073
Total liabilities
Jumlah Aktiva Bersih
337.260.238
120.356.695
Net Assets
Pada tanggal 31 Desember 2007 dan 2006, kurs
konversi yang digunakan sebagai berikut:
Mata Uang
1 Dollar Amerika Serikat
1 Dollar Singapura
1 Dollar Hong Kong
1 Yen Jepang
1 Poundsterling Inggris
1 Bath Thailand
41.
Mata Uang
Asing/
Foreign
Currencies
PERISTIWA
NERACA
PENTING
SETELAH
The conversion rates used by the Company and its
subsidiaries on December 31, 2007 and 2006 were
as follows:
2007
Rp
2006
Rp
9.419,00
6.502,38
1.027,95
83,07
18.804,11
279,00
9.020,00
5.878,73
1.160,41
75,80
17.696,80
254,45
TANGGAL
Foreign Currency
USD 1
SGD 1
HKD 1
JPY 1
GBP 1
THB 1
41. SUBSEQUENT EVENTS
a. Pada tanggal 18 dan 20 Januari 2008, anak
a. On January 18 and 20, 2008, subsidiaries,
perusahaan Lenani Maritime Inc. dan Melani
Maritime Inc mengadakan perjanjian kerjasama
pembangunan kapal gas dan kimia (M.T. Gas
Madura, M.T. Gas Bangka, M.T. Gas Batam,
M.T. Gas Karimun, M.T. Watari dan M.T.
Wardani) dengan pihak ketiga Venus Ocean
Navigation S.A. dan Mitsubishi Corp. dengan
total nilai JPY 17.763.414.000.
Lenani Maritime Inc. and Melani Maritime Inc
entered into memorandum of agreements with
third parties Venus Ocean Navigation S.A. and
Mitsubishi Corp. to build gas and chemical
tankers (M.T. Gas Madura, M.T. Gas Bangka,
M.T. Gas Batam, M.T. Gas Karimun,
M.T. Watari and M.T. Wardani) with a total
contract price of JPY 17,763,414,000.
- 80 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
b. Pada
bulan
Januari
2008,
Perusahaan
memperoleh pinjaman dalam bentuk kredit modal
kerja dari Bank Mandiri dengan jumlah
Rp 350.000.000.000. Jatuh tempo pada bulan
Januari 2009 dengan tingkat bunga 8,9% per
tahun, dimana pembayarannya setiap bulan.
c. Sampai dengan tanggal 31 Desember 2007 sisa
waran yang kadaluarsa sebesar 720.024, waran
ini tidak dapat dilaksanakan lagi karena
berdasarkan akta No. 32 tanggal 17 Oktober
2002 dari Amrul Partomuan Pohan, S.H., LLM,
notaris di Jakarta bahwa jangka waktu waran
berakhir pada 18 Januari 2008 dan Perusahaan
memutuskan untuk tidak memperpanjang jangka
waktu pelaksanaannya
42.
b. In January 2008, the Company obtained a
working capital credit facility from Bank Mandiri
with maximum credit of Rp 350,000,000,000
due in January 2009. Interest rate per annum is
8.9%, which is paid on monthly basis.
c. Warrants
amounting to 720,024 up to
December 31, 2007 are no longer exercisable
because based on notarial deed No. 32 dated
October 17, 2002 of Amrul Partomuan Pohan,
S.H., LLM, notary public in Jakarta, the
warrants expired on January 18, 2008 and the
Company decided not to extend those
warrants.
d. Pada tanggal 22 Januari 2008, pemegang
d. On January 22, 2008, the Bondholders of
obligasi Berlian Laju Tanker II menyetujui
pengantian PT Bank Mandiri (Persero) Tbk
sebagai wali amanat dan penunjukan PT Bank
Niaga Tbk sebagai wali amanat yang baru.
Berlian Laju Tanker II Bond approved the
replacement of PT Bank Mandiri (Persero) Tbk
as Trustee and the appointment of PT Bank
Niaga Tbk as a the new Trustee.
PERNYATAAN
STANDAR
KEUANGAN (PSAK) BARU
AKUNTANSI
42. NEW FINANCIAL
(PSAK)
ACCOUNTING
STANDARD
Sampai dengan tanggal penerbitan laporan
keuangan
konsolidasi
Perusahaan
belum
menerapkan beberapa pernyataan standar akuntansi
keuangan (PSAK) baru yang telah diterbitkan
sebagai berikut :
As of the issuance date of the consolidated financial
statements the following revise accounting standard
were issue but not yet adopted :
PSAK 16 (Revisi 2007), Aktiva Tetap
PSAK 16 (Revised 2007), Property, Plant and
Equipment
Pada bulan Mei 2007, DSAK mengeluarkan standar
akuntansi untuk aset tetap, menggantikan PSAK 16,
Aktiva Tetap dan Aktiva Lain-lain dan PSAK 17,
Akuntansi Penyusutan. PSAK 16 revisi antara lain
mengharuskan pengakuan estimasi awal biaya
pembongkaran dan pemindahan aset tetap dan
restorasi lokasi aset sebagai bagian dan biaya
perolehan
aset
yang
bersangkutan,
serta
memperbolehkan penggunaan model Biaya atau
model Revaluasi dalam pengukuran aset tetap
setelah pengakuan awal. Nilai residu dan estimasi
umur manfaat setiap aset harus ditelaah (review)
minimum setiap akhir tahun buku. Biaya-biaya yang
timbul setelah perolehan awal dievaluasi pada saat
terjadinya sesuai dengan prinsip pengakuan yang
berlaku umum. Transaksi pertukaran aset tetap
harus diukur pada nilai wajar, kecuali jika transaksi
pertukaran tidak memiliki substansi komersial.
In May 2007, the DSAK issued the revised
accounting standard on property, plant and
equipment, which supersedes PSAK 16, Fixed
Assets and Other Assets and PSAK 17,
Depreciation. The revised PSAK 16 requires among
other things the recognition in the cost of an asset
the initial estimate of the cost of dismantling and
removing the item and restoring the site on which it
is located, and allows the use of the Cost or
Revaluation model in measuring the asset
subsequent to initial recognition. The residual value
and estimated useful life of an asset shall be
reviewed at least at each financial year end. In
accounting for subsequent costs, an entity
evaluates under the general recognition principle all
property, plant and equipment costs at the time they
are incurred. Asset exchange transactions shall be
measured at fair value unless the exchange
transaction lacks commercial substance.
Standar ini berlaku efektif untuk laporan keuangan
yang mencakup periode yang dimulai pada atau
setelah tanggal 1 Januari 2008 dan mengatur
beberapa ketentuan transisi. Manajemen sedang
mengevaluasi dampak dari standar ini terhadap
laporan keuangan Perusahaan.
This standard is effective for financial statements
beginning on or after January 1, 2008. Management
is evaluating the effect of this standard on the
Company’s financial statements.
- 81 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
PSAK 50 (Revisi 2006), Instrumen Keuangan:
Penyajian dan Pengungkapan
PSAK 50 (Revised 2006), Financial Instruments:
Presentation and Disclosures
Pada bulan Desember 2006, DSAK mengeluarkan
PSAK 50 (Revisi 2006), Instrumen Keuangan:
Penyajian dan Pengungkapan, menggantikan
ketentuan penyajian dan pengungkapan yang diatur
dalam PSAK 50 (1998), Akuntansi Investasi Efek
Tertentu, dan PSAK 55 (Revisi 1999), Akuntansi
Instrumen Derivatif dan Aktivitas Lindung Nilai.
In December 2006, DSAK issued PSAK 50 (Revised
2006), Financial Instruments: Presentation and
Disclosures, which supersedes the presentation and
disclosure requirements of PSAK 50 (1998),
Accounting for Investments in Certain Securities,
and PSAK 55 (Revised 1999), Accounting for
Derivatives and Hedging Activities.
Tujuan standar revisi ini adalah untuk menetapkan
prinsip-prinsip
penyajian
dan
pengungkapan
instrumen keuangan sebagai kewajiban atau ekuitas
dan saling hapus aset keuangan dan kewajiban
keuangan. Standar ini berlaku terhadap klasifikasi
instrumen keuangan, dan perspektif penerbit, dalam
aset keuangan, kewajiban keuangan, dan instrumen
ekuitas; pengklasifikasian yang terkait dengan suku
bunga, dividen, kerugian dan keuntungan; dan
keadaan dimana aset keuangan dan kewajiban
keuangan akan saling hapus. Prinsip-prinsip dalam
standar ini melengkapi prinsip untuk pengakuan dan
pengukuran aset keuangan dan kewajiban keuangan
dalam PSAK 55 (Revisi 2006), Instrumen Keuangan:
Pengakuan dan Pengukuran.
The objective of the revised standard is to establish
principles for the presentation and disclosures of
financial instruments as liabilities or equity and for
offsetting financial assets and financial liabilities. It
applies to the classification of financial instruments,
from the perspective of the issuer, into financial
assets, financial liabilities and equity instruments;
the classification of the related interests, dividends,
losses and gains; and the circumstances in which
financial assets and financial liabilities should be
offset. The principles in this standard complement
the principles for recognizing and measuring
financial assets and financial liabilities in PSAK 55
(Revised 2006), Financial Instruments: Recognition
and Measurement.
Standar ini diterapkan secara prospektif untuk
periode yang dimulai pada atau setelah tanggal
1 Januari 2009. Meskipun penerapan Iebih dini
dianjurkan, standar ini tidak dapat diterapkan untuk
periode tahunan yang dimulai sebelum 1 Januari
2009, kecuali jika entitas tersebut juga menerapkan
PSAK 55 (Revisi 2006). Jika entitas menerapkan
standar ini untuk periode sebelum 1 Januari 2009,
maka fakta ini harus diungkapkan.
This standard should be applied prospectively for
periods beginning on or after January 1, 2009.
Although earlier application is encouraged this
standard should not be adopted for periods
beginning before January 1, 2009 unless PSAK 55
(Revised 2006) is also adopted. If an entity applies
this standard for periods beginning before January
1, 2009, that fact should be disclosed.
Manajemen sedang mengevaluasi dampak dan
standar ini terhadap laporan keuangan Perusahaan.
Management is evaluating the effect of this
standard on the Company’s financial statements.
PSAK 55 (Revisi 2006), Instrumen Keuangan:
Pengakuan dan Pengukuran
PSAK 55 (Revised 2006), Financial Instruments:
Recognition and Measurement
Pada bulan Desember 2006, DSAK mengeluarkan
PSAK 55 (Revisi 2006), Instrumen Keuangan:
Pengakuan dan Pengukuran.
In December. 2006, DSAK issued PSAK 55
(Revised 2006), Financial Instruments: Recognition
and Measurement.
Standar ini menetapkan prinsip-prinsip dasar
pengakuan dan pengukuran aset keuangan,
kewajiban keuangan dan kontrak pembelian atau
penjualan item non keuangan. Standar ini juga
menetapkan
pedoman
untuk
penghentian
pengakuan; jika aset dan kewajiban keuangan dinilai
pada nilal wajar, bagaimana menentukan nilai wajar
dan mengevaluasi penurunan nilai; setelah akuntansi
lindung nilai.
This standard establishes the principles for
recognizing and measuring financial assets,
financial liabilities and some contracts to buy or sell
non-financial items. The standard also provides
guidance on derecognition, when financial assets
and liabilities may be measured at fair value, how to
determine fair value and assess impairment, as well
as hedge accounting.
Standar ini menggantikan ketentuan pengakuan dan
pengukuran yang diatur dalam standar akuntansi
tertentu yang telah diterbitkan sebelumnya.
This standard supersedes the principles of financial
instruments
recognition
and
measurement
prescribed in certain previously issued accounting
standards.
- 82 -
P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI
31 DESEMBER 2007 DAN 2006 SERTA UNTUK TAHUN-TAHUN
YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN
ENDED (Continued)
43.
Entitas harus menerapkan standar ini secara
prospektif untuk laporan keuangan yang mencakup
periode yang dimulai pada atau setelah 1 Januari
2009. Penerapan Iebih dini diperkenankan. Dalam
ketentuan transisi pada awal penerapan, entitas
diperkenankan untuk mengakui, baik dalam laba rugi
atau ekuitas, dampak dan pengakuan dan
pengukuran sesuai ketentuan yang ada dalam
standar ini atas instrumen keuangan yang ada pada
akhir periode laporan keuangan sebelum tanggal
efektif standar ini.
Entities shall apply this standard prospectively for
financial statements covering the periods beginning
on or after January 1, 2009. Early application is
permitted. Among the transitional provisions on
initial application, entities are allowed to recognize
either in profit or loss or in equity the effect of the
recognition and measurement prescribed by the
standard to financial instruments existing before the
effective date of the standard.
Manajemen sedang mengevaluasi dampak dari
standar ini terhadap laporan keuangan Perusahaan.
Management is evaluating the effect of this
standard on the Company’s financial statements.
PERSETUJUAN
KONSOLIDASI
LAPORAN
KEUANGAN
43.
Laporan keuangan konsolidasi dari halaman 3
sampai dengan 83 telah disetujui Direksi
Perusahaan untuk diterbitkan tanggal 27 Pebruari
2008.
********
- 83 -
APPROVAL OF CONSOLIDATED FINANCIAL
STATEMENTS
The consolidated financial statements on pages 3 to
83 were approved by the Company’s Directors and
authorized for issue on February 27, 2008.
This page has been intentionally left blank.
INDEPENDENT AUDITOR’S REPORT
Laporan Auditor Independen
PT BERLIAN LAJU TANKER Tbk
Annual Report 2007
Annual Report 2007
PT BERLIAN LAJU TANKER Tbk
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 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.
The Company is domiciled in Jakarta and has two branches in Merak and Dumai. Its head
office is located at Wisma BSG, 10th Floor, Jl. Abdul Muis No. 40, Jakarta.
The Company is one of the companies owned by the Bina Surya Group (BSG).
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 the Capital Market and Financial
Institutions Supervisory Agency or 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 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 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 public 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 June 29, 2000, the Company obtained the notice of effectivity from the Chairman of
Bapepam in his letter No. S-1577/PM/2000 for its public offering of Berlian Laju Tanker I
Bonds year 2000 with a nominal value of Rp 200,000,000,000 at fixed and/or floating rates.
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 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 May 12, 2003, the Company obtained the notice of effectivity from the Chairman of
Bapepam in his letter No. S-1006/PM/2003 for its public offering of Berlian Laju Tanker II
Bonds year 2003 and Syari’ah Mudharabah Bonds totaling Rp 400,000,000,000.
On December 14, 2005, BLT Finance Corporation, a subsidiary, offered 1.25% guaranteed
convertible bonds with a principal value of US$ 50,000,000. These convertible bonds are
registered on the Singapore Exchange Securities Trading Limited (SGX-ST).
On September 22, 2006, the Company obtained the eligibility to list all of the Company’s
shares on the SGX-mainboard based on letter No. RMR/IR/YCH/260407 from the SGX-ST. In
connection with the Company’s 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 May 4, 2007, and May 17, 2007, BLT Finance B.V., a subsidiary, issued US$ 400,000,000
7.5% Guaranteed Senior Notes due 2014 and US$ 125,000,000 Zero Coupon Guaranteed
Convertible Bonds due 2012, respectively, which were both registered on the SGX-ST.
-8-
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
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 200,000,000,000 and Berlian Laju Tanker III Bonds year 2007
amounting to Rp 700,000,000,000.
As of December 31, 2007, 4,159,010,436 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 Company and its subsidiaries have adopted IFRS 7, Financial
Instruments: Disclosures, which is effective for annual reporting periods beginning on or after
January 1, 2007, and the consequential amendments to IAS 1, Presentation of Financial
Statements.
The impact of the adoption of IFRS 7 and the consequential changes to IAS 1 has been to
expand the disclosures provided in these consolidated financial statements regarding the
Company and its subsidiaries financial instruments and management of capital (see Note 41).
Four interpretations issued by the International Financial Reporting Interpretations Committee
(IFRIC) are effective for the current year. These are IFRIC 7, Applying the Restatement
Approach under IAS 29, Financial Reporting in Hyperinflationary Economies; IFRIC 8, Scope of
IFRS 2; IFRIC 9, Reassessment of Embedded Derivatives; and IFRIC 10, Interim Financial
Reporting and Impairment. The adoption of these Interpretations has not led to any material
changes in the Company and its subsidiaries’ accounting policies.
As of the date of the authorization of the consolidated financial statements, the following
standards and interpretations are not yet effective:
• IAS 1 (Revised), Presentation of Financial
Statements
Effective for accounting periods beginning
on or after January 1, 2009.
• IAS 2 (Revised), Share Based Payment
Effective for accounting periods beginning
on or after January 5, 2009.
• IAS 23 (Revised), Borrowing Costs
Effective for accounting periods beginning
on or after January 1, 2009.
• IAS 27 (Revised), Consolidated and
Separate Financial Statements
Effective for accounting periods beginning
on or after July 1, 2009.
• IAS 28 (Revised), Investments in
Associates
Effective for accounting periods beginning
on or after July 1, 2009.
• IAS 31 (Revised), Interests in Joint Ventures
Effective for accounting periods beginning
on or after July 1, 2009.
• IAS 32 (Revised), Financial Instruments :
Presentation
Effective for accounting periods beginning
on or after January 1, 2009.
• IFRS 3 (Revised), Business Combinations
Effective for accounting periods beginning
on or after July 1, 2009.
• IFRS 8, Operating Segments
Effective for accounting periods beginning
on or after January 1, 2009.
• IFRIC 11, IFRS 2: Group Treasury Share
Transactions
Effective for accounting periods beginning
on or after March 1, 2007.
• IFRIC 12, Service Concession
Arrangements
Effective for accounting periods beginning
on or after January 1, 2008.
-9-
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
• IFRIC 13, Customer Loyalty Programmes
Effective for accounting periods beginning
on or after July 1, 2008.
• IFRIC 14, IAS 19 – The Limit on a Defined
Benefit Asset, Minimum Funding
Requirements and their Interaction
Effective for accounting periods beginning
on or after January 1, 2008.
The Directors anticipate that the adoption of these standards and interpretations in future periods
will have no material financial impact on the consolidated financial statements of the Company
and its subsidiaries.
For statutory reporting purposes in Indonesia, management prepares consolidated financial
statements in accordance with accounting principles generally accepted in Indonesia (Indonesian
GAAP). Description of the differences between Indonesian GAAP and IFRS and the
reconciliations of the profit for the year and equity reported under Indonesian GAAP and IFRS
are presented in Note 40.
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 Company’s 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 income statement 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 Group 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 recognised
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 recognised and measured at fair value less
costs to sell.
- 10 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being
the excess of the cost of the business combination over the Group’s interest in the net fair
value of the identifiable assets, liabilities and contingent liabilities recognised. If, after
reassessment, the Group’s 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
recognised 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 balance sheet at cost as adjusted for post-acquisition changes in
the Company’s 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 Company’s 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 Company’s 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 Company’s 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 Company’s interest in the relevant associate. Losses
may provide evidence of an impairment of the asset transferred in which case appropriate
provision is made for impairment.
e. 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 secondary segment information 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 related products or services and that is
subject to risks and returns that are different from those of other business segments.
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 from 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.
- 11 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
f.
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 entity are expressed in US Dollar, which is the Company’s functional currency
and presentation currency of the consolidated financial statements.
Transactions and Balances
In preparing the financial statements of the individual entities, transactions in currencies other
than the entity’s functional currency are recorded at the exchange rates prevailing at the dates
of the transactions. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at year-end exchange rates of monetary assets and
liabilities denominated in foreign currencies are recognized in the consolidated statements of
income, except when deferred in equity as qualifying cash flow hedges and qualifying net
investment hedges.
Non-monetary items that are measured in terms of historical cost in a foreign currency are not
retranslated. Translation differences on non-monetary financial assets and liabilities held at
fair value through profit or loss are recognized in profit or loss as part of the fair value gain or
loss. Translation differences on non-monetary financial assets classified as available-for-sale
are included in the fair value reserve in equity.
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 for each balance sheet presented are translated at the closing rate at
balance sheet date;
(ii) income and expenses for each income statement 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 in the income statement
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.
g. 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 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 reserve 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 reserve
relating to a previous revaluation of such vessels.
- 12 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Depreciation on revalued vessels is charged to profit or loss. 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. 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.
Vessels in the course of construction are carried at cost less any impairment loss. Cost,
including professional fees, incurred while under construction are capitalized in accordance
with the Company’s accounting policy. Depreciation of these vessels commences when the
vessels are ready for their intended use.
The vessels’ residual values and estimated useful lives 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 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
Transportation equipment
Office furniture and fixtures
Office and dormitory equipment
20
5
5
5
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 values of property and equipment are reviewed for impairment when events or
changes in circumstances indicate that the carrying values 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 included in the consolidated statements of income in the year the item
is derecognized.
The asset’s residual values, useful lives and depreciation method are reviewed at each
balance sheet dates, with the affect of any changes in accounting estimate accounted for on a
prospective basis.
- 13 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
h. 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.
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.
i.
Inventories
Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined
using the first-in, first-out method.
j.
Prepaid Expenses
Prepaid expenses are amortized over their beneficial periods using the straight-line method.
k. 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 Company’s 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 balance sheets
represent the present value of the defined benefit liability, as adjusted for unrecognized
actuarial gains and losses and unrecognized past service cost.
l.
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
substantially enacted at the balance sheet date.
- 14 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Deferred tax is recognized on differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation
of taxable profit, and is accounted for using the balance sheet liability method. 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 deductible temporary differences can be utilized.
Such 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.
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 each balance sheet date 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 is charged or credited in the consolidated
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 consolidated balance sheet 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.
m. Financial Instruments
Financial assets and financial liabilities are recognized on the consolidated balance sheet
when the Company or its subsidiaries become parties to the contractual provision of the
instrument.
Financial assets
Available-for-Sale Investments
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 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 the profit or loss for the year.
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.
- 15 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Cash
Cash comprise of cash on hand and in banks and all unrestricted time deposits with maturity
of three months or less and are subjected 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 each balance sheet date. Financial assets are impaired where
there is objective evidence that, as a result of one or more events that occurred after the initial
recognition of the financial asset, the estimated future cash flows of the investment have been
impacted. For financial assets carried at amortized cost, the amount of the impairment is the
difference between the asset’s carrying amount and the present value of estimated future
cash flows, discounted at the 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.
Bank Borrowings and Bonds
Interest-bearing bank loans and bonds payable are initially measured at fair value, net of
transaction costs incurred, and are subsequently measured at amortized cost using the
effective interest rate method.
Convertible Bonds
These instruments are considered a hybrid instrument containing a debt host contract and
embedded derivatives. At the time of issue, the convertible bonds due 2010 and 2012 were
designated as fair value through profit and loss with any resultant gain or loss recognized in
profit or loss.
Effective January 2, 2006, the convertible bonds due 2010 were no longer designated as fair
value through profit and loss since BLT Finance Corporation (BLT FC) has irrevocably and
permanently waived and renounced its cash settlement option. Also on that date, the
convertible bonds due 2010 were separated into its liability component and its equity
component. The fair value of the liability component is estimated using the prevailing market
interest rate for similar non-convertible debt. The difference between the proceeds of the
convertible bonds due 2010 and the fair value assigned to the liability component,
representing the embedded option for the holder to convert the bonds into equity of the
Company, is included in equity and is not subsequently measured. Issue costs are apportioned
between the liability and equity components of the convertible bond due 2010 based on their
relative fair value. The portion relating to the equity component is charged directly to equity.
The interest expense on the liability component is calculated by applying the prevailing market
interest rate for similar non-convertible debt to the liability component of the instrument. The
difference between this amount and the interest paid is added to the carrying amount of the
convertible bond due 2010.
- 16 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Notes Payable
At the time of issue, the Notes Payable 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.
Trade and Other Payables
Trade and other payables are initially measured at fair value, and are subsequently measured
at amortized cost, using the effective interest rate method.
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 unrealized
gains or losses reported 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.
The use of financial derivatives is governed by the Company’s policies approved by the Board
of Directors consistent with the Company’s risk management strategy. The Company does not
use derivative financial instruments for speculative purposes.
Derecognition of Financial Instruments
The derecognition of financial instruments takes place when the contractual rights or
obligations to the cash flows of financial instruments expires or extinguishes or discharged
and when substantially all risks and rewards of ownership of the financial instruments are
transferred to third party. A substantial modification of the terms of an existing financial
instrument is accounted for as an extinguishment of the original financial instrument and the
recognition of a new financial instrument.
n. Revenue and Expense Recognition
Revenue from freight operations is 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. 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 asset’s net carrying amount.
Expenses are recognized when incurred.
o. 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.
- 17 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
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 recognised 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 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.
Finance charges are charged directly to profit or loss. Contingent rentals are recognised as
expenses in the periods in which they are incurred.
Operating lease payments are recognised 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 recognised 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 recognised as a liability. The aggregate benefit of incentives is recognised 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.
p. Finance cost
Interest expense and similar charges are expensed in the year when they are incurred.
q. Earnings per Share
Basic earnings per share is computed by dividing profit for the year by the weighted average
number of shares outstanding during the year.
Diluted earnings per share is computed by dividing profit for the year by the weighted average
number of shares outstanding as adjusted for the effect of all dilutive potential ordinary
shares.
r.
Impairment of Tangible Assets
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 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.
- 18 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 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.
s. 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 balance sheet date, 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 its 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 2, management has not made any 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.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at
the balance sheet date, 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.
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, 2007 and 2006 amounted to US$ 1,826,000,000 and US$ 769,500,000,
respectively.
Management depreciates vessels on a straight-line basis over a vessel’s 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.
- 19 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
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.
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, 2007 and 2006 amounted to US$ 84,285,784 and
US$ 11,932,110, respectively.
5.
CONSOLIDATED SUBSIDIARIES
Details of the Company’s subsidiaries, whether owned directly or indirectly, are as follows:
Percentage of Ownership
and Voting Power Held
Subsidiary
Domicile
1.
1.1.
Indigo Pacific Corporation
Indigo Pacific Corporation
Labuan, Malaysia
British Virgin
Islands
Panama
1.1.1.
Melani Maritime Inc.
1.1.2.
1.1.3.
Zona Overseas International
Shipping S.A.
Wigati Maritime S.A.
1.1.4.
Kunti Maritime Pte. Ltd.
Singapore
1.1.5.
Jembawati Maritime Pte. Ltd.
Singapore
1.1.6.
Tirtasari Maritime Pte. Ltd.
Singapore
1.1.7.
Pergiwo Navigation Pte. Ltd.
Singapore
1.1.8.
Fatmarini Maritime Pte. Ltd.
Singapore
1.1.9.
Harsanadi Maritime Pte. Ltd.
Singapore
1.1.10.
Hartati Maritime Pte. Ltd.
Singapore
1.1.11.
BLT Finance Corporation
1.1.12.
Pujawati Maritime Pte. Ltd.
British Virgin
Islands
Singapore
1.1.13.
Pertiwi Maritime Pte. Ltd.
Singapore
1.1.14.
Anggraini Maritime Pte. Ltd.
Singapore
1.1.15.
Emerald Maritime Pte. Ltd.
Singapore
1.1.16.
1.1.17.
BLT Finance B.V.
Tridonawati Maritime Corporation
1.1.18.
Purbasari Maritime Pte. Ltd.
Panama
Panama
The Netherlands
Liberia
Singapore
- 20 -
Type of Business
2007
2006
Investment holding
Investment holding
100%
100%
100%
100%
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
Financing
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
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
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
-
100%
-
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Percentage of Ownership
and Voting Power Held
Subsidiary
Domicile
Type of Business
2007
2006
1.1.19.
Tridonawati Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
100%
-
1.1.20.
Trirasa Maritime Pte. Ltd.
Singapore
100%
-
2.
Labuan, Malaysia
100%
100%
2.1.
Diamond Pacific International
Corporation
Diamond Pacific International
Owner and operator
of vessel
Investment holding
British Virgin
Investment holding
100%
100%
2.1.1.
Corporation
Lenani Maritime Inc.
100%
100%
2.1.1.1.
Ontari Maritime Pte. Ltd.
Owner and operator
of vessel
Owner and operator
of vessel
Shipping agent
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%
Investment holding
Investment holding
100%
100%
100%
100%
Owner and operator
of vessel
Owner and operator
of vessel
Shipping agency
Shipping agency
100%
100%
100%
100%
100%
100%
100%
100%
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%
Islands
Panama
Singapore
2.1.2.
Averina Maritime S.A.
2.1.3.
Gandari Navigation Pte. Ltd.
Panama
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.
GBLT Shipmanagement Pte. Ltd.
GBLT Shipmanagement Ltd.
Harsanadi Shipping Ltd.
Hartati Shipping Ltd.
Frabandari Shipping Ltd.
Fatmarini Shipping Ltd.
Nogogini Shipping Ltd.
Nolowati Shipping Ltd.
Ratih Shipping Ltd.
Cendanawati Navigation Pte. Ltd.
2.1.6.
Frabandari Maritime Pte. Ltd.
Singapore
2.1.7.
2.1.8.
2.1.9.
Brotojoyo Maritime Pte. Ltd.
Berlian Laju Tanker Pte. Ltd.
Anjasmoro Maritime Pte. Ltd.
Singapore
Singapore
Singapore
2.2.
BLT LNG Tangguh Corporation
3.
3.1.
3.1.1.
Asean Maritime Corporation
Gold Bridge Shipping
Corporation
Bauhinia Navigation S.A.
3.1.2.
Cempaka Navigation S.A.
3.1.3.
3.1.3.1
Gold Bridge Shipping Ltd.
BLT Shipping Shanghai Co. Ltd.
3.1.4.
Great Tirta Shipping S.A.
3.1.4.1.
Dewayani Maritime Pte. Ltd.
3.1.5.
Hopeway Marine Inc.
Panama
3.1.6.
Panama
3.1.6.1.
Lestari International
Shipping S.A.
Gandini Maritime Pte. Ltd.
3.1.7.
Quimera Maritime S.A.
Panama
3.1.8.
Panama
3.1.9.
South Eastern Overseas
Navigation S.A.
Zenith Overseas Maritime S.A.
3.1.9.1.
Gandari Maritime Pte. Ltd.
3.1.10.
Zona Shipping S.A.
3.1.10.1.
Dewi Sri Maritime Pte. Ltd.
Singapore
Singapore
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
United Kingdom
Singapore
Marshall Islands
Labuan, Malaysia
British Virgin
Islands
Panama
Panama
Hong Kong
China
Panama
Singapore
Singapore
Panama
Singapore
Panama
Singapore
- 21 -
Owner and operator
of vessel
Operator of Vessel
Operator of Vessel
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
Operator of Vessel
Operator of Vessel
Owner and operator
of vessel
Owner and operator
of vessel
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Percentage of Ownership
and Voting Power Held
Subsidiary
3.1.11. Dahlia Navigation S.A.
Domicile
Panama
Type of Business
Owner and operator
2007
2006
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
of vessel
3.1.12. Eglantine Navigation S.A.
Panama
Owner and operator
of vessel
3.1.13. W ulansari Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.14. Yanaseni Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.15. Indradi Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.16. Gold Bridge Logistic Ltd.
3.1.16.1 Beihai New Resources Logistic
Hong Kong
Investment holding
100%
100%
China
Owner and operator
100%
100%
Corporation
of vessel
3.1.17. Gold Bridge Shipping Agencies S.A.
Hong Kong
Shipping agent
100%
100%
3.1.18. Elite Bauhinia Navigation Pte. Ltd.
Singapore
Owner and operator
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%
of vessel
3.1.19. Cempaka Navigation Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.20. Dahlia Navigation Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.21. Freesia Navigation S.A.
Panama
Owner and operator
of vessel
3.1.22. Gerbera Navigation S.A.
Panama
Owner and operator
of vessel
3.1.23. Mustokoweni Maritime Pte. Ltd.
Panama
Owner and operator
of vessel
3.1.24. Ulupi Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.25. Erowati Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.26. Gas Papua Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.27. Rasawulan Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.28. Gas Sulawesi Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.29. Tribuana Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.30. Gagarmayang Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.31. Prita Dewi Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.32. Purwati Martime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.33. Trijata Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.34. Pradapa Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.35. Pergiwati Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.36. Badraini Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.37. Barunawati Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.38. Gas Maluku Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
3.1.39. Barawati Maritime Pte. Ltd.
Singapore
Owner and operator
of vessel
- 22 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Percentage of Ownership
and Voting Power Held
Subsidiary
Domicile
3.1.40. Arimbi Maritime Pte. Ltd.
Singapore
3.1.41. Gas Bali Maritime Pte. Ltd.
Singapore
3.1.42. Eustoma Navigation S.A.
Singapore
3.1.43. Puspawati Maritime Pte. Ltd.
Singapore
3.1.44. Diamond Flow Ltd.
3.1.45. Likabula International Limited
Hong Kong
British Virgin
Islands
British Virgin
3.2.
BLT Chembulk Corp. BVI
3.2.1
Chembulk Tankers LLC
3.2.1.1 Chembulk Trading II LLC
3.2.1.2 Chembulk Management LLC
3.2.1.3 Chembulk Management B.V.
3.2.1.4 Chembulk Management Pte. Ltd
Type of Business
United States of
America
The Netherlands
Singapore
Chembulk Barcelona Pte. Ltd.
Singapore
3.2.3
Chembulk Gibraltar Pte. Ltd.
Singapore
3.2.4
Chembulk Hong Kong Pte. Ltd.
Singapore
3.2.5
Chembulk Houston Pte. Ltd.
Singapore
3.2.6
Chembulk Kobe Pte. Ltd.
Singapore
3.2.7
Chembulk New York Pte. Ltd.
Singapore
3.2.8
Chembulk Savannah Pte. Ltd.
Singapore
3.2.9
Chembulk Shanghai Pte. Ltd.
Singapore
3.2.10
Chembulk Ulsan Pte. Ltd.
Singapore
3.2.11
Chembulk Virgin Gorda Pte. Ltd.
Singapore
2006
-
100%
100%
100%
Owner and operator
of vessel
Owner and operator
of vessel
100%
100%
100%
100%
Investment holding
Investment holding
100%
100%
-
Investment holding
100%
-
Investment holding
Owner and operator of
vessel
100%
100%
-
Ship management
100%
-
Ship management
Ship management
100%
100%
-
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%
Owner and operator
of vessel
Owner and operator
of vessel
Islands
Marshall Islands
Marshall Islands
3.2.2
2007
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
3.2.12
Chembulk Yokohama Pte. Ltd.
Singapore
4.
PT Banyu Laju Shipping
Indonesia
of vessel
Owner and operator
of vessel
Owner and operator
Labuan, Malaysia
of vessel
Investment holding
4.1.
Banyu Laju Corporation
4.1.1.
Banyu Laju Maritime S.A.
5.
PT Brotojoyo Maritime
Indonesia
-
100%
100%
100%
Indonesia
Owner and operator
of vessel
Operator of vessel
5.1.
PT Gemilang Bina Lintas Tirta
5.1.1.
6.
6.1.
6.2.
PT
PT
PT
PT
100%
100%
Indonesia
Indonesia
Indonesia
Indonesia
Crew Agent
Operator of vessel
Operator of vessel
Operator of vessel
100%
100%
100%
100%
100%
100%
100%
100%
6.3.
6.4.
6.5.
PT Ruby Maritime
PT Sapphire Maritime
PT Citrine Maritime
Indonesia
Indonesia
Indonesia
Operator of vessel
Operator of vessel
Owner and operator
of vessel
100%
100%
100%
100%
100%
100%
6.6.
PT Diamond Maritime
Indonesia
100%
100%
6.7.
PT Emerald Maritime
Indonesia
Owner and operator
of vessel
Owner and operator
of vessel
100%
100%
7.
PT Bayu Lestari Tanaya
Indonesia
Shipping agency
100%
100%
7.1
PT Berlian Dumai Logistics
Indonesia
General Trading
100%
-
Karya Bakti Adil
Buana Listya Tama
Anjasmoro Maritime
Pearl Maritime
Panama
Operator of vessel
- 23 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
6.
PROPERTY, VESSELS AND EQUIPMENT
January 1, 2007
US$
Cost/ Valuation :
Owned vessels
Leased vessels
Vessels under construction
Building in progress
Others :
Oil tanks
Transportation equipment
Office furniture and fixtures
Office and dormitory
equipment
Buildings and premises
Total
Accumulated depreciation:
Owned vessels
Leased vessels
Others :
Oil tanks
Transportation equipment
Office furniture and fixtures
Office and dormitory
equipment
Buildings and premises
983,428,518
46,313,806
-
Deductions
US$
Reclassification
US$
-
761,096,310
63,959,072
1,847,271
329,038,595
-
85,678,793
-
51,259,124
(51,259,124)
-
Revaluation
US$
63,813,957
-
Total
US$
December 31, 2007
Cost
Valuation
US$
US$
1,773,919,116
329,038,595
59,013,754
1,847,271
59,013,754
1,847,271
1,773,919,116
329,038,595
-
862,777
551,965
326,970
77,910
123,288
21,630
-
-
1,324,930
1,920,732
2,624,803
1,324,930
1,920,732
2,624,803
-
466,596
739,977
2,023
-
33,662
1,508,104
301,070
27,792
31,441
-
-
803,351
2,244,432
803,351
2,244,432
-
1,035,047,999
98,682
829,859,161
329,772,337
85,855,152
-
63,813,957
2,172,736,984
69,779,273
69,749,107
-
5,038,595
16,356,912
-
-
4,598,403
-
271,919,116
5,038,595
22,585
10,820
86,669
19,631
-
-
1,116,291
811,897
1,680,043
-
-
-
406,415
138,407
16,463,212
-
213,928,518
1,022,734
608,631
1,507,104
331,401
93,126
Net Carrying Amount
817,556,485
January 1, 2006
US$
Accumulated depreciation:
Vessels
Others :
Oil tanks
Transportation equipment
Office furniture and fixtures
Office and dormitory
equipment
Buildings and premises
Additions from
Acquisition
US$
94,029
2,630
217,491,514
Total
Additions
US$
1,230,901
854,273
2,013,928
Total
Cost/ Valuation :
Vessels
Vessels under construction
Others :
Oil tanks
Transportation equipment
Office furniture and fixtures
Office and dormitory
equipment
Buildings and premises
Exchange
Difference
US$
811,313,202
18,760,824
1,186,625
1,100,686
1,898,075
215,766
739,977
78,127
1,652
15,430
267,350
180,098
528
29,982
41,171
44,504
4,110
80,307
70,283,138
5,120,614
-
Exchange
Difference
US$
-
-
250,830
-
-
158,067,517
Net Carrying Amount
677,147,638
134,206,316
113,202,530
-
154,813,202
Total
Additions
US$
44,276
23
44,299
145,418
53,712
4,598,403
281,110,764
1,891,626,220
835,215,155
863,595
687,437
1,504,153
-
2,102,957,711
19,921
115,830
247,795,427
50,738,523
32,284
400
126,855
176,768
2,551
-
185,983
39,414
32,684
51,270,094
Deductions
US$
72,676,508
266,334
72,942,842
255,574
255,574
Reclassification
US$
85,649,548
(85,649,548)
Revaluation
US$
24,935,960
-
Total
US$
December 31, 2006
Cost
Valuation
US$
US$
983,428,518
46,313,806
46,313,806
983,428,518
-
-
-
1,230,901
854,273
2,013,928
1,230,901
854,273
2,013,928
-
-
-
466,596
739,977
466,596
739,977
-
51,619,481
-
24,935,960
1,035,047,999
-
8,376,793
213,928,518
-
-
1,022,734
608,631
1,507,104
-
-
331,401
93,126
-
8,376,793
983,428,518
217,491,514
817,556,485
The vessels are stated at their revalued amount being the fair value as of December 31, 2007
and 2006, reviewed by management, and supported by independent professional valuation
carried out on January 7, 2008 and February 14, 2007, respectively.
Had the vessels been carried at historical cost less accumulated depreciation, their carrying
values would have been approximately US$ 1,623,025,022 and US$ 596,576,204 as of
December 31, 2007 and 2006, respectively.
At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 30 dated
June 21, 2006 of Amrul Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders
approved to sell two vessels, M.T. Pertiwi of Fatmarini Maritime Pte. Ltd. and M.T. Pujawati of
Frabandari Maritime Pte. Ltd., at a price of US$ 45,000,000 each.
- 24 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 12 dated
September 11, 2006 of Amrul Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders
approved to sell a vessel, M.T. Prita Dewi of Prita Dewi Maritime Pte. Ltd., at a price of
US$ 45,000,000.
Net gain (loss) on sale of vessels in 2007 and 2006 amounting to (US$ 10,291,794) and
US$ 53,548,492, respectively, is included under other gains and losses (Note 35). All of the sales
are made with third parties.
Details of the sale of vessels are as follows:
2007
US$
Selling price of vessels
Net carrying amount
Net
Commission
Gain (loss) on sale of vessels - net
2006
US$
61,230,087
(69,321,881)
135,000,000
(72,676,508)
(8,091,794)
(2,200,000)
62,323,492
(8,775,000)
(10,291,794)
53,548,492
The Company received the proceeds from such sale of vessels in October 2007 and November
2007, July 2006 and October 2006.
Depreciation expense charged to operations is US$ 74,347,510 and US$ 59,115,316 in 2007 and
2006, respectively.
Vessels and equipment with carrying amount of US$ 1,598,369,125 and US$ 734,009,508 as of
December 31, 2007 and 2006, respectively, were used as collateral to guarantee obligations
under finance lease, the long-term bank loans and short-term bank loans (Notes 17, 20 and 25).
Vessels under construction as of December 31, 2007 and 2006 consist of 10 vessels and 9
vessels, respectively, which are estimated to be completed between 2008 to 2011.
For the years ended December 31, 2007 and 2006, 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$ 2,800,532 in 2007 and
US$ 701,073 in 2006.
7.
GOODWILL
2007
US$
Balance at beginning of year
Additional amounts recognized from acquisition
during the year
11,932,110
Balance at end of year
84,285,784
72,353,674
2006
US$
11,932,110
11,932,110
Goodwill represents the excess of the cost of acquisition over the Company’s interest in the fair
value of the assets and liabilities of the acquired subsidiaries.
At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 16 dated
December 18, 2007 of Amrul Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders
approved to acquire Chembulk Tankers LLC.
- 25 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
On December 19, 2007 (the effective date of the acquisition), Asean Maritime Corporation
purchased through its wholly-owned subsidiary, BLT Chembulk Corp., 100% of the shares owned
by Chembulk Holdings Inc. in Chembulk Tankers LLC. As of acquisition date, the fair value of the
net assets of Chembulk Tankers LLC, amounted to US$ 219,693,670. The difference between
the fair value of the net assets acquired and the cost of acquisition, is accounted for as goodwill.
On the same date, BLT Chembulk Corp. also purchased eleven vessels from Chembulk Holdings
Inc. at a purchase price of US$ 618 million.
The Company recognized, at the acquisition date, the following assets and liabilities of Chembulk
Tankers LLC:
Book value prior
Fair value
to acquisition
US$
US$
Assets
Property, vessels and equipment - net
Other non current assets
Inventories
Receivables
Prepayment and other current assets
Restricted cash
Cash
Total
Liabilities
Obligations under finance lease
Trade payables
Other current liabilities
Total
Net assets acquired
Goodwill on acquisition
324,651,723
50,916
5,424,984
7,695,542
2,121,123
29,200,000
20,969,309
147,567,578
50,916
5,424,984
7,695,542
2,121,123
29,200,000
20,969,309
390,113,597
213,029,452
143,933,350
9,958,048
16,528,529
143,933,350
9,958,048
16,528,529
170,419,927
170,419,927
219,693,670
42,609,525
72,353,674
Acquisition cost
292,047,344
The acquisition cost above includes directly attributable acquisition costs incurred in developing
the acquisition contracts. The acquisition cost was paid in cash, and the net cash outflow on
acquisition amounted to US$ 271,078,035 (acquisition cost of US$ 292,047,344 less cash
acquired of US$ 20,969,309).
If the acquisition had taken effect on January 1, 2007, the consolidated entity would have
recorded total operating revenues of US$ 576,129,181 and net profit for the year of
US$ 127,212,325.
Management considers these “pro-forma” numbers to represent an approximate measure of the
performance of the combined group on an annualised basis and to provide a reference point for
comparison in future periods.
- 26 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
In determining the “pro-forma” revenue and profit of the Company and subsidiaries had
Chembulk Tankers LLC been acquired at the beginning of the current reporting period, the
management had calculated depreciation of property, vessels and equipment acquired to the
basis of the fair values arising in the initial accounting for the business combination rather than
the carrying amounts recognised in the pre-acquisition financial statements and deducted the
gain on distribution to former stockholders as a one-off pre-acquisition transaction and revenues
and expenses not derived from operations.
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 Asean Maritime Corporation (AMC), the cash generating unit
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 forecast derived from the most recent
financial budgets approved by management for the next 5 years. This rate does not exceed the
average long-term growth rate for the relevant markets.
The rate used to discount the forecast cash flows from Asean Maritime Corporation is AMC’s
average borrowing rate at balance sheet date.
There were no impairment provisions on goodwill in 2007 and 2006.
8.
INVESTMENTS IN ASSOCIATES
2007
US$
2006
US$
Cost
Share of post-acquisition profit (loss), net of dividends
received
Share of changes in associates' equity
24,806,092
Total
20,715,570
67,474
(4,157,996)
24,806,092
92,030
24,898,122
Details of the associates are as follows:
Name of
Associate
Place of
Incorporation
PT Berlian Limatama
Teekay BLT Corporation
Thai Petra Transport Co. Ltd.
Indonesia
Marshall Islands
Thailand
Place of
Operation
Nature of Business
Indonesia Cargo shipping services
Indonesia Cargo shipping services
Thailand Port services (agency)
Percentage of Ownership and
Voting Power Held
2007
2006
%
%
50
30
30
50
30
30
All of the shares in Teekay BLT Corporation are used as collateral for other long-term payable
(Note 21).
- 27 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Summarized financial information in respect of the Company and its subsidiaries’ associates is
set out below:
2007
2006
US$
US$
Total assets
Total liabilities
300,456,645
231,574,654
85,263,937
2,523,998
Net assets
68,881,991
82,739,939
Company and subsidiaries' share of associates' net assets
20,715,570
24,898,122
Revenue
493,131
613,624
Loss for the year
107,536
107,330
24,556
25,319
Company and subsidiaries' share
of associates' loss for the year
9.
INVENTORIES
Inventories mainly consist of bunker fuel.
10. TRADE ACCOUNTS RECEIVABLE
2007
US$
2006
US$
Related parties
Third parties
75,668,908
1,343,459
54,749,733
Total
75,668,908
56,093,192
Before accepting any new customer, the Company and its subsidiaries assess the potential
customer’s credit quality. Of the trade accounts receivable balance at the end of the year,
US$ 6,268,168 is due from PT Pertamina (Persero) (Pertamina), the Company’s largest
customer (see Notes 29, 41 and 42).There are no other customers who represent more than 6%
of the total balance of trade accounts receivable.
The table below shows the aging of past due but unimpaired trade receivables:
2007
US$
2006
US$
1 - 60 days
60 - 120 days
120 - 180 days
More than 180 days
18,737,154
17,939,599
9,481,886
525,711
26,973,236
9,797,333
1,989,210
424,992
Total
46,684,350
39,184,771
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 Company’s
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.
- 28 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
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:
2007
2006
US$
US$
Funds under investment management
Mutual funds
72,061,631
235,563
48,067,882
-
Total
72,297,194
48,067,882
Under the Investment Management Contract Service Agreement dated December 18, 2007 and
December 15, 2006, the Company appointed PT Danatama Makmur to manage funds amounting
to US$ 69,944,583 and US$ 48,000,000 in 2007 and 2006, respectively, 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. The agreement is valid for 1 month from signing of the contract and can be
extended on a monthly basis (1 month) upon the written instruction of the Company to
PT Danatama Makmur.
The Company as the owner of the funds can liquidate all or part of the funds that have been
invested before the due date with written notice within a minimum of 2 (two) trading days to
PT Danatama Makmur before the draw date of investment funds.
There were no impairment provisions on available for-sale investments in 2007 and 2006.
12. CASH
2007
US$
2006
US$
Cash on hand
Cash in banks
Time deposits
1,426,498
151,511,573
57,377,222
784,129
77,008,191
20,444,847
Total
210,315,293
98,237,167
2.81% - 6.63%
6.5% - 9.75%
0.825%
2.61% - 5.24%
4.79% - 7.95%
-
Interest rates per annum on time deposits
U.S. Dollar
Rupiah
Singapore Dollar
13. SHARE CAPITAL
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:
2007
US$
2006
US$
Balance at beginning of the year
Exercise of warrants
59,337,930
9,695
59,335,543
2,387
Balance at end of the year
59,347,625
59,337,930
- 29 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Details of the Company’s number of shares outstanding are as follows:
2007
2006
Balance at beginning of the year
Exercise of warrants
Treasury stock acquired
Issuance of treasury stock through conversion of
convertible bonds
4,008,118,636
1,438,000
(289,100,000)
3,771,031,436
358,000
(140,188,000)
26,202,800
376,917,200
Balance at end of the year
3,746,659,436
4,008,118,636
At December 31, 2007 and 2006, 430,990,764 and 432,428,764 warrants, respectively, have not
been exercised.
At December 31, 2007 and 2006, 66,188,311 shares and 167,142,857 shares owned by
PT Tunggaladhi Baskara are used as guarantee in relation with the Company’s loan from Bank
Central Asia (Notes 17 and 38).
At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 18 dated
May 18, 2005 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders
approved a stock split of the Company’s shares wherein every share with a nominal value of
Rp 62.50 will be split to become Rp 31.25 per share, which can be carried out within one year
from the date of the Extraordinary General Meeting of Stockholders. As at May 18, 2006, the
stock split has not been executed.
At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 47 dated
May 31, 2006 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders agreed
to extend the term to carry out the stock split, as mentioned above, until June 30, 2007. It further
stated that if, based on the Company’s evaluation, the movements of the Company’s share price
is not advantageous to the Company, such stock split will not be executed. Also, the stockholders
authorized the Company’s Directors to determine the stock split ratio which should not be
disadvantageous to the Company’s stockholders.
At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 30 dated
June 21, 2006 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders
approved issuance of new shares through a Rights Issue without Pre-emptive Rights up to a
maximum of 5% of issued shares up to May 6, 2007.
At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 32 dated
May 24, 2007 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders
approved the issuance of new shares through a Rights Issue without Pre-emptive Rights up to a
maximum of 5% of issued shares until the next Annual General Meeting of Stockholders. As of
December 31, 2007, the issuance of new shares has not been executed.
14. ADDITIONAL PAID-IN CAPITAL
This account represents additional paid-in capital in connection with the following :
US$
Balance of additional paid-in capital as of January 1, 2006
49,114,188
Issuance of shares through exercise of warrants
Amount recorded as paid-up capital
Excess of amortized cost of converted bonds over the cost of treasury stock
Transfer of the equity component related to conversion of bonds
5,729
(2,387)
10,583,095
366,377
Balance of additional paid-in capital as of January 1, 2007
Issuance of shares through exercise of warrants
Amount recorded as paid-up capital
Excess of amortized cost of converted bonds over the cost of treasury stock
Transfer of the equity component related to conversion of bonds
60,067,002
23,268
(9,695)
912,967
25,470
Balance of additional paid-in capital as of December 31, 2007
61,019,012
- 30 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
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, 2007 and 2006, the details of treasury stocks are as follows:
Number of shares
2007
Percentage to
issued shares
%
Cost
US$
Treasury stocks, beginning
149,453,800
3.59
27,188,806
Add: Acquisition
Less: Issuance of treasury stocks from
conversion of convertible bonds
289,100,000
6.95
61,928,085
26,202,800
0.63
2,488,806
Treasury stocks, end
412,351,000
9.91
86,628,085
Number of shares
2006
Percentage to
issued shares
%
Cost
US$
Treasury stocks, beginning
386,183,000
9.29
36,057,280
Add: Acquisition
Less: Issuance of treasury stocks from
conversion of convertible bonds
140,188,000
3.37
26,932,054
376,917,200
9.07
35,800,528
Treasury stocks, end
149,453,800
3.59
27,188,806
16. REVALUATION RESERVE
2007
US$
2006
US$
Balance at beginning of year
Revaluation increase from vessels
Revaluation decrease
Transfer to retained earnings
170,315,215
69,505,970
(11,229,623)
(20,020,393)
142,597,250
58,497,522
(16,780,781)
(13,998,776)
Balance at end of year
208,571,169
170,315,215
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.
- 31 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
17. LONG-TERM BANK LOANS
2007
US$
2006
US$
At amortized cost:
DnB NOR Bank, ASA, Singapore
Bank Central Asia, Jakarta
Fortis Bank S.A./N.V., Singapore
DVB Group Merchant Bank (Asia) Ltd., Singapore
ING Bank N.V., Singapore
Bank UOB Indonesia
Dialease Maritime S.A., Japan
The Royal Bank of Scotland Plc
HSH Nordbank, Singapore
Bank Negara Indonesia , Jakarta
557,990,336
34,539,154
30,250,000
28,277,779
15,820,388
10,519,670
8,987,354
1,110,000
-
113,598,848
42,364,826
124,452,127
34,738,817
17,784,554
11,944,082
30,603,747
49,638,788
8,429,666
Total
Current maturities
687,494,681
84,879,621
433,555,455
80,793,300
Long-term Portion - Net
602,615,060
352,762,155
The range of average interest rates per annum are as follows:
U.S. Dollar
Rupiah
2007
2006
0.8% - 3.75%
above LIBOR/
SIBOR
10.25% - 13.0%
0.85% - 3.75%
above LIBOR/
SIBOR
13% - 15%
The details of the loans are as follows:
A. DnB NOR Bank, ASA, Singapore:
−
In December 2007, 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 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$ 400,000,000. This facility shall be repaid in 40
consecutive quarterly installments of US$ 8,000,000 for the 1st to 39th installments,
US$ 88,000,000 for the 40th installment. Interest rate is at LIBOR plus 1.75%
depending on the value maintenance ratio of the secured vessels, which is paid
between 1 - 3 months.
• Facility B, which is a reducing revolving loan facility in US Dollars in the aggregate
amount equal to the facility commitment of US$ 100,000,000. This facility is payable in
20 quarterly installments of US$ 5,000,000 until 2012. Interest rate is at LIBOR plus
1.5% 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. The loans are also secured with
corporate guarantee from the Company and Goldbridge Corporation.
- 32 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
−
In March 2007, certain subsidiaries obtained loan with maximum credit of
US$ 65,000,000. 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, M.T. Gas Sulawesi,
M.T. Gas Papua and M.T. Purwati. Interest rate is at LIBOR plus 0.7%-0.8%, which is paid
between one to three months.
−
In June 2006, a subsidiary obtained loan with maximum credit of US$ 19,500,000. This
loan is payable in 32 quarterly installments until 2014 and collateralized by corporate
guarantees from the Company and Gold Bridge Shipping Corporation, a subsidiary and
the subsidiary’s vessel. Interest rate is at LIBOR plus 0.90%, which is paid between one to
three months.
This loan was paid in May 2007.
−
In April 2006, a subsidiary obtained loan with maximum credit of US$ 18,500,000. This
loan is payable in 24 quarterly installments until 2012 and collateralized by the
subsidiary’s vessel. Interest rate is at LIBOR plus 1.1% or 1% depending on the Loan to
Vessels Value (LTV) percentage of the Company, which is paid between one to three
months.
This loan was paid in May 2007.
−
In June 2005, subsidiaries obtained loan with maximum credit of US$ 70,000,000. This
loan is payable in 28 quarterly installments until 2012 and collateralized by the
subsidiaries’ vessels. Interest rate is at LIBOR plus 1.25%, which is paid monthly.
This loan was paid in May 2007.
−
In February 2005, subsidiaries obtained loan with maximum credit of US$ 51,200,000.
This loan is payable in 28 quarterly installments until 2012 and collateralized by corporate
guarantee from the Company, Gold Bridge Shipping Corporation, a subsidiary, and the
subsidiaries’ vessels. Interest rate is at LIBOR plus 1.25%, which is paid between one to
three months.
This loan was paid in May 2007.
B. Bank Central Asia (BCA), Jakarta:
−
In November 2006, the Company obtained investment credit facility with a maximum
credit of US$ 34,000,000. This loan is payable in 84 monthly installments until 2013 and
collateralized by a subsidiary’s vessel. Interest rate is at SIBOR plus 1.5%, which is paid
monthly.
−
In January 2005, the Company obtained an investment credit facility with maximum credit
of Rp 125,000,000,000, due in 5 years. Interest rates for these loans are set at 10.25% 13%, which is paid monthly. The Company also has a time loan revolving credit facility
with maximum credit of Rp 20,000,000,000, due in April 2008 (Note 25E). The loans are
collateralized by the vessels, M.T. Gas Indonesia and M.T. Gas Kalimantan, and pledge
of the Company’s shares owned by PT Tunggaladhi Baskara as of December 31, 2007
and 2006, respectively (Note 38).
C. In September 2005, the subsidiaries obtained a secured term loan and reducing revolving
credit facilities from Fortis Bank S.A./N.V., Calyon, and NIB Capital Bank Ltd. as original
lenders. Fortis Bank S.A./N.V. acts as agent and security trustee. Under the agreement, the
subsidiaries shall apply all amounts borrowed by them towards refinancing any existing
financial indebtedness in relation to the vessels and for general working capital purposes.
- 33 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
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$ 100,000,000. This facility shall be repaid in 40 consecutive
quarterly installments of US$ 3,250,000 for the 1st to 8th installments,
US$ 2,500,000 for the 9th to 12th installment, US$ 1,875,000 for the 13th to 39th installment
and US$ 13,375,000 for the 40th installment. Interest rate is at LIBOR plus 1% or 0.85%
depending on the value maintenance ratio of the secured vessels which is paid between
one to three months.
•
Facility B, which is a reducing revolving loan facility in US Dollars in the aggregate amount
equal to the facility commitment of US$ 55,000,000. This facility is payable in twenty
quarterly installments of US$ 2,750,000 until 2010. Interest rate is at LIBOR plus 1% or
0.85% depending on the value maintenance ratio of the secured vessels, which is paid
between one to three months.
The loans are collateralized by the subsidiary’s vessels, assignment of earnings and insurance
in respect of the vessels and corporate guarantee from the Company.
A repayment of the outstanding loan was made in June 2007. However in December 2007,
subsidiary reused the available Facility B amounting to US$ 30,250,000. The loan is payable
in 11 quarterly installments of US$ 2,750,000 until 2010. Interest rate is at LIBOR plus 1% or
0.85% depending on the value maintenance ratio of the secured vessels, which is paid
between 1 – 3 months.
This loan is collateralized by the subsidiaries’ vessels and assignment of earnings and
insurance in respect of the vessels.
D. In September 2005, subsidiaries obtained loan from DVB Group Merchant Bank (Asia) Ltd.,
Singapore with maximum credit of US$ 43,000,000. 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 1% or 0.85% depending on the LTV
percentage of the Company, which is paid between one to three months.
E. In November 2005, subsidiaries obtained loan facilities from ING Bank N.V., Singapore with a
maximum credit of US$ 19,900,000. These loan facilities are payable in semi annual
installments until November 2015 and collateralized by the subsidiaries’ vessels. Interest rate
is at LIBOR plus 1% or 0.8%, which is paid every six months.
F. In October 2006, the Company obtained an investment credit facility from Bank UOB
Indonesia with a maximum credit of US$ 12,000,000 payable in 20 quarterly installments until
2011. The loan is secured by a subsidiary’s vessel and an assignment of earnings from
Pertamina in respect of the vessel used as collateral. Interest rate is at SIBOR plus 1.375%,
which is paid every three months.
G. Dialease Maritime S.A., Japan:
−
In December 2004, a subsidiary obtained loan with maximum credit of JPY 1,347,250,000
(equivalent to US$ 12,859,120). This loan is payable in 28 quarterly installments until
2011 and collateralized by corporate guarantee from the Company and the subsidiary’s
vessel. Interest rate is at LIBOR plus 1.35%, which is paid quarterly.
−
In April 2004, subsidiaries obtained loan with maximum credit of US$ 15,600,000. This
loan is payable in 28 quarterly installments until 2011 and collateralized by corporate
guarantee from the Company and the subsidiaries’ vessels. Interest rate is at LIBOR plus
1.5%, which is paid quarterly.
This loan was paid in July 2007.
- 34 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
−
In 2003, subsidiaries obtained loan with maximum credit of JPY 1,287,750,000
(equivalent to US$ 11,481,687). This loan is payable in 32 quarterly installments until
2011 and collateralized by subsidiary’s vessel. Interest rate is at LIBOR plus 1.5%, which
is paid quarterly.
This loan was paid in July 2007.
H. In October 2007, the subsidiary (GBLT Shipmanagement UK) obtained an investment credit
facility with maximum credit of US$ 1,110,000 from The Royal Bank of Scotland PLC. This
loan is payable in 39 quarterly installments until 2016 and is collateralized by the subsidiary’s
land and building and bears interest rate of 1.25% above the bank’s currency lending rate for
United States Dollars which is paid quarterly.
I.
HSH Nordbank, Singapore (formerly Hamburgische Landesbank-Girozentrale, Singapore):
−
Credit facility with maximum of US$ 30,400,000 obtained by a subsidiary in July 2005.
This loan is payable in 22 quarterly installments until 2010 and collateralized by corporate
guarantee from the Company and the subsidiaries’ vessels. Interest rate is at LIBOR plus
1.2%, which is paid between one to three months.
−
Credit facility with maximum of US$ 33,500,000 obtained by a subsidiary in December
2004. This loan is payable in 40 quarterly installments until 2014 and collateralized by
corporate guarantee from the Company and the subsidiary’s vessel. Interest rate is at
LIBOR plus 1.4%, which is paid between one to three months.
These loans were paid in May 2007.
J. In June 2005, the Company obtained investment credit facility with maximum credit of
US$ 10,000,000 from Bank Negara Indonesia. This loan is payable in 78 monthly installments
until June 28, 2012 and collateralized by the Company’s and the subsidiary’s vessels. Interest
rate is at SIBOR plus 3.75%, which is paid monthly. This loan was paid in May 2007.
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.
Due to the significant amount of borrowings incurred in the acquisition of Chembulk Tankers LLC
and subsidiaries and the related 11 vessels in December 2007, the Company and its subsidiaries’
net debt to equity ratio as of December 31, 2007 amounted to 256% (Note 41A). The lenders of
the Company and its subsidiaries require a maximum net debt to equity ratio of 250% (as of
December 31, 2007) and the lender of BLT Chembulk Corp. and subsidiaries (a wholly-owned
subsidiary) require a net debt to equity ratio of 200% (as of June 30, 2008). As stated in the credit
agreements, upon failure by the Company and its subsidiaries to meet such maximum debt to
equity ratio, the lenders can declare, among others, that all or any part of the loans be payable on
demand. As discussed in Note 41A, the Company’s management plans to reduce its net debt to
equity ratio to 150% at the end of 2008.
18. BONDS PAYABLE
2007
US$
At amortized costs:
Berlian Laju Tanker II Bond
Syari'ah Mudharabah Bond
Berlian Laju Tanker III Bond
Sukuk Ijarah Bond
Total
Current maturities
Long-Term Portion - Net
- 35 -
2006
US$
35,994,829
6,354,305
73,583,482
21,023,873
37,332,420
6,601,495
-
136,956,489
42,349,134
43,933,915
-
94,607,355
43,933,915
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Berlian Laju Tanker II Bond
On May 28, 2003, the Company issued Rupiah Bonds with fixed and floating interest rates,
payable every three months. The bonds are unsecured and have a term of 5 years, due on
May 28, 2008. The bondholders’ right is pari-passu without preferential rights with other creditors
of the Company. Series A Bonds with a nominal value of Rp 294,800,000,000 bear fixed interest
rate at 14.75% per annum, while Series B Bonds with a nominal value of Rp 45,200,000,000 bear
fixed interest rate at 14.75% per annum for the first year and floating rates for the second year
until the fifth year based on the average of the 3-month time deposit rates in Rupiah currency
from PT Bank Central Asia Tbk, PT Bank Permata Tbk, and PT Bank Buana Indonesia Tbk
before closing of floating interest rate plus fixed margin of 2.5% annually, which is payable on a
quarterly basis. 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
(see Note 43d).
Syari’ah Mudharabah Bond
On May 28, 2003, the Company issued Syari’ah Mudharabah Bonds amounting
Rp 60,000,000,000 with PT Bank Mandiri (Persero) Tbk as trustee. The bonds are unsecured and
have a term of 5 years, due on May 28, 2008. All the bonds were sold at nominal value and are
listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange). These were
offered under the condition that the Company shall pay to Syari’ah Bondholders a sum of Profit
Sharing every three months since the issuance date which is every Profit Sharing payment date.
The Profit Sharing is computed based on the revenue from M.T. Gandini vessel operations.
The percentage of Nisbah Syari’ah bondholders to Profit Sharing is fixed at 25% from the
revenue of M.T. Gandini vessel operation.
The derivative embedded in the Syari’ah Mudharabah Bonds, with the revenue as the underlying,
has not been separated because management believes that the effect of separating the
embedded derivative is not significant.
The payment of Profit Sharing to each Syari’ah Bondholder is in proportion with the Syari’ah
Bonds held compared with the total outstanding Syari’ah Bonds.
The computation of the Profit Sharing for Syari’ah Bonds in 2007 is as follows:
a. Total months of M.T. Gandini vessel operations since January 1 – December 31, 2007 is 12
months (A)
b. Charter Rate: Rp 98,100 (US$ 10.90) per Dead Weight Ton (DWT) per month (B)
c. DWT for computation according to Pertamina Charter Agreement: 30,000 DWT (C)
d. Revenue for Profit Sharing: A x B x C = 12 x US$ 10.90 x 30,000 DWT = US$ 3,924,000 (D)
e. Profit Sharing payable based on agreement: D x 25% = US$ 981,000
Amount paid as Profit Sharing for Syari’ah Bonds in 2007 was Rp 8,829,000,000 (US$ 981,000),
and the remaining balance of Rp 809,325,000 (US$ 89,925) will be paid in February 2008.
The computation of the Profit Sharing for Syari’ah Bonds in 2006 is as follows:
a. Total months of M.T. Gandini vessel operations since January 1 – December 31, 2006 is 12
months (A)
b. Charter Rate: Rp 98,100 (US$ 10.90) per Dead Weight Ton (DWT) per month (B)
c. DWT for computation according to Pertamina Charter Agreement: 30,000 DWT (C)
d. Revenue for Profit Sharing: A x B x C = 12 x US$ 10.90 x 30,000 DWT = US$ 3,924,000 (D)
e. Total Profit Sharing payable based on agreement: D x 25% = US$ 981,000
Amount paid as Profit Sharing for Syari’ah Bonds for the year ended December 31, 2006 was
Rp 8,850,360,484 (US$ 983,373), and the remaining balance of Rp 809,325,000 (US$ 89,925)
was paid in February 2007.
On December 18, 2007, the Bondholders approved the replacement of PT Bank Mandiri
(Persero) Tbk as Trustee and the appointment of PT Bank Niaga Tbk as the new Trustee.
- 36 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Berlian Laju Tanker III Bond
On July 5, 2007, the Company issued Rupiah Bonds amounting to Rp 700,000,000,000 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 Bank Niaga Tbk as the new Trustee.
Sukuk Ijarah Bond
On July 5, 2007, the Company issued Sukuk Ijarah Bonds amounting to Rp 200,000,000,000.
The Sukuk Ijarah Bonds are unsecured and have a term of 5 years, due on July 5, 2012. The
Sukuk Ijarah Bonds were offered under the condition that the Company shall pay to Sukuk Ijarah
bondholders a sum of Ijarah Benefit Installment amounting to Rp 20,600,000,000 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 Bonds, the Company may
redeem the Bonds at prevailing market price. All of the Sukuk Ijarah 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 Trustee and the appointment of PT Bank Niaga Tbk as the new 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$ 400,000,000 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 is 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 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 prepayment option. The fair value is determined based on quoted market price.
- 37 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
20. OBLIGATIONS UNDER FINANCE LEASE
2007
Present value
Minimum lease
of minimum
payments
lease payments
US$
US$
Less than 1 year
1 - 2 years
More than 2 years
71,074,084
14,214,013
81,566,503
57,928,527
5,874,871
80,129,949
Total
Less future finance charges
166,854,600
22,921,253
143,933,347
-
Present value of minimum lease payments
143,933,347
143,933,347
The finance lease relate to lease of vessels with lease terms of 3 years to 10 years and where its
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.
21. OTHER LONG-TERM PAYABLE
This account represents a loan of US$ 13,000,000 owed to Teekay Shipping Corporation. The
loan is payable in 22 semi-annual installments, bears annual interest of 8%, payable on a
quarterly basis, and is secured by the Company’s ownership interest in Teekay BLT Corporation
(Note 8). Effective in 2006, the first semi-annual installment is due nine (9) months after the
delivery of the vessels, which is expected to be on January 2009.
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 206 and
162 in December 31, 2007 and 2006, respectively.
Amounts recognized in profit of loss in respect of these post-employment benefits are as follows:
2007
US$
Current service cost
Interest costs
Net actuarial losses
Amortization of past service cost (non-vested)
Past service cost
Total
2006
US$
320,904
244,467
543,305
14,307
-
97,431
105,518
367,806
(17,809)
(94,475)
1,122,983
458,471
The amounts included in the balance sheets arising from the Company’s obligation in respect of
these post-employment benefits are as follows:
2007
2006
US$
US$
Present value of unfunded obligations
Unrecognized actuarial losses
Unrecognized past service cost
Net liability
- 38 -
3,967,132
(1,687,651)
(3,461)
3,046,867
(1,789,487)
(18,106)
2,276,020
1,239,274
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Movements in the present value of unfunded obligations are as follows:
2007
US$
2006
US$
Beginning of the year
Current service cost
Interest cost
Translation adjustment
Actuarial (gain)/loss
Past service cost
Others
3,046,867
224,534
244,467
(143,160)
594,424
-
1,372,563
97,431
105,518
125,061
1,637,304
(94,474)
(196,536)
End of the year
3,967,132
3,046,867
Movements in the net liability recognized in the balance sheet are as follows:
2007
US$
2006
US$
Beginning of the year
Employee benefits cost for the year (Note 32)
Translation adjustment
1,239,274
1,122,983
(86,237)
709,468
458,471
71,335
End of the year
2,276,020
1,239,274
The cost of providing post-employment benefits is computed using the following key
assumptions:
Discount rate
Salary increment rate
Mortality rate
Resignation rate
:
:
:
:
2007 and 2006: 10% per annum
2007 and 2006: 15% per annum
2007 and 2006: Mortality Table 2 of Indonesia
2007 and 2006: 10% per annum until age 36 then decreasing
linearly to 0% until age 55
The history of experience adjustments is as follows:
2007
US$
Present value of unfunded
obligations
Experience adjustments
3,967,132
594,424
2006
US$
3,046,867
1,637,304
2005
US$
2004
US$
1,372,563
560,214
2003
US$
713,781
114,944
565,829
37,554
23. CONVERTIBLE BONDS
Details of convertible bonds are as follows:
2007
US$
At fair value through profit or loss:
Convertible bonds due 2012
At amortized cost:
Convertible bonds due 2010
128,541,250
-
Total
128,541,250
- 39 -
2006
US$
3,401,774
3,401,774
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Convertible Bonds due in 2012
On May 17, 2007, BLT Finance B.V. (BLTF BV), a subsidiary, issued Zero Coupon Guaranteed
Convertible Bonds in denomination of US$ 100,000 each and integral multiples of US$ 1,000,
with aggregate principal amount of US$ 125,000,000. 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, with par value of
Rp 62.50 each, of the Company 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.
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.
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. 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 Company’s shares.
ERA of the bonds, for each US$ 100,000 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 balance sheet date is determined based on quoted market price.
Convertible Bonds Due 2010
On December 14, 2005, BLT Finance Corporation (BLT FC), a subsidiary, issued 50,000
convertible bonds in denomination of US$1,000 each, or aggregate principal amount of
US$50,000,000, with interest rate of 1.25% per annum payable semi-annually on June 14 and
December 14. 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 January 24, 2006 to November 14, 2010. The number of
shares to be delivered on conversion will be determined by dividing the principal amount of the
bond to be converted (translated into Rupiah at a fixed exchange rate of Rp 10,078 per US$1) by
the conversion price in effect at the time of conversion. The initial conversion price is Rp 1,250
per share.
- 40 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Notwithstanding the Conversion Right of the bondholders, BLT FC has the option to pay (Cash
Settlement Option) to the relevant bondholders an amount of cash in US Dollar equivalent to the
weighted average market price of the shares converted, to satisfy the conversion right. Effective
January 2, 2006, BLT FC irrevocably and permanently waived and renounced its cash settlement
option contained in the convertible bonds based on the Deed of Waiver dated January 2, 2006.
The bonds may also be redeemed at the option of BLT FC at their Early Redemption Amount
(ERA), together with accrued and unpaid interest, in whole but not in part:
i.
On or at anytime after December 14, 2008 but not less than 20 days prior to maturity date, if
the closing price of shares (translated into US Dollar), for each of the 25 consecutive trading
dates immediately prior to the date upon which notice of redemption is published at least
125% of ERA divided by the conversion ratio.
ii. If the aggregate principal amount of the bonds is ten percent or less of the aggregate
principal amount originally issued.
iii. At anytime in the event of certain changes relating to taxation in British Virgin Island or the
Republic of Indonesia.
The bondholders have the right to require BLT FC to redeem all or some of the bonds at
112.12% of the principal amount together with accrued and unpaid interest on December 14,
2007. The bondholders also have the right at their option to require BLT FC to redeem the bonds
at their ERA on occurrence of change in control or delisting of Company’s shares.
ERA of the bonds, for each US$ 1,000 principal amount, pertains to settlement before the
maturity date at price ranging from US$ 1,028.75 to US$ 1,269.41, representing a gross yield to
the investor of 7% for redemption on or before December 14, 2007 and 6.5% for redemption
thereafter.
Unless previously redeemed, converted or purchased, BLT FC will redeem each bond at
130.44% of the principal amount on December 14, 2010.
On December 14, 2005, at the time of issue, the convertible bonds were designated as fair value
through profit and loss.
Effective January 2, 2006, the convertible bonds were no longer designated as fair value through
profit and loss since BLT FC has irrevocably and permanently waived and renounced its cash
settlement option as discussed above.
On January 2, 2006, the nominal value of the convertible bonds have been split between its
liability component and its equity component, representing the fair value of the embedded option
to convert the liability into equity of the Company, as follows:
US$
Nominal value of convertible bonds issued
Equity component
50,000,000
(391,847)
Liability component
Converted to share capital through issuance of treasury stock
Interest charged
49,608,153
(46,383,623)
177,244
Liability component at December 31, 2007
Converted to share capital through issuance of treasury stock
3,401,774
(3,401,774)
Net
-
- 41 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
The interest charged for the year is calculated by applying an effective interest prevailing in the
market. The fair value of the convertible bonds at market prices by reference to the last published
quotation is US$ 4,412,980 as of December 31, 2006.
As of December 31, 2007, all of the bonds have been converted to shares.
24. DERIVATIVE FINANCIAL INSTRUMENTS
The Company utilizes currency and interest rate swap contracts to manage exposure to foreign
currency and interest rate movement. The outstanding derivative financial instruments, consisting
mainly of cross currency swaps, expire between May 2008 to July 2012 and have net fair values
of US$ 20,620,772 and US$ 3,738,073 as of December 31, 2007 and 2006, respectively.
At December 31, 2007 and 2006, the derivative contracts have notional amounts of
Rp 1,473,906,250,000 (US$ 170,473,362) and Rp 587,031,250,000 (US$ 69,744,753),
respectively. The cross currency swaps require periodic exchange of interest based on the
Rupiah and US Dollar notional amounts and final exchange or net settlement of the notional
(principal) amount on maturity of the contracts.
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 Rupiah and US Dollar notional amount, details of which
are as follows:
2007
2006
US$
US$
Net change in fair value
Net settlement of interest
(16,882,699)
5,314,757
11,209,299
2,570,132
Net gain (loss) (Note 33)
(11,567,942)
13,779,431
The derivatives are measured at the present value of future cash flows estimated and discounted
based on the applicable yield curves for the duration of the instruments.
25. SHORT-TERM BANK LOANS
2007
US$
2006
US$
At amortized cost:
DnB NOR Bank, ASA, Singapore
Bank Sumitomo Mitsui Indonesia
Bank UOB Indonesia
Bank Mizuho Indonesia
Bank Central Asia
Bank Negara Indonesia
Bank Chinatrust Indonesia
250,000,000
17,000,000
15,925,257
13,801,890
2,123,368
-
14,412,417
2,217,295
3,110,000
1,662,971
Total
298,850,515
21,402,683
2007
Interest rate per annum during the period
U.S. Dollar
2006
1% - 3.25%
3.25%
above LIBOR/SIBOR above LIBOR/SIBOR
6.2% - 13.5%
7.5% - 16.25%
Rupiah
- 42 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
A. On December 2007, 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 in relation to the acquisition of the vessels and for general working capital
purposes. This loan is due on December 19, 2008 and will be secured by the subsidiaries’
vessels, if the loan remains unpaid up to six months from utilization date. Interest rate is at
LIBOR plus 1.5%, which is paid between 1 – 3 months.
B. Loan obtained from Bank Sumitomo Mitsui Indonesia is a revolving credit facility with
maximum credit of Rp 150,000,000,000 or equivalent to US$ 17,000,000 and is due on June
2008. Interest rate is at LIBOR plus 1%, 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 150,000,000,000 due on December 12, 2008. This loan is secured by a
subsidiary’s vessel and trade accounts receivable from Pertamina of M.T. Anjani with interest
rate per annum at SBI plus 1.2%, which is paid monthly.
D. Loan obtained from Bank Mizuho Indonesia is a time revolving loan with maximum credit of
Rp 50,000,000,000 due on April 18, 2008. Interest rate per annum is at the bank’s cost of
funds plus 1.2%, which is paid between 7 - 30 days.
In April 2005, the Company obtained additional loan from Bank Mizuho with maximum credit
of Rp 35,000,000,000 due in April 2008. Interest rate per annum is at the bank’s cost of funds
plus 1.2%, which is paid between 7 - 30 days.
In July 2006, the Company obtained additional loan from Bank Mizuho with maximum credit
of Rp 45,000,000,000 due in April 2008. Interest rate per annum is at the bank’s cost of
funds plus 1.2%, which is paid between 7 - 30 days.
E. Loan obtained from Bank Central Asia is a working capital credit facility with maximum credit
of Rp 20,000,000,000 and bears interest of 10.25% - 13.5%, which is paid monthly
(Note 17B).
F. Loan obtained from Bank Negara Indonesia is a working capital facility with maximum credit
of US$ 3,110,000 due in 2007. Interest rate is at SIBOR plus 3.25%, which is paid monthly.
This loan has been fully paid in May 2007.
G. Loan obtained from Bank Chinatrust Indonesia is a working capital credit facility with
maximum credit of Rp 15,000,000,000 due on August 23, 2007. Interest rate is SBI interest
rate plus 2%, which is paid monthly. This loan is secured by the Company’s asset equivalent
to the outstanding balance of the liability to Bank Chinatrust Indonesia. This loan was paid in
May 2007.
26. TRADE ACCOUNTS PAYABLE
2007
US$
2006
US$
Related parties
Third parties
2,790,671
12,625,897
696,674
9,161,285
Total
15,416,568
9,857,959
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.
- 43 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
27. TAXATION
a. Details of taxes payable included in the consolidated balance sheets are as follows:
2007
US$
2006
US$
Corporate income tax of the Company
Income taxes
Article 21
Article 23
Article 25
Article 26
Value added tax
Final tax payable
1,095
699
909,286
18,319
3,080
2,260
1,478,458
47,527
353,547
20,269
2,531
5,679
1,538,354
20,764
Total
2,460,025
1,941,843
b. Details of tax expense included in the consolidated statements of income are as follows:
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
2007
US$
786,497
140,038
41,706
27,651
2006
US$
745,378
145,961
37,990
25,516
995,892
954,845
c. A reconciliation of tax expense included in the consolidated statements of income and the
amount computed by applying the applicable tax rates is as follows:
2007
US$
2006
US$
398,642,549
335,216,811
4,783,711
4,022,602
(3,360,466)
26,764
(2,982,479)
25,488
(5,811)
(7,748)
(509,915)
27,651
41,706
(8,269)
(7,225)
(158,778)
25,516
37,990
Total tax expense per consolidated statements of income
995,892
954,845
Tax on agency operating income is computed as follows:
Agency revenue
Non-taxable income
645,900
(449,945)
602,063
(469,069)
195,955
132,994
41,706
37,990
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
Others
Tax on storage revenue
Tax on agency operating income (see below)
Taxable income
Tax at applicable tax rate
- 44 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
At balance sheet date, 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
2007
US$
2006
US$
Operating and docking
Interest
Others
19,169,237
8,363,456
4,000,133
14,451,694
3,130,346
1,523,387
Total
31,532,826
19,105,427
29. OPERATING REVENUES
2007
US$
2006
US$
Owned vessels
Chartered vessels
Agency fees
Storage fees
310,298,478
87,107,249
752,579
484,243
262,900,862
70,924,636
702,261
689,052
Total
398,642,549
335,216,811
0.07% of the above operating revenues were made with related parties in 2006 (Note 38).
Revenues from Pertamina included in the operating revenues amounted to US$ 43,425,641 and
US$ 51,264,153 in 2007 and 2006, respectively.
30. VOYAGE EXPENSES
2007
US$
Fuel
Port charges
Total
- 45 -
2006
US$
68,354,969
35,434,826
56,017,916
26,519,857
103,789,795
82,537,773
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
31. SHIP OPERATING EXPENSES
2007
US$
2006
US$
Salaries
Spare parts
Lubricants
Insurance
Repairs and maintenance
Transportation
Processing of documents
Supplies
Employees' meal allowances
Others
29,493,620
10,344,325
6,363,630
6,260,890
4,622,630
4,191,583
2,910,692
2,827,906
1,818,211
3,348,036
17,433,108
8,337,680
5,464,425
4,486,808
4,187,761
2,336,949
1,782,226
1,653,846
1,326,577
3,760,975
Total
72,181,523
50,770,355
32. GENERAL AND ADMINISTRATIVE
2007
US$
2006
US$
Salaries
Professional fees
Office expenses
Pension benefits (Note 22)
Transportation
Telecommunication
Marketing
Depreciation
Representation
Bank charges
Training and education
Others
10,292,893
3,368,582
2,433,014
1,122,983
1,023,825
748,618
556,262
534,031
394,177
391,500
296,833
807,104
6,874,790
5,800,862
1,735,971
458,471
950,062
710,679
363,659
531,571
193,719
373,311
150,271
377,192
Total
21,969,822
18,520,558
33. FINANCE COSTS
2007
US$
2006
US$
Interest expense on:
Bonds
Bank loans
29,712,616
26,403,479
5,176,131
30,321,943
Total borrowing cost
Net loss (gain) on derivative transactions (Note 24)
Profit sharing allocation
56,116,095
11,567,942
1,593,613
35,498,074
(13,779,431)
978,913
Total
69,277,650
22,697,556
- 46 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
34. INVESTMENT INCOME
2007
US$
2006
US$
Interest income from:
Current accounts and others
Time deposits
5,492,078
3,557,953
1,691,394
2,286,618
Total interest income
Realized gain on available-for-sale investments
9,050,031
2,764,526
3,978,012
2,146,634
11,814,557
6,124,646
Total
35. OTHER GAINS AND LOSSES
2007
US$
Change in fair value of convertible bonds and notes
payable designated as at fair value through profit
and loss
Foreign exchange gain (loss) - net
Net recovery of revaluation decrease
Net gain (loss) on disposal of property,
vessels and equipment (Note 6)
Gain (loss) on insurance claim
Revaluation decrease
Others - net
Total
2006
US$
50,791,950
6,834,128
5,537,610
(4,635,311)
-
(11,344,973)
(283,575)
(13,098,374)
53,537,732
222,949
(16,780,781)
(2,223,237)
38,436,766
30,121,352
2007
US$
2006
US$
36. EARNINGS PER SHARE
Profit for the year
Profit for the year for the computation
of basic earnings per share
Unrealized fair value change of convertible bonds
designated as FVTPL
Potential effect of dilutive common shares:
Interest of convertible bonds
Profit for the year for the computation
of diluted earnings per share
76,777,392
3,541,250
80,318,642
- 47 -
107,489,649
217,869
107,707,518
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Earnings Per Share
2007
2006
Net Residual Income - Basic
$76,777,392
$107,489,649
Net Residual Income - Diluted
$80,318,642
$107,707,518
Weighted average outstanding shares for the
purposes of basic earnings per share
Potential effect of dilutive common shares:
Convertible bonds
Warrants
Weighted average outstanding shares for the
purposes of diluted earnings per share
3,810,882,703
3,973,969,589
249,064,587
397,784,338
125,739,847
393,697,897
4,457,731,628
4,493,407,333
Exercise price of warrants
Average fair value of common share
Potential effect of dilutive common shares:
Earnings per share
- Basic
- Diluted
Rp 150
Rp 1,918
Rp 150
Rp 1,674
0.0201
0.0180
0.0270
0.0240
As of the issuance date of the consolidated financial statements, the Company’s management
has decided that the Company will not carry-out the stock split (as discussed in Note 13) until
after such stock split is approved in a Extraordinary General Stockholders’ Meeting. Accordingly,
the dilutive effect of the stock split on the earnings per share was not considered in the dilutive
earnings per share calculation.
37. DIVIDENDS AND APPROPRIATION FOR GENERAL RESERVES
At the Annual General Meeting of Stockholders held on May 2007, the stockholders approved the
declaration of dividends for 2006 amounting to Rp 40 per share (totaling US$ 16,367,018) and
appropriate Rp 310,000,000 (US$ 35,510) from retained earnings for general reserve.
At the Annual General Meeting of Stockholders held on May 2006, the stockholders approved
the declaration of dividends for 2005 amounting to Rp 20 per share (totaling US$ 8,927,727) and
appropriate Rp 160,362,000 (US$ 17,393) 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 Company’s commissioners.
d. Bagusnusa is the majority shareholder of PT Garuda Mahakam Pratama.
- 48 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
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 Anggaeni, one of the
Company’s 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. Agency fees from related parties accounted 0.07% in 2006. Details of revenues from related
parties are as follows:
2006
US$
PT Arpeni Pratama Ocean Line Tbk
226,608
Total
226,608
b. Expenses paid to related parties accounted for 0.82% and 1.60% in 2007 and 2006,
respectively. The details of expenses from related parties are as follows:
2007
US$
2006
US$
Pan Union Agencies Pte. Ltd.
PT Arpeni Pratama Ocean Line Tbk
Thai Petra Transport Co. Ltd.
PT Garuda Mahakam Pratama
1,689,688
154,084
447,952
11,721
2,418,918
616,832
523,229
Total
2,303,445
3,558,979
c. PT Tunggaladhi Baskara’s 66,188,311 shares in 2007 and 167,142,857 shares in 2006,
respectively, were pledged for the Company’s loan to Bank Central Asia (Note 17B).
d. The remuneration of the Company’s key management (commissioners and directors) during
the year are as follows:
2007
US$
2006
US$
Short-term benefits
Post-employment benefits
1,699,400
681,241
708,907
325,080
Total
2,380,641
1,033,987
39. SEGMENT INFORMATION
For management purpose, the Company and its subsidiaries are currently organized based on
type of vessels chartered – chemical, gas, oil and asphalt. These segments are the basis on
which the Company and its subsidiaries report their primary segment information.
- 49 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Business Segment
2007 Business Segment
Chemical
US$
REVENUES
External revenues
Total segment revenues
Unallocated
Gas
US$
Floating,
production,
storage and
off-loading
US$
Oil
US$
Total
US$
218,982,536
21,192,986
10,950,190
146,280,015
397,405,727
218,982,536
21,192,986
10,950,190
146,280,015
397,405,727
1,236,822
Total revenues per consolidated
statement of income
398,642,549
Segment expenses
Voyage Expenses
Port Charges
Fuel
23,612,008
43,127,055
681,685
2,124,681
Total Voyage Expenses
66,739,063
2,806,366
Charter Expenses
Vessel Depreciation and
Ship Operating Expenses
26,244,732
-
11,920
11,129,213
23,103,233
35,434,826
68,354,969
11,920
34,232,446
103,789,795
-
3,285,000
29,529,732
-
Ship operating expenses:
Salaries
Repairs and maintenance
Spare parts
Insurance
Supplies
Transportation
Employees' meal allowances
Processing of documents
Lubricants
Others
17,538,873
3,455,403
5,787,383
2,225,107
1,620,063
2,130,783
998,750
1,488,743
3,667,634
2,245,575
2,701,070
178,184
1,385,771
203,207
381,230
650,578
227,493
351,851
554,234
311,028
732,882
7,419
143,278
923,685
106,292
352,148
147,233
53,618
68,392
221,552
8,520,795
981,624
3,027,893
2,908,891
720,321
1,058,074
444,735
1,016,480
2,073,370
569,881
29,493,620
4,622,630
10,344,325
6,260,890
2,827,906
4,191,583
1,818,211
2,910,692
6,363,630
3,348,036
Total Ship Operating
Expenses
Vessel Depreciation
41,158,314
31,294,722
6,944,646
5,979,194
2,756,499
4,548,988
21,322,064
32,524,606
72,181,523
74,347,510
Total segment expenses
165,436,831
15,730,206
7,317,407
91,364,116
279,848,560
53,545,705
5,462,780
3,632,783
54,915,899
117,557,167
Segment result
Unallocated income and expenses
Agency and storage fees
General and administrative
expenses
Finance costs
Investment income
Share in net loss of associates
Loss from sale of vessels and
equipment
Other gains and losses - net
Profit before tax
Tax expense
1,236,822
(21,969,822)
(69,277,650)
11,814,557
(24,556)
(11,344,973)
49,781,739
77,773,284
(995,892)
Profit for the year
Other Information
Capital additions
Depreciation
Assets
Segment assets
Unallocated
Consolidated total assets
Liabilities
Segment liabilities
Unallocated
76,777,392
1,015,101,377
31,294,722
20,049,559
5,979,194
6,714,106
4,548,988
112,213,523
32,524,606
1,154,078,565
74,347,510
1,372,341,079
136,517,673
45,932,966
421,274,910
1,976,066,628
437,019,045
2,413,085,673
178,459,800
3,773,515
510,758
7,864,841
190,608,914
1,647,251,126
Consolidated total liabilities
1,837,860,040
- 50 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
2006 Business Segment
Chemical
US$
Revenue
External revenues
Total segment revenues
Unallocated
Gas
US$
Oil
US$
173,932,944
16,188,863
143,703,691
333,825,498
173,932,944
16,188,863
143,703,691
333,825,498
1,391,313
Total revenues per consolidated statement of income
Segment expenses
Voyage Expenses
Port Charges
Fuel
Total
US$
335,216,811
18,066,847
37,735,744
586,993
1,530,348
7,866,017
16,751,824
26,519,857
56,017,916
Total Voyage Expenses
55,802,591
2,117,341
24,617,841
82,537,773
Charter Expenses
26,066,438
3,285,000
29,351,438
-
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 results
Unallocated income and expenses
Agency and storage fees
General and administrative expenses
Finance costs
Investment income
Share in loss of associates
Other gains and losses - net
Profit before tax
Tax expense
8,320,048
355,283
4,610,994
1,506,283
755,199
1,081,862
925,199
592,601
2,787,167
2,446,864
1,274,959
690,439
782,016
249,955
199,318
302,847
146,716
150,598
501,169
220,422
7,838,101
3,142,039
2,944,670
2,730,570
699,329
952,240
254,662
1,039,027
2,176,089
1,093,689
17,433,108
4,187,761
8,337,680
4,486,808
1,653,846
2,336,949
1,326,577
1,782,226
5,464,425
3,760,975
23,381,500
4,518,439
22,870,416
50,770,355
28,182,028
4,451,290
26,481,998
59,115,316
133,432,557
11,087,070
77,255,255
221,774,882
40,500,387
5,101,793
66,448,436
112,050,616
1,391,313
(18,520,558)
(22,697,556)
6,124,646
(25,319)
30,121,352
108,444,494
(954,845)
Profit for the year
Other information
Capital additions
Depreciation
Assets
Segment assets
Unallocated
107,489,649
99,647,486
28,182,028
58,659,423
4,451,290
89,101,937
26,481,998
247,408,846
59,115,316
359,247,409
103,045,821
406,158,537
868,451,767
209,537,686
Consolidated total assets
Liabilities
Segment liabilities
Unallocated
1,077,989,453
14,699,237
Consolidated total liabilities
2,526,851
8,725,102
25,951,190
534,828,631
560,779,821
- 51 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
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:
2007
Malaysia
US$
Indonesia
US$
Elimination
US$
Consolidated
US$
REVENUES
External revenues
Inter-segment sales
384,048,147
28,921,086
14,594,402
-
(28,921,086)
398,642,549
-
Total revenues
412,969,233
14,594,402
(28,921,086)
398,642,549
2006
Malaysia
US$
Indonesia
US$
Elimination
US$
Consolidated
US$
REVENUES
External revenues
Inter-segment sales
309,332,241
24,967,568
25,884,570
-
(24,967,568)
335,216,811
-
Total revenues
334,299,809
25,884,570
(24,967,568)
335,216,811
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 balance sheet 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
accumulated amortization of US$ 3,747,237 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$ 911,202 and US$ 794,504 for the years ended
December 31, 2007 and 2006, respectively, recognized under Indonesian GAAP has also
been reversed under IFRS.
- 52 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
b. Property, Plant and Equipment
While Indonesian GAAP does not generally allow companies to recognized increases in value
of property, plant and equipment that occur subsequent to acquisition, an exception is
provided for revaluations made in accordance with government regulations. For Indonesian
reporting purposes, the Company and its subsidiaries did not recognize any revaluation
increases and continue to measure property, plant and equipment at cost less accumulated
depreciation and any accumulated impairment losses.
After initial recognition, IFRS allows an item of property, plant and equipment whose fair value
can be measured reliably, to be carried at revalued amount, being the fair value at the date of
revaluation, less subsequent accumulated depreciation and accumulated impairment losses, if
any (the “Revaluation Model” under IAS 16).
For IFRS reporting purposes, the Company and its subsidiaries adopted the Revaluation
Model in measuring the vessels subsequent to initial recognition.
If the vessel’s carrying amount is increased as a result of a revaluation, the increase is
credited directly to equity under the heading of revaluation reserve. However, the increase
shall be recognized in profit or loss to the extent that it reverses a revaluation decrease of the
same vessel previously recognized in profit of loss. If the vessel’s carrying amount is
decreased as a result of revaluation, the decrease shall be recognized in profit or loss.
However, the decrease shall be debited directly to equity under the heading of revaluation
reserve to the extent of any credit balance existing in the revaluation surplus in respect of that
vessel.
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 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. Convertible bonds due 2010
are separated into its liability component and its equity component.
The change had an impact on amounts of reported net profits and retained earnings as
follows:
2007
2006
US$
US$
Net profits
Retained earnings
678,282
34,470
4,539,784
712,752
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 Company maintains its
books of accounts in Rupiah and presents the consolidated financial statements also in
Rupiah.
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 Company’s functional currency is the US Dollar. For
IFRS reporting purposes, the transactions were measured in terms of the functional currency
as discussed in Note 3f. Management has chosen the US Dollar as the group presentation
currency.
- 53 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
A summary of the significant adjustments to consolidated profit for the years ended
December 31, 2007 and 2006 and to consolidated stockholders’ equity as of December 31, 2007
and 2006 from Indonesian GAAP to IFRS are set forth below:
December 31,
Note
Profit for the year according to the consolidated
statements of income prepared
under Indonesian GAAP
IFRS adjustments - increase (decrease) due to:
Amortization of goodwill
Depreciation of revalued vessels
Revaluation decrease
Loss on sale of property adjustment based
on revalued amounts of vessels
Recovery of revaluation decrease
Amortization of landrights
Measurement of financial liabilities
at amortized cost
2007
2006
Rp
US$
758,981,783,247
87,147,221
1,205,279,899,017
127,312,935
(a)
(b)
(b)
US$
US$
US$
911,202
(4,598,403)
-
794,504
(8,376,793)
(16,780,781)
(b)
(b)
(b)
US$
US$
US$
(12,855,487)
5,537,610
(43,033)
(c)
US$
678,282
4,539,784
(10,369,829)
(19,823,286)
76,777,392
107,489,649
Total adjustments
Profit for the year in accordance with IFRS
-
December 31,
Note
2007
2006
Rp
US$
3,315,581,696,509
368,251,538
3,131,159,546,500
358,293,829
(a)
(b)
(b)
US$
US$
US$
4,089,214
208,571,169
(12,951,431)
3,178,012
170,315,215
(8,353,028)
(b)
US$
(13,690,815)
(835,328)
(b)
(b)
(b)
(c)
(c)
US$
US$
US$
US$
US$
36,387,039
(43,033)
(15,340,980)
(189,842)
177,244
16,366,646
(20,878,590)
(189,842)
25,470
(c)
US$
(34,470)
(712,752)
Total adjustments
206,974,095
158,915,803
Equity in accordance with IFRS
575,225,633
517,209,632
Equity according to the consolidated
balance sheets prepared
under Indonesian GAAP
IFRS adjustments - increase (decrease) due to:
Amortization of 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
Foreign exchange loss
Option premium on convertible bonds
Measurement of financial liabilities
at amortized cost
- 54 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
a. Reconciliation of consolidated balance sheet between IFRS and Indonesian GAAP at
December 31, 2007.
INDONESIAN
GAAP
INDONESIAN
GAAP
Reconciling
Items
IFRS
IDR
(in thousand)
US$
US$
US$
Property, vessels and equipment - net
Advances for the purchase of property,
vessels and equipment
Investments in associates
Other non-current assets
15,810,718,725
1,689,981,767
201,644,453
1,891,626,220
7,911,960
194,723,541
1,030,653,493
840,000
20,715,570
113,871,313
1,143,580
840,000
20,715,570
115,014,893
Total Non-Current Assets
17,044,007,719
1,825,408,650
202,788,033
2,028,196,683
Trade accounts receivable
Available-for-sale investments
Cash
Other current assets
713,431,861
680,967,273
1,980,422,581
249,795,114
75,668,908
72,297,194
210,315,293
26,562,555
45,040
75,668,908
72,297,194
210,315,293
26,607,595
Total Current Assets
3,624,616,829
384,843,950
45,040
384,888,990
20,668,624,548
2,210,252,600
202,833,073
2,413,085,673
Total Assets
Share capital
Additional paid-in capital
Treasury stocks
Translation adjustment
Unrealized gain on available-for-sale
investments
Share of changes in associates' equity
Revaluation reserve
Retained earnings
259,938,152
533,010,299
(780,921,641)
192,459,876
59,347,625
60,841,768
(86,628,085)
(91,428)
177,244
-
59,347,625
61,019,012
(86,628,085)
(91,428)
20,159,246
(39,164,165)
3,130,099,930
2,140,275
(4,157,996)
336,799,379
208,571,169
(1,774,318)
2,140,275
(4,157,996)
208,571,169
335,025,061
Total Equity
3,315,581,697
368,251,538
206,974,095
575,225,633
Long-term liabilities - net of current
maturities
Bank loans
Bonds payable
Obligations under finance lease
Convertible bonds
Notes payable
Other non-current liabilities
5,707,024,658
891,338,064
810,079,396
1,210,730,033
3,255,835,589
279,204,449
605,932,904
94,597,194
86,004,820
128,541,250
345,666,800
29,642,685
(3,317,844)
10,161
-
602,615,060
94,607,355
86,004,820
128,541,250
345,666,800
29,642,685
12,154,212,189
1,290,385,653
(3,307,683)
1,287,077,970
CURRENT LIABILITIES
Short-term bank loans
Trade accounts payable
Current maturities of long-term liabilities
Other current liabilities
2,814,873,000
142,614,516
1,752,220,155
489,122,991
298,850,515
15,416,568
185,990,621
51,357,705
(833,339)
-
298,850,515
15,416,568
185,157,282
51,357,705
Total Current Liabilities
5,198,830,662
551,615,409
(833,339)
550,782,070
20,668,624,548
2,210,252,600
202,833,073
2,413,085,673
Total Non-current Liabilities
Total Equity and Liabilities
- 55 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
b. Reconciliation of consolidated balance sheet between IFRS and Indonesian GAAP at
December 31, 2006.
INDONESIAN
GAAP
INDONESIAN
GAAP
Reconciling
Items
IFRS
IDR
(in thousand)
US$
US$
US$
Property, vessels and equipment - net
Advances for the purchase of property,
vessels and equipment
Investments in associates
Other non-current assets
5,903,931,712
660,941,570
156,614,915
817,556,485
13,779,904
224,237,821
91,529,890
1,527,705
24,898,122
14,891,906
501,976
1,527,705
24,898,122
15,393,882
Total Non-current Assets
6,233,479,327
702,259,303
157,116,891
859,376,194
507,044,910
433,572,296
886,090,707
145,768,712
56,093,192
48,067,882
98,237,167
16,215,018
-
56,093,192
48,067,882
98,237,167
16,215,018
Total Current Assets
1,972,476,625
218,613,259
-
218,613,259
Total Assets
8,205,955,952
920,872,562
157,116,891
59,337,930
60,067,002
(27,188,806)
(9,355)
-
Trade accounts receivable
Available-for-sale investments
Cash
Other current assets
Share capital
Additional paid-in capital
Treasury stocks
Translation adjustment
Unrealized gain on available-for-sale
investments
Option premium on convertible bonds
Revaluation reserve
Retained earnings
612,296
2,520,931,044
67,882
266,019,176
25,470
170,315,215
(11,424,882)
67,882
25,470
170,315,215
254,594,294
Total Equity
3,131,159,547
358,293,829
158,915,803
517,209,632
Long-term liabilities - net of current
maturities
Bank loans
Bonds payable
Convertible bonds
Other non-current liabilities
3,194,725,883
396,997,246
29,315,000
167,294,943
354,182,471
43,984,820
3,250,000
18,547,111
(1,420,316)
(50,905)
151,774
-
352,762,155
43,933,915
3,401,774
18,547,111
Total Non-current Liabilities
3,788,333,072
419,964,402
(1,319,447)
418,644,955
193,052,200
88,784,156
21,402,683
9,857,959
733,080,342
271,546,635
81,272,765
30,080,924
(479,465)
-
80,793,300
30,080,924
Total Current Liabilities
1,286,463,333
142,614,331
(479,465)
142,134,866
Total Equity and Liabilities
8,205,955,952
920,872,562
CURRENT LIABILITIES
Short-term bank loans
Trade accounts payable
Current maturities of long-term bank
loans
Other current liabilities
259,848,277
524,840,215
(250,323,928)
75,251,643
1,077,989,453
- 56 -
-
157,116,891
59,337,930
60,067,002
(27,188,806)
(9,355)
21,402,683
9,857,959
1,077,989,453
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
c. Reconciliation of consolidated statement of income between IFRS and Indonesian GAAP for
the year ended December 31, 2007.
INDONESIAN
GAAP
IDR
(in thousands)
Operating revenues
Voyage expenses
Operating revenues after voyage
expenses
3,641,772,919
(932,930,385)
2,708,842,534
INDONESIAN
GAAP
US$
398,642,549
Reconciling
Items
US$
IFRS
US$
-
398,642,549
-
(103,789,795)
294,852,754
-
294,852,754
(103,789,795) *
Charter expenses
(269,783,633)
(29,529,732) *
-
(29,529,732)
Vessel depreciation and ship
operating expenses
Ship operating expenses
(659,483,172)
(72,181,523) *
-
(72,181,523)
(642,483,405)
(71,251,576) *
Vessel depreciation
(3,095,934)
(74,347,510)
(1,301,966,577)
(143,433,099)
(3,095,934)
(146,529,033)
1,137,092,324
121,889,923
(3,095,934)
118,793,989
General and administrative
(239,021,216)
(24,593,152)
2,623,330
(21,969,822)
Income before financial and other
items
898,071,108
97,296,771
(472,604)
96,824,167
Finance costs
(622,023,431)
(67,289,569)
(1,988,081)
(69,277,650)
Investment income
108,125,672
11,814,557
-
11,814,557
(218,895)
(24,556)
-
(24,556)
384,127,257
46,345,910
(7,909,144)
38,436,766
(129,989,397)
(9,153,658)
(9,897,225)
(19,050,883)
768,081,711
88,143,113
(10,369,829)
77,773,284
(9,099,928)
(995,892)
758,981,783
87,147,221
Gross profit
Net financial and other items
Share in losses of associates
Other gains and losses
Income before tax
Tax expense
Profit for the year
*
Presented as "Total direct costs" in Indonesian GAAP consolidated financial statements.
- 57 -
(10,369,829)
(995,892)
76,777,392
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
d. Reconciliation of consolidated statement of income between IFRS and Indonesian GAAP for
the year ended at December 31, 2006.
INDONESIAN
GAAP
IDR
(in thousands)
Operating revenues
Voyage expenses
3,073,787,611
(757,645,728) *
INDONESIAN
GAAP
US$
Reconciling
Items
US$
IFRS
US$
335,216,811
-
335,216,811
(82,537,773) *
-
(82,537,773)
252,679,038
-
252,679,038
Operating revenues after voyage
expenses
2,316,141,883
(269,152,688) *
(29,351,438) *
Ship operating expenses
(467,450,605) *
(50,895,135) *
124,780
(50,770,355)
Vessel depreciation
(457,245,333) *
(50,738,523) *
(8,376,793)
(59,115,316)
Charter expenses
-
(29,351,438)
Vessel depreciation and ship
operating expenses
(924,695,938)
(101,633,658)
(8,252,013)
(109,885,671)
1,122,293,257
121,693,942
(8,252,013)
113,441,929
General and administrative
(175,901,462)
(19,219,842)
699,284
(18,520,558)
Income before financial and other
items
946,391,795
102,474,100
(7,552,729)
94,921,371
(233,757,555)
(26,413,276)
3,715,720
(22,697,556)
55,648,804
6,124,646
-
6,124,646
(234,755)
(25,319)
-
(25,319)
445,987,236
46,107,629
(15,986,277)
30,121,352
267,643,730
25,793,680
(12,270,557)
13,523,123
1,214,035,525
128,267,780
(19,823,286)
108,444,494
(8,755,626)
(954,845)
1,205,279,899
127,312,935
Gross profit
Net financial and other items
Finance costs
Investment income
Share in losses of associates
Other gains and losses
Income before tax
Tax expense
Profit for the year
*
(19,823,286)
(954,845)
107,489,649
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 maximising the return to stakeholders through the
optimisation 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, 21, 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 8, 11, 13, 14, 15 and 16.
- 58 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
The Company’s Board of Directors periodically reviews the Company’s capital structure. As
part of this review, the Board of Directors consider the cost of capital and the related risks.
The Company also has a target gearing ratio of 150% determined as the proportion of net
debt to equity.
The gearing ratio as of December 31, 2007 and 2006 are as follows:
2007
US$
2006
US$
Debt
Cash and available-for-sale investments
1,754,443,082
282,612,487
515,293,827
146,305,049
Net debt
Equity
1,471,830,595
575,225,633
368,988,778
517,209,632
Net debt to equity ratio
256%
71%
The Company’s management has several plans to be executed in the first semester of 2008
for the Company and its subsidiaries deleveraging exercise which is expected to reduce the
net gearing ratio to 150% at the end of 2008. This includes the plan to prepay the US$ 250
million bridging loan and equity financing (see also Note 17).
B. Significant Accounting Policies
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
recognised, 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
As of December 31, 2007
Restricted cash
Derivative financial instruments
Trade accounts receivable
Other accounts receivable
Available-for-sale investments
Cash
As of December 31, 2006
Other long-term accounts receivable
Derivative financial instruments
Trade accounts receivable
Other accounts receivable
Available-for-sale investments
Cash
Financial
assets at FVTPL
US$
Available-forinvestments
US$
Loans and
receivables
US$
Held-to-maturity
investments
US$
132,081
-
72,297,194
-
29,200,000
75,668,908
2,787,968
210,315,293
-
132,081
72,297,194
317,972,169
-
569,764
-
48,067,882
-
2,631,317
56,093,192
3,391,306
98,237,167
-
569,764
48,067,882
160,352,982
-
- 59 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Financial Liabilities
As of December 31, 2007
Financial
liabilities at Other financial
FVTPL
liabilities
US$
US$
As of December 31, 2006
Financial
liabilities at
Other financial
FVTPL
liabilities
US$
US$
Bank loans
Bonds payable
Notes payable
345,666,800
Other long-term payable
Convertible bonds
128,541,250
Obligations under finance lease
Derivative financial instruments 20,752,853
Short-term bank loans
Trade accounts payable
Other accounts payable
-
687,494,681
136,956,489
13,000,000
143,933,347
298,850,515
15,416,568
6,651,110
4,307,837
-
433,555,455
43,933,915
13,000,000
3,401,774
-
494,960,903
1,302,302,710
4,307,837
532,349,803
21,402,683
9,857,959
7,198,017
In 2007, the convertible bonds and notes payable were designated at fair value through profit
or loss (FVTPL). The difference between the carrying amount and maturity amount and the
change in fair value attributable to change in credit risk recognized during the period are
presented as follows:
Convertible bonds
US$
Contractual amount to be paid at maturity
Carrying amount at fair value
Change in fair value attributable to change
in credit risk
Notes payable
US$
161,975,000
128,541,250
400,000,000
345,666,800
33,433,750
54,333,200
(21,452,070)
(79,164,160)
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 balance sheet date. The
decrease in fair value is represented by a downgrade of the Company’s credit rating from
BB- to B+ since October 2007.
D. Financial Risk Management Objective
The Company and its subsidiaries’ financial risk management and policy 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.
- 60 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 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 its 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
2007
US$
Indonesian Rupiah
Japanese Yen
British Pound Sterling
Euro
Chinese Renminbi
Hong Kong Dollar
Singapore Dollar
Liabilities
2006
US$
7,821,145
301,908
28,899,735
2,519,405
664,066
910,713
332,766
41,449,738
2,821,688
62,069
30,805,080
1,842,754
390,866
49,008
1,552,516
37,523,982
2007
US$
176,100,069
362,225
9,016
138,138
2,314
34,527
5,211,144
181,857,433
2006
US$
70,874,257
309
38,852
599
70,914,017
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 management’s
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 the 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.
Effect on profit or loss and equity
Sensitivity rate
2007
2006
US$
US$
Indonesian Rupiah
Japanese Yen
British Pound Sterling
Euro
Chinese Renminbi
Hong Kong Dollar
Singapore Dollar
2%
5%
5%
3%
3%
1%
3%
(3,365,578)
(1,810)
1,444,536
119,063
19,853
8,762
(146,351)
(1,361,051)
1,853
1,540,254
90,195
11,726
490
46,558
In management’s 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.
- 61 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
It is also the policy of the Company and its subsidiaries to enter into cross currency swap
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 swap contracts outstanding as at reporting date:
Notional Amounts
In Indonesian Rupiah ('000)
In U.S. Dollar
2007
2006
2007
2006
Less than 1 year
1 to 2 years
2 to 5 years
Fair value
2007
2006
451,406,250
60,000,000
962,500,000
464,531,250
122,500,000
54,858,044
6,666,667
108,948,651
56,402,162
13,342,591
6,386,188
132,194
14,102,391
4,307,837
(569,764)
1,473,906,250
587,031,250
170,473,362
69,744,753
20,620,773
3,738,073
Interest Rate Risk Management
The Company is 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 Company’s 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 balance sheet date. For floating rate
liabilities, the analysis is prepared assuming the amount of liability outstanding at the balance
sheet date was outstanding for the whole year. A 50 basis point increase or decrease is used
when reporting interest rate risk internally to key management personnel and represents
management’s assessment of the reasonably possible change in interest rates.
If interest rates had been 50 basis points higher or lower and all other variables were held
constant, the Company and its subsidiaries’ profit for the year ended December 31, 2007 would
decrease/increase by US$ 2,421,926 (2006: decrease/increase by US$ 1,369,202). 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
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
customer’s 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 10% 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.
- 62 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
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 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
2007
Non interest bearing
Obligations under
finance lease
Bank loans
Floating interest rate
Fixed interest rate
2006
Non interest bearing
Floating interest rate
Fixed interest rate
Less than 1
month
US$
1-3 months
US$
3 months to 1
year
US$
16,561,385
3,560,931
10.00%
2,088,857
8.02%
11.07%
7.17%
13.38%
1 - 5 years
US$
After 5 years
US$
Total
US$
1,945,369
161,975,000
-
184,042,685
4,042,950
64,942,277
95,780,516
-
166,854,600
3,286,297
2,496,284
27,972,408
1,467,214
400,529,258
72,950,958
362,776,467
260,314,947
317,171,155
456,522,729
1,111,735,586
793,752,132
24,432,823
37,043,503
540,367,862
880,846,930
773,693,884
2,256,385,003
9,026,494
11,428,856
27,716
20,483,066
6,449,133
17,933,453
1,260,615
25,643,201
1,580,349
99,834,438
6,026,857
107,441,644
4,239,300
326,140,019
41,912,383
372,291,702
113,151,837
13,460,910
126,612,747
21,295,276
568,488,603
62,688,482
652,472,361
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.
- 63 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
Financial Assets
W eighted
average
effective
interest
rate
%
Less than 1
month
US$
1 - 3 months
US$
3 months to
1 year
US$
1- 5 years
US$
After 5 years
US$
Total
US$
6.34%
36,109,014
9,568,711
19,967,406
62,516,147
22,380,456
212,336
29,200,000
-
78,456,876
101,497,194
45,677,725
82,483,553
22,592,792
29,200,000
-
179,954,070
27,572,706
25,865
48,067,882
22,165,935
51,730
-
9,745,757
232,785
-
1,241,520
-
1,853,460
-
59,484,398
3,405,360
48,067,882
27,598,571
22,217,665
9,978,542
1,241,520
1,853,460
110,957,640
2007
Non interest bearing
Floating interest rate
2006
Non interest bearing
Fixed interest rate
Floating interest rate
5.00%
8.00%
The Company and its subsidiaries expect to meet their other obligations from operating cash
flows, proceeds of maturing financial assets and equity financing. The Company and its
subsidiaries expects to maintain a net debt to equity ratio of 150%.
The following table details the Company and its subsidiaries liquidity analysis for its derivative
financial instruments. The table has been drawn up based on the undiscounted net cash
inflows/(outflows) on the derivative instrument that settle on a net basis and the undiscounted
gross inflows and (outflows) on those derivatives that require gross or net settlement. When the
amount payable or receivable is not fixed, the amount disclosed has been determined by
reference to the projected interest rates as illustrated by the yield curves existing at the reporting
date.
2007
Cross currency swap
2006
Cross currency swap
Less
than
1 month
US$
1-3
months
US$
3 months
to
1 year
US$
1- 5 years
US$
After
five years
US$
Total
US$
528,375
633,242
(5,038,487)
(16,183,348)
-
(20,060,218)
631,124
1,727,301
(6,647,980)
-
(4,297,455)
(7,900)
Other price risks
The Company is exposed to market price risks because of the convertible bonds and notes
payable issued by BLTF BV and classified on the consolidated balance sheet 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 Company’s management supervises and monitors the Company and its
subsidiaries’ performance.
As of December 31, 2007, if the market price of the financial liabilities had increased/decreased
by the following sensitivity rates with all other variables held constant, post-tax 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.
Sensitivity Rate
Convertible bonds
Notes payable
1%
9%
- 64 -
Effect on profit
or loss and equity
US$
1,444,547
29,728,382
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 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 amortised cost in the financial statements
(Note 41C) approximate their fair values:
2007
Borrowings:
Bonds payable
Convertible bonds
Other long-term payable
at fixed rate
2006
Carrying
amount
US$
Fair
value
US$
Carrying
amount
US$
Fair
value
US$
136,956,489
-
137,989,506
-
43,933,915
3,401,774
45,662,909
4,412,980
13,000,000
12,712,103
13,000,000
12,263,493
The fair values of financial assets and financial liabilities are determined as follows:
• the fair value of financial assets and financial liabilities with standard terms and conditions
and traded on active liquid markets is determined with reference to quoted market prices;
• the fair value of other financial assets and financial liabilities (excluding derivative
instruments) is 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 is calculated using quoted prices. Where such prices
are not available, use is made of discounted cash flow analysis using the applicable yield
curve for the duration of the instruments for non-optional derivatives, and option pricing
models for optional derivatives; and
42. COMMITMENTS
a. The Company and its subsidiaries have some charter contracts with Pertamina amounting to
US$ 7,000,000 - US$ 44,000,000 per year, which will end between 2008 - 2011.
At the balance sheet date, the Company and its subsidiaries have contracts with Pertamina
for the following future minimum lease receipts:
2007
US$
2006
US$
Within one year
In the second to fifth years inclusive
43,857,020
54,701,190
52,954,198
89,767,410
Total
98,558,210
142,721,608
Revenues earned by the Company on those contracts amounted to US$ 43,425,641 and
US$ 51,264,153 in 2007 and 2006, respectively.
b. The Company and its subsidiaries have some charter contracts with third parties amounting
to US$ 8,000,000 to US$ 36,500,000 per year, which will end between 2009-2013.
- 65 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
At the balance sheet date, the Company and its subsidiaries has outstanding commitments
under non-cancelable charter contracts, which fall due as follows:
2007
US$
2006
US$
Within one year
In the second to fifth years inclusive
After five years
32,709,489
134,045,753
-
27,239,679
108,403,729
7,799,012
Total
166,755,242
143,442,420
The minimum lease payments under charter contracts recognized as an expense amounted
to US$ 29,529,732 and US$ 29,351,438 in 2007 and 2006, respectively.
c. The Company and its subsidiaries have several contracts with the shipyard in Japan for the
construction of new vessels with total contract price of approximately JPY 26,695,400,000
(US$ 235,450,697) in 2007 and JPY 19,510,900,000
(US$ 163,957,143) and
US$ 185,762,556 in 2006.
d. Chembulk Trading II LLC (a subsidiary) obtained a letter of credit facility amounting to
US$ 29,200,000 from Nordea Bank Norge ASA, Grand Cayman Branch. Such facility is
secured by a current account amounting to US$ 29,200,000 which is presented under
Restricted Cash.
43. SUBSEQUENT EVENTS
a. On January 18 and 20, 2008, subsidiaries, Lenani Maritime Inc. and Melani Maritime Inc.
entered into memorandum of agreements with third parties, Venus Ocean Navigation S.A.
and Mitsubishi Corp., to build gas and chemical tankers at a total price of
JPY 17,763,414,000.
b. In January 2008, the Company obtained a working capital credit facility from Bank Mandiri
with maximum credit of Rp 350,000,000,000 which is due on January 2009. Interest rate per
annum is 8.9%, which is paid on a monthly basis.
c. Warrants amounting to 720,024 up to December 31, 2007 are no longer exercisable because
based on notarial deed No. 32 dated October 17, 2002 of Amrul Partomuan Pohan, S.H.,
LLM, notary public in Jakarta, the warrants expired on January 18, 2008 and the Company
decided not to extend those warrants.
d. On January 22, 2008, the Bondholders of Berlian Laju Tanker II Bond approved the
replacement of PT Bank Mandiri (Persero) Tbk as Trustee and the appointment of PT Bank
Niaga Tbk as the new Trustee.
- 66 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2007 AND 2006 AND FOR THE YEARS THEN ENDED (Continued)
44. RECLASSIFICATION OF ACCOUNTS
Derivative financial liability and derivative financial asset amounting to US$ 4,307,837 and
US$ 569,764, respectively, as of December 31, 2006 were reclassified from current asset and
current liability to non-current asset and non-current liability in accordance with the May 2007
IFRIC clarification that held-for-trading classification under IAS 39 is not intended as a
presentation guidance.
45. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements were approved by the Board of Directors and authorized
for issue on February 27, 2008.
*******
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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, +62 21 30060391
Email : [email protected],
[email protected]
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 : [email protected],
[email protected]
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 : [email protected]
Subsidiaries:
PT Banyu Laju Shipping
Wisma BSG, 10th floor
Jalan Abdul Muis No.40
Jakarta 10160 – Indonesia
Phone : +62 21 30060300, +62 21 3505390
Fax : +62 21 3505406
Email : [email protected]
PT Karya Bakti Adil
Wisma BSG, 10th floor
Jalan Abdul Muis No.40
Jakarta 10160 – Indonesia
Phone : +62 21 30060300, +62 21 3505390
Fax : +62 21 30060461
Email : [email protected]
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 : [email protected]
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 : [email protected],
[email protected]
GBLT Shipmanagement (UK) Limited
301 Springhill Parkway
Glasgow, G69 6GA
Scotland, United Kingdom
Phone : + 44 141 773 2110
Fax : +44 141 771 9530
Email : [email protected]
Chembulk Tankers LLC - United States
11 Wilton Road, 2nd Floor
Westport, Connecticut 06880
Phone : 203 682 1700
Main Fax : 203 227-0833, 203 227-0176, 203 227-0141
Email : [email protected],
[email protected]
Chembulk Management Private Ltd.
120 Lower Delta Road #08-02
Singapore 169208
Phone : +65 6508 8377
Fax : +65 6508 8376
Email : [email protected],
operationschembulktankers.com.sg
Chembulk Management B.V
Nobelstraat 19b. 3231 BA
Brielle – The Netherland
Phone : +31(0)181 419333
Fax : +31(0)181 411733
Email : [email protected]
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 : [email protected]
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 : [email protected],
[email protected]
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 : [email protected]
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 : [email protected]
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 : [email protected]
BLT Xiamen
Room 3202, 32/F, The Bank Centre, No. 189
Xiahe Road, Xiamen City
Fujian Province, China
Phone + 86 592 2218172
Email : [email protected]
PT Berlian Laju Tanker Tbk
GBLT Shipmanagement Pte Ltd
Wisma BSG, 10th Floor
120, Lower Delta Road
Jl. Abdul Muis No. 40
#08-02, Cendex Centre
Jakarta 10160 - INDONESIA
Singapore 169208
Ph + 62 21 3006 0300
Phone: +65 6508 8380
Fx + 62 21 3006 0389, 3006 0391
Fax:
Email: [email protected]
[email protected]
+65 6508 8381
http://www.blt.co.id